497 1 f2820d1.htm 497

INSTITUTIONAL CLASS SHARES

DFA INVESTMENT DIMENSIONS GROUP INC.

DIMENSIONAL INVESTMENT GROUP INC.

6300 Bee Cave Road, Building One, Austin, Texas 78746

Telephone: (512) 306-7400

STATEMENT OF ADDITIONAL INFORMATION

February 28, 2020

(as supplemented March 31, 2020)

DFA Investment Dimensions Group Inc. ("DFAIDG") is an open-end management investment company that offers one-hundred and five series of shares. Dimensional Investment Group Inc. ("DIG") is an open-end management investment company that offers twelve series of shares. DFAIDG and DIG are collectively referred to as the "Funds" in this Statement of Additional Information ("SAI"). This SAI relates to twelve series of DFAIDG and one series of DIG (individually, a "Portfolio" and collectively, the "Portfolios"):

DOMESTIC PORTFOLIOS

U.S. Large Company Portfolio	U.S. Core Equity 2 Portfolio
Ticker: DFUSX	Ticker: DFQTX
Enhanced U.S. Large Company Portfolio	U.S. Vector Equity Portfolio
Ticker: DFELX	Ticker: DFVEX
U.S. Large Cap Equity Portfolio	U.S. Small Cap Portfolio
Ticker: DUSQX	Ticker: DFSTX
U.S. Large Cap Value Portfolio (Feeder)	U.S. Micro Cap Portfolio
Ticker: DFLVX	Ticker: DFSCX
U.S. Small Cap Value Portfolio	U.S. High Relative Profitability Portfolio
Ticker: DFSVX	Ticker: DURPX
U.S. Targeted Value Portfolio	DFA Real Estate Securities Portfolio
Ticker: DFFVX	Ticker: DFREX
U.S. Core Equity 1 Portfolio
Ticker: DFEOX

This SAI is not a Prospectus but should be read in conjunction with the Portfolios' Prospectus dated February 28, 2020, as amended from time to time. The audited financial statements and financial highlights of the Portfolios are incorporated by reference from the Funds' annual reports to shareholders and with respect to the Feeder Portfolio, the audited financial statements and financial highlights of the Master Fund are incorporated by reference from the Master Fund's annual reports to shareholders. The Prospectus and annual reports can be obtained by writing to the above address or by calling the above telephone number.

TABLE OF CONTENTS
PORTFOLIO CHARACTERISTICS AND POLICIES ..........................................................................................	1
BROKERAGE TRANSACTIONS.............................................................................................................................	1
INVESTMENT LIMITATIONS................................................................................................................................	3
OPTIONS ON STOCK INDICES..............................................................................................................................	6
SWAPS .........................................................................................................................................................................	7
FUTURES CONTRACTS...........................................................................................................................................	8
FOREIGN CURRENCY TRANSACTIONS ............................................................................................................	9
EXCLUSION FROM COMMODITY POOL OPERATOR STATUS.................................................................	10
FOREIGN ISSUERS.................................................................................................................................................	10
GENERAL MARKET AND GEOPOLITICAL RISKS........................................................................................	12
POLITICAL, UNITED KINGDOM AND EUROPEAN MARKET RELATED RISKS ...................................	12
CASH MANAGEMENT PRACTICES ...................................................................................................................	13
INTERFUND BORROWING AND LENDING .....................................................................................................	14
WHEN-ISSUED SECURITIES, DELAYED DELIVERY, AND FORWARD COMMITMENT
TRANSACTIONS ..............................................................................................................................................	14
TBA SECURITIES....................................................................................................................................................	15
EXCHANGE TRADED FUNDS ..............................................................................................................................	15
PORTFOLIO TURNOVER RATES .......................................................................................................................	15
DIRECTORS AND OFFICERS...............................................................................................................................	15
SERVICES TO THE FUNDS...................................................................................................................................	27
MANAGEMENT FEES ............................................................................................................................................	30
PORTFOLIO MANAGERS .....................................................................................................................................	33
GENERAL INFORMATION...................................................................................................................................	36
CODE OF ETHICS ...................................................................................................................................................	37
SHAREHOLDER RIGHTS......................................................................................................................................	37
PRINCIPAL HOLDERS OF SECURITIES...........................................................................................................	38
PURCHASE OF SHARES........................................................................................................................................	41
REDEMPTION AND TRANSFER OF SHARES ..................................................................................................	41
TAXATION OF THE PORTFOLIOS AND THEIR SHAREHOLDERS ...........................................................	42
PROXY VOTING POLICIES..................................................................................................................................	57
DISCLOSURE OF PORTFOLIO HOLDINGS .....................................................................................................	59
SECURITIES LENDING .........................................................................................................................................	62
FINANCIAL STATEMENTS ..................................................................................................................................	63
PERFORMANCE DATA .........................................................................................................................................	64

PORTFOLIO CHARACTERISTICS AND POLICIES

The Portfolio identified as a "Feeder" (the "Feeder Portfolio") on the cover page of this SAI seeks to achieve its investment objective by investing substantially all of its investable assets in a corresponding series of The DFA Investment Trust Company (the "Trust"). The series of the Trust is referred to as the "Master Fund." The U.S. Targeted Value Portfolio offers two additional classes of shares, Class R1 shares and Class R2 shares. Class R1 shares and Class R2 shares are offered to qualified investors in separate prospectuses.

Dimensional Fund Advisors LP (the "Advisor" or "Dimensional") serves as investment advisor to each of the Portfolios and the Master Fund. The Advisor is organized as a Delaware limited partnership and is controlled and operated by its general partner, Dimensional Holdings Inc., a Delaware corporation.

The following information supplements the information set forth in the Prospectus. Unless otherwise indicated, the following information applies to all of the Portfolios and the Master Fund, including the Feeder Portfolio, through its investment in the Master Fund. Capitalized terms not otherwise defined in this SAI have the meaning assigned to them in the Prospectus.

Each of the Portfolios and the Master Fund is diversified under the federal securities laws and regulations.

Because the structure of the Portfolios is based on the relative market capitalizations of eligible holdings, it is possible that the Portfolios might include at least 5% of the outstanding voting securities of one or more issuers. In such circumstances, a Portfolio and the issuer would be deemed affiliated persons and certain requirements under the federal securities laws and regulations regulating dealings between mutual funds and their affiliates might become applicable.

Each of the Portfolios has adopted a non-fundamental policy as required by Rule 35d-1 under the Investment Company Act of 1940 (the "1940 Act") that, under normal circumstances, at least 80% of the value of each Portfolio's net assets, plus the amount of any borrowings for investment purposes, will be invested in a specific type of investment. For purposes of each 80% policy, the value of the derivatives in which a Portfolio invests will be calculated in the same way that the values of derivatives are calculated when calculating a Portfolio's net asset value. Derivative instruments are valued at market price (not notional value) and may be fair valued, for purposes of calculating a Portfolio's net asset value. Additionally, if a Portfolio changes its 80% investment policy, the Portfolio will notify shareholders at least 60 days before the change, and will change the name of the Portfolio. For more information on each Portfolio's specific 80% policy, see each Portfolio's "PRINCIPAL INVESTMENT STRATEGIES" section in the Prospectus.

BROKERAGE TRANSACTIONS

The following table reports brokerage commissions paid by the designated Portfolios and the Master Fund. For the Feeder Portfolio, the amounts include commissions paid by the Master Fund. The Feeder Portfolio will not incur any brokerage costs in connection with their purchase or redemption of shares of its Master Fund.

The following table reports brokerage commissions paid by the Portfolios and in the case of the Feeder Portfolio, its Master Fund during the fiscal years ended October 31, 2019, October 31, 2018 and October 31, 2017.

Master Fund/Portfolio		FISCAL		FISCAL		FISCAL
		YEAR		YEAR		YEAR
		ENDED		ENDED		ENDED
		2019		2018		2017
U.S. Large Company Portfolio ......................................................	$	64,459	$	70,472	$	100,289
Enhanced U.S. Large Company Portfolio .....................................	$	0	$	8,500	$	7,538
U.S. Large Cap Equity Portfolio....................................................	$	54,731	$	30,746	$	46,501

Master Fund/Portfolio		FISCAL		FISCAL		FISCAL
		YEAR		YEAR		YEAR
		ENDED		ENDED		ENDED
		2019		2018		2017
The U.S. Large Cap Value Series..................................................	$	590,470	$	970,380	$	1,392,825
U.S. Small Cap Value Portfolio.....................................................	$	1,197,486	$	1,819,744	$	2,371,527
U.S. Targeted Value Portfolio .......................................................	$	721,970	$	905,245	$	1,544,453
U.S. Core Equity 1 Portfolio..........................................................	$	421,203	$	466,974	$	573,421
U.S. Core Equity 2 Portfolio..........................................................	$	528,486	$	521,262	$	676,211
U.S. Vector Equity Portfolio .........................................................	$	86,038	$	175,969	$	217,027
U.S. Small Cap Portfolio ...............................................................	$	781,072	$	1,142,103	$	1,536,969
U.S. Micro Cap Portfolio...............................................................	$	497,034	$	608,858	$	538,622
U.S. High Relative Profitability Portfolio .....................................	$	59,647	$	45,861	$	13,631*
DFA Real Estate Securities Portfolio ............................................	$	118,435	$	123,902	$	207,890

*The Portfolio commenced operations on May 16, 2017.

The substantial increases or decreases in the amount of brokerage commissions paid by certain Portfolios or the Master Fund from year to year indicated in the foregoing table resulted primarily from asset changes that required increases or decreases in the amount of securities that were bought and sold by those Portfolios.

Please note that while the following discussion relates to the policies of the Portfolios with respect to brokerage commissions, it should be understood that, with respect to the Feeder Portfolio, the discussion applies to the Master Fund.

Portfolio transactions will be placed with a view to receiving the best price and execution. The Advisor will seek to acquire and dispose of securities in a manner which would cause as little fluctuation in the market prices of securities being purchased or sold as possible in light of the size of the transactions being effected, and brokers will be selected with this goal in view. The Advisor monitors the performance of brokers which effect transactions for the Portfolios to determine the effect that the brokers' trading has on the market prices of the securities in which the Portfolios invest. The Advisor also checks the rate of commission being paid by the Portfolios to their brokers to ascertain that the rates are competitive with those charged by other brokers for similar services.

Subject to the duty to seek to obtain best price and execution, transactions may be placed with brokers that have assisted in the sale of Portfolio shares. The Advisor, however, pursuant to policies and procedures approved by the Boards of Trustees/Directors of DFAIDG, DIG and the Trust, is prohibited from selecting brokers and dealers to effect a Portfolio's portfolio securities transactions based (in whole or in part) on a broker's or dealer's promotion or sale of shares issued by a Portfolio or any other registered investment companies.

Companies eligible for purchase by the Portfolios (except the U.S. Large Company Portfolio, U.S. Large Cap Equity Portfolio and the U.S. Large Cap Value Portfolio and the Master Fund) may be thinly traded securities. The Advisor believes that it needs maximum flexibility to effect trades on a best execution basis. As deemed appropriate, the Advisor places buy and sell orders for the Portfolios and the Master Fund with various brokerage firms that may act as principal or agent. The Advisor may also make use of direct market access and algorithmic, program or electronic trading methods. The Advisor may extensively use electronic trading systems as such systems can provide the ability to customize the orders placed and can assist in the Advisor's execution strategies.

Transactions also may be placed with brokers who provide the Advisor or the sub-advisors with investment research, such as: reports concerning individual issuers; general economic or industry reports or research data compilations; compilations of securities prices, earnings, dividends, and similar data; computerized databases; quotation services; trade analytics; ancillary brokerage services; and services of economic or other consultants. The investment management agreements permit the Advisor knowingly to pay commissions on these transactions that are greater than another broker, dealer or exchange member might charge if the Advisor, in good faith, determines that the commissions paid are reasonable in relation to the research or brokerage services provided by the broker or dealer when viewed in terms of either a particular transaction or the Advisor's overall responsibilities to the accounts under its management. Research services furnished by brokers through whom securities transactions are effected may be used by the Advisor in servicing all of its accounts and not all such services may be used by the Advisor with respect to the Portfolios.

During the fiscal year ended October 31, 2019, the Portfolios or, in the case of the Feeder Portfolio, its Master Fund, and the Advisor did not through an agreement or understanding with a broker, or otherwise through an internal allocation procedure, direct any of the Portfolio's or Master Fund's brokerage transactions to a broker because of research services provided.

Certain Portfolios or the Master Fund may purchase securities of their regular brokers or dealers (as defined in Rule 10b-1 of the 1940 Act). The table below lists the regular brokers or dealers of each Portfolio, or in the case of the Feeder Portfolio, its Master Fund, whose securities (or securities of the broker's or dealer's parent company) were acquired by the Portfolio or the Master Fund during the fiscal year ended October 31, 2019, as well as the value of such securities held by the Portfolio or the Master Fund as of October 31, 2019.

Master Fund/Portfolio	Broker or Dealer	Value of Securities
Enhanced U.S. Large Company Portfolio	Royal Bank of Canada	$22,656,734
Enhanced U.S. Large Company Portfolio	Toronto-Dominion Bank	$19,081,551
Enhanced U.S. Large Company Portfolio	HSBC Holdings PLC	$6,472,005
Enhanced U.S. Large Company Portfolio	Wells Fargo & Co	$6,019,449
Enhanced U.S. Large Company Portfolio	Mizuho Financial Group Inc	$5,643,259
Enhanced U.S. Large Company Portfolio	Citigroup Inc	$5,292,845
U.S. Large Cap Equity Portfolio	Citigroup Inc	$6,736,085
U.S. Large Cap Equity Portfolio	Jefferies Group Inc.	$478,139
The U.S. Large Cap Value Series	Citigroup Inc	$513,734,470
The U.S. Large Cap Value Series	Jefferies Group Inc.	$5,665,262
U.S. Targeted Value Portfolio	Jefferies Group Inc.	$8,625,839
U.S. Core Equity 1 Portfolio	Citigroup Inc	$101,636,197
U.S. Core Equity 1 Portfolio	Jefferies Group Inc.	$7,693,496
U.S. Core Equity 1 Portfolio	Virtu Financial, Inc.	$2,493,985
U.S. Core Equity 2 Portfolio	Citigroup Inc	$97,288,380
U.S. Core Equity 2 Portfolio	Jefferies Group Inc.	$9,079,594
U.S. Core Equity 2 Portfolio	Virtu Financial, Inc.	$3,519,946
U.S. Vector Equity Portfolio	Citigroup Inc	$14,712,832
U.S. Vector Equity Portfolio	Jefferies Group Inc.	$3,195,949
U.S. Vector Equity Portfolio	Virtu Financial, Inc.	$281,299
U.S. Small Cap Portfolio	Virtu Financial, Inc.	$4,050,726

INVESTMENT LIMITATIONS

Each of the Portfolios has adopted certain limitations which may not be changed with respect to any Portfolio without the approval of a majority of the outstanding voting securities of the Portfolio. A "majority" is defined as the lesser of: (1) at least 67% of the voting securities of the Portfolio (to be affected by the proposed change) present at a meeting, if the holders of more than 50% of the outstanding voting securities of the Portfolio are present or represented by proxy, or (2) more than 50% of the outstanding voting securities of such Portfolio.

The Portfolios will not:

(1)borrow money, except to the extent permitted by the 1940 Act, or any rules, exemptions or interpretations thereunder that may be adopted, granted or issued by the Securities and Exchange Commission ("Commission");

(2)make loans, except to the extent permitted by the 1940 Act, or any rules, exemptions or interpretations thereunder that may be adopted, granted or issued by the Commission; provided that in no event shall a Portfolio be permitted to make a loan to a natural person;

(3)purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments, and provided that this restriction does not prevent a Portfolio from: (i) purchasing or selling securities or instruments secured by real estate or interests therein, securities or instruments representing interests in real estate or securities or instruments of issuers that invest, deal or otherwise engage in transactions in real estate or interests therein; and (ii) purchasing or selling real estate mortgage loans;

(4)purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments, and provided that this limitation does not prevent a Portfolio from (i) purchasing or selling securities of companies that purchase or sell commodities or that invest in commodities; (ii) engaging in any transaction involving currencies, options, forwards, futures contracts, options on futures contracts, swaps, hybrid instruments or other derivatives; or (iii) investing in securities, or transacting in other instruments, that are linked to or secured by physical or other commodities;

(5)purchase the securities of any one issuer, if immediately after such investment, a Portfolio would not qualify as a "diversified company" as that term is defined by the 1940 Act, as amended, and as modified or interpreted by regulatory authority having jurisdiction, from time to time;

(6)engage in the business of underwriting securities issued by others; or

(7)issue senior securities (as such term is defined in Section 18(f) of the 1940 Act), except to the extent permitted by the 1940 Act.

The U.S. Large Company Portfolio, Enhanced U.S. Large Company Portfolio, U.S. Large Cap Value Portfolio, U.S. Small Cap Value Portfolio, U.S. Small Cap Portfolio, U.S. Micro Cap Portfolio and DFA Real Estate Securities Portfolio will not:

(8)sell securities short.

The Portfolios, except the U.S. Large Cap Equity Portfolio, U.S. Core Equity 1 Portfolio, U.S. Core Equity

2 Portfolio, U.S. Vector Equity Portfolio and U.S. High Relative Profitability Portfolio will not:

(9)acquire any securities of companies within one industry if, as a result of such acquisition, more than 25% of the value of the Portfolio's total assets would be invested in securities of companies within such industry; except that the DFA Real Estate Securities Portfolio shall invest more than 25% of its total assets in securities of companies in the real estate industry.

The U.S. Large Cap Equity Portfolio, U.S. Core Equity 1 Portfolio, U.S. Core Equity 2 Portfolio, U.S. Vector Equity Portfolio and U.S. High Relative Profitability Portfolio will not:

The investment limitations described in (5), (9), and (10) above do not prohibit the Feeder Portfolio from investing all or substantially all of its assets in the shares of one or more registered, open-end investment companies, such as the Master Fund. The investment limitations of the Master Fund are similar to those of the Feeder Portfolio.

borrowings made by such Portfolio. The Portfolios do not currently intend to borrow money for investment purposes. Under the 1940 Act, an open-end investment company may borrow up to 33⅓% of its total assets (including the amount borrowed) from banks, and may borrow up to an additional 5% of its total assets, for temporary purposes, from any other person.

Although the investment limitation described in (2) above prohibits loans, each Portfolio is authorized to lend portfolio securities. Investment limitation (2) above also does not, among other things, prevent a Portfolio from engaging in repurchase agreements, acquiring debt or loan instruments in the future or participating in an interfund lending order granted by the SEC. Inasmuch as the Feeder Portfolio will only hold shares of the Master Fund, the Feeder Portfolio does not intend to lend those shares.

Enhanced U.S. Large Company Portfolio may invest in commercial paper that is exempt from the registration requirements of the Securities Act of 1933 (the "1933 Act"), subject to the requirements regarding credit ratings stated in the Prospectus under "ADDITIONAL INFORMATION ON INVESTMENT OBJECTIVE AND POLICIES – Enhanced U.S. Large Company Portfolio." Further, pursuant to Rule 144A under the 1933 Act, the Portfolios may purchase certain unregistered (i.e. restricted) securities upon a determination that a liquid institutional market exists for the securities. If it is determined that a liquid market does exist, the securities will not be subject to the 15% limitation on illiquid investments. Among other considerations, for Rule 144A securities to be considered liquid, there must be at least two dealers making a market in such securities. After purchase, the Portfolios will continue to monitor the liquidity of Rule 144A securities.

With respect to the investment limitation described in (7) above, a Portfolio will not issue senior securities, except that the Portfolio may borrow money as described above. A Portfolio may also borrow money for temporary purposes, but not in excess of 5% of the Portfolio's total assets. Further, a transaction or agreement that otherwise might be deemed to create leverage, such as a forward or futures contract, option, swap or when-issued security, delayed delivery or forward commitment transaction, will not be considered a senior security to the extent a Portfolio enters into an offsetting financial position, segregates liquid assets equal to the Portfolio's obligations arising from the transaction or otherwise "covers" the transaction in accordance with SEC positions.

The investment limitations described above do not prohibit a Portfolio from purchasing or selling futures contracts and options on futures contracts, to the extent otherwise permitted under the Portfolio's investment strategies. In addition, the investment limitations described above do not prohibit the Enhanced U.S. Large Company Portfolio from maintaining a short position, or purchasing, writing or selling puts, calls, straddles, spreads or combinations thereof in connection with transactions in options, futures, and options on futures and transactions arising under swap agreements or other derivative instruments.

For purposes of the investment limitations described in (9) and (10) above, management does not consider securities that are issued by the U.S. Government or its agencies or instrumentalities to be investments in an "industry." However, management currently considers securities issued by a foreign government (but not the U.S. Government or its agencies or instrumentalities) to be an "industry" subject to the 25% limitation. Thus, not more than 25% of a Portfolio's assets will be invested in securities issued by any one foreign government or supranational organization. In applying the investment limitations described in (9) and (10) above, each Portfolio will also look through to the security holdings of any investment companies in which the Portfolio invests, if applicable.

Except with respect to a Portfolio's or the Master Fund's limitation on borrowing, illiquid investments, or otherwise indicated, with respect to the investment limitations described above, all limitations applicable to the Portfolios' and the Master Fund's investments apply only at the time that a transaction is undertaken.

OPTIONS ON STOCK INDICES

The Enhanced U.S. Large Company Portfolio may purchase and sell options on stock indices. With respect to the sale of call options on stock indices, pursuant to published positions of the Commission, the Enhanced U.S. Large Company Portfolio will either (1) maintain with its custodian liquid assets equal to the contract value (less any margin deposits); (2) hold a portfolio of stocks substantially replicating the movement of the index underlying the call option; or (3) hold a separate call on the same index as the call written where the exercise price of the call held is (a) equal to or less than the exercise price of the call written, or (b) greater than the exercise price of the call written, provided the difference is maintained by the Portfolio in liquid assets in a segregated account with its custodian. With respect to the sale of put options on stock indices, pursuant to published Commission positions, the Enhanced U.S. Large Company Portfolio will either (1) maintain liquid assets equal to the exercise price (less any margin deposits) in a segregated account with its custodian; or (2) hold a put on the same index as the put written where the exercise price of the put held is (a) equal to or greater than the exercise price of the put written, or (b) less than the exercise price of the put written, provided an amount equal to the difference is maintained by the Portfolio in liquid assets in a segregated account with its custodian.

Prior to the earlier of exercise or expiration, an option may be closed out by an offsetting purchase or sale of an option of the same series (type, exchange, underlying index, exercise price, and expiration). There can be no assurance, however, that a closing purchase or sale transaction can be effected when the Enhanced U.S. Large Company Portfolio desires.

The Enhanced U.S. Large Company Portfolio will realize a gain from a closing purchase transaction if the cost of the closing option is less than the premium received from writing the option, or, if it is more, the Portfolio will realize a loss. The principal factors affecting the market value of a put or a call option include supply and demand, interest rates, the current market price of the underlying index in relation to the exercise price of the option, the volatility of the underlying index, and the time remaining until the expiration date.

If an option written by the Enhanced U.S. Large Company Portfolio expires, the Portfolio realizes a gain equal to the premium received at the time the option was written. If an option purchased by the Enhanced U.S. Large Company Portfolio expires unexercised, the Portfolio realizes a loss equal to the premium paid.

The premium paid for a put or call option purchased by the Enhanced U.S. Large Company Portfolio is an asset of the Portfolio. The premium received for an option written by the Portfolio is recorded as a deferred credit. The value of an option purchased or written is marked to market daily and is valued at the closing price on the exchange on which it is traded or, if not traded on an exchange or no closing price is available, at the mean between the last bid and asked prices.

Risks Associated with Options on Indices

There are several risks associated with transactions in options on indices. For example, there are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objectives. The value of an option position will reflect, among other things, the current market price of the underlying index, the time remaining until expiration, the relationship of the exercise price, the term structure of interest rates, estimated price volatility of the underlying index and general market conditions. A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful to some degree because of market behavior or unexpected events.

Options normally have expiration dates up to 90 days from date of purchase. The exercise price of the options may be below, equal to or above the current market value of the underlying index. Purchased options that expire unexercised have no value. Unless an option purchased by the Enhanced U.S. Large Company Portfolio is

exercised or unless a closing transaction is effected with respect to that position, the Enhanced U.S. Large Company Portfolio will realize a loss in the amount of the premium paid and any transaction costs.

A position in an exchange-listed option may be closed out only on an exchange that provides a secondary market for identical options. Although the Enhanced U.S. Large Company Portfolio intends to purchase or write only those options for which there appears to be an active secondary market, there is no assurance that a liquid secondary market will exist for any particular option at any specific time. Closing transactions may be effected with respect to options traded in the over the counter markets only by negotiating directly with the other party to the option contract, or in a secondary market for the option if such a market exists. There can be no assurance that the Enhanced U.S. Large Company Portfolio will be able to liquidate an over the counter option at a favorable price at any time prior to expiration. In the event of insolvency of the counter-party, the Portfolio may be unable to liquidate an over the counter option. Accordingly, it may not be possible to effect closing transactions with respect to certain options, with the result that the Enhanced U.S. Large Company Portfolio would have to exercise those options which it has purchased in order to realize any profit. With respect to options written by the Enhanced U.S. Large Company Portfolio, the inability to enter into a closing transaction may result in material losses to the Portfolio.

Index prices may be distorted if trading of a substantial number of securities included in the index is interrupted causing the trading of options on that index to be halted. If a trading halt occurred, the Enhanced U.S. Large Company Portfolio would not be able to close out options which it had purchased and may incur losses if the underlying index moved adversely before trading resumed. If a trading halt occurred and restrictions prohibiting the exercise of options were imposed through the close of trading on the last day before expiration, exercises on that day would be settled on the basis of a closing index value that may not reflect current price information for securities representing a substantial portion of the value of the index.

The Enhanced U.S. Large Company Portfolio's activities in the options markets may result in higher fund turnover rates and additional brokerage costs; however, the Portfolio may also save on commissions by using options as a hedge rather than buying or selling individual securities in anticipation or as a result of market movements.

Investment Limitations on Options Transactions

The ability of the Enhanced U.S. Large Company Portfolio to engage in options transactions is subject to certain limitations. The Enhanced U.S. Large Company Portfolio will only invest in over-the-counter options to the extent consistent with the 15% limit on illiquid investments.

SWAPS

Enhanced U.S. Large Company Portfolio may enter into equity index swap agreements for purposes of attempting to obtain a particular desired return at a lower cost to the Portfolio than if the Portfolio had invested directly in an instrument that yielded that desired return. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or "swapped" between the parties are generally calculated with respect to a "notional amount," i.e., the return on or increase in value of a particular dollar amount invested in a group of securities representing a particular index.

The "notional amount" of the swap agreement is only a fictive basis on which to calculate the obligations that the parties to a swap agreement have agreed to exchange. Most swap agreements entered into by Enhanced U.S. Large Company Portfolio would calculate the obligations of the parties to the agreement on a "net basis." Consequently, the Portfolio's current obligations (or rights) under a swap agreement generally will be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount"). The Enhanced U.S. Large Company Portfolio's current obligations under a swap agreement will be accrued daily (offset against amounts owed to the Portfolio) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by the maintenance of a segregated account consisting of liquid assets to avoid any potential leveraging of the Portfolio's portfolio. The Enhanced U.S. Large Company

Portfolio will not enter into a swap agreement with any single party if the net amount owed or to be received under existing contracts with that party would exceed 5% of the Portfolio's assets.

Because they are two-party contracts and because they may have terms of greater than seven days, swap agreements may be considered to be illiquid, and, therefore, swap agreements entered into by Enhanced U.S. Large Company Portfolio and other illiquid assets will be limited to 15% of the net assets of the Portfolio. Moreover, Enhanced U.S. Large Company Portfolio bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty beyond any collateral received. In such an event, Enhanced U.S. Large Company Portfolio will have contractual remedies pursuant to the swap agreements, but bankruptcy and insolvency laws could affect the Portfolio's rights as a creditor. The Advisor will cause Enhanced U.S. Large Company Portfolio to enter into swap agreements only with counterparties that the Investment Committee of the Advisor has approved. Certain restrictions imposed on Enhanced U.S. Large Company Portfolio by the Code may limit the Portfolio's ability to use swap agreements. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and related regulatory developments imposed comprehensive regulatory requirements on swaps and swap market participants. It is possible that developments in the swaps market, including potential government regulation, could adversely affect Enhanced U.S. Large Company Portfolio's ability to terminate existing swap agreements or to realize amounts to be received under such agreements.

FUTURES CONTRACTS

Please note that while the following discussion relates to the policies of certain Portfolios with respect to futures contracts, it should be understood that with respect to the Feeder Portfolio, the discussion applies to the Feeder Portfolio and to the Master Fund.

Each Portfolio and the Master Fund may purchase or sell futures contracts and options on futures contracts for equity securities and indices to adjust market exposure based on actual or expected cash inflows to or outflows from the Portfolio or the Master Fund. The Portfolios and the Master Fund, however, do not intend to sell futures contracts to establish short positions in individual securities. The Enhanced U.S. Large Company Portfolio may also purchase or sell futures contracts and options thereon to hedge against securities prices or as part of its overall investment strategy.

Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of defined securities at a specified future time and at a specified price. Futures contracts that are standardized as to maturity date and underlying financial instrument are traded on national futures exchanges. Each Portfolio and the Master Fund will be required to make a margin deposit in cash or government securities with a futures commission merchant (an "FCM") to initiate and maintain positions in futures contracts. Minimal initial margin requirements are established by the futures exchanges and FCMs may establish margin requirements which are higher than the exchange requirements. A Portfolio or the Master Fund also will incur brokerage costs in connection with entering into futures contracts. After a futures contract position is opened, the value of the contract is marked-to-market daily. If the futures contract price changes to the extent that the margin on deposit does not satisfy margin requirements, payment of additional "variation" margin to be held by the FCM will be required. Conversely, a reduction in the required margin would result in excess margin that can be refunded to the custodial accounts of the Portfolio or the Master Fund. Variation margin payments may be made to and from the futures broker for as long as the contract remains open. Each Portfolio and the Master Fund expects to earn income on its margin deposits.

trading days with little or no trading, thereby preventing prompt liquidation of futures positions at an advantageous price and subjecting a Portfolio or Master Fund to substantial losses. In such event, and in the event of adverse price movements, the Portfolio or Master Fund would be required to make daily cash payments of variation margin. In such situations, if the Portfolio or Master Fund had insufficient cash, it might have to sell securities to meet daily variation margin requirements at a time when it would be disadvantageous to do so. In addition, if the transaction is entered into for hedging purposes, in such circumstances a Portfolio or Master Fund may realize a loss on a futures contract or option that is not offset by an increase in the value of the hedged position. Losses incurred in futures transactions and the costs of these transactions will affect the performance of the Portfolio or Master Fund.

Pursuant to published positions of the Commission and interpretations of the staff of the Commission, a Portfolio or the Master Fund (or its custodian) is required to maintain segregated accounts or to segregate assets through notations on the books of the custodian, consisting of liquid assets (or, as permitted under applicable interpretations, enter into offsetting positions) in connection with its futures contract transactions in order to cover its obligations with respect to such contracts. These requirements are designed to limit the amount of leverage that a Portfolio or the Master Fund may use by entering into futures transactions.

FOREIGN CURRENCY TRANSACTIONS

The Enhanced U.S. Large Company Portfolio may enter into foreign currency exchange transactions in order to attempt to protect against uncertainty in the level of future foreign currency exchange rates. The Enhanced U.S. Large Company Portfolio will conduct its foreign currency exchange transactions either on a spot (i.e., cash) basis at the spot rate prevailing in the foreign currency exchange market, or through entering into forward contracts to purchase or sell foreign currencies. A foreign currency forward contract involves an obligation to exchange two currencies at a future date, which may be any fixed number of days (usually less than one year) from the date of the contract agreed upon by the parties, at a fixed rate set at the time of the contract. These contracts are traded in the interbank market conducted directly between traders (usually large commercial banks) and their customers. A forward contract generally has no deposit requirement, and no commissions are charged at any stage for trades. Although foreign exchange dealers do not charge a fee for conversion, they do realize a profit based on the difference (the spread) between the price at which they are buying and selling various currencies.

The Enhanced U.S. Large Company Portfolio may enter into foreign currency exchange transactions to hedge against fluctuations in currency exchange rates or to transfer balances from one currency to another currency. The Portfolio may enter into a forward contract to buy or sell the amount of foreign currency approximating the value of some or all of the portfolio securities quoted or denominated in such foreign currency. The precise matching of the forward contract amounts and the value of the securities involved will not generally be possible since the future value of such securities in foreign currencies will change as a consequence of market movements in the value of those securities between the date the forward contract is entered into and the date it expires. The Enhanced U.S. Large Company Portfolio typically hedges its foreign currency exposure.

At the maturity of a forward currency contract, the Enhanced U.S. Large Company Portfolio may either exchange the currencies specified at the maturity of a forward contract or, prior to maturity, the Enhanced U.S. Large Company Portfolio may enter into a closing transaction involving the purchase or sale of an offsetting contract. Closing transactions with respect to forward contracts are usually effected with the counterparty to the original forward contract.

Forward currency contracts are highly volatile, and a relatively small price movement in a forward currency contract may result in substantial losses to the Enhanced U.S. Large Company Portfolio. To the extent the Enhanced U.S. Large Company Portfolio engages in forward currency contracts to generate current income, the Portfolio will be subject to these risks which the Portfolio might otherwise avoid (e.g., through use of hedging transactions).

The use of foreign currency exchange transactions may not benefit the Enhanced U.S. Large Company Portfolio if exchange rates move in an unexpected manner. In addition, these techniques could result in a loss if the counterparty to a transaction does not perform as promised, including because of the counterparty's bankruptcy or

insolvency. These transactions also involve settlement risk, which is the risk faced when one party to a transaction has performed its obligations under a contract but has not yet received value from its counterparty.

EXCLUSION FROM COMMODITY POOL OPERATOR STATUS

The Advisor has claimed an exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act ("CEA") with respect to the Portfolios and Master Fund described in this SAI, and, therefore, is not subject to registration or regulation as a pool operator under the CEA with respect to such Portfolios and Master Fund. The CFTC has neither reviewed nor approved the Advisor's reliance on these exclusions, the investment strategies of the Master Fund or Portfolios, or this SAI.

The terms of the CPO exclusion require that each Portfolio and the Master Fund, among other things, adhere to certain limits on its investments in "commodity interests." Commodity interests include commodity futures, commodity options and swaps, which in turn include non-deliverable foreign currency forward contracts. Generally, the exclusion from CPO regulation on which the Advisor relies requires each Portfolio and the Master Fund to meet one of the following tests for its commodity interest positions, other than positions entered into for bona fide hedging purposes (as defined in the rules of the CFTC): either (1) the aggregate initial margin and premiums required to establish positions in commodity interests may not exceed 5% of the liquidation value of the portfolio of the Master Fund or Portfolio (after taking into account unrealized profits and unrealized losses on any such positions); or (2) the aggregate net notional value of the Master Fund's or Portfolio's commodity interest positions, determined at the time the most recent such position was established, may not exceed 100% of the liquidation value of the Master Fund's or Portfolio's portfolio (after taking into account unrealized profits and unrealized losses on any such positions). In addition to meeting one of these trading limitations, each Portfolio or the Master Fund may not be marketed as a commodity pool or otherwise as a vehicle for trading in the commodity futures, commodity options or swaps markets. If, in the future, a Portfolio or the Master Fund can no longer satisfy these requirements, the Advisor would withdraw its notice claiming an exclusion from the definition of a CPO, and the Advisor would be subject to registration and regulation as a CPO with respect to the Master Fund or Portfolio, in accordance with CFTC rules that apply to CPOs of registered investment companies. Generally, these rules allow for substituted compliance with CFTC disclosure and shareholder reporting requirements, based on the Advisor's compliance with comparable SEC requirements. However, as a result of CFTC regulation with respect to a Portfolio or the Master Fund, the Portfolio or Master Fund may incur additional compliance and other expenses.

FOREIGN ISSUERS

The Enhanced U.S. Large Company Portfolio may acquire and sell securities issued in foreign countries. There are substantial risks associated with investing in the securities issued by governments and companies located in, or having substantial operations in, foreign countries, which are in addition to the risks inherent in U.S. investments. In many foreign countries there is less government supervision and regulation of stock exchanges, brokers, and listed companies than in the U.S., which may result in greater potential for fraud or market manipulation. There is also the risk of substantially more government involvement in the economy in foreign countries, as well as, the possible arbitrary and unpredictable enforcement of securities regulations and other laws, which may limit the ability of the Enhanced U.S. Large Company Portfolio to invest in foreign issuers.

obtaining information regarding corporate actions on a timely basis, pursuing legal remedies, and obtaining judgments with respect to foreign investments in foreign courts than with respect to domestic issuers in U.S. courts. The costs associated with foreign investments, including withholding taxes, brokerage commissions, and custodial costs, are generally higher than with U.S. investments. To the extent that the Enhanced U.S. Large Company Portfolio invests a significant portion of its assets in a specific geographic region or country, the Portfolio will have more exposure to economic risks related to such region or country than a fund whose investments are more geographically diversified. In addition, economies of some emerging market countries may be based on only a few industries and may be highly vulnerable to changes in local or global trade conditions. Foreign markets also have substantially less volume than the U.S. markets and securities of some foreign issuers are less liquid and more volatile than securities of comparable U.S. issuers. The Enhanced U.S. Large Company Portfolio, therefore, may encounter difficulty in obtaining market quotations for purposes of valuing its portfolio and calculating its net asset value.

It is also possible that the U.S., other nations or other governmental entities (including supranational entities) could impose sanctions against issuers in various sectors of certain foreign countries. This could limit the Enhanced U.S. Large Company Portfolio's investment opportunities in such countries, impairing the Portfolio's ability to invest in accordance with its investment strategy and/or to meet its investment objective. In addition, an imposition of sanctions upon such issuers could result in an immediate freeze of the issuers' securities, impairing the ability of the Enhanced U.S. Large Company Portfolio to buy, sell, receive or deliver those securities. Further, current sanctions or the threat of potential sanctions may also impair the value or liquidity of affected securities and negatively impact the Enhanced U.S. Large Company Portfolio.

Emerging markets

Securities of issuers associated with emerging market countries, including, but not limited to, issuers that are organized under the laws of, maintain a principal place of business in, derive significant revenues from, or issue securities backed by the government (or, its agencies or instrumentalities) of emerging market countries may be subject to higher and additional risks than securities of issuers in developed foreign markets. These risks include, but are not limited to (i) social, political and economic instability; (ii) government intervention, including policies or regulations that may restrict the Enhanced U.S. Large Company Portfolio's investment opportunities, including restrictions on investment in issuers or industries deemed sensitive to an emerging market country's national interests; (iii) less transparent and established taxation policies; (iv) less developed legal systems allowing for enforcement of private property rights and/or redress for injuries to private property; (v) the lack of a capital market structure or market-oriented economy; (vi) higher degree of corruption and fraud; (vii) counterparties and financial institutions with less financial sophistication, creditworthiness and/or resources as those in developed foreign markets; and (viii) the possibility that the process of easing restrictions on foreign investment occurring in some emerging market countries may be slowed or reversed by unanticipated economic, political or social events in such countries, or the countries that exercise a significant influence over those countries.

In addition, many emerging market countries have experienced substantial, and during some periods, extremely high rates of inflation, for many years. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of these countries. Moreover, the economies of some emerging market countries may differ unfavorably from the U.S. economy in such respects as growth of gross domestic product, currency depreciation, debt burden, capital reinvestment, resource self- sufficiency and balance of payments position.

The Enhanced U.S. Large Company Portfolio may have limited access to, or there may be a limited number of, potential counterparties that trade in the securities of emerging market issuers. Potential counterparties may not possess, adopt or implement creditworthiness standards, financial reporting standards or legal and contractual protections similar to those in developed foreign markets. Currency and other hedging techniques may not be available or may be limited. The local taxation of income and capital gains accruing to nonresidents varies among emerging market countries and may be comparatively high. Emerging market countries typically have less well- defined tax laws and procedures and such laws may permit retroactive taxation so that the Enhanced U.S. Large Company Portfolio could in the future become subject to local tax liabilities that had not been anticipated in conducting its investment activities or valuing its assets. Custodial services and other investment-related costs in emerging market countries are often more expensive, compared to developed foreign markets and the U.S., which

can reduce the Enhanced U.S. Large Company Portfolio's income from investments in securities or debt instruments of emerging market country issuers.

Some emerging market currencies may not be internationally traded or may be subject to strict controls on foreign investment by local governments, resulting in undervalued or overvalued currencies and associated difficulties with the valuation of assets, including the Enhanced U.S. Large Company Portfolio's securities, denominated in that currency. Some emerging market governments restrict currency conversions and/or set limits on repatriation of invested capital. Future restrictive exchange controls could prevent or restrict a company's ability to make dividend or interest payments in the original currency of the obligation (usually U.S. dollars). In addition, even though the currencies of some emerging market countries may be convertible into U.S. dollars, the conversion rates may be different than the actual market values and may be adverse to the Enhanced U.S. Large Company Portfolio's shareholders.

GENERAL MARKET AND GEOPOLITICAL RISKS

The value of a Portfolio or the Master Fund's securities changes daily due to economic and other events that affect market prices generally, as well as those that affect particular regions, countries, industries, or issuers. Economies and financial markets throughout the world have become increasingly interconnected, which increases the likelihood that events or conditions in one region or country will adversely affect markets or issuers in other regions or countries. Portfolio securities may be negatively impacted by inflation (or expectations for inflation), interest rates, global demand for particular products/services or resources, natural disasters, pandemics, epidemics, terrorism, war, military confrontations, regulatory events and governmental or quasi-governmental actions, among others. Natural and environmental disasters, including weather-related phenomena, also can adversely affect individual issuers, sectors, industries, markets, currencies, countries, or regions. The occurrence of global events similar to those in recent years (e.g., natural disasters, virus epidemics, social and political discord, and terrorist attacks around the world) may result in market volatility and have long term effects on both the U.S. and global economies and financial markets. The risks associated with such events may be greater in developing or emerging market countries, many of which have less developed political, financial, healthcare, and/or emergency management systems. Negative global events also can disrupt the operations and processes of any of the service providers for a Portfolio or the Master Fund. Similarly, negative global events, in some cases, could constitute a force majeure event under contracts with service providers or contracts entered into with counterparties for certain transactions.

POLITICAL, UNITED KINGDOM AND EUROPEAN MARKET RELATED RISKS

Portfolios that have significant exposure to certain countries can be expected to be impacted by the political and economic conditions within such countries. There is continuing uncertainty around the future of the euro and the European Union (EU) following the United Kingdom's (UK) vote to exit the EU in June 2016 (Brexit). On January 31, 2020 the UK officially withdrew from the EU and an eleven-month transition phase, set to continue through December 31, 2020, began. It is possible that the transition will be extended past that date. Although the UK's exit from the EU has not yet modified existing agreements, the UK and EU will renegotiate and formalize new economic and political agreements, including trade deals, during the transition phase. Given the extended transition and unpredictability surrounding the renegotiation process, there remains a significant degree of uncertainty surrounding the economic and political outcomes which these events may cause. As the outcomes of the negotiations for a new relationship between the UK and EU remain unclear, the effects on the UK, EU and the broader global economy cannot be determined at this time. Brexit may cause greater market volatility and illiquidity, currency fluctuations, deterioration in economic activity, a decrease in business confidence, and increased likelihood of a recession in the UK. While it is not possible to determine the precise impact these events may have on a Portfolio or the Master Fund, during this period and beyond, the impact on the UK, EU countries, other countries or parties that transact with the UK and EU, and the broader global economy could be significant and could adversely affect the value and liquidity of a Portfolio's or the Master Fund's investments. In addition, if one or more other countries were to exit the EU or abandon the use of the euro as a currency, the value of investments tied to those countries or the euro could decline significantly and unpredictably.

CASH MANAGEMENT PRACTICES

Each non-Feeder Portfolio and the Master Fund engages in cash management practices in order to earn income on uncommitted cash balances. Generally, cash is uncommitted pending investment in other securities, payment of redemptions or in other circumstances where the Advisor believes liquidity is necessary or desirable. For example, a Portfolio may make cash investments for temporary defensive purposes during periods in which market, economic or political conditions warrant. Each of the non-Feeder Portfolios and the Master Fund may enter into arrangements with its custodian whereby it may earn a credit on its cash balances maintained in its non-interest bearing U.S. Dollar custody cash account to be applied against fund service fees payable to the custodian or the custodian's subsidiaries for fund services provided.

The non-Feeder Portfolios and the Master Fund may invest cash in the following permissible investments:

Portfolios and Master Fund	Permissible Cash Investments*

U.S. Large Company Portfolios	Short-term repurchase agreements; fixed income securities, such as money
	market instruments; index futures contracts and options thereon; affiliated and
	unaffiliated registered and unregistered money market funds**

Enhanced U.S. Large Company Portfolio	Short-term repurchase agreements; fixed income securities, such as money
	market instruments; index futures contracts and options thereon; affiliated and
	unaffiliated registered and unregistered money market funds**
U.S. Large Cap Equity Portfolio	Short-term repurchase agreements; fixed income securities, such as money
	market instruments; index futures contracts and options thereon; affiliated and
	unaffiliated registered and unregistered money market funds**

U.S. Large Cap Value Series and U.S. Small	Short-term repurchase agreements; fixed income securities, such as money
Cap Value Portfolio	market instruments; index futures contracts and options thereon; affiliated and
	unaffiliated registered and unregistered money market funds**

U.S. Targeted Value Portfolio	Short-term repurchase agreements; fixed income securities, such as money
	market instruments; index futures contracts and options thereon; affiliated and
	unaffiliated registered and unregistered money market funds**

U.S. Core Equity 1 Portfolio, U.S. Core Equity	Short-term repurchase agreements; fixed income securities, such as money
2 Portfolio and U.S. Vector Equity Portfolio	market instruments; index futures contracts and options thereon; affiliated and
	unaffiliated registered and unregistered money market funds**

U.S. Small Cap Portfolio	Short-term repurchase agreements; fixed income securities, such as money
	market instruments; index futures contracts and options thereon; affiliated and
	unaffiliated registered and unregistered money market funds**

U.S. Micro Cap Portfolio	Short-term repurchase agreements; fixed income securities, such as money
	market instruments; index futures contracts and options thereon; affiliated and
	unaffiliated registered and unregistered money market funds**

U.S. High Relative Profitability Portfolio	Short-term repurchase agreements; fixed income securities, such as money
	market instruments; index futures contracts and options thereon; affiliated and
	unaffiliated registered and unregistered money market funds**

DFA Real Estate Securities Portfolio	Short-term repurchase agreements; fixed income securities, such as money
	market instruments; index futures contracts and options thereon; affiliated and
	unaffiliated registered and unregistered money market funds**

*With respect to fixed income instruments, except in connection with corporate actions, the non-Feeder Portfolios and the Master Fund will invest in fixed income instruments that at the time of purchase have an investment grade rating by a rating agency or are deemed to be investment grade by the Advisor.

**Investments in money market mutual funds may involve duplication of certain fees and expenses.

INTERFUND BORROWING AND LENDING

The DFA Fund Complex (defined below) has received exemptive relief from the SEC which permits the registered investment companies to participate in an interfund lending program among portfolios and series managed by the Advisor (the "Portfolios/Series") (portfolios that operate as feeder portfolios do not participate in the program). The interfund lending program allows the participating Portfolios/Series to borrow money from and loan money to each other for temporary or emergency purposes. The program is subject to a number of conditions designed to ensure fair and equitable treatment of the participating Portfolios/Series, including the following: (1) no Portfolio/Series may borrow money through the program unless it receives a more favorable interest rate than a rate approximating the lowest interest rate at which bank loans would be available to any of the participating Portfolios/Series under a loan agreement; and (2) no Portfolio/Series may lend money through the program unless it receives a more favorable return than that available from an investment in overnight repurchase agreements or the yield of any money market fund in which the Portfolio/Series could invest. In addition, a Portfolio/Series may participate in the program only if and to the extent that such participation is consistent with its investment objectives, policies and limitations. Interfund loans and borrowings have a maximum duration of seven days and loans may be called on one business day's notice.

A participating Portfolio/Series may not lend to another Portfolio/Series under the interfund lending program if the interfund loan would cause its aggregate outstanding interfund loans to exceed 15% of its current net assets at the time of the loan. Interfund loans by a Portfolio/Series to any one Portfolio/Series may not exceed 5% of net assets of the lending Portfolio/Series.

The restrictions discussed above and the other conditions of the SEC exemptive order permitting interfund lending are designed to minimize the risks associated with interfund lending for both the lending Portfolio/Series and the borrowing Portfolio/Series. However, no borrowing or lending activity is without risk. If a Portfolio/Series borrows money from another Portfolio/Series, there is a risk that the interfund loan could be called on one business day's notice or not renewed, in which case the Portfolio/Series may have to borrow from a bank at higher rates if an interfund loan were not available from another Portfolio/Series. A delay in repayment to a lending Portfolio/Series could result in a lost opportunity or additional lending costs, and interfund loans are subject to the risk that the borrowing Portfolio/Series could be unable to repay the loan when due.

WHEN-ISSUED SECURITIES, DELAYED DELIVERY, AND FORWARD COMMITMENT

TRANSACTIONS

Each non-Feeder Portfolio and the Master Fund may purchase eligible securities or sell securities it is entitled to receive on a when-issued basis. When purchasing securities on a when-issued basis, the price or yield is agreed to at the time of purchase, but the payment and settlement dates are not fixed until the securities are issued. It is possible that the securities will never be issued and the commitment cancelled. In addition, each non-Feeder Portfolio and the Master Fund may purchase or sell eligible securities for delayed delivery or on a forward commitment basis where the non-Feeder Portfolio or the Master Fund contracts to purchase or sell such securities at a fixed price at a future date beyond the normal settlement time. Each non-Feeder Portfolio and the Master Fund may renegotiate a commitment or sell a security it has committed to purchase prior to the settlement date, if deemed advisable.

While the payment obligation and, if applicable, interest rate are set at the time a non-Feeder Portfolio, or the Master Fund enters into a when-issued, delayed delivery, to-be-announced, or forward commitment transaction, no interest or dividends accrue to the purchaser prior to the settlement date. In addition, the value of a security purchased or sold is subject to market fluctuations and may be worth more or less on the settlement date than the price a non-Feeder Portfolio or the Master Fund committed to pay or receive for the security. A non-Feeder Portfolio or the Master Fund will lose money if the value of a purchased security falls below the purchase price and a non-Feeder Portfolio or the Master Fund will not benefit from the gain if a security sold appreciates above the sales price during the commitment period.

When entering into a commitment to purchase a security on a when-issued, delayed delivery, to-be- announced, or forward commitment basis, a non-Feeder Portfolio or the Master Fund will segregate cash and/or liquid assets and will maintain such cash and/or liquid assets in an amount equal in value to such commitments.

TBA SECURITIES

The Enhanced U.S. Large Company Portfolio may also engage in purchases or sales of "to be announced" or "TBA" securities. TBA securities represent an agreement to buy or sell mortgage-backed securities with agreed- upon characteristics for an approximate principal amount, with settlement on a scheduled future date beyond the typical settlement period for most other securities. A TBA transaction typically does not designate the actual security to be delivered. The Portfolio may use TBA trades for investment purposes in order to gain exposure to certain securities, or for hedging purposes. Purchases and sales of TBA securities involve risks similar to those discussed above for other when-issued and forward commitment transactions. In such transactions, the Portfolio will segregate and/or earmark liquid assets in an amount sufficient to offset its exposure as long as the Portfolio's obligations are outstanding.

EXCHANGE TRADED FUNDS

The non-Feeder Portfolios and the Master Fund may also invest in Exchange Traded Funds ("ETFs") and similarly structured pooled investments for the purpose of gaining exposure to the equity markets while maintaining liquidity. An ETF is an investment company classified as an open-end investment company or unit investment trust that is traded similar to a publicly traded company. ETFs in which the Portfolios invest are passively managed and attempt to track or replicate a desired index, such as a sector, market or global segment. The risks and costs of investing in ETFs are comparable to investing in a publicly traded company. The goal of an ETF is to correspond generally to the price and yield performance, before fees and expenses, of its underlying index. The risk of not correlating to the index is an additional risk to the investors of ETFs. When a Portfolio invests in an ETF, shareholders of the Portfolio bear their proportionate share of the underlying ETF's fees and expenses.

PORTFOLIO TURNOVER RATES

Generally, securities will be purchased by the Portfolios (other than Enhanced U.S. Large Company Portfolio) and the Master Fund with the expectation that they will be held for longer than one year. The Enhanced U.S. Large Company Portfolio is expected to have a high portfolio turnover rate due to the relatively short maturities of the securities to be acquired. In addition, variations in turnover rates occur because securities are sold when, in the Advisor's judgment, the return will be increased as a result of portfolio transactions after taking into account the cost of trading.

DIRECTORS AND OFFICERS

Directors

Organization of the Board

The Board of Directors of each Fund (each a "Board") is responsible for establishing the Funds' policies and for overseeing the management of each Fund. The Board of Directors elects the officers of each Fund, who, along with third party service providers, are responsible for administering the day-to-day operations of the Fund. The Board of Directors of each Fund is comprised of one interested Director and eight disinterested Directors. Darrell Duffie and Ingrid M. Werner were appointed to each Board effective March 28, 2019. David G. Booth, an interested Director, is Chairman of each Board. The disinterested Directors of the Board designated Myron S. Scholes as the lead disinterested Director. As the lead disinterested Director, Mr. Scholes, among other duties: acts as a principal contact for management for communications to the disinterested Directors in between regular Board meetings; assists in the coordination and preparation of quarterly Board meeting agendas; raises and discusses issues with counsel to the disinterested Directors; raises issues and discusses ideas with management on behalf of the disinterested Directors in between regular meetings of the Board; and chairs executive sessions and separate meetings of the disinterested Directors (other than Committee meetings, which are chaired by the respective Committee Chairperson). The existing Board structure for each Fund also provides the disinterested Directors with adequate influence over the governance of the Board and each Fund, while also providing the Board with the invaluable insight of the interested Director, who, as both an officer of the Fund and the Advisor, participates in the day-to-day management of each Fund's affairs, including risk management.

The agenda for each quarterly meeting of the Board is provided prior to the meeting to the disinterested Directors in order to provide the Directors with the opportunity to contact Fund management and/or the disinterested Directors' independent counsel regarding agenda items. In addition, the disinterested Directors regularly communicate with Mr. Booth regarding items of interest to them in between regularly scheduled meetings of the Board. The Board of each Fund meets in person at least four times each year and by telephone at other times. At each in-person meeting, the disinterested Directors meet in executive session with their independent counsel to discuss matters outside the presence of management.

Each Board has three standing committees. The Audit Committee and Nominating Committee are composed entirely of disinterested Directors. As described below, through these Committees, the disinterested Directors have direct oversight of each Fund's accounting and financial reporting policies and the selection and nomination of candidates to each Fund's Board. The Investment Strategy Committee (the "Strategy Committee") assists the Board in carrying out its fiduciary duties with respect to the oversight of the Fund and its performance.

Each Board's Audit Committee is comprised of George M. Constantinides, Roger G. Ibbotson, Abbie J. Smith and Ingrid M. Werner. The Audit Committee for each Board oversees the Fund's accounting and financial reporting policies and practices, each Fund's internal controls, each Fund's financial statements and the independent audits thereof and performs other oversight functions as requested by each Board. The Audit Committee for each Board recommends the appointment of each Fund's independent registered public accounting firm and also acts as a liaison between each Fund's independent registered public accounting firm and the full Board. There were two Audit Committee meetings held for each Fund during the fiscal year ended October 31, 2019.

Each Board's Nominating Committee is comprised of George M. Constantinides, Douglas W. Diamond, Darrell Duffie, Roger G. Ibbotson, Edward P. Lazear, Myron S. Scholes, Abbie J. Smith, and Ingrid M. Werner. The Nominating Committee for each Board makes recommendations for nominations of disinterested and interested members on the Board to the disinterested Board members and to the full board. The Nominating Committee of each Board evaluates a candidate's qualification for Board membership and the independence of such candidate from the Advisor and other principal service providers. The Nominating Committee met once during the fiscal year ended October 31, 2019.

The Strategy Committee is comprised of Gerard K. O'Reilly, Douglas W. Diamond, Edward P. Lazear, Myron S. Scholes, and Darrell Duffie. At the request of a Board or the Advisor, the Strategy Committee (i) reviews the design of possible new series of the Fund, (ii) reviews performance of existing Portfolios of the Fund, and discusses and recommends possible enhancements to the Portfolios' investment strategies, (iii) reviews proposals by the Advisor to modify or enhance the investment strategies or policies of each Portfolio, and (iv) considers issues relating to investment services for each Portfolio of the Fund. There were three Strategy Committee meetings held for each Fund during the fiscal year ended October 31, 2019.

The Board of each Fund, including all of the disinterested Directors, oversees and approves the contracts of the third party service providers that provide advisory, administrative, custodial and other services to the Fund.

Board Oversight of Risk Management

The Board of each Fund, as a whole, considers risk management issues as part of its general oversight responsibilities throughout the year at regular board meetings, through regular reports that have been developed by Fund management and the Advisor. These reports address certain investment, valuation, liquidity and compliance matters. The Board also may receive special written reports or presentations on a variety of risk issues, either upon the Board's request or upon the initiative of the Advisor. In addition, the Audit Committee of the Board meets regularly with management of the Advisor to review reports on the Advisor's examinations of functions and processes that affect each Fund.

Investment Committee of the Advisor decides to materially change an investment strategy or policy of a portfolio and such change could have a significant impact on the portfolio's risk profile, the Advisor will present such change to the Board for their approval.

With respect to valuation, the Advisor and each Fund's administrative and accounting agent provide regular written reports to the Board that enables the Board to review fair valued securities in a particular portfolio. Such reports also include information concerning illiquid and any worthless securities held by each portfolio. In addition, each Fund's Audit Committee reviews valuation procedures and pricing results with the Fund's independent registered public accounting firm in connection with such Committee's review of the results of the audit of each portfolio's year-end financial statements.

With respect to liquidity risk, each Board oversees each Fund's liquidity risk through, among other things, receiving periodic reporting and presentations by investment and other personnel of the Advisor. Additionally, as required by the Liquidity Rule, each Board, including a majority of the disinterested Directors, approved each Fund's Liquidity Program, which is reasonably designed to assess and manage each Fund's liquidity risk, and appointed the Liquidity Program Administrator that is responsible for administering the Liquidity Program. Each Board also reviews, no less frequently than annually, a written report prepared by the Liquidity Program Administrator that addresses, among other items, the operation of the program and assesses its adequacy and effectiveness of implementation.

With respect to compliance risks, the Board receives regular compliance reports prepared by the Advisor's compliance group and meets regularly with each Fund's Global Chief Compliance Officer ("Chief Compliance Officer") to discuss compliance issues, including compliance risks. As required under SEC rules, the disinterested Directors meet in executive session with the Chief Compliance Officer, and each Fund's Chief Compliance Officer prepares and presents an annual written compliance report to the Board. Each Fund's Board adopts compliance policies and procedures for the Fund and receives information about the compliance procedures in place for the Fund's service providers. The compliance policies and procedures are specifically designed to detect and prevent violations of the federal securities laws.

The Advisor periodically provides information to the Board relevant to enterprise risk management describing the way in which certain risks are managed at the complex-wide level by the Advisor. Such presentations include areas such as counter-party risk, material fund vendor or service provider risk, investment risk, reputational risk, personnel risk and business continuity risk.

Director Qualifications

When a vacancy occurs on the Board, the Nominating Committee of the Board evaluates a candidate's qualification for Board membership and the independence of such candidate from the Advisor and other principal service providers. While the Nominating Committee believes that there are no specific minimum qualifications for a candidate to possess or any specific educational background, qualities, skills, or prior business and professional experience that are necessary, in considering a candidate's qualifications, the Nominating Committee may consider the following factors, among others, which may change over time or have different weight: (1) whether or not the person is willing to serve and willing and able to commit the time necessary for the performance of the duties of a Board member; (2) the candidate's judgment, skill, diversity, and experience with investment companies and other organizations of comparable purpose, complexity and size; (3) the business activities of the Fund, including any new marketing or investment initiatives, and whether the candidate possesses relevant experience in these areas; (4) whether the person's business background or other business activities would be incompatible with the Fund's and the Advisor's business purposes; (5) the interplay of the candidate's experience with the experience of other Board members and how the candidate and his or her academic or business experience will be perceived by the Fund's shareholders; and (6) the extent to which the candidate would be a desirable addition to the Board and any committees thereof.

Fund's outstanding shares, and (ii) has owned such shares for 12 months or more prior to submitting the recommendation to the Nominating Committee. Such recommendations shall be directed to the Secretary of a Fund at 6300 Bee Cave Road, Building One, Austin, Texas 78746. The Qualifying Fund Shareholder's letter should include: (i) the name and address of the Qualifying Fund Shareholder making the recommendation; (ii) the number of shares of each Portfolio of a Fund that are owned of record and beneficially by such Qualifying Fund Shareholder, and the length of time that such shares have been so owned by the Qualifying Fund Shareholder; (iii) a description of all arrangements and understandings between such Qualifying Fund Shareholder and any other person or persons (naming such person or persons) pursuant to which the recommendation is being made; (iv) the name and address of the nominee; and (v) the nominee's resume or curriculum vitae. The Qualifying Fund Shareholder's letter must be accompanied by a written consent of the individual to stand for election if nominated for the Board and to serve if elected by shareholders. The Nominating Committee also may seek such additional information about the nominee as the Nominating Committee considers appropriate, including information relating to such nominee that is required to be disclosed in solicitations or proxies for the election of Board members.

The Nominating Committee of the Board of each Fund believes that it is in the best interests of each Fund and its shareholders to obtain highly-qualified individuals to serve as members of the Board. Each Fund's Board believes that each Director currently serving on the Board has the experience, qualifications, attributes and skills to allow the Board to effectively oversee the management of the Fund and protect the interests of shareholders. Each Board noted that each Director had professional experience in areas of importance for investment companies. The Board considered that each disinterested Director held an academic position in the areas of finance, economics or accounting. The Board also noted that Myron S. Scholes and Abbie J. Smith each had experience serving as a director on the boards of operating companies and/or other investment companies. In addition, the Board considered that David G. Booth contributed valuable experience due to his position with the Advisor. Certain biographical information for each disinterested Director and interested Director of a Fund is set forth in the tables below, including a description of each Director's experience as a Director of a Fund and as a director or trustee of other funds, as well as other recent professional experience.

Disinterested Directors

					Other
				Portfolios	Directorships of
		Term of		within the	Public
		Office1 and		DFA Fund	Companies Held
Name, Address and		Length of		Complex2	During Past 5
Year of Birth	Position	Service	Principal Occupation During Past 5 Years	Overseen	Years
George M.	Director	DFAIDG –	Leo Melamed Professor of Finance, University of	129 portfolios in	None
Constantinides		Since 1983;	Chicago Booth School of Business (since 1978).	4 investment
University of		DIG – Since		companies
Chicago Booth		1993
School of Business
5807 S. Woodlawn
Avenue
Chicago, IL 60637
1947
Douglas W.	Director	DFAIDG –	Merton H. Miller Distinguished Service Professor of	129 portfolios in	None
Diamond		Since 2017;	Finance, University of Chicago Booth School of	4 investment
c/o Dimensional		DIG – Since	Business (since 1988). Visiting Scholar, Federal	companies
Fund Advisors LP		2017	Reserve Bank of Richmond (since 1990). Formerly,
6300 Bee Cave			Fischer Black Visiting Professor of Financial
Road, Building One			Economics, Alfred P. Sloan School of
Austin, TX 78746			Management, Massachusetts Institute of Technology
1953			(2015 to 2016).
1953
Darrell Duffie	Director	DFAIDG –	Dean Witter Distinguished Professor of Finance,	129 portfolios in	Formerly,
c/o Dimensional		Since March	Graduate School of Business, Stanford University	4 investment	Director, Moody's
Fund Advisors LP		2019	(since 1984).	companies	Corporation
6300 Bee Cave		DIG – Since			(financial
Road, Building One		March 2019			information and
Austin, TX 78746					information
					technology) (2008-
1954					April 2018).

					Other
				Portfolios	Directorships of
		Term of		within the	Public
		Office1 and		DFA Fund	Companies Held
Name, Address and		Length of		Complex2	During Past 5
Year of Birth	Position	Service	Principal Occupation During Past 5 Years	Overseen	Years
Roger G. Ibbotson	Director	DFAIDG –	Professor in Practice Emeritus of Finance, Yale	129 portfolios in	None
Yale School of		Since 1981;	School of Management (since 1984). Chairman and	4 investment
Management		DIG – Since	Partner, Zebra Capital Management, LLC (hedge	companies
165 Whitney Avenue		1993	fund and asset manager) (since 2001). Formerly,
New Haven, CT			Consultant to Morningstar, Inc. (2006 - 2016).
06511
1943
Edward P. Lazear	Director	DFAIDG –	Distinguished Visiting Fellow, Becker Friedman	129 portfolios in	None
Stanford University		Since 2010;	Institute for Research in Economics, University of	4 investment
Graduate School of		DIG – Since	Chicago (since 2015). Morris Arnold Cox Senior	companies
Business		2010	Fellow, Hoover Institution (since 2002). Davies
Knight Management			Family Professor of Economics, Graduate School of
Center, E346			Business, Stanford University (since 1995).
Stanford, CA 94305			Cornerstone Research (expert testimony and
1948			economic and financial analysis) (since 2009).
1948
Myron S. Scholes	Director	DFAIDG –	Chief Investment Strategist, Janus Henderson	129 portfolios in	Formerly, Adviser,
c/o Dimensional		Since 1981;	Investors (since 2014). Frank E. Buck Professor of	4 investment	Kuapay, Inc.
Fund Advisors LP		DIG – Since	Finance, Emeritus, Graduate School of Business,	companies	(2013-2014).
6300 Bee Cave		1993	Stanford University (since 1981).		Formerly,
Road, Building One					Director,
Austin, TX 78746					American Century
					Fund Complex
1941					(registered
					investment
					companies) (43
					Portfolios) (1980-
					2014).
Abbie J. Smith	Director	DFAIDG –	Boris and Irene Stern Distinguished Service	129 portfolios in	Director, (since
University of		Since 2000;	Professor of Accounting and James S. Ely, III	4 investment	2000) and
Chicago Booth		DIG – Since	Faculty Fellow, University of Chicago Booth School	companies	formerly, Lead
School of Business		2000	of Business (since 1980).		Director (2014 -
5807 S. Woodlawn					2017), HNI
Avenue					Corporation
Chicago, IL 60637					(office furniture);
					Director, Ryder
1953					System Inc.
					(transportation,
					logistics and
					supply-chain
					management)
					(since 2003); and
					Trustee, UBS
					Funds (3
					investment
					companies within
					the fund complex)
					(19 portfolios)
					(since 2009).

					Other
				Portfolios	Directorships of
		Term of		within the	Public
		Office1 and		DFA Fund	Companies Held
Name, Address and		Length of		Complex2	During Past 5
Year of Birth	Position	Service	Principal Occupation During Past 5 Years	Overseen	Years
Ingrid M. Werner	Director	DFAIDG –	Martin and Andrew Murrer Professor of Finance,	129 portfolios in	Director, Fourth
c/o Dimensional		Since March	Fisher College of Business, The Ohio State	4 investment	Swedish AP Fund
Fund Advisors LP		2019	University (since 1998). Adjunct Member, the Prize	companies	(pension fund
6300 Bee Cave		DIG – Since	Committee for the Swedish Riksbank Prize in		asset
Road, Building One		March 2019	Economic Sciences in Memory of Alfred Nobel		management)
Austin, TX 78746			(annual award for significant scientific research		(since 2017).
			contribution) (since January 2018). President,
1961			Western Finance Association (global association of
			academic researchers and practitioners in finance)
			(since June 2018). Director, American Finance
			Association (global association of academic
			researchers and practitioners in finance) (since
			January 2019). Member, Economic Advisory
			Committee, FINRA (since 2017). Chairman,
			Scientific Advisory Board, Swedish House of
			Finance (institute supporting academic research in
			finance) (since 2014). Member, Scientific Board,
			Danish Finance Institute (institute supporting
			academic research in finance) (since 2017). Member,
			Academic Board, Mistra Financial Systems
			(organization funding academic research on
			environment, governance and climate/sustainability
			in finance) (since 2016). Fellow, Center for
			Analytical Finance (academic research) (since
			2015). Associate Editor, Journal of Finance (since
			2016).

Interested Director

The following interested Director is described as such because he is deemed to be an "interested person," as that term is defined under the 1940 Act, due to his position with the Advisor.

				Portfolios
		Term of		within the	Other Directorships
Name, Address		Office1 and		DFA Fund	of Public Companies
and Year of		Length of		Complex2	Held During Past 5
Birth	Position	Service	Principal Occupation During Past 5 Years	Overseen	Years
David G. Booth	Chairman	DFAIDG –	Chairman, Director/Trustee, and formerly, President	129 portfolios	None
6300 Bee Cave	and Director	Since 1981;	and Co-Chief Executive Officer (each until March	in 4 investment
Road, Building		DIG – Since	2017) of Dimensional Emerging Markets Value Fund	companies
One		1992	("DEM"), DFAIDG, Dimensional Investment Group
Austin, TX			Inc. ("DIG") and The DFA Investment Trust
78746			Company ("DFAITC"). Executive Chairman, and
			formerly, President and Co-Chief Executive Officer
1946			(each until February 2017) of Dimensional Holdings
			Inc., Dimensional Fund Advisors LP, Dimensional
			Investment LLC and DFA Securities LLC
			(collectively with DEM, DFAIDG, DIG and
			DFAITC, the "DFA Entities"). Formerly, Chairman
			and Director (2009-2018) and Co-Chief Executive
			Officer (2010 – June 2017) of Dimensional Fund
			Advisors Canada ULC. Trustee, University of
			Chicago (since 2002). Trustee, University of Kansas
			Endowment Association (since 2005). Member of
			Hoover Institution Board (since September 2019).
			Formerly, Director of Dimensional Fund Advisors
			Ltd. (2002 – July 2017), DFA Australia Limited
			(1994 – July 2017), Dimensional Advisors Ltd. (2012
			– July 2017), Dimensional Funds plc (2006 – July
			2017) and Dimensional Funds II plc (2006 – July
			2017). Formerly, Director and President of
			Dimensional Japan Ltd. (2012 – April 2017).
			Formerly, President, Dimensional SmartNest (US)
			LLC (2009-2014); and Limited Partner, VSC
			Investors, LLC (2007-2015). Formerly, Chairman,
			Director, President and Co-Chief Executive Officer of
			Dimensional Cayman Commodity Fund I Ltd. (2010-
			September 2017).

1Each Director holds office for an indefinite term until his or her successor is elected and qualified.

2Each Director is a director or trustee of each of the four registered investment companies within the DFA Fund Complex, which include: the Funds; the Trust; and DEM. Each disinterested Director also serves on the Independent Review Committee of the Dimensional Funds, mutual funds registered in the provinces of Canada and managed by the Advisor's affiliate, Dimensional Fund Advisors Canada ULC.

Information relating to each Director's ownership (including the ownership of his or her immediate family) in the Portfolios of the Funds in this SAI and in all registered investment companies in the DFA Fund Complex as of December 31, 2019 is set forth in the chart below.

		Aggregate Dollar Range of Shares Owned
		in All Funds Overseen by Director in
Name	Dollar Range of Fund Shares Owned	Family of Investment Companies
Disinterested Directors:
George M. Constantinides	None	None Directly; Over $100,000 in Simulated
		Funds*
Douglas W. Diamond	None	None Directly; Over $100,000 in Simulated
		Funds*
Darrell Duffie	None	None
Roger G. Ibbotson	U.S. Core Equity 1 Portfolio– Over $100,000	Over $100,000; Over $100,000 in Simulated
	U.S. Core Equity 2 Portfolio– Over $100,000	Funds*
Edward P. Lazear	None	None Directly; Over $100,000 in Simulated
		Funds*

		Aggregate Dollar Range of Shares Owned
		in All Funds Overseen by Director in
Name	Dollar Range of Fund Shares Owned	Family of Investment Companies
Myron S. Scholes	U.S. Micro Cap Portfolio – Over $100,000	Over $100,000; Over $100,000 in Simulated
		Funds*
Abbie J. Smith	None	None Directly; Over $100,000 in Simulated
		Funds*
Ingrid M. Werner	None	None
Interested Director:

David G. Booth	U.S. Micro Cap Portfolio – Over $100,000	Over $100,000

*As discussed below, the compensation to certain of the disinterested Directors may be in amounts that correspond to a hypothetical investment in a cross-section of the DFA Funds. Thus, the disinterested Directors who are so compensated experience the same investment returns that are experienced by shareholders of the DFA Funds although the disinterested Directors do not directly own shares of the DFA Funds.

Set forth below is a table listing, for each Director entitled to receive compensation, the compensation received from the Funds during the fiscal year ended October 31, 2019 and the total compensation received from all four registered investment companies for which the Advisor served as investment advisor during that same period. The table also provides the compensation paid by each Fund to the Fund's Chief Compliance Officer for the fiscal year ended October 31, 2019.

							Total
							Compensation
							from the
							Funds
			Aggregate		Pension or	Estimated	and DFA
	Aggregate		Aggregate		Retirement	Annual	Fund
	Aggregate		Compensation		Benefits as	Benefits	Complex Paid
	Compensation			from	Part of	upon	to
Name and Position	from DFAIDG*			DIG*	Expenses	Retirement	Directors†
George M. Constantinides .		$252,912	$24,499		N/A	N/A	$350,000
Director
Douglas W. Diamond ........	$252,912		$24,499		N/A	N/A	$350,000
Director
Darrell Duffie ....................	$154,126		$14,895		N/A	N/A	$212,877
Director
Roger G. Ibbotson..............	$271,000		$26,250		N/A	N/A	$375,000
Director
Edward P. Lazear...............	$252,912		$24,499		N/A	N/A	$350,000
Director
Myron S. Scholes...............	$343,349		$33,254		N/A	N/A	$475,000
Lead Disinterested
Director
Abbie J. Smith ...................	$252,912		$24,499		N/A	N/A	$350,000
Director
Ingrid M. Werner...............	$175,916		$16,999		N/A	N/A	$242,877
Director
Christopher S. Crossan ......	$312,497		$30,251		N/A	N/A	N/A
Chief Compliance
Officer

†The term DFA Fund Complex refers to the four registered investment companies for which the Advisor performs advisory and administrative services and for which the individuals listed above serve as directors/trustees on the Boards of Directors/Trustees of such companies.

*Under a deferred compensation plan (the "Plan") adopted effective January 1, 2002, the disinterested Directors of the Fund may defer receipt of all or a portion of the compensation for serving as members of the four Boards of Directors/Trustees of the investment companies in the DFA Fund Complex (the "DFA Funds"). Amounts deferred under the Plan are treated as though equivalent dollar amounts had been invested in shares of a cross- section of the DFA Funds (the "Reference Funds" or "Simulated Funds"). The amounts ultimately received by the disinterested Directors under the Plan will be directly linked to the investment performance of the Reference Funds. Deferral of fees in accordance with the Plan will have a negligible effect on a fund's assets, liabilities, and net income per share, and will not obligate a fund to retain the services of any disinterested Director or to pay any particular level of compensation to the disinterested Director. The total amount of deferred compensation accrued by the disinterested Directors from the DFA Fund Complex who participated in the Plan during the fiscal year ended October 31, 2019 is as follows: $350,000 (Mr. Lazear) and $475,000 (Mr. Scholes). A disinterested Director's deferred compensation will be distributed at the earlier of: (a) January in the year after the disinterested Director's resignation from the Boards of Directors/Trustees of the DFA Funds, or death or disability; or (b) five years following the first deferral, in such amounts as the disinterested Director has specified. The obligations of the DFA Funds to make payments under the Plan will be unsecured general obligations of the DFA Funds, payable out of the general assets and property of the DFA Funds.

Officers

Below is the name, year of birth, information regarding positions with the Funds and the principal occupation for each officer of the Funds. The address of each officer is 6300 Bee Cave Road, Building One, Austin, TX 78746. Each of the officers listed below holds the same office (except as otherwise noted) in the DFA Entities.

		Term of
		Office1
		and
Name and Year of		Length of
Birth	Position	Service		Principal Occupation During Past 5 Years
Valerie A. Brown	Vice President and	Since	Vice President and Assistant Secretary of
1967	Assistant Secretary	2001	•	all the DFA Entities (since 2001)
			•	DFA Australia Limited (since 2002)
			•	Dimensional Fund Advisors Ltd. (since 2002)
			•	Dimensional Cayman Commodity Fund I Ltd. (since 2010)
			•	Dimensional Fund Advisors Pte. Ltd. (since 2012)
			•	Dimensional Hong Kong Limited (since 2012)
			Director, Vice President and Assistant Secretary (since 2003) of
			•	Dimensional Fund Advisors Canada ULC
Ryan P. Buechner	Vice President and	Since	Vice President and Assistant Secretary of
1982	Assistant Secretary	September	•	DFAIDG, DIG, DFAITC and DEM (since September 2019)
		2019	Vice President (since January 2018) of
			Vice President (since January 2018) of
			•	Dimensional Holdings Inc.
			•	Dimensional Fund Advisors LP
			•	Dimensional Investment LLC
			•	DFA Securities LLC
David P. Butler	Co-Chief Executive	Since	Co-Chief Executive Officer (since 2017) of
1964	Officer	2017	•	all the DFA entities
			Director (since 2017) of
			•	Dimensional Holdings Inc.
			•	Dimensional Fund Advisors Canada ULC
			•	Dimensional Japan Ltd.
			•	Dimensional Advisors Ltd.
			•	Dimensional Fund Advisors Ltd.
			•	DFA Australia Limited
			Director and Co-Chief Executive Officer (since 2017) of
			•	Dimensional Cayman Commodity Fund I Ltd.
			Head of Global Financial Advisor Services (since 2007) for
			•	Dimensional Fund Advisors LP

		Term of
		Office1
		and
Name and Year of		Length of
Birth	Position	Service		Principal Occupation During Past 5 Years
			Formerly, Vice President (2007 – 2017) of
			•	all the DFA Entities
Stephen A. Clark	Executive Vice	Since	Executive Vice President (since 2017) of
1972	President	2017	•	all the DFA entities
			Director and Vice President (since 2016) of
			•	Dimensional Japan Ltd.
			President and Director (since 2016) of
			•	Dimensional Fund Advisors Canada ULC
			Vice President (since 2008) and Director (since 2016) of
			•	DFA Australia Limited
			Director (since 2016) of
			•	Dimensional Advisors Ltd.
			•	Dimensional Fund Advisors Pte. Ltd.
			•	Dimensional Hong Kong Limited
			Interim Chief Executive Officer (since 2019) of
			•	Dimensional Fund Advisors Pte. Ltd.
			Formerly, Vice President (2004 – 2017) of
			•	all the DFA Entities
			Formerly, Vice President (2010 – 2016) of
			•	Dimensional Fund Advisors Canada ULC
			Formerly, Vice President (2016-2019) of
			•	Dimensional Fund Advisors Pte. Ltd.
			Formerly, Head of Institutional, North America (2012 – 2013) and Head of
			Global Institutional Services (2014-2018) for
			•	Dimensional Fund Advisors LP
Christopher S.	Vice President and	Since	Vice President and Global Chief Compliance Officer (since 2004) of
Crossan	Global Chief	2004	•	all the DFA Entities
1965	Compliance Officer		•	DFA Australia Limited
			•	DFA Australia Limited
			•	Dimensional Fund Advisors Ltd.
			Chief Compliance Officer (since 2006) and Chief Privacy Officer (since 2015)
			of
			•	Dimensional Fund Advisors Canada ULC
			Chief Compliance Officer of
			•	Dimensional Fund Advisors Pte. Ltd. (since 2012)
			•	Dimensional Japan Ltd. (since 2017)
			Formerly, Vice President and Global Chief Compliance Officer (2010 – 2014)
			for
			•	Dimensional SmartNest (US) LLC
Lisa M. Dallmer	Vice President,	Since	Executive Vice President (since January 2020)
1972	Chief Financial	March	•	Dimensional Holdings Inc.
	Officer, and	2020	•	Dimensional Fund Advisors LP
	Treasurer		•	Dimensional Investment LLC
			•	Dimensional Investment LLC
			•	DFA Securities LLC
			Chief Operating Officer (since December 2019)
			•	Dimensional Holdings Inc.
			•	Dimensional Fund Advisors LP
			•	Dimensional Investment LLC
			•	DFA Securities LLC
			Formerly, Senior Vice President, Business Operations (March 2019 – October
			2019) at
			•	Delphix Inc.

		Term of
		Office1
		and
Name and Year of		Length of
Birth	Position	Service		Principal Occupation During Past 5 Years
			Formerly, Chief Operating Officer Global Technology & Operations, Managing
			Director (2014 – 2018) of
			•	Blackrock Inc.
Jeff J. Jeon	Vice President	Since	Vice President (since 2004) and Assistant Secretary (2017-2019) of
1973		2004	•	all the DFA Entities
			Vice President and Assistant Secretary (since 2010) of
			•	Dimensional Cayman Commodity Fund I Ltd.
Joy Lopez	Vice President and	Vice	Vice President (since 2015) of
1971	Assistant Treasurer	President	•	all the DFA Entities
		since 2015	Assistant Treasurer (since 2017) of
		and	Assistant Treasurer (since 2017) of
		and	•	the DFA Fund Complex
		Assistant	•	the DFA Fund Complex
		Assistant
		Treasurer
		since 2017 Formerly, Senior Tax Manager (2013 – 2015) for
			•	Dimensional Fund Advisors LP
Kenneth M. Manell	Vice President	Since	Vice President (since 2010) of
1972		2010	•	all the DFA Entities
			•	Dimensional Cayman Commodity Fund I Ltd.
Catherine L. Newell	President and	President	President (since 2017) of
1964	General Counsel	since 2017	•	the DFA Fund Complex
		and	General Counsel (since 2001) of
		General	General Counsel (since 2001) of
		General	•	all the DFA Entities
		Counsel	•	all the DFA Entities
		Counsel	Executive Vice President (since 2017) and Secretary (since 2000) of
		since 2001
			•	Dimensional Fund Advisors LP
			•	Dimensional Holdings Inc.
			•	DFA Securities LLC
			•	Dimensional Investment LLC

Director (since 2002), Vice President (since 1997) and Secretary (since 2002) of

•DFA Australia Limited

•Dimensional Fund Advisors Ltd. Vice President and Secretary of

•Dimensional Fund Advisors Canada ULC (since 2003)

•Dimensional Cayman Commodity Fund I Ltd. (since 2010)

•Dimensional Japan Ltd. (since 2012)

•Dimensional Advisors Ltd (since 2012)

•Dimensional Fund Advisors Pte. Ltd. (since 2012)

Director of

•Dimensional Funds plc (since 2002)

•Dimensional Funds II plc (since 2006)

•Director of Dimensional Japan Ltd. (since 2012)

•Dimensional Advisors Ltd. (since 2012)

•Dimensional Fund Advisors Pte. Ltd. (since 2012)

•Dimensional Hong Kong Limited (since 2012)

•Dimensional Ireland Limited (since 2019)

Formerly, Vice President and Secretary (2010 – 2014) of

•Dimensional SmartNest (US) LLC

Formerly, Vice President (1997 – 2017) and Secretary (2000 – 2017) of

•the DFA Fund Complex

Formerly, Vice President of

•Dimensional Fund Advisors LP (1997 – 2017)

•Dimensional Holdings Inc. (2006 – 2017)

•DFA Securities LLC (1997 – 2017)

•Dimensional Investment LLC (2009 – 2017)

		Term of
		Office1
		and
Name and Year of		Length of
Birth	Position	Service		Principal Occupation During Past 5 Years
Selwyn Notelovitz	Vice President and	Since	Vice President and Deputy Chief Compliance Officer of
1961	Deputy Chief	2013	•	the DFA Fund Complex (since 2013)
	Compliance Officer		•	Dimensional Fund Advisors LP (since 2012)
			•	Dimensional Fund Advisors LP (since 2012)
Carolyn L. O	Vice President and	Vice	Vice President (since 2010) and Secretary (since 2017) of
1974	Secretary	President	•	the DFA Fund Complex
		since 2010	Vice President (since 2010) and Assistant Secretary (since 2016) of
		and
		and	•	Dimensional Fund Advisors LP
		Secretary	•	Dimensional Fund Advisors LP
		Secretary	•	Dimensional Holdings Inc.
		since 2017	•	Dimensional Holdings Inc.
			•	Dimensional Investment LLC
			Vice President of
			•	DFA Securities LLC (since 2010)
			•	Dimensional Cayman Commodity Fund I Ltd. (since 2010)
			•	Dimensional Fund Advisors Canada ULC (since 2016)
Gerard K. O'Reilly	Co-Chief Executive	Co-Chief	Co-Chief Executive Officer and Chief Investment Officer (since 2017) of
1976	Officer and Chief	Executive	•	all the DFA Entities
	Investment Officer	Officer	•	Dimensional Fund Advisors Canada ULC
		and Chief	•	Dimensional Fund Advisors Canada ULC
		and Chief	Director, Chief Investment Officer and Vice President (since 2017) of
		Investment
		Investment	•	DFA Australia Limited
		Officer	•	DFA Australia Limited
		since 2017	Chief Investment Officer (since 2017) and Vice President (since 2016) of
			•	Dimensional Japan Ltd.
			Director, Co-Chief Executive Officer and Chief Investment Officer (since 2017)
			of
			•	Dimensional Cayman Commodity Fund I Ltd.
			Director of
			•	Dimensional Funds plc (since 2014)
			•	Dimensional Fund II plc (since 2014)
			•	Dimensional Holdings Inc. (since 2017)
			•	Dimensional Ireland Limited (since 2019)
			Formerly, Co-Chief Investment Officer of
			•	Dimensional Japan Ltd. (2016 – 2017)
			•	DFA Australia Limited (2014 – 2017)
			Formerly, Executive Vice President (2017) and Co-Chief Investment Officer
			(2014 – 2017) of
			•	all the DFA Entities
			Formerly, Vice President (2007 – 2017) of
			•	all the DFA Entities
			Formerly, Vice President and Co-Chief Investment Officer (2014 – 2017) of
			•	Dimensional Fund Advisors Canada ULC
			Formerly, Director (2017-2018) of
			•	Dimensional Fund Advisors Pte. Ltd.
James J. Taylor	Vice President and	Since	Vice President (since 2016)
1983	Assistant Treasurer	March	•	Dimensional Holdings Inc.
		2020	•	Dimensional Fund Advisors LP
			•	Dimensional Investment LLC
			•	DFA Securities LLC
			Formerly, Accounting Manager (2015 – 2016)
			•	Dimensional Fund Advisors LP

1Each officer holds office for an indefinite term at the pleasure of the Boards of Directors and until his or her successor is elected and qualified.

As of January 31, 2020, the Directors and officers as a group owned less than 1% of the outstanding stock of each Portfolio described in this SAI.

SERVICES TO THE FUNDS

Administrative Services

State Street Bank and Trust Company ("State Street"), 1 Lincoln Street, Boston, MA 02111, serves as the accounting and administration services, dividend disbursing and transfer agent for all of the Portfolios and the Master Fund. The services provided by State Street and/or its delegates are subject to supervision by the executive officers and the Boards of Directors of the Funds, and include day-to-day keeping and maintenance of certain records, calculation of the offering price of the shares, preparation of reports, liaison with its custodians, and transfer and dividend disbursing agency services. For the administrative and accounting services provided by State Street, the non-Feeder Portfolios and the Master Fund pay State Street annual fees that are calculated daily and paid monthly according to a fee schedule based on the applicable aggregate average net assets of the Fund Complex, which includes four registered investment companies. The fee schedule is set forth in the table below:

Net Asset Value of the Fund Complex (Excluding Fund of		Annual Basis Point Rate
Funds)

$0 - $100 Billion		0.47

Over $100	Billion - $200 Billion	0.35

Over $200	Billion - $300 Billion	0.25

Over $300	Billion	0.19

The fees charged to a non-Feeder Portfolio or the Master Fund under the fee schedule are allocated to each such non-Feeder Portfolio or the Master Fund based on the non-Feeder Portfolio's or the Master Fund's pro-rata portion of the aggregate average net assets of the Fund Complex.

The Portfolios also pay separate fees to State Street with respect to the services State Street or its delegates provide as transfer agent and dividend disbursing agent. As of the date hereof, State Street has delegated performance of certain of its duties and responsibilities as the Portfolios' transfer agent to DST Asset Manager Solutions, Inc. ("DST"), however, State Street remains responsible to the Portfolios for the acts and omissions of DST in its performances of such duties and responsibilities.

Custodians

Citibank, N.A., 111 Wall Street, New York, NY, 10005, serves as the custodian for the Enhanced U.S. Large Company Portfolio (co-custodian with State Street Bank and Trust Company).

State Street Bank and Trust Company, 1 Lincoln Street, Boston, MA 02111, serves as the custodian for each of the Portfolios and the Master Fund.

Each custodian maintains a separate account or accounts for a Portfolio; receives, holds, and releases portfolio securities on account of the Portfolio; makes receipts and disbursements of money on behalf of the Portfolio; and collects and receives income and other payments and distributions on account of the Portfolio's portfolio securities.

Distributor

Each Fund's shares are distributed by DFA Securities LLC (formerly, DFA Securities Inc.) ("DFAS"), a wholly-owned subsidiary of the Advisor. DFAS is registered as a limited purpose broker-dealer under the Securities Exchange Act of 1934 and is a member of the Financial Industry Regulatory Authority. The principal business address of DFAS is 6300 Bee Cave Road, Austin, Texas 78746.

DFAS acts as an agent of the Funds by serving as the principal underwriter of the Funds' shares. Pursuant to each Fund's Distribution Agreement, DFAS uses its best efforts to seek or arrange for the sale of shares of the Fund, which are continuously offered. No sales charges are paid by investors or the Funds. No compensation is paid by the Funds to DFAS under the Distribution Agreements.

Legal Counsel

Stradley Ronon Stevens & Young, LLP serves as legal counsel to the Funds. Its address is 2600 One Commerce Square, Philadelphia, PA 19103-7098.

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP ("PwC") is the independent registered public accounting firm to the Funds and audits the annual financial statements of the Funds. PwC's address is Two Commerce Square, Suite 1800, 2001 Market Street, Philadelphia, PA 19103-7042.

Investment Management

Dimensional Fund Advisors LP, located at 6300 Bee Cave Road, Building One, Austin, TX 78746, serves as investment advisor to the Portfolios and the Master Fund. Pursuant to an Investment Management Agreement with each Portfolio and the Master Fund, the Advisor is responsible for the management of their respective assets. With respect to an Investment Management Agreement with the Feeder Portfolio, the Advisor manages the portion of the Feeder Portfolio's assets that are retained by the Feeder Portfolio for direct investment and, at its discretion, may make a determination to withdraw the Feeder Portfolio's investment from its Master Fund to invest in another master fund or manage all the Feeder Portfolio's assets directly if the Advisor believes it is in the best interests of the Feeder Portfolio and its shareholders to do so.

Payments by the Advisor to Certain Third Parties Not Affiliated with the Advisor

The Advisor and its advisory affiliates have entered into arrangements with certain unaffiliated third parties pursuant to which the Advisor or its advisory affiliates make payments from their own assets or provide services to such unaffiliated third parties as further described below. Certain of the unaffiliated third parties who have entered into such arrangements with the Advisor or its advisory affiliates are affiliated with independent financial advisors ("FAs") whose clients may invest in the Portfolios or other mutual funds advised by the Advisor ("DFA Advised Funds"). Generally, the Advisor does not consider the existence of such arrangements with an affiliate, by itself, to be determinative in assessing whether an FA is independent.

Training and Education Related Benefits Provided by the Advisor

From time to time, the Advisor or its affiliates provide certain non-advisory services (such as data collection and analysis or other consulting services) to financial intermediaries ("Intermediaries") that may be involved in the distribution of DFA Advised Funds and may recommend the purchase of such DFA Advised Funds for their clients. Intermediaries may include, without limitation, FAs, broker-dealers, institutional investment consultants, and plan service providers (such as recordkeepers). The Advisor or its affiliates also may provide services to Intermediaries, including: (i) personnel and outside consultants for purposes of continuing education, internal strategic planning and, for FAs, practice management; (ii) analysis, including historical market analysis and risk/return analysis; (iii) continuing education to investment advisers (some of whom may be dual registered investment advisers/broker-dealers); and (iv) other services.

The Advisor regularly provides educational speakers and facilities for conferences or events for Intermediaries, customers or clients of the Intermediaries, or such customers' or clients' service providers, and also may sponsor such events. For its sponsored events, the Advisor typically pays any associated food, beverage, and facilities-related expenses. The Advisor or its affiliates sometimes pay a fee to attend, speak at or assist in sponsoring conferences or events organized by others, and on occasion, pay travel accommodations of certain participants attending such conferences or events. The Advisor's sponsorship of conferences or events organized by others from time to time includes direct payments to vendors on behalf of, and/or reimbursement of expenses incurred by, the organizers of such events. Also, from time to time, the Advisor makes direct payments to vendors on behalf of, and/or reimbursement of expenses incurred by, Intermediaries in connection with the Intermediaries hosting educational, training, customer appreciation, or other events for such Intermediaries and/or their customers. Personnel of the Advisor may or may not be present at any of the conferences or events hosted by third parties described above. The Advisor generally will promote its participation in or sponsorship of such conferences or events in marketing or advertising materials. At the request of a client or potential client, the Advisor or its affiliates may also refer such client to one or more Intermediaries.

The provision of these services, arrangements and payments described above by the Advisor present conflicts of interest because they provide incentives for Intermediaries, customers or clients of Intermediaries, or such customers' or clients service providers to recommend, or otherwise make available, the Advisor's strategies or DFA Advised Funds to their clients in order to receive or continue to benefit from these arrangements from the Advisor or its affiliates. However, the provision of these services, arrangements and payments by the Advisor or its affiliates is not dependent on the amount of DFA Advised Funds or strategies sold or recommended by such Intermediaries, customers or clients of Intermediaries, or such customers' or clients' service providers.

Consultation Referral Fees Paid by the Advisor

From time to time, consultants of the Advisor are paid a commission for client referrals. Such commissions typically are calculated based on a flat fee, percentage of total fees received by the Advisor as a result of such referrals, or other means agreed to between the Advisor and the consultants.

Payments to Intermediaries by the Advisor

Additionally, the Advisor or its advisory affiliates may enter into arrangements with, and/or make payments from their own assets to, certain Intermediaries to enable access to DFA Advised Funds on platforms made available by such Intermediaries or to assist such Intermediaries to upgrade existing technology systems, or implement new technology systems, or programs in order to improve the methods through which the Intermediaries provide services to the Advisor and its advisory affiliates, and/or their clients. Such arrangements or payments may establish contractual obligations on the part of such Intermediaries to provide DFA Advised Funds with certain exclusive or preferred access to the use of the subject technology or programs or preferable placement on platforms operated by such Intermediaries.

The payments described above present conflicts of interest because they provide incentives for Intermediaries, customers or clients of Intermediaries, or such customers' or clients' service providers, to recommend, or otherwise make available, DFA Advised Funds to their clients in order to receive or continue to benefit from these arrangements from the Advisor or its affiliates.

Data Services Purchased by the Advisor

The Advisor purchases certain data services, such as products to gather analytic data used by the Advisor's research department. In limited circumstances, a data vendor or its affiliate also provides investment consulting services, and such vendor or affiliated entity may refer one or more of its consulting clients to DFA Advised Funds.

Any investment consulting services and referrals are unrelated to the Advisor's process for the review and purchase of certain data services.

MANAGEMENT FEES

David G. Booth, as a director and officer of the Advisor and shareholder of the Advisor's general partner, and Rex A. Sinquefield, as a shareholder of the Advisor's general partner, acting together, could be deemed controlling persons of the Advisor. Mr. Booth also serves as Director and officer of the Funds. For the services it provides as investment advisor to each Portfolio (and, with respect to the Feeder Portfolio, its corresponding Master Fund), the Advisor is paid a monthly fee calculated as a percentage of average net assets of the Portfolio (and, with respect to the Feeder Portfolio, its corresponding Master Fund). Each class of each Portfolio pays its proportionate share of the fees paid by the Portfolio to the Advisor based on the average net assets of the classes.

For the fiscal years ended October 31, 2019, October 31, 2018 and October 31, 2017, the Portfolios and the Master Fund paid management fees to the Advisor (and any sub-advisor) as set forth in the following table (the dollar amount is shown prior to any fee waivers or recoupments by the Advisor):

	FISCAL	FISCAL		FISCAL
	YEAR	YEAR		YEAR
	ENDED	ENDED		ENDED
	2019	2018		2017
	(000)	(000)		(000)
U.S. Large Company Portfolio(a) ...............................................	$5,4441	$ 5,1336	$	4,42011
Enhanced U.S. Large Company Portfolio (b) .............................	$6592	$ 7017	$	54012
U.S. Large Cap Equity Portfolio (b) ...........................................	$2,337	$ 2,118	$	1,560
U.S. Large Cap Value Portfolio* (c)...........................................	$91,5723	$93,4998	$	77,33113
U.S. Targeted Value Portfolio(d) ................................................	$36,857	$ 39,213	$	33,824
U.S. Small Cap Value Portfolio .................................................	$69,977	$ 78,440	$	71,538
U.S. Core Equity 1 Portfolio (e)..................................................	$42,253	$ 39,324	$	30,987
U.S. Core Equity 2 Portfolio (e)..................................................	$52,139	$ 49,564	$	40,192
U.S. Vector Equity Portfolio (e) .................................................	$13,548	$ 14,700	$	13,194
U.S. Small Cap Portfolio.............................................................	$59,794	$ 63,276	$	54,054
U.S. Micro Cap Portfolio ............................................................	$31,545	$ 33,637	$	29,147
U.S. High Relative Profitability Portfolio (f)..............................	$2,3134	$ 8269	$	95¹⁴
DFA Real Estate Securities Portfolio (e) ....................................	$16,1645	$14,58110	$	13,34515

*The fees set forth in the table above include the fees paid to the Advisor by both the Feeder Portfolio and the Master Fund for investment management services.

1.$4,757 after waiver

2.$327 after waiver

3.$66,545 after waiver

4.$2,287 after waiver

5.$14,631 after waiver

6.$5,241 after recoupment of fees previously waived

7.$414 after waiver

8.$67,959 after waiver

9.$752 after waiver

10.$13,857 after waiver

11.$4,444 after recoupment of fees previously waived

12.$382 after waiver

13.$56,284 after waiver

14.$39 after waiver

15.$12,608 after waiver

(a)Pursuant to the Amended and Restated Fee Waiver Agreement for the U.S. Large Company Portfolio, the Advisor has contractually agreed to waive all or a portion of its management fee to the extent necessary to reduce the ordinary operating expenses (excluding expenses incurred through its investment in other investment companies) ("Portfolio Expenses") of the U.S. Large Company Portfolio so that the Portfolio Expenses, on an annualized basis, do not exceed 0.08% of the average net assets of the U.S. Large Company Portfolio (the "Annualized Expense Ratio"). At any time that the annualized Portfolio Expenses of the Portfolio are less than the Annualized Expense Ratio, the Advisor retains the right to recover any fees previously waived and/or expenses previously assumed to the extent that the amount of such recovery will not cause the annualized Portfolio Expenses of the Portfolio to exceed the Annualized Expense Ratio. The Portfolio is not obligated to reimburse the Advisor for fees previously waived by the Advisor more than thirty-six months before the date of such reimbursement. Prior year waived fees and/or assumed expenses can be recaptured only if the expense ratio following such recapture would be less than the expense cap that was in place when such prior year fees were waived and/or expenses assumed, and less than the current expense cap in place for the Portfolio. The Amended and Restated Fee Waiver Agreement will remain in effect through February 28, 2021, and may only be terminated by the Fund's Board of Directors prior to that date. The Amended and Restated Fee Waiver Agreement shall continue in effect from year to year thereafter unless terminated by the Fund or the Advisor. For additional information concerning the Fee Waiver and/or Expense Assumption Agreements, see "Annual Fund Operating Expenses" in the Prospectus.

(b)Pursuant to a Fee Waiver and Expense Assumption Agreement (the "Fee Waiver Agreement") for each of the Portfolios (effective April 3, 2017 with respect to the Enhanced U.S. Large Company Portfolio), the Advisor has agreed to waive all or a portion of its management fee and assume the ordinary operating expenses of a class of each Portfolio (excluding the expenses that the Portfolio incurs indirectly through its investment in other investment companies) ("Portfolio Expenses") to the extent necessary to limit the Portfolio Expenses of a class of each Portfolio, on an annualized basis, to the rates listed below as a percentage of a class of the respective Portfolio's average net assets ("Expense Limitation Amount"):

Portfolio	Expense Limitation Amount
Enhanced U.S. Large Company Portfolio	0.15%
U.S. Large Cap Equity Portfolio	0.19%

At any time that the Portfolio Expenses of a class of a Portfolio are less than the applicable Expense Limitation Amount for such class of shares of the Portfolio, the Advisor retains the right to recover any fees previously waived and/or expenses previously assumed to the extent that such recovery will not cause the annualized Portfolio Expenses for such class of shares of the Portfolio to exceed the Expense Limitation Amount. A Portfolio is not obligated to reimburse the Advisor for fees previously waived or expenses previously assumed by the Advisor more than thirty-six months before the date of such reimbursement. Prior year waived fees and/or assumed expenses can be recaptured only if the expense ratio following such recapture would be less than the expense cap that was in place when such prior year fees were waived and/or expenses assumed, and less than the current expense cap in place for a Portfolio. The Fee Waiver Agreement will remain in effect through February 28, 2021, and may only be terminated by the Fund's Board of Directors prior to that date. The Fee Waiver Agreement shall continue in effect from year to year thereafter unless terminated by the Fund or the Advisor.

(c)The Portfolio's Master Fund has more than one Feeder Portfolio and/or direct investor; the dollar amount provided for the Master Fund represents the total dollar amount of management fees paid by the Master Fund to the Advisor. Effective February 28, 2020, pursuant to an Amended and Restated Fee Waiver Agreement for the U.S. Large Cap Value Portfolio, the Advisor has contractually agreed to permanently waive all or a portion of the management fee of the Portfolio to the extent necessary to limit the total management fees paid to the Advisor by the Portfolio, including the proportionate share of the management fees the Portfolio pays indirectly through its investment in other funds managed by the Advisor ("Total Management Fees"), to 0.23% of the average net assets of a class of the Portfolio on an annualized basis. Prior to February 28, 2020, the Advisor had contractually agreed to permanently waive all or a portion of the management fee of the Portfolio to the extent

necessary to limit the Total Management Fees to 0.25% of the average net assets of a class of the Portfolio on an annualized basis.

The Fee Waiver Agreement will remain in effect permanently, unless terminated by the Fund.

(d)Pursuant to the Amended and Restated Fee Waiver and/or Expense Assumption Agreement for the U.S. Targeted Value Portfolio, the Advisor has contractually agreed to waive its management fee and to assume the Portfolio's Institutional Class Shares' expenses (excluding the expenses the Portfolio incurs indirectly through investment in other investment companies) ("Portfolio Expenses") to the extent necessary to limit the Portfolio Expenses of the Portfolio's Institutional Class Shares to 0.50% of the Portfolio's average net assets of the Institutional Class Shares on an annualized basis ("Expense Limitation Amount"). At any time that the Portfolio Expenses of the Portfolio's Institutional Class Shares are less than the Expense Limitation Amount, the Advisor retains the right to recover any fees previously waived and/or expenses previously assumed to the extent that such recovery will not cause the annualized Portfolio Expenses to exceed the Expense Limitation Amount. The U.S. Targeted Value Portfolio is not obligated to reimburse the Advisor for fees previously waived by the Advisor more than thirty-six months before the date of such reimbursement. Prior year waived fees and/or assumed expenses can be recaptured only if the expense ratio following such recapture would be less than the expense cap that was in place when such prior year fees were waived and/or expenses assumed, and less than the current expense cap in place for the Portfolio. The Amended and Restated Fee Waiver and/or Expense Assumption Agreement will remain in effect through February 28, 2021, and may only be terminated by the Fund's Board of Directors prior to that date. The Amended and Restated Fee Waiver and/or Expense Assumption Agreement shall continue in effect from year to year thereafter unless terminated by the Fund or the Advisor.

(e)Pursuant to the Amended and Restated Fee Waiver and/or Expense Assumption Agreement for each of these Portfolios, the Advisor has contractually agreed to waive all or a portion of its management fee and assume the ordinary operating expenses of a class of each Portfolio (excluding the expenses that the Portfolio incurs indirectly through its investment in other investment companies) ("Portfolio Expenses") to the extent necessary to limit the Portfolio Expenses of a class of each Portfolio, on an annualized basis, to the rates listed below as a percentage of a class of the respective Portfolio's average net assets ("Expense Limitation Amount"):

Portfolio	Expense Limitation Amount
U.S. Core Equity 1 Portfolio	0.23%
U.S. Core Equity 2 Portfolio	0.26%
U.S. Vector Equity Portfolio	0.36%
DFA Real Estate Securities Portfolio	0.18%

At any time that the Portfolio Expenses of a class of a Portfolio are less than the applicable Expense Limitation Amount for such class of shares of the Portfolio, the Advisor retains the right to recover any fees previously waived and/or expenses previously assumed to the extent that such recovery will not cause the annualized Portfolio Expenses for such class of shares of the Portfolio to exceed the Expense Limitation Amount. A Portfolio is not obligated to reimburse the Advisor for fees previously waived or expenses previously assumed by the Advisor more than thirty-six months before the date of such reimbursement. Prior year waived fees and/or assumed expenses can be recaptured only if the expense ratio following such recapture would be less than the expense cap that was in place when such prior year fees were waived and/or expenses assumed, and less than the current expense cap in place for a Portfolio. The Amended and Restated Fee Waiver and/or Expense Assumption Agreement described above will remain in effect through February 28, 2021, and may only be terminated by the Fund's Board of Directors prior to that date. The Amended and Restated Fee Waiver and/or Expense Assumption Agreement shall continue in effect from year to year thereafter unless terminated by the Fund or the Advisor.

(f)The U.S. High Relative Profitability Portfolio commenced operations on May 16, 2017. Pursuant to a Fee Waiver and Expense Assumption Agreement for the Portfolio, the Advisor has contractually agreed to waive all or a portion of its management fee and to assume the ordinary operating expenses of a class of the Portfolio (including the expenses that the Portfolio bears as a shareholder of other funds managed by the Advisor, excluding money market funds, but excluding the expenses that the Portfolio incurs indirectly through its investment in unaffiliated investment companies) ("Portfolio Expenses") to the extent necessary to limit the Portfolio Expenses of the Institutional Class Shares of the Portfolio to 0.25% of the average net assets of the Institutional Class Shares of the Portfolio on an annualized basis (the "Expense Limitation Amount"). At any time that the Portfolio Expenses of a class of the Portfolio are less than the Expense Limitation Amount, the Advisor retains the right to recover any fees previously waived and/or expenses previously assumed to the

extent that such recovery will not cause the annualized Portfolio Expenses for such class of shares of the Portfolio to exceed the Expense Limitation Amount. The Portfolio will not reimburse the Advisor for fees waived or expenses previously assumed by the Advisor more than thirty-six months before the date of such reimbursement. Prior year waived fees and/or assumed expenses can be recaptured only if the expense ratio following such recapture would be less than the expense cap that was in place when such prior year fees were waived and/or expenses assumed, and less than the current expense cap in place for the Portfolio. The Fee Waiver and Expense Assumption Agreement described above will remain in effect through February 28, 2021, and may only be terminated by the Fund's Board of Directors prior to that date. The Fee Waiver and Expense Assumption Agreement shall continue in effect from year to year thereafter unless terminated by the Fund or the Advisor.

PORTFOLIO MANAGERS

In accordance with the team approach used to manage the Portfolios and the Master Fund, the portfolio managers and portfolio traders implement the policies and procedures established by the Investment Committee. The portfolio managers and portfolio traders also make daily investment decisions regarding the Portfolios and the Master Fund based on the parameters established by the Investment Committee. The individuals named below are the portfolio managers that coordinate the efforts of all other portfolio managers or trading personnel with respect to the day-to-day management of the Portfolios indicated.

U.S. Large Company Portfolio	Jed S. Fogdall, Joseph F. Hohn, Lukas J. Smart
	and Joel P. Schneider
Enhanced U.S. Large Company Portfolio	David A. Plecha, Joseph F. Kolerich and
	Alexander Fridman
U.S. Large Cap Equity Portfolio, U.S. Large Cap Value	Jed S. Fogdall, Lukas J. Smart and Joel P.
Portfolio, U.S. Core Equity 1 Portfolio, U.S. Core Equity 2	Schneider
Portfolio, U.S. Vector Equity Portfolio, DFA Real Estate
Securities Portfolio and U.S. High Relative Profitability
Portfolio
U.S. Small Cap Value Portfolio, U.S. Targeted Value	Jed S. Fogdall, Joel P. Schneider and Marc C.
Portfolio, U.S. Small Cap Portfolio and U.S. Micro Cap	Leblond
Portfolio
Other Managed Accounts

In addition to the Portfolios (and with respect to the Feeder Portfolio, the Master Fund), each portfolio manager manages (i) other U.S. registered investment companies advised or sub-advised by the Advisor, (ii) other pooled investment vehicles that are not U.S. registered mutual funds and (iii) other accounts managed for organizations and individuals. The following table sets forth information regarding the total accounts for which each portfolio manager has the primary responsibility for coordinating the day-to-day management responsibilities.

	Name of Portfolio Manager	Number of Accounts Managed and Total
		Assets by Category As of October 31, 2019*
	Jed S. Fogdall	• 108 U.S. registered mutual funds with $410,097 million in total assets
	Jed S. Fogdall	under management.
		under management.
		• 24 unregistered pooled investment vehicles with $18,097 million in total
		assets under management, of which 1 account with $168 million in assets
		may be subject to a performance fee.
		• 79 other accounts with $27,554 million in total assets under management,
		of which 6 accounts with $3,769 million in assets may be subject to a
		performance fee.

Name of Portfolio Manager

Joseph F. Hohn

Joseph F. Kolerich

David A. Plecha

Joel P. Schneider

Lukas J. Smart

Number of Accounts Managed and Total

Assets by Category As of October 31, 2019*

• 16 U.S. registered mutual funds with $14,357 million in total assets under management.

•7 unregistered pooled investment vehicles with $240 million in total assets under management.

•0 other accounts.

• 58 U.S. registered mutual funds with $111,813 million in total assets under management.

•4 unregistered pooled investment vehicles with $2,829 million in total assets under management.

•9 other accounts with $2,696 million in total assets under management.

• 58 U.S. registered mutual funds with $111,813 million in total assets under management.

•4 unregistered pooled investment vehicles with $2,829 million in total assets under management.

•9 other accounts with $2,696 million in total assets under management.

• 51 U.S. registered mutual funds with $209,325 million in total assets under management.

•7 unregistered pooled investment vehicles with $240 million in total assets under management.

•0 other accounts.

• 38 U.S. registered mutual funds with $151,112 million in total assets under management.

•10 unregistered pooled investment vehicles with $2,867 million in total assets under management.

•6 other accounts with $7,535 million in total assets under management, of which 1 account with $43 million in assets may be subject to a performance fee.

*Mr. Fridman, and Mr. Leblond did not share primary responsibility in the oversight of the day-to-day management for any portfolios or accounts as of January 31, 2020; as such, information regarding such portfolios and accounts is not presented.

Description of Compensation Structure

Portfolio managers receive a base salary and bonus. Compensation of a portfolio manager is determined at the discretion of the Advisor and is based on a portfolio manager's experience, responsibilities, the perception of the quality of his or her work efforts and other subjective factors. The compensation of portfolio managers is not directly based upon the performance of the Portfolios or other accounts that the portfolio managers manage. The Advisor reviews the compensation of each portfolio manager annually and may make modifications in compensation as its Compensation Committee deems necessary to reflect changes in the market. Each portfolio manager's compensation consists of the following:

•Base salary. Each portfolio manager is paid a base salary. The Advisor considers the factors described above to determine each portfolio manager's base salary.

•Semi-Annual Bonus. Each portfolio manager may receive a semi-annual bonus. The amount of the bonus paid to each portfolio manager is based upon the factors described above.

Portfolio managers may be awarded the right to purchase restricted shares of the stock of the Advisor, as determined from time to time by the Board of Directors of the Advisor or its delegates. Portfolio managers also participate in benefit and retirement plans and other programs available generally to all employees.

compensation, among other considerations. Participation in this program is not based on or related to the performance of any individual strategies or any particular client accounts.

Potential Conflicts of Interest

Actual or apparent conflicts of interest may arise when a portfolio manager has the primary day-to-day responsibilities with respect to more than one Portfolio/Master Fund and other accounts. Other accounts include registered mutual funds (other than the Portfolios and the Master Fund), other unregistered pooled investment vehicles, and other accounts managed for organizations and individuals ("Accounts"). An Account may have similar investment objectives to a Portfolio/Master Fund, or may purchase, sell or hold securities that are eligible to be purchased, sold or held by a Portfolio/Master Fund. Actual or apparent conflicts of interest include:

•Time Management. The management of multiple Portfolios/Master Fund and/or Accounts may result in a portfolio manager devoting unequal time and attention to the management of each Portfolio/Master Fund and/or Accounts. The Advisor seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most Accounts managed by a portfolio manager are managed using the same investment approaches that are used in connection with the management of the Portfolios/Master Fund.

•Investment Opportunities. It is possible that at times identical securities will be held by more than one Portfolio/Master Fund and/or Account. However, positions in the same security may vary and the length of time that any Portfolio/Master Fund or Account may choose to hold its investment in the same security may likewise vary. If a portfolio manager identifies a limited investment opportunity that may be suitable for more than one Portfolio/Master Fund or Account, a Portfolio/Master Fund may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible Portfolios/Master Fund and Accounts. To deal with these situations, the Advisor has adopted procedures for allocating portfolio transactions across multiple Portfolios/Master Fund and Accounts.

•Broker Selection. With respect to securities transactions for the Portfolios/Master Fund, the Advisor determines which broker to use to execute each order, consistent with its duty to seek best execution of the transaction. However, with respect to certain Accounts (such as separate accounts), the Advisor may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, the Advisor or its affiliates may place separate, non- simultaneous, transactions for a Portfolio/Master Fund and another Account that may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Portfolio/Master Fund or the Account.

•Performance-Based Fees. For some Accounts, the Advisor may be compensated based on the profitability of the Account, such as by a performance-based management fee. These incentive compensation structures may create a conflict of interest for the Advisor with regard to Accounts where the Advisor is paid based on a percentage of assets because the portfolio manager may have an incentive to allocate securities preferentially to the Accounts where the Advisor might share in investment gains.

•Investment in an Account. A portfolio manager or his/her relatives may invest in an Account that he or she manages and a conflict may arise where he or she may therefore have an incentive to treat the Account in which the portfolio manager or his/her relatives invest preferentially as compared to other Accounts for which he or she has portfolio management responsibilities.

The Advisor and the Funds have adopted certain compliance procedures that are reasonably designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

Investments in Each Portfolio

		Dollar Range of Portfolio Shares
Portfolio	Portfolio Manager(s)	Owned
U.S. Large Company Portfolio	Jed S. Fogdall	None
	Joseph F. Hohn	$10,001 - $50,000
	Lukas J. Smart	$1 - $10,000
	Joel P. Schneider	None
Enhanced U.S. Large Company	Joseph F. Kolerich	$10,001 - $50,000
Portfolio	David A. Plecha	None
	Alexander Fridman	None
U.S. Large Cap Equity Portfolio	Jed S. Fogdall	None
	Lukas J. Smart	None
	Joel P. Schneider	None
U.S. Large Cap Value Portfolio	Jed S. Fogdall	None
	Lukas J. Smart1	None
	Joel P. Schneider	None
U.S. Small Cap Value Portfolio	Jed S. Fogdall	None
	Joel P. Schneider	$1 - $10,000
	Marc C. Leblond	$10,001-$50,000
U.S. Targeted Value Portfolio	Jed S. Fogdall	None
	Joel P. Schneider	$1 - $10,000
	Marc C. Leblond	None
U.S. Core Equity 1 Portfolio	Jed S. Fogdall	$500,001 - $1,000,000
	Lukas J. Smart	$1 - $10,000
	Joel P. Schneider	$100,001 - $500,000
U.S. Core Equity 2 Portfolio	Jed S. Fogdall	None
	Lukas J. Smart	$100,001 - $500,000
	Joel P. Schneider	None
U.S. Vector Equity Portfolio	Jed S. Fogdall	None
	Lukas J. Smart	$1 - $10,000
	Joel P. Schneider	None
U.S. Small Cap Portfolio	Jed S. Fogdall	None
	Joel P. Schneider	$1 - $10,000
	Marc C. Leblond	$10,001-$50,000
U.S. Micro Cap Portfolio	Jed S. Fogdall	None
	Joel P. Schneider	$1 - $10,000
	Marc C. Leblond	$10,001-$50,000
U.S. High Relative Profitability	Jed S. Fogdall	None
Portfolio	Lukas J. Smart	None
	Joel P. Schneider	None
DFA Real Estate Securities	Jed S. Fogdall	None
Portfolio	Lukas J. Smart	$1 - $10,000
	Joel P. Schneider	None

1Lukas J. Smart does not invest in this Portfolio, but invests in another feeder portfolio (ownership range of $100,001 - $500,000) that invests substantially all of its assets in the same Master Fund as the Portfolio.

GENERAL INFORMATION

DFAIDG was incorporated under Maryland law on June 15, 1981. Until June 1983, DFAIDG was named DFA Small Company Fund Inc. Until September 1995, U.S. Large Cap Value Portfolio was named U.S. Large Cap

High Book to Market Portfolio; U.S. Small Cap Value Portfolio was named U.S. Small Cap High Book to Market Portfolio; and U.S. Micro Cap Portfolio was named The Small Company Shares. From September 1995 until December 1996, The DFA Real Estate Securities Portfolio was named DFA/AEW Real Estate Securities Portfolio. Until September 1995, the U.S. Small Cap Value Portfolio was named The U.S. Small Cap High Book to Market Portfolio. From September 1995 until August 1997, the U.S. Small Cap Value Portfolio was named the U.S. Small Cap Value Portfolio. From August 1997 to April 1, 2001, the U.S. Small Cap Value Portfolio was known as the U.S. 6-10 Value Portfolio. From September 1995 until April 1, 2001, the U.S. Micro Cap Portfolio was named the U.S. 9-10 Small Company Portfolio. From April 1, 2001 to December 12, 2006, the U.S. Targeted Value Portfolio was known as the U.S. Small XM Value Portfolio. Prior to April 1, 2001, the U.S. Targeted Value Portfolio, the U.S. Small Cap Value Portfolio, the U.S. Small Cap Portfolio and the U.S. Micro Cap Portfolio were known as the U.S. 4-10 Value Portfolio, the U.S. 6-10 Value Portfolio, the U.S. 6-10 Small Company Portfolio and the U.S. 9-10 Small Company Portfolio, respectively. Similarly, the Master Funds in which these four Portfolios invested – The U.S. Targeted Value Series, The U.S. Small Cap Value Series, The U.S. Small Cap Series and The U.S. Micro Cap Series – were, prior to April 1, 2001, known as The U.S. 4-10 Value Series, The U.S. 6-10 Value Series, The U.S. 6- 10 Small Company Series and the U.S. 9-10 Small Company Series, respectively. Effective as of March 30, 2007, the U.S. Targeted Value Portfolio was no longer a feeder portfolio and now holds the portfolio securities previously held by The U.S. Targeted Value Series, the Master Fund in which the U.S. Targeted Value Portfolio invested. Effective February 28, 2009, the Enhanced U.S. Large Company Portfolio was no longer a feeder portfolio and now holds the portfolio securities previously held by The Enhanced U.S. Large Company Series, the Master Fund in which the Enhanced U.S. Large Company Portfolio invested. Effective as of February 28, 2009, the U.S. Small Cap Value Portfolio was no longer a feeder portfolio and now holds the portfolio securities previously held by The U.S. Small Cap Value Series, the Master Fund in which the U.S. Small Cap Value Portfolio invested. Effective as of February 28, 2009, the U.S. Small Cap Portfolio was no longer a feeder portfolio and now holds the portfolio securities previously held by The U.S. Small Cap Series, the Master Fund in which the U.S. Small Cap Portfolio invested. Effective as of February 28, 2009, the U.S. Micro Cap Portfolio was no longer a feeder portfolio and now holds the portfolio securities previously held by The U.S. Micro Cap Series, the Master Fund in which the U.S. Micro Cap Portfolio invested.

DIG was incorporated under Maryland law on March 19, 1990. DIG was known as DFA U.S. Large Cap Inc. from February 1992, until it amended its Articles of Incorporation in April 1993, to change to its present name. Prior to the February 1992 amendment to the Articles of Incorporation, DIG was known as DFA U.S. Large Cap Portfolio Inc. Until May 8, 2010, U.S. Large Company Portfolio was named U.S. Large Company Institutional Index Portfolio. Effective as of September 10, 2010, the U.S. Large Company Portfolio was no longer a feeder portfolio and now holds the portfolio securities previously held by The U.S. Large Company Series, the Master Fund in which the U.S. Large Company Portfolio invested.

CODE OF ETHICS

The Funds, the Trust, the Advisor and DFAS have adopted a revised Code of Ethics, under Rule 17j-1 of the 1940 Act, for certain access persons of the Portfolios and the Master Fund. The Code of Ethics is designed to ensure that access persons act in the interest of the Portfolios and the Master Fund, and their shareholders with respect to any personal trading of securities. Under the Code of Ethics, access persons are generally prohibited from knowingly buying or selling securities (except for mutual funds, U.S. government securities and money market instruments) which are being purchased, sold or considered for purchase or sale by a Portfolio or the Master Fund unless their proposed purchases are approved in advance. The Code of Ethics also contains certain reporting requirements and securities trading clearance procedures.

SHAREHOLDER RIGHTS

redemption liquidation, and other rights and preferences as each other class of the Portfolio, except that on a matter affecting a single class only shares of that class of the Portfolio are permitted to vote on the matter.

With respect to matters which require shareholder approval, shareholders are entitled to vote only with respect to matters which affect the interest of the Portfolio or class of shares of the Portfolio which they hold, except as otherwise required by applicable law. If liquidation of a Fund should occur, the Fund's shareholders would be entitled to receive on a per class basis the assets of the particular Portfolio whose shares they own, as well as a proportionate share of Fund assets not attributable to any particular class. Ordinarily, the Funds do not intend to hold annual meetings of shareholders, except as required by the 1940 Act or other applicable law. Each Fund's bylaws provide that special meetings of shareholders shall be called at the written request of shareholders entitled to cast not less than a majority of the votes entitled to be cast at such meeting. Such meeting may be called to consider any matter, including the removal of one or more directors. Shareholders will receive shareholder communications with respect to such matters as required by the 1940 Act, including semi-annual and annual financial statements of the Funds, the latter being audited.

Whenever the Feeder Portfolio, as an investor in its Master Fund, is asked to vote on a shareholder proposal, the Fund will solicit voting instructions from the Feeder Portfolio's shareholders with respect to the proposal. The Directors of the Fund will then vote the Feeder Portfolio's shares in the Master Fund in accordance with the voting instructions received from the Feeder Portfolio's shareholders. The Directors of the Fund will vote shares of the Feeder Portfolio for which they receive no voting instructions in accordance with their best judgment. With regard to the Master Fund, which is organized as a partnership for federal tax purposes, if a majority shareholder of the Master Fund declares bankruptcy, a majority in interest of the remaining shareholders in the Master Fund must vote to approve the continuing existence of the Master Fund or the Master Fund will be liquidated.

Shareholder inquiries may be made by writing or calling a Fund at the address or telephone number appearing on the cover of this SAI. Only those individuals whose signatures are on file for the account in question may receive specific account information or make changes in the account registration.

PRINCIPAL HOLDERS OF SECURITIES

As of January 31, 2020, the following persons beneficially owned 5% or more of the outstanding shares of the Portfolios, as set forth below:

U.S. LARGE COMPANY PORTFOLIO
Charles Schwab & Company, Inc.*	41.97%
101 Montgomery Street
San Francisco, CA 94104
National Financial Services LLC*	12.77%
200 Liberty Street
One World Financial Center
New York, NY 10281
TD Ameritrade, Inc.*	12.12%
P.O. Box 2226
Omaha, NE 68103
ENHANCED U.S. LARGE COMPANY PORTFOLIO
TD Ameritrade, Inc.*1	33.26%
Charles Schwab & Company, Inc.*1	23.30%
National Financial Services LLC*1	12.01%

U.S. LARGE CAP EQUITY PORTFOLIO
Charles Schwab & Company, Inc.*1	30.25%
National Financial Services LLC*1	28.14%
TD Ameritrade, Inc.*1	19.15%
SEI Private Trust Company	7.99%
c/o GWP US Advisors
1 Freedom Valley Drive,
Oaks, PA 19456
U.S. LARGE CAP VALUE PORTFOLIO
Charles Schwab & Company, Inc.*1	29.72%
TD Ameritrade, Inc.*1	21.42%
National Financial Services LLC*1	18.33%
U.S. SMALL CAP VALUE PORTFOLIO
Charles Schwab & Company, Inc.*1	32.61%
TD Ameritrade, Inc.*1	16.94%
National Financial Services LLC*1	16.56%
The RBB Fund Inc. Free Market US Equity Fund	5.56%
5955 Deerfield Blvd
Mason, OH 45040
U.S. TARGETED VALUE PORTFOLIO
National Financial Services LLC*1	27.81%
Charles Schwab & Company, Inc.*1	21.83%
TD Ameritrade, Inc.*1	7.55%
U.S. CORE EQUITY 1 PORTFOLIO
National Financial Services LLC*1	27.33%
Charles Schwab & Company, Inc.*1	26.77%
TD Ameritrade, Inc.*1	14.03%
LPL Financial*	6.24%
4707 Executive Drive
San Diego, CA 92121

U.S. CORE EQUITY 2 PORTFOLIO
Charles Schwab & Company, Inc.*1	25.41%
National Financial Services LLC*1	17.30%
TD Ameritrade, Inc.*1	16.71%
DFA Global Equity Portfolio	14.11%
6300 Bee Cave Road
Building 1
Austin, TX 78746
LPL Financial*1	7.31%
U.S. VECTOR EQUITY PORTFOLIO
National Financial Services LLC*1	27.04%
Charles Schwab & Company, Inc.*1	25.47%
TD Ameritrade, Inc.*1	19.42%
E*Trade Savings Bank	6.07%
FBO Various Accounts
P.O. Box 6503
Englewood, CO 80155
LPL Financial*1	5.42%
U.S. SMALL CAP PORTFOLIO
Charles Schwab & Company, Inc.*1	32.26%
National Financial Services LLC*1	28.36%
TD Ameritrade, Inc.*1	16.55%
U.S. MICRO CAP PORTFOLIO
Charles Schwab & Company, Inc.*1	31.60%
TD Ameritrade, Inc.*1	22.89%
National Financial Services LLC*1	14.37%
The RBB Fund Inc. Free Market US Equity Fund1	7.04%
U.S. HIGH RELATIVE PROFITABILITY PORTFOLIO
TD Ameritrade, Inc.*1	39.62%
Charles Schwab & Company, Inc.*1	35.99%
National Financial Services LLC*1	14.35%

DFA REAL ESTATE SECURITIES PORTFOLIO
Charles Schwab & Company, Inc.*1	28.20%
National Financial Services LLC*1	20.81%
DFA Global Real Estate Securities Portfolio	11.66%
6300 Bee Cave Road
Building 1
Austin, TX 78746

TD Ameritrade, Inc.*1

10.49%

____________________________________

Owner of record only (omnibus).

See address for shareholder previously noted above in list.

PURCHASE OF SHARES

The following information supplements the information set forth in the Prospectus under the caption

"PURCHASE OF SHARES."

The Funds will accept purchase and redemption orders on each day that the New York Stock Exchange ("NYSE") is scheduled to be open for business. However, no purchases by wire may be made on any day that the Federal Reserve System is closed. The Funds generally will be closed on days that the NYSE is closed. The NYSE generally is scheduled to be open Monday through Friday throughout the year except for days closed to recognize New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The Federal Reserve System is closed on the same days as the NYSE, except that it is open on Good Friday and closed on Columbus Day and Veterans' Day. Orders for redemptions and purchases will not be processed if the Funds are closed.

The Funds reserve the right, in their sole discretion, to suspend the offering of shares of any or all Portfolios or reject purchase orders when, in the judgment of management, such suspension or rejection is in the best interest of that Fund or a Portfolio. Securities accepted in exchange for shares of a Portfolio will be acquired for investment purposes and will be considered for sale under the same circumstances as other securities in the Portfolio.

The Funds or their transfer agent may, from time to time, appoint a sub-transfer agent, such as a broker, for the receipt of purchase and redemption orders and funds from certain investors. With respect to purchases and redemptions through a sub-transfer agent, a Fund will be deemed to have received a purchase or redemption order when the sub-transfer agent receives the order. Shares of a Portfolio will be priced at the public offering price next calculated after receipt of the purchase or redemption order by the sub-transfer agent.

REDEMPTION AND TRANSFER OF SHARES

The following information supplements the information set forth in the Prospectus under the caption

"REDEMPTION OF SHARES."

Each Fund may suspend redemption privileges or postpone the date of payment: (1) during any period when the NYSE is closed, or trading on the NYSE is restricted as determined by the Commission, (2) during any period when an emergency exists as defined by the rules of the Commission as a result of which it is not reasonably practicable for such Fund to dispose of securities owned by it, or fairly to determine the value of its assets and (3) for such other periods as the Commission may permit.

Shareholders may, subject to a Fund's sole discretion, transfer shares of any Portfolio to another person by making a written request to the Portfolio's Transfer Agent. The request should clearly identify the account and number of shares to be transferred, and include the signature of all registered owners. The signature on the letter of request must be guaranteed in the same manner as described in the Prospectus under "REDEMPTION OF SHARES." As with redemptions, the written request must be received in good order before any transfer can be made.

Each Fund has filed a notice of election under Rule 18f-1 of the 1940 Act that allows the Portfolios to redeem in-kind redemption requests of a certain amount. Specifically, if the amount being redeemed is over the lesser of $250,000 or 1% of a Portfolio's net assets, the Portfolio has the right to redeem the shares by providing the amount that exceeds $250,000 or 1% of the Portfolio's net assets in securities instead of cash. The securities distributed in-kind would be readily marketable and would be valued for this purpose using the same method employed in calculating the Portfolio's net asset value per share. If a shareholder receives redemption proceeds in- kind, the shareholder should expect to incur transaction costs upon the disposition of the securities received in the redemption.

TAXATION OF THE PORTFOLIOS AND THEIR SHAREHOLDERS

The following is a summary of some of the federal income tax consequences of investing in a Portfolio (sometimes referred to as "the Portfolio"). Unless you are invested in the Portfolio through a qualified retirement plan, you should consider the tax implications of investing and consult your own tax advisor. No attempt is made to present a detailed explanation of the tax treatment of the Portfolio or its shareholders, and the discussion here and in the Prospectus is not intended as a substitute for careful tax planning.

This "TAXATION OF THE PORTFOLIOS AND THEIR SHAREHOLDERS" section is based on the Internal Revenue Code of 1986, as amended (the "Code"), and applicable regulations in effect on the date of this SAI. Future legislative, regulatory or administrative changes, including provisions of current law that sunset and thereafter no longer apply, or court decisions may significantly change the tax rules applicable to the Portfolio and its shareholders. Any of these changes or court decisions may have a retroactive effect.

Different tax rules apply to the Feeder Portfolio because it invests in the Master Fund, which is organized as a partnership for federal income tax purposes. These rules could affect the amount, timing or character of the income distributed to shareholders of a Portfolio.

Unless otherwise indicated, the discussion below with respect to the Portfolios includes in the case of the Feeder Portfolio its pro rata share of the Master Fund's income and assets.

This is for general information only and not tax advice and does not purport to deal with all federal tax consequences applicable to all categories of investors, some of which may be subject to special rules. You should consult your own tax advisor regarding your particular circumstances before making an investment in the Portfolio.

Taxation of the Portfolio

The Portfolio has elected and intends to qualify (or, if newly organized, intends to elect and qualify) each year as a regulated investment company (sometimes referred to as a "regulated investment company," "RIC" or "portfolio") under Subchapter M of the Code. If the Portfolio qualifies, the Portfolio will not be subject to federal income tax on the portion of its investment company taxable income (that is, generally, taxable interest, dividends, net short-term capital gains, and other taxable ordinary income, net of expenses, without regard to the deduction for dividends paid) and net capital gain (that is, the excess of net long-term capital gains over net short-term capital losses) that it distributes to shareholders.

Qualification as a regulated investment company. In order to qualify for treatment as a regulated investment company, the Portfolio must satisfy the following requirements:

•Distribution Requirement — the Portfolio must distribute an amount equal to the sum of at least 90% of its investment company taxable income and 90% of its net tax-exempt income, if any, for the tax year (including, for purposes of satisfying this distribution requirement, certain distributions made by the Portfolio after the close of its taxable year that are treated as made during such taxable year).

•Income Requirement — the Portfolio must derive at least 90% of its gross income from dividends, interest, certain payments with respect to securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including, but not limited to, gains from options, futures or forward contracts) derived from its business of investing in such stock, securities or currencies and net income derived from qualified publicly traded partnerships ("QPTPs").

•Asset Diversification Test — the Portfolio must satisfy the following asset diversification test at the close of each quarter of the Portfolio's tax year: (1) at least 50% of the value of the Portfolio's assets must consist of cash and cash items, U.S. Government securities, securities of other regulated investment companies, and securities of other issuers (as to which the Portfolio has not invested more than 5% of the value of the Portfolio's total assets in securities of an issuer and as to which the Portfolio does not hold more than 10% of the outstanding voting securities of the issuer); and (2) no more than 25% of the value of the Portfolio's total assets may be invested in the securities of any one issuer (other than U.S. Government securities or securities of other regulated investment companies) or of two or more issuers which the Portfolio controls and which are engaged in the same or similar trades or businesses, or, collectively, in the securities of one or more QPTPs.

In some circumstances, the character and timing of income realized by the Portfolio for purposes of the Income Requirement or the identification of the issuer for purposes of the Asset Diversification Test is uncertain under current law with respect to a particular investment, and an adverse determination or future guidance by the Internal Revenue Service ("IRS") with respect to such type of investment may adversely affect the Portfolio's ability to satisfy these requirements. See "Tax Treatment of Portfolio Transactions" below with respect to the application of these requirements to certain types of investments. In other circumstances, the Portfolio may be required to sell portfolio holdings in order to meet the Income Requirement, Distribution Requirement, or Asset Diversification Test which may have a negative impact on the Portfolio's income and performance.

The Portfolio may use "equalization accounting" (in lieu of making some cash distributions) in determining the portion of its income and gains that has been distributed. If the Portfolio uses equalization accounting, it will allocate a portion of its undistributed investment company taxable income and net capital gain to redemptions of Portfolio shares and will correspondingly reduce the amount of such income and gains that it distributes in cash. If the IRS determines that the Portfolio's allocation is improper and that the Portfolio has under-distributed its income and gain for any taxable year, the Portfolio may be liable for federal income and/or excise tax. If, as a result of such adjustment, the Portfolio fails to satisfy the Distribution Requirement, the Portfolio will not qualify that year as a regulated investment company, the effect of which is described in the following paragraph.

If for any taxable year the Portfolio does not qualify as a regulated investment company, all of its taxable income (including its net capital gain) would be subject to tax at the corporate income tax rate without any deduction for dividends paid to shareholders, and the dividends would be taxable to the shareholders as ordinary income (or possibly as qualified dividend income) to the extent of the Portfolio's current and accumulated earnings and profits. Failure to qualify as a regulated investment company would thus have a negative impact on the Portfolio's income and performance. Subject to savings provisions for certain inadvertent failures to satisfy the Income Requirement or Asset Diversification Test which, in general, are limited to those due to reasonable cause and not willful neglect, it is possible that the Portfolio will not qualify as a regulated investment company in any given tax year. Even if such savings provisions apply, the Portfolio may be subject to a monetary sanction of $50,000 or more. Moreover, the Board reserves the right not to maintain the qualification of the Portfolio as a regulated investment company if it determines such a course of action to be beneficial to shareholders.

Portfolio turnover. For investors that hold their Portfolio shares in a taxable account, a high portfolio turnover rate may result in higher taxes. This is because a portfolio with a high turnover rate is likely to accelerate the recognition of capital gains and more of such gains are likely to be taxable as short-term rather than long-term capital gains in contrast to a comparable portfolio with a low turnover rate. Any such higher taxes would reduce the Portfolio's after-tax performance. See "Taxation of Portfolio Distributions – Distributions of capital gains" below. For non-U.S. investors, any such acceleration of the recognition of capital gains that results in more short-

term and less long-term capital gains being recognized by the Portfolio may cause such investors to be subject to increased U.S. withholding taxes. See "Non-U.S. Investors –Capital gain dividends and short-term capital gain dividends" below.

Capital loss carryovers. The capital losses of the Portfolio, if any, do not flow through to shareholders. Rather, the Portfolio may use its capital losses, subject to applicable limitations, to offset its capital gains without being required to pay taxes on or distribute to shareholders such gains that are offset by the losses. If the Portfolio has a "net capital loss" (that is, capital losses in excess of capital gains), the excess (if any) of the Portfolio's net short-term capital losses over its net long-term capital gains is treated as a short-term capital loss arising on the first day of the Portfolio's next taxable year, and the excess (if any) of the Portfolio's net long-term capital losses over its net short-term capital gains is treated as a long-term capital loss arising on the first day of the Portfolio's next taxable year. Any such net capital losses of the Portfolio that are not used to offset capital gains may be carried forward indefinitely to reduce any future capital gains realized by the Portfolio in succeeding taxable years. The amount of capital losses that can be carried forward and used in any single year is subject to an annual limitation if there is a more than 50% "change in ownership" of the Portfolio. An ownership change generally results when shareholders owning 5% or more of the Portfolio increase their aggregate holdings by more than 50% over a three- year look-back period. An ownership change could result in capital loss carryovers being used at a slower rate, thereby reducing the Portfolio's ability to offset capital gains with those losses. An increase in the amount of taxable gains distributed to the Portfolio's shareholders could result from an ownership change. The Portfolio undertakes no obligation to avoid or prevent an ownership change, which can occur in the normal course of shareholder purchases and redemptions or as a result of engaging in a tax-free reorganization with another portfolio. Moreover, because of circumstances beyond the Portfolio's control, there can be no assurance that the Portfolio will not experience, or has not already experienced, an ownership change.

Deferral of late year losses. The Portfolio may elect to treat part or all of any "qualified late year loss" as if it had been incurred in the succeeding taxable year in determining the Portfolio's taxable income, net capital gain, net short-term capital gain, and earnings and profits. The effect of this election is to treat any such "qualified late year loss" as if it had been incurred in the succeeding taxable year in characterizing Portfolio distributions for any calendar year (see "Taxation of Portfolio Distributions – Distributions of capital gains" below). A "qualified late year loss" includes:

•any net capital loss incurred after October 31 of the current taxable year, or, if there is no such loss, any net long-term capital loss or any net short-term capital loss incurred after October 31 of the current taxable year ("post-October capital losses"), and

•the sum of (1) the excess, if any, of (a) specified losses incurred after October 31 of the current taxable year, over (b) specified gains incurred after October 31 of the current taxable year and (2) the excess, if any, of (a) ordinary losses incurred after December 31 of the current taxable year, over (b) the ordinary income incurred after December 31 of the current taxable year.

The terms "specified losses" and "specified gains" mean ordinary losses and gains from the sale, exchange, or other disposition of property (including the termination of a position with respect to such property), foreign currency losses and gains, and losses and gains resulting from holding stock in a passive foreign investment company ("PFIC") for which a mark-to-market election is in effect. The terms "ordinary losses" and "ordinary income" mean other ordinary losses and income that are not described in the preceding sentence. Since the Portfolio has a fiscal year ending in October, the amount of qualified late-year losses (if any) is computed without regard to any items of income, gain, or loss that are (a) post-October capital losses, (b) specified losses, and (c) specified gains.

Undistributed capital gains. The Portfolio may retain or distribute to shareholders its net capital gain for each taxable year. The Portfolio currently intends to distribute net capital gains. If the Portfolio elects to retain its net capital gain, the Portfolio will be taxed thereon (except to the extent of any available capital loss carryovers) at the corporate income tax rate. If the Portfolio elects to retain its net capital gain, it is expected that the Portfolio also will elect to have shareholders treated as if each received a distribution of its pro rata share of such gain, with the result that each shareholder will be required to report its pro rata share of such gain on its tax return as long-term capital gain, will receive a refundable tax credit for its pro rata share of tax paid by the Portfolio on the gain, and will increase the tax basis for its shares by an amount equal to the deemed distribution less the tax credit.

Excise tax distribution requirements. To avoid a 4% nondeductible federal excise tax, the Portfolio must distribute by December 31 of each year an amount equal to at least: (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (that is, the excess of the gains from sales or exchanges of capital assets over the losses from such sales or exchanges) for the one-year period ended on October 31 of such calendar year, and (3) any prior year undistributed ordinary income and capital gain net income. The Portfolio may elect to defer to the following year any net ordinary loss incurred for the portion of the calendar year which is after the beginning of the Portfolio's taxable year. Also, the Portfolio will defer any "specified gain" or "specified loss" which would be properly taken into account for the portion of the calendar year after October 31. Any net ordinary loss, specified gain, or specified loss deferred shall be treated as arising on January 1 of the following calendar year. Generally, the Portfolio intends to make sufficient distributions prior to the end of each calendar year to avoid any material liability for federal income and excise tax, but can give no assurances that all or a portion of such liability will be avoided. In addition, under certain circumstances, temporary timing or permanent differences in the realization of income and expense for book and tax purposes can result in the Portfolio having to pay an excise tax.

Foreign income tax. Investment income received by the Portfolio from sources within foreign countries may be subject to foreign income tax withheld at the source and the amount of tax withheld generally will be treated as an expense of the Portfolio. Any foreign withholding taxes could reduce the Portfolio's distributions paid to you. The United States has entered into tax treaties with many foreign countries which entitle the Portfolio to a reduced rate of, or exemption from, tax on such income. Some countries require the filing of a tax reclaim or other forms to receive the benefit of the reduced tax rate; whether or when the Portfolio will receive the tax reclaim is within the control of the individual country. Information required on these forms may not be available such as shareholder information; therefore, the Portfolio may not receive the reduced treaty rates or potential reclaims. Other countries have conflicting and changing instructions and restrictive timing requirements which may cause the Portfolio not to receive the reduced treaty rates or potential reclaims. Other countries may subject capital gains realized by the Portfolio on sale or disposition of securities of that country to taxation. It is impossible to determine the effective rate of foreign tax in advance since the amount of the Portfolio's assets to be invested in various countries is not known. Under certain circumstances, the Portfolio may elect to pass-through foreign tax credits to shareholders, although it reserves the right not to do so. In some instances it may be more costly to pursue tax reclaims than the value of the benefits received by the Portfolio. If the Portfolio makes such an election and obtains a refund of foreign taxes paid by the Portfolio in a prior year, the Portfolio may be eligible to reduce the amount of foreign taxes reported by the Portfolio to its shareholders, generally by the amount of the foreign taxes refunded, for the year in which the refund is received. See "Taxation of Portfolio Distributions – Pass-through of foreign tax credits" below.

Taxation of Portfolio Distributions

Distributions of net investment income. The Portfolio receives ordinary income generally in the form of dividends and/or interest on its investments. In the case of the Feeder Portfolio, the Portfolio's income generally consists of its share of dividends and interest earned by the Master Fund. The Portfolio may also recognize ordinary income from other sources, including, but not limited to, certain gains on foreign currency-related transactions. This income, less expenses incurred in the operation of the Portfolio, constitutes the Portfolio's net investment income from which dividends may be paid to you. If you are a taxable investor, distributions of net investment income generally are taxable as ordinary income to the extent of the Portfolio's earnings and profits. In the case of a Portfolio whose strategy includes investing in stocks of corporations, a portion of the income dividends paid to shareholders by the Portfolio may be qualified dividends eligible to be taxed at reduced rates.

Distributions of capital gains. The Portfolio may realize a capital gain or loss in connection with sales or other dispositions of its portfolio securities. Distributions derived from the excess of net short-term capital gain over net long-term capital loss will be taxable to you as ordinary income. Distributions from the excess of net long-term capital gain over net short-term capital loss will be taxable to you as long-term capital gain, regardless of how long you have held your shares in the Portfolio. Any net capital gain of the Portfolio generally will be distributed once each year, and may be distributed more frequently, if necessary, to reduce or eliminate federal excise or income taxes on the Portfolio.

treated as gain from the sale of his shares. Thus, the portion of a distribution that constitutes a return of capital will decrease the shareholder's tax basis in his Portfolio shares (but not below zero), and will result in an increase in the amount of gain (or decrease in the amount of loss) that will be recognized by the shareholder for tax purposes on the later sale of such Portfolio shares. Return of capital distributions can occur for a number of reasons including, among others, the Portfolio over-estimates the income to be received from certain investments such as those classified as partnerships or equity real estate investment trusts ("REITs") (see "Tax Treatment of Portfolio

Transactions — Investments in U.S. REITs" below).

Qualified dividend income for individuals. Amounts reported by the Portfolio to shareholders as derived from qualified dividend income will be taxed in the hands of individuals and other noncorporate shareholders at the rates applicable to long-term capital gain. "Qualified dividend income" means dividends paid to the Portfolio (a) by domestic corporations, (b) by foreign corporations that are either (i) incorporated in a possession of the United States, or (ii) are eligible for benefits under certain income tax treaties with the United States that include an exchange of information program, or (c) with respect to stock of a foreign corporation that is readily tradable on an established securities market in the United States. Both the Portfolio and the investor must meet certain holding period requirements to qualify Portfolio dividends for this treatment. Specifically, the Portfolio must hold the stock for at least 61 days during the 121-day period beginning 60 days before the stock becomes ex-dividend. Similarly, investors must hold their Portfolio shares for at least 61 days during the 121-day period beginning 60 days before the Portfolio distribution goes ex-dividend. Income derived from investments in derivatives, fixed-income securities, U.S. REITs, PFICs, and income received "in lieu of" dividends in a securities lending transaction generally is not eligible for treatment as qualified dividend income. If the qualifying dividend income received by the Portfolio is equal to or greater than 95% of the Portfolio's gross income (exclusive of net capital gain) in any taxable year, all of the ordinary income dividends paid by the Portfolio will be qualifying dividend income.

Dividends-received deduction for corporations. For corporate shareholders, a portion of the dividends paid by the Portfolio may qualify for the 50% corporate dividends-received deduction. The portion of dividends paid by the Portfolio that so qualifies will be reported by the Portfolio to shareholders each year and cannot exceed the gross amount of dividends received by the Portfolio from domestic (U.S.) corporations. The availability of the dividends- received deduction is subject to certain holding period and debt financing restrictions that apply to both the Portfolio and the investor. Specifically, the amount that the Portfolio may report as eligible for the dividends-received deduction will be reduced or eliminated if the shares on which the dividends earned by the Portfolio were debt- financed or held by the Portfolio for less than a minimum period of time, generally 46 days during a 91-day period beginning 45 days before the stock becomes ex-dividend. Similarly, if your Portfolio shares are debt-financed or held by you for less than a 46-day period then the dividends-received deduction for Portfolio dividends on your shares may also be reduced or eliminated. Income derived by the Portfolio from investments in derivatives, fixed- income and foreign securities generally is not eligible for this treatment.

Qualified REIT dividends. Under 2017 legislation commonly known as the Tax Cuts and Jobs Act "qualified REIT dividends" (i.e., ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income) are treated as eligible for a 20% deduction by noncorporate taxpayers. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). Proposed regulations, which can be relied upon currently, enable the Portfolio to pass through the special character of "qualified REIT dividends". The amount of a RIC's dividends eligible for the 20% deduction for a taxable year is limited to the excess of the RIC's qualified REIT dividends for the taxable year over allocable expenses. A noncorporate shareholder receiving such dividends would treat them as eligible for the 20% deduction, provided the shareholder meets certain holding period requirements for its shares in the RIC (i.e., generally, Portfolio shares must be held by the shareholder for more than 45 days during the 91-day period beginning on the date that is 45 days before the date on which the shares become ex-dividend with respect to such dividend).

Impact of realized but undistributed income and gains, and net unrealized appreciation of portfolio securities. At the time of your purchase of shares, the Portfolio's net asset value may reflect undistributed income, undistributed capital gains, or net unrealized appreciation of portfolio securities held by the Portfolio. A subsequent distribution to you of such amounts, although constituting a return of your investment, would be taxable, and would be taxed as ordinary income (some portion of which may be taxed as qualified dividend income), capital gains, or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or

an individual retirement account. The Portfolio may be able to reduce the amount of such distributions from capital gains by utilizing its capital loss carryovers, if any.

Pass-through of foreign tax credits. If at the end of the fiscal year, (i) more than 50% in value of the total assets of the Portfolio or (ii) in the case of the Feeder Portfolio, more than 50% in value of the total assets of the Feeder Portfolio attributable from the Master Fund, are invested in securities of foreign corporations, the Portfolio may elect to pass through to its shareholders their pro rata share of foreign income taxes paid by the Portfolio (or Master Fund). If this election is made, the Portfolio may report more taxable income to you than it actually distributes. You will then be entitled either to deduct your share of these taxes in computing your taxable income or to claim a foreign tax credit for these taxes against your U.S. federal income tax (subject to limitations for certain shareholders). For example, the amount of any foreign tax credits available to you (as a result of the pass-through to you of your pro rata share of foreign taxes paid by the Portfolio) will be reduced if you receive from the Portfolio qualifying dividends from qualifying foreign corporations that are subject to tax at reduced rates. The Portfolio will provide you with the information necessary to claim this deduction or credit on your personal income tax return if it makes this election. No deduction for foreign tax may be claimed by a noncorporate shareholder who does not itemize deductions or who is subject to the alternative minimum tax. The Portfolio (or Master Fund) reserves the right not to pass through to its shareholders the amount of foreign income taxes paid by the Portfolio (or Master Fund). Additionally, any foreign tax withheld on payments made "in lieu of" dividends or interest will not qualify for the pass-through of foreign tax credits to shareholders. See "Tax Treatment of Portfolio Transactions – Securities lending" below.

U.S. Government securities. To the extent the Portfolio (or in the case of the Feeder Portfolio, the Master Fund) invests in certain U.S. Government obligations, dividends paid by the Portfolio to shareholders that are derived from interest on these obligations should be exempt from state and local personal income taxes, subject in some states to minimum investment or reporting requirements that must be met by the Portfolio, the Feeder Portfolio's Master Fund. The income on portfolio investments in certain securities, such as repurchase agreements, commercial paper and federal agency-backed obligations (e.g., Government National Mortgage Association ("GNMA") or Federal National Mortgage Association ("FNMA") securities), generally does not qualify for tax-free treatment. The rules on exclusion of this income are different for corporate shareholders.

Information on the amount and tax character of distributions. The Portfolio will inform you of the amount and character of your distributions at the time they are paid, and will advise you of the tax status of such distributions for federal income tax purposes shortly after the close of each calendar year. If you have not held Portfolio shares for a full year, the Portfolio may report to shareholders and distribute to you, as ordinary income, qualified dividends, or capital gains, and in the case of non-U.S. shareholders the Portfolio may further report and distribute as interest-related dividends and short-term capital gain dividends, a percentage of income that is not equal to the actual amount of such income earned during the period of your investment in the Portfolio. Taxable distributions declared by the Portfolio in December to shareholders of record in such month, but paid in January, are taxable to you as if they were paid in December.

Medicare tax. A 3.8% Medicare tax is imposed on net investment income earned by certain individuals, estates and trusts. "Net investment income," for these purposes, means investment income, including ordinary dividends and capital gain distributions received from the Portfolio and net gains from redemptions or other taxable dispositions of Portfolio shares, reduced by the deductions properly allocable to such income. In the case of an individual, the tax will be imposed on the lesser of (1) the shareholder's net investment income or (2) the amount by which the shareholder's modified adjusted gross income exceeds $250,000 (if the shareholder is married and filing jointly or a surviving spouse), $125,000 (if the shareholder is married and filing separately) or $200,000 (in any other case). This Medicare tax, if applicable, is reported by you on, and paid with, your federal income tax return.

Sales, Exchanges and Redemptions of Portfolio Shares

In general. If you are a taxable investor, sales, exchanges and redemptions (including redemptions in kind) of Portfolio shares are taxable transactions for federal and state income tax purposes. If you redeem your Portfolio shares, the IRS requires you to report any gain or loss on your redemption. If you held your shares as a capital asset, the gain or loss that you realize will be capital gain or loss and will be long-term or short-term, generally depending

on how long you have held your shares. Capital losses in any year are deductible only to the extent of capital gains plus, in the case of a noncorporate taxpayer, $3,000 of ordinary income.

Redemptions at a loss within six months of purchase. Any loss incurred on a redemption of shares of the Portfolio held for six months or less will be treated as long-term capital loss to the extent of any long-term capital gain distributed to you by the Portfolio on those shares.

Wash sales. All or a portion of any loss that you realize on a redemption of your Portfolio shares will be disallowed to the extent that you buy other shares in the Portfolio (through reinvestment of dividends or otherwise) within 30 days before or after your share redemption. Any loss disallowed under these rules will be added to your tax basis in the new shares.

Tax basis information. The Portfolio is required to report to you and the IRS annually on Form 1099-B the cost basis of shares purchased or acquired on or after January 1, 2012 where the cost basis of the shares is known by the Portfolio (referred to as "covered shares") and which are disposed of after that date. However, cost basis reporting is not required for certain shareholders, including shareholders investing in the Portfolio through a tax- advantaged retirement account, such as a 401(k) plan or an individual retirement account. When required to report cost basis, the Portfolio will calculate it using the Portfolio's default method of average cost, unless you instruct the Portfolio in writing to use a different calculation method. In general, average cost is the total cost basis of all your shares in an account divided by the total number of shares in the account. To determine whether short-term or long- term capital gains taxes apply, the IRS presumes you redeem your oldest shares first.

The IRS permits the use of several methods to determine the cost basis of mutual fund shares. The method used will determine which specific shares are deemed to be sold when there are multiple purchases on different dates at differing share prices, and the entire position is not sold at one time. The Portfolio does not recommend any particular method of determining cost basis, and the use of other methods may result in more favorable tax consequences for some shareholders. It is important that you consult with your tax advisor to determine which method is best for you and then notify the Portfolio in writing if you intend to utilize a method other than average cost for covered shares.

In addition to the Portfolio's default method of average cost, other cost basis methods offered by DFA, which you may elect to apply to covered shares, include:

•FIFO (First In, First Out) – Shares acquired first are sold first.

•LIFO (Last In, First Out) – Shares acquired last are sold first.

•HIFO (Highest Cost, First Out) – Shares with the highest cost basis are sold first.

•LOFO (Lowest Cost, First Out) – Shares with the lowest cost basis are sold first.

•LGUT (Loss/Gain Utilization) – A method that evaluates losses and gains and then strategically selects lots based on that gain/loss in conjunction with a holding period.

•Specific Lot Identification – Identification by the shareholder of the shares the shareholder wants to sell or exchange at the time of each sale or exchange on the trade request. The original purchase dates and prices of the shares identified will determine the cost basis and holding period.

You may elect any of the available methods detailed above for your covered shares. If you do not notify the Portfolio in writing of your elected cost basis method upon the initial purchase into your account, the default method of average cost will be applied to your covered shares. The cost basis for covered shares will be calculated separately from any "noncovered shares" (defined below) you may own. You may change from average cost to another cost basis method for covered shares at any time by notifying the Portfolio in writing, but only for shares acquired after the date of the change (the change is prospective). The basis of the shares that were averaged before the change will remain averaged after the date of the change.

then noncovered shares with known basis in first in, first out order before applying your elected method to your remaining covered shares. If you want to deplete your shares in a different order then you must elect specific lot identification and choose the lots you wish to deplete first. Shareholders that use the average cost method for noncovered shares must make the election to use the average cost method for these shares on their federal income tax returns in accordance with Treasury regulations. This election for noncovered shares cannot be made by notifying the Portfolio.

The Portfolio will compute and report the cost basis of your Portfolio shares sold or exchanged by taking into account all of the applicable adjustments to cost basis and holding periods as required by the Code and Treasury regulations for purposes of reporting these amounts to you and, in the case of covered shares, to the IRS. However the Portfolio is not required to, and in many cases the Portfolio does not possess the information to, take all possible basis, holding period or other adjustments into account in reporting cost basis information to you. Therefore shareholders should carefully review the cost basis information provided by the Portfolio, whether this information is provided pursuant to compliance with cost basis reporting requirements for shares acquired on or after January 1, 2012, or is provided by the Portfolio as a service to shareholders for shares acquired prior to that date, and make any additional basis, holding period or other adjustments that are required by the Code and Treasury regulations when reporting these amounts on their federal income tax returns. Shareholders remain solely responsible for complying with all federal income tax laws when filing their federal income tax returns.

If you hold your Portfolio shares through a broker (or other nominee), please contact that broker (nominee) with respect to reporting of cost basis and available elections for your account.

Conversion of shares into shares of the same Portfolio. The conversion of shares of one class into another class of the same Portfolio is not taxable for federal income tax purposes. Shareholders should also consult their tax advisors regarding the state and local tax consequences of a conversion or exchange of shares of the same Portfolio.

Tax shelter reporting. Under Treasury regulations, if a shareholder recognizes a loss with respect to the Portfolio's shares of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder (or certain greater amounts over a combination of years), the shareholder must file with the IRS a disclosure statement on Form 8886. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

Tax Treatment of Portfolio Transactions

Set forth below is a general description of the tax treatment of certain types of securities, investment techniques and transactions that may apply to a portfolio and, in turn, affect the amount, character and timing of dividends and distributions payable by the portfolio to its shareholders. This section should be read in conjunction with the discussion in the Prospectus under "Principal Investment Strategies" and "Principal Risks" for a detailed description of the various types of securities and investment techniques that apply to the Portfolio.

In general. In general, gain or loss recognized by a portfolio on the sale or other disposition of portfolio investments will be a capital gain or loss. Such capital gain and loss may be long-term or short-term depending, in general, upon the length of time a particular investment position is maintained and, in some cases, upon the nature of the transaction. Property held for more than one year generally will be eligible for long-term capital gain or loss treatment. The application of certain rules described below may serve to alter the manner in which the holding period for a security is determined or may otherwise affect the characterization as long-term or short-term, and also the timing of the realization and/or character, of certain gains or losses.

cause the portfolio to recognize income and make distributions to shareholders before it receives any cash payments on the securities. To generate cash to satisfy those distribution requirements, a portfolio may have to sell portfolio securities that it otherwise might have continued to hold or to use cash flows from other sources such as the sale of portfolio shares.

Investments in debt obligations that are at risk of or in default present tax issues for a portfolio. Tax rules are not entirely clear about issues such as whether and to what extent a portfolio should recognize market discount on a debt obligation, when a portfolio may cease to accrue interest, original issue discount or market discount, when and to what extent a portfolio may take deductions for bad debts or worthless securities and how a portfolio should allocate payments received on obligations in default between principal and income. These and other related issues will be addressed by a portfolio in order to ensure that it distributes sufficient income to preserve its status as a regulated investment company.

Options, futures, forward contracts, swap agreements and hedging transactions. In general, option premiums received by a portfolio are not immediately included in the income of the portfolio. Instead, the premiums are recognized when the option contract expires, the option is exercised by the holder, or the portfolio transfers or otherwise terminates the option (e.g., through a closing transaction). If an option written by a portfolio is exercised and the portfolio sells or delivers the underlying stock, the portfolio generally will recognize capital gain or loss equal to (a) sum of the strike price and the option premium received by the portfolio minus (b) the portfolio's basis in the stock. Such gain or loss generally will be short-term or long-term depending upon the holding period of the underlying stock. If securities are purchased by a portfolio pursuant to the exercise of a put option written by it, the portfolio generally will subtract the premium received from its cost basis in the securities purchased. The gain or loss with respect to any termination of a portfolio's obligation under an option other than through the exercise of the option and related sale or delivery of the underlying stock generally will be short-term gain or loss depending on whether the premium income received by the portfolio is greater or less than the amount paid by the portfolio (if any) in terminating the transaction. Thus, for example, if an option written by a portfolio expires unexercised, the portfolio generally will recognize short-term gain equal to the premium received.

The tax treatment of certain futures contracts entered into by a portfolio as well as listed non-equity options written or purchased by the portfolio on U.S. exchanges (including options on futures contracts, broad-based equity indices and debt securities) may be governed by section 1256 of the Code ("section 1256 contracts"). Gains or losses on section 1256 contracts generally are considered 60% long-term and 40% short-term capital gains or losses ("60/40"), although certain foreign currency gains and losses from such contracts may be treated as ordinary in character. Also, any section 1256 contracts held by a portfolio at the end of each taxable year (and, for purposes of the 4% excise tax, on certain other dates as prescribed under the Code) are "marked to market" with the result that unrealized gains or losses are treated as though they were realized and the resulting gain or loss is treated as ordinary or 60/40 gain or loss, as applicable. Section 1256 contracts do not include any interest rate swap, currency swap, basis swap, interest rate cap, interest rate floor, commodity swap, equity swap, equity index swap, credit default swap, or similar agreement.

In addition to the special rules described above in respect of options and futures transactions, a portfolio's transactions in other derivative instruments (including options, forward contracts and swap agreements) as well as its other hedging, short sale, or similar transactions, may be subject to one or more special tax rules (including the constructive sale, notional principal contract, straddle, wash sale and short sale rules). These rules may affect whether gains and losses recognized by a portfolio are treated as ordinary or capital or as short-term or long-term, accelerate the recognition of income or gains to the portfolio, defer losses to the portfolio, and cause adjustments in the holding periods of the portfolio's securities. These rules, therefore, could affect the amount, timing and/or character of distributions to shareholders. Moreover, because the tax rules applicable to derivative financial instruments are in some cases uncertain under current law, an adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance could be retroactive) may affect whether a portfolio has made sufficient distributions and otherwise satisfied the relevant requirements to maintain its qualification as a regulated investment company and avoid a portfolio-level tax.

exempt income (if any), the portfolio could be required to make distributions exceeding book income to qualify as a regulated investment company. If a portfolio's book income exceeds the sum of its taxable income and net tax- exempt income (if any), the distribution of any such excess will be treated as (i) a dividend to the extent of the portfolio's remaining earnings and profits (including current earnings and profits arising from tax-exempt income, reduced by related deductions), (ii) thereafter, as a return of capital to the extent of the recipient's basis in the shares, and (iii) thereafter, as gain from the sale or exchange of a capital asset.

Foreign currency transactions. A portfolio's transactions in foreign currencies, foreign currency- denominated debt obligations and certain foreign currency options, futures contracts and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. This treatment could increase or decrease a portfolio's ordinary income distributions to you, and may cause some or all of the portfolio's previously distributed income to be classified as a return of capital. In certain cases, a portfolio may make an election to treat such gain or loss as capital.

PFIC securities. The Portfolio may invest in securities of foreign entities that could be deemed for tax purposes to be PFICs. In general, a PFIC is any foreign corporation if 75% or more of its gross income for its taxable year is passive income, or 50% or more of its average assets (by value) are held for the production of passive income. When investing in PFIC securities, the Portfolio intends to mark-to-market these securities and recognize any unrealized gains as ordinary income at the end of its fiscal year. Deductions for losses are allowable only to the extent of any current or previously recognized gains. These gains (reduced by allowable losses) are treated as ordinary income that the Portfolio is required to distribute, even though it has not sold or received dividends from these securities. You should also be aware that the designation of a foreign security as a PFIC security will cause its income dividends to fall outside of the definition of qualified foreign corporation dividends. These dividends generally will not qualify for the reduced rate of taxation on qualified dividends when distributed to you by the Portfolio. Due to various complexities in identifying PFICs, the Portfolio can give no assurances that it will be able to identify portfolio securities in foreign corporations that are PFICs in time for the Portfolio to make a mark-to- market election. If the Portfolio is unable to identify an investment as a PFIC and thus does not make a mark-to- market election, the Portfolio may be subject to U.S. federal income tax on a portion of any "excess distribution" or gain from the disposition of such shares even if such income is distributed as a taxable dividend by the Portfolio to its shareholders. Additional charges in the nature of interest may be imposed on the Portfolio in respect of deferred taxes arising from such distributions or gains. Any such taxes or interest charges could in turn reduce the Portfolio's distributions paid to you.

Investments in non-U.S. REITs. While non-U.S. REITs often use complex acquisition structures that seek to minimize taxation in the source country, an investment by a portfolio in a non-U.S. REIT may subject the portfolio, directly or indirectly, to corporate taxes, withholding taxes, transfer taxes and other indirect taxes in the country in which the real estate acquired by the non-U.S. REIT is located. The portfolio's pro rata share of any such taxes will reduce the portfolio's return on its investment. A portfolio's investment in a non-U.S. REIT may be considered an investment in a PFIC, as discussed above in "PFIC securities." Additionally, foreign withholding taxes on distributions from the non-U.S. REIT may be reduced or eliminated under certain tax treaties, as discussed

above in "Taxation of the Portfolio — Foreign income tax." Also, the portfolio in certain limited circumstances may be required to file an income tax return in the source country and pay tax on any gain realized from its investment in the non-U.S. REIT under rules similar to those in the United States which tax foreign persons on gain realized from dispositions of interests in U.S. real estate.

Investments in U.S. REITs. A U.S. REIT is not subject to federal income tax on the income and gains it distributes to shareholders. Dividends paid by a U.S. REIT, other than capital gain distributions, will be taxable as ordinary income up to the amount of the U.S. REIT's current and accumulated earnings and profits. Capital gain dividends paid by a U.S. REIT to a portfolio will be treated as long-term capital gains by the portfolio and, in turn, may be distributed by the portfolio to its shareholders as a capital gain distribution. Because of certain noncash expenses, such as property depreciation, an equity U.S. REIT's cash flow may exceed its taxable income. The equity U.S. REIT, and in turn a portfolio, may distribute this excess cash to shareholders in the form of a return of capital distribution. However, if a U.S. REIT is operated in a manner that fails to qualify as a REIT, an investment in the U.S. REIT would become subject to double taxation, meaning the taxable income of the U.S. REIT would be subject to federal income tax at the corporate income tax rate without any deduction for dividends paid to

shareholders and the dividends would be taxable to shareholders as ordinary income (or possibly as qualified dividend income) to the extent of the U.S. REIT's current and accumulated earnings and profits. Also, see "Tax

Treatment of Portfolio Transactions — Investment in taxable mortgage pools (excess inclusion income)" and "Non-U.S. Investors — Investment in U.S. real property" with respect to certain other tax aspects of investing in U.S. REITs.

Investment in taxable mortgage pools (excess inclusion income). Under a Notice issued by the IRS, the Code and Treasury regulations to be issued, a portion of a portfolio's income from a U.S. REIT that is attributable to the REIT's residual interest in a real estate mortgage investment conduit ("REMIC") or equity interests in a "taxable mortgage pool" (referred to in the Code as an excess inclusion) will be subject to federal income tax in all events. The excess inclusion income of a regulated investment company, such as a portfolio, will be allocated to shareholders of the regulated investment company in proportion to the dividends received by such shareholders, with the same consequences as if the shareholders held the related REMIC residual interest or, if applicable, taxable mortgage pool directly. In general, excess inclusion income allocated to shareholders (i) cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions), (ii) will constitute unrelated business taxable income ("UBTI") to entities (including qualified pension plans, individual retirement accounts, 401(k) plans, Keogh plans or other tax-exempt entities) subject to tax on UBTI, thereby potentially requiring such an entity that is allocated excess inclusion income, and otherwise might not be required to file a tax return, to file a tax return and pay tax on such income, and (iii) in the case of a foreign stockholder, will not qualify for any reduction in U.S. federal withholding tax. In addition, if at any time during any taxable year a "disqualified organization" (which generally includes certain cooperatives, governmental entities, and tax-exempt organizations not subject to UBTI) is a record holder of a share in a regulated investment company, then the regulated investment company will be subject to a tax equal to that portion of its excess inclusion income for the taxable year that is allocable to the disqualified organization, multiplied by the corporate income tax rate. The Notice imposes certain reporting requirements upon regulated investment companies that have excess inclusion income. There can be no assurance that a portfolio will not allocate to shareholders excess inclusion income.

These rules are potentially applicable to a portfolio with respect to any income it receives from the equity interests of certain mortgage pooling vehicles, either directly or, as is more likely, through an investment in a U.S. REIT. It is unlikely that these rules will apply to a portfolio that has a non-REIT strategy.

Investments in partnerships and qualified publicly traded partnerships ("QPTP"). For purposes of the Income Requirement, income derived by a portfolio from a partnership that is not a QPTP will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership that would be qualifying income if realized directly by the portfolio. While the rules are not entirely clear with respect to a portfolio investing in a partnership outside a master-feeder structure, for purposes of testing whether a portfolio satisfies the Asset Diversification Test, the portfolio generally is treated as owning a pro rata share of the underlying assets of a partnership. See "Taxation of the Portfolio — Qualification as a regulated investment company." In contrast, different rules apply to a partnership that is a QPTP. A QPTP is a partnership (a) the interests in which are traded on an established securities market, (b) that is treated as a partnership for federal income tax purposes, and (c) that derives less than 90% of its income from sources that satisfy the Income Requirement (e.g., because it invests in commodities). All of the net income derived by a portfolio from an interest in a QPTP will be treated as qualifying income but the portfolio may not invest more than 25% of its total assets in one or more QPTPs. However, there can be no assurance that a partnership classified as a QPTP in one year will qualify as a QPTP in the next year. Any such failure to annually qualify as a QPTP might, in turn, cause a portfolio to fail to qualify as a regulated investment company. Although, in general, the passive loss rules of the Code do not apply to RICs, such rules do apply to a portfolio with respect to items attributable to an interest in a QPTP. Portfolio investments in partnerships, including in QPTPs, may result in the portfolio's being subject to state, local or foreign income, franchise or withholding tax liabilities.

Investments in convertible securities. Convertible debt is ordinarily treated as a "single property" consisting of a pure debt interest until conversion, after which the investment becomes an equity interest. If the security is issued at a premium (i.e., for cash in excess of the face amount payable on retirement), the creditor-holder may amortize the premium over the life of the bond. If the security is issued for cash at a price below its face amount, the creditor-holder must accrue original issue discount in income over the life of the debt. The creditor- holder's exercise of the conversion privilege is treated as a nontaxable event. Mandatorily convertible debt (e.g., an exchange traded note or ETN issued in the form of an unsecured obligation that pays a return based on the performance of a specified market index, exchange currency, or commodity) is often, but not always, treated as a contract to buy or sell the reference property rather than debt. Similarly, convertible preferred stock with a mandatory conversion feature is ordinarily, but not always, treated as equity rather than debt. Dividends received generally are qualified dividend income and eligible for the corporate dividends-received deduction. In general, conversion of preferred stock for common stock of the same corporation is tax-free. Conversion of preferred stock for cash is a taxable redemption. Any redemption premium for preferred stock that is redeemable by the issuing company might be required to be amortized under original issue discount principles.

Investments in securities of uncertain tax character. A portfolio may invest in securities the U.S. federal income tax treatment of which may not be clear or may be subject to recharacterization by the IRS. To the extent the tax treatment of such securities or the income from such securities differs from the tax treatment expected by a portfolio, it could affect the timing or character of income recognized by the fund, requiring the portfolio to purchase or sell securities, or otherwise change its portfolio, in order to comply with the tax rules applicable to regulated investment companies under the Code.

Backup Withholding

By law, the Portfolio may be required to withhold a portion of your taxable dividends and sales proceeds unless you:

•provide your correct social security or taxpayer identification number,

•certify that this number is correct,

•certify that you are not subject to backup withholding, and

•certify that you are a U.S. person (including a U.S. resident alien).

The Portfolio also must withhold if the IRS instructs it to do so. When withholding is required, the amount will be 24% of any distributions or proceeds paid. Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS. Certain payees and payments are exempt from backup withholding and information reporting. The special U.S. tax certification requirements applicable to non-U.S. investors to avoid backup withholding are described under the "Non-U.S. Investors" heading below.

Non-U.S. Investors

Non-U.S. investors (shareholders who, as to the United States, are nonresident alien individuals, foreign trusts or estates, foreign corporations, or foreign partnerships) may be subject to U.S. withholding and estate tax and are subject to special U.S. tax certification requirements. Non-U.S. investors should consult their tax advisors about the applicability of U.S. tax withholding and the use of the appropriate forms to certify their status.

In general. The United States imposes a withholding tax at the 30% statutory rate (or at a lower rate if you are a resident of a country that has a tax treaty with the U.S.) on U.S. source dividends, including on income dividends paid to you by the Portfolio. Exemptions from this U.S. withholding tax are provided for capital gain dividends paid by the Portfolio from its net long-term capital gains, interest-related dividends paid by the Portfolio from its qualified net interest income from U.S. sources and short-term capital gain dividends. However, notwithstanding such exemptions from U.S. withholding at the source, any dividends and distributions of income and capital gains, including the proceeds from the sale of your Portfolio shares, will be subject to backup withholding at a rate of 24% if you fail to properly certify that you are not a U.S. person.

Capital gain dividends and short-term capital gain dividends. In general, (i) a capital gain dividend reported by the Portfolio to shareholders as paid from its net long-term capital gains or (ii) a short-term capital gain dividend reported by the Portfolio to shareholders as paid from its net short-term capital gains, other than long- or short-term capital gains realized on disposition of U.S. real property interests (see the discussion below), are not subject to U.S. withholding tax unless you are a nonresident alien individual present in the United States for a period or periods aggregating 183 days or more during the calendar year.

Interest-related dividends. Dividends reported by the Portfolio to shareholders as interest-related dividends and paid from its qualified net interest income from U.S. sources are not subject to U.S. withholding tax. "Qualified interest income" includes, in general, U.S. source (1) bank deposit interest, (2) short-term original discount, (3) interest (including original issue discount, market discount, or acquisition discount) on an obligation which is in registered form, unless it is earned on an obligation issued by a corporation or partnership in which the Portfolio is a 10-percent shareholder or is contingent interest, and (4) any interest-related dividend from another regulated investment company. On any payment date, the amount of an income dividend that is reported by the Portfolio to shareholders as an interest-related dividend may be more or less than the amount that is so qualified. This is because the reporting of interest-related dividends is based on an estimate of the Portfolio's qualified net interest income for its entire fiscal year, which can only be determined with exactness at fiscal year-end. As a consequence, the Portfolio may over withhold a small amount of U.S. tax from a dividend payment. In this case, the non-U.S. investor's only recourse may be to either forgo recovery of the excess withholding or to file a United States nonresident income tax return to recover the excess withholding.

Further limitations on tax reporting for interest-related dividends and short-term capital gain dividends for non-U.S. investors. It may not be practical in every case for the Portfolio to report to shareholders, and the Portfolio reserves the right in these cases to not report, small amounts of interest-related dividends or short-term capital gain dividends. Additionally, the Portfolio's reporting of interest-related dividends or short-term capital gain dividends may not be passed through to shareholders by intermediaries who have assumed tax reporting responsibilities for this income in managed or omnibus accounts due to systems limitations or operational constraints.

Net investment income from dividends on stock and foreign source interest income continue to be subject to withholding tax; foreign tax credits. Ordinary dividends paid by the Portfolio to non-U.S. investors on the income earned on portfolio investments in (i) the stock of domestic and foreign corporations, and (ii) the debt of foreign issuers continue to be subject to U.S. withholding tax. Foreign shareholders may be subject to U.S. withholding tax at a rate of 30% on the income resulting from an election to pass-through foreign tax credits to shareholders, but may not be able to claim a credit or deduction with respect to the withholding tax for the foreign tax treated as having been paid by them.

Income effectively connected with a U.S. trade or business. If the income from the Portfolio is effectively connected with a U.S. trade or business carried on by a foreign shareholder, then ordinary income dividends, capital gain dividends and any gains realized upon the sale or redemption of shares of the Portfolio will be subject to U.S. federal income tax at the rates applicable to U.S. citizens or domestic corporations and require the filing of a nonresident U.S. income tax return.

Investment in U.S. real property. The Portfolio may invest in equity securities of corporations that invest in U.S. real property, including U.S. REITs. The sale of a U.S. real property interest ("USRPI") by the Portfolio or by a U.S. REIT or U.S. real property holding corporation in which the Portfolio invests may trigger special tax consequences to the Portfolio's non-U.S. shareholders.

The Foreign Investment in Real Property Tax Act of 1980 ("FIRPTA") makes non-U.S. persons subject to U.S. tax on disposition of a USRPI as if he or she were a U.S. person. Such gain is sometimes referred to as FIRPTA gain. The Code provides a look-through rule for distributions of FIRPTA gain by a RIC received from a U.S. REIT or another RIC classified as a U.S. real property holding corporation or realized by the RIC on a sale of a USRPI (other than a domestically controlled U.S. REIT or RIC that is classified as a qualified investment entity) if all of the following requirements are met:

a sale or exchange of a USRPI if, in general, 50% or more of the RIC's assets consist of interests in U.S. REITs and U.S. real property holding corporations, and

•You are a non-U.S. shareholder that owns more than 5% of a class of Portfolio shares at any time during the one-year period ending on the date of the distribution.

•If these conditions are met, such Portfolio distributions to you are treated as gain from the disposition of a USRPI, causing the distributions to be subject to U.S. withholding tax at the corporate income tax rate (unless reduced by future regulations), and requiring that you file a nonresident U.S. income tax return.

•In addition, even if you do not own more than 5% of a class of Portfolio shares, but the Portfolio is a qualified investment entity, such Portfolio distributions to you will be taxable as ordinary dividends rather than as a capital gain dividend (a distribution of long-term capital gains) or a short-term capital gain dividend subject to withholding at the 30% or lower treaty withholding rate.

FIRPTA "wash sale" rule. If the Portfolio is a domestically controlled qualified investment entity and a non-U.S. shareholder of the Portfolio (i) disposes of his interest in the Portfolio during the 30-day period preceding the Portfolio distribution that would have been treated as FIRPTA gain under the look-through rule described above,

(ii)acquires an identical stock interest during the 61-day period beginning the first day of such 30-day period preceding the distribution, and (iii) does not in fact receive the distribution in a manner that subjects the non-U.S. shareholder to tax under FIRPTA, then the non-U.S. shareholder is required to pay U.S. tax on an amount equal to the amount of the distribution that was not taxed under FIRPTA as a result of the disposition. These rules also apply to substitute dividend payments and other similar arrangements; the portion of the substitute dividend or similar payment treated as FIRPTA gain equals the portion of the RIC distribution such payment is in lieu of that otherwise would have been treated as FIRPTA gain.

Gain on sale of Portfolio shares as FIRPTA gain. In addition, a sale or redemption of Portfolio shares will be FIRPTA gain only if –

•As a non-U.S. shareholder, you own more than 5% of a class of shares in the Portfolio;

•The Portfolio is not domestically controlled (50% or more in value of the Portfolio has been owned directly or indirectly by non-U.S. shareholders during the 5-year period ending on the date of disposition); and

•50% or more of the Portfolio's assets consist of: (1) more-than 5% interests in publicly traded companies that are United States Real Property Holding Corporations ("USRPHC"), (2) interests in non-publicly traded companies that are USRPHCs, and (3) interests in U.S. REITs that are not controlled by U.S. shareholders where the REIT shares are either not publicly traded or are publicly traded and the Portfolio owns more than 10%.

In the unlikely event that the Portfolio meets the requirements described above, the gain will be taxed as income "effectively connected with a U.S. trade or business." As a result, the non-U.S. shareholder will be required to pay U.S. income tax on such gain and file a nonresident U.S. income tax return.

Because the Portfolio expects to invest less than 50% of its assets at all times, directly or indirectly, in U.S. real property interests, the Portfolio expects that neither gain on the sale or redemption of Portfolio shares nor Portfolio dividends and distributions will be subject to FIRPTA reporting and tax withholding.

U.S. estate tax. Transfers by gift of shares of the Portfolio by a foreign shareholder who is a nonresident alien individual will not be subject to U.S. federal gift tax. An individual who, at the time of death, is a non-U.S. shareholder will nevertheless be subject to U.S. federal estate tax with respect to Portfolio shares at the graduated rates applicable to U.S. citizens and residents, unless a treaty exemption applies. If a treaty exemption is available, a decedent's estate may nonetheless need to file a U.S. estate tax return to claim the exemption in order to obtain a U.S. federal transfer certificate. The transfer certificate will identify the property (i.e., Portfolio shares) as to which the U.S. federal estate tax lien has been released. In the absence of a treaty, there is a $13,000 statutory estate tax credit (equivalent to U.S. situs assets with a value of $60,000). For estates with U.S. situs assets of not more than $60,000, the Portfolio may accept, in lieu of a transfer certificate, an affidavit from an appropriate individual evidencing that decedent's U.S. situs assets are below this threshold amount.

U.S. tax certification rules. Special U.S. tax certification requirements may apply to non-U.S. shareholders both to avoid U.S. backup withholding imposed at a rate of 24% and to obtain the benefits of any treaty between the United States and the shareholder's country of residence. In general, if you are a non-U.S. shareholder, you must provide a Form W-8 BEN (or other applicable Form W-8) to establish that you are not a U.S. person, to claim that you are the beneficial owner of the income and, if applicable, to claim a reduced rate of, or exemption from, withholding as a resident of a country with which the United States has an income tax treaty. A Form W-8BEN provided without a U.S. taxpayer identification number will remain in effect for a period beginning on the date signed and ending on the last day of the third succeeding calendar year unless an earlier change of circumstances makes the information on the form incorrect. Certain payees and payments are exempt from backup withholding.

The tax consequences to a non-U.S. shareholder entitled to claim the benefits of an applicable tax treaty may be different from those described herein. Non-U.S. shareholders are urged to consult their own tax advisors with respect to the particular tax consequences to them of an investment in the Portfolio, including the applicability of foreign tax.

Foreign Account Tax Compliance Act ("FATCA"). Under FATCA, a Portfolio will be required to withhold a 30% tax on the income dividends made by the Portfolio to certain foreign entities, referred to as foreign financial institutions ("FFI") or non-financial foreign entities ("NFFE"). After December 31, 2018, FATCA withholding also would have applied to certain capital gain distributions, return of capital distributions, and the proceeds arising from the sale of Portfolio shares; however, based on proposed regulations issued by the IRS, which may be relied upon currently, such withholding is no longer required unless final regulations provide otherwise (which is not expected). The FATCA withholding tax generally can be avoided: (a) by an FFI, if it reports certain direct and indirect ownership of foreign financial accounts held by U.S. persons with the FFI and (b) by an NFFE, if it: (i) certifies that it has no substantial U.S. persons as owners or (ii) if it does have such owners, reporting information relating to them. The U.S. Treasury has negotiated intergovernmental agreements ("IGA") with certain countries and is in various stages of negotiations with a number of other foreign countries with respect to one or more alternative approaches to implement FATCA; an entity in one of those countries may be required to comply with the terms of an IGA instead of U.S. Treasury regulations.

An FFI can avoid FATCA withholding if it is deemed compliant or by becoming a "participating FFI," which requires the FFI to enter into a U.S. tax compliance agreement with the IRS under section 1471(b) of the Code ("FFI agreement") under which it agrees to verify, report and disclose certain of its U.S. accountholders and meet certain other specified requirements. The FFI will either report the specified information about the U.S. accounts to the IRS, or, to the government of the FFI's country of residence (pursuant to the terms and conditions of applicable law and an applicable IGA entered into between the U.S. and the FFI's country of residence), which will, in turn, report the specified information to the IRS. An FFI that is resident in a country that has entered into an IGA with the U.S. to implement FATCA will be exempt from FATCA withholding provided that the FFI shareholder and the applicable foreign government comply with the terms of such agreement.

An NFFE that is the beneficial owner of a payment from the Portfolio can avoid the FATCA withholding tax generally by certifying that it does not have any substantial U.S. owners or by providing the name, address and taxpayer identification number of each substantial U.S. owner. The NFFE will report the information to the Portfolio or other applicable withholding agent, which will, in turn, report the information to the IRS.

Such foreign shareholders also may fall into certain exempt, excepted or deemed compliant categories as established by U.S. Treasury regulations, IGAs, and other guidance regarding FATCA. An FFI or NFFE that invests in the Portfolio will need to provide the Portfolio with documentation properly certifying the entity's status under FATCA in order to avoid FATCA withholding. Non-U.S. investors should consult their own tax advisors regarding the impact of these requirements on their investment in the Portfolio. The requirements imposed by FATCA are different from, and in addition to, the U.S. tax certification rules to avoid backup withholding described above. Shareholders are urged to consult their tax advisors regarding the application of these requirements to their own situation.

Effect of Future Legislation; Local Tax Considerations

The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes, including provisions of current law that sunset and thereafter no longer apply, or court decisions may significantly change the conclusions expressed herein, and any such changes or decisions may have a retroactive effect with respect to the transactions contemplated herein. Rules of state and local taxation of ordinary income, qualified dividend income and capital gain dividends may differ from the rules for U.S. federal income taxation described above. Distributions may also be subject to additional state, local and foreign taxes depending on each shareholder's particular situation. Non-U.S. shareholders may be subject to U.S. tax rules that differ significantly from those summarized above. Shareholders are urged to consult their tax advisors as to the consequences of these and other state and local tax rules affecting investment in the Portfolio.

PROXY VOTING POLICIES

The Boards of Directors of DIG and DFAIDG, and the Board of Trustees of the Trust have delegated the authority to vote proxies for the portfolio securities held by the non-Feeder Portfolios and the Master Fund to the Advisor in accordance with the Proxy Voting Policies and Procedures (the "Voting Policies") and Proxy Voting Guidelines ("Voting Guidelines") adopted by the Advisor. A concise summary of the Voting Guidelines is provided in an Appendix to this SAI.

The Investment Committee at the Advisor is generally responsible for overseeing the Advisor's proxy voting process. The Investment Committee has formed the Investment Stewardship Committee (the "Committee") composed of certain officers, directors and other personnel of the Advisor and has delegated to its members authority to (i) oversee the voting of proxies and third-party proxy service providers, (ii) make determinations as to how to vote certain specific proxies, (iii) verify ongoing compliance with the Voting Policies, (iv) receive reports on the review of the third-party proxy service providers, and (v) review the Voting Policies from time to time and recommend changes to the Investment Committee. The Committee may designate one or more of its members to oversee specific, ongoing compliance with respect to the Voting Policies and may designate personnel of the Advisor to vote proxies on behalf of the non-Feeder Portfolios and the Master Fund, such as authorized traders of the Advisor.

The Advisor seeks to vote (or refrains from voting) proxies for the non-Feeder Portfolios and the Master Fund in a manner that the Advisor determines is in the best interests of the non-Feeder Portfolios and the Master Fund, and which seeks to maximize the value of the non-Feeder Portfolios' and the Master Fund's investments. Generally, the Advisor analyzes proxy statements on behalf of the non-Feeder Portfolios and the Master Fund and instructs the vote (or refrains from voting) in accordance with the Voting Policies and the Voting Guidelines. Most proxies the Advisor receives are instructed to be voted in accordance with the Voting Guidelines, and when proxies are voted consistently with such guidelines, the Advisor considers such votes not to be affected by conflicts of interest. However, the Voting Policies do address the procedures to be followed if a conflict of interest arises between the interests of the non-Feeder Portfolios or the Master Fund, and the interests of the Advisor or its affiliates. If a Committee member has actual knowledge of a conflict of interest and recommends a vote contrary to the Voting Guidelines (or in the case where the Voting Guidelines do not prescribe a particular vote and the proposed vote is contrary to the recommendation of third-party proxy service providers), the Committee member will bring the vote to the Committee which will (a) determine how the vote should be cast keeping in mind the principle of preserving shareholder value, or (b) determine to abstain from voting, unless abstaining would be materially adverse to the interest of the non-Feeder Portfolios or the Master Fund. To the extent the Committee makes a determination regarding how to vote or to abstain for a proxy on behalf of a non-Feeder Portfolio or the Master Fund in the circumstances described in this paragraph, the Advisor will report annually on such determinations to the Board of Directors of the applicable Fund or the Board of Trustees of the Trust, as applicable.

vote. In such a circumstance, the analysis will be documented in writing and periodically presented to the Committee. To the extent that the Voting Guidelines do not cover potential voting issues, the Advisor may consider the spirit of the Guidelines and instruct the vote on such issues in a manner that the Advisor believes would be in the best interests of the non-Feeder Portfolio or the Master Fund.

In some cases, the Advisor may determine that it is in the best interests of a non-Feeder Portfolio or Master Fund to refrain from exercising proxy voting rights. The Advisor may determine that voting is not in the best interest of a non-Feeder Portfolio or the Master Fund and refrain from voting if the costs, including the opportunity costs, of voting would, in the view of the Advisor, exceed the expected benefits of voting. For securities on loan, the Advisor will balance the revenue-producing value of loans against the difficult-to-assess value of casting votes. It is the Advisor's belief that the expected value of casting a vote generally will be less than the securities lending income, either because the votes will not have significant economic consequences or because the outcome of the vote would not be affected by the Advisor recalling loaned securities for voting. The Advisor does intend to recall securities on loan if based upon information in the Advisor's possession, it determines that voting the securities is likely to materially affect the value of the non-Feeder Portfolio's or the Master Fund's investment and that it is in the non-Feeder Portfolio's or Master Fund's best interests to do so. In cases where the Advisor does not receive a solicitation or enough information within a sufficient time (as reasonably determined by the Advisor) prior to the proxy-voting deadline, the Advisor or its service provider may be unable to vote.

With respect to non-U.S. securities, it may be both difficult and costly to vote proxies due to local regulations, customs, and other requirements or restrictions. The Advisor does not intend to vote proxies of non- U.S. companies if the Advisor determines that the expected economic costs from voting outweigh the anticipated economic benefit to a non-Feeder Portfolio or Master Fund associated with voting. The Advisor intends to make its determination on whether to vote proxies of non-U.S. companies on a portfolio-by-portfolio basis. In doing so, the Advisor evaluates market requirements and impediments to voting proxies of companies in a country. The Advisor periodically reviews voting logistics, including costs and other voting difficulties, on a portfolio by portfolio and country by country basis, in order to determine if there have been any material changes that would affect the Advisor's determinations and procedures. In the event the Advisor is made aware of and believes an issue to be voted is likely to materially affect the economic value of a non-Feeder Portfolio or Master Fund, that its vote is reasonably likely to influence the ultimate outcome of the contest, and the expected benefits of voting the proxies exceed the costs, the Advisor will make reasonable efforts to vote such proxies.

The Advisor considers social or environmental issues when voting proxies for portfolios that do not have social or sustainability screens, such as the non-Feeder Portfolios and the Master Fund, if the Advisor believes that doing so is in the best interest of the portfolio and is otherwise consistent with the Advisor's duties, such as where material environmental or social risks may have economic ramifications for shareholders.

The Advisor has retained certain third-party proxy voting service providers ("Proxy Service Firms") to provide certain services with respect to proxy voting. Proxy Service Firms will: provide information on shareholder meeting dates and proxy materials; translate proxy materials printed in a foreign language; provide research on proxy proposals; operationally process votes in accordance with the Voting Guidelines on behalf of the non-Feeder Portfolios and Master Fund; and provide reports concerning the proxies voted ("Proxy Voting Services"). Although the Advisor retains third-party service providers for Proxy Voting Services, the Advisor remains responsible for proxy voting decisions. The Advisor has designed Voting Policies to oversee and evaluate Proxy Service Firms, including with respect to the matters described below, which Proxy Service Firms have been engaged to provide services to support the Advisor's voting in accordance with the Voting Policies. Prior to the selection of a new Proxy Service Firm and annually thereafter or more frequently if deemed necessary by the Advisor, the Committee will consider whether the Proxy Service Firm (i) has the capacity and competency to adequately analyze proxy issues and provide the Proxy Voting Services the Proxy Service Firm has been engaged to provide and (ii) can make its recommendations in an impartial manner and in the best interests of the Advisor's clients, and consistent with the Advisor's Voting Policies. In the event that the Voting Guidelines are not implemented precisely as the Advisor intends because of the actions or omissions of any third party service providers, custodians or sub-custodians or other agents or any such persons experience any irregularities (e.g., misvotes or missed votes), then such instances will not necessarily be deemed by the Advisor as a breach of the Voting Policies.

Information regarding how each of the non-Feeder Portfolios and the Master Fund voted proxies related to its portfolio securities during the 12 month period ended June 30 of each year is available, no later than August 31 of each year, without charge, (i) on the Advisor's website at http://us.dimensional.com and (ii) on the SEC's website at http://www.sec.gov.

DISCLOSURE OF PORTFOLIO HOLDINGS

The Advisor and the Boards of Directors of DFAIDG and DIG and Board of Trustees of the Trust (collectively, the "Boards") have adopted a policy (the "Policy") to govern disclosure of the portfolio holdings of the Portfolios and the Master Fund ("Holdings Information"), and to prevent the misuse of material non-public Holdings Information. The Advisor has determined that the Policy and its procedures (1) are reasonably designed to ensure that disclosure of Holdings Information is in the best interests of the shareholders of the Portfolios and the Master Fund, and (2) appropriately address the potential for material conflicts of interest.

Disclosure of Holdings Information as Required by Applicable Law. Holdings Information (whether a partial listing of portfolio holdings or a complete listing of portfolio holdings) shall be disclosed to any person as required by applicable law, rules and regulations.

Online Disclosure of Portfolio Holdings Information. Each Portfolio and the Master Fund generally discloses its complete Holdings Information (other than cash and cash equivalents), as of month-end, online at the Advisor's public website, http://us.dimensional.com, 30 days following the month-end.

From time to time, the Advisor and/or a Portfolio or Master Fund may provide a list of securities that the Portfolio or Master Fund would expect to distribute in-kind upon a request by a shareholder to redeem shares in- kind (the "Redemption Basket") on the Advisor's public website. Any such Redemption Basket may be posted daily on its public website as disclosed in the prospectus of the Portfolio or Part A of the Master Fund.

Disclosure of Holdings Information to Recipients. The Advisor's Head of Global Institutional Services and Global Chief Compliance Officer ("Chief Compliance Officer"), or a delegate of the same, respectively (collectively, the "Designated Persons"), together may authorize disclosing non-public Holdings Information more frequently or at different periods than as described above solely to those financial advisors, registered accountholders, authorized consultants, authorized custodians, or third-party data service providers (each a "Recipient") who: (i) specifically request the more current non-public Holdings Information and (ii) execute a Use and Nondisclosure Agreement (each a "Nondisclosure Agreement"). Each Nondisclosure Agreement subjects the Recipient to a duty of confidentiality with respect to the non-public Holdings Information, and prohibits the Recipient from trading based on the non-public Holdings Information. Any non-public Holdings Information that is disclosed shall not include any material information about the Portfolio's or the Master Fund's trading strategies or pending portfolio transactions. The non-public Holdings Information provided to a Recipient under a Nondisclosure Agreement, unless indicated otherwise, is not subject to a time delay before dissemination.

As of the date of this SAI, the Advisor and the Portfolios and the Master Fund had ongoing arrangements with the following Recipients to make available non-public Holdings Information:

Recipient	Business Purpose	Frequency

Aon Hewitt	Monitoring investor exposure and	Monthly
	investment strategy

Caissa, LLC	Monitoring investor exposure and	Monthly
	investment strategy

California Institute of Technology	Monitoring investor exposure and	Monthly
	investment strategy

Callan Associates	Monitoring investor exposure and	Quarterly
	investment strategy

Cambridge Associates Limited	Monitoring investor exposure and	Monthly
	investment strategy

Recipient	Business Purpose	Frequency

Citibank, N.A.	Fund Custodian	Daily

Citibank, N.A.	Middle office operational support service	Daily
	provider to the Advisor

Colonial Consulting Co.	Monitoring investor exposure and	Monthly
	investment strategy

Fund Evaluation Group, LLC	Monitoring investor exposure and	Quarterly
	investment strategy

Marquette Associates, Inc.	Monitoring investor exposure and	Quarterly
	investment strategy

Meketa Investment Group	Monitoring investor exposure and	Monthly
	investment strategy

Mercer, LLC	Monitoring investor exposure and	Monthly
	investment strategy

NEPC, LLC	Monitoring investor exposure and	Monthly
	investment strategy

Northern Trust Corporation	Monitoring investor exposure and	Monthly
	investment strategy

Pavilion Advisory Group	Monitoring investor exposure and	Quarterly
	investment strategy

PricewaterhouseCoopers LLP	Independent registered public accounting	Upon Request
	firm

Pricing Service Vendor	Fair value information services	Daily

R.V. Kuhns & Associates, Inc.	Monitoring investor exposure and	Quarterly
	investment strategy

State Street Bank and Trust Company	Fund Administrator, Accounting Agent,	Daily
	Transfer Agent and Custodian

Summit Strategies Group	Monitoring investor exposure and	Quarterly
	investment strategy

Teachers' Retirement Allowances Fund	Monitoring investor exposure and	Annually
Board	investment strategy

TIAA Kaspick	Monitoring investor exposure and	Upon Request
	investment strategy

Verus Advisory, Inc.	Monitoring investor exposure and	Monthly
	investment strategy

Willis Towers Watson	Monitoring investor exposure and	Monthly
	investment strategy

Wilshire Associates, Inc.	Monitoring investor exposure and	Monthly
	investment strategy

In addition, certain employees of the Advisor and its subsidiaries receive Holdings Information on a quarterly, monthly or daily basis, or upon request, in order to perform their business functions. None of the Portfolios, the Master Fund, the Advisor or any other party receives any compensation in connection with these arrangements.

due diligence, determines in his or her reasonable judgment that (1) the Portfolio or the Master Fund, as applicable, has a legitimate business purpose for providing the non-public Holdings Information to a Recipient, and (2) disclosure of non-public Holdings Information to the Recipient would be in the interests of the shareholders and outweighs possible reasonably anticipated adverse effects, then the Chief Compliance Officer may approve the proposed disclosure.

The Chief Compliance Officer documents all disclosures of non-public Holdings Information (including the legitimate business purpose for the disclosure), and periodically reports to the Board on such arrangements. The Chief Compliance Officer is also responsible for ongoing monitoring of the distribution and use of non-public Holdings Information. Such arrangements are reviewed by the Chief Compliance Officer on an annual basis. Specifically, the Chief Compliance Officer requests an annual certification from each Recipient that the Recipient has complied with all terms contained in the Nondisclosure Agreement. Recipients who fail to provide the requested certifications are prohibited from receiving non-public Holdings Information.

(3)considering whether to approve or ratify any amendments to the Policy. The Advisor and the Board reserve the right to amend the Policy at any time, and from time to time without prior notice, in their sole discretion.

Prohibitions on Disclosure of Portfolio Holdings and Receipt of Compensation. No person is authorized to disclose Holdings Information or other investment positions (whether online at http://us.dimensional.com, in writing, by fax, by e-mail, orally or by other means) except in accordance with the Policy. In addition, no person is authorized to make disclosure pursuant to the Policy if such disclosure is otherwise in violation of the antifraud provisions of the federal securities laws.

The Policy prohibits a Portfolio, the Master Fund, the Advisor or an affiliate thereof from receiving any compensation or other consideration of any type for the purpose of obtaining disclosure of non-public Holdings Information or other investment positions. "Consideration" includes any agreement to maintain assets in the Portfolio or the Master Fund or in other investment companies or accounts managed by the Advisor or by any affiliated person of the Advisor.

The Policy and its procedures are intended to provide useful information concerning the Portfolios and the Master Fund to existing and prospective shareholders, while at the same time preventing the improper use of Holdings Information. However, there can be no assurance that the furnishing of any Holdings Information is not susceptible to inappropriate uses, particularly in the hands of sophisticated investors, or that the Holdings Information will not in fact be misused in other ways, beyond the control of the Advisor.

Disclosure of Non-Material Information. To the extent permitted under the Policy, Designated Persons, officers of the Funds, portfolio managers, other representatives of the Advisor, and anyone employed by or associated with the Advisor who has been authorized by the Advisor's Legal Department or the Designated Persons (collectively, "Approved Representatives") may disclose any views, opinions, judgments, advice or commentary, or any analytical, statistical, performance or other information, in connection with or relating to the Portfolios or their Holdings Information and/or other investment positions (collectively, commentary and analysis) or any changes in the Holdings Information of the Portfolios that occurred after the most recent publicly disclosed Holdings Information (recent portfolio changes) to any person if such information does not constitute material non-public information.

the equity and fixed income components of a Portfolio's portfolio holdings and other investment positions; (iii) the attribution of Portfolio returns by asset class, sector, industry and country; and (iv) the volatility characteristics of a Portfolio. An Approved Representative may in his or her sole discretion determine whether to deny any request for information made by any person, and may do so for any reason or no reason.

Such information, if made available to anyone, will be made available to any person upon request, but, because such information is generally not material to investors, it may or may not be posted on a Portfolio's website.

SECURITIES LENDING

The Boards of the following Portfolios, or of the Master Fund of the Feeder Portfolio (collectively, the "Securities Lending Portfolios"), have approved their participation in a securities lending program. Under the securities lending program, State Street Bank and Trust Company serves as the securities lending agent for those Securities Lending Portfolios for which it acts as custodian. Under a separate securities lending program, Citibank, N.A. serves as the securities lending agent for those Securities Lending Portfolios for which it acts as custodian.

For the fiscal year ended October 31, 2019, the income earned by the following Portfolios, as well as the fees and/or compensation paid by the Portfolios (in dollars) pursuant to a securities lending agency/authorization agreement between the Portfolios (or the Master Fund) and State Street Bank and Trust Company or Citibank, N.A. (each, a "Securities Lending Agent"), were as follows:

Fees and/or compensation for securities lending activities and related services:

		Gross
		income
		from
		securities
		lending
	Portfolio*	activities
	U.S. Large
	Company	$3,483,084
	Portfolio
	Enhanced
	U.S. Large	$93,115
	Company	$93,115
	Company
	Portfolio
	U.S. Large
	Cap	$924,125
	Equity	$924,125
	Equity
	Portfolio
	U.S. Large
	Cap Value	$13,136,976
	Portfolio*	$13,136,976
	Portfolio*
	*
	U.S. Small
	Cap Value	$40,347,892
	Portfolio
	U.S.
	Targeted	$30,271,470
	Value	$30,271,470
	Value
	Portfolio
	U.S. Core
	Equity 1	$38,703,995
	Portfolio
	U.S. Core	$45,253,925

		Fees paid for
		any cash
		collateral
		management
		service
		(including
		fees deducted
		from a
		pooled cash							Aggregate
Fees paid to		collateral					Other		Aggregate
Securities		reinvestment	Administrative			fees not			fees/	Net income
	Lending	vehicle) not	fees not	Indemnification		included		compensation		from
Agent from		included in	included in the	fees not	Rebate (paid		in the		for securities	securities
a revenue		the revenue	revenue	included in the	to	revenue			lending	lending
	split	split	split	revenue split	borrower)		split		activities	activities
$50,638		$4,424	--	--	$2,972,071	--		$3,027,133		$455,952
$631		$69	--	--	$85,327	--		$86,027		$7,089
$11,013		$1,054	--	--	$812,728	--		$824,795		$99,330
$157,285		$11,797	--	--	$11,551,991	--		$11,721,074		$1,415,902
$874,984		$56,767	--	--	$31,537,214	--		$32,468,966		$7,878,927
$629,605		$44,107	--	--	$23,927,639	--		$24,601,350		$5,670,120
$721,728		$66,775	--	--	$31,414,743	--		$32,203,245		$6,500,750
$887,942		$73,833	--	--	$36,293,858	--		$37,255,634		$7,998,291

Fees and/or compensation for securities lending activities and related services:

				Fees paid for
				any cash
				collateral
				management
				service
				(including
				fees deducted
				from a
	Gross			pooled cash							Aggregate
	Gross	Fees paid to		collateral					Other		Aggregate
	income	Securities		reinvestment	Administrative			fees not			fees/	Net income
	from		Lending	vehicle) not	fees not	Indemnification		included		compensation		from
	securities	Agent from		included in	included in the	fees not	Rebate (paid		in the		for securities	securities
	lending	a revenue		the revenue	revenue	included in the	to	revenue			lending	lending
Portfolio*	activities		split	split	split	revenue split	borrower)		split		activities	activities
Equity 2
Portfolio
U.S.
Vector	$10,624,070	$216,431		$15,353	--	--	$8,441,845	--		$8,673,628		$1,950,442
Equity	$10,624,070	$216,431		$15,353	--	--	$8,441,845	--		$8,673,628		$1,950,442
Equity
Portfolio
U.S. Small
Cap	$66,585,217	$1,443,491		$104,973	--	--	$52,036,540	--		$53,585,004		$13,000,213
Portfolio
U.S.
Micro Cap	$21,631,618	$471,474		$32,971	--	--	$16,879,205	--		$17,383,650		$4,247,968
Portfolio
U.S. High
Relative	$345,468	$5,719		$537	--	--	$287,660	--		$293,916		$51,552
Profitabilit	$345,468	$5,719		$537	--	--	$287,660	--		$293,916		$51,552
Profitabilit
y Portfolio
DFA Real
Estate	$7,348,640	$104,015		$16,947	--	--	$6,291,153	--		$6,412,115		$936,525
Securities	$7,348,640	$104,015		$16,947	--	--	$6,291,153	--		$6,412,115		$936,525
Securities

Portfolio

*The amounts included in the table above may differ from the amounts disclosed in the Portfolios' annual reports due to timing differences, reconciliations, and certain other adjustments.

**A Portfolio with a corresponding Master Fund that is taxed as a partnership. "Net Revenue" reflects the proportional share of the securities lending revenue generated by the Master Fund that was received by the Portfolio.

For the fiscal year ended October 31, 2019, each Securities Lending Agent provided the following services for their respective Securities Lending Portfolios in connection with securities lending activities: (i) entering into loans with approved entities subject to guidelines or restrictions provided by the Portfolios; (ii) receiving and holding collateral from borrowers, and facilitating the investment and reinvestment of cash collateral; (iii) monitoring daily the value of the loaned securities and collateral, including receiving and delivering additional collateral as necessary from/to borrowers; (iv) negotiating loan terms; (v) selecting securities to be loaned subject to guidelines or restrictions provided by the Portfolios; (vi) recordkeeping and account servicing; (vii) monitoring dividend/distribution activity relating to loaned securities; and (viii) arranging for return of loaned securities to the Portfolios at loan termination.

FINANCIAL STATEMENTS

PricewaterhouseCoopers LLP ("PwC"), Two Commerce Square, Suite 1800, 2001 Market Street, Philadelphia, PA 19103-7042, is the Funds' independent registered public accounting firm. PwC audits the Funds' annual financial statements. The audited financial statements and financial highlights of the Portfolios for their fiscal period ended October 31, 2019, as set forth in the Funds' annual reports to shareholders, including the report of PwC, are incorporated by reference into this SAI.

The audited financial statements of the Master Fund (which is a series of the Trust) for the fiscal period ended October 31, 2019, as set forth in the Trust's annual report to shareholders, including the report of PricewaterhouseCoopers LLP, are incorporated by reference into this SAI.

A shareholder may obtain a copy of the annual reports, upon request and without charge, by contacting the Funds at the address or telephone number appearing on the cover of this SAI.

PERFORMANCE DATA

The Portfolios may compare their investment performance to appropriate market and mutual fund indices and investments for which reliable performance data is available. Such indices are generally unmanaged and are prepared by entities and organizations which track the performance of investment companies or investment advisors. Unmanaged indices often do not reflect deductions for administrative and management costs and expenses. The performance of the Portfolios may also be compared in publications to averages, performance rankings, or other information prepared by recognized mutual fund statistical services. Any performance information, whether related to the Portfolios or to the Advisor, should be considered in light of a Portfolio's investment objectives and policies, characteristics and the quality of the portfolio and market conditions during the time period indicated and should not be considered to be representative of what may be achieved in the future.

APPENDIX

Proxy Voting Guidelines

General Approach to Corporate Governance and Proxy Voting

When voting proxies, Dimensional1 seeks to act in the best interests of the funds and accounts we manage. We seek to maximize shareholder value subject to the standards of the relevant legal and regulatory regimes, listing requirements, regional stewardship codes, and any particular investment or voting guidelines of specific funds or accounts. Dimensional will evaluate management and shareholder proposals on a case-by-case basis, in the circumstances explained below.

We expect the members of a portfolio company's board to act in the interests of their shareholders. Each portfolio company's board should implement policies and adopt practices that align the interests of the board and management with those of its shareholders. Since a board's main responsibility is to oversee management and to manage and mitigate risk, it is important that board members have the experience and skills to carry out that responsibility.

This document outlines Dimensional's global approach to key proxy voting issues and highlights particular considerations in specific markets.

Global Evaluation Framework

Uncontested Director Elections

Dimensional may vote against individual directors, committee members, or the full board of a portfolio company in the following situations:

1.There are problematic audit-related practices;

2.There are problematic compensation practices or persistent pay for performance misalignment;

3.There are problematic anti-takeover provisions;

4.There have been material failures of governance, risk oversight, or fiduciary responsibilities;

5.The board has failed to adequately respond to shareholder concerns;

6.The board has demonstrated a lack of accountability to shareholders;

7.There is an ineffective board refreshment process2;

If a director is a member of multiple boards of various portfolio companies, and one of those boards has one of the issues listed in 1-7 above, Dimensional may vote against that director with respect to the board of the portfolio company with the issue as well as any other portfolio company boards.

Dimensional also considers the following when voting on directors of portfolio companies:

1.Board independence;

2.Director attendance;

3.Director capacity to serve;

4.Board composition.

1"Dimensional" refers to any of Dimensional Fund Advisors LP, Dimensional Fund Advisors Ltd., DFA Australia Limited, Dimensional Fund Advisors Pte. Ltd. or Dimensional Japan Ltd.

2 As used in these guidelines "board refreshment process" means the method for reviewing and establishing the composition of the board of the portfolio company (e.g., assessments or self-evaluation, succession planning, approach for searches for board members, criteria for qualification of board members).

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Board Refreshment

An effective board refreshment process for a portfolio company can include the alignment of directors' skills with business needs, assessment of individual director performance and feedback, and a search process for new directors that appropriately incorporates qualification criteria.

In evaluating a portfolio company's refreshment process, Dimensional may consider, among other information:

∙Whether the company's board assessment process meets market best practices in terms of objectiveness, rigor, disclosure, and other criteria;

∙Whether the company has any mechanisms to encourage board refreshment; and

∙Whether the company has board entrenchment devices, such as a classified board or plurality vote standard.

An additional consideration that may lead Dimensional to scrutinize the effectiveness of a portfolio company's board refreshment process is a lack of gender diversity on the board. In jurisdictions where gender representation on a board is not mandated by law, Dimensional may consider whether a portfolio company seeks to follow market best practices as the portfolio company nominates new directors and assesses the performance of existing directors that have the diversity of backgrounds, experiences, and skill-sets needed to effectively oversee management and manage risk.

Bundled/Slate Director Elections

Dimensional generally opposes bundled director elections at portfolio companies; however, in markets where individual director elections are not an established practice, bundled elections are acceptable as long as the full list of candidates is disclosed in a timely manner.

Contested Director Elections

In the case of contested board elections at portfolio companies, Dimensional takes a case-by-case approach. With the goal of maximizing shareholder value, we consider the qualifications of the nominees, the likelihood that each side can accomplish their stated plans, the portfolio company's corporate governance practices, and the incumbent board's history of responsiveness to shareholders.

Auditors

Dimensional will typically support the ratification of auditors unless there are concerns with the auditor's independence, the accuracy of the auditor's report, the level of non-audit fees, or if lack of disclosure makes it difficult for us to assess these factors.

Anti-Takeover Provisions

We believe that the market for corporate control, which often results in acquisitions which generally increase shareholder value, should be able to function without undue restrictions. Takeover defenses such as shareholder rights plans (poison pills) can lead to entrenchment of management and reduced accountability at the board level.

Related-Party Transactions

Related-party transactions have played a significant role in several high-profile corporate scandals and failures. We believe related-party transactions should be minimized. When such transactions are determined to be fair to the portfolio company and its shareholders in accordance with the company's policies and governing law, they should be thoroughly disclosed in public filings.

Amendments to Articles of Association/Incorporation

Dimensional expects the details of proposed amendments to articles of association or incorporation, or similar portfolio company documents, to be clearly disclosed. Dimensional will typically support such amendments that are routine in nature or are required or prompted by regulatory changes. Dimensional may vote against amendments that negatively impact shareholder rights or diminish board oversight.

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Equity Plans

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and company employees with those of shareholders.

Dimensional will evaluate equity plans on a case-by-case basis, taking into account the potential dilution to shareholders, the portfolio company's historical use of equity, and the particular plan features.

Executive Remuneration

Dimensional supports remuneration for executives that is clearly linked to the portfolio company's performance. Remuneration should be designed to attract, retain and appropriately motivate and serve as a means to align the interests of executives with those of shareholders. To the extent that remuneration is clearly excessive and not aligned with the portfolio company's performance or other factors, Dimensional would not support such remuneration. Additionally, Dimensional expects portfolio companies to strive to follow local market practices with regards to the specific elements of remuneration and the overall structure of the remuneration plan.

Therefore, Dimensional reviews proposals seeking approval of a portfolio company's executive remuneration plan closely, taking into account the quantum of pay, company performance, and the structure of the plan.

Director Remuneration

Dimensional will generally support director remuneration at portfolio companies that is reasonable in both size and composition relative to industry and market norms.

Mergers & Acquisitions (M&A)

Dimensional's primary consideration in evaluating mergers and acquisitions is maximizing shareholder value. Given that we believe market prices reflect future expected cash flows, an important consideration is the price reaction to the announcement, and the extent to which the deal represents a premium to the pre-announcement price. Dimensional will also consider the strategic rationale, potential conflicts of interest, and the possibility of competing offers.

Dimensional may vote against deals where there are concerns with the acquisition process or where there appear to be significant conflicts of interest.

Capitalization

Dimensional will vote case-by-case on proposals related to portfolio company share issuances, taking into account the purpose for which the shares will be used, the risk to shareholders of not approving the request, and the dilution to existing shareholders.

Dimensional opposes the creation of share structures that provide for unequal voting rights and will generally vote against proposals to create or continue such structures.

Shareholder Proposals

Dimensional's goal when voting on shareholder proposals to portfolio companies is to support those proposals that protect or enhance shareholder value through improved board accountability, improved policies and procedures, or improved disclosure.

When evaluating shareholder proposals, Dimensional will consider the portfolio company's current handling of the issue (both on an absolute basis and relative to market practices), the company's compliance with regulatory requirements, the potential cost to the company of implementing the proposal, and whether the issue is better addressed through legal or regulatory action.

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Voting Guidelines for Environmental and Social Issues

Dimensional believes that portfolio company boards are responsible for addressing material environmental & social (E&S) issues within their duties. If a portfolio company is unresponsive to material E&S risks which may have economic ramifications for shareholders, Dimensional may vote against directors individually, committee members, or the entire board. We may communicate with portfolio companies to better understand the alignment of the interests of boards and management with those of shareholders on these topics.

Dimensional evaluates shareholder proposals on environmental or social issues consistent with its general approach to shareholder proposals, paying particular attention to the portfolio company's current handling of the issue, current disclosures, the financial materiality of the issue, market practices, and regulatory requirements. Dimensional may vote for proposals requesting disclosure of specific environmental and social data, such as information about board oversight, risk management policies and procedures, or performance against a specific metric, if we believe that the portfolio company's current disclosure is inadequate to allow shareholders to effectively assess the portfolio company's handling of a material issue.

Evaluating Disclosure of Material Environmental or Social Risks

Dimensional generally believes that information about the oversight and mitigation of material environmental or social risks should be disclosed by portfolio companies. Dimensional generally expects the disclosure regarding oversight and mitigation to include:

∙A description of material risks.

∙A description of the process for identifying and prioritizing such risks and how frequently it occurs.

∙The policies and procedures governing the handling of each material risk.

∙A description of the management-level roles/groups involved in oversight and mitigation of each material risk.

∙A description of the metrics used to assess the effectiveness of mitigating each material risk, and the frequency at which performance against these metrics is assessed.

∙A description of how the board is informed of material risks and the progress against relevant metrics.

In certain instances where Dimensional determines that disclosure by a portfolio company is insufficient for a shareholder to be able to adequately assess the relevant risks facing a portfolio company, Dimensional may, on a case-by-case basis, vote against individual directors, committee members, or the entire board, or may vote in favor of related shareholder proposals consistent with Dimensional's general approach to such proposals.

Proxy Voting Principles for the United States

Director Elections:

Uncontested Director Elections

Shareholders elect the board of a portfolio company to represent their interests and oversee management and expect boards to adopt policies and practices that align the interests of the board and management with those of shareholders and limit the potential for conflicts of interest.

One of the most important measures aimed at ensuring that portfolio company shareholders' interests are represented is an independent board of directors, made up of individuals with the diversity of backgrounds, experiences, and skill-sets needed to effectively oversee management and manage risk. We expect portfolio company boards to be majority independent and key committees to be fully independent.

Dimensional may vote against or withhold votes from individual directors, committee members, or the full board of a portfolio company in the following situations:

A-4

1.Problematic audit-related practices;

2.Problematic compensation practices or persistent pay for performance misalignment;

3.Problematic anti-takeover provisions;

4.Material failures of governance, risk oversight, or fiduciary responsibilities;

5.Failure to adequately respond to shareholder concerns;

6.Lack of accountability to shareholders;

7.There is an ineffective board refreshment process.

If a director is a member of multiple boards of various portfolio companies, and one of those boards has one of the issues above, Dimensional may vote against or withhold votes from that director with respect to the board of the portfolio company with the issue as well as any other portfolio company boards.

Dimensional also considers the following when voting on directors at portfolio companies:

1.Director attendance - Board members should attend at least 75% of meetings.

2.Director commitments - Board members should ensure that they have the capacity to fulfill the requirements of each board membership.

Contested Director Elections

In the case of contested board elections at portfolio companies, Dimensional takes a case-by-case approach. With the goal of maximizing shareholder value, we consider the qualifications of the nominees, the likelihood that each side can accomplish their stated plans, the portfolio company's corporate governance practices, the incumbent board's history of responsiveness to shareholders, and the market's reaction to the contest.

Board Structure and Composition:

Board Refreshment

Dimensional believes it is the responsibility of a portfolio company's Nominating Committee to ensure that the company's board of directors is composed of individuals with the skills needed to effectively oversee management and will generally oppose proposals seeking to impose age or term limits for directors.

That said, portfolio companies should clearly disclose their director evaluation and board refreshment policies in their proxy. Lack of healthy turnover on the board of a portfolio company or lack of observable diversity on a portfolio company board may lead Dimensional to scrutinize the rigor of a portfolio company's board refreshment process.

CEO/Chair

Dimensional believes that the portfolio company boards are responsible for determining whether the separation of roles is appropriate and adequately protects the interests of shareholders.

At portfolio companies with a combined CEO/Chair, Dimensional expects the board to appoint a lead independent director with specific responsibilities, including the setting of meeting agendas, to seek to ensure the board is able to act independently.

Recent environmental, social, and governance controversies resulting from inadequate board oversight may be taken into account when voting on shareholder proposals seeking the separation of the roles of CEO and Chair at a portfolio company.

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Board Size

Dimensional believes that portfolio company boards are responsible for determining an appropriate size of the Board of Directors. However, Dimensional will generally oppose proposals to alter board structure or size in the context of a fight for control of the portfolio company or the board.

Governance Practices:

Classified Boards

Dimensional believes that shareholders should be given the right to vote on the entire slate of directors at a portfolio company on an annual basis. Therefore, we encourage portfolio company boards to conduct annual elections for all sitting directors.

Dimensional will generally support proposals to declassify existing boards at portfolio companies and will generally oppose efforts by portfolio companies to adopt classified board structures, in which only part of the board is elected each year.

Dimensional will generally vote against or withhold votes from incumbent directors at portfolio companies that adopt a classified board without shareholder approval. Dimensional may also vote against or withhold votes from directors at portfolio companies that adopt classified boards prior to or in connection with an IPO.

Dual Classes of Stock

Dual class share structures are generally seen as detrimental to shareholder rights, as they are accompanied by unequal voting rights. Dimensional believes in the principle of one share, one vote.

Dimensional opposes the creation of dual-class share structures with unequal voting rights at portfolio companies and will generally vote against proposals to create or continue dual-class capital structures.

Dimensional will generally vote against or withhold votes from directors at portfolio companies that adopt a dual- class structure without shareholder approval after the company's IPO. Votes against or withheld votes from directors for implementation of a dual-class structure prior to or in connection with an IPO will be considered on a case-by-case basis.

Supermajority Vote Requirements

Dimensional believes that the affirmative vote of a majority of shareholders of a portfolio company should be sufficient to approve items such as bylaw amendments and mergers. Dimensional will generally vote against proposals seeking to implement a supermajority vote requirement and for shareholder proposals seeking the adoption of a majority vote standard.

Dimensional will generally vote against or withhold votes from incumbent directors at portfolio companies that adopt a supermajority vote requirement without shareholder approval. Dimensional may also vote against or withhold votes from directors at portfolio companies that adopt supermajority vote requirements prior to or in connection with an IPO.

Shareholder Rights Plans (Poison Pills)

Dimensional generally opposes poison pills. As a result, we may vote against the adoption of a pill and all directors at a portfolio company that put a pill in place without first obtaining shareholder approval. Votes against (or withheld votes from) directors may extend beyond the portfolio company that adopted the pill, to all boards the directors serve on. In considering a poison pill for approval, we may take into account the existence of 'qualified offer' and other shareholder-friendly provisions.

For pills designed to protect net operating losses, we may take into consideration a variety of factors, including but not limited to the size of the available operating losses and the likelihood that they will be utilized to offset gains.

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Cumulative Voting

Under cumulative voting, each shareholder is entitled to the number of his or her shares multiplied by the number of directors to be elected. Shareholders have the flexibility to allocate their votes among directors in the proportion they see fit, including casting all their votes for one director. This is particularly impactful in the election of dissident candidates to the board in the event of a proxy contest.

Dimensional will typically support proposals that provide for cumulative voting and against proposals to eliminate cumulative voting unless the portfolio company has demonstrated that there are adequate safeguards in place, such as proxy access and majority voting.

Majority Voting

For the election of directors, portfolio companies may adopt either a majority or plurality vote standard. In a plurality vote standard, the directors with the most votes are elected. If the number of directors up for election is equal to the number of board seats, each director only needs to receive one vote in order to be elected. In a majority vote standard, in order to be elected, a director must receive the support of a majority of shares voted or present at the meeting.

Dimensional supports a majority (rather than plurality) voting standard for uncontested director elections at portfolio companies. The majority vote standard should be accompanied by a director resignation policy to address failed elections.

To account for contested director elections, portfolio companies with a majority vote standard should include a carve-out for plurality voting in situations where there are more nominees than seats.

Right to Call Meetings and Act by Written Consent

Dimensional will generally support the right of shareholders to call special meetings of a portfolio company board (if they own 25% of shares outstanding) and take action by written consent.

Proxy Access

Dimensional will typically support management and shareholder proposals for proxy access that allow a shareholder (or group of shareholders) holding three percent of voting power for three years to nominate up to 25 percent of a portfolio company board. Dimensional will typically vote against proposals that are more restrictive than these guidelines.

Amend Bylaws/Charters

Dimensional believes that shareholders should have the right to amend a portfolio company's bylaws. Dimensional will generally vote against or withhold votes from incumbent directors at portfolio companies that place substantial restrictions on shareholders' ability to amend bylaws through excessive ownership requirements for submitting proposals or restrictions on the types of issues that can be amended.

Exclusive Forum

Dimensional is generally supportive of management proposals at portfolio companies to adopt an exclusive forum for shareholder litigation.

Auditors

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In addition to voting against the ratification of the auditors, Dimensional may also vote against or withhold votes from Audit Committee members at portfolio companies in instances of fraud, material weakness, or significant financial restatements.

Executive and Director Compensation:

Stock-Based Compensation Plans

Dimensional supports the adoption of equity plans that align the interests of portfolio company board, management, and company employees with those of shareholders.

Dimensional will evaluate equity compensation plans on a case-by-case basis, taking into account the potential dilution to shareholders, the portfolio company's historical use of equity, and the particular plan features.

Dimensional will typically vote against plans that have features that have a negative impact on shareholders of portfolio companies. Such features include single-trigger or discretionary vesting, an overly broad definition of change in control, a lack of minimum vesting periods for grants, evergreen provisions, and the ability to reprice shares without shareholder approval.

Dimensional may also vote against equity plans if problematic equity grant practices have contributed to a pay for performance misalignment at the portfolio company.

Employee Stock Purchase Plans

Dimensional will generally support qualified employee stock purchase plans (as defined by Section 423 of the Internal Revenue Code), provided that the purchase price is no less than 85 percent of market value, the number of shares reserved for the plan is no more than ten percent of outstanding shares, and the offering period is no more than 27 months.

Supplemental Executive Retirement Plans

Dimensional will generally support shareholder proposals that ask the portfolio company to put to shareholder vote extraordinary benefits such as credit for years of service not actually worked, preferential benefit formulas, or accelerated vesting of pension benefits contained in supplemental executive retirement plan (SERP).

Advisory Votes on Executive Compensation (Say on Pay)

Dimensional supports reasonable compensation for executives that is clearly linked to the portfolio company's performance. Compensation should serve as a means to align the interests of executives with those of shareholders. To the extent that compensation is excessive, it represents a transfer to management of shareholder wealth. Therefore, Dimensional reviews proposals seeking approval of a portfolio company's executive compensation plan closely, taking into account the quantum of pay, company performance, and the structure of the plan.

Certain practices, such as:

∙multi-year guaranteed bonuses

∙excessive severance agreements (particularly those that vest without involuntary job loss or diminution of duties or those with excise-tax gross-ups)

∙single, or the same, metrics used for both short-term and long-term executive compensation plans

may encourage excessive risk-taking by executives at portfolio companies and are generally opposed by Dimensional.

At portfolio companies that have a history of problematic pay practices or excessive compensation, Dimensional will consider the company's responsiveness to shareholders' concerns and may vote against or withhold votes from members of the compensation committee if these concerns have not been addressed.

A-8

Frequency of Say on Pay

Executive compensation in the United States is typically composed of three parts: 1) base salary; 2) cash bonuses based on annual performance (short-term incentive awards); 3) and equity awards based on performance over a multi-year period (long-term incentive awards).

Dimensional supports triennial say on pay because it allows for a longer-term assessment of whether compensation was adequately linked to portfolio company performance. This is particularly important in situations where a company makes significant changes to their long-term incentive awards, as the effectiveness of such changes in aligning pay and performance cannot be determined in a single year.

If there are serious concerns about a portfolio company's compensation plan in a year where the plan is not on the ballot, Dimensional may vote against or withhold votes from members of the Compensation Committee.

Clawback Provisions

Dimensional typically supports clawback provisions in executive compensation plans as a way to mitigate risk of excessive risk taking by executives at portfolio companies.

Executive Severance Agreements (Golden Parachutes)

Dimensional analyzes golden parachute proposals on a case-by-case basis.

Dimensional expects payments to be reasonable on both an absolute basis and relative to the value of the transaction. Dimensional will typically vote against agreements with cash severance of more than 3x salary and bonus.

Dimensional expects vesting of equity to be contingent on both a change in control and a subsequent involuntary termination of the employee ("double-trigger change in control").

Compensation of Directors

Dimensional will support director compensation at a portfolio company that is reasonable in both size and composition relative to industry and market norms.

Corporate Actions:

Mergers and Acquisitions (M&A)

Dimensional may vote against deals where there are concerns with the acquisition process or where there appear to be significant conflicts of interest.

Reincorporation

Dimensional will evaluate reincorporation proposals on a case-by-case basis.

Dimensional may vote against reincorporations if the move would result in a substantial diminution of shareholder rights at the portfolio company.

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Capitalization:

Increase Authorized Shares

Dimensional will vote case-by-case on proposals seeking to increase common or preferred stock of a portfolio company, taking into account the purpose for which the shares will be used and the risk to shareholders of not approving the request.

Dimensional will typically vote against requests for common or preferred stock issuances that are excessively dilutive relative to common market practice.

Dimensional will typically vote against proposals at portfolio companies with multiple share classes to increase the number of shares of the class with superior voting rights.

Blank Check Preferred Stock

Blank check preferred stock is stock that can be issued at the discretion of the board, with the voting, conversion, distribution, and other rights determined by the board at the time of issue. Therefore, blank check preferred stock can potentially serve as means to entrench management and prevent takeovers at portfolio companies.

To mitigate concerns regarding what we believe is the inappropriate use of blank check preferred stock, Dimensional expects portfolio companies seeking approval for blank preferred stock to clearly state that the shares will not be used for anti-takeover purposes.

Share Repurchases

Dimensional will generally support open-market share repurchase plans that allow all shareholders to participate on equal terms. Portfolio companies that use metrics such as earnings per share (EPS) in their executive compensation plans should ensure that the impact of such repurchases are taken into account when determining payouts.

Shareholder Proposals:

Dimensional's goal when voting on shareholder proposals is to support those proposals that protect or enhance shareholder value through improved board accountability, improved policies and procedures, or improved disclosure.

In instances where a shareholder proposal is excluded from the meeting agenda but the SEC has declined to state a view on whether such proposal should be excluded, or when the SEC has verbally permitted a portfolio company to exclude a shareholder proposal but there is no written record provided by the SEC about such determination, we expect the portfolio company to provide shareholders with substantive disclosure concerning this exclusion and/or no-action relief. If substantive disclosure is lacking, Dimensional may vote against or withhold votes from certain directors on a case-by-case basis.

Director Election Guidelines for Europe, the Middle East, and Africa (EMEA)

Dimensional will leverage its global framework when evaluating EMEA portfolio companies, but will apply the following market-specific considerations when voting on directors.

When voting on the election of directors of portfolio companies, Dimensional applies the following standards across EMEA unless otherwise specified below:

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∙Portfolio company boards should be majority independent (excluding shareholder or employee representatives as provided by law); however, lower levels of board independence may be acceptable at controlled companies provided at least one-third of the board is independent.

∙A majority of audit committee members (excluding shareholder or employee representatives as provided by law) should be independent; the committee overall should be at least one-third independent.

∙Executives should generally not serve on audit and remuneration committees.

∙Board terms generally should not exceed four years.

∙Directors should generally not serve on the boards of more than five publicly traded companies.

∙Dimensional generally expects executive directors to avoid serving in leadership roles (e.g. board chair) on outside boards.

United Kingdom

Dimensional expects portfolio companies to follow the requirements of the UK Corporate Governance Code with regards to board and committee composition.

France

Dimensional prefers the role of chairman and CEO of a portfolio company to be separated; however, Dimensional may support a combined role if the board has a lead independent director with specific responsibilities, including the setting of meeting agendas.

Dimensional will typically vote against the election of censors, but may consider providing support if the censor is to serve on an interim basis.

Dimensional may vote against directors of a portfolio company if such company's bylaws do not currently prohibit loyalty shares and there has been no commitment to put such structures to a vote.

Germany

Absent exceptional circumstances, Dimensional expects the role of chairman and CEO of a portfolio company to be separated and will generally vote against the election of a director to serve in a combined role. Dimensional will generally also vote against the appointment of a former CEO as Chairman.

Dimensional will typically vote against directors of a portfolio company whose board term exceeds five years.

Greece

Dimensional expects all portfolio company boards to be at least one-third independent.

Italy

At portfolio companies electing directors through the voto di lista system, Dimensional expects that names of candidates to be disclosed in a timely manner.

Portugal

Dimensional expects all portfolio company boards to be at least one-third independent.

Switzerland

Dimensional expects the remuneration committee of a portfolio company to be majority independent and may vote against the election of non-independent directors if their election would result in a less than majority independent board.

Dimensional expects the role of chairman and CEO of a portfolio company to be separated and will generally vote against the election of a director to serve in a combined role.

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South Africa

Dimensional expects portfolio companies to follow the recommendations of the King Report On Corporate Governance (King Code IV) with regards to board and committee composition.

Turkey

Dimensional expects the board of directors of a portfolio company to be at least one-third independent; at minimum two directors should be independent.

Dimensional expects the board of a portfolio company to establish an independent audit committee.

Dimensional expects the board of a portfolio company to establish a board committee with responsibility for compensation and nominating matters. This committee should be chaired by an independent director.

Proxy Voting Principles for Australia

Uncontested Director Elections

Shareholders elect the board of a portfolio company to represent their interests and oversee management and expect portfolio company boards to adopt policies and practices that align the interests of the board and management with those of shareholders and limit the potential for conflicts of interest.

Dimensional believes that key audit and remuneration committees should be composed of independent directors. Dimensional will generally vote against executive directors of the portfolio company, other than the CEO, who serve on the audit committee or who serve on the remuneration committee if the remuneration committee is not majority independent.

CEO/Chair

If a portfolio company's board chair is not independent, the board should have a lead independent director with specific responsibilities, including the setting of meeting agendas. Dimensional may vote against executive board chairs if such measures are absent.

Auditors

Australian law does not require the annual ratification of auditors; therefore, concerns with a portfolio company's audit practices will be reflected in votes against members of the audit committee.

Dimensional may vote against audit committee members at a portfolio company if there are concerns with the auditor's independence, the accuracy of the auditor's report, the level of non-audit fees, or if lack of disclosure makes it difficult to assess these factors.

Dimensional may also vote against audit committee members in instances of fraud or material failures in oversight of audit functions.

Share Issuances

Dimensional will evaluate requests for share issuances on a case-by-case basis, taking into account factors such as the impact on current shareholders and the rationale for the request.

When voting on approval of prior share distributions, Dimensional will generally support prior issuances that conform to the dilution guidelines set out in ASX Listing Rule 7.1.

A-12

Share Repurchase

Dimensional will evaluate requests for share repurchases on a case-by-case basis, taking into account factors such as the impact on current shareholders, the rationale for the request, and the portfolio company's history of repurchases. Dimensional expects repurchases to be made in arms-length transactions using independent third parties.

Dimensional may vote against portfolio company plans that do not include limitations on the company's ability to use the plan to repurchase shares from third parties at a premium and limitations on the use of share purchases as an anti-takeover device.

Constitution Amendments

Dimensional will evaluate requests for amendments to a portfolio company's constitution on a case-by-case basis. The primary consideration will be the impact on the rights of shareholders.

Non-Executive Director Compensation

Dimensional will support non-executive director remuneration at portfolio companies that is reasonable in both size and composition relative to industry and market norms.

Dimensional will generally vote against components of non-executive director remuneration that are likely to impair a director's independence, such as options or performance-based remuneration.

Equity Plans

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and company employees with those of shareholders.

Companies should clearly disclose components of the plan, including vesting periods and performance hurdles.

Dimensional may vote against plans that are exceedingly dilutive to existing shareholders. Plans that permit retesting or repricing will generally be viewed unfavorably.

Proxy Voting Principles for Japan

Uncontested Director Elections

At portfolio companies with a three-committee structure, Dimensional expects at least one third of the board to be outsiders. Ideally, the board should be majority independent. At portfolio companies with a three-committee structure that have a controlling shareholder, at least two directors and at least one-third of the board should be independent outsiders.

At portfolio companies with an audit committee structure, Dimensional expects at least one third of the board to be outsiders. Ideally, the audit committee should be entirely independent; at minimum, any outside directors who serve on the committee should be independent. At portfolio companies with an audit committee structure that have a controlling shareholder, at least two directors and at least one-third of the board should be independent outsiders.

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At portfolio companies with a statutory auditor structure, Dimensional expects the board to include at least two outside directors. At portfolio companies with a statutory auditor structure that have a controlling shareholder, at least two directors and at least one-third of the board should be independent outsiders.

Statutory Auditors

Statutory auditors are responsible for effectively overseeing management and ensuring that decisions made are in the best interest of shareholders. Dimensional may vote against statutory auditors who are remiss in their responsibilities.

When voting on outside statutory auditors, Dimensional expects nominees to be independent and to have the capacity to fulfill the requirements of their role as evidenced by attendance at meetings of the board of directors or board of statutory auditors.

Director and Statutory Auditor Compensation

Dimensional will support compensation for portfolio company directors and statutory auditors that is reasonable in both size and composition relative to industry and market norms.

When requesting an increase to the level of director fees, Dimensional expects portfolio companies to provide a specific reason for the increase. Dimensional will generally support an increase of director fees if it is in conjunction with the introduction of performance-based compensation, or where the ceiling for performance-based compensation is being increased. Dimensional will generally not support an increase in director fees if there is evidence that the directors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

Dimensional will typically support an increase to the statutory auditor compensation ceiling unless there is evidence that the statutory auditors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

Dimensional will generally support the granting of annual bonuses to portfolio company directors and statutory auditors unless there is evidence the board or the statutory auditors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

Dimensional generally supports the granting of retirement benefits to portfolio company insiders, so long as the individual payments, and aggregate amount of such payments, is disclosed.

Dimensional will generally vote against the granting of retirement bonuses if there is evidence the portfolio company board or statutory auditors have been remiss in effectively overseeing management or ensuring that decisions made are in the best interest of shareholders.

Equity Based Compensation

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and company employees with those of shareholders.

Dimensional will typically support stock option plans to portfolio company executives and employees if total dilution from the proposed plans and previous plans does not exceed 5 percent for mature companies or 10 percent for growth companies.

Dimensional will generally vote against stock plans if upper limit of options that can be issued per year is not disclosed.

For deep-discounted stock option plans, Dimensional typically expects portfolio companies to disclose specific performance hurdles.

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Capital Allocation

Dimensional will typically support well-justified dividend payouts that do not negatively impact the portfolio company's overall financial health.

Share Repurchase

Dimensional is typically supportive of portfolio company boards having discretion over share repurchases absent concerns with the company's balance sheet management, capital efficiency, buyback and dividend payout history, board composition, or shareholding structure.

Dimensional will typically support proposed repurchases that do not have a negative impact on shareholder value.

For repurchases of more than 10 percent of issue share capital, Dimensional expects the company to provide a robust explanation for the request.

Shareholder Rights Plans (Poison Pills)

We believe the market for corporate control, which can result in acquisitions that are accretive to shareholders, should be able to function without undue restrictions. Takeover defenses such as poison pills can lead to entrenchment and reduced accountability at the board level.

Indemnification and Limitations on Liability

Dimensional generally supports limitations on liability for directors and statutory auditors in ordinary circumstances.

Limit Legal Liability of External Auditors

Dimensional generally opposes limitations on the liability of external auditors.

Increase in Authorized Capital

Dimensional will typically support requests for increases of less than 100 percent of currently authorized capital, so long as the increase does not leave the portfolio company with less than 30 percent of the proposed authorized capital outstanding.

For increases that exceed these guidelines, Dimensional expects portfolio companies to provide a robust explanation for the increase.

Dimensional will generally not support requests for increases that will be used as an anti-takeover device.

Expansion of Business Activities

For well performing portfolio companies seeking to expand their business into enterprises related to their core business, Dimensional will typically support management requests to amend the company's articles to expand the company's business activities.

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INSTITUTIONAL CLASS SHARES

DFA INVESTMENT DIMENSIONS GROUP INC.

DIMENSIONAL INVESTMENT GROUP INC.

6300 Bee Cave Road, Building One, Austin, Texas 78746

Telephone: (512) 306-7400

STATEMENT OF ADDITIONAL INFORMATION

February 28, 2020

(as supplemented March 31, 2020)

DFA Investment Dimensions Group Inc. ("DFAIDG") is an open-end management investment company that offers one-hundred and five series of shares. Dimensional Investment Group Inc. ("DIG") is an open-end management investment company that offers twelve series of shares. DFAIDG and DIG are collectively referred to as the "Funds" in this Statement of Additional Information ("SAI"). This SAI relates to twenty-two series of DFAIDG and one series of DIG (individually, a "Portfolio" and collectively, the "Portfolios"):

INTERNATIONAL PORTFOLIOS

Large Cap International Portfolio	International Vector Equity Portfolio
Ticker: DFALX	Ticker: DFVQX
DFA International Value Portfolio (Feeder)	International High Relative Profitability Portfolio
Ticker: DFIVX	Ticker: DIHRX
International Core Equity Portfolio	World ex U.S. Value Portfolio
Ticker: DFIEX	Ticker: DFWVX
Global Small Company Portfolio	World ex U.S. Core Equity Portfolio
Ticker: DGLIX	Ticker: DFWIX
International Small Company Portfolio	World Core Equity Portfolio
Ticker: DFISX	Ticker: DREIX
Japanese Small Company Portfolio (Feeder)	Selectively Hedged Global Equity Portfolio
Ticker: DFJSX	Ticker: DSHGX
Asia Pacific Small Company Portfolio (Feeder)	Emerging Markets Portfolio (Feeder)
Ticker: DFRSX	Ticker: DFEMX
United Kingdom Small Company Portfolio (Feeder)	Emerging Markets Value Portfolio (Feeder)
Ticker: DFUKX	Ticker: DFEVX
Continental Small Company Portfolio (Feeder)	Emerging Markets Targeted Value Portfolio
Ticker: DFCSX	Ticker: DEMGK
DFA International Real Estate Securities Portfolio	Emerging Markets Small Cap Portfolio (Feeder)
Ticker: DFITX	Ticker: DEMSX
DFA Global Real Estate Securities Portfolio	Emerging Markets Core Equity Portfolio
Ticker: DFGEX	Ticker: DFCEX
DFA International Small Cap Value Portfolio
Ticker: DISVX

This SAI is not a Prospectus but should be read in conjunction with the Portfolios' Prospectus dated February 28, 2020, as amended from time to time. The audited financial statements and financial highlights of the Portfolios are incorporated by reference from the Funds' annual reports to shareholders and with respect to the Feeder Portfolios, the audited financial statements and financial highlights of the Master Funds are incorporated by reference from the Master Funds' annual reports to shareholders. The Prospectus and annual reports can be obtained by writing to the above address or by calling the above telephone number.

TABLE OF CONTENTS
PORTFOLIO CHARACTERISTICS AND POLICIES ..........................................................................................	1
BROKERAGE TRANSACTIONS.............................................................................................................................	2
INVESTMENT LIMITATIONS................................................................................................................................	4
FUTURES CONTRACTS...........................................................................................................................................	7
FOREIGN CURRENCY TRANSACTIONS ............................................................................................................	8
EXCLUSION FROM COMMODITY POOL OPERATOR STATUS...................................................................	9
FOREIGN ISSUERS...................................................................................................................................................	9
GENERAL MARKET AND GEOPOLITICAL RISKS........................................................................................	11
POLITICAL, UNITED KINGDOM AND EUROPEAN MARKET RELATED RISKS ...................................	11
CASH MANAGEMENT PRACTICES ...................................................................................................................	11
INTERFUND BORROWING AND LENDING .....................................................................................................	13
WHEN-ISSUED SECURITIES, DELAYED DELIVERY, AND FORWARD COMMITMENT
TRANSACTIONS ..............................................................................................................................................	14
EXCHANGE TRADED FUNDS ..............................................................................................................................	14
PORTFOLIO TURNOVER RATES .......................................................................................................................	14
DIRECTORS AND OFFICERS...............................................................................................................................	15
SERVICES TO THE FUNDS...................................................................................................................................	26
MANAGEMENT FEES ............................................................................................................................................	30
PORTFOLIO MANAGERS .....................................................................................................................................	38
GENERAL INFORMATION...................................................................................................................................	44
CODE OF ETHICS ...................................................................................................................................................	44
SHAREHOLDER RIGHTS......................................................................................................................................	44
PRINCIPAL HOLDERS OF SECURITIES...........................................................................................................	45
PURCHASE OF SHARES........................................................................................................................................	50
REDEMPTION AND TRANSFER OF SHARES ..................................................................................................	50
TAXATION OF THE PORTFOLIOS AND THEIR SHAREHOLDERS ...........................................................	51
PROXY VOTING POLICIES..................................................................................................................................	67
DISCLOSURE OF PORTFOLIO HOLDINGS .....................................................................................................	68
SECURITIES LENDING .........................................................................................................................................	72
FINANCIAL STATEMENTS ..................................................................................................................................	74
PERFORMANCE DATA .........................................................................................................................................	75

PORTFOLIO CHARACTERISTICS AND POLICIES

Each of the Portfolios identified as a "Feeder" (a "Feeder Portfolio") on the cover page of this SAI seeks to achieve its investment objective by investing substantially all of its investable assets in a corresponding series of The DFA Investment Trust Company (the "Trust") or in the case of the Emerging Markets Value Portfolio, in the Dimensional Emerging Markets Value Fund ("DEM"). The series of the Trust and DEM are referred to as the "Master Funds." Each of the Global Small Company Portfolio, International Small Company Portfolio, the World ex U.S. Value Portfolio, the World Core Equity Portfolio and the Selectively Hedged Global Equity Portfolio is a "fund of funds" that seeks to achieve its investment objective by investing its assets in funds managed by Dimensional Fund Advisors LP (the "Advisor" or "Dimensional"). The DFA Global Real Estate Securities Portfolio also may invest in funds managed by Dimensional. The series of the Trust, DEM and the portfolios of DFAIDG in which the Global Small Company Portfolio, International Small Company Portfolio, DFA Global Real Estate Securities Portfolio, World ex U.S. Value Portfolio, World Core Equity Portfolio and Selectively Hedged Global Equity Portfolio may invest are referred to as the "Underlying Funds." The Underlying Funds in which the Global Small Company Portfolio may invest are The Asia Pacific Small Company Series, The Canadian Small Company Series, The Continental Small Company Series, The Emerging Markets Small Cap Series, The Japanese Small Company Series, The United Kingdom Small Company Series and U.S. Small Cap Portfolio. The Underlying Funds in which the International Small Company Portfolio may invest are The Canadian Small Company Series, The Japanese Small Company Series, The Asia Pacific Small Company Series, The United Kingdom Small Company Series and The Continental Small Company Series. The Underlying Funds in which the DFA Global Real Estate Securities Portfolio may invest include the DFA Real Estate Securities Portfolio and the DFA International Real Estate Securities Portfolio. The Underlying Funds in which the World ex U.S. Value Portfolio may invest include The DFA International Value Series, a series of the Trust, the DFA International Small Cap Value Portfolio and DEM. The Underlying Funds in which the World Core Equity Portfolio may invest include the U.S. Core Equity 1 Portfolio, U.S. Large Company Portfolio, U.S. Large Cap Equity Portfolio, International Core Equity Portfolio, Large Cap International Portfolio and Emerging Markets Core Equity Portfolio. The Underlying Funds in which the Selectively Hedged Global Equity Portfolio may invest include the U.S. Core Equity 2 Portfolio, International Core Equity Portfolio and Emerging Markets Core Equity Portfolio. This SAI describes the Institutional Class shares of the Portfolios. The DFA International Value Portfolio and Emerging Markets Value Portfolio each offer one additional class of shares, Class R2 shares. Class R2 shares are offered to qualified investors in a separate prospectus.

Dimensional serves as investment advisor to each of the Portfolios and each Master Fund. The Advisor is organized as a Delaware limited partnership and is controlled and operated by its general partner, Dimensional Holdings Inc., a Delaware corporation.

The following information supplements the information set forth in the Prospectus. Unless otherwise indicated, the following information applies to all of the Portfolios, Master Funds and Underlying Funds, including the Feeder Portfolios, through their investment in the Master Funds, and the Global Small Company Portfolio, International Small Company Portfolio, World ex U.S. Value Portfolio, Selectively Hedged Global Equity Portfolio, DFA Global Real Estate Securities Portfolio and World Core Equity Portfolio through their investment in their respective Underlying Funds. Capitalized terms not otherwise defined in this SAI have the meaning assigned to them in the Prospectus.

Each of the Portfolios, Master Funds and Underlying Funds is diversified under the federal securities laws and regulations.

Each of the Portfolios (except the DFA International Value Portfolio) has adopted a non-fundamental policy as required by Rule 35d-1 under the Investment Company Act of 1940 (the "1940 Act") that, under normal circumstances, at least 80% of the value of each Portfolio's net assets, plus the amount of any borrowings for

investment purposes, will be invested in a specific type of investment. A Portfolio structured as a fund of funds will look through the shares of its Underlying Funds for purposes of complying with its 80% policy, if applicable. For purposes of each 80% policy, the value of the derivatives in which a Portfolio invests will be calculated in the same way that the values of derivatives are calculated when calculating a Portfolio's net asset value. Derivative instruments are valued at market price (not notional value) and may be fair valued, for purposes of calculating a Portfolio's net asset value. Additionally, if a Portfolio changes its 80% investment policy, the Portfolio will notify shareholders at least 60 days before the change, and will change the name of the Portfolio. For more information on each Portfolio's specific 80% policy, see each Portfolio's "PRINCIPAL INVESTMENT STRATEGIES" section in the Prospectus.

BROKERAGE TRANSACTIONS

The following table reports brokerage commissions paid by the designated Portfolios and Master Funds. For each Feeder Portfolio, the amounts include commissions paid by the corresponding Master Fund. The Feeder Portfolios, Global Small Company Portfolio, International Small Company Portfolio, DFA Global Real Estate Securities Portfolio, World ex U.S. Value Portfolio, World Core Equity Portfolio and Selectively Hedged Global Equity Portfolio will not incur any brokerage costs in connection with their purchase or redemption of shares of their Master Funds or Underlying Funds. The Global Small Company Portfolio and DFA Global Real Estate Securities Portfolio will, however, incur brokerage costs to the extent the Portfolios invest directly in securities.

The following table reports brokerage commissions paid by the Portfolios and in the case of the Feeder Portfolios, their corresponding Master Funds during the fiscal years ended October 31, 2019, October 31, 2018 and October 31, 2017.

Master Fund/Portfolio		FISCAL		FISCAL		FISCAL
		YEAR		YEAR		YEAR
		ENDED		ENDED		ENDED
		2019		2018		2017
Large Cap International Portfolio..................................................	$	333,368	$	326,613	$	361,164
The DFA International Value Series .............................................	$	1,215,906	$	1,843,198	$	1,420,715
International Core Equity Portfolio ...............................................	$	1,693,169	$	2,266,991	$	2,217,577
The Japanese Small Company Series ............................................	$	270,332	$	508,653	$	301,365
The Asia Pacific Small Company Series .......................................	$	182,344	$	253,007	$	175,287
The United Kingdom Small Company Series................................	$	233,486	$	273,755	$	200,242
The Continental Small Company Series........................................	$	547,135	$	703,790	$	538,760
DFA Global Real Estate Securities Portfolio1 ...............................	$	34,614	$	90,326	$	180,166
DFA International Real Estate Securities Portfolio .......................	$	318,071	$	312,509	$	502,918
DFA International Small Cap Value Portfolio...............................	$	1,579,436	$	2,390,035	$	2,160,383
International Vector Equity Portfolio ............................................	$	281,649	$	275,814	$	144,751
International High Relative Profitability Portfolio ........................	$	119,589	$	77,016	$	21,349*
World ex U.S. Core Equity Portfolio.............................................	$	333,476	$	377,608	$	347,623
Selectively Hedged Global Equity Portfolio..................................		$ 0	$	0	$	0
The Emerging Markets Series .......................................................	$	535,435	$	908,492	$	712,552

Master Fund/Portfolio		FISCAL	FISCAL		FISCAL
		YEAR	YEAR		YEAR
		ENDED	ENDED		ENDED
		2019	2018		2017
Dimensional Emerging Markets Value Fund	$	2,731,618	$ 2,949,025	$	2,937,011
(Emerging Markets Value Portfolio)......................................
Emerging Markets Targeted Value Portfolio.................................	$	73,593**	N/A		N/A
The Emerging Markets Small Cap Series......................................	$	1,025,609	$ 1,140,413	$	1,335,630
Emerging Markets Core Equity Portfolio......................................	$	1,593,952	$ 2,524,643	$	2,952,615

1During the fiscal years ended October 31, 2018 and October 31, 2017, the DFA Global Real Estate Securities Portfolio operated as a funds of funds and did not incur any brokerage costs in connection with its purchase or redemption of shares of its Underlying Funds; however, the Portfolio did incur brokerage costs with respect to securities the Portfolio invested in directly.

*The Portfolio commenced operations on May 16, 2017.

**The Portfolio commenced operations on November 14, 2018.

The substantial increases or decreases in the amount of brokerage commissions paid by certain Portfolios from year to year indicated in the foregoing table resulted primarily from asset changes that required increases or decreases in the amount of securities that were bought and sold by those Portfolios.

Please note that while the following discussion relates to the policies of the Portfolios with respect to brokerage commissions, it should be understood that, with respect to a Feeder Portfolio, the discussion applies to the Master Fund in which the Feeder Portfolio invests substantially all of its assets, the Underlying Funds in which the Global Small Company Portfolio, International Small Company Portfolio, DFA Global Real Estate Securities Portfolio, World ex U.S. Value Portfolio, World Core Equity Portfolio and Selectively Hedged Global Equity Portfolio may invest, and the Global Small Company Portfolio and DFA Global Real Estate Securities Portfolio themselves, to the extent they invest directly in securities.

Subject to the duty to seek to obtain best price and execution, transactions may be placed with brokers that have assisted in the sale of Portfolio shares. The Advisor, however, pursuant to policies and procedures approved by the Boards of Trustees/Directors of DFAIDG, DIG, DEM and the Trust, is prohibited from selecting brokers and dealers to effect a Portfolio's portfolio securities transactions based (in whole or in part) on a broker's or dealer's promotion or sale of shares issued by a Portfolio or any other registered investment companies.

Companies eligible for purchase by the Portfolios may be thinly traded securities. The Advisor believes that it needs maximum flexibility to effect trades on a best execution basis. As deemed appropriate, the Advisor places buy and sell orders for the Portfolios and Master Funds with various brokerage firms that may act as principal or agent. The Advisor may also make use of direct market access and algorithmic, program or electronic trading methods. The Advisor may extensively use electronic trading systems as such systems can provide the ability to customize the orders placed and can assist in the Advisor's execution strategies.

During the fiscal year ended October 31, 2019, the Portfolios or, in the case of a Feeder Portfolio, its corresponding Master Fund, and the Advisor did not through an agreement or understanding with a broker, or otherwise through an internal allocation procedure, direct any Portfolio's or Master Fund's brokerage transactions to a broker because of research services provided.

Certain Portfolios or Master Funds may purchase securities of their regular brokers or dealers (as defined in Rule 10b-1 of the 1940 Act). The table below lists the regular brokers or dealers of each Portfolio, or in the case of a Feeder Portfolio, its corresponding Master Fund, whose securities (or securities of the broker's or dealer's parent company) were acquired by the Portfolio or Master Fund during the fiscal year ended October 31, 2019, as well as the value of such securities held by the Portfolio or Master Fund as of October 31, 2019.

Master Fund/Portfolio	Broker or Dealer	Value of Securities
Large Cap International Portfolio	Societe Generale	$11,015,867
Large Cap International Portfolio	Instinet	$3,418,599
The DFA International Value Series	Societe Generale	$55,757,075
The DFA International Value Series	Instinet	$19,437,296
International Core Equity Portfolio	Societe Generale	$27,268,473
International Core Equity Portfolio	Instinet	$12,591,291
International Vector Equity Portfolio	Societe Generale	$6,556,010
International Vector Equity Portfolio	Instinet	$1,146,162
World ex U.S. Core Equity Portfolio	Societe Generale	$3,759,670
World ex U.S. Core Equity Portfolio	Credit Suisse	$2,166,235
World ex U.S. Core Equity Portfolio	Instinet	$1,276,337

INVESTMENT LIMITATIONS

The Portfolios will not:

(3)purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments, and provided that this restriction does not prevent a Portfolio from: (i)

purchasing or selling securities or instruments secured by real estate or interests therein, securities or instruments representing interests in real estate or securities or instruments of issuers that invest, deal or otherwise engage in transactions in real estate or interests therein; and (ii) purchasing or selling real estate mortgage loans;

(6)engage in the business of underwriting securities issued by others; or

(7)issue senior securities (as such term is defined in Section 18(f) of the 1940 Act), except to the extent permitted by the 1940 Act.

The Large Cap International Portfolio, DFA International Value Portfolio, DFA International Small Cap Value Portfolio, International Small Company Portfolio, Emerging Markets Portfolio, Emerging Markets Small Cap Portfolio, Japanese Small Company Portfolio, Asia Pacific Small Company Portfolio, United Kingdom Small Company Portfolio and Continental Small Company Portfolio will not:

(8)sell securities short.

The Portfolios, except the International Core Equity Portfolio, Global Small Company Portfolio, Emerging Markets Core Equity Portfolio, DFA International Real Estate Securities Portfolio, DFA Global Real Estate Securities Portfolio, International Vector Equity Portfolio, International High Relative Profitability Portfolio, World ex U.S. Value Portfolio, World ex U.S. Core Equity Portfolio, World Core Equity Portfolio and Emerging Markets Targeted Value Portfolio, will not:

The International Core Equity Portfolio, Global Small Company Portfolio, Emerging Markets Core Equity Portfolio, DFA International Real Estate Securities Portfolio, DFA Global Real Estate Securities Portfolio, International Vector Equity Portfolio, International High Relative Profitability Portfolio, World ex U.S. Value Portfolio, World ex U.S. Core Equity Portfolio, World Core Equity Portfolio and Emerging Markets Targeted Value Portfolio, will not:

(10)concentrate (invest more than 25% of its net assets) in securities of issuers in a particular industry (other than securities issued or guaranteed by the U.S. Government or any of its agencies or securities of other investment companies), except that the DFA International Real Estate Securities Portfolio and the DFA Global Real Estate Securities Portfolio shall invest more than 25% of their total assets in securities of companies in the real estate industry.

The investment limitations described in (5), (9), and (10) above do not prohibit each Feeder Portfolio or the Global Small Company Portfolio, International Small Company Portfolio, DFA Global Real Estate Securities Portfolio, World ex U.S. Value Portfolio, World Core Equity Portfolio and the Selectively Hedged Global Equity Portfolio from investing all or substantially all of its assets in the shares of one or more registered, open-end investment companies, such as the Master Funds or Underlying Funds, respectively. In applying the investment limitations, each such Portfolio will look through to the security holdings of the Underlying Funds in which the Portfolio may invest. The investment limitations of each Master Fund are similar to those of the corresponding Feeder Portfolio. The investment limitations of the Underlying Funds are set forth in their respective statements of additional information.

For purposes of the investment limitation described in (1) above, the Global Small Company Portfolio, Emerging Markets Portfolio, Emerging Markets Small Cap Portfolio, and Emerging Markets Value Portfolio (indirectly through their investments in the corresponding Master Funds) may borrow in connection with a foreign currency transaction or the settlement of a portfolio trade. Additionally, with respect to the investment limitation described in (1) above, each Portfolio will maintain asset coverage of at least 300% (as described in the 1940 Act), inclusive of any amounts borrowed, with respect to any borrowings made by such Portfolio. The Portfolios do not currently intend to borrow money for investment purposes. Under the 1940 Act, an open-end investment company may borrow up to 33⅓% of its total assets (including the amount borrowed) from banks, and may borrow up to an additional 5% of its total assets, for temporary purposes, from any other person.

Although the investment limitation described in (2) above prohibits loans, each Portfolio is authorized to lend portfolio securities. Investment limitation (2) above also does not, among other things, prevent a Portfolio from engaging in repurchase agreements, acquiring debt or loan instruments in the future or participating in an interfund lending order granted by the SEC. Inasmuch as the Feeder Portfolios and International Small Company Portfolio will only hold shares of certain Master Funds, or any Portfolio structured as a fund of funds only holds shares of Underlying Funds, these Portfolios do not intend to lend those shares.

Selectively Hedged Global Equity Portfolio may invest in commercial paper that is exempt from the registration requirements of the Securities Act of 1933 (the "1933 Act"). Further, pursuant to Rule 144A under the 1933 Act, the Portfolios may purchase certain unregistered (i.e. restricted) securities upon a determination that a liquid institutional market exists for the securities. If it is determined that a liquid market does exist, the securities will not be subject to the 15% limitation on illiquid investments. Among other considerations, for Rule 144A securities to be considered liquid, there must be at least two dealers making a market in such securities. After purchase, the Portfolios will continue to monitor the liquidity of Rule 144A securities.

Notwithstanding any of the above investment limitations, the Global Small Company Portfolio, Emerging Markets Series, Emerging Markets Small Cap Series, Dimensional Emerging Markets Value Fund, Emerging Markets Core Equity Portfolio, DFA International Real Estate Securities Portfolio, DFA Global Real Estate Securities Portfolio, World ex U.S. Value Portfolio, World ex U.S. Core Equity Portfolio, Selectively Hedged Global Equity Portfolio and Emerging Markets Targeted Value Portfolio may establish subsidiaries or other similar vehicles for the purpose of conducting their investment operations if such subsidiaries or vehicles are required by local laws or regulations governing foreign investors, or whose use is otherwise considered by such Master Funds and Portfolios to be advisable. Each Master Fund and the Global Small Company Portfolio, Emerging Markets Core Equity Portfolio, DFA International Real Estate Securities Portfolio, DFA Global Real Estate Securities Portfolio, World ex U.S. Value Portfolio, World ex U.S. Core Equity Portfolio, Selectively Hedged Global Equity Portfolio or Emerging Markets Targeted Value Portfolio would "look through" any such vehicle or subsidiary to determine compliance with its investment restrictions.

Except with respect to a Portfolio's or Master Fund's limitation on borrowing, illiquid investments, or otherwise indicated, with respect to the investment limitations described above, all limitations applicable to the Portfolios' and Master Funds' investments apply only at the time that a transaction is undertaken.

FUTURES CONTRACTS

Please note that while the following discussion relates to the policies of certain Portfolios with respect to futures contracts, it should be understood that with respect to a Feeder Portfolio, the discussion applies to the Feeder Portfolio and to the Master Fund in which the Feeder Portfolio invests substantially all of its assets. With respect to the Global Small Company Portfolio, International Small Company Portfolio, DFA Global Real Estate Securities Portfolio, World ex U.S. Value Portfolio, World Core Equity Portfolio, and Selectively Hedged Global Equity Portfolio, the discussion relates to both the Portfolios themselves and the Underlying Funds in which they may invest.

Each Portfolio, Master Fund and Underlying Fund may purchase or sell futures contracts and options on futures contracts for equity securities and indices to adjust market exposure based on actual or expected cash inflows to or outflows from the Portfolio, Master Fund, or Underlying Fund. The Portfolios, Master Funds, and Underlying Funds, however, do not intend to sell futures contracts to establish short positions in individual securities. The Selectively Hedged Global Equity Portfolio may also use futures contracts to hedge some or all of the currency exposure of its foreign securities.

Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of defined securities at a specified future time and at a specified price. Futures contracts that are standardized as to maturity date and underlying financial instrument are traded on national futures exchanges. Each Portfolio, Master Fund or Underlying Fund will be required to make a margin deposit in cash or government securities with a futures commission merchant (an "FCM") to initiate and maintain positions in futures contracts. Minimal initial margin requirements are established by the futures exchanges and FCMs may establish margin requirements which are higher than the exchange requirements. A Portfolio, Master Fund or Underlying Fund also will incur brokerage costs in connection with entering into futures contracts. After a futures contract position is opened, the value of the contract is marked-to-market daily. If the futures contract price changes to the extent that the margin on deposit does not satisfy margin requirements, payment of additional "variation" margin to be held by the FCM will be required. Conversely, a reduction in the required margin would result in excess margin that can be refunded to the custodial accounts of the Portfolio, Master Fund or Underlying Fund. Variation margin payments may be made to and from the futures broker for as long as the contract remains open. Each Portfolio, Master Fund or Underlying Fund expects to earn income on its margin deposits.

daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified periods during the day. It is possible that futures contract prices could move to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions at an advantageous price and subjecting a Portfolio, Master Fund or Underlying Fund to substantial losses. In such event, and in the event of adverse price movements, the Portfolio, Master Fund or Underlying Fund would be required to make daily cash payments of variation margin. In such situations, if the Portfolio, Master Fund or Underlying Fund had insufficient cash, it might have to sell securities to meet daily variation margin requirements at a time when it would be disadvantageous to do so. In addition, if the transaction is entered into for hedging purposes, in such circumstances a Portfolio, Master Fund or Underlying Fund may realize a loss on a futures contract or option that is not offset by an increase in the value of the hedged position. Losses incurred in futures transactions and the costs of these transactions will affect the performance of the Portfolio, Master Fund or Underlying Fund.

Pursuant to published positions of the Commission and interpretations of the staff of the Commission, a Portfolio, Master Fund or Underlying Fund (or its custodian) is required to maintain segregated accounts or to segregate assets through notations on the books of the custodian, consisting of liquid assets (or, as permitted under applicable interpretations, enter into offsetting positions) in connection with its futures contract transactions in order to cover its obligations with respect to such contracts. These requirements are designed to limit the amount of leverage that a Portfolio, Master Fund or Underlying Fund may use by entering into futures transactions.

FOREIGN CURRENCY TRANSACTIONS

The Portfolios (or in the case of Feeder Portfolios, their Master Funds) may enter into foreign currency exchange transactions in order to attempt to protect against uncertainty in the level of future foreign currency exchange rates. The Portfolios and Master Funds will conduct their foreign currency exchange transactions either on a spot (i.e., cash) basis at the spot rate prevailing in the foreign currency exchange market, or through entering into forward contracts to purchase or sell foreign currencies. A foreign currency forward contract involves an obligation to exchange two currencies at a future date, which may be any fixed number of days (usually less than one year) from the date of the contract agreed upon by the parties, at a fixed rate set at the time of the contract. These contracts are traded in the interbank market conducted directly between traders (usually large commercial banks) and their customers. A forward contract generally has no deposit requirement, and no commissions are charged at any stage for trades. Although foreign exchange dealers do not charge a fee for conversion, they do realize a profit based on the difference (the spread) between the price at which they are buying and selling various currencies.

With respect to a Portfolio or Master Fund, the Portfolio or Master Fund may enter into a foreign currency exchange transaction in connection with the purchase or sale of foreign equity securities, typically to "lock in" the value of the transaction with respect to a different currency. In addition, a Portfolio or Master Fund may, from time to time, enter into a forward contract to transfer balances from one currency to another currency.

At the maturity of a forward currency contract, a Portfolio or Master Fund may either exchange the currencies specified at the maturity of a forward contract or, prior to maturity, the Portfolio or Master Fund may enter into a closing transaction involving the purchase or sale of an offsetting contract. Closing transactions with respect to forward contracts are usually effected with the counterparty to the original forward contract.

Forward currency contracts are highly volatile, and a relatively small price movement in a forward currency contract may result in substantial losses to a Portfolio or Master Fund. To the extent a Portfolio or Master Fund engages in forward currency contracts to generate current income, the Portfolio or Master Fund will be subject to these risks which the Portfolio or Master Fund might otherwise avoid (e.g., through use of hedging transactions).

The use of foreign currency exchange transactions may not benefit a Portfolio or Master Fund if exchange rates move in an unexpected manner. In addition, these techniques could result in a loss if the counterparty to a transaction does not perform as promised, including because of the counterparty's bankruptcy or insolvency. These transactions also involve settlement risk, which is the risk faced when one party to a transaction has performed its obligations under a contract but has not yet received value from its counterparty.

EXCLUSION FROM COMMODITY POOL OPERATOR STATUS

The Advisor has claimed an exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act ("CEA") with respect to the Portfolios, Master Funds, and Underlying Funds described in this SAI, and, therefore, is not subject to registration or regulation as a pool operator under the CEA with respect to such Portfolios, Master Funds, and Underlying Funds. The CFTC has neither reviewed nor approved the Advisor's reliance on these exclusions, the investment strategies of the Master Funds, Underlying Funds or Portfolios, or this SAI.

The terms of the CPO exclusion require that each Master Fund, Underlying Fund and Portfolio, among other things, adhere to certain limits on its investments in "commodity interests." Commodity interests include commodity futures, commodity options and swaps, which in turn include non-deliverable foreign currency forward contracts. Generally, the exclusion from CPO regulation on which the Advisor relies requires each Master Fund, Underlying Fund and Portfolio to meet one of the following tests for its commodity interest positions, other than positions entered into for bona fide hedging purposes (as defined in the rules of the CFTC): either (1) the aggregate initial margin and premiums required to establish positions in commodity interests may not exceed 5% of the liquidation value of the portfolio of the Master Fund, Underlying Fund or Portfolio (after taking into account unrealized profits and unrealized losses on any such positions); or (2) the aggregate net notional value of the Master Fund's, Underlying Fund's or Portfolio's commodity interest positions, determined at the time the most recent such position was established, may not exceed 100% of the liquidation value of the Master Fund's, Underlying Fund's or Portfolio's portfolio (after taking into account unrealized profits and unrealized losses on any such positions). In addition to meeting one of these trading limitations, each Master Fund, Underlying Fund or Portfolio may not be marketed as a commodity pool or otherwise as a vehicle for trading in the commodity futures, commodity options or swaps markets. If, in the future, a Master Fund, Underlying Fund or Portfolio can no longer satisfy these requirements, the Advisor would withdraw its notice claiming an exclusion from the definition of a CPO, and the Advisor would be subject to registration and regulation as a CPO with respect to the Master Fund, Underlying Fund or Portfolio, in accordance with CFTC rules that apply to CPOs of registered investment companies. Generally, these rules allow for substituted compliance with CFTC disclosure and shareholder reporting requirements, based on the Advisor's compliance with comparable SEC requirements. However, as a result of CFTC regulation with respect to a Master Fund, Underlying Fund or Portfolio, the Master Fund, Underlying Fund or Portfolio may incur additional compliance and other expenses.

FOREIGN ISSUERS

The Portfolios (or, in the case of Feeder Portfolios, their Master Funds) may acquire and sell securities issued in foreign countries. There are substantial risks associated with investing in the securities issued by governments and companies located in, or having substantial operations in, foreign countries, which are in addition to the risks inherent in U.S. investments. In many foreign countries there is less government supervision and regulation of stock exchanges, brokers, and listed companies than in the U.S., which may result in greater potential for fraud or market manipulation. There is also the risk of substantially more government involvement in the economy in foreign countries, as well as, the possible arbitrary and unpredictable enforcement of securities regulations and other laws, which may limit the ability of a Portfolio or Master Fund to invest in foreign issuers.

respect to foreign investments in foreign courts than with respect to domestic issuers in U.S. courts. The costs associated with foreign investments, including withholding taxes, brokerage commissions, and custodial costs, are generally higher than with U.S. investments. To the extent that a Portfolio or Master Fund invests a significant portion of its assets in a specific geographic region or country, the Portfolio or Master Fund will have more exposure to economic risks related to such region or country than a fund whose investments are more geographically diversified. In addition, economies of some emerging market countries may be based on only a few industries and may be highly vulnerable to changes in local or global trade conditions. Foreign markets also have substantially less volume than the U.S. markets and securities of some foreign issuers are less liquid and more volatile than securities of comparable U.S. issuers. A Portfolio or Master Fund, therefore, may encounter difficulty in obtaining market quotations for purposes of valuing its portfolio and calculating its net asset value.

It is also possible that the U.S., other nations or other governmental entities (including supranational entities) could impose sanctions against issuers in various sectors of certain foreign countries. This could limit a Portfolio's or Master Fund's investment opportunities in such countries, impairing the Portfolio's or Master Fund's ability to invest in accordance with its investment strategy and/or to meet its investment objective. In addition, an imposition of sanctions upon such issuers could result in an immediate freeze of the issuers' securities, impairing the ability of a Portfolio or Master Fund to buy, sell, receive or deliver those securities. Further, current sanctions or the threat of potential sanctions may also impair the value or liquidity of affected securities and negatively impact a Portfolio or Master Fund.

Emerging markets

Securities of issuers associated with emerging market countries, including, but not limited to, issuers that are organized under the laws of, maintain a principal place of business in, derive significant revenues from, or issue securities backed by the government (or, its agencies or instrumentalities) of emerging market countries may be subject to higher and additional risks than securities of issuers in developed foreign markets. These risks include, but are not limited to (i) social, political and economic instability; (ii) government intervention, including policies or regulations that may restrict a Portfolio's or Master Fund's investment opportunities, including restrictions on investment in issuers or industries deemed sensitive to an emerging market country's national interests; (iii) less transparent and established taxation policies; (iv) less developed legal systems allowing for enforcement of private property rights and/or redress for injuries to private property; (v) the lack of a capital market structure or market- oriented economy; (vi) higher degree of corruption and fraud; (vii) counterparties and financial institutions with less financial sophistication, creditworthiness and/or resources as those in developed foreign markets; and (viii) the possibility that the process of easing restrictions on foreign investment occurring in some emerging market countries may be slowed or reversed by unanticipated economic, political or social events in such countries, or the countries that exercise a significant influence over those countries.

A Portfolio or Master Fund may have limited access to, or there may be a limited number of, potential counterparties that trade in the securities of emerging market issuers. Potential counterparties may not possess, adopt or implement creditworthiness standards, financial reporting standards or legal and contractual protections similar to those in developed foreign markets. Currency and other hedging techniques may not be available or may be limited. The local taxation of income and capital gains accruing to nonresidents varies among emerging market countries and may be comparatively high. Emerging market countries typically have less well-defined tax laws and procedures and such laws may permit retroactive taxation so that a Portfolio or Master Fund could in the future become subject to local tax liabilities that had not been anticipated in conducting its investment activities or valuing its assets. Custodial services and other investment-related costs in emerging market countries are often more expensive, compared to developed foreign markets and the U.S., which can reduce a Portfolio's or Master Fund's income from investments in securities or debt instruments of emerging market country issuers.

Some emerging market currencies may not be internationally traded or may be subject to strict controls on foreign investment by local governments, resulting in undervalued or overvalued currencies and associated difficulties with the valuation of assets, including a Portfolio's or Master Fund's securities, denominated in that currency. Some emerging market governments restrict currency conversions and/or set limits on repatriation of invested capital. Future restrictive exchange controls could prevent or restrict a company's ability to make dividend or interest payments in the original currency of the obligation (usually U.S. dollars). In addition, even though the currencies of some emerging market countries may be convertible into U.S. dollars, the conversion rates may be different than the actual market values and may be adverse to a Portfolio's or Master Fund's shareholders.

GENERAL MARKET AND GEOPOLITICAL RISKS

The value of a Portfolio, Underlying Fund, or Master Fund's securities changes daily due to economic and other events that affect market prices generally, as well as those that affect particular regions, countries, industries, or issuers. Economies and financial markets throughout the world have become increasingly interconnected, which increases the likelihood that events or conditions in one region or country will adversely affect markets or issuers in other regions or countries. Portfolio securities may be negatively impacted by inflation (or expectations for inflation), interest rates, global demand for particular products/services or resources, natural disasters, pandemics, epidemics, terrorism, war, military confrontations, regulatory events and governmental or quasi-governmental actions, among others. Natural and environmental disasters, including weather-related phenomena, also can adversely affect individual issuers, sectors, industries, markets, currencies, countries, or regions. The occurrence of global events similar to those in recent years (e.g., natural disasters, virus epidemics, social and political discord, and terrorist attacks around the world) may result in market volatility and have long term effects on both the U.S. and global economies and financial markets. The risks associated with such events may be greater in developing or emerging market countries, many of which have less developed political, financial, healthcare, and/or emergency management systems. Negative global events also can disrupt the operations and processes of any of the service providers for a Portfolio, Underlying Fund or Master Fund. Similarly, negative global events, in some cases, could constitute a force majeure event under contracts with service providers or contracts entered into with counterparties for certain transactions.

POLITICAL, UNITED KINGDOM AND EUROPEAN MARKET RELATED RISKS

Portfolios that have significant exposure to certain countries can be expected to be impacted by the political and economic conditions within such countries. There is continuing uncertainty around the future of the euro and the European Union (EU) following the United Kingdom's (UK) vote to exit the EU in June 2016 (Brexit). On January 31, 2020 the UK officially withdrew from the EU and an eleven-month transition phase, set to continue through December 31, 2020, began. It is possible that the transition will be extended past that date. Although the UK's exit from the EU has not yet modified existing agreements, the UK and EU will renegotiate and formalize new economic and political agreements, including trade deals, during the transition phase. Given the extended transition and unpredictability surrounding the renegotiation process, there remains a significant degree of uncertainty surrounding the economic and political outcomes which these events may cause. As the outcomes of the negotiations for a new relationship between the UK and EU remain unclear, the effects on the UK, EU and the broader global economy cannot be determined at this time. Brexit may cause greater market volatility and illiquidity, currency fluctuations, deterioration in economic activity, a decrease in business confidence, and increased likelihood of a recession in the UK. While it is not possible to determine the precise impact these events may have on a Portfolio, Underlying Fund or Master Fund, during this period and beyond, the impact on the UK, EU countries, other countries or parties that transact with the UK and EU, and the broader global economy could be significant and could adversely affect the value and liquidity of a Portfolio's, Underlying Fund's or Master Fund's investments. In addition, if one or more other countries were to exit the EU or abandon the use of the euro as a currency, the value of investments tied to those countries or the euro could decline significantly and unpredictably.

CASH MANAGEMENT PRACTICES

temporary defensive purposes during periods in which market, economic or political conditions warrant. In addition, each of the non-Feeder Portfolios, Master Funds and Underlying Funds may enter into arrangements with its custodian whereby it may earn a credit on its cash balances maintained in its non-interest bearing U.S. Dollar custody cash account to be applied against fund service fees payable to the custodian or the custodian's subsidiaries for fund services provided.

The non-Feeder Portfolios, Master Funds and Underlying Funds may invest cash in the following permissible investments:

Portfolios and Master Funds	Permissible Cash Investments*

Large Cap International Portfolio	Short-term repurchase agreements; fixed income securities, such as money
	market instruments; index futures contracts and options thereon; affiliated and
	unaffiliated registered and unregistered money market funds**

DFA International Value Portfolio	Short-term repurchase agreements; fixed income securities, such as money
	market instruments; index futures contracts and options thereon; affiliated and
	unaffiliated registered and unregistered money market funds**
DFA International Value Series	Short-term repurchase agreements; fixed income securities, such as money
	market instruments; index futures contracts and options thereon; affiliated and
	unaffiliated registered and unregistered money market funds**

International Core Equity Portfolio	Short-term repurchase agreements; fixed income securities, such as money
	market instruments; index futures contracts and options thereon; affiliated and
	unaffiliated registered and unregistered money market funds**

Global Small Company Portfolio	Short-term repurchase agreements; fixed income securities, such as money
	market instruments; freely convertible currencies; index futures contracts and
	options thereon; affiliated and unaffiliated registered and unregistered money
	market funds**

International Small Company Portfolio	Short-term repurchase agreements; fixed income securities, such as money
	market instruments; index futures contracts and options thereon; affiliated and
	unaffiliated registered and unregistered money market funds**

Japanese Small Company, Asia Pacific Small	Short-term repurchase agreements; fixed income securities, such as money
Company, United Kingdom Small Company	market instruments; index futures contracts and options thereon; affiliated and
and Continental Small Company	unaffiliated registered and unregistered money market funds**

DFA International Real Estate Securities	Short-term repurchase agreements; fixed income securities, such as money
Portfolio	market instruments; index futures contracts and options thereon; freely
	convertible currencies; affiliated and unaffiliated registered and unregistered
	money market funds**

DFA Global Real Estate Securities Portfolio	Short-term repurchase agreements; fixed income securities, such as money
	market instruments; freely convertible currencies, shares of affiliated and
	unaffiliated registered and unregistered money market funds **; index futures
	contracts and options thereon

DFA International Small Cap Value Portfolio	Short-term repurchase agreements; fixed income securities, such as money
	market instruments; index futures contracts and options thereon; affiliated and
	unaffiliated registered and unregistered money market funds**

International Vector Equity Portfolio	Short-term repurchase agreements; fixed income securities, such as money
	market instruments; freely convertible currencies; shares of affiliated and
	unaffiliated registered and unregistered money market funds**; index futures
	contracts and options thereon

Portfolios and Master Funds	Permissible Cash Investments*

International High Relative Profitability	Short-term repurchase agreements; fixed income securities, such as money
Portfolio	market instruments; index futures contracts and options thereon; affiliated and
	unaffiliated registered and unregistered money market funds**

World ex U.S. Value Portfolio	Short-term repurchase agreements; fixed income securities, such as money
	market instruments; freely convertible currencies; index futures contracts and
	options thereon; affiliated and unaffiliated registered and unregistered money
	market funds**

World ex U.S. Core Equity Portfolio	Short-term repurchase agreements; fixed income securities, such as money
	market instruments; freely convertible currencies; index futures contracts and
	options thereon; affiliated and unaffiliated registered and unregistered money
	market mutual funds**

World Core Equity Portfolio	Short-term repurchase agreements; fixed income securities, such as money
	market instruments; freely convertible currencies; index futures contracts and
	options thereon; affiliated and unaffiliated registered and unregistered money
	market funds**
Selectively Hedged Global Equity Portfolio	Short-term repurchase agreements; fixed income securities, such as money
	market instruments; freely convertible currencies; index futures contracts and
	options thereon; affiliated and unaffiliated registered and unregistered money
	market funds**

The Emerging Markets Master Funds,	Short-term repurchase agreements; fixed income securities, such as money
Emerging Markets Targeted Value Portfolio	market instruments; freely convertible currencies; index futures contracts and
and Emerging Markets Core Equity Portfolio	options thereon; affiliated and unaffiliated registered and unregistered money
	market funds**

*With respect to fixed income instruments, except in connection with corporate actions, the non-Feeder Portfolios, Master Funds and Underlying Funds will invest in fixed income instruments that at the time of purchase have an investment grade rating by a rating agency or are deemed to be investment grade by the Advisor.

**Investments in money market mutual funds may involve duplication of certain fees and expenses.

INTERFUND BORROWING AND LENDING

WHEN-ISSUED SECURITIES, DELAYED DELIVERY, AND FORWARD COMMITMENT

TRANSACTIONS

Each non-Feeder Portfolio, Master Fund and Underlying Fund may purchase eligible securities or sell securities it is entitled to receive on a when-issued basis. When purchasing securities on a when-issued basis, the price or yield is agreed to at the time of purchase, but the payment and settlement dates are not fixed until the securities are issued. It is possible that the securities will never be issued and the commitment cancelled. In addition, each non-Feeder Portfolio, Master Fund and Underlying Fund may purchase or sell eligible securities for delayed delivery or on a forward commitment basis where the non-Feeder Portfolio, Master Fund or Underlying Fund contracts to purchase or sell such securities at a fixed price at a future date beyond the normal settlement time. Each non-Feeder Portfolio, Master Fund and Underlying Fund may renegotiate a commitment or sell a security it has committed to purchase prior to the settlement date, if deemed advisable.

While the payment obligation and, if applicable, interest rate are set at the time a non-Feeder Portfolio, Master Fund or Underlying Fund enters into a when-issued, delayed delivery, to-be-announced or forward commitment transaction, no interest or dividends accrue to the purchaser prior to the settlement date. In addition, the value of a security purchased or sold is subject to market fluctuations and may be worth more or less on the settlement date than the price a non-Feeder Portfolio, Master Fund or Underlying Fund committed to pay or receive for the security. A non-Feeder Portfolio, Master Fund or Underlying Fund will lose money if the value of a purchased security falls below the purchase price and a non-Feeder Portfolio, Master Fund or Underlying Fund will not benefit from the gain if a security sold appreciates above the sales price during the commitment period.

When entering into a commitment to purchase a security on a when-issued, delayed delivery, to-be- announced or forward commitment basis, a non-Feeder Portfolio, Master Fund or Underlying Fund will segregate cash and/or liquid assets and will maintain such cash and/or liquid assets in an amount equal in value to such commitments.

EXCHANGE TRADED FUNDS

The non-Feeder Portfolios, Master Funds and Underlying Funds may also invest in Exchange Traded Funds ("ETFs") and similarly structured pooled investments for the purpose of gaining exposure to the equity markets while maintaining liquidity. An ETF is an investment company classified as an open-end investment company or unit investment trust that is traded similar to a publicly traded company. ETFs in which the Portfolios invest are passively managed and attempt to track or replicate a desired index, such as a sector, market or global segment. The risks and costs of investing in ETFs are comparable to investing in a publicly traded company. The goal of an ETF is to correspond generally to the price and yield performance, before fees and expenses, of its underlying index. The risk of not correlating to the index is an additional risk to the investors of ETFs. When a Portfolio invests in an ETF, shareholders of the Portfolio bear their proportionate share of the underlying ETF's fees and expenses.

PORTFOLIO TURNOVER RATES

Generally, securities will be purchased by the Portfolios, Master Funds and Underlying Funds with the expectation that they will be held for longer than one year. In addition, variations in turnover rates occur because securities are sold when, in the Advisor's judgment, the return will be increased as a result of portfolio transactions after taking into account the cost of trading.

DIRECTORS AND OFFICERS

Directors

Organization of the Board

discusses and recommends possible enhancements to the Portfolios' investment strategies, (iii) reviews proposals by the Advisor to modify or enhance the investment strategies or policies of each Portfolio, and (iv) considers issues relating to investment services for each Portfolio of the Fund. There were three Strategy Committee meetings held for each Fund during the fiscal year ended October 31, 2019.

Board Oversight of Risk Management

With respect to investment risk, the Board receives regular written reports describing and analyzing the investment performance of each Fund's portfolios. The Board discusses these reports and the portfolios' performance and investment risks with management of the Advisor at the Board's regular meetings. The Investment Committee of the Advisor meets regularly to discuss a variety of issues, including the impact that the investment in particular securities or instruments, such as derivatives, may have on the portfolios. To the extent that the Investment Committee of the Advisor decides to materially change an investment strategy or policy of a portfolio and such change could have a significant impact on the portfolio's risk profile, the Advisor will present such change to the Board for their approval.

Director Qualifications

While the Nominating Committee is solely responsible for the selection and recommendation to the Board of disinterested Board candidates, the Nominating Committee will consider nominees recommended by Qualifying Fund Shareholders if a vacancy occurs among Board members. A Qualifying Fund Shareholder is a shareholder, or group of shareholders, that: (i) owns of record, or beneficially through a financial intermediary, 5% or more of a Fund's outstanding shares, and (ii) has owned such shares for 12 months or more prior to submitting the recommendation to the Nominating Committee. Such recommendations shall be directed to the Secretary of a Fund at 6300 Bee Cave Road, Building One, Austin, Texas 78746. The Qualifying Fund Shareholder's letter should include: (i) the name and address of the Qualifying Fund Shareholder making the recommendation; (ii) the number of shares of each Portfolio of a Fund that are owned of record and beneficially by such Qualifying Fund Shareholder, and the length of time that such shares have been so owned by the Qualifying Fund Shareholder; (iii) a description of all arrangements and understandings between such Qualifying Fund Shareholder and any other person or persons (naming such person or persons) pursuant to which the recommendation is being made; (iv) the name and address of the nominee; and (v) the nominee's resume or curriculum vitae. The Qualifying Fund Shareholder's letter must be accompanied by a written consent of the individual to stand for election if nominated for the Board and to serve if elected by shareholders. The Nominating Committee also may seek such additional information about the nominee as the Nominating Committee considers appropriate, including information relating to such nominee that is required to be disclosed in solicitations or proxies for the election of Board members.

Disinterested Directors

					Other
				Portfolios	Directorships of
		Term of		within the	Public
		Office1 and		DFA Fund	Companies Held
Name, Address and		Length of		Complex2	During Past 5
Year of Birth	Position	Service	Principal Occupation During Past 5 Years	Overseen	Years
George M.	Director	DFAIDG –	Leo Melamed Professor of Finance, University of	129 portfolios in	None
Constantinides		Since 1983;	Chicago Booth School of Business (since 1978).	4 investment
University of		DIG – Since		companies
Chicago Booth		1993
School of Business
5807 S. Woodlawn
Avenue
Chicago, IL 60637
1947
Douglas W.	Director	DFAIDG –	Merton H. Miller Distinguished Service Professor of	129 portfolios in	None
Diamond		Since 2017;	Finance, University of Chicago Booth School of	4 investment
c/o Dimensional		DIG – Since	Business (since 1988). Visiting Scholar, Federal	companies
Fund Advisors LP		2017	Reserve Bank of Richmond (since 1990). Formerly,
6300 Bee Cave			Fischer Black Visiting Professor of Financial
Road, Building One			Economics, Alfred P. Sloan School of
Austin, TX 78746			Management, Massachusetts Institute of Technology
1953			(2015 to 2016).
1953
Darrell Duffie	Director	DFAIDG –	Dean Witter Distinguished Professor of Finance,	129 portfolios in	Formerly,
c/o Dimensional		Since March	Graduate School of Business, Stanford University	4 investment	Director, Moody's
Fund Advisors LP		2019	(since 1984).	companies	Corporation
6300 Bee Cave		DIG – Since			(financial
Road, Building One		March 2019			information and
Austin, TX 78746					information
					technology) (2008-
1954					April 2018).
Roger G. Ibbotson	Director	DFAIDG –	Professor in Practice Emeritus of Finance, Yale	129 portfolios in	None
Yale School of		Since 1981;	School of Management (since 1984). Chairman and	4 investment
Management		DIG – Since	Partner, Zebra Capital Management, LLC (hedge	companies
165 Whitney Avenue		1993	fund and asset manager) (since 2001). Formerly,
New Haven, CT			Consultant to Morningstar, Inc. (2006 - 2016).
06511
1943
Edward P. Lazear	Director	DFAIDG –	Distinguished Visiting Fellow, Becker Friedman	129 portfolios in	None
Stanford University		Since 2010;	Institute for Research in Economics, University of	4 investment
Graduate School of		DIG – Since	Chicago (since 2015). Morris Arnold Cox Senior	companies
Business		2010	Fellow, Hoover Institution (since 2002). Davies
Knight Management			Family Professor of Economics, Graduate School of
Center, E346			Business, Stanford University (since 1995).
Stanford, CA 94305			Cornerstone Research (expert testimony and
1948			economic and financial analysis) (since 2009).
1948
Myron S. Scholes	Director	DFAIDG –	Chief Investment Strategist, Janus Henderson	129 portfolios in	Formerly, Adviser,
c/o Dimensional		Since 1981;	Investors (since 2014). Frank E. Buck Professor of	4 investment	Kuapay, Inc.
Fund Advisors LP		DIG – Since	Finance, Emeritus, Graduate School of Business,	companies	(2013-2014).
6300 Bee Cave		1993	Stanford University (since 1981).		Formerly,
Road, Building One					Director,
Austin, TX 78746					American Century
					Fund Complex
1941					(registered
					investment
					companies) (43
					Portfolios) (1980-
					2014).

					Other
				Portfolios	Directorships of
		Term of		within the	Public
		Office1 and		DFA Fund	Companies Held
Name, Address and		Length of		Complex2	During Past 5
Year of Birth	Position	Service	Principal Occupation During Past 5 Years	Overseen	Years
Abbie J. Smith	Director	DFAIDG –	Boris and Irene Stern Distinguished Service	129 portfolios in	Director, (since
University of		Since 2000;	Professor of Accounting and James S. Ely, III	4 investment	2000) and
Chicago Booth		DIG – Since	Faculty Fellow, University of Chicago Booth School	companies	formerly, Lead
School of Business		2000	of Business (since 1980).		Director (2014 -
5807 S. Woodlawn					2017), HNI
Avenue					Corporation
Chicago, IL 60637					(office furniture);
					Director, Ryder
1953					System Inc.
					(transportation,
					logistics and
					supply-chain
					management)
					(since 2003); and
					Trustee, UBS
					Funds (3
					investment
					companies within
					the fund complex)
					(19 portfolios)
					(since 2009).
Ingrid M. Werner	Director	DFAIDG –	Martin and Andrew Murrer Professor of Finance,	129 portfolios in	Director, Fourth
c/o Dimensional		Since March	Fisher College of Business, The Ohio State	4 investment	Swedish AP Fund
Fund Advisors LP		2019	University (since 1998). Adjunct Member, the Prize	companies	(pension fund
6300 Bee Cave		DIG – Since	Committee for the Swedish Riksbank Prize in		asset
Road, Building One		March 2019	Economic Sciences in Memory of Alfred Nobel		management)
Austin, TX 78746			(annual award for significant scientific research		(since 2017).
			contribution) (since January 2018). President,
1961			Western Finance Association (global association of
			academic researchers and practitioners in finance)
			(since June 2018). Director, American Finance
			Association (global association of academic
			researchers and practitioners in finance) (since
			January 2019). Member, Economic Advisory
			Committee, FINRA (since 2017). Chairman,
			Scientific Advisory Board, Swedish House of
			Finance (institute supporting academic research in
			finance) (since 2014). Member, Scientific Board,
			Danish Finance Institute (institute supporting
			academic research in finance) (since 2017). Member,
			Academic Board, Mistra Financial Systems
			(organization funding academic research on
			environment, governance and climate/sustainability
			in finance) (since 2016). Fellow, Center for
			Analytical Finance (academic research) (since
			2015). Associate Editor, Journal of Finance (since
			2016).

Interested Director

The following interested Director is described as such because he is deemed to be an "interested person," as that term is defined under the 1940 Act, due to his position with the Advisor.

				Portfolios
		Term of		within the	Other Directorships
Name, Address		Office1 and		DFA Fund	of Public Companies
and Year of		Length of		Complex2	Held During Past 5
Birth	Position	Service	Principal Occupation During Past 5 Years	Overseen	Years
David G. Booth	Chairman	DFAIDG –	Chairman, Director/Trustee, and formerly, President	129 portfolios	None
6300 Bee Cave	and Director	Since 1981;	and Co-Chief Executive Officer (each until March	in 4 investment
Road, Building		DIG – Since	2017) of Dimensional Emerging Markets Value Fund	companies
One		1992	("DEM"), DFAIDG, Dimensional Investment Group
Austin, TX			Inc. ("DIG") and The DFA Investment Trust
78746			Company ("DFAITC"). Executive Chairman, and
			formerly, President and Co-Chief Executive Officer
1946			(each until February 2017) of Dimensional Holdings
			Inc., Dimensional Fund Advisors LP, Dimensional
			Investment LLC and DFA Securities LLC
			(collectively with DEM, DFAIDG, DIG and
			DFAITC, the "DFA Entities"). Formerly, Chairman
			and Director (2009-2018) and Co-Chief Executive
			Officer (2010 – June 2017) of Dimensional Fund
			Advisors Canada ULC. Trustee, University of
			Chicago (since 2002). Trustee, University of Kansas
			Endowment Association (since 2005). Member of
			Hoover Institution Board (since September 2019).
			Formerly, Director of Dimensional Fund Advisors
			Ltd. (2002 – July 2017), DFA Australia Limited
			(1994 – July 2017), Dimensional Advisors Ltd. (2012
			– July 2017), Dimensional Funds plc (2006 – July
			2017) and Dimensional Funds II plc (2006 – July
			2017). Formerly, Director and President of
			Dimensional Japan Ltd. (2012 – April 2017).
			Formerly, President, Dimensional SmartNest (US)
			LLC (2009-2014); and Limited Partner, VSC
			Investors, LLC (2007-2015). Formerly, Chairman,
			Director, President and Co-Chief Executive Officer of
			Dimensional Cayman Commodity Fund I Ltd. (2010-
			September 2017).

1Each Director holds office for an indefinite term until his or her successor is elected and qualified.

		Aggregate Dollar Range of Shares Owned
		in All Funds Overseen by Director in
Name	Dollar Range of Fund Shares Owned	Family of Investment Companies
Disinterested Directors:
George M. Constantinides	None	None Directly; Over $100,000 in Simulated
		Funds*
Douglas W. Diamond	None	None Directly; Over $100,000 in Simulated
		Funds*
Darrell Duffie	None	None
Roger G. Ibbotson	International Core Equity Portfolio– Over $100,000	Over $100,000; Over $100,000 in Simulated
	Emerging Markets Value Portfolio– Over $100,000	Funds*
	Emerging Markets Small Cap Portfolio– Over $100,000
Edward P. Lazear	None	None Directly; Over $100,000 in Simulated
		Funds*

		Aggregate Dollar Range of Shares Owned
		in All Funds Overseen by Director in
Name	Dollar Range of Fund Shares Owned	Family of Investment Companies
Myron S. Scholes	None	Over $100,000; Over $100,000 in Simulated
		Funds*
Abbie J. Smith	None	None Directly; Over $100,000 in Simulated
		Funds*
Ingrid M. Werner	None	None
Interested Director:

David G. Booth	None	Over $100,000

							Total
							Compensation
							from the
							Funds
			Aggregate		Pension or	Estimated	and DFA
	Aggregate		Aggregate		Retirement	Annual	Fund
	Aggregate		Compensation		Benefits as	Benefits	Complex Paid
	Compensation			from	Part of	upon	to
Name and Position	from DFAIDG*			DIG*	Expenses	Retirement	Directors†
George M. Constantinides .		$252,912	$24,499		N/A	N/A	$350,000
Director
Douglas W. Diamond ........	$252,912		$24,499		N/A	N/A	$350,000
Director
Darrell Duffie ....................	$154,126		$14,895		N/A	N/A	$212,877
Director
Roger G. Ibbotson..............	$271,000		$26,250		N/A	N/A	$375,000
Director
Edward P. Lazear...............	$252,912		$24,499		N/A	N/A	$350,000
Director
Myron S. Scholes...............	$343,349		$33,254		N/A	N/A	$475,000
Lead Disinterested
Director
Abbie J. Smith ...................	$252,912		$24,499		N/A	N/A	$350,000
Director
Ingrid M. Werner...............	$175,916		$16,999		N/A	N/A	$242,877
Director
Christopher S. Crossan ......	$312,497		$30,251		N/A	N/A	N/A
Chief Compliance
Officer

Officers

		Term of
		Office1
		and
Name and Year of		Length of
Birth	Position	Service		Principal Occupation During Past 5 Years
Valerie A. Brown	Vice President and	Since	Vice President and Assistant Secretary of
1967	Assistant Secretary	2001	•	all the DFA Entities (since 2001)
			•	DFA Australia Limited (since 2002)
			•	Dimensional Fund Advisors Ltd. (since 2002)
			•	Dimensional Cayman Commodity Fund I Ltd. (since 2010)
			•	Dimensional Fund Advisors Pte. Ltd. (since 2012)
			•	Dimensional Hong Kong Limited (since 2012)
			Director, Vice President and Assistant Secretary (since 2003) of
			•	Dimensional Fund Advisors Canada ULC
Ryan P. Buechner	Vice President and	Since	Vice President and Assistant Secretary of
1982	Assistant Secretary	September	•	DFAIDG, DIG, DFAITC and DEM (since September 2019)
		2019	Vice President (since January 2018) of
			Vice President (since January 2018) of
			•	Dimensional Holdings Inc.
			•	Dimensional Fund Advisors LP
			•	Dimensional Investment LLC
			•	DFA Securities LLC
David P. Butler	Co-Chief Executive	Since	Co-Chief Executive Officer (since 2017) of
1964	Officer	2017	•	all the DFA entities
			Director (since 2017) of
			•	Dimensional Holdings Inc.
			•	Dimensional Fund Advisors Canada ULC
			•	Dimensional Japan Ltd.
			•	Dimensional Advisors Ltd.
			•	Dimensional Fund Advisors Ltd.
			•	DFA Australia Limited
			Director and Co-Chief Executive Officer (since 2017) of
			•	Dimensional Cayman Commodity Fund I Ltd.
			Head of Global Financial Advisor Services (since 2007) for
			•	Dimensional Fund Advisors LP

		Term of
		Office1
		and
Name and Year of		Length of
Birth	Position	Service		Principal Occupation During Past 5 Years
			Formerly, Vice President (2007 – 2017) of
			•	all the DFA Entities
Stephen A. Clark	Executive Vice	Since	Executive Vice President (since 2017) of
1972	President	2017	•	all the DFA entities
			Director and Vice President (since 2016) of
			•	Dimensional Japan Ltd.
			President and Director (since 2016) of
			•	Dimensional Fund Advisors Canada ULC
			Vice President (since 2008) and Director (since 2016) of
			•	DFA Australia Limited
			Director (since 2016) of
			•	Dimensional Advisors Ltd.
			•	Dimensional Fund Advisors Pte. Ltd.
			•	Dimensional Hong Kong Limited
			Interim Chief Executive Officer (since 2019) of
			•	Dimensional Fund Advisors Pte. Ltd.
			Formerly, Vice President (2004 – 2017) of
			•	all the DFA Entities
			Formerly, Vice President (2010 – 2016) of
			•	Dimensional Fund Advisors Canada ULC
			Formerly, Vice President (2016-2019) of
			•	Dimensional Fund Advisors Pte. Ltd.
			Formerly, Head of Institutional, North America (2012 – 2013) and Head of
			Global Institutional Services (2014-2018) for
			•	Dimensional Fund Advisors LP
Christopher S.	Vice President and	Since	Vice President and Global Chief Compliance Officer (since 2004) of
Crossan	Global Chief	2004	•	all the DFA Entities
1965	Compliance Officer		•	DFA Australia Limited
			•	DFA Australia Limited
			•	Dimensional Fund Advisors Ltd.
			Chief Compliance Officer (since 2006) and Chief Privacy Officer (since
			2015) of
			•	Dimensional Fund Advisors Canada ULC
			Chief Compliance Officer of
			•	Dimensional Fund Advisors Pte. Ltd. (since 2012)
			•	Dimensional Japan Ltd. (since 2017)
			Formerly, Vice President and Global Chief Compliance Officer (2010 – 2014)
			for
			•	Dimensional SmartNest (US) LLC
Lisa M. Dallmer	Vice President,	Since	Executive Vice President (since January 2020)
1972	Chief Financial	March	•	Dimensional Holdings Inc.
	Officer, and	2020	•	Dimensional Fund Advisors LP
	Treasurer		•	Dimensional Investment LLC
			•	Dimensional Investment LLC
			•	DFA Securities LLC
			Chief Operating Officer (since December 2019)
			•	Dimensional Holdings Inc.
			•	Dimensional Fund Advisors LP
			•	Dimensional Investment LLC
			•	DFA Securities LLC
			Formerly, Senior Vice President, Business Operations (March 2019 – October
			2019) at
			•	Delphix Inc.

		Term of
		Office1
		and
Name and Year of		Length of
Birth	Position	Service		Principal Occupation During Past 5 Years
			Formerly, Chief Operating Officer Global Technology & Operations,
			Managing Director (2014 – 2018) of
			•	Blackrock Inc.

Jeff J. Jeon	Vice President	Since	Vice President (since 2004) and Assistant Secretary (2017-2019) of
1973		2004	•	all the DFA Entities
			Vice President and Assistant Secretary (since 2010) of
			•	Dimensional Cayman Commodity Fund I Ltd.
Joy Lopez	Vice President and	Vice	Vice President (since 2015) of
1971	Assistant Treasurer	President	•	all the DFA Entities
		since 2015	Assistant Treasurer (since 2017) of
		and	Assistant Treasurer (since 2017) of
		and	•	the DFA Fund Complex
		Assistant	•	the DFA Fund Complex
		Assistant
		Treasurer
		since 2017 Formerly, Senior Tax Manager (2013 – 2015) for
			•	Dimensional Fund Advisors LP
Kenneth M. Manell	Vice President	Since	Vice President (since 2010) of
1972		2010	•	all the DFA Entities
			•	Dimensional Cayman Commodity Fund I Ltd.
Catherine L. Newell	President and	President	President (since 2017) of
1964	General Counsel	since 2017	•	the DFA Fund Complex
		and	General Counsel (since 2001) of
		General	General Counsel (since 2001) of
		General	•	all the DFA Entities
		Counsel	•	all the DFA Entities
		Counsel	Executive Vice President (since 2017) and Secretary (since 2000) of
		since 2001
			•	Dimensional Fund Advisors LP
			•	Dimensional Holdings Inc.
			•	DFA Securities LLC
			•	Dimensional Investment LLC

Director (since 2002), Vice President (since 1997) and Secretary (since 2002) of

•DFA Australia Limited

•Dimensional Fund Advisors Ltd. Vice President and Secretary of

•Dimensional Fund Advisors Canada ULC (since 2003)

•Dimensional Cayman Commodity Fund I Ltd. (since 2010)

•Dimensional Japan Ltd. (since 2012)

•Dimensional Advisors Ltd (since 2012)

•Dimensional Fund Advisors Pte. Ltd. (since 2012)

Director of

•Dimensional Funds plc (since 2002)

•Dimensional Funds II plc (since 2006)

•Director of Dimensional Japan Ltd. (since 2012)

•Dimensional Advisors Ltd. (since 2012)

•Dimensional Fund Advisors Pte. Ltd. (since 2012)

•Dimensional Hong Kong Limited (since 2012)

•Dimensional Ireland Limited (since 2019)

Formerly, Vice President and Secretary (2010 – 2014) of

•Dimensional SmartNest (US) LLC

Formerly, Vice President (1997 – 2017) and Secretary (2000 – 2017) of

•the DFA Fund Complex

Formerly, Vice President of

•Dimensional Fund Advisors LP (1997 – 2017)

•Dimensional Holdings Inc. (2006 – 2017)

•DFA Securities LLC (1997 – 2017)

		Term of
		Office1
		and
Name and Year of		Length of
Birth	Position	Service		Principal Occupation During Past 5 Years
			•	Dimensional Investment LLC (2009 – 2017)
Selwyn Notelovitz	Vice President and	Since	Vice President and Deputy Chief Compliance Officer of
1961	Deputy Chief	2013	•	the DFA Fund Complex (since 2013)
	Compliance Officer		•	Dimensional Fund Advisors LP (since 2012)
			•	Dimensional Fund Advisors LP (since 2012)
Carolyn L. O	Vice President and	Vice	Vice President (since 2010) and Secretary (since 2017) of
1974	Secretary	President	•	the DFA Fund Complex
		since 2010	Vice President (since 2010) and Assistant Secretary (since 2016) of
		and
		and	•	Dimensional Fund Advisors LP
		Secretary	•	Dimensional Fund Advisors LP
		Secretary	•	Dimensional Holdings Inc.
		since 2017	•	Dimensional Holdings Inc.
			•	Dimensional Investment LLC
			Vice President of
			•	DFA Securities LLC (since 2010)
			•	Dimensional Cayman Commodity Fund I Ltd. (since 2010)
			•	Dimensional Fund Advisors Canada ULC (since 2016)
Gerard K. O'Reilly	Co-Chief Executive	Co-Chief	Co-Chief Executive Officer and Chief Investment Officer (since 2017) of
1976	Officer and Chief	Executive	•	all the DFA Entities
	Investment Officer	Officer	•	Dimensional Fund Advisors Canada ULC
		and Chief	•	Dimensional Fund Advisors Canada ULC
		and Chief	Director, Chief Investment Officer and Vice President (since 2017) of
		Investment
		Investment	•	DFA Australia Limited
		Officer	•	DFA Australia Limited
		since 2017	Chief Investment Officer (since 2017) and Vice President (since 2016) of
			•	Dimensional Japan Ltd.
			Director, Co-Chief Executive Officer and Chief Investment Officer (since
			2017) of
			•	Dimensional Cayman Commodity Fund I Ltd.
			Director of
			•	Dimensional Funds plc (since 2014)
			•	Dimensional Fund II plc (since 2014)
			•	Dimensional Holdings Inc. (since 2017)
			•	Dimensional Ireland Limited (since 2019)
			Formerly, Co-Chief Investment Officer of
			•	Dimensional Japan Ltd. (2016 – 2017)
			•	DFA Australia Limited (2014 – 2017)
			Formerly, Executive Vice President (2017) and Co-Chief Investment Officer
			(2014 – 2017) of
			•	all the DFA Entities
			Formerly, Vice President (2007 – 2017) of
			•	all the DFA Entities
			Formerly, Vice President and Co-Chief Investment Officer (2014 – 2017) of
			•	Dimensional Fund Advisors Canada ULC
			Formerly, Director (2017-2018) of
			•	Dimensional Fund Advisors Pte. Ltd.
James J. Taylor	Vice President and	Since	Vice President (since 2016)
1983	Assistant Treasurer	March	•	Dimensional Holdings Inc.
		2020	•	Dimensional Fund Advisors LP
			•	Dimensional Investment LLC
			•	DFA Securities LLC
			Formerly, Accounting Manager (2015 – 2016)
			•	Dimensional Fund Advisors LP

1Each officer holds office for an indefinite term at the pleasure of the Boards of Directors and until his or her successor is elected and qualified.

As of January 31, 2020, the Directors and officers as a group owned less than 1% of the outstanding stock of each Portfolio described in this SAI.

SERVICES TO THE FUNDS

Administrative Services

State Street Bank and Trust Company ("State Street"), 1 Lincoln Street, Boston, MA 02111, serves as the accounting and administration services, dividend disbursing and transfer agent for all of the Portfolios, Underlying Funds and Master Funds. The services provided by State Street and/or its delegates are subject to supervision by the executive officers and the Boards of Directors of the Funds, and include day-to-day keeping and maintenance of certain records, calculation of the offering price of the shares, preparation of reports, liaison with its custodians, and transfer and dividend disbursing agency services. For the administrative and accounting services provided by State Street, the non-Feeder Portfolios (except the Global Small Company Portfolio, International Small Company Portfolio, World ex U.S. Value Portfolio, World Core Equity Portfolio and Selectively Hedged Global Equity Portfolio, and, with respect to their investments in their Underlying Funds, the Global Small Company Portfolio and DFA Global Real Estate Securities Portfolio), the Feeder Portfolios' Master Funds and the Underlying Funds pay State Street annual fees that are calculated daily and paid monthly according to a fee schedule based on the applicable aggregate average net assets of the Fund Complex, which includes four registered investment companies. The fee schedule is set forth in the table below:

Net Asset Value of the Fund Complex (Excluding Fund of		Annual Basis Point Rate
Funds)

$0 - $100 Billion		0.47

Over $100	Billion - $200 Billion	0.35

Over $200	Billion - $300 Billion	0.25

Over $300	Billion	0.19

The fees charged to a non-Feeder Portfolio, a Master Fund or an Underlying Fund under the fee schedule are allocated to each such non-Feeder Portfolio, Master Fund or Underlying Fund based on the non-Feeder Portfolio's, Master Fund's or Underlying Fund's pro-rata portion of the aggregate average net assets of the Fund Complex.

Custodians

Citibank, N.A., 111 Wall Street, New York, NY, 10005, serves as the custodian for the following Portfolios and Master Funds: Large Cap International Portfolio, The DFA International Value Series, Global Small Company Portfolio, The Japanese Small Company Series, The Asia Pacific Small Company Series, The United Kingdom Small Company Series, The Continental Small Company Series, The Canadian Small Company Series, DFA International Small Cap Value Portfolio, International Core Equity Portfolio, DFA International Real Estate Securities Portfolio, DFA Global Real Estate Securities Portfolio, International Vector Equity Portfolio, International High Relative Profitability Portfolio, World ex U.S. Value Portfolio, World ex U.S. Core Equity Portfolio, Selectively Hedged Global Equity Portfolio, The Emerging Markets Series, Emerging Markets Targeted Value Portfolio, The Emerging Markets Small Cap Series, Emerging Markets Core Equity Portfolio and Dimensional Emerging Markets Value Fund.

State Street Bank and Trust Company, 1 Lincoln Street, Boston, MA 02111, serves as the custodian for International Small Company Portfolio, World Core Equity Portfolio, and the Feeder Portfolios.

Distributor

Legal Counsel

Stradley Ronon Stevens & Young, LLP serves as legal counsel to the Funds. Its address is 2600 One Commerce Square, Philadelphia, PA 19103-7098.

Independent Registered Public Accounting Firm

Investment Management

Dimensional Fund Advisors LP, located at 6300 Bee Cave Road, Building One, Austin, TX 78746, serves as investment advisor to the Portfolios and the Master Funds. Pursuant to an Investment Management Agreement with each Portfolio and Master Fund, the Advisor is responsible for the management of their respective assets. With respect to an Investment Management Agreement with each Feeder Portfolio, the Advisor manages the portion of each Feeder Portfolio's assets that are retained by the Feeder Portfolio for direct investment and, at its discretion, may make a determination to withdraw a Feeder Portfolio's investment from its corresponding Master Fund to invest in another Master Fund or manage all the Feeder Portfolio's assets directly if the Advisor believes it is in the best interests of the Feeder Portfolio and its shareholders to do so.

Pursuant to Sub-Advisory Agreements with the Advisor, DFA Australia Limited ("DFA Australia"), Level 43 Gateway, 1 Macquarie Place, Sydney, New South Wales 2000, Australia, has the authority and responsibility to select brokers and dealers to execute securities transactions for Global Small Company Portfolio, Japanese Small Company Series, Asia Pacific Small Company Series, International Core Equity Portfolio, DFA International Real Estate Securities Portfolio, DFA Global Real Estate Securities Portfolio, International Vector Equity Portfolio, International High Relative Profitability Portfolio, Large Cap International Portfolio, The International Value Series, DFA International Small Cap Value Portfolio, World ex U.S. Value Portfolio, World ex U.S. Core Equity Portfolio, World Core Equity Portfolio, Selectively Hedged Global Equity Portfolio, The Emerging Markets Series, Dimensional Emerging Markets Value Fund, Emerging Markets Targeted Value Portfolio, The Emerging Markets Small Cap Series and Emerging Markets Core Equity Portfolio, (each a "DFA Australia Sub-Advised Fund"). DFA Australia's duties include the maintenance of a trading desk for each DFA Australia Sub-Advised Fund and the determination of the best and most efficient means of executing securities transactions. On at least a semi-annual basis, the Advisor reviews the holdings of each DFA Australia Sub-Advised Fund, and reviews the trading process

and the execution of securities transactions. The Advisor is responsible for determining those securities which are eligible for purchase and sale by a DFA Australia Sub-Advised Fund and may delegate this task, subject to its own review, to DFA Australia. DFA Australia maintains and furnishes to the Advisor information and reports on securities of international companies, including its recommendations of securities to be added to the securities that are eligible for purchase by a DFA Australia Sub-Advised Fund as well as making recommendations and elections on corporate actions. In rendering investment management services to the Advisor with respect to each DFA Australia Sub-Advised Fund, DFA Australia expects to use the resources of certain participating affiliates of DFA Australia. Such participating affiliates are providing such services to DFA Australia pursuant to conditions provided in no-action relief granted by the staff of the SEC allowing registered investment advisers to use portfolio management, research and trading resources of advisory affiliates subject to the supervision of a registered adviser.

Pursuant to Sub-Advisory Agreements with the Advisor, Dimensional Fund Advisors Ltd. (" DFAL"), 20 Triton Street, Regent's Place, London, NW13BF, United Kingdom, a company that is organized under the laws of England, has the authority and responsibility to select brokers or dealers to execute securities transactions for Global Small Company Portfolio, United Kingdom Small Company Series, Continental Small Company Series, International Core Equity Portfolio, DFA International Real Estate Securities Portfolio, DFA Global Real Estate Securities Portfolio, International Vector Equity Portfolio, International High Relative Profitability Portfolio, Large Cap International Portfolio, The International Value Series, DFA International Small Cap Value Portfolio, World ex U.S. Value Portfolio, World ex U.S. Core Equity Portfolio, World Core Equity Portfolio, Selectively Hedged Global Equity Portfolio, The Emerging Markets Series, Dimensional Emerging Markets Value Fund, Emerging Markets Targeted Value Portfolio, The Emerging Markets Small Cap Series and Emerging Markets Core Equity Portfolio (each a "DFAL Sub-Advised Fund"). DFAL's duties include the maintenance of a trading desk for each DFAL Sub- Advised Fund and the determination of the best and most efficient means of executing securities transactions. On at least a semi-annual basis, the Advisor reviews the holdings of each DFAL Sub-Advised Fund and reviews the trading process and the execution of securities transactions. The Advisor is responsible for determining those securities which are eligible for purchase and sale by each DFAL Sub-Advised Fund and may delegate this task, subject to its own review, to DFAL. DFAL maintains and furnishes to the Advisor information and reports on securities of United Kingdom and European equity market companies, including its recommendations of securities to be added to the securities that are eligible for purchase by each DFAL Sub-Advised Fund as well as making recommendations and elections on corporate actions.

Payments by the Advisor to Certain Third Parties Not Affiliated with the Advisor

Training and Education Related Benefits Provided by the Advisor

Consultation Referral Fees Paid by the Advisor

Payments to Intermediaries by the Advisor

Data Services Purchased by the Advisor

MANAGEMENT FEES

David G. Booth, as a director and officer of the Advisor and shareholder of the Advisor's general partner, and Rex A. Sinquefield, as a shareholder of the Advisor's general partner, acting together, could be deemed controlling persons of the Advisor. Mr. Booth also serves as Director and officer of the Funds. For the services it provides as investment advisor to each Portfolio (and, with respect to each Feeder Portfolio, its corresponding Master Fund), the Advisor is paid a monthly fee calculated as a percentage of average net assets of the Portfolio (and, with respect to each Feeder Portfolio, its corresponding Master Fund). Each class of each Portfolio pays its proportionate share of the fees paid by the Portfolio to the Advisor based on the average net assets of the classes.

For the fiscal years ended October 31, 2019, October 31, 2018 and October 31, 2017, the Portfolios and Master Funds paid management fees to the Advisor (and any sub-advisor) as set forth in the following table (the dollar amount is shown prior to any fee waivers or recoupments by the Advisor):

		FISCAL	FISCAL		FISCAL
		YEAR	YEAR		YEAR
		ENDED	ENDED		ENDED
		2019	2018		2017
		(000)	(000)		(000)
Large Cap International Portfolio (a)..........................................	$	10,011	$ 9,77818	$	8,83836
DFA International Value Portfolio* (b)......................................	$	60,7551	$ 66,79919	$	56,68437
International Core Equity Portfolio (c) .......................................	$	76,8402	$76,16320	$	61,39938
Global Small Company Portfolio (d) ..........................................	$	1583	$ 11421	$	3739
International Small Company Portfolio (e).................................	$	49,136	$ 56,043	$	47,621
Japanese Small Company Portfolio* (f) .....................................	$	6,4424	$ 7,64222	$	6,23340
Asia Pacific Small Company Portfolio* (f) ................................	$	3,3955	$3,74523	$	3,04741
United Kingdom Small Company Portfolio* (f).........................	$	2,3726	$2,59024	$	2,22842
Continental Small Company Portfolio* (f) .................................	$	8,4857	$9,66625	$	7,05143
DFA International Real Estate Securities Portfolio (g)...............	$	14,237	$ 14,397	$	11,824
DFA Global Real Estate Securities Portfolio (h) ........................	$	16,5008	$14,46726	$	11,35144
DFA International Small Cap Value Portfolio............................	$	85,361	$ 103,208	$	94,441
International Vector Equity Portfolio (g)....................................	$	11,152	$ 11,845	$	9,791
International High Relative Profitability Portfolio (i).................	$	1,1139	$ 45827	$	60⁴⁵
World ex U.S. Value Portfolio (j) ...............................................	$	1,26610	$1,17028	$	1,00046
World ex U.S. Core Equity Portfolio (k) ....................................	$	11,00911	$10,22229	$	7,48347
World Core Equity Portfolio (l) ..................................................	$	2,45212	$2,15330	$	1,34148
Selectively Hedged Global Equity Portfolio (m) ........................	$	1,20613	$1,26031	$	1,03049
Emerging Markets Portfolio* (n) ................................................	$	30,16914	$32,08032	$	30,89150
Emerging Markets Value Portfolio* (b)......................................	$	104,83615	$114,69433	$	107,31751
Emerging Markets Targeted Value Portfolio (o) ........................	$	72316	N/A		N/A
Emerging Markets Small Cap Portfolio* (b) ..............................	$	56,35317	$63,45034	$	53,67352
Emerging Markets Core Equity Portfolio (c)..............................	$	129,817	$134,05335	$	109,40953

*The fees set forth in the table above include the fees paid to the Advisor by both the Feeder Portfolio and its corresponding Master Fund for investment management services.

1$42,423 after waiver

2$74,780 after waiver

3$5 after waiver

4$5,859 after waiver

5$3,049 after waiver

6$2,301 after waiver

7$7,861 after waiver

8$7,600 after waiver

9$1,160 after recoupment of fees previously waived

10$686 after waiver

11$11,018 after recoupment of fees previously waived

12$240 after waiver

13$155 after waiver

14$24,380 after waiver

15$87,402 after waiver

16$619 after waiver

17$43,094 after waiver

18$9,818 after recoupment of fees previously waived

19$46,477 after waiver

20$76,906 after recoupment of fees previously waived

21$10 after waiver

22$6,960 after waiver

23$3,381 after waiver

24$2,547 after waiver

25$8,944 after waiver

26$6,461 after waiver

27$448 after waiver

28$627 after waiver

29$11,139 after recoupment of fees previously waived

30$468 after waiver

31$162 after waiver

32$25,926 after waiver

33$95,611 after waiver

34$48,520 after waiver

35$135,310 after recoupment of fees previously waived

36$8,798 after waiver

37$39,551 after waiver

38$58,807 after waiver

39$0 after waiver

40$5,675 after waiver

41$2,768 after waiver

42$2,176 after waiver

43$6,626 after waiver

44$4,070 after waiver

45$0 after waiver

46$520 after waiver

47$7,427 after waiver

48$239 after waiver

49$118 after waiver

50$25,214 after waiver

51$89,461 after waiver

52$41,056 after waiver

53$108,152 after waiver

(a)Effective January 1, 2017, pursuant to an Amended and Restated Fee Waiver and/or Expense Assumption Agreement for the Large Cap International Portfolio, the Advisor has contractually agreed to waive all or a portion of its management fee and assume the ordinary operating expenses of a class of the Portfolio (excluding the expenses that the Portfolio incurs indirectly through its investment in other investment companies) ("Portfolio Expenses") to the extent necessary to limit the Portfolio Expenses of a class of the Portfolio, on an annualized basis, to 0.24% of the Portfolio's average net assets ("Expense Limitation Amount"). At any time that the Portfolio Expenses of a class of the Portfolio are less than the applicable Expense Limitation Amount for such class of shares of the Portfolio, the Advisor retains the right to recover any fees previously waived and/or expenses previously assumed to the extent that such recovery will not cause the annualized Portfolio Expenses for such class of shares of the Portfolio to exceed the Expense Limitation Amount. The Portfolio is not obligated to reimburse the Advisor for fees previously waived or expenses previously assumed by the Advisor more than thirty-six months before the date of such reimbursement. Prior year waived fees and/or assumed expenses can be recaptured only if the expense ratio following such recapture would be less than the

expense cap that was in place when such prior year fees were waived and/or expenses assumed, and less than the current expense cap in place for the Portfolio. The Amended and Restated Fee Waiver and/or Expense Assumption Agreement for the Portfolio will remain in effect through February 28, 2021, and may only be terminated by the Fund's Board of Directors prior to that date. The Amended and Restated Fee Waiver and/or Expense Assumption Agreement shall continue in effect from year to year thereafter unless terminated by the Fund or the Advisor.

Portfolio	Total Management Fee Limit
DFA International Value Portfolio	0.35%
Emerging Markets Value Portfolio	0.45%
Emerging Markets Small Cap Portfolio	0.60%

The Fee Waiver Agreement will remain in effect permanently, unless terminated by the Fund.

Prior to February 28, 2020, the Advisor had contractually agreed to permanently waive all or a portion of the management fee of each Portfolio to the extent necessary to limit the Total Management Fees to the rate listed below as a percentage of the average net assets of a class of a Portfolio on an annualized basis.

Portfolio	Total Management Fee Limit
DFA International Value Portfolio	0.40%
Emerging Markets Value Portfolio	0.50%
Emerging Markets Small Cap Portfolio	0.65%

(c)Effective January 1, 2017, pursuant to the Amended and Restated Fee Waiver and/or Expense Assumption Agreement for each of these Portfolios, the Advisor has contractually agreed to waive all or a portion of its management fee and assume the ordinary operating expenses of a class of each Portfolio (excluding the expenses that the Portfolio incurs indirectly through its investment in other investment companies) ("Portfolio Expenses") to the extent necessary to limit the Portfolio Expenses of a class of each Portfolio, on an annualized basis, to the rates listed below as a percentage of a class of the respective Portfolio's average net assets ("Expense Limitation Amount"):

Portfolio	Expense Limitation Amount
International Core Equity Portfolio	0.30%
Emerging Markets Core Equity Portfolio	0.54%

At any time that the Portfolio Expenses of a class of a Portfolio are less than the applicable Expense Limitation Amount for such class of shares of the Portfolio, the Advisor retains the right to recover any fees previously waived and/or expenses previously assumed to the extent that such recovery will not cause the annualized Portfolio Expenses for such class of shares of the Portfolio to exceed the Expense Limitation Amount. A Portfolio is not obligated to reimburse the Advisor for fees previously waived or expenses previously assumed by the Advisor more than thirty-six months before the date of such reimbursement. Prior year waived fees and/or assumed expenses can be recaptured only if the expense ratio following such recapture would be less than the expense cap that was in place when such prior year fees were waived and/or expenses assumed, and less than the current expense cap in place for a Portfolio. The Amended and Restated Fee Waiver and/or Expense Assumption Agreement described above will remain in effect through February 28, 2021, and may only be terminated by the Fund's Board of Directors prior to that date. The Amended and Restated Fee Waiver and/or Expense Assumption Agreement shall continue in effect from year to year thereafter unless terminated

by the Fund or the Advisor. Prior to January 1, 2017, the Advisor had contractually agreed to limit the Portfolio Expenses of a Portfolio, on an annualized basis, to the Expense Limitation Amount listed below.

Portfolio	Expense Limitation Amount
International Core Equity Portfolio	0.49%
Emerging Markets Core Equity Portfolio	0.85%

(d)The Global Small Company Portfolio commenced operations on January 18, 2017. Each of the Underlying Funds in which the Portfolio invests its assets has more than one Portfolio that invests in such Underlying Fund (which are also included elsewhere in this table). The dollar amount represents the total dollar amount of management fees attributable to this Portfolio paid by each Underlying Fund to the Advisor. Effective February 28, 2020, pursuant to an Amended and Restated Fee Waiver and Expense Assumption Agreement (the "Fee Waiver Agreement") for the Portfolio, the Advisor has contractually agreed to waive all or a portion of its management fee and to assume the ordinary operating expenses of the Institutional Class of the Portfolio (including the expenses that the Portfolio bears as a shareholder of other funds managed by the Advisor, excluding money market funds, but excluding the expenses that the Portfolio incurs indirectly through its investment in unaffiliated investment companies) ("Portfolio Expenses") to the extent necessary to limit the Portfolio Expenses of a class of the Portfolio to 0.47% of the average net assets of the Institutional Class of the Portfolio on an annualized basis (the "Expense Limitation Amount"). The Fee Waiver Agreement for the Portfolio will remain in effect through February 28, 2021, and may only be terminated by the Fund's Board of Directors prior to that date. The Fee Waiver Agreement shall continue in effect from year to year thereafter unless terminated by the Fund or the Advisor. At any time that the Portfolio Expenses of the Institutional Class of the Portfolio are less than the Expense Limitation Amount, the Advisor retains the right to recover any fees previously waived and/or expenses previously assumed to the extent that such recovery will not cause the annualized Portfolio Expenses of the Institutional Class shares of the Portfolio to exceed the Expense Limitation Amount. The Portfolio will not reimburse the Advisor for fees previously waived and/or expenses previously assumed by the Advisor more than thirty-six months before the date of such reimbursement. Prior year waived fees and/or assumed expenses can be recaptured only if the expense ratio following such recapture would be less than the expense cap that was in place when such prior year fees were waived and/or expenses assumed, and less than the current expense cap in place for the Portfolio. Prior to February 28, 2020, the Advisor had contractually agreed to limit the Portfolio Expenses of the Portfolio to 0.49% of the average net assets of the Institutional Class of the Portfolio on an annualized basis.

(e)Each of the Underlying Funds in which the Portfolio may invest its assets has more than one Portfolio that invests in such Underlying Fund (which are also included elsewhere in this table). The dollar amount represents the total dollar amount of management fees attributable to this Portfolio paid by each Underlying Fund to the Advisor. In addition, pursuant to the Amended and Restated Fee Waiver and/or Expense Assumption Agreement for the International Small Company Portfolio, the Advisor has contractually agreed to waive all or a portion of its management fee and to assume the other direct expenses of a class of the Portfolio (excluding expenses incurred through its investment in other investment companies) ("Portfolio Expenses") to the extent necessary to limit the Portfolio Expenses of a class of the Portfolio to 0.45% of the average net assets of a class of the Portfolio on an annualized basis (the "Expense Limitation Amount"). At any time that the Portfolio Expenses of a class of the Portfolio are less than Expense Limitation Amount for such class of shares of the Portfolio, the Advisor retains the right to recover any fees previously waived and/or expenses previously assumed to the extent that such recovery will not cause the annualized Portfolio Expenses for such class of shares of the Portfolio to exceed the Expense Limitation Amount. The Portfolio is not obligated to reimburse the Advisor for fees previously waived or expenses previously assumed by the Advisor more than thirty-six months before the date of such reimbursement. Prior year waived fees and/or assumed expenses can be recaptured only if the expense ratio following such recapture would be less than the expense cap that was in place when such prior year fees were waived and/or expenses assumed, and less than the current expense cap in place for the Portfolio. The Amended and Restated Fee Waiver and/or Expense Assumption Agreement for the Portfolio will remain in effect through February 28, 2021, and may only be terminated by the Fund's Board of Directors prior to that date. The Amended and Restated Fee Waiver and/or Expense Assumption Agreement shall continue in effect from year to year thereafter unless terminated by the Fund or the Advisor.

(f)The Portfolio's Master Fund has more than one Feeder Portfolio and/or direct investor; the dollar amount provided for the Master Fund represents the total dollar amount of management fees paid by the Master Fund to the Advisor. Effective February 28, 2020, pursuant to an Amended and Restated Fee Waiver and/or Expense Assumption Agreement for the Japanese Small Company Portfolio, Asia Pacific Small Company Portfolio,

United Kingdom Small Company Portfolio and Continental Small Company Portfolio, the Advisor has contractually agreed to permanently waive all or a portion of the management fee of each Portfolio to the extent necessary to limit the total management fees paid to the Advisor by a Portfolio, including the proportionate share of the management fees a Portfolio pays indirectly through its investment in other funds managed by the Advisor ("Total Management Fees"), to 0.47% of the average net assets of a class of a Portfolio on an annualized basis (the "Permanent Fee Waiver"). In addition to the Permanent Fee Waiver, the Advisor has contractually agreed to further waive all or a portion of the management fees of each Portfolio and to assume the other direct expenses of a class of each Portfolio (excluding expenses incurred through its investment in other investment companies managed by the Advisor) ("Portfolio Expenses") to the extent necessary to limit the Portfolio Expenses of a class of each Portfolio to 0.47% of the average net assets of a class of the respective Portfolio on an annualized basis (the "Expense Limitation Amount"). At any time that the Portfolio Expenses of a class of a Portfolio are less than the applicable Expense Limitation Amount for such class of shares of the Portfolio, the Advisor retains the right to recover any fees previously waived and/or expenses previously assumed to the extent that such recovery will not cause the annualized Portfolio Expenses for such class of shares of the Portfolio to exceed the Expense Limitation Amount. Except, a Portfolio is not obligated to reimburse the Advisor for fees waived in connection with the Permanent Fee Waiver. Also, a Portfolio is not obligated to reimburse the Advisor for fees previously waived or expenses previously assumed by the Advisor more than thirty-six months before the date of such reimbursement. Prior year waived fees and/or assumed expenses can be recaptured only if the expense ratio following such recapture would be less than the expense cap that was in place when such prior year fees were waived and/or expenses assumed, and less than the current expense cap in place for a Portfolio. The Permanent Fee Waiver will remain in effect permanently, unless terminated by the Fund. The remaining portion of the Amended and Restated Fee Waiver and/or Expense Assumption Agreement for each Portfolio will remain in effect through February 28, 2021, and may only be terminated by the Fund's Board of Directors prior to that date. Such portion of the Amended and Restated Fee Waiver and/or Expense Assumption Agreement shall continue in effect from year to year thereafter unless terminated by the Fund or the Advisor. Prior to February 28, 2020, for each of the Japanese Small Company Portfolio, Asia Pacific Small Company Portfolio, United Kingdom Small Company Portfolio and Continental Small Company Portfolio, the Advisor had contractually agreed to permanently waive all or a portion of the management fee of each Portfolio to the extent necessary to limit the Total Management Fees to 0.50% of the average net assets of a class of a Portfolio on an annualized basis.

(g)Pursuant to the Amended and Restated Fee Waiver and/or Expense Assumption Agreement for each of these Portfolios, the Advisor has contractually agreed to waive all or a portion of its management fee and assume the ordinary operating expenses of a class of each Portfolio (excluding the expenses that the Portfolio incurs indirectly through its investment in other investment companies) ("Portfolio Expenses") to the extent necessary to limit the Portfolio Expenses of a class of each Portfolio, on an annualized basis, to the rates listed below as a percentage of a class of the respective Portfolio's average net assets ("Expense Limitation Amount"):

Portfolio	Expense Limitation Amount
DFA International Real Estate Securities Portfolio	0.29%
International Vector Equity Portfolio	0.60%

At any time that the Portfolio Expenses of a class of a Portfolio are less than the applicable Expense Limitation Amount for such class of shares of the Portfolio, the Advisor retains the right to recover any fees previously waived and/or expenses previously assumed to the extent that such recovery will not cause the annualized Portfolio Expenses for such class of shares of the Portfolio to exceed the Expense Limitation Amount. A Portfolio is not obligated to reimburse the Advisor for fees previously waived or expenses previously assumed by the Advisor more than thirty-six months before the date of such reimbursement. Prior year waived fees and/or assumed expenses can be recaptured only if the expense ratio following such recapture would be less than the expense cap that was in place when such prior year fees were waived and/or expenses assumed, and less than the current expense cap in place for a Portfolio. The Amended and Restated Fee Waiver and/or Expense Assumption Agreement described above will remain in effect through February 28, 2021, and may only be terminated by the Fund's Board of Directors prior to that date. The Amended and Restated Fee Waiver and/or Expense Assumption Agreement shall continue in effect from year to year thereafter unless terminated by the Fund or the Advisor.

(h)Pursuant to the Amended and Restated Fee Waiver and/or Expense Assumption Agreement for the DFA Global Real Estate Securities Portfolio, the Advisor has contractually agreed to waive all or a portion of its management fee and to assume the expenses of a class of the Portfolio (including the expenses that the Portfolio

bears as a shareholder of other funds managed by the Advisor but excluding the expenses that the Portfolio incurs indirectly through investment of its securities lending cash collateral in The DFA Short Term Investment Fund and its investment in unaffiliated investment companies) ("Portfolio Expenses") to the extent necessary to limit the Portfolio Expenses of a class of the Portfolio, on an annualized basis, to 0.24% of the average net assets of a class of the Portfolio ("Expense Limitation Amount"). At any time that the Portfolio Expenses of a class of the Portfolio are less than the Expense Limitation Amount for such class of shares of the Portfolio, the Advisor retains the right to recover any fees previously waived and/or expenses previously assumed to the extent that such recovery will not cause the annualized Portfolio Expenses for such class of shares of the Portfolio to exceed the applicable Expense Limitation Amount. The Portfolio is not obligated to reimburse the Advisor for fees previously waived or expenses previously assumed by the Advisor more than thirty-six months before the date of such reimbursement. Prior year waived fees and/or assumed expenses can be recaptured only if the expense ratio following such recapture would be less than the expense cap that was in place when such prior year fees were waived and/or expenses assumed, and less than the current expense cap in place for the Portfolio. The Amended and Restated Fee Waiver and/or Expense Assumption Agreement will remain in effect through February 28, 2021, and may only be terminated by the Fund's Board of Directors prior to that date. The Amended and Restated Fee Waiver and/or Expense Assumption Agreement shall continue in effect from year to year thereafter unless terminated by the Fund or the Advisor.

(i)The International High Relative Profitability Portfolio commenced operations on May 16, 2017. Pursuant to a Fee Waiver and Expense Assumption Agreement for the Portfolio, the Advisor has contractually agreed to waive all or a portion of its management fee and to assume the ordinary operating expenses of a class of the Portfolio (including the expenses that the Portfolio bears as a shareholder of other funds managed by the Advisor, excluding money market funds, but excluding the expenses that the Portfolio incurs indirectly through its investment in unaffiliated investment companies) ("Portfolio Expenses") to the extent necessary to limit the Portfolio Expenses of the Institutional Class Shares of the Portfolio to 0.35% of the average net assets of the Institutional Class Shares of the Portfolio on an annualized basis (the "Expense Limitation Amount"). At any time that the Portfolio Expenses of a class of the Portfolio are less than the Expense Limitation Amount, the Advisor retains the right to recover any fees previously waived and/or expenses previously assumed to the extent that such recovery will not cause the annualized Portfolio Expenses for such class of shares of the Portfolio to exceed the Expense Limitation Amount. The Portfolio will not reimburse the Advisor for fees waived or expenses previously assumed by the Advisor more than thirty-six months before the date of such reimbursement. Prior year waived fees and/or assumed expenses can be recaptured only if the expense ratio following such recapture would be less than the expense cap that was in place when such prior year fees were waived and/or expenses assumed, and less than the current expense cap in place for the Portfolio. The Fee Waiver and Expense Assumption Agreement described above will remain in effect through February 28, 2021, and may only be terminated by the Fund's Board of Directors prior to that date. The Fee Waiver and Expense Assumption Agreement shall continue in effect from year to year thereafter unless terminated by the Fund or the Advisor.

(j)Pursuant to the Amended and Restated Fee Waiver and/or Expense Assumption Agreement for the World ex U.S. Value Portfolio, the Advisor has contractually agreed to waive up to the full amount of the management fee of 0.43% to the extent necessary to offset the proportionate share of the management fees paid by the Portfolio through its investment in other funds managed by the Advisor, except for the fees paid through its investment of securities lending cash collateral in The DFA Short Term Investment Fund (the "Underlying Funds"). In addition, under the Amended and Restated Fee Waiver and/or Expense Assumption Agreement, the Advisor also has agreed to waive all or a portion of the management fee that remains payable by the Portfolio (i.e. the management fee remaining after the proportionate share of the Underlying Funds' management fees have been offset (the "Remaining Management Fee")) to the extent necessary to reduce the Portfolio's ordinary operating expenses (including expenses incurred through its investment in other investment companies but excluding the expenses that the Portfolio incurs indirectly through investment of its securities lending cash collateral in The DFA Short Term Investment Fund) ("Portfolio Expenses") so that such Portfolio Expenses do not exceed 0.60% of the Portfolio's average net assets on an annualized basis ("Expense Limitation Amount"). The maximum amount that may be waived to limit Portfolio Expenses pursuant to this paragraph is the amount of the Remaining Management Fee. Further, at any time that the Portfolio Expenses of a class of the Portfolio are less than the Expense Limitation Amount for such class of shares, the Advisor retains the right to recover any Remaining Management Fees previously waived to the extent that such recovery will not cause the annualized Portfolio Expenses for such class of shares of the Portfolio to exceed the Expense Limitation

Amount. The Portfolio is not obligated to reimburse the Advisor for fees previously waived by the Advisor more than thirty-six months before the date of such reimbursement. Prior year waived fees and/or assumed expenses can be recaptured only if the expense ratio following such recapture would be less than the expense cap that was in place when such prior year fees were waived and/or expenses assumed, and less than the current expense cap in place for the Portfolio. The Advisor shall also not be reimbursed for any management fees previously waived to offset the Portfolio's proportionate share of the management fees paid by the Portfolio through its investment in other funds managed by the Advisor. The Amended and Restated Fee Waiver and/or Expense Assumption Agreement will remain in effect through February 28, 2021, and may only be terminated by the Fund's Board of Directors prior to that date. The Amended and Restated Fee Waiver and/or Expense Assumption Agreement shall continue in effect from year to year thereafter unless terminated by the Fund or the Advisor.

(k)Effective January 1, 2017, pursuant to a Fee Waiver and Expense Assumption Agreement (the "Fee Waiver Agreement") for the World ex U.S. Core Equity Portfolio, the Advisor has contractually agreed to waive all or a portion of the management fee and to assume the expenses of a class of the Portfolio (including the expenses that the Portfolio bears as a shareholder of other funds managed by the Advisor but excluding the expenses that the Portfolio incurs indirectly through investment of its securities lending cash collateral in The DFA Short Term Investment Fund and its investment in unaffiliated investment companies) ("Portfolio Expenses") to the extent necessary to limit the Portfolio Expenses of a class of the Portfolio to 0.39% of the average net assets of a class of the Portfolio on an annualized basis (the "Expense Limitation Amount"). At any time that the Portfolio Expenses of a class of the Portfolio are less than the Expense Limitation Amount for such class of the Portfolio, the Advisor retains the right to recover any fees previously waived and/or expenses previously assumed to the extent that such recovery will not cause the annualized Portfolio Expenses of a class of the Portfolio to exceed the Expense Limitation Amount. The Portfolio is not obligated to reimburse the Advisor for fees previously waived or expenses previously assumed by the Advisor more than thirty-six months before the date of such reimbursement. Prior year waived fees and/or assumed expenses can be recaptured only if the expense ratio following such recapture would be less than the expense cap that was in place when such prior year fees were waived and/or expenses assumed, and less than the current expense cap in place for the Portfolio. The Fee Waiver and Expense Assumption Agreement for the Portfolio will remain in effect through February 28, 2021, and may only be terminated by the Fund's Board of Directors prior to that date. The Fee Waiver and Expense Assumption Agreement shall continue in effect from year to year thereafter unless terminated by the Fund or the Advisor. Prior to January 1, 2017, the Expense Limitation Amount in the Fee Waiver Agreement was 0.47% of the average net assets of a class of the Portfolio on an annualized basis.

(l)Effective February 28, 2019, pursuant to an Amended and Restated Fee Waiver and Expense Assumption Agreement (the "Fee Waiver Agreement"), the Advisor has contractually agreed to waive up to the full amount of the Portfolio's management fee of 0.27% to the extent necessary to offset the proportionate share of the management fees paid by the Portfolio through its investment in other funds managed by the Advisor, except for the fees paid through its investment of securities lending cash collateral in The DFA Short Term Investment Fund (the "Underlying Funds") (including the Portfolio's proportionate share of any management fees that an Underlying Fund paid through its investment in an affiliated cash management fund). In addition, under the Fee Waiver Agreement, the Advisor has also agreed to assume the expenses of a class of the Portfolio to the extent necessary to reduce the ordinary operating expenses (including expenses incurred through its investment in other investment companies but excluding the expenses that the Portfolio incurs indirectly through investment of its securities lending cash collateral in The DFA Short Term Investment Fund) ("Portfolio Expenses") of a class of the Portfolio so that such Portfolio Expenses do not exceed 0.32% of the average net assets of a class of the Portfolio on an annualized basis (the "Expense Limitation Amount"). At any time that the Portfolio Expenses of a class of the Portfolio are less than the Expense Limitation Amount for such class of shares of the Portfolio, the Advisor retains the right to recover any fees previously waived and/or expenses previously assumed to the extent that such recovery will not cause the annualized Portfolio Expenses for such class of shares of the Portfolio to exceed the applicable Expense Limitation Amount. The Portfolio is not obligated to reimburse the Advisor for fees previously waived or expenses previously assumed by the Advisor more than thirty-six months before the date of such reimbursement. Prior year waived fees and/or assumed expenses can be recaptured only if the expense ratio following such recapture would be less than the expense cap that was in place when such prior year fees were waived and/or expenses assumed, and less than the current expense cap in place for the Portfolio. The Advisor shall also not be reimbursed for any management fees previously waived to offset the Portfolio's proportionate share of the management fees paid by the Portfolio through its investment in

other funds managed by the Advisor. The Fee Waiver Agreement for the Portfolio will remain in effect through February 28, 2021, and may only be terminated by the Fund's Board of Directors prior to that date. The Fee Waiver Agreement shall continue in effect from year to year thereafter unless terminated by the Fund or the Advisor. Prior to February 28, 2019, the Expense Limitation Amount in the Fee Waiver Agreement was 0.35% of the average net assets of a class of the Portfolio on an annualized basis.

(m)Pursuant to the Amended and Restated Fee Waiver and/or Expense Assumption Agreement for the Selectively Hedged Global Equity Portfolio, the Advisor has contractually agreed to waive up to the full amount of the management fee of 0.28% to the extent necessary to offset the proportionate share of the management fees paid by the Portfolio through its investment in other funds managed by the Advisor, except for the fees paid through its investment of securities lending cash collateral in The DFA Short Term Investment Fund (the "Underlying Funds"). In addition, under the Amended and Restated Fee Waiver and/or Expense Assumption Agreement, the Advisor also has agreed to waive all or a portion of the management fee and to assume the expenses of a class of the Portfolio (including expenses incurred through its investment in other investment companies but excluding the expenses that the Portfolio incurs indirectly through investment of its securities lending cash collateral in The DFA Short Term Investment Fund) ("Portfolio Expenses") to the extent necessary to limit the Portfolio Expenses, on an annualized basis, of a class of the Portfolio to 0.40% of the average net assets ("Expense Limitation Amount"). Further, at any time that the Portfolio Expenses of a class of the Portfolio are less than the Expense Limitation Amount for such class of shares of the Portfolio, the Advisor retains the right to recover any fees previously waived and/or expenses previously assumed to the extent that such recovery will not cause the annualized Portfolio Expenses for such class of shares of the Portfolio to exceed the Expense Limitation Amount. The Portfolio is not obligated to reimburse the Advisor for fees previously waived by the Advisor more than thirty-six months before the date of such reimbursement. Prior year waived fees and/or assumed expenses can be recaptured only if the expense ratio following such recapture would be less than the expense cap that was in place when such prior year fees were waived and/or expenses assumed, and less than the current expense cap in place for the Portfolio. The Advisor shall also not be reimbursed for any management fees previously waived to offset the Portfolio's proportionate share of the management fees paid by the Portfolio through its investment in other funds managed by the Advisor. The Amended and Restated Fee Waiver and/or Expense Assumption Agreement will remain in effect through February 28, 2021, and may only be terminated by the Fund's Board of Directors prior to that date. The Amended and Restated Fee Waiver and/or Expense Assumption Agreement shall continue in effect from year to year thereafter unless terminated by the Fund or the Advisor.

(n)The Portfolio's Master Fund has more than one Feeder Portfolio and/or direct investor; the dollar amount provided for the Master Fund represents the total dollar amount of management fees paid by the Master Fund to the Advisor. Effective February 28, 2020, pursuant to an Amended and Restated Fee Waiver and/or Expense Assumption Agreement for the Emerging Markets Portfolio, the Advisor has contractually agreed to permanently waive all or a portion of the management fee of the Portfolio to the extent necessary to limit the total management fees paid to the Advisor by the Portfolio, including the proportionate share of the management fees the Portfolio pays indirectly through its investment in other funds managed by the Advisor (the "Total Management Fees"), to 0.37% of the average net assets of a class of the Portfolio on an annualized basis (the "Permanent Fee Waiver"). From February 28, 2017 to February 28, 2020, the Advisor had contractually agreed to permanently waive all or a portion of the management fee of the Portfolio to the extent necessary to limit the Total Management Fees to 0.42% of the average net assets of a class of the Portfolio on an annualized basis. From July 21, 2015 to February 28, 2017, the Advisor had contractually agreed to permanently waive all or a portion of the management fee of the Portfolio to the extent necessary to limit the Total Management Fees to 0.50% of the average net assets of a class of the Portfolio on an annualized basis. In addition to the Permanent Fee Waiver, effective January 1, 2017, the Advisor has contractually agreed to further waive all or a portion of the management fees of the Portfolio and to assume the other direct expenses of a class of the Portfolio (excluding expenses incurred through its investment in other investment companies managed by the Advisor) ("Portfolio Expenses") to the extent necessary to limit the Portfolio Expenses of a class of the Portfolio to 0.49% of the average net assets of a class of the Portfolio on an annualized basis (the "Expense Limitation Amount"). At any time that the Portfolio Expenses of a class of the Portfolio are less than the applicable Expense Limitation Amount for such class of shares of the Portfolio, the Advisor retains the right to recover any fees previously waived and/or expenses previously assumed to the extent that such recovery will not cause the annualized Portfolio Expenses for such class of shares of the Portfolio to exceed the Expense Limitation Amount. Except, the Portfolio is not obligated to reimburse the Advisor for fees waived in

connection with the Permanent Fee Waiver. Also, the Portfolio is not obligated to reimburse the Advisor for fees previously waived or expenses previously assumed by the Advisor more than thirty-six months before the date of such reimbursement. Prior year waived fees and/or assumed expenses can be recaptured only if the expense ratio following such recapture would be less than the expense cap that was in place when such prior year fees were waived and/or expenses assumed, and less than the current expense cap in place for the Portfolio. The Permanent Fee Waiver will remain in effect permanently, unless terminated by the Fund. The remaining portion of the Amended and Restated Fee Waiver and/or Expense Assumption Agreement for the Portfolio will remain in effect through February 28, 2021, and may only be terminated by the Fund's Board of Directors prior to that date. Such portion of the Amended and Restated Fee Waiver and/or Expense Assumption Agreement shall continue in effect from year to year thereafter unless terminated by the Fund or the Advisor.

(o)The Emerging Markets Targeted Value Portfolio commenced operations on November 14, 2018. Pursuant to a Fee Waiver and Expense Assumption Agreement (the "Fee Waiver Agreement") for the Portfolio, the Advisor has contractually agreed to waive all or a portion of its management fee and to assume the ordinary operating expenses of the Institutional Class of the Portfolio (including the expenses that the Portfolio bears as a shareholder of other funds managed by the Advisor, excluding money market funds, but excluding the expenses that the Portfolio incurs indirectly through its investment in unaffiliated investment companies) ("Portfolio Expenses") to the extent necessary to limit the Portfolio Expenses of the Institutional Class of the Portfolio to 0.85% of the average net assets of the class of the Portfolio on an annualized basis (the "Expense Limitation Amount"). The Fee Waiver Agreement for the Portfolio will remain in effect through February 28, 2021, and may only be terminated by the Fund's Board of Directors prior to that date. The Fee Waiver Agreement shall continue in effect from year to year thereafter unless terminated by the Fund or the Advisor. At any time that the Portfolio's annualized Portfolio Expenses are less than the Portfolio's Expense Limitation Amount, the Advisor retains the right to recover any fees previously waived and/or expenses previously assumed to the extent that such recovery will not cause the annualized Portfolio Expenses of the Institutional Class of the Portfolio to exceed the Expense Limitation Amount. The Portfolio is not obligated to reimburse the Advisor for fees previously waived and/or expenses previously assumed by the Advisor more than thirty-six months before the date of such reimbursement. Prior year waived fees and/or assumed expenses can be recaptured only if the expense ratio following such recapture would be less than the expense cap that was in place when such prior year fees were waived and/or expenses assumed, and less than the current expense cap in place for the Portfolio.

PORTFOLIO MANAGERS

In accordance with the team approach used to manage the Portfolios, Master Funds and the Underlying Funds, the portfolio managers and portfolio traders implement the policies and procedures established by the Investment Committee. The portfolio managers and portfolio traders also make daily investment decisions regarding the Portfolios, Master Funds and Underlying Funds based on the parameters established by the Investment Committee. The individuals named below are the portfolio managers that coordinate the efforts of all other portfolio managers or trading personnel with respect to the day-to-day management of the Portfolios indicated.

Large Cap International Portfolio	Jed S. Fogdall, Bhanu P. Singh, Arun C. Keswani
	and Joel P. Schneider
DFA International Value Portfolio	Jed S. Fogdall, Mary T. Phillips, Bhanu P. Singh
	and Arun C. Keswani
International Core Equity Portfolio, DFA International Real	Jed S. Fogdall, Mary T. Phillips, Allen Pu, Bhanu
Estate Securities Portfolio, International Vector Equity	P. Singh and William B. Collins-Dean
Portfolio, World ex U.S. Core Equity Portfolio and
Emerging Markets Core Equity Portfolio
Global Small Company Portfolio and World ex U.S. Value	Jed S. Fogdall, Mary T. Phillips and Allen Pu
Portfolio

International Small Company Portfolio, Japanese Small	Jed S. Fogdall, Arun C. Keswani, Bhanu P. Singh
Company Portfolio, United Kingdom Small Company	and Joel P. Schneider
Portfolio, Continental Small Company Portfolio and DFA
International Small Cap Value Portfolio
Asia Pacific Small Company Portfolio	Jed S. Fogdall, Arun C. Keswani, Mary T.
	Phillips and Bhanu P. Singh
DFA Global Real Estate Securities Portfolio	Jed S. Fogdall, Mary T. Phillips, Allen Pu, Bhanu
	P. Singh, William B. Collins-Dean and Ashish P.
	Bhagwanjee
International High Relative Profitability Portfolio	Jed S. Fogdall, Mary T. Phillips and Arun C.
	Keswani
World Core Equity Portfolio	Jed S. Fogdall, Mary T. Phillips, Allen Pu and
	Ashish P. Bhagwanjee
Selectively Hedged Global Equity Portfolio	Jed S. Fogdall, Joseph F. Kolerich, David A.
	Plecha, Allen Pu and Mary T. Phillips
Emerging Markets Portfolio, Emerging Markets Value	Jed S. Fogdall, Bhanu P. Singh, Allen Pu and
Portfolio, Emerging Markets Targeted Value Portfolio and	Ethan Wren
Emerging Markets Small Cap Portfolio

Other Managed Accounts

In addition to the Portfolios (and with respect to the Feeder Portfolios, the Master Fund in which a Feeder Portfolio invests substantially all of its assets) and the Underlying Funds, each portfolio manager manages (i) other U.S. registered investment companies advised or sub-advised by the Advisor, (ii) other pooled investment vehicles that are not U.S. registered mutual funds and (iii) other accounts managed for organizations and individuals. The following table sets forth information regarding the total accounts for which each portfolio manager has the primary responsibility for coordinating the day-to-day management responsibilities.

	Name of Portfolio Manager	Number of Accounts Managed and Total
		Assets by Category As of October 31, 2019*
	Jed S. Fogdall	• 108 U.S. registered mutual funds with $410,097 million in total assets
	Jed S. Fogdall	under management.
		under management.
		• 24 unregistered pooled investment vehicles with $18,097 million in total
		assets under management, of which 1 account with $168 million in assets
		may be subject to a performance fee.
		• 79 other accounts with $27,554 million in total assets under management,
		of which 6 accounts with $3,769 million in assets may be subject to a
		performance fee.
	Arun C. Keswani	• 14 U.S. registered mutual funds with $42,770 million in total assets under
	Arun C. Keswani	management.
		management.
		• 0 unregistered pooled investment vehicles.
		• 10 other accounts with $4,961 million in total assets under management,
		of which 3 accounts with $3,121 million in assets may be subject to a
		performance fee.

Name of Portfolio Manager

Joseph F. Kolerich

Mary T. Phillips

David A. Plecha

Allen Pu

Bhanu P. Singh

William B. Collins-Dean

Joel P. Schneider

Number of Accounts Managed and Total

Assets by Category As of October 31, 2019*

• 58 U.S. registered mutual funds with $111,813 million in total assets under management.

•4 unregistered pooled investment vehicles with $2,829 million in total assets under management.

•9 other accounts with $2,696 million in total assets under management.

• 72 U.S. registered mutual funds with $206,451 million in total assets under management.

•2 unregistered pooled investment vehicles with $2,208 million in total assets under management.

•0 other accounts.

• 58 U.S. registered mutual funds with $111,813 million in total assets under management.

•4 unregistered pooled investment vehicles with $2,829 million in total assets under management.

•9 other accounts with $2,696 million in total assets under management.

• 38 U.S. registered mutual funds with $105,722 million in total assets under management.

•12 unregistered pooled investment vehicles with $9,601 million in total assets under management.

•0 other accounts.

• 48 U.S. registered mutual funds with $189,932 million in total assets under management.

•1 unregistered pooled investment vehicle with $47 million in total assets under management.

•1 other account with $565 million in total assets under management.

• 18 U.S. registered mutual funds with $90,707 million in total assets under management.

•0 unregistered pooled investment vehicles.

•7 other accounts with $2,737 million in total assets under management.

• 51 U.S. registered mutual funds with $209,325 million in total assets under management.

•7 unregistered pooled investment vehicles with $240 million in total assets under management.

•0 other accounts.

*Mr. Bhagwanjee and Mr. Wren did not share primary responsibility in the oversight of the day-to-day management for any portfolios or accounts as of January 31, 2020; as such, information regarding such portfolios and accounts is not presented.

Description of Compensation Structure

•Base salary. Each portfolio manager is paid a base salary. The Advisor considers the factors described above to determine each portfolio manager's base salary.

•Semi-Annual Bonus. Each portfolio manager may receive a semi-annual bonus. The amount of the bonus paid to each portfolio manager is based upon the factors described above.

In addition, portfolio managers may be given the option of participating in the Advisor's Long Term Incentive Plan. The level of participation for eligible employees may be dependent on overall level of compensation, among other considerations. Participation in this program is not based on or related to the performance of any individual strategies or any particular client accounts.

Potential Conflicts of Interest

Actual or apparent conflicts of interest may arise when a portfolio manager has the primary day-to-day responsibilities with respect to more than one Portfolio/Master Fund/Underlying Fund and other accounts. Other accounts include registered mutual funds (other than the Portfolios, Master Funds and Underlying Funds), other unregistered pooled investment vehicles, and other accounts managed for organizations and individuals ("Accounts"). An Account may have similar investment objectives to a Portfolio/Master Fund/Underlying Fund, or may purchase, sell or hold securities that are eligible to be purchased, sold or held by a Portfolio/Master Fund/Underlying Fund. Actual or apparent conflicts of interest include:

•Time Management. The management of multiple Portfolios/Master Funds/Underlying Funds and/or Accounts may result in a portfolio manager devoting unequal time and attention to the management of each Portfolio/Master Fund/Underlying Fund and/or Accounts. The Advisor seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most Accounts managed by a portfolio manager are managed using the same investment approaches that are used in connection with the management of the Portfolios/Master Funds/Underlying Funds.

•Investment Opportunities. It is possible that at times identical securities will be held by more than one Portfolio/Master Fund/Underlying Fund and/or Account. However, positions in the same security may vary and the length of time that any Portfolio/Master Fund/Underlying Fund or Account may choose to hold its investment in the same security may likewise vary. If a portfolio manager identifies a limited investment opportunity that may be suitable for more than one Portfolio/Master Fund/Underlying Fund or Account, a Portfolio/Master Fund/Underlying Fund may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible Portfolios/Master Funds/Underlying Funds and Accounts. To deal with these situations, the Advisor has adopted procedures for allocating portfolio transactions across multiple Portfolios/Master Funds/Underlying Funds and Accounts.

•Broker Selection. With respect to securities transactions for the Portfolios/Master Funds/Underlying Funds, the Advisor determines which broker to use to execute each order, consistent with its duty to seek best execution of the transaction. However, with respect to certain Accounts (such as separate accounts), the Advisor may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, the Advisor or its affiliates may place separate, non-simultaneous, transactions for a Portfolio/Master Fund/Underlying Fund and another Account that may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Portfolio/Master Fund/Underlying Fund or the Account.

Investments in Each Portfolio

		Dollar Range of Portfolio Shares
Portfolio	Portfolio Manager(s)	Owned
Large Cap International Portfolio	Jed S. Fogdall	None
	Bhanu P. Singh	None
	Arun C. Keswani	None
	Joel P. Schneider	None
DFA International Value Portfolio	Jed S. Fogdall	None
	Mary T. Phillips1	None
	Bhanu P. Singh2	None
	Arun C. Keswani	None
International Core Equity Portfolio	Jed S. Fogdall	None
	Mary T. Phillips	None
	Allen Pu	$1 – $10,000
	Bhanu P. Singh	None
	William B. Collins-Dean	$1 – $10,000
Global Small Company Portfolio	Jed S. Fogdall	None
	Mary T. Phillips	None
	Allen Pu	None
International Small Company	Jed S. Fogdall	None
Portfolio	Arun C. Keswani	$10,001 - $50,000
	Bhanu P. Singh	$1 - $10,000
	Joel P. Schneider	None
Japanese Small Company Portfolio	Jed S. Fogdall	None
	Arun C. Keswani	None
	Bhanu P. Singh	None
	Joel P. Schneider	None
Asia Pacific Small Company	Jed S. Fogdall	None
Portfolio	Arun C. Keswani	None
	Mary T. Phillips	None
	Bhanu P. Singh	None
United Kingdom Small Company	Jed S. Fogdall	None
Portfolio	Arun C. Keswani	None
	Bhanu P. Singh	None
	Joel P. Schneider	None
Continental Small Company	Jed S. Fogdall	None
Portfolio	Arun C. Keswani	None
	Bhanu P. Singh	None
	Joel P. Schneider	None
	42

		Dollar Range of Portfolio Shares
Portfolio	Portfolio Manager(s)	Owned
DFA International Real Estate	Jed S. Fogdall	None
Securities Portfolio	Mary T. Phillips	None
	Allen Pu	$1 – $10,000
	Bhanu P. Singh	None
	William B. Collins-Dean	$1 – $10,000
DFA Global Real Estate Securities	Jed S. Fogdall	$10,001 - $50,000
Portfolio	Mary T. Phillips	None
	Allen Pu	None
	Bhanu P. Singh	None
	William B. Collins-Dean	None
	Ashish P. Bhagwanjee	None
DFA International Small Cap Value	Jed S. Fogdall	None
Portfolio	Arun C. Keswani	$50,001 - $100,000
	Bhanu P. Singh	$1 - $10,000
	Joel P. Schneider	None
International Vector Equity	Jed S. Fogdall	None
Portfolio	Mary T. Phillips	None
	Allen Pu	None
	Bhanu P. Singh	None
	William B. Collins-Dean	None
International High Relative	Jed S. Fogdall	None
Profitability Portfolio	Mary T. Phillips	None
	Arun C. Keswani	None
World ex U.S. Value Portfolio	Jed S. Fogdall	None
	Mary T. Phillips	None
	Allen Pu	None
World ex U.S. Core Equity	Jed S. Fogdall	$100,001 - $500,000
Portfolio	Mary T. Phillips	$50,001 - $100,000
	Allen Pu	$1 – $10,000
	Bhanu P. Singh	$10,001 - $50,000
	William B. Collins-Dean	$1 – $10,000
World Core Equity Portfolio	Jed S. Fogdall	$100,001 - $500,000
	Mary T. Phillips	None
	Allen Pu	None
	Ashish P. Bhagwanjee	None
Selectively Hedged Global Equity	Jed S. Fogdall	$10,001 - $50,000
Portfolio	Joseph F. Kolerich	$10,001 - $50,000
	Mary T. Phillips	None
	David A. Plecha	None
	Allen Pu	None
Emerging Markets Portfolio	Jed S. Fogdall	None
	Bhanu P. Singh	None
	Allen Pu	$1-$10,000
	Ethan Wren	None
Emerging Markets Value Portfolio	Jed S. Fogdall	None
	Bhanu P. Singh	$1 – $10,000
	Allen Pu	None
	Ethan Wren	$50,001 - $100,000
Emerging Markets Targeted Value	Jed S. Fogdall	None
	Bhanu P. Singh	None
	Allen Pu	None
	Ethan Wren	None

		Dollar Range of Portfolio Shares
Portfolio	Portfolio Manager(s)	Owned
Emerging Markets Small Cap	Jed S. Fogdall	None
Portfolio	Bhanu P. Singh	$1 – $10,000
	Allen Pu	$1 – $10,000
	Ethan Wren	$10,001 - $50,000
Emerging Markets Core Equity	Jed S. Fogdall	$50,001 - $100,000
Portfolio	Mary T. Phillips	None
	Allen Pu	$1 – $10,000
	Bhanu P. Singh	None
	William B. Collins-Dean	$1 – $10,000

1Mary T. Phillips does not invest in this Portfolio, but invests in another feeder portfolio (ownership range of $10,001 - $50,000) that invests substantially all of its assets in the same Master Fund as the Portfolio.

2Bhanu P. Singh does not invest in this Portfolio, but invests in another feeder portfolio (ownership range of $1 - $10,000) that invests substantially all of its assets in the same Master Fund as the Portfolio.

GENERAL INFORMATION

DFAIDG was incorporated under Maryland law on June 15, 1981. Until June 1983, DFAIDG was named DFA Small Company Fund Inc. Until September 1995, Asia Pacific Small Company Portfolio was named Asia- Australia Small Company Portfolio and Continental Small Company Portfolio was named The Continental European Portfolio. From September 1995 until September 13, 2005, the Asia Pacific Small Company Portfolio was known as the Pacific Rim Small Company Portfolio. From March 2012 until June 2014, the World Core Equity Portfolio was named the Dimensional Retirement Equity Fund II.

The DFA Investment Trust Company was organized as a Delaware statutory trust (a form of entity formerly known as a business trust) on October 27, 1992. The Trust offers shares of its Master Funds only to institutional investors in private offerings. Dimensional Emerging Markets Value Fund ("DEM") was incorporated under Maryland law on January 9, 1991 and was reorganized as a Delaware statutory trust effective October 30, 2009. DEM offers its shares only to institutional investors in private offerings. On November 21, 1997, the shareholders of DEM approved its conversion from a closed-end management investment company to an open-end management investment company.

CODE OF ETHICS

The Funds, the Trust, Dimensional Emerging Markets Value Fund, the Advisor, DFA Australia Limited, Dimensional Fund Advisors Ltd. and DFAS have adopted a revised Code of Ethics, under Rule 17j-1 of the 1940 Act, for certain access persons of the Portfolios, Master Funds and Underlying Funds. The Code of Ethics is designed to ensure that access persons act in the interest of the Portfolios, Master Funds and Underlying Funds, and their shareholders with respect to any personal trading of securities. Under the Code of Ethics, access persons are generally prohibited from knowingly buying or selling securities (except for mutual funds, U.S. government securities and money market instruments) which are being purchased, sold or considered for purchase or sale by a Portfolio, Master Fund or Underlying Fund unless their proposed purchases are approved in advance. The Code of Ethics also contains certain reporting requirements and securities trading clearance procedures.

SHAREHOLDER RIGHTS

proportional interest in the assets and liabilities of the Portfolio and has identical, non-cumulative voting, dividend, redemption liquidation, and other rights and preferences as each other class of the Portfolio, except that on a matter affecting a single class only shares of that class of the Portfolio are permitted to vote on the matter.

Whenever a Feeder Portfolio, as an investor in its corresponding Master Fund, is asked to vote on a shareholder proposal, the relevant Fund will solicit voting instructions from the Feeder Portfolio's shareholders with respect to the proposal. The Directors of the Fund will then vote the Feeder Portfolio's shares in the Master Fund in accordance with the voting instructions received from the Feeder Portfolio's shareholders. The Directors of the Fund will vote shares of the Feeder Portfolio for which they receive no voting instructions in accordance with their best judgment. With regard to a Master Fund or Underlying Fund of the Trust organized as a partnership for federal tax purposes, if a majority shareholder of the Master Fund or Underlying Fund declares bankruptcy, a majority in interest of the remaining shareholders in the Master Fund or Underlying Fund must vote to approve the continuing existence of the Master Fund or Underlying Fund or the Master Fund or Underlying Fund will be liquidated.

PRINCIPAL HOLDERS OF SECURITIES

As of January 31, 2020, the following persons beneficially owned 5% or more of the outstanding shares of the Portfolios, as set forth below:

LARGE CAP INTERNATIONAL PORTFOLIO
Charles Schwab & Company, Inc.*	36.54%
101 Montgomery Street
San Francisco, CA 94104
TD Ameritrade, Inc.*	18.53%
P.O. Box 2226
Omaha, NE 68103
National Financial Services LLC*	9.63%
200 Liberty Street

One World Financial Center

New York, NY 10281

Mac & Co.*	7.19%
FBO KPMG Pension Plan
Attn: Mutual Fund Operations
500 Grant Street
Room 151-1010
Pittsburgh, PA 15219
DFA INTERNATIONAL VALUE PORTFOLIO
Charles Schwab & Company, Inc.*1	30.93%
TD Ameritrade, Inc.*1	18.56%
National Financial Services LLC*1	17.43%
Edward D. Jones & Co.*	5.82%
12555 Manchester Road
St. Louis, MO 63131
INTERNATIONAL CORE EQUITY PORTFOLIO
Charles Schwab & Company, Inc.*1	31.33%
National Financial Services LLC*1	19.76%
TD Ameritrade, Inc.*1	14.44%
DFA Global Equity Portfolio	5.22%
6300 Bee Cave Road
Building 1
Austin, TX 78746
GLOBAL SMALL COMPANY PORTFOLIO
TD Ameritrade, Inc.*1	33.98%
Charles Schwab & Company, Inc.*1	30.44%
Wells Fargo Clearing Services LLC	18.47%
1 N. Jefferson Avenue
Saint Louis, MO 63103
Charles Schwab & Company, Inc.*	7.60%
Attn: Mutual Funds
211 Main Street
San Francisco, CA 94105
National Financial Services LLC*1	7.23%
INTERNATIONAL SMALL COMPANY PORTFOLIO
Charles Schwab & Company, Inc.*1	28.22%
National Financial Services LLC*1	24.70%
TD Ameritrade, Inc.*1	12.96%
46

JAPANESE SMALL COMPANY PORTFOLIO
National Financial Services LLC*1	78.87%
The Trustees of Boston College	7.44%
Boston College Investment Office
129 Lake, Suite 526
Chestnut Hill, MA 02467
ASIA PACIFIC SMALL COMPANY PORTFOLIO
National Financial Services LLC*1	83.84%
Charles Schwab & Company, Inc.*1	10.36%
UNITED KINGDOM SMALL COMPANY PORTFOLIO
Charles Schwab & Company, Inc.*1	59.55%
TD Ameritrade, Inc.*1	14.28%
Pershing LLC	12.50%
One Pershing Plaza
P.O. Box 2052
Jersey City, NJ 07303
National Financial Services LLC*1	10.04%
CONTINENTAL SMALL COMPANY PORTFOLIO
National Financial Services LLC*1	82.11%
Charles Schwab & Company, Inc.*1	10.71%
DFA INTERNATIONAL REAL ESTATE SECURITIES PORTFOLIO
DFA Global Real Estate Securities Portfolio	52.68%
6300 Bee Cave Road
Building 1
Austin, TX 78746
National Financial Services LLC*1	16.57%
Charles Schwab & Company, Inc.*1	14.46%
TD Ameritrade, Inc.*1	6.57%
DFA GLOBAL REAL ESTATE SECURITIES PORTFOLIO
Charles Schwab & Company, Inc.*1	31.05%
National Financial Services LLC*1	17.62%
TD Ameritrade, Inc.*1	16.82%

DFA INTERNATIONAL SMALL CAP VALUE PORTFOLIO
Charles Schwab & Company, Inc.*1	36.23%
TD Ameritrade, Inc.*1	16.17%
National Financial Services LLC*1	13.43%
The RBB Fund Inc. Free Market International Equity Fund	6.96%
5955 Deerfield Blvd
Mason, OH 45040
INTERNATIONAL VECTOR EQUITY PORTFOLIO
Charles Schwab & Company, Inc.*1	31.62%
National Financial Services LLC*1	27.56%
TD Ameritrade, Inc.*1	22.73%
INTERNATIONAL HIGH RELATIVE PROFITABILITY PORTFOLIO
Charles Schwab & Company, Inc.*1	42.66%
TD Ameritrade, Inc.*1	40.11%
National Financial Services LLC*1	8.06%
WORLD EX U.S. VALUE PORTFOLIO
Deseret Mutual Benefit Admin TTEE	23.55%
The Deseret Mutual Employee Pension Trust
PO Box 45530
Salt Lake City, UT 84145
Charles Schwab & Company, Inc.*1	13.70%
National Financial Services LLC*1	13.21%
TD Ameritrade, Inc.*1	8.70%
The Employees Retirement Plan of the	13.55%
Denver Board of Water Commissioners*
1600 West 12th Avenue Mailcode 210
Denver, CO 80204
Deseret Mutual Benefit Admin TTEE	6.78%
The Deseret Mutual Retiree Medical & Life Plan Trust
PO Box 45530
Salt Lake City, UT 84145
Wells Fargo Bank N.A.	6.54%
P.O. Box 560067
Charlotte, NC 28256-0067

WORLD EX U.S. CORE EQUITY PORTFOLIO
Charles Schwab & Company, Inc.*1	34.59%
National Financial Services LLC*1	21.70%
TD Ameritrade, Inc.*1	16.34%
WORLD CORE EQUITY PORTFOLIO
National Financial Services LLC*1	30.45%
Charles Schwab & Company, Inc.*1	21.97%
Tacoma Employees Retirement System	9.65%
3628 S 35th Street
Tacoma, WA 98409
TD Ameritrade, Inc.*1	8.51%
Voya Institutional Trust Co*	7.45%
One Orange Way
Windsor, CT 06095-4773
SELECTIVELY HEDGED GLOBAL EQUITY PORTFOLIO
National Financial Services LLC*1	40.46%
TD Ameritrade, Inc.*1	33.85%
Charles Schwab & Company, Inc.*1	19.89%
EMERGING MARKETS PORTFOLIO
Charles Schwab & Company, Inc.*1	29.99%
National Financial Services LLC*1	17.61%
TD Ameritrade, Inc.*1	7.34%
EMERGING MARKETS VALUE PORTFOLIO
National Financial Services LLC*1	21.33%
Charles Schwab & Company, Inc.*1	13.08%
EMERGING MARKETS TARGETED VALUE PORTFOLIO
Charles Schwab & Company, Inc.*1	53.00%
TD Ameritrade, Inc.*1	21.99%
National Financial Services LLC*1	16.80%

Raymond James & Associates, Inc.*	7.93%
One World Financial Center 5th Floor
New York, NY 10281
EMERGING MARKETS SMALL CAP PORTFOLIO
National Financial Services LLC*1	22.84%
Charles Schwab & Company, Inc.*1	18.66%
TD Ameritrade, Inc.*1	11.26%
EMERGING MARKETS CORE EQUITY PORTFOLIO
Charles Schwab & Company, Inc.*1	26.95%
National Financial Services LLC*1	22.56%
TD Ameritrade, Inc.*1	11.14%
____________________________________

Owner of record only (omnibus).

See address for shareholder previously noted above in list.

PURCHASE OF SHARES

The following information supplements the information set forth in the Prospectus under the caption

"PURCHASE OF SHARES."

REDEMPTION AND TRANSFER OF SHARES

The following information supplements the information set forth in the Prospectus under the caption

"REDEMPTION OF SHARES."

TAXATION OF THE PORTFOLIOS AND THEIR SHAREHOLDERS

Different tax rules may apply depending on how a Master Fund or an Underlying Fund in which a Portfolio invests is organized for federal income tax purposes. The Feeder Portfolios invest in Master Funds organized as partnerships for federal income tax purposes. The Global Small Company Portfolio, World ex U.S. Value Portfolio and World Core Equity Portfolio invest in Underlying Funds organized as either partnerships or corporations for federal income tax purposes. The International Small Company Portfolio invests in Underlying Funds organized as partnerships for federal income tax purposes. The DFA Global Real Estate Securities Portfolio, World ex U.S. Core Equity Portfolio and Selectively Hedged Global Equity Portfolio invest in Underlying Funds organized as corporations for federal income tax purposes. These rules could affect the amount, timing or character of the income distributed to shareholders of a Portfolio.

Unless otherwise indicated, the discussion below with respect to a Portfolio includes in the case of a Feeder Portfolio invested in a Master Fund or a Portfolio invested in an Underlying Fund classified as a partnership, its pro rata share of its corresponding Master Fund's or Underlying Fund's income and assets and in the case of a Portfolio invested in an Underlying Fund classified as a corporation, its pro rata share of the dividends and distributions paid by such Underlying Fund.

Taxation of the Portfolio

Qualification as a regulated investment company. In order to qualify for treatment as a regulated investment company, the Portfolio must satisfy the following requirements:

Failure to qualify as a regulated investment company would thus have a negative impact on the Portfolio's income and performance. Subject to savings provisions for certain inadvertent failures to satisfy the Income Requirement or Asset Diversification Test which, in general, are limited to those due to reasonable cause and not willful neglect, it is possible that the Portfolio will not qualify as a regulated investment company in any given tax year. Even if such savings provisions apply, the Portfolio may be subject to a monetary sanction of $50,000 or more. Moreover, the Board reserves the right not to maintain the qualification of the Portfolio as a regulated investment company if it determines such a course of action to be beneficial to shareholders.

("PFIC") for which a mark-to-market election is in effect. The terms "ordinary losses" and "ordinary income" mean other ordinary losses and income that are not described in the preceding sentence. Since the Portfolio has a fiscal year ending in October, the amount of qualified late-year losses (if any) is computed without regard to any items of income, gain, or loss that are (a) post-October capital losses, (b) specified losses, and (c) specified gains.

Fund of funds corporate structures. In the case of a Portfolio that invests in Underlying Funds classified as corporations, distributions by the Underlying Funds, redemptions of shares in the Underlying Funds, and changes in asset allocations by the Portfolio may result in taxable distributions to Portfolio shareholders of ordinary income or capital gains. A fund of funds generally will not be able to currently offset gains realized by one Underlying Fund in which the fund of funds invests against losses realized by another Underlying Fund. If shares of an Underlying Fund are purchased within 30 days before or after redeeming at a loss other shares of that Underlying Fund (whether pursuant to a rebalancing by the Portfolio or otherwise), all or a part of the loss will not be deductible by the Portfolio and instead will increase its basis for the newly purchased shares. Also, except with respect to qualified fund of funds discussed below, a fund of funds (a) is not eligible to pass-through to shareholders foreign tax credits from an Underlying Fund that pays foreign income taxes (see "Taxation of Portfolio Distributions — Pass- through of foreign tax credits" below), (b) is not eligible to pass-through to shareholders exempt-interest dividends from an Underlying Fund, and (c) dividends paid by a fund of funds from interest earned by an Underlying Fund on U.S. Government obligations is unlikely to be exempt from state and local income tax (see "Taxation of Portfolio Distributions - U.S. Government securities" below"). However, a fund of funds is eligible to pass-through to shareholders qualified dividends earned by an Underlying Fund (see "Taxation of Portfolio Distributions – Qualified dividend income for individuals" and " – Dividends-received deduction for corporations" below). A qualified fund of funds, i.e. a Portfolio at least 50 percent of the value of the total assets of which (at the close of each quarter of the taxable year) is represented by interests in other RICs, is eligible to pass-through to shareholders

(a) foreign tax credits and (b) exempt-interest dividends.

have conflicting and changing instructions and restrictive timing requirements which may cause the Portfolio not to receive the reduced treaty rates or potential reclaims. Other countries may subject capital gains realized by the Portfolio on sale or disposition of securities of that country to taxation. It is impossible to determine the effective rate of foreign tax in advance since the amount of the Portfolio's assets to be invested in various countries is not known. Under certain circumstances, the Portfolio may elect to pass-through foreign tax credits to shareholders, although it reserves the right not to do so. In some instances it may be more costly to pursue tax reclaims than the value of the benefits received by the Portfolio. If the Portfolio makes such an election and obtains a refund of foreign taxes paid by the Portfolio in a prior year, the Portfolio may be eligible to reduce the amount of foreign taxes reported by the Portfolio to its shareholders, generally by the amount of the foreign taxes refunded, for the year in which the refund is received. See "Taxation of Portfolio Distributions – Pass-through of foreign tax credits" below.

Taxation of Portfolio Distributions

Distributions of net investment income. The Portfolio receives ordinary income generally in the form of dividends and/or interest on its investments. In the case of a Feeder Portfolio that invests in a Master Fund or a Portfolio that invests in an Underlying Fund classified as a partnership, the Portfolio's income generally consists of its share of dividends and interest earned by the Master Fund or Underlying Fund. A Portfolio investing in an Underlying Fund classified as a corporation receives income generally in the form of dividends. The Portfolio may also recognize ordinary income from other sources, including, but not limited to, certain gains on foreign currency- related transactions. This income, less expenses incurred in the operation of the Portfolio, constitutes the Portfolio's net investment income from which dividends may be paid to you. If you are a taxable investor, distributions of net investment income generally are taxable as ordinary income to the extent of the Portfolio's earnings and profits. In the case of a Portfolio whose strategy includes investing in stocks of corporations, a portion of the income dividends paid to shareholders by the Portfolio may be qualified dividends eligible to be taxed at reduced rates.

Distributions of capital gains. The Portfolio may realize a capital gain or loss in connection with sales or other dispositions of its portfolio securities. A Portfolio investing in an Underlying Fund classified as a corporation may also derive capital gains through its redemption of shares of an Underlying Fund classified as a corporation (see "Taxation of the Portfolio ─Fund of funds corporate structures" above). Distributions derived from the excess of net short-term capital gain over net long-term capital loss will be taxable to you as ordinary income. Distributions from the excess of net long-term capital gain over net short-term capital loss will be taxable to you as long-term capital gain, regardless of how long you have held your shares in the Portfolio. Any net capital gain of the Portfolio generally will be distributed once each year, and may be distributed more frequently, if necessary, to reduce or eliminate federal excise or income taxes on the Portfolio.

Returns of capital. Distributions by the Portfolio that are not paid from earnings and profits will be treated as a return of capital to the extent of (and in reduction of) the shareholder's tax basis in his shares; any excess will be treated as gain from the sale of his shares. Thus, the portion of a distribution that constitutes a return of capital will decrease the shareholder's tax basis in his Portfolio shares (but not below zero), and will result in an increase in the amount of gain (or decrease in the amount of loss) that will be recognized by the shareholder for tax purposes on the later sale of such Portfolio shares. Return of capital distributions can occur for a number of reasons including, among others, the Portfolio over-estimates the income to be received from certain investments such as those classified as partnerships or equity real estate investment trusts ("REITs") (see "Tax Treatment of Portfolio

Transactions — Investments in U.S. REITs" below).

Portfolio distribution goes ex-dividend. Income derived from investments in derivatives, fixed-income securities, U.S. REITs, PFICs, and income received "in lieu of" dividends in a securities lending transaction generally is not eligible for treatment as qualified dividend income. If the qualifying dividend income received by the Portfolio is equal to or greater than 95% of the Portfolio's gross income (exclusive of net capital gain) in any taxable year, all of the ordinary income dividends paid by the Portfolio will be qualifying dividend income.

Pass-through of foreign tax credits. If at the end of the fiscal year, (i) more than 50% in value of the total assets of the Portfolio (or if the Portfolio is a qualified fund of funds as described above under the heading "Taxation of the Portfolio ─Fund of funds corporate structures", an Underlying Fund) or (ii) in the case of a Feeder Portfolio (or a Portfolio that invests in Underlying Funds classified as partnerships), more than 50% in value of the total assets of the Feeder Portfolio attributable from the Master Fund (or of the Portfolio attributable from the Underlying Funds), are invested in securities of foreign corporations, the Portfolio may elect to pass through to its shareholders their pro rata share of foreign income taxes paid by the Portfolio (or Underlying Fund or Master Fund). If this election is made, the Portfolio may report more taxable income to you than it actually distributes. You will then be entitled either to deduct your share of these taxes in computing your taxable income or to claim a foreign tax credit for these taxes against your U.S. federal income tax (subject to limitations for certain shareholders). For example, the amount of any foreign tax credits available to you (as a result of the pass-through to you of your pro rata share of foreign taxes paid by the Portfolio) will be reduced if you receive from the Portfolio qualifying dividends from qualifying foreign corporations that are subject to tax at reduced rates. The Portfolio will provide

you with the information necessary to claim this deduction or credit on your personal income tax return if it makes this election. No deduction for foreign tax may be claimed by a noncorporate shareholder who does not itemize deductions or who is subject to the alternative minimum tax. The Portfolio (or Underlying Fund or Master Fund) reserves the right not to pass through to its shareholders the amount of foreign income taxes paid by the Portfolio (or Underlying Fund or Master Fund). Additionally, any foreign tax withheld on payments made "in lieu of" dividends or interest will not qualify for the pass-through of foreign tax credits to shareholders. See "Tax Treatment of Portfolio Transactions – Securities lending" below.

U.S. Government securities. To the extent the Portfolio (or in the case of a Feeder Portfolio, the Master Fund or an Underlying Fund classified as a partnership) invests in certain U.S. Government obligations, dividends paid by the Portfolio to shareholders that are derived from interest on these obligations should be exempt from state and local personal income taxes, subject in some states to minimum investment or reporting requirements that must be met by the Portfolio, the Feeder Portfolio's corresponding Master Fund or the Underlying Fund. To the extent an Underlying Fund organized as a corporation invests in U.S. Government obligations, dividends derived from interest on these obligations and paid to the corresponding Portfolio and, in turn, to you are unlikely to be exempt from state and local income tax. The income on portfolio investments in certain securities, such as repurchase agreements, commercial paper and federal agency-backed obligations (e.g., Government National Mortgage Association ("GNMA") or Federal National Mortgage Association ("FNMA") securities), generally does not qualify for tax-free treatment. The rules on exclusion of this income are different for corporate shareholders.

Sales, Exchanges and Redemptions of Portfolio Shares

In addition to the Portfolio's default method of average cost, other cost basis methods offered by DFA, which you may elect to apply to covered shares, include:

•FIFO (First In, First Out) – Shares acquired first are sold first.

•LIFO (Last In, First Out) – Shares acquired last are sold first.

•HIFO (Highest Cost, First Out) – Shares with the highest cost basis are sold first.

•LOFO (Lowest Cost, First Out) – Shares with the lowest cost basis are sold first.

•LGUT (Loss/Gain Utilization) – A method that evaluates losses and gains and then strategically selects lots based on that gain/loss in conjunction with a holding period.

The Portfolio may also provide Portfolio shareholders (but not the IRS) with information concerning the average cost basis of their shares purchased prior to January 1, 2012 or shares acquired on or after January 1, 2012 for which cost basis information is not known by the Portfolio ("noncovered shares") in order to assist you with the calculation of gain or loss from a sale or redemption of noncovered shares. With the exception of the specific lot identification method, DFA first depletes noncovered shares with unknown cost basis in first in, first out order and then noncovered shares with known basis in first in, first out order before applying your elected method to your remaining covered shares. If you want to deplete your shares in a different order then you must elect specific lot identification and choose the lots you wish to deplete first. Shareholders that use the average cost method for noncovered shares must make the election to use the average cost method for these shares on their federal income tax returns in accordance with Treasury regulations. This election for noncovered shares cannot be made by notifying the Portfolio.

basis, holding period or other adjustments into account in reporting cost basis information to you. Therefore shareholders should carefully review the cost basis information provided by the Portfolio, whether this information is provided pursuant to compliance with cost basis reporting requirements for shares acquired on or after January 1, 2012, or is provided by the Portfolio as a service to shareholders for shares acquired prior to that date, and make any additional basis, holding period or other adjustments that are required by the Code and Treasury regulations when reporting these amounts on their federal income tax returns. Shareholders remain solely responsible for complying with all federal income tax laws when filing their federal income tax returns.

If you hold your Portfolio shares through a broker (or other nominee), please contact that broker (nominee) with respect to reporting of cost basis and available elections for your account.

Tax Treatment of Portfolio Transactions

Certain fixed-income investments. Gain recognized on the disposition of a debt obligation purchased by a portfolio at a market discount (generally, at a price less than its principal amount) will be treated as ordinary income to the extent of the portion of the market discount that accrued during the period of time the portfolio held the debt obligation unless the portfolio made a current inclusion election to accrue market discount into income as it accrues. If a portfolio purchases a debt obligation (such as a zero coupon security or pay-in-kind security) that was originally issued at a discount, the portfolio generally is required to include in gross income each year the portion of the original issue discount that accrues during such year. Therefore, a portfolio's investment in such securities may cause the portfolio to recognize income and make distributions to shareholders before it receives any cash payments on the securities. To generate cash to satisfy those distribution requirements, a portfolio may have to sell portfolio securities that it otherwise might have continued to hold or to use cash flows from other sources such as the sale of portfolio shares.

will be addressed by a portfolio in order to ensure that it distributes sufficient income to preserve its status as a regulated investment company.

Certain of a portfolio's investments in derivatives and foreign currency-denominated instruments, and the portfolio's transactions in foreign currencies and hedging activities, may produce a difference between its book income and its taxable income. If a portfolio's book income is less than the sum of its taxable income and net tax- exempt income (if any), the portfolio could be required to make distributions exceeding book income to qualify as a regulated investment company. If a portfolio's book income exceeds the sum of its taxable income and net tax- exempt income (if any), the distribution of any such excess will be treated as (i) a dividend to the extent of the portfolio's remaining earnings and profits (including current earnings and profits arising from tax-exempt income, reduced by related deductions), (ii) thereafter, as a return of capital to the extent of the recipient's basis in the shares, and (iii) thereafter, as gain from the sale or exchange of a capital asset.

fluctuations in the value of the foreign currency concerned. This treatment could increase or decrease a portfolio's ordinary income distributions to you, and may cause some or all of the portfolio's previously distributed income to be classified as a return of capital. In certain cases, a portfolio may make an election to treat such gain or loss as capital.

PFIC securities. The Portfolio may invest in securities of foreign entities that could be deemed for tax purposes to be PFICs. In general, a PFIC is any foreign corporation if 75% or more of its gross income for its taxable year is passive income, or 50% or more of its average assets (by value) are held for the production of passive income. When investing in PFIC securities, the Portfolio intends to mark-to-market these securities and recognize any unrealized gains as ordinary income at the end of its fiscal year. Deductions for losses are allowable only to the extent of any current or previously recognized gains. These gains (reduced by allowable losses) are treated as ordinary income that the Portfolio is required to distribute, even though it has not sold or received dividends from these securities. You should also be aware that the designation of a foreign security as a PFIC security will cause its income dividends to fall outside of the definition of qualified foreign corporation dividends. These dividends generally will not qualify for the reduced rate of taxation on qualified dividends when distributed to you by the Portfolio. Due to various complexities in identifying PFICs, the Portfolio can give no assurances that it will be able to identify portfolio securities in foreign corporations that are PFICs in time for the Portfolio to make a mark-to- market election. If the Portfolio (or an Underlying Fund organized as a corporation) is unable to identify an investment as a PFIC and thus does not make a mark-to-market election, the Portfolio (or Underlying Fund) may be subject to U.S. federal income tax on a portion of any "excess distribution" or gain from the disposition of such shares even if such income is distributed as a taxable dividend by the Portfolio to its shareholders. Additional charges in the nature of interest may be imposed on the Portfolio (or Underlying Fund) in respect of deferred taxes arising from such distributions or gains. Any such taxes or interest charges could in turn reduce the Portfolio's distributions paid to you.

mortgage pool" (referred to in the Code as an excess inclusion) will be subject to federal income tax in all events. The excess inclusion income of a regulated investment company, such as a portfolio, will be allocated to shareholders of the regulated investment company in proportion to the dividends received by such shareholders, with the same consequences as if the shareholders held the related REMIC residual interest or, if applicable, taxable mortgage pool directly. In general, excess inclusion income allocated to shareholders (i) cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions), (ii) will constitute unrelated business taxable income ("UBTI") to entities (including qualified pension plans, individual retirement accounts, 401(k) plans, Keogh plans or other tax-exempt entities) subject to tax on UBTI, thereby potentially requiring such an entity that is allocated excess inclusion income, and otherwise might not be required to file a tax return, to file a tax return and pay tax on such income, and (iii) in the case of a foreign stockholder, will not qualify for any reduction in U.S. federal withholding tax. In addition, if at any time during any taxable year a "disqualified organization" (which generally includes certain cooperatives, governmental entities, and tax-exempt organizations not subject to UBTI) is a record holder of a share in a regulated investment company, then the regulated investment company will be subject to a tax equal to that portion of its excess inclusion income for the taxable year that is allocable to the disqualified organization, multiplied by the corporate income tax rate. The Notice imposes certain reporting requirements upon regulated investment companies that have excess inclusion income. There can be no assurance that a portfolio will not allocate to shareholders excess inclusion income.

contract to buy or sell the reference property rather than debt. Similarly, convertible preferred stock with a mandatory conversion feature is ordinarily, but not always, treated as equity rather than debt. Dividends received generally are qualified dividend income and eligible for the corporate dividends-received deduction. In general, conversion of preferred stock for common stock of the same corporation is tax-free. Conversion of preferred stock for cash is a taxable redemption. Any redemption premium for preferred stock that is redeemable by the issuing company might be required to be amortized under original issue discount principles.

Backup Withholding

By law, the Portfolio may be required to withhold a portion of your taxable dividends and sales proceeds unless you:

•provide your correct social security or taxpayer identification number,

•certify that this number is correct,

•certify that you are not subject to backup withholding, and

•certify that you are a U.S. person (including a U.S. resident alien).

Non-U.S. Investors

interest income" includes, in general, U.S. source (1) bank deposit interest, (2) short-term original discount, (3) interest (including original issue discount, market discount, or acquisition discount) on an obligation which is in registered form, unless it is earned on an obligation issued by a corporation or partnership in which the Portfolio is a 10-percent shareholder or is contingent interest, and (4) any interest-related dividend from another regulated investment company. On any payment date, the amount of an income dividend that is reported by the Portfolio to shareholders as an interest-related dividend may be more or less than the amount that is so qualified. This is because the reporting of interest-related dividends is based on an estimate of the Portfolio's qualified net interest income for its entire fiscal year, which can only be determined with exactness at fiscal year-end. As a consequence, the Portfolio may over withhold a small amount of U.S. tax from a dividend payment. In this case, the non-U.S. investor's only recourse may be to either forgo recovery of the excess withholding or to file a United States nonresident income tax return to recover the excess withholding.

•The RIC is classified as a qualified investment entity. A RIC is classified as a "qualified investment entity" with respect to a distribution to a non-U.S. person which is attributable directly or indirectly to a sale or exchange of a USRPI if, in general, 50% or more of the RIC's assets consist of interests in U.S. REITs and U.S. real property holding corporations, and

•You are a non-U.S. shareholder that owns more than 5% of a class of Portfolio shares at any time during the one-year period ending on the date of the distribution.

Gain on sale of Portfolio shares as FIRPTA gain. In addition, a sale or redemption of Portfolio shares will be FIRPTA gain only if –

•As a non-U.S. shareholder, you own more than 5% of a class of shares in the Portfolio;

Foreign Account Tax Compliance Act ("FATCA"). Under FATCA, the Portfolio will be required to withhold a 30% tax on the income dividends made by the Portfolio to certain foreign entities, referred to as foreign financial institutions ("FFI") or non-financial foreign entities ("NFFE"). After December 31, 2018, FATCA withholding also would have applied to certain capital gain distributions, return of capital distributions, and the proceeds arising from the sale of Portfolio shares; however, based on proposed regulations issued by the IRS, which may be relied upon currently, such withholding is no longer required unless final regulations provide otherwise (which is not expected). The FATCA withholding tax generally can be avoided: (a) by an FFI, if it reports certain direct and indirect ownership of foreign financial accounts held by U.S. persons with the FFI and (b) by an NFFE, if it: (i) certifies that it has no substantial U.S. persons as owners or (ii) if it does have such owners, reporting information relating to them. The U.S. Treasury has negotiated intergovernmental agreements ("IGA") with certain countries and is in various stages of negotiations with a number of other foreign countries with respect to one or more alternative approaches to implement FATCA; an entity in one of those countries may be required to comply with the terms of an IGA instead of U.S. Treasury regulations.

Effect of Future Legislation; Local Tax Considerations

PROXY VOTING POLICIES

The Boards of Directors of DIG, DFAIDG and DEM, and the Board of Trustees of the Trust have delegated the authority to vote proxies for the portfolio securities held by the non-Feeder Portfolios, Master Funds, and Underlying Funds to the Advisor in accordance with the Proxy Voting Policies and Procedures (the "Voting Policies") and Proxy Voting Guidelines ("Voting Guidelines") adopted by the Advisor. A concise summary of the Voting Guidelines is provided in an Appendix to this SAI.

The Investment Committee at the Advisor is generally responsible for overseeing the Advisor's proxy voting process. The Investment Committee has formed the Investment Stewardship Committee (the "Committee") composed of certain officers, directors and other personnel of the Advisor and has delegated to its members authority to (i) oversee the voting of proxies and third-party proxy service providers, (ii) make determinations as to how to vote certain specific proxies, (iii) verify ongoing compliance with the Voting Policies, (iv) receive reports on the review of the third-party proxy service providers, and (v) review the Voting Policies from time to time and recommend changes to the Investment Committee. The Committee may designate one or more of its members to oversee specific, ongoing compliance with respect to the Voting Policies and may designate personnel of the Advisor to vote proxies on behalf of the non-Feeder Portfolios, Master Funds and Underlying Funds, such as authorized traders of the Advisor.

The Advisor seeks to vote (or refrains from voting) proxies for the non-Feeder Portfolios, Master Funds and Underlying Funds in a manner that the Advisor determines is in the best interests of the non-Feeder Portfolios, Master Funds, and Underlying Funds, and which seeks to maximize the value of the non-Feeder Portfolios', Master Funds' and Underlying Funds' investments. Generally, the Advisor analyzes proxy statements on behalf of the non- Feeder Portfolios, Master Funds, and Underlying Funds and instructs the vote (or refrains from voting) in accordance with the Voting Policies and the Voting Guidelines. Most proxies the Advisor receives are instructed to be voted in accordance with the Voting Guidelines, and when proxies are voted consistently with such guidelines, the Advisor considers such votes not to be affected by conflicts of interest. However, the Voting Policies do address the procedures to be followed if a conflict of interest arises between the interests of the non-Feeder Portfolios, Master Funds, or Underlying Funds, and the interests of the Advisor or its affiliates. If a Committee member has actual knowledge of a conflict of interest and recommends a vote contrary to the Voting Guidelines (or in the case where the Voting Guidelines do not prescribe a particular vote and the proposed vote is contrary to the recommendation of third-party proxy service providers), the Committee member will bring the vote to the Committee which will (a) determine how the vote should be cast keeping in mind the principle of preserving shareholder value, or (b) determine to abstain from voting, unless abstaining would be materially adverse to the interest of the non-Feeder Portfolios, Master Funds, or Underlying Funds. To the extent the Committee makes a determination regarding how to vote or to abstain for a proxy on behalf of a non-Feeder Portfolio, Master Fund, or Underlying Fund in the circumstances described in this paragraph, the Advisor will report annually on such determinations to the Board of Directors of the applicable Fund or the Board of Trustees of the Trust, as applicable.

The Advisor will usually instruct voting of proxies in accordance with the Voting Guidelines. The Voting Guidelines provide a framework for analysis and decision making, however, the Voting Guidelines do not address all potential issues. In order to be able to address all the relevant facts and circumstances related to a proxy vote, the Advisor reserves the right to instruct votes counter to the Voting Guidelines if, after a review of the matter, the Advisor believes that the best interests of the non-Feeder Portfolio, Master Fund or Underlying Fund would be served by such a vote. In such a circumstance, the analysis will be documented in writing and periodically presented to the Committee. To the extent that the Voting Guidelines do not cover potential voting issues, the Advisor may consider the spirit of the Guidelines and instruct the vote on such issues in a manner that the Advisor believes would be in the best interests of the non-Feeder Portfolio, Master Fund or Underlying Fund.

because the outcome of the vote would not be affected by the Advisor recalling loaned securities for voting. The Advisor does intend to recall securities on loan if based upon information in the Advisor's possession, it determines that voting the securities is likely to materially affect the value of the non-Feeder Portfolio's, Master Fund's or Underlying Fund's investment and that it is in the non-Feeder Portfolio's, Master Fund's or Underlying Fund's best interests to do so. In cases where the Advisor does not receive a solicitation or enough information within a sufficient time (as reasonably determined by the Advisor) prior to the proxy-voting deadline, the Advisor or its service provider may be unable to vote.

With respect to non-U.S. securities, it may be both difficult and costly to vote proxies due to local regulations, customs, and other requirements or restrictions. The Advisor does not intend to vote proxies of non- U.S. companies if the Advisor determines that the expected economic costs from voting outweigh the anticipated economic benefit to a non-Feeder Portfolio, Master Fund or Underlying Fund associated with voting. The Advisor intends to make its determination on whether to vote proxies of non-U.S. companies on a portfolio-by-portfolio basis. In doing so, the Advisor evaluates market requirements and impediments to voting proxies of companies in a country. The Advisor periodically reviews voting logistics, including costs and other voting difficulties, on a portfolio by portfolio and country by country basis, in order to determine if there have been any material changes that would affect the Advisor's determinations and procedures. In the event the Advisor is made aware of and believes an issue to be voted is likely to materially affect the economic value of a non-Feeder Portfolio, Master Fund or Underlying Fund, that its vote is reasonably likely to influence the ultimate outcome of the contest, and the expected benefits of voting the proxies exceed the costs, the Advisor will make reasonable efforts to vote such proxies.

The Advisor considers social or environmental issues when voting proxies for portfolios that do not have social or sustainability screens, such as the non-Feeder Portfolios, Master Funds or Underlying Funds, if the Advisor believes that doing so is in the best interest of the portfolio and is otherwise consistent with the Advisor's duties, such as where material environmental or social risks may have economic ramifications for shareholders.

The Advisor has retained certain third-party proxy voting service providers ("Proxy Service Firms") to provide certain services with respect to proxy voting. Proxy Service Firms will: provide information on shareholder meeting dates and proxy materials; translate proxy materials printed in a foreign language; provide research on proxy proposals; operationally process votes in accordance with the Voting Guidelines on behalf of the non-Feeder Portfolios, Master Funds and Underlying Funds; and provide reports concerning the proxies voted ("Proxy Voting Services"). Although the Advisor retains third-party service providers for Proxy Voting Services, the Advisor remains responsible for proxy voting decisions. The Advisor has designed Voting Policies to oversee and evaluate Proxy Service Firms, including with respect to the matters described below, which Proxy Service Firms have been engaged to provide services to support the Advisor's voting in accordance with the Voting Policies. Prior to the selection of a new Proxy Service Firm and annually thereafter or more frequently if deemed necessary by the Advisor, the Committee will consider whether the Proxy Service Firm (i) has the capacity and competency to adequately analyze proxy issues and provide the Proxy Voting Services the Proxy Service Firm has been engaged to provide and (ii) can make its recommendations in an impartial manner and in the best interests of the Advisor's clients, and consistent with the Advisor's Voting Policies. In the event that the Voting Guidelines are not implemented precisely as the Advisor intends because of the actions or omissions of any third party service providers, custodians or sub-custodians or other agents or any such persons experience any irregularities (e.g., misvotes or missed votes), then such instances will not necessarily be deemed by the Advisor as a breach of the Voting Policies.

Information regarding how each of the non-Feeder Portfolios, Master Funds and Underlying Funds voted proxies related to its portfolio securities during the 12 month period ended June 30 of each year is available, no later than August 31 of each year, without charge, (i) on the Advisor's website at http://us.dimensional.com and (ii) on the SEC's website at http://www.sec.gov.

DISCLOSURE OF PORTFOLIO HOLDINGS

material non-public Holdings Information. The Advisor has determined that the Policy and its procedures (1) are reasonably designed to ensure that disclosure of Holdings Information is in the best interests of the shareholders of the Portfolios, Master Funds and Underlying Funds, and (2) appropriately address the potential for material conflicts of interest.

Online Disclosure of Portfolio Holdings Information. Each Portfolio, Master Fund and Underlying Fund generally discloses its complete Holdings Information (other than cash and cash equivalents), as of month-end, online at the Advisor's public website, http://us.dimensional.com, 30 days following the month-end.

From time to time, the Advisor and/or a Portfolio, Master Fund or Underlying Fund may provide a list of securities that the Portfolio, Master Fund or Underlying Fund would expect to distribute in-kind upon a request by a shareholder to redeem shares in-kind (the "Redemption Basket") on the Advisor's public website. Any such Redemption Basket may be posted daily on its public website as disclosed in the prospectus of the Portfolio or Underlying Fund or Part A of the Master Fund.

Disclosure of Holdings Information to Recipients. The Advisor's Head of Global Institutional Services and Global Chief Compliance Officer ("Chief Compliance Officer"), or a delegate of the same, respectively (collectively, the "Designated Persons"), together may authorize disclosing non-public Holdings Information more frequently or at different periods than as described above solely to those financial advisors, registered accountholders, authorized consultants, authorized custodians, or third-party data service providers (each a "Recipient") who: (i) specifically request the more current non-public Holdings Information and (ii) execute a Use and Nondisclosure Agreement (each a "Nondisclosure Agreement"). Each Nondisclosure Agreement subjects the Recipient to a duty of confidentiality with respect to the non-public Holdings Information, and prohibits the Recipient from trading based on the non-public Holdings Information. Any non-public Holdings Information that is disclosed shall not include any material information about Portfolio's, Master Fund's or Underlying Fund's trading strategies or pending portfolio transactions. The non-public Holdings Information provided to a Recipient under a Nondisclosure Agreement, unless indicated otherwise, is not subject to a time delay before dissemination.

As of the date of this SAI, the Advisor and the Portfolios and Master Funds had ongoing arrangements with the following Recipients to make available non-public Holdings Information:

Recipient	Business Purpose	Frequency

Aon Hewitt	Monitoring investor exposure and	Monthly
	investment strategy

Caissa, LLC	Monitoring investor exposure and	Monthly
	investment strategy

California Institute of Technology	Monitoring investor exposure and	Monthly
	investment strategy

Callan Associates	Monitoring investor exposure and	Quarterly
	investment strategy

Cambridge Associates Limited	Monitoring investor exposure and	Monthly
	investment strategy

Charles Schwab Bank Smart Funds	Monitoring investor exposure and	Quarterly
	investment strategy

Citibank, N.A.	Fund Custodian	Daily

Citibank, N.A.	Middle office operational support service	Daily
	provider to the Advisor

Colonial Consulting Co.	Monitoring investor exposure and	Monthly
	investment strategy

Recipient	Business Purpose	Frequency

Communities Foundation of Texas	Monitoring investor exposure and	Monthly
	investment strategy

Financial Risk Group	Monitoring investor exposure and	Monthly
	investment strategy

Greycourt & Co., Inc.	Monitoring investor exposure and	Quarterly
	investment strategy

Margaret A. Cargill Philanthropies	Monitoring investor exposure and	Monthly
	investment strategy

Marquette Associates, Inc.	Monitoring investor exposure and	Quarterly
	investment strategy

Meketa Investment Group	Monitoring investor exposure and	Monthly
	investment strategy

Mercer, LLC	Monitoring investor exposure and	Monthly
	investment strategy

Merck & Co., Inc.	Monitoring investor exposure and	Upon Request
	investment strategy

Montana Board of Investments	Monitoring investor exposure and	Monthly
	investment strategy

NEPC, LLC	Monitoring investor exposure and	Monthly
	investment strategy

Northern Trust	Monitoring investor exposure and	Monthly
	investment strategy

Ohio Public Employees Retirement System	Monitoring investor exposure and	Monthly
	investment strategy

Pavilion Advisory Group	Monitoring investor exposure and	Quarterly
	investment strategy

PricewaterhouseCoopers LLP	Independent registered public accounting	Upon Request
	firm

Pricing Service Vendor	Fair value information services	Daily

R.V. Kuhns & Associates, Inc.	Monitoring investor exposure and	Monthly
	investment strategy

Seattle City Employees' Retirement System	Monitoring investor exposure and	Monthly
	investment strategy

Siemens Corporation	Monitoring investor exposure and	Quarterly
	investment strategy

Southern Company	Monitoring investor exposure and	Monthly
	investment strategy

State Street Bank and Trust Company	Monitoring investor exposure and	Monthly
	investment strategy

State Street Bank and Trust Company	Fund Administrator, Accounting Agent,	Daily
	Transfer Agent and Custodian

Style Analytics	Monitoring investor exposure and	Monthly
	investment strategy

Summit Strategies Group	Monitoring investor exposure and	Quarterly
	investment strategy

Teachers' Retirement Allowances Fund	Monitoring investor exposure and	Annually
Board	investment strategy

Texas Mutual Insurance Company	Monitoring investor exposure and	Monthly
	investment strategy

Recipient	Business Purpose	Frequency

TIAA Kaspick	Monitoring investor exposure and	Upon Request
	investment strategy

University of Pittsburgh Medical Center	Monitoring investor exposure and	Quarterly
	investment strategy

University of South Florida Foundation	Monitoring investor exposure and	Upon Request
	investment strategy

Verus Advisory, Inc.	Monitoring investor exposure and	Monthly
	investment strategy

Willis Towers Watson	Monitoring investor exposure and	Monthly
	investment strategy

Wilshire Associates, Inc.	Monitoring investor exposure and	Monthly
	investment strategy

In addition, certain employees of the Advisor and its subsidiaries receive Holdings Information on a quarterly, monthly or daily basis, or upon request, in order to perform their business functions. None of the Portfolios, the Master Funds, the Underlying Funds, the Advisor or any other party receives any compensation in connection with these arrangements.

The Policy includes the following procedures to ensure that disclosure of Holdings Information is in the best interests of shareholders, and to address any conflicts between the interests of shareholders, on the one hand, and the interests of the Advisor, DFAS or any affiliated person of the Funds, the Trust, the Advisor or DFAS, on the other. In order to protect the interests of shareholders, the Portfolios, Master Funds and Underlying Funds, and to ensure no adverse effect on shareholders, in the limited circumstances where a Designated Person is considering making non-public Holdings Information available to a Recipient, the Advisor's Director of Institutional Services and the Chief Compliance Officer will consider any conflicts of interest. If the Chief Compliance Officer, following appropriate due diligence, determines in his or her reasonable judgment that (1) the Portfolio, Master Fund or Underlying Fund, as applicable, has a legitimate business purpose for providing the non-public Holdings Information to a Recipient, and (2) disclosure of non-public Holdings Information to the Recipient would be in the interests of the shareholders and outweighs possible reasonably anticipated adverse effects, then the Chief Compliance Officer may approve the proposed disclosure.

public Holdings Information or other investment positions. "Consideration" includes any agreement to maintain assets in the Portfolio, Master Fund or Underlying Fund or in other investment companies or accounts managed by the Advisor or by any affiliated person of the Advisor.

The Policy and its procedures are intended to provide useful information concerning the Portfolios, Master Funds and Underlying Funds to existing and prospective shareholders, while at the same time preventing the improper use of Holdings Information. However, there can be no assurance that the furnishing of any Holdings Information is not susceptible to inappropriate uses, particularly in the hands of sophisticated investors, or that the Holdings Information will not in fact be misused in other ways, beyond the control of the Advisor.

With respect to each instance of such disclosure, an Approved Representative will make a good faith determination whether the information constitutes material non-public information, which involves an assessment of the particular facts and circumstances. The Advisor believes that in most cases recent portfolio changes that involve a few or even several securities in a diversified portfolio and/or commentary and analysis would be immaterial and would not convey any advantage to a recipient in making an investment decision concerning a Portfolio. Nonexclusive examples of commentary and analysis include: (i) the allocation of a Portfolio's portfolio holdings and other investment positions among various asset classes, sectors, industries and countries; (ii) the characteristics of the equity and fixed income components of a Portfolio's portfolio holdings and other investment positions; (iii) the attribution of Portfolio returns by asset class, sector, industry and country; and (iv) the volatility characteristics of a Portfolio. An Approved Representative may in his or her sole discretion determine whether to deny any request for information made by any person, and may do so for any reason or no reason.

SECURITIES LENDING

The Boards of the following Portfolios, or of the corresponding Master Funds of the following Portfolios (collectively, the "Securities Lending Portfolios"), have approved their participation in a securities lending program. Under the securities lending program, Citibank, N.A. serves as the securities lending agent for the Securities Lending Portfolios (the "Securities Lending Agent").

For the fiscal year ended October 31, 2019 the income earned by the following Portfolios, as well as the fees and/or compensation paid by the Portfolios (in dollars) pursuant to a securities lending agency/authorization agreement between the Portfolios (or their corresponding Master Funds) and the Securities Lending Agent were as follows:

Fees and/or compensation for securities lending activities and related services:

			Fees paid
	Gross		to
	Gross		Securities
	income		Lending
	from		Agent
	securities		from a
	lending		revenue
Portfolio*	activities		split
Large Cap
International	$6,540,560	$316,416
Portfolio
DFA
International	$12,886,473	$614,773
Value	$12,886,473	$614,773
Value
Portfolio**
International
Core Equity	$65,179,599	$4,094,060
Portfolio
Japanese
Small	$1,932,140	$170,811
Company	$1,932,140	$170,811
Company
Portfolio**
Asia Pacific
Small	$1,607,411	$140,833
Company	$1,607,411	$140,833
Company
Portfolio**
United
Kingdom
Small	$13,252	$685
Company
Portfolio**
Continental
Small	$2,693,570	$195,540
Company	$2,693,570	$195,540
Company
Portfolio**
DFA
International
Real Estate	$6,870,185	$434,798
Securities
Portfolio
DFA Global
Real Estate	$2,220,084	$27,699
Securities	$2,220,084	$27,699
Securities
Portfolio
DFA
International
Small Cap	$33,241,516	$2,259,399
Value
Portfolio
International
Vector	$6,537,305	$436,689
Equity	$6,537,305	$436,689
Equity
Portfolio
International
High
Relative	$432,779	$16,678
Profitability
Portfolio

Fees paid
for any cash
collateral
management
service
(including
fees
deducted
from a
pooled cash							Aggregate
collateral					Other		Aggregate
reinvestment	Administrative			fees not			fees/	Net income
vehicle) not	fees not	Indemnification		included		compensation		from
included in	included in the	fees not	Rebate		in the		for securities	securities
the revenue	revenue	included in the	(paid to	revenue			lending	lending
split	split	revenue split	borrower)		split		activities	activities
$9,685	--	--	$3,366,714	--		$3,692,815		$2,847,745
$10,473	--	--	$6,728,270	--		$7,353,517		$5,532,956
$72,325	--	--	$24,166,585	--		$28,332,970		$36,846,629
$809	--	--	$223,199	--		$394,820		$1,537,320
$546	--	--	$198,540	--		$339,918		$1,267,493
$13	--	--	$6,385	--		$7,084		$6,168
$3,198	--	--	$734,968	--		$933,706		$1,759,864
$9,960	--	--	$2,512,265	--		$2,957,022		$3,913,162
$5,939	--	--	$1,937,119	--		$1,970,758		$249,327
$42,393	--	--	$10,605,088	--		$12,906,880		$20,334,636
$7,091	--	--	$2,163,237	--		$2,607,017		$3,930,289
$1,388	--	--	$264,609	--		$282,674		$150,105

Portfolio*

World ex U.S. Core Equity Portfolio

Emerging

Markets Portfolio**

Emerging

Markets

Value

Portfolio**

Emerging

Markets

Targeted

Value

Portfolio

Emerging

Markets

Small Cap

Portfolio**

Emerging

Markets

Core Equity

Portfolio

Fees and/or compensation for securities lending activities and related services:

			Fees paid
			for any cash
			collateral
			management
			service
			(including
			fees
			deducted
		Fees paid	from a
Gross		to	pooled cash							Aggregate
Gross		Securities	collateral					Other		Aggregate
income		Lending	reinvestment	Administrative			fees not			fees/	Net income
from		Agent	vehicle) not	fees not	Indemnification		included		compensation		from
securities		from a	included in	included in the	fees not	Rebate		in the		for securities	securities
lending		revenue	the revenue	revenue	included in the	(paid to	revenue			lending	lending
activities		split	split	split	revenue split	borrower)		split		activities	activities
$6,882,094	$473,959		$5,832	--	--	$2,136,590	--		$2,616,381		$4,265,713
$7,895,613	$640,373		$7,043	--	--	$2,551,162	--		$3,198,579		$4,697,034
$27,122,058	$2,148,925		$21,007	--	--	$9,187,822	--		$11,357,754		$15,764,304
$52,782	$4,836		$35	--	--	$12,413	--		$17,285		$35,498
$47,894,381	$5,538,898		$12,108	--	--	$1,726,356	--		$7,277,362		$40,617,019
$75,485,145	$7,809,779		$35,987	--	--	$10,364,028	--		$18,209,794		$57,275,351

*The amounts included in the table above may differ from the amounts disclosed in the Portfolios' annual reports due to timing differences, reconciliations, and certain other adjustments. In addition, funds of funds without direct securities lending revenue are not included in the chart, although certain Underlying Funds that are taxed as partnerships may pass through securities lending revenue to the Portfolio.

For the fiscal year ended October 31, 2019, the Securities Lending Agent provided the following services for the Securities Lending Portfolios in connection with securities lending activities: (i) entering into loans with approved entities subject to guidelines or restrictions provided by the Portfolios; (ii) receiving and holding collateral from borrowers, and facilitating the investment and reinvestment of cash collateral; (iii) monitoring daily the value of the loaned securities and collateral, including receiving and delivering additional collateral as necessary from/to borrowers; (iv) negotiating loan terms; (v) selecting securities to be loaned subject to guidelines or restrictions provided by the Portfolios; (vi) recordkeeping and account servicing; (vii) monitoring dividend/distribution activity relating to loaned securities; and (viii) arranging for return of loaned securities to the Portfolios at loan termination.

FINANCIAL STATEMENTS

The audited financial statements of the Master Funds (which are series of the Trust) and the audited financial statements of Dimensional Emerging Markets Value Fund for the fiscal period ended October 31, 2019, as set forth in the Trust's and Dimensional Emerging Markets Value Fund's annual reports to shareholders, including the reports of PwC, are incorporated by reference into this SAI.

A shareholder may obtain a copy of the annual reports, upon request and without charge, by contacting the Funds at the address or telephone number appearing on the cover of this SAI.

PERFORMANCE DATA

APPENDIX

Proxy Voting Guidelines

General Approach to Corporate Governance and Proxy Voting

This document outlines Dimensional's global approach to key proxy voting issues and highlights particular considerations in specific markets.

Global Evaluation Framework

Uncontested Director Elections

Dimensional may vote against individual directors, committee members, or the full board of a portfolio company in the following situations:

1.There are problematic audit-related practices;

2.There are problematic compensation practices or persistent pay for performance misalignment;

3.There are problematic anti-takeover provisions;

4.There have been material failures of governance, risk oversight, or fiduciary responsibilities;

5.The board has failed to adequately respond to shareholder concerns;

6.The board has demonstrated a lack of accountability to shareholders;

7.There is an ineffective board refreshment process2;

Dimensional also considers the following when voting on directors of portfolio companies:

1.Board independence;

2.Director attendance;

3.Director capacity to serve;

4.Board composition.

1"Dimensional" refers to any of Dimensional Fund Advisors LP, Dimensional Fund Advisors Ltd., DFA Australia Limited, Dimensional Fund Advisors Pte. Ltd. or Dimensional Japan Ltd.

A-1

Board Refreshment

In evaluating a portfolio company's refreshment process, Dimensional may consider, among other information:

∙Whether the company's board assessment process meets market best practices in terms of objectiveness, rigor, disclosure, and other criteria;

∙Whether the company has any mechanisms to encourage board refreshment; and

∙Whether the company has board entrenchment devices, such as a classified board or plurality vote standard.

Bundled/Slate Director Elections

Contested Director Elections

Auditors

Anti-Takeover Provisions

Related-Party Transactions

Amendments to Articles of Association/Incorporation

A-2

Equity Plans

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and company employees with those of shareholders.

Executive Remuneration

Director Remuneration

Dimensional will generally support director remuneration at portfolio companies that is reasonable in both size and composition relative to industry and market norms.

Mergers & Acquisitions (M&A)

Dimensional may vote against deals where there are concerns with the acquisition process or where there appear to be significant conflicts of interest.

Capitalization

Dimensional opposes the creation of share structures that provide for unequal voting rights and will generally vote against proposals to create or continue such structures.

Shareholder Proposals

A-3

Voting Guidelines for Environmental and Social Issues

Evaluating Disclosure of Material Environmental or Social Risks

∙A description of material risks.

∙A description of the process for identifying and prioritizing such risks and how frequently it occurs.

∙The policies and procedures governing the handling of each material risk.

∙A description of the management-level roles/groups involved in oversight and mitigation of each material risk.

∙A description of the metrics used to assess the effectiveness of mitigating each material risk, and the frequency at which performance against these metrics is assessed.

∙A description of how the board is informed of material risks and the progress against relevant metrics.

Proxy Voting Principles for the United States

Director Elections:

Uncontested Director Elections

Dimensional may vote against or withhold votes from individual directors, committee members, or the full board of a portfolio company in the following situations:

A-4

1.Problematic audit-related practices;

2.Problematic compensation practices or persistent pay for performance misalignment;

3.Problematic anti-takeover provisions;

4.Material failures of governance, risk oversight, or fiduciary responsibilities;

5.Failure to adequately respond to shareholder concerns;

6.Lack of accountability to shareholders;

7.There is an ineffective board refreshment process.

Dimensional also considers the following when voting on directors at portfolio companies:

1.Director attendance - Board members should attend at least 75% of meetings.

2.Director commitments - Board members should ensure that they have the capacity to fulfill the requirements of each board membership.

Contested Director Elections

In the case of contested board elections at portfolio companies, Dimensional takes a case-by-case approach. With the goal of maximizing shareholder value, we consider the qualifications of the nominees, the likelihood that each side can accomplish their stated plans, the portfolio company's corporate governance practices, the incumbent board's history of responsiveness to shareholders, and the market's reaction to the contest.

Board Structure and Composition:

Board Refreshment

CEO/Chair

Dimensional believes that the portfolio company boards are responsible for determining whether the separation of roles is appropriate and adequately protects the interests of shareholders.

A-5

Board Size

Governance Practices:

Classified Boards

Dual Classes of Stock

Dual class share structures are generally seen as detrimental to shareholder rights, as they are accompanied by unequal voting rights. Dimensional believes in the principle of one share, one vote.

Supermajority Vote Requirements

Shareholder Rights Plans (Poison Pills)

A-6

Cumulative Voting

Majority Voting

To account for contested director elections, portfolio companies with a majority vote standard should include a carve-out for plurality voting in situations where there are more nominees than seats.

Right to Call Meetings and Act by Written Consent

Dimensional will generally support the right of shareholders to call special meetings of a portfolio company board (if they own 25% of shares outstanding) and take action by written consent.

Proxy Access

Amend Bylaws/Charters

Exclusive Forum

Dimensional is generally supportive of management proposals at portfolio companies to adopt an exclusive forum for shareholder litigation.

Auditors

A-7

Executive and Director Compensation:

Stock-Based Compensation Plans

Dimensional supports the adoption of equity plans that align the interests of portfolio company board, management, and company employees with those of shareholders.

Dimensional may also vote against equity plans if problematic equity grant practices have contributed to a pay for performance misalignment at the portfolio company.

Employee Stock Purchase Plans

Supplemental Executive Retirement Plans

Advisory Votes on Executive Compensation (Say on Pay)

Certain practices, such as:

∙multi-year guaranteed bonuses

∙excessive severance agreements (particularly those that vest without involuntary job loss or diminution of duties or those with excise-tax gross-ups)

∙single, or the same, metrics used for both short-term and long-term executive compensation plans

may encourage excessive risk-taking by executives at portfolio companies and are generally opposed by Dimensional.

A-8

Frequency of Say on Pay

Clawback Provisions

Dimensional typically supports clawback provisions in executive compensation plans as a way to mitigate risk of excessive risk taking by executives at portfolio companies.

Executive Severance Agreements (Golden Parachutes)

Dimensional analyzes golden parachute proposals on a case-by-case basis.

Dimensional expects vesting of equity to be contingent on both a change in control and a subsequent involuntary termination of the employee ("double-trigger change in control").

Compensation of Directors

Dimensional will support director compensation at a portfolio company that is reasonable in both size and composition relative to industry and market norms.

Corporate Actions:

Mergers and Acquisitions (M&A)

Dimensional may vote against deals where there are concerns with the acquisition process or where there appear to be significant conflicts of interest.

Reincorporation

Dimensional will evaluate reincorporation proposals on a case-by-case basis.

Dimensional may vote against reincorporations if the move would result in a substantial diminution of shareholder rights at the portfolio company.

A-9

Capitalization:

Increase Authorized Shares

Dimensional will typically vote against requests for common or preferred stock issuances that are excessively dilutive relative to common market practice.

Dimensional will typically vote against proposals at portfolio companies with multiple share classes to increase the number of shares of the class with superior voting rights.

Blank Check Preferred Stock

Share Repurchases

Shareholder Proposals:

Director Election Guidelines for Europe, the Middle East, and Africa (EMEA)

Dimensional will leverage its global framework when evaluating EMEA portfolio companies, but will apply the following market-specific considerations when voting on directors.

When voting on the election of directors of portfolio companies, Dimensional applies the following standards across EMEA unless otherwise specified below:

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∙A majority of audit committee members (excluding shareholder or employee representatives as provided by law) should be independent; the committee overall should be at least one-third independent.

∙Executives should generally not serve on audit and remuneration committees.

∙Board terms generally should not exceed four years.

∙Directors should generally not serve on the boards of more than five publicly traded companies.

∙Dimensional generally expects executive directors to avoid serving in leadership roles (e.g. board chair) on outside boards.

United Kingdom

Dimensional expects portfolio companies to follow the requirements of the UK Corporate Governance Code with regards to board and committee composition.

France

Dimensional will typically vote against the election of censors, but may consider providing support if the censor is to serve on an interim basis.

Dimensional may vote against directors of a portfolio company if such company's bylaws do not currently prohibit loyalty shares and there has been no commitment to put such structures to a vote.

Germany

Dimensional will typically vote against directors of a portfolio company whose board term exceeds five years.

Greece

Dimensional expects all portfolio company boards to be at least one-third independent.

Italy

At portfolio companies electing directors through the voto di lista system, Dimensional expects that names of candidates to be disclosed in a timely manner.

Portugal

Dimensional expects all portfolio company boards to be at least one-third independent.

Switzerland

Dimensional expects the role of chairman and CEO of a portfolio company to be separated and will generally vote against the election of a director to serve in a combined role.

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South Africa

Dimensional expects portfolio companies to follow the recommendations of the King Report On Corporate Governance (King Code IV) with regards to board and committee composition.

Turkey

Dimensional expects the board of directors of a portfolio company to be at least one-third independent; at minimum two directors should be independent.

Dimensional expects the board of a portfolio company to establish an independent audit committee.

Proxy Voting Principles for Australia

Uncontested Director Elections

CEO/Chair

Auditors

Australian law does not require the annual ratification of auditors; therefore, concerns with a portfolio company's audit practices will be reflected in votes against members of the audit committee.

Dimensional may also vote against audit committee members in instances of fraud or material failures in oversight of audit functions.

Share Issuances

Dimensional will evaluate requests for share issuances on a case-by-case basis, taking into account factors such as the impact on current shareholders and the rationale for the request.

When voting on approval of prior share distributions, Dimensional will generally support prior issuances that conform to the dilution guidelines set out in ASX Listing Rule 7.1.

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Share Repurchase

Constitution Amendments

Dimensional will evaluate requests for amendments to a portfolio company's constitution on a case-by-case basis. The primary consideration will be the impact on the rights of shareholders.

Non-Executive Director Compensation

Dimensional will support non-executive director remuneration at portfolio companies that is reasonable in both size and composition relative to industry and market norms.

Dimensional will generally vote against components of non-executive director remuneration that are likely to impair a director's independence, such as options or performance-based remuneration.

Equity Plans

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and company employees with those of shareholders.

Companies should clearly disclose components of the plan, including vesting periods and performance hurdles.

Dimensional may vote against plans that are exceedingly dilutive to existing shareholders. Plans that permit retesting or repricing will generally be viewed unfavorably.

Proxy Voting Principles for Japan

Uncontested Director Elections

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Statutory Auditors

Director and Statutory Auditor Compensation

Dimensional will support compensation for portfolio company directors and statutory auditors that is reasonable in both size and composition relative to industry and market norms.

Dimensional generally supports the granting of retirement benefits to portfolio company insiders, so long as the individual payments, and aggregate amount of such payments, is disclosed.

Equity Based Compensation

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and company employees with those of shareholders.

Dimensional will generally vote against stock plans if upper limit of options that can be issued per year is not disclosed.

For deep-discounted stock option plans, Dimensional typically expects portfolio companies to disclose specific performance hurdles.

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Capital Allocation

Dimensional will typically support well-justified dividend payouts that do not negatively impact the portfolio company's overall financial health.

Share Repurchase

Dimensional will typically support proposed repurchases that do not have a negative impact on shareholder value.

For repurchases of more than 10 percent of issue share capital, Dimensional expects the company to provide a robust explanation for the request.

Shareholder Rights Plans (Poison Pills)

Indemnification and Limitations on Liability

Dimensional generally supports limitations on liability for directors and statutory auditors in ordinary circumstances.

Limit Legal Liability of External Auditors

Dimensional generally opposes limitations on the liability of external auditors.

Increase in Authorized Capital

For increases that exceed these guidelines, Dimensional expects portfolio companies to provide a robust explanation for the increase.

Dimensional will generally not support requests for increases that will be used as an anti-takeover device.

Expansion of Business Activities

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DFA INVESTMENT DIMENSIONS GROUP INC.

DIMENSIONAL INVESTMENT GROUP INC.

6300 Bee Cave Road, Building One, Austin, Texas 78746

Telephone: (512) 306-7400

STATEMENT OF ADDITIONAL INFORMATION

February 28, 2020

(as supplemented March 31, 2020)

DFA Investment Dimensions Group Inc. ("DFAIDG") is an open-end management investment company that offers one hundred and five series of shares. Dimensional Investment Group Inc. ("DIG") is an open-end management investment company that offers twelve series of shares. DFAIDG and DIG are collectively referred to as the "Funds" in this Statement of Additional Information ("SAI"). This SAI relates to twenty-seven series of DFAIDG and two series of DIG (individually, a "Portfolio" and collectively, the "Portfolios"):

DFA One-Year Fixed Income Portfolio

Ticker: DFIHX

DFA Two-Year Fixed Income Portfolio

Ticker: DFCFX

DFA Two-Year Government Portfolio

Ticker: DFYGX

DFA Two-Year Global Fixed Income Portfolio

Ticker: DFGFX

DFA Selectively Hedged Global Fixed Income Portfolio

Ticker: DFSHX

DFA Five-Year Global Fixed Income Portfolio

Ticker: DFGBX

DFA World ex U.S. Government Fixed Income Portfolio

Ticker: DWFIX

DFA Short-Term Government Portfolio

Ticker: DFFGX

DFA Intermediate Government Fixed Income Portfolio

Ticker: DFIGX

DFA Short-Term Extended Quality Portfolio

Ticker: DFEQX

DFA Intermediate-Term Extended Quality Portfolio

Ticker: DFTEX

DFA Targeted Credit Portfolio

Ticker: DTCPX

DFA Global Core Plus Fixed Income Portfolio

Ticker: DGCFX

DFA Investment Grade Portfolio

Ticker: DFAPX

DFA Diversified Fixed Income Portfolio

Ticker: DFXIX

DFA LTIP Portfolio

Ticker: DRXIX

DFA Inflation-Protected Securities Portfolio

Ticker: DIPSX

DFA Short-Duration Real Return Portfolio

Ticker: DFAIX

DFA Municipal Real Return Portfolio

Ticker: DMREX

DFA California Municipal Real Return Portfolio

Ticker: DCARX

DFA Municipal Bond Portfolio

Ticker: DFMPX

DFA Short-Term Municipal Bond Portfolio

Ticker: DFSMX

DFA Intermediate-Term Municipal Bond Portfolio

Ticker: DFTIX

DFA Selective State Municipal Bond Portfolio

Ticker: DSSMX

DFA California Short-Term Municipal Bond Portfolio

Ticker: DFCMX

DFA California Intermediate-Term Municipal Bond

Portfolio

Ticker: DCIBX

DFA MN Municipal Bond Portfolio

Ticker: DMNBX

DFA NY Municipal Bond Portfolio

Ticker: DNYMX

DFA Oregon Municipal Bond Portfolio

Ticker: DOGMX

incorporated by reference from the Funds' annual reports to shareholders. The Prospectus and annual reports can be obtained by writing to the above address or by calling the above telephone number.

TABLE OF CONTENTS
PORTFOLIO CHARACTERISTICS AND POLICIES ..........................................................................................	1
BROKERAGE TRANSACTIONS.............................................................................................................................	1
INVESTMENT LIMITATIONS................................................................................................................................	4
FUTURES CONTRACTS...........................................................................................................................................	7
SWAPS .........................................................................................................................................................................	8
FOREIGN CURRENCY TRANSACTIONS ............................................................................................................	9
EXCLUSION FROM COMMODITY POOL OPERATOR STATUS.................................................................	10
FOREIGN ISSUERS.................................................................................................................................................	11
GENERAL MARKET AND GEOPOLITICAL RISKS........................................................................................	12
POLITICAL, UNITED KINGDOM AND EUROPEAN MARKET RELATED RISKS ...................................	13
CASH MANAGEMENT PRACTICES ...................................................................................................................	13
EXCHANGE TRADED FUNDS ..............................................................................................................................	15
INTERFUND BORROWING AND LENDING .....................................................................................................	15
WHEN-ISSUED SECURITIES, DELAYED DELIVERY, AND FORWARD COMMITMENT
TRANSACTIONS ..............................................................................................................................................	16
TBA SECURITIES....................................................................................................................................................	16
PORTFOLIO TURNOVER RATES .......................................................................................................................	16
INVESTMENT STRATEGIES FOR THE MUNICIPAL BOND PORTFOLIOS .............................................	17
CALIFORNIA MUNICIPAL SECURITIES RISKS .............................................................................................	20
NEW YORK MUNICIPAL SECURITIES RISKS ................................................................................................	24
MINNESOTA MUNICIPAL SECURITIES RISKS ..............................................................................................	27
OREGON MUNICIPAL SECURITIES RISKS .....................................................................................................	29
DIRECTORS AND OFFICERS...............................................................................................................................	32
SERVICES TO THE FUNDS...................................................................................................................................	42
MANAGEMENT FEES ............................................................................................................................................	45
PORTFOLIO MANAGERS .....................................................................................................................................	50
GENERAL INFORMATION...................................................................................................................................	54
CODE OF ETHICS ...................................................................................................................................................	54
SHAREHOLDER RIGHTS......................................................................................................................................	54
PRINCIPAL HOLDERS OF SECURITIES...........................................................................................................	55
PURCHASE OF SHARES........................................................................................................................................	60
REDEMPTION AND TRANSFER OF SHARES ..................................................................................................	60
TAXATION OF THE PORTFOLIOS AND THEIR SHAREHOLDERS ...........................................................	61
PROXY VOTING POLICIES..................................................................................................................................	74
DISCLOSURE OF PORTFOLIO HOLDINGS .....................................................................................................	75
SECURITIES LENDING .........................................................................................................................................	77

FINANCIAL STATEMENTS ..................................................................................................................................	79
PERFORMANCE DATA .........................................................................................................................................	79

PORTFOLIO CHARACTERISTICS AND POLICIES

Dimensional Fund Advisors LP (the "Advisor" or "Dimensional") serves as investment advisor to each of the Portfolios. The Advisor is organized as a Delaware limited partnership and is controlled and operated by its general partner, Dimensional Holdings Inc., a Delaware corporation.

The following information supplements the information set forth in the Prospectus. Unless otherwise indicated, the following information applies to all of the Portfolios. Capitalized terms not otherwise defined in this SAI have the meaning assigned to them in the Prospectus.

Each of the Portfolios except the DFA World ex U.S. Government Fixed Income Portfolio, DFA MN Municipal Bond Portfolio, DFA NY Municipal Bond Portfolio and DFA Oregon Municipal Bond Portfolio is diversified under the federal securities laws and regulations. The DFA World ex U.S. Government Fixed Income Portfolio, DFA MN Municipal Bond Portfolio, DFA NY Municipal Bond Portfolio and DFA Oregon Municipal Bond Portfolio are non-diversified under the federal securities laws and regulations.

Each of the DFA Municipal Real Return Portfolio, DFA California Municipal Real Return Portfolio, DFA Municipal Bond Portfolio, DFA Short-Term Municipal Bond Portfolio, DFA Intermediate-Term Municipal Bond Portfolio, DFA Selective State Municipal Bond Portfolio, DFA California Short-Term Municipal Bond Portfolio, DFA California Intermediate-Term Municipal Bond Portfolio, DFA MN Municipal Bond Portfolio, DFA NY Municipal Bond Portfolio and DFA Oregon Municipal Bond Portfolio (collectively, the "Municipal Bond Portfolios") has adopted a fundamental policy that, under normal market conditions, at least 80% of the Portfolio's net assets will be invested in specific types of municipal securities. A fundamental policy may not be changed with respect to a Portfolio without the approval of a majority of the outstanding voting securities of the Portfolio, as defined below under "INVESTMENT LIMITATIONS." Each of the other Portfolios (except the DFA Short-Duration Real Return Portfolio) has adopted a non-fundamental policy as required by Rule 35d-1 under the Investment Company Act of 1940 (the "1940 Act") that, under normal circumstances, at least 80% of the value of each Portfolio's net assets, plus the amount of any borrowings for investment purposes, will be invested in a specific type of investment. For purposes of each 80% policy, the value of the derivatives in which a Portfolio invests will be calculated in the same way that the values of derivatives are calculated when calculating a Portfolio's net asset value. Derivative instruments are valued at market price (not notional value) and may be fair valued, for purposes of calculating a Portfolio's net asset value. Additionally, if a Portfolio changes its non-fundamental 80% investment policy, the Portfolio will notify shareholders at least 60 days before the change, and will change the name of the Portfolio. A Portfolio structured as a fund of funds will look through the shares of its Underlying Funds for purposes of complying with its 80% policy. For more information on each Portfolio's specific 80% policy, see each Portfolio's "PRINCIPAL INVESTMENT STRATEGIES" section in the Prospectus.

The DFA Diversified Fixed Income Portfolio seeks its investment objective by investing directly or through other mutual funds managed by the Advisor (the "Underlying Funds"). The Underlying Funds in which the DFA Diversified Fixed Income Portfolio may invest include: the DFA Two-Year Global Fixed Income Portfolio and DFA Intermediate Government Fixed Income Portfolio, each a series of DFAIDG.

BROKERAGE TRANSACTIONS

The Portfolios acquire and sell securities on a net basis with dealers that are major market makers in such securities. The Investment Committee of the Advisor selects dealers on the basis of their size, market making, and other factors. When executing portfolio transactions, the Advisor seeks to obtain the most favorable price for the securities being traded among the dealers with whom the Portfolios effect transactions. The DFA Diversified Fixed Income Portfolio does not incur any brokerage costs in connection with the purchase or redemption of shares of an Underlying Fund.

Portfolio transactions will be placed with a view to receiving the best price and execution. The Portfolios will seek to acquire and dispose of securities in a manner which would cause as little fluctuation in the market prices of securities being purchased or sold as possible in light of the size of the transactions being effected, and brokers will be selected with this goal in view. The Advisor monitors the performance of brokers that effect transactions for the Portfolios to determine the effect that the brokers' trading has on the market prices of the securities in which the Portfolios invest. The Advisor also checks the rate of commission, if any, being paid by the Portfolios to their brokers to ascertain that the rates are competitive with those charged by other brokers for similar services. Dimensional Fund Advisors Ltd. and DFA Australia Limited also may perform these services for the Portfolios that they sub-advise.

Subject to the duty to seek to obtain best price and execution, transactions may be placed with brokers that have assisted in the sale of Portfolio shares. The Advisor, however, pursuant to policies and procedures approved by the Boards of Directors of DFAIDG and DIG, is prohibited from selecting brokers and dealers to effect the portfolio securities transactions for a Portfolio based (in whole or in part) on a broker's or dealer's promotion or sale of shares issued by a Portfolio or any other registered investment companies.

The Advisor believes that it needs maximum flexibility to effect trades on a best execution basis. As deemed appropriate, the Advisor places buy and sell orders for the Portfolio with various brokerage firms that may act as principal or agent. The Advisor may also make use of direct market access and algorithmic, program or electronic trading methods. The Advisor may extensively use electronic trading systems as such systems can provide the ability to customize the orders placed and can assist in the Advisor's execution strategies.

During the fiscal year ended October 31, 2019, the Portfolios and the Advisor did not through an agreement or understanding with a broker, or otherwise through an internal allocation procedure, direct any Portfolio's brokerage transactions to a broker because of research services provided.

Certain Portfolios may purchase securities of their regular brokers or dealers (as defined in Rule 10b-1 of the 1940 Act). The table below lists the regular brokers or dealers of each Portfolio whose securities (or securities of the broker's or dealer's parent company) were acquired by the Portfolio during the fiscal year ended October 31, 2019, as well as the value of such securities held by the Portfolio as of October 31, 2019.

Portfolio	Broker or Dealer	Value of Securities
DFA One-Year Fixed Income Portfolio	Royal Bank of Canada	$ 374,233,510
DFA One-Year Fixed Income Portfolio	Toronto-Dominion Bank/The	$ 229,141,475
DFA Two-Year Fixed Income Portfolio	Royal Bank of Canada	$ 4,755,014
DFA Two-Year Fixed Income Portfolio	Toronto-Dominion Bank/The	$ 1,199,911
DFA Two-Year Global Fixed Income Portfolio	Royal Bank of Canada	$ 294,213,599
DFA Two-Year Global Fixed Income Portfolio	Toronto-Dominion Bank/The	$ 336,981,353
DFA Five-Year Global Fixed Income Portfolio	Royal Bank of Canada	$ 928,366,876
DFA Five-Year Global Fixed Income Portfolio	Toronto-Dominion Bank/The	$ 937,779,549
DFA Intermediate-Term Extended Quality Portfolio	HSBC Holdings PLC	$ 8,773,050
DFA Intermediate-Term Extended Quality Portfolio	Mizuho Financial Group Inc.	$ 20,360,406
DFA Intermediate-Term Extended Quality Portfolio	Goldman Sachs Group Inc./The	$ 29,460,979
DFA Intermediate-Term Extended Quality Portfolio	Barclays PLC	$ 18,510,686
DFA Intermediate-Term Extended Quality Portfolio	Wells Fargo & Co.	$ 29,659,671
DFA Intermediate-Term Extended Quality Portfolio	Citigroup Inc.	$ 21,528
DFA Intermediate-Term Extended Quality Portfolio	Bank of America Corp.	$ 6,187,058
DFA Targeted Credit Portfolio	JPMorgan Chase & Co.	$ 10,803,989
DFA Targeted Credit Portfolio	Wells Fargo & Co.	$ 12,088,751
DFA Targeted Credit Portfolio	Goldman Sachs Group Inc./The	$ 9,401,499
DFA Targeted Credit Portfolio	Mizuho Financial Group Inc.	$ 8,770,075
	2

Portfolio	Broker or Dealer	Value of Securities
DFA Targeted Credit Portfolio	Citigroup Inc.	$ 6,311,455
DFA Targeted Credit Portfolio	Barclays PLC	$ 7,908,942
DFA Targeted Credit Portfolio	HSBC Holdings PLC	$ 12,532,142
DFA Targeted Credit Portfolio	Bank of America Corp.	$ 11,255,839
DFA Targeted Credit Portfolio	Toronto-Dominion Bank/The	$ 11,157,414
DFA Global Core Plus Fixed Income Portfolio	Goldman Sachs Group Inc./The	$ 18,059,202
DFA Global Core Plus Fixed Income Portfolio	HSBC Holdings PLC	$ 8,980,765
DFA Global Core Plus Fixed Income Portfolio	Barclays PLC	$ 11,316,720
DFA Global Core Plus Fixed Income Portfolio	Bank of America Corp.	$ 3,980,927
DFA Global Core Plus Fixed Income Portfolio	Wells Fargo & Co.	$ 13,874,838
DFA Global Core Plus Fixed Income Portfolio	Citigroup Inc.	$ 7,475,150
DFA Global Core Plus Fixed Income Portfolio	Royal Bank of Canada	$ 7,066,867
DFA Global Core Plus Fixed Income Portfolio	JPMorgan Chase & Co.	$ 4,809,521
DFA Global Core Plus Fixed Income Portfolio	Toronto-Dominion Bank/The	$ 88,265
DFA Investment Grade Portfolio	Goldman Sachs Group Inc./The	$ 80,028,508
DFA Investment Grade Portfolio	Bank of America Corp.	$ 50,850,974
DFA Investment Grade Portfolio	Wells Fargo & Co.	$ 79,081,505
DFA Investment Grade Portfolio	JPMorgan Chase & Co.	$ 70,586,713
DFA Investment Grade Portfolio	Barclays PLC	$ 59,272,220
DFA Investment Grade Portfolio	HSBC Holdings PLC	$ 103,105,290
DFA Investment Grade Portfolio	Toronto-Dominion Bank/The	$ 43,819,035
DFA Investment Grade Portfolio	Citigroup Inc.	$ 24,744,876
DFA Investment Grade Portfolio	Mizuho Financial Group Inc.	$ 53,250,728
DFA Diversified Fixed Income Portfolio	Royal Bank of Canada	$ 16,814,130
DFA Diversified Fixed Income Portfolio	Toronto-Dominion Bank/The	$ 19,258,281
DFA Selectively Hedged Global Fixed Income Portfolio	Toronto-Dominion Bank/The	$ 72,013,733
DFA Selectively Hedged Global Fixed Income Portfolio	Royal Bank of Canada	$ 72,945,654
DFA Selectively Hedged Global Fixed Income Portfolio	Barclays PLC	$ 18,253,737
DFA Selectively Hedged Global Fixed Income Portfolio	JPMorgan Chase & Co.	$ 17,078,752
DFA Selectively Hedged Global Fixed Income Portfolio	Goldman Sachs Group Inc./The	$ 19,975,788
DFA Selectively Hedged Global Fixed Income Portfolio	Mizuho Financial Group Inc.	$ 19,197,660
DFA Selectively Hedged Global Fixed Income Portfolio	HSBC Holdings PLC	$ 16,607,619
DFA Selectively Hedged Global Fixed Income Portfolio	Wells Fargo & Co.	$ 19,930,818
DFA Selectively Hedged Global Fixed Income Portfolio	Bank of America Corp.	$ 4,589,591
DFA Short-Duration Real Return Portfolio	Toronto-Dominion Bank/The	$ 81,751,714
DFA Short-Duration Real Return Portfolio	Royal Bank of Canada	$ 83,113,998
DFA Short-Duration Real Return Portfolio	Citigroup Inc.	$ 7,161,812
DFA Short-Duration Real Return Portfolio	Goldman Sachs Group Inc./The	$ 12,024,820
DFA Short-Duration Real Return Portfolio	HSBC Holdings PLC	$ 17,861,176
DFA Short-Duration Real Return Portfolio	Wells Fargo & Co.	$ 20,601,213
DFA Short-Duration Real Return Portfolio	Barclays PLC	$ 22,434,153
DFA Short-Duration Real Return Portfolio	Bank of America Corp.	$ 6,084,374
DFA Short-Duration Real Return Portfolio	JPMorgan Chase & Co.	$ 2,699,344
DFA Short-Duration Real Return Portfolio	Mizuho Financial Group Inc.	$ 17,890,696
DFA Short-Term Extended Quality Portfolio	Toronto-Dominion Bank/The	$ 207,171,032
DFA Short-Term Extended Quality Portfolio	Royal Bank of Canada	$ 171,160,736
DFA Short-Term Extended Quality Portfolio	Barclays PLC	$ 80,151,852
DFA Short-Term Extended Quality Portfolio	Goldman Sachs Group Inc./The	$ 84,327,429
DFA Short-Term Extended Quality Portfolio	Bank of America Corp.	$ 54,458,730
DFA Short-Term Extended Quality Portfolio	Mizuho Financial Group Inc.	$ 80,923,569
DFA Short-Term Extended Quality Portfolio	JPMorgan Chase & Co.	$ 85,644,990
DFA Short-Term Extended Quality Portfolio	Wells Fargo & Co.	$ 112,332,467
	3

Portfolio	Broker or Dealer	Value of Securities
DFA Short-Term Extended Quality Portfolio	Citigroup Inc.	$ 81,310,245
DFA Short-Term Extended Quality Portfolio	HSBC Holdings PLC	$ 96,382,031

INVESTMENT LIMITATIONS

The Portfolios will not:

(2)make loans, except to the extent permitted by the 1940 Act, or any rules, exemptions or interpretations thereunder that may be adopted, granted or issued by the SEC; provided that in no event shall a Portfolio be permitted to make a loan to a natural person;

(4)engage in the business of underwriting securities issued by others; or

(5)issue senior securities (as such term is defined in Section 18(f) of the 1940 Act), except to the extent permitted by the 1940 Act.

The Portfolios, except the DFA World ex U.S. Government Fixed Income Portfolio, DFA MN Municipal Bond Portfolio, DFA NY Municipal Bond Portfolio and DFA Oregon Municipal Bond Portfolio, will not:

(6)purchase the securities of any one issuer, if immediately after such investment, a Portfolio would not qualify as a "diversified company" as that term is defined by the 1940 Act, as amended, and as modified or interpreted by regulatory authority having jurisdiction, from time to time.

The DFA One-Year Fixed Income Portfolio, DFA Two-Year Fixed Income Portfolio, DFA Two-Year Government Portfolio, DFA Intermediate Government Fixed Income Portfolio, DFA Two-Year Global Fixed Income Portfolio, DFA Short-Term Government Portfolio, and DFA Five-Year Global Fixed Income Portfolio will not:

(7) sell securities short.

The Portfolios, except the DFA One-Year Fixed Income Portfolio, DFA Two-Year Fixed Income Portfolio, DFA Two- Year Global Fixed Income Portfolio, DFA Selectively Hedged Global Fixed Income Portfolio, DFA Short-Term Extended Quality Portfolio, DFA Intermediate-Term Extended Quality Portfolio, DFA Targeted Credit Portfolio, DFA Global Core Plus Fixed Income Portfolio, DFA Investment Grade Portfolio, DFA Diversified Fixed Income Portfolio, DFA LTIP Portfolio, DFA Inflation-Protected Securities Portfolio, DFA Short-Duration Real Return Portfolio, DFA Municipal Real Return Portfolio, DFA California Municipal Real Return Portfolio, DFA Municipal Bond Portfolio, DFA California Short- Term Municipal Bond Portfolio, DFA World ex U.S. Government Fixed Income Portfolio, DFA Intermediate-Term Municipal Bond Portfolio, DFA Selective State Municipal Bond Portfolio, DFA California Intermediate-Term Municipal Bond Portfolio, DFA MN Municipal Bond Portfolio, DFA NY Municipal Bond Portfolio and DFA Oregon Municipal Bond Portfolio, will not:

(8)acquire any securities of companies within one industry if, as a result of such acquisition, more than 25% of the value of the Portfolio's total assets would be invested in securities of companies within such industry.

The DFA One-Year Fixed Income Portfolio, DFA Two-Year Fixed Income Portfolio, DFA Two-Year Global Fixed Income Portfolio, DFA Selectively Hedged Global Fixed Income Portfolio, DFA Short-Term Extended Quality Portfolio,

DFA Intermediate-Term Extended Quality Portfolio, DFA Targeted Credit Portfolio, DFA Global Core Plus Fixed Income Portfolio, DFA Investment Grade Portfolio, DFA Diversified Fixed Income Portfolio, DFA LTIP Portfolio, DFA Inflation- Protected Securities Portfolio, DFA Short-Duration Real Return Portfolio, DFA Municipal Real Return Portfolio, DFA California Municipal Real Return Portfolio, DFA Municipal Bond Portfolio, DFA California Short-Term Municipal Bond Portfolio, DFA World ex U.S. Government Fixed Income Portfolio, DFA Intermediate-Term Municipal Bond Portfolio, DFA Selective State Municipal Bond Portfolio, DFA California Intermediate-Term Municipal Bond Portfolio, DFA MN Municipal Bond Portfolio, DFA NY Municipal Bond Portfolio and DFA Oregon Municipal Bond Portfolio will not:

(9)concentrate (invest more than 25% of its net assets) in securities of issuers in a particular industry (other than securities issued or guaranteed by the U.S. Government or any of its agencies or securities of other investment companies).

The Portfolios will not:

(10)purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments, and provided that this limitation does not prevent a Portfolio from (i) purchasing or selling securities of companies that purchase or sell commodities or that invest in commodities; (ii) engaging in any transaction involving currencies, options, forwards, futures contracts, options on futures contracts, swaps, hybrid instruments or other derivatives; or (iii) investing in securities, or transacting in other instruments, that are linked to or secured by physical or other commodities.

With respect to the investment limitation described in (1) above, each Portfolio will maintain asset coverage of at least 300% (as described in the 1940 Act), inclusive of any amounts borrowed, with respect to any borrowings made by such Portfolio. The Portfolios do not currently intend to borrow money for investment purposes. Under the 1940 Act, an open-end investment company may borrow up to 33⅓% of its total assets (including the amount borrowed) from banks, and may borrow up to an additional 5% of its total assets, for temporary purposes, from any other person.

Although the investment limitation described in (2) above prohibits loans, each Portfolio is authorized to lend portfolio securities. Investment limitation (2) above also does not, among other things, prevent the Portfolio from engaging in repurchase agreements, acquiring debt or loan instruments in the future or participating in an interfund lending order granted by the SEC. The DFA Diversified Fixed Income Portfolio does not intend to lend shares of Underlying Funds.

The investment limitations described in (5) and (9) above do not prohibit the DFA Diversified Fixed Income Portfolio from investing all or substantially all of its assets in the shares of one or more registered, open-end investment companies, such as the Underlying Funds. In applying the investment limitations the DFA Diversified Fixed Income Portfolio will look through to the security holdings of the Underlying Funds in which the Portfolio invests.

For these purposes, each of the DFA One-Year Fixed Income Portfolio, DFA Two-Year Fixed Income Portfolio, DFA Two-Year Global Fixed Income Portfolio, DFA Selectively Hedged Global Fixed Income Portfolio, DFA Short-Term Extended Quality Portfolio, DFA Five-Year Global Fixed Income Portfolio, DFA Targeted Credit Portfolio, DFA Global Core Plus Fixed Income Portfolio, DFA Investment Grade Portfolio, DFA Diversified Fixed Income Portfolio and DFA Short-Duration Real Return Portfolio may invest in commercial paper that is exempt from the registration requirements of the Securities Act of 1933 (the "1933 Act"), subject to the requirements regarding credit ratings stated in the Prospectus under "Description of Investments of the Portfolios Other than the Municipal Real Return Portfolio, California Municipal

Real Return Portfolio, Municipal Bond Portfolio, Short-Term Municipal Bond Portfolio, Intermediate-Term Municipal Bond Portfolio, Selective State Municipal Bond Portfolio, California Short-Term Municipal Bond Portfolio, California Intermediate-Term Municipal Bond Portfolio, MN Municipal Bond Portfolio, NY Municipal Bond Portfolio and Oregon Municipal Bond Portfolio." Although the commercial paper securities are not registered, they will not be subject to the 15% limitation on illiquid investments. Further, pursuant to Rule 144A under the 1933 Act, the

Portfolios may purchase certain unregistered (i.e. restricted) securities upon a determination that a liquid institutional market exists for the securities. If it is determined that a liquid market does exist, the securities will not be subject to the 15% limitation on illiquid investments. Among other considerations, for Rule 144A securities to be considered liquid, there must be at least two dealers making a market in such securities. After purchase, the Portfolios will continue to monitor the liquidity of Rule 144A securities.

With respect to the investment limitation described in (5) above, a Portfolio will not issue senior securities, except that the Portfolio may borrow money as described above. A Portfolio may also borrow money for temporary purposes, but not in excess of 5% of the Portfolio's total assets. Further, a transaction or agreement that otherwise might be deemed to create leverage, such as a forward or futures contract, option, swap or when-issued security, delayed delivery or forward commitment transaction, will not be considered a senior security to the extent the Portfolio enters into an offsetting financial position, segregates liquid assets equal to a Portfolio's obligations arising from the transaction or otherwise "covers" the transaction in accordance with SEC positions.

The investment limitation described in (7) above does not prohibit the DFA Short-Term Municipal Bond Portfolio from maintaining a short position, or purchasing, writing or selling puts, calls, straddles, spreads or combinations thereof in connection with transactions in options, futures, and options on futures and transactions arising under swap agreements or other derivative instruments.

For purposes of the investment limitations described in (8) and (9) above, management does not consider securities that are issued by the U.S. Government or its agencies or instrumentalities to be investments in an "industry." However, management currently considers securities issued by a foreign government (but not the U.S. Government or its agencies or instrumentalities) to be an "industry" subject to the 25% limitation. Thus, not more than 25% of a Portfolio's assets will be invested in securities issued by any one foreign government or supranational organization. In applying the investment limitations described in (8) and (9) above, each Portfolio will also look through to the security holdings of any investment companies in which the Portfolio invests, if applicable.

The investment limitations described above do not prohibit a Portfolio from purchasing or selling futures contracts and options on futures contracts, to the extent otherwise permitted under the Portfolio's investment strategies. Further, except with respect to a Portfolio's limitation on borrowing, illiquid investments, or otherwise indicated, with respect to the investment limitations described above, all limitations applicable to the Portfolio's investments apply only at the time that a transaction is undertaken.

For purposes of the investment limitation described in (9) above, in regards to the Municipal Bond Portfolios, the identification of the issuer of a municipal security depends on the terms and conditions of the security. When assets and revenues of a political subdivision are separate from those of the government that created the subdivision and the security is backed only by the assets and revenues of the subdivision, the subdivision is deemed to be the sole issuer. Similarly, in the case of an industrial development bond, if only the assets and revenues of a nongovernmental user back the bond, then the nongovernmental user would be deemed to be the sole issuer. If, however, in either case, the creating government or some other entity guarantees the security, the guarantee would be considered a separate entity that would be treated as an issue of the guaranteeing entity.

Additionally, for each of the Municipal Bond Portfolios, for purposes of the investment limitations above, tax- exempt securities issued or guaranteed by the U.S., state or local governments or political subdivisions of governments are not considered to be a part of any industry. Tax-exempt securities of non-governmental issuers, however, are subject to the 25% limitation described in investment limitations (8) and (9) above.

For the purposes of the investment limitation described in (9) above, the World ex U.S. Government Fixed Income Portfolio will consider each foreign government to be conducting its business activities in a separate industry, and will consider a security to have been issued by a foreign government if (i) the security is issued directly by such government or

(ii)the security is issued by an agency, instrumentality or authority that is backed by the full faith and credit of such foreign government. Currency positions are not considered investments in a foreign government for purposes of this investment limitation.

As noted above, each Municipal Bond Portfolio has adopted a fundamental policy as required by Rule 35d-1 under the 1940 Act, that, under normal market conditions, at least 80% of the Portfolio's net assets, plus the amount of any borrowings for investment purposes, will be invested in specific types of municipal securities.

FUTURES CONTRACTS

Each Portfolio may purchase or sell futures contracts and options on futures contracts for securities and indices to adjust market exposure based on actual or expected cash inflows to or outflows from the Portfolio. The Portfolios (excluding the DFA Targeted Credit Portfolio and the DFA Global Core Plus Fixed Income Portfolio), however, do not intend to sell futures contracts to establish short positions in individual securities. The DFA Targeted Credit Portfolio and DFA Global Core Plus Fixed Income Portfolio may use futures to establish short positions for individual securities, markets, or currencies in order to adjust their duration or to replace more traditional direct investment. The DFA Two-Year Global Fixed Income Portfolio, DFA Five-Year Global Fixed Income Portfolio, and DFA World ex U.S. Government Fixed Income Portfolio also may use futures contracts and options on futures contracts to their hedge currency exposure. The DFA LTIP Portfolio also may use futures contracts and options on future contracts to hedge inflation risk. The DFA Selectively Hedged Global Fixed Income Portfolio, DFA Short-Term Extended Quality Portfolio, DFA Intermediate-Term Extended Quality Portfolio, DFA Targeted Credit Portfolio, DFA Global Core Plus Fixed Income Portfolio, DFA Investment Grade Portfolio, and DFA Short- Duration Real Return Portfolio also may use futures contracts and options on futures contracts to hedge interest rate or currency exposure or for non-hedging purposes, such as a substitute for direct investment. The DFA Municipal Real Return Portfolio, DFA California Municipal Real Return, DFA Municipal Bond Portfolio and DFA Selective State Municipal Bond Portfolio also may use futures contracts and options on futures contracts to hedge interest rate exposure or for non-hedging purposes, such as a substitute for direct investment. The DFA Two-Year Fixed Income Portfolio, DFA Two-Year Government Portfolio, DFA Short-Term Municipal Bond Portfolio, DFA Intermediate-Term Municipal Bond Portfolio, DFA California Short-Term Municipal Bond Portfolio, DFA California Intermediate-Term Municipal Bond Portfolio, DFA MN Municipal Bond Portfolio, DFA NY Municipal Bond Portfolio and DFA Oregon Municipal Bond Portfolio also may use futures contracts and options on future contracts to hedge against changes in interest rates.

Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of defined securities at a specified future time and at a specified price. Futures contracts that are standardized as to maturity date and underlying financial instrument are traded on national futures exchanges. Each Portfolio will be required to make a margin deposit in cash or government securities with a futures commission merchant (an "FCM") to initiate and maintain positions in futures contracts. Minimal initial margin requirements are established by the futures exchanges and FCMs may establish margin requirements which are higher than the exchange requirements. A Portfolio also will incur brokerage costs in connection with entering into futures contracts. After a futures contract position is opened, the value of the contract is marked-to-market daily. If the futures contract price changes to the extent that the margin on deposit does not satisfy margin requirements, payment of additional "variation" margin to be held by the FCM will be required. Conversely, a reduction in the required margin would result in excess margin that can be refunded to the custodial accounts of the Portfolio. Variation margin payments may be made to and from the futures broker for as long as the contract remains open. Each Portfolio expects to earn income on its margin deposits.

At any time prior to the expiration of a futures contract, a Portfolio may elect to close the position by taking an opposite position, which will operate to terminate its existing position in the contract. Positions in futures contracts may be closed out only on the exchange on which they were entered into (or through a linked exchange). No secondary market for such contracts exists. Although a Portfolio may enter into futures contracts only if there is an active market for such contracts, there is no assurance that an active market will exist for any particular futures contract at any specific time. Most futures exchanges limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified periods during the day. It is possible that futures contract prices could move to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions at an advantageous price and subjecting a Portfolio to substantial losses. In such event, and, in the event of adverse price movements, the Portfolio would be required to make daily cash payments of variation margin. In such situations, if the Portfolio had insufficient cash, it might have to sell securities to meet daily variation margin requirements at a time when it would be disadvantageous to do so. In addition, if the transaction is entered into for hedging purposes, in such circumstances, a Portfolio may realize a loss on a futures contract or option that is not offset by an increase in the value of the hedged position. Losses incurred in futures transactions and the costs of these transactions will affect the performance of the Portfolio. Pursuant to published positions of the SEC and interpretations of the staff of the SEC, a Portfolio (or its custodian) is required to maintain segregated accounts or to segregate assets through notations on the books of the custodian, consisting of liquid assets (or, as permitted under applicable interpretations, enter into offsetting positions) in connection with its futures contract transactions in order to cover its obligations with respect to such contracts. These requirements are designed to limit the amount of leverage that a Portfolio may use by entering into futures transactions.

SWAPS

The DFA Short-Term Extended Quality Portfolio, DFA Intermediate-Term Extended Quality Portfolio (the "Extended Quality Portfolios"), DFA Targeted Credit Portfolio, DFA Global Core Plus Fixed Income Portfolio, DFA Investment Grade Portfolio, DFA Short-Duration Real Return Portfolio, DFA Selectively Hedged Global Fixed Income Portfolio, DFA Municipal Real Return Portfolio, DFA California Municipal Real Return Portfolio, DFA Municipal Bond Portfolio, DFA Short-Term Municipal Bond Portfolio, DFA Intermediate-Term Municipal Bond Portfolio, DFA Selective State Municipal Bond Portfolio, DFA California Short-Term Municipal Bond Portfolio, DFA California Intermediate-Term Municipal Bond Portfolio, DFA MN Municipal Bond Portfolio, DFA NY Municipal Bond Portfolio and DFA Oregon Municipal Bond Portfolio also may enter into credit default swap agreements. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year.

The Portfolios may enter into a credit default swap on a single security or instrument (sometimes referred to as a "CDS" transaction) or on a basket or index of securities (sometimes referred to as a "CDX" transaction). The "buyer" in a credit default contract typically is obligated to pay the "seller" a periodic stream of payments over the term of the contract, provided that no credit event with respect to any underlying reference obligation has occurred. If a credit event occurs, the seller typically must pay the buyer the "par value" (full notional value) of the reference obligation in exchange for the reference obligation. The Portfolios may be either the buyer or the seller in the transaction. If a Portfolio is a buyer and no credit event occurs, the Portfolio may lose its investment and recover nothing. However, if a credit event occurs, the buyer typically receives full notional value for a reference obligation that may have little or no value. As a seller, a Portfolio typically receives a fixed rate of income throughout the term of the contract, which typically is between six months and three years, provided a credit event does not occur. If a credit event occurs, the seller typically must pay the buyer the full notional amount of the reference obligation.

Credit default swaps involve greater risks than if the Portfolios had invested in the reference obligation directly, since, in addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risk. A buyer also will lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. If a credit event were to occur, the value of any deliverable obligation received by the seller, coupled with the up-front or periodic payments previously received, may be less than the full notional value the seller pays to the buyer, resulting in a loss of value to the Portfolio. When a Portfolio acts as a seller of a credit default swap, the Portfolio is exposed to many of the same risks of leverage since, if a credit event occurs, the seller may be required to pay the buyer the full notional value of the contract net of any amounts owed by the buyer related to its delivery of deliverable obligations.

The DFA LTIP Portfolio, DFA Short-Duration Real Return Portfolio, DFA Municipal Real Return Portfolio and DFA California Municipal Real Return Portfolio may also enter into inflation swap agreements to seek inflation protection. Inflation swap agreements are contracts in which one party agrees to pay the cumulative percentage increase in a price index (the Consumer Price Index with respect to CPI swaps) over the term of the swap (with some lag on the inflation index), and the other pays a compounded fixed rate. Inflation swap agreements may be used by the DFA LTIP Portfolio, DFA Short- Duration Real Return Portfolio, DFA Municipal Real Return Portfolio and DFA California Municipal Real Return Portfolio to hedge the inflation risk in nominal bonds (i.e., non-inflation indexed bonds) thereby creating "synthetic" inflation-indexed bonds. Among other reasons, one factor that may lead to changes in the values of inflation swap agreements are changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, which may lead to a change in the value of an inflation swap agreement. Additionally, payments received by the DFA LTIP Portfolio, DFA Short-Duration Real Return Portfolio, DFA Municipal Real Return Portfolio and DFA California Municipal Real Return Portfolio from inflation swap agreements will result in taxable income, either as ordinary income or capital gains, which will increase the amount of taxable distributions received by shareholders.

The DFA Two-Year Fixed Income Portfolio, DFA Two-Year Government Portfolio, DFA Municipal Real Return Portfolio, DFA California Municipal Real Return Portfolio, DFA Municipal Bond Portfolio, DFA Short-Term Municipal Bond Portfolio, DFA Intermediate-Term Municipal Bond Portfolio, DFA Selective State Municipal Bond Portfolio, DFA California Short-Term Municipal Bond Portfolio, DFA California Intermediate-Term Municipal Bond Portfolio, DFA MN Municipal Bond Portfolio, DFA NY Municipal Bond Portfolio and DFA Oregon Municipal Bond Portfolio may also enter into interest rate swaps to hedge against changes in interest rates. Interest rate swaps involve the exchange by a Portfolio with another party of their respective commitments to receive or pay interest (e.g., an exchange of fixed rate payments for floating rate payments) with respect to a notional amount of principal.

as a central counterparty (cleared swaps), and may be traded on swap execution facilities (exchanges). Parties to uncleared swaps face greater counterparty credit risk than those engaging in cleared swaps since performance of uncleared swap obligations is the responsibility only of the swap counterparty rather than a clearing house, as is the case with cleared swaps. As a result, a Portfolio bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default, insolvency or bankruptcy of a swap agreement counterparty beyond any collateral received. In such an event, the Portfolio will have contractual remedies pursuant to the swap agreements, but bankruptcy and insolvency laws could affect the Portfolio's rights as a creditor.

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Dodd-Frank Act") and implementing rules adopted by the Commodity Futures Trading Commission ("CFTC") currently require the clearing and exchange-trading of the most common types of credit default index swaps and interest rate swaps, and it is expected that additional categories of swaps will in the future be designated as subject to mandatory clearing and trade execution requirements. Central clearing is intended to reduce counterparty credit risk and increase liquidity, but central clearing does not eliminate these risks completely. There is also a risk of loss by a Portfolio of the initial and variation margin deposits in the event of bankruptcy of the FCM with which the Portfolio has an open position, or the central counterparty in a swap contract. The assets of a Portfolio may not be fully protected in the event of the bankruptcy of the FCM or central counterparty because the Portfolio might be limited to recovering only a pro rata share of all available funds and margin segregated on behalf of an FCM's customers. If an FCM does not provide accurate reporting, a Portfolio is also subject to the risk that the FCM could use the Portfolio's assets, which are held in an omnibus account with assets belonging to the FCM's other customers, to satisfy its own financial obligations or the payment obligations of another customer to the central counterparty. Credit risk of cleared swap participants is concentrated in a few clearinghouses, and the consequences of insolvency of a clearinghouse are not clear.

The Advisor and the Fund do not believe that a Portfolio's obligations under swap contracts are senior securities and, accordingly, the Portfolio will not treat them as being subject to the Portfolio's borrowing or senior securities restrictions. However, with respect to swap contracts that provide for the netting of payments, the net amount of the excess, if any, of the Portfolio's obligations over its entitlements with respect to each swap contract will be accrued on a daily basis and an amount of segregated assets having an aggregate market value at least equal to the accrued excess will be maintained to cover the transactions in accordance with SEC positions. With respect to swap contracts that do not provide for the netting of payments by the counterparties, the full notional amount for which the Portfolio is obligated under the swap contract with respect to each swap contract will be accrued on a daily basis and assets having an aggregate market value at least equal to the accrued full notional value will be segregated and maintained to cover the transactions in accordance with SEC positions. To the extent that a Portfolio cannot dispose of a swap in the ordinary course of business within seven days at approximately the value at which the Portfolio has valued the swap, the Portfolio will treat the swap as illiquid and subject to its overall limit on illiquid investments of 15% of the Portfolio's net assets.

The Dodd-Frank Act and related regulatory developments imposed comprehensive regulatory requirements on swaps and swap market participants. The regulatory framework includes: (1) registration and regulation of swap dealers and major swap participants; (2) requiring central clearing and execution of standardized swaps; (3) imposing margin requirements on swap transactions; (4) regulating and monitoring swap transactions through position limits and large trader reporting requirements; and (5) imposing record keeping and centralized and public reporting requirements, on an anonymous basis, for most swaps. The CFTC is responsible for the regulation of most swaps. The SEC has jurisdiction over a small segment of the market referred to as "security-based swaps," which includes swaps on single securities or credits, or narrow-based indices of securities or credits.

The regulation of cleared and uncleared swaps, as well as other derivatives, is a rapidly changing area of law and is subject to modification by government and judicial action. In addition, the SEC, CFTC and the exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example, the implementation or reduction of speculative position limits, the implementation of higher margin requirements, the establishment of daily price limits and the suspension of trading. It is not possible to predict fully the effects of current or future regulation. The requirements, even if not directly applicable to a Portfolio, may increase the cost of the Portfolio's investments and cost of doing business. It is possible that developments in the swaps market, including potential government regulation, could adversely affect a Portfolio's ability to terminate existing swap agreements or to realize amounts to be received under such agreements.

FOREIGN CURRENCY TRANSACTIONS

Portfolio, DFA Diversified Fixed Income Portfolio, DFA LTIP Portfolio, DFA Short-Duration Real Return Portfolio and DFA World ex U.S. Government Fixed Income Portfolio may enter into foreign currency transactions in order to attempt to protect against uncertainty in the level of future foreign currency exchange rates. The Portfolios will conduct their foreign currency exchange transactions either on a spot (i.e., cash) basis at the spot rate prevailing in the foreign currency exchange market, or through entering into forward contracts to purchase or sell foreign currencies. A foreign currency forward contract involves an obligation to exchange two currencies at a future date, which may be any fixed number of days (usually less than one year) from the date of the contract agreed upon by the parties, at a fixed rate set at the time of the contract. These contracts are traded in the interbank market conducted directly between traders (usually large commercial banks) and their customers. A forward contract generally has no deposit requirement, and no commissions are charged at any stage for trades. Although foreign exchange dealers do not charge a fee for conversion, they do realize a profit based on the difference (the spread) between the price at which they are buying and selling various currencies.

The DFA Two-Year Global Fixed Income Portfolio, DFA Selectively Hedged Global Fixed Income Portfolio, DFA Five-Year Global Fixed Income Portfolio, DFA Short-Term Extended Quality Portfolio, DFA Intermediate-Term Extended Quality Portfolio, DFA Targeted Credit Portfolio, DFA Global Core Plus Fixed Income Portfolio, DFA Investment Grade Portfolio, DFA Diversified Fixed Income Portfolio, DFA LTIP Portfolio, DFA Short-Duration Real Return Portfolio and DFA World ex U.S. Government Fixed Income Portfolio may enter into foreign currency forward contracts to hedge against fluctuations in currency exchange rates or to transfer balances from one currency to another currency. A Portfolio may enter into a forward contract to buy or sell the amount of foreign currency approximating the value of some or all of the portfolio securities quoted or denominated in such foreign currency. The precise matching of the forward contract amounts and the value of the securities involved will not generally be possible since the future value of such securities in foreign currencies will change as a consequence of market movements in the value of those securities between the date the forward contract is entered into and the date it expires. The DFA Two-Year Global Fixed Income Portfolio, DFA Five-Year Global Fixed Income Portfolio, DFA Short-Term Extended Quality Portfolio, DFA Intermediate-Term Extended Quality Portfolio, DFA Targeted Credit Portfolio, DFA Global Core Plus Fixed Income Portfolio, DFA Investment Grade Portfolio, DFA Diversified Fixed Income Portfolio, DFA LTIP Portfolio, DFA Short-Duration Real Return Portfolio and DFA World ex U.S. Government Fixed Income Portfolio typically hedge their foreign currency exposure. DFA Selectively Hedged Global Fixed Income Portfolio may hedge the currency exposure of its foreign securities or leave some or all of the currency exposure unhedged.

At the maturity of a forward currency contract, a Portfolio may either exchange the currencies specified at the maturity of a forward contract or, prior to maturity, the Portfolio may enter into a closing transaction involving the purchase or sale of an offsetting contract. Closing transactions with respect to forward contracts are usually effected with the counterparty to the original forward contract.

Forward currency contracts are highly volatile, and a relatively small price movement in a forward currency contract may result in substantial losses to a Portfolio. To the extent a Portfolio engages in forward currency contracts to generate current income, the Portfolio will be subject to these risks which the Portfolio might otherwise avoid (e.g., through use of hedging transactions).

The use of foreign currency exchange transactions may not benefit a Portfolio if exchange rates move in an unexpected manner. In addition, these techniques could result in a loss if the counterparty to a transaction does not perform as promised, including because of the counterparty's bankruptcy or insolvency. These transactions also involve settlement risk, which is the risk faced when one party to a transaction has performed its obligations under a contract but has not yet received value from its counterparty.

EXCLUSION FROM COMMODITY POOL OPERATOR STATUS

The Advisor has claimed an exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act ("CEA") with respect to the Portfolio described in this SAI, and, therefore, is not subject to registration or regulation as a pool operator under the CEA with respect to such Portfolios. The CFTC has neither reviewed nor approved the Advisor's reliance on these exclusions, the investment strategies of the Portfolios or this SAI.

The terms of the commodity pool operator ("CPO") exclusion require that each Portfolio, among other things, adhere to certain limits on its investments in "commodity interests." Commodity interests include commodity futures, commodity options and swaps, which in turn include non-deliverable foreign currency forward contracts. Generally, the exclusion from CPO regulation on which the Advisor relies requires each Portfolio to meet one of the following tests for its commodity interest positions, other than positions entered into for bona fide hedging purposes (as defined in the rules of the CFTC): either (1) the aggregate initial margin and premiums required to establish positions in commodity interests may not

exceed 5% of the liquidation value of the portfolio of the Portfolio (after taking into account unrealized profits and unrealized losses on any such positions); or (2) the aggregate net notional value of the Portfolio's commodity interest positions, determined at the time the most recent such position was established, may not exceed 100% of the liquidation value of the Portfolio's portfolio (after taking into account unrealized profits and unrealized losses on any such positions). In addition to meeting one of these trading limitations, each Portfolio may not be marketed as a commodity pool or otherwise as a vehicle for trading in the commodity futures, commodity options or swaps markets. If, in the future, a Portfolio can no longer satisfy these requirements, the Advisor would withdraw its notice claiming an exclusion from the definition of a CPO, and the Advisor would be subject to registration and regulation as a CPO with respect to the Portfolio, in accordance with CFTC rules that apply to CPOs of registered investment companies. Generally, these rules allow for substituted compliance with CFTC disclosure and shareholder reporting requirements, based on the Advisor's compliance with comparable SEC requirements. However, as a result of CFTC regulation with respect to a Portfolio, the Portfolio may incur additional compliance and other expenses.

FOREIGN ISSUERS

Significantly, there is the possibility of cessation of trading on foreign exchanges, expropriation, nationalization of assets, confiscatory or punitive taxation, withholding and other foreign taxes on income or other amounts, foreign exchange controls (which may include suspension of the ability to transfer currency from a given country), restrictions on removal of assets, political or social instability, military action or unrest, or diplomatic developments. There is no assurance that the Advisor will be able to anticipate these potential events. In addition, the value of securities denominated in foreign currencies and of dividends and interest paid with respect to such securities will fluctuate based on the relative strength of the U.S. dollar. Foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less publicly available financial and other information about such issuers, comparable to U.S. issuers. Certain countries' legal institutions, financial markets, and services are less developed than those in the U.S. or other major economies. A Portfolio may have greater difficulty voting proxies, exercising shareholder rights, securing dividends and obtaining information regarding corporate actions on a timely basis, pursuing legal remedies, and obtaining judgments with respect to foreign investments in foreign courts than with respect to domestic issuers in U.S. courts. The costs associated with foreign investments, including withholding taxes, brokerage commissions, and custodial costs, are generally higher than with U.S. investments. To the extent that a Portfolio invests a significant portion of its assets in a specific geographic region or country, the Portfolio will have more exposure to economic risks related to such region or country than a fund whose investments are more geographically diversified. In addition, economies of some emerging market countries may be based on only a few industries and may be highly vulnerable to changes in local or global trade conditions. Foreign markets also have substantially less volume than the U.S. markets and securities of some foreign issuers are less liquid and more volatile than securities of comparable U.S. issuers. A Portfolio, therefore, may encounter difficulty in obtaining market quotations for purposes of valuing its portfolio and calculating its net asset value.

It is also possible that the U.S., other nations or other governmental entities (including supranational entities) could impose sanctions against issuers in various sectors of certain foreign countries. This could limit a Portfolio's investment opportunities in such countries, impairing the Portfolio's ability to invest in accordance with its investment strategy and/or to meet its investment objective. In addition, an imposition of sanctions upon such issuers could result in an immediate freeze of the issuers' securities, impairing the ability of a Portfolio to buy, sell, receive or deliver those securities. Further, current sanctions or the threat of potential sanctions may also impair the value or liquidity of affected securities and negatively impact a Portfolio.

Emerging markets

Securities of issuers associated with emerging market countries, including, but not limited to, issuers that are organized under the laws of, maintain a principal place of business in, derive significant revenues from, or issue securities backed by the government (or, its agencies or instrumentalities) of emerging market countries may be subject to higher and additional risks than securities of issuers in developed foreign markets. These risks include, but are not limited to (i) social, political and economic instability; (ii) government intervention, including policies or regulations that may restrict a Portfolio's investment opportunities, including restrictions on investment in issuers or industries deemed sensitive to an emerging market country's national interests; (iii) less transparent and established taxation policies; (iv) less developed legal systems allowing for enforcement of private property rights and/or redress for injuries to private property; (v) the lack of a capital market structure or market-oriented economy; (vi) higher degree of corruption and fraud; (vii) counterparties and financial institutions with less financial sophistication, creditworthiness and/or resources as those in developed foreign markets; and (viii) the possibility that the process of easing restrictions on foreign investment occurring in some emerging market countries may be slowed or reversed by unanticipated economic, political or social events in such countries, or the countries that exercise a significant influence over those countries.

A Portfolio may have limited access to, or there may be a limited number of, potential counterparties that trade in the securities of emerging market issuers. Potential counterparties may not possess, adopt or implement creditworthiness standards, financial reporting standards or legal and contractual protections similar to those in developed foreign markets. Currency and other hedging techniques may not be available or may be limited. The local taxation of income and capital gains accruing to nonresidents varies among emerging market countries and may be comparatively high. Emerging market countries typically have less well-defined tax laws and procedures and such laws may permit retroactive taxation so that a Portfolio could in the future become subject to local tax liabilities that had not been anticipated in conducting its investment activities or valuing its assets. Custodial services and other investment-related costs in emerging market countries are often more expensive, compared to developed foreign markets and the U.S., which can reduce a Portfolio's income from investments in securities or debt instruments of emerging market country issuers.

Some emerging market currencies may not be internationally traded or may be subject to strict controls on foreign investment by local governments, resulting in undervalued or overvalued currencies and associated difficulties with the valuation of assets, including a Portfolio's securities, denominated in that currency. Some emerging market governments restrict currency conversions and/or set limits on repatriation of invested capital. Future restrictive exchange controls could prevent or restrict a company's ability to make dividend or interest payments in the original currency of the obligation (usually U.S. dollars). In addition, even though the currencies of some emerging market countries may be convertible into U.S. dollars, the conversion rates may be different than the actual market values and may be adverse to a Portfolio's shareholders.

GENERAL MARKET AND GEOPOLITICAL RISKS

The value of a Portfolio's securities changes daily due to economic and other events that affect market prices generally, as well as those that affect particular regions, countries, industries, or issuers. Economies and financial markets throughout the world have become increasingly interconnected, which increases the likelihood that events or conditions in one region or country will adversely affect markets or issuers in other regions or countries. Portfolio securities may be negatively impacted by inflation (or expectations for inflation), interest rates, global demand for particular products/services or resources, natural disasters, pandemics, epidemics, terrorism, war, military confrontations, regulatory events and governmental or quasi-governmental actions, among others. Natural and environmental disasters, including weather-related phenomena, also can adversely affect individual issuers, sectors, industries, markets, currencies, countries, or regions. The occurrence of global events similar to those in recent years (e.g., natural disasters, virus epidemics, social and political discord, and terrorist attacks around the world) may result in market volatility and have long term effects on both the U.S. and global economies and financial markets. The risks associated with such events may be greater in developing or emerging market countries, many of which have less developed political, financial, healthcare, and/or emergency management systems. Negative global events also can disrupt the operations and processes of any of the service providers for a Portfolio. Similarly,

negative global events, in some cases, could constitute a force majeure event under contracts with service providers or contracts entered into with counterparties for certain transactions.

POLITICAL, UNITED KINGDOM AND EUROPEAN MARKET RELATED RISKS

Portfolios that have significant exposure to certain countries can be expected to be impacted by the political and economic conditions within such countries. There is continuing uncertainty around the future of the euro and the European Union (EU) following the United Kingdom's (UK) vote to exit the EU in June 2016 (Brexit). On January 31, 2020, the UK officially withdrew from the EU and an eleven-month transition phase, set to continue through December 31, 2020, began. It is possible that the transition will be extended past that date. Although the UK's exit from the EU has not yet modified existing agreements, the UK and EU will renegotiate and formalize new economic and political agreements, including trade deals, during the transition phase. Given the extended transition and unpredictability surrounding the renegotiation process, there remains a significant degree of uncertainty surrounding the economic and political outcomes which these events may cause. As the outcomes of the negotiations for a new relationship between the UK and EU remain unclear, the effects on the UK, EU and the broader global economy cannot be determined at this time. Brexit may cause greater market volatility and illiquidity, currency fluctuations, deterioration in economic activity, a decrease in business confidence, and increased likelihood of a recession in the UK. While it is not possible to determine the precise impact these events may have on a Portfolio, during this period and beyond, the impact on the UK, EU countries, other countries or parties that transact with the UK and EU, and the broader global economy could be significant and could adversely affect the value and liquidity of a Portfolio's investments. In addition, if one or more other countries were to exit the EU or abandon the use of the euro as a currency, the value of investments tied to those countries or the euro could decline significantly and unpredictably.

CASH MANAGEMENT PRACTICES

The Portfolios engage in cash management practices in order to earn income on uncommitted cash balances. Generally, cash is uncommitted pending investment in other securities, payment of redemptions or in other circumstances where the Advisor believes liquidity is necessary or desirable. For example, a Portfolio may make cash investments for temporary defensive purposes during periods in which market, economic or political conditions warrant. In addition, each of the Portfolios may enter into arrangements with its custodian whereby it may earn a credit on its cash balances maintained in its non-interest bearing U.S. Dollar custody cash account to be applied against fund service fees payable to the custodian or the custodian's subsidiaries for fund services provided.

The Portfolios may invest cash in the following permissible investments:

Portfolios	Permissible Cash Investments*

DFA One-Year Fixed Income Portfolio	Short-term repurchase agreements; affiliated and unaffiliated registered or unregistered
	money market funds.**

DFA Two-Year Fixed Income	Short-term repurchase agreements; index futures contracts and options thereon; affiliated and
Portfolio	unaffiliated registered or unregistered money market funds.**

DFA Two-Year Government Fixed	Short-term repurchase agreements; index futures contracts and options thereon; affiliated and
Income Portfolio	unaffiliated registered or unregistered money market funds.**

DFA Two-Year Global Fixed Income	Short-term repurchase agreements; index futures contracts and options thereon; affiliated and
Portfolio	unaffiliated registered or unregistered money market funds.**

DFA Selectively Hedged Global Fixed	Short-term repurchase agreements; index futures contracts and options thereon; affiliated and
Income Portfolio	unaffiliated registered or unregistered money market funds.**

DFA Short-Term Government	Short-term repurchase agreements; short-term government fixed income obligations; affiliated
Portfolio	and unaffiliated registered and unregistered money market funds, including government
	money market funds.**

DFA Five-Year Global Fixed Income	Short-term repurchase agreements; index futures contracts and options thereon; affiliated and
Portfolio	unaffiliated registered or unregistered money market funds.**

	13

Portfolios	Permissible Cash Investments*
DFA World ex U.S. Government	Short-term repurchase agreements; fixed income securities, such as money market
Fixed Income Portfolio	instruments; U.S. government obligations, U.S. government agency obligations debt, freely
	convertible currencies, shares of affiliated and unaffiliated registered and unregistered money
	market funds, index futures contracts, and options thereon.**

DFA Intermediate Government Fixed	Short-term repurchase agreements; futures contracts on U.S. Treasury securities or options on
Income Portfolio	such contracts; affiliated and unaffiliated registered or unregistered money market funds.**

DFA Inflation-Protected Securities	Short-term repurchase agreements; short-term government fixed income obligations; affiliated
Portfolio	and unaffiliated registered and unregistered money market funds, including government
	money market funds.**

DFA Short-Term Extended Quality	Short-term repurchase agreements; fixed income securities, such as money market
Portfolio	instruments; freely convertible currencies; shares of affiliated and unaffiliated registered and
	unregistered money market funds**; index futures contracts, and options thereon.

DFA Intermediate-Term Extended	Short-term repurchase agreements; fixed income securities, such as money market
Quality Portfolio	instruments; shares of affiliated and unaffiliated registered and unregistered money market
	funds**; index futures contracts, and options thereon.

DFA Targeted Credit Portfolio	Short-term repurchase agreements; shares of affiliated and unaffiliated registered and
	unregistered money market funds**; index futures contracts, and options thereon.

DFA Global Core Plus Fixed Income	Short-term repurchase agreements; index futures contracts and options thereon; affiliated and
Portfolio	unaffiliated registered or unregistered money market funds.**

DFA Investment Grade Portfolio	Short-term repurchase agreements; fixed income securities, such as money market
	instruments; index futures contracts and options thereon; freely convertible currencies; shares
	of affiliated and unaffiliated registered and unregistered money market funds.**

DFA Diversified Fixed Income	Short-term repurchase agreements; index futures contracts and options thereon; affiliated and
Portfolio	unaffiliated registered or unregistered money market funds.**

DFA LTIP Portfolio	Short-term repurchase agreements; fixed income securities, such as money market
	instruments; freely convertible currencies; shares of affiliated and unaffiliated registered and
	unregistered money market funds**; index futures contracts, and options thereon.

DFA Short-Duration Real Return	Short-term repurchase agreements; index futures contracts and options thereon; fixed income
Portfolio	securities, such as money market instruments; freely convertible currencies; shares of
	affiliated and unaffiliated registered and unregistered money market funds.**

DFA Municipal Real Return Portfolio	Short-term repurchase agreements; fixed income securities, such as money market
	instruments; index futures contracts and options thereon; affiliated and unaffiliated registered
	and unregistered money market funds, including tax-exempt money market funds., *

DFA California Municipal Real Return	Short-term repurchase agreements; fixed income securities, such as money market
Portfolio	instruments; affiliated and unaffiliated registered and unregistered money market funds.**,
	***

DFA Municipal Bond Portfolio	Short-term repurchase agreements; fixed income securities, such as money market
	instruments; index futures contracts and options thereon; affiliated and unaffiliated registered
	and unregistered money market funds, including tax-exempt money market funds., *

DFA Short-Term Municipal Bond	Short-term repurchase agreements; fixed income securities, such as money market
Portfolio	instruments; index futures contracts and options thereon; affiliated and unaffiliated registered
	and unregistered money market funds, including tax-exempt money market funds., *

DFA California Short-Term Municipal	Short-term repurchase agreements; fixed income securities, such as money market
Bond Portfolio	instruments; index futures contracts and options thereon; affiliated and unaffiliated registered
	and unregistered money market funds., *

	14

Portfolios	Permissible Cash Investments*
DFA Intermediate-Term Municipal	Short-term repurchase agreements; fixed income securities, such as money market
Bond Portfolio	instruments; index futures contracts and options thereon; affiliated and unaffiliated registered
	and unregistered money market funds, including tax-exempt money market funds., *

DFA Selective State Municipal Bond	Short-term repurchase agreements; fixed income securities, such as money market
Portfolio	instruments; affiliated and unaffiliated registered and unregistered money market funds.**,
	***

DFA California Intermediate-Term	Short-term repurchase agreements; index futures contracts and options thereon; fixed income
Municipal Bond Portfolio	securities, such as money market instruments; affiliated and unaffiliated registered and
	unregistered money market funds., *

DFA MN Municipal Bond Portfolio	Short-term repurchase agreements; fixed income securities, such as money market
	instruments; affiliated and unaffiliated registered and unregistered money market funds.**,
	***

DFA NY Municipal Bond Portfolio	Short-term repurchase agreements; fixed income securities, such as money market
	instruments; affiliated and unaffiliated registered and unregistered money market funds.**,
	***

DFA Oregon Municipal Bond	Short-term repurchase agreements; fixed income securities, such as money market
Portfolio	instruments; affiliated and unaffiliated registered and unregistered money market funds.**,
	***

*With respect to fixed income instruments, except in connection with corporate actions, the Portfolios will invest in fixed income instruments that at the time of purchase have an investment grade rating by a rating agency or are deemed to be investment grade by the Advisor.

**Investments in money market mutual funds may involve duplication of certain fees and expenses.

***Certain of these cash investments may generate taxable income for a Portfolio and potentially may require the Portfolio to distribute income subject to federal and/or state personal income tax.

EXCHANGE TRADED FUNDS

or replicate a desired index, such as a sector, market or global segment. The risks and costs of investing in ETFs are comparable to investing in a publicly traded company. The goal of an ETF is to correspond generally to the price and yield performance, before fees and expenses, of its underlying index. The risk of not correlating to the index is an additional risk to the investors of ETFs. When a Portfolio invests in an ETF, shareholders of the Portfolio bear their proportionate share of the underlying ETF's fees and expenses.

INTERFUND BORROWING AND LENDING

be available to any of the participating Portfolios/Series under a loan agreement; and (2) no Portfolio/Series may lend money through the program unless it receives a more favorable return than that available from an investment in overnight repurchase agreements or the yield of any money market fund in which the Portfolio/Series could invest. In addition, a Portfolio/Series may participate in the program only if and to the extent that such participation is consistent with its investment objectives, policies and limitations. Interfund loans and borrowings have a maximum duration of seven days and loans may be called on one business day's notice.

WHEN-ISSUED SECURITIES, DELAYED DELIVERY, AND FORWARD COMMITMENT TRANSACTIONS

Each Portfolio may purchase eligible securities or sell securities it is entitled to receive on a when-issued basis. When purchasing securities on a when-issued basis, the price or yield is agreed to at the time of purchase, but the payment and settlement dates are not fixed until the securities are issued. It is possible that the securities will never be issued and the commitment cancelled. In addition, each Portfolio may purchase or sell eligible securities for delayed delivery or on a forward commitment basis where the Portfolio contracts to purchase or sell such securities at a fixed price at a future date beyond the normal settlement time. Each Portfolio may renegotiate a commitment or sell a security it has committed to purchase prior to the settlement date, if deemed advisable.

While the payment obligation and, if applicable, interest rate are set at the time a Portfolio enters into a when-issued, delayed delivery, to-be-announced, or forward commitment transaction, no interest or dividends accrue to the purchaser prior to the settlement date. In addition, the value of a security purchased or sold is subject to market fluctuations and may be worth more or less on the settlement date than the price a Portfolio committed to pay or receive for the security. A Portfolio will lose money if the value of a purchased security falls below the purchase price and a Portfolio will not benefit from the gain if a security sold appreciates above the sales price during the commitment period.

When entering into a commitment to purchase a security on a when-issued, delayed delivery, to-be-announced, or forward commitment basis, a Portfolio will segregate cash and/or liquid assets and will maintain such cash and/or liquid assets in an amount equal in value to such commitments.

TBA SECURITIES

The Portfolios may also engage in purchases or sales of "to be announced" or "TBA" securities. TBA securities represent an agreement to buy or sell mortgage-backed securities with agreed-upon characteristics for an approximate principal amount, with settlement on a scheduled future date beyond the typical settlement period for most other securities. A TBA transaction typically does not designate the actual security to be delivered. A Portfolio may use TBA trades for investment purposes in order to gain exposure to certain securities, or for hedging purposes. Purchases and sales of TBA securities involve risks similar to those discussed above for other when-issued and forward commitment transactions. In such transactions, a Portfolio will segregate and/or earmark liquid assets in an amount sufficient to offset its exposure as long as the Portfolio's obligations are outstanding.

PORTFOLIO TURNOVER RATES

The One-Year Fixed Income Portfolio, Two-Year Fixed Income Portfolio, Two-Year Government Portfolio, Two- Year Global Fixed Income Portfolio, DFA Selectively Hedged Global Fixed Income Portfolio, DFA Short-Term Government Portfolio, DFA Five-Year Global Fixed Income Portfolio, DFA Short-Term Extended Quality Portfolio and DFA Short- Duration Real Return Portfolio are expected to have high portfolio turnover rates due to the relatively short maturities of the

securities to be acquired. The portfolio turnover rate for the DFA Short-Term Government Portfolio has varied from year to year due to market and other conditions. In addition, variations in turnover rates occur because securities are sold when, in the Advisor's judgment, the return will be increased as a result of portfolio transactions after taking into account the cost of trading.

INVESTMENT STRATEGIES FOR THE MUNICIPAL BOND PORTFOLIOS

The DFA Municipal Real Return Portfolio, DFA California Municipal Real Return Portfolio, DFA Municipal Bond Portfolio, DFA Short-Term Municipal Bond Portfolio, DFA Selective State Municipal Bond Portfolio, DFA California Short- Term Municipal Bond Portfolio, DFA Intermediate-Term Municipal Bond Portfolio, DFA California Intermediate-Term Municipal Bond Portfolio, DFA MN Municipal Bond Portfolio, DFA NY Municipal Bond Portfolio and DFA Oregon Municipal Bond Portfolio (the "Municipal Bond Portfolios") each may invest in certain types of securities and engage in certain investment practices that the other Portfolios do not. In addition to the securities and investment practices described in the prospectus, set forth below is a description of certain types of securities that the Municipal Bond Portfolios may purchase and certain investment techniques that each Portfolio may use to attempt to achieve its investment objective.

Variable Rate Obligations and Demand Notes

The Municipal Bond Portfolios may invest in variable rate obligations. Variable rate obligations have a yield that is adjusted periodically based on changes in the level of prevailing interest rates. Floating rate obligations have an interest rate fixed to a known lending rate, such as the prime rate, and are automatically adjusted when the known rate changes. Variable rate obligations lessen the capital fluctuations usually inherent in fixed income investments. This diminishes the risk of capital depreciation of investment securities in a Portfolio and, consequently, of Portfolio shares. However, if interest rates decline, the yield of the Portfolio will decline, causing a Portfolio and its shareholders to forego the opportunity for capital appreciation of that Portfolio's investments and of their shares.

The Municipal Bond Portfolios may invest in floating rate and variable rate demand notes. Demand notes provide that the holder may demand payment of the note at its par value plus accrued interest by giving notice to the issuer. To ensure the ability of the issuer to make payment on demand, a bank letter of credit or other liquidity facility may support the note.

Pre-refunded Municipal Securities

The Municipal Bond Portfolios may invest in pre-refunded municipal securities. Pre-refunded municipal securities are tax-exempt bonds that have been refunded to a call date prior to the final maturity of principal, or "escrowed-to-maturity bonds," that have been refunded prior to the final maturity of principal and remain outstanding in the municipal market. The payment of principal and interest of the pre-refunded municipal securities held by a Municipal Bond Portfolio is funded from securities in a designated escrow account that holds U.S. Treasury securities or other obligations of the U.S. Government (including its agencies and instrumentalities) ("Agency Securities"). While still tax-exempt, pre-refunded municipal securities usually will bear a Aaa rating (if a re-rating has been requested and paid for) because they are backed by U.S. Treasury or Agency Securities held in an escrow account established by the municipality and an independent escrow agent. While a secondary market exists for pre-refunded municipal securities, if a Municipal Bond Portfolio sells pre-refunded municipal bonds prior to maturity, the price received may be more or less than the original cost, depending on market conditions at the time of sale. Investment in pre-refunded municipal securities held by a Municipal Bond Portfolio may subject the Portfolio to interest rate risk and market risk. To the extent permitted by the SEC and the Internal Revenue Service, a Municipal Bond Portfolio's investment in pre-refunded municipal bonds backed by U.S. Treasury and Agency Securities in the manner described above, will, for purposes of diversification tests applicable to the Portfolio, be considered an investment in the respective U.S. Treasury and Agency Securities. The 2017 Tax Cuts and Jobs Act repeals the exclusion from gross income for interest on pre-refunded municipal securities effective for such bonds issued after December 31, 2017.

Standby Commitments

These instruments, which are similar to a put, give each Municipal Bond Portfolio the option to obligate a broker, dealer or bank to repurchase a security held by the Portfolio at a specified price.

Tender Option Bonds

Tender option bonds are relatively long-term bonds that are coupled with the option to tender the securities to a bank, broker-dealer or other financial institution at periodic intervals and receive the face value of the bond. This investment structure is commonly used as a means of enhancing a security's liquidity.

Structured or Indexed Securities

The Municipal Bond Portfolios may invest in structured or indexed securities. The value of the principal of and/or interest on such securities is determined by reference to changes in the value of specific currencies, interest rates, commodities, indices or other financial indicators (the "Reference") or the relative change in the two or more References. The interest rate or the principal amount payable upon maturity or redemption may be increased or decreased depending upon changes in the applicable Reference. The terms of the structured or indexed securities may provide that, in certain circumstances, no principal is due at maturity and, therefore, may result in a loss of a Portfolio's investment. Structured or indexed securities may be positively or negatively indexed, so that appreciation of the Reference may produce an increase or a decrease in the interest rate or value of the security at maturity. In addition, changes in interest rates or the value of the security at maturity may be some multiple of the change in the value of the Reference. Consequently, structured or indexed securities may entail a greater degree of market risk than other types of debt securities because the Portfolio bears the risk of the Reference. Structured or indexed securities may also be more volatile, less liquid and more difficult to accurately price than less complex securities.

Zero Coupon Bonds

The Municipal Bond Portfolios may invest in zero coupon bonds. Zero coupon bonds generally pay no cash interest (or dividends, in the case of preferred stock) to their holders prior to maturity. Accordingly, such securities usually are issued and traded at a deep discount from their face or par value and generally are subject to greater fluctuations of market value in response to changing interest rates than securities of comparable maturities and credit quality that pay cash interest (or dividends, in the case of preferred stock) on a current basis. Although a Portfolio will receive no payments on its zero coupon bonds prior to their maturity or disposition, a Portfolio would be required, for federal income tax purposes, generally to include in its dividends each year an amount equal to the annual income that accrues on its zero coupon securities. Such dividends will be paid from the cash assets of a Portfolio, from borrowings or by liquidation of portfolio securities, if necessary, at a time that a Portfolio otherwise would not have done so. To the extent a Portfolio is required to liquidate thinly traded securities, it may be able to sell such securities only at prices lower than if such securities were more widely traded. The risks associated with holding securities that are not readily marketable may be accentuated at such time. To the extent the proceeds from any such dispositions are used by a Portfolio to pay distributions that Portfolio will not be able to purchase additional income-producing securities with such proceeds, and as a result, its current income ultimately may be reduced.

Municipal Lease Obligations

The Municipal Bond Portfolios may invest in municipal lease obligations. These securities are sometimes considered illiquid because of the thinness of the market in which they are traded. Under the supervision of the Board of Directors, the Advisor may determine to treat certain municipal lease obligations as liquid, and therefore not subject to a Portfolio's 15% limit on illiquid investments. The factors that the Advisor may consider in making these liquidity determinations include: (1) the frequency of trades and quotations for the security; (2) the number of dealers willing to purchase or sell the security and the number of other potential buyers; (3) the willingness of dealers to underwrite and make a market in the security; (4) the nature of the marketplace trades, including the time needed to dispose of the security, the method of soliciting offers, and the mechanics of transfer; and (5) factors unique to a particular security, including general creditworthiness of the issuer, the importance to the issuer of the property covered by the lease and the likelihood that the marketability of the securities will be maintained throughout the time the security is held by a Portfolio.

Municipal Bond Insurance

The Advisor anticipates that a portion of each Municipal Bond Portfolio's investment portfolio will be invested in municipal securities whose principal and interest payments are guaranteed by a private insurance company at the time of purchase. Each Portfolio's insurance coverage may take one of several forms. A primary insurance policy is purchased by a municipal securities issuer at the time the securities are issued. This insurance is likely to increase the credit rating of the securities, as well as their purchase price and resale value. A mutual fund insurance policy is purchased by a Portfolio and used to guarantee specific securities only while the securities are held by the Portfolio. Finally, a secondary market insurance policy is purchased by a bond investor (such as a Portfolio) or a broker after the bond has been issued and insures the bond

until its maturity date. Both primary insurance and secondary market insurance are non-cancelable and continue in force so long as the insured security is outstanding and the respective insurer remains in business. Premiums for portfolio insurance, if any, would be paid from a Portfolio's assets and would reduce the current yield on its investment portfolio by the amount of such premiums.

Portfolio insurance coverage that terminates upon the sale of an insured security by a Municipal Bond Portfolio, may not improve the resale value of the security. Therefore, unless a Portfolio elects to purchase secondary market insurance with respect to such securities or such securities are already covered by primary insurance, the Portfolio generally will retain any such securities insured by portfolio insurance that are in default or in significant risk of default, and will place a value on the insurance equal to the difference between the market value of the defaulted security and the market value of similar securities that are not in default.

Each Municipal Bond Portfolio is authorized to obtain portfolio insurance from insurers that have obtained a claims- paying ability rating of AAA from S&P or Aaa (or a short-term rating of MIG-1) from Moody's.

A Moody's insurance claims-paying ability rating is an opinion of the ability of an insurance company to repay punctually senior policyholder obligations and claims. An insurer with an insurance claims-paying ability rating of Aaa is adjudged by Moody's to be of the best quality. In the opinion of Moody's, the policy obligations of an insurance company with an insurance claims-paying ability rating of Aaa carry the smallest degree of credit risk and, while the financial strength of these companies is likely to change, such changes as can be visualized are most unlikely to impair the company's fundamentally strong position. An S&P insurance claims-paying ability rating is an assessment of an operating insurance company's financial capacity to meet obligations under an insurance policy in accordance with its terms. An insurer with an insurance claims-paying ability rating of AAA has the highest rating assigned by S&P. The capacity of an insurer so rated to honor insurance contracts is adjudged by S&P to be extremely strong and highly likely to remain so over a long period of time.

An insurance claims-paying ability rating by Moody's or S&P does not constitute an opinion on any specific insurance contract in that such an opinion can only be rendered upon the review of the specific insurance contract. Furthermore, an insurance claims-paying ability rating does not take into account deductibles, surrender or cancellation penalties or the timeliness of payment; nor does it address the ability of a company to meet non-policy obligations (i.e., debt contracts).

The assignment of ratings by Moody's or S&P to debt issues that are fully or partially supported by insurance policies, contracts or guarantees is a separate process from the determination of insurance claims-paying ability ratings. The likelihood of a timely flow of funds from the insurer to the trustee for the bondholders is a likely element in the rating determination for such debt issues.

Participation Interests

A participation interest in a municipal security gives the purchaser an undivided interest in the municipal obligation in the proportion that a Municipal Bond Portfolio's participation interest bears to the total principal amount of the municipal obligation. These instruments may have fixed, floating or variable rates of interest. If the participation interest is unrated, or has been given a rating below one that is otherwise permissible for purchase by a Portfolio, the participation interest will be backed by an irrevocable letter of credit or guarantee of a bank that the Board of Directors has determined meets certain quality standards, or the payment obligation otherwise will be collateralized by government securities. Each Portfolio will have the right, with respect to certain participation interests, to demand payment, on a specified number of days' notice, for all or any part of the Portfolio's participation interest in the municipal obligation, plus accrued interest. Each Portfolio intends to exercise its right to demand payment only upon a default under the terms of the municipal obligation, or to maintain or improve the quality of its investment portfolio.

Municipal Custody Receipts

The Municipal Bond Portfolios also may acquire custodial receipts or certificates underwritten by securities dealers or banks that evidence ownership of future interest payments, principal payments, or both, on certain municipal securities. The underwriter of these certificates or receipts typically purchases municipal securities and deposits the securities in an irrevocable trust or custody account with a custodian bank, which then issues receipts or certificates that evidence ownership of the periodic unmatured coupon payments and the final principal payment on the securities. Custody receipts evidencing specific coupon or principal payments have the same general attributes as zero coupon municipal securities described above. Although under the terms of a custody receipt a Portfolio would be typically authorized to assert its rights directly against the

issuer of the underlying obligation, a Portfolio could be required to assert through the custodian bank those rights as may exist against the underlying issuers. Thus, in the event the underlying issuer fails to pay principal and/or interest when due, a Portfolio may be subject to delays, expenses and risks that are greater than those that would have been involved if the Portfolio had purchased a direct obligation of the issuer. In addition, in the event that the trust or custody account in which the underlying security has been deposited is determined to be an association taxable as a corporation, instead of a non- taxable entity, the yield on the underlying security would be reduced in recognition of any taxes paid.

CALIFORNIA MUNICIPAL SECURITIES RISKS

The DFA California Municipal Real Return Portfolio, DFA California Short-Term Municipal Bond Portfolio and DFA California Intermediate-Term Municipal Bond Portfolio (together, the "California Municipal Portfolios") invest primarily in California municipal securities and, therefore, their performance is closely tied to the ability of California municipal issuers to continue to make principal and interest payments. Below is a brief discussion of certain factors that may affect California municipal issuers and does not purport to be a complete description of such factors. These factors only apply to the California Municipal Portfolios. The financial condition of California, its public authorities and local governments could affect the market values of California municipal securities, and therefore the net asset value per share and the interest income of the California Municipal Portfolios, or result in the default of existing obligations, including obligations that may be held by the California Municipal Portfolios.

The information contained below is based primarily upon information derived from State official statements, annual Fiscal Outlook publications, State and industry trade publications, other public documents relating to securities offerings of California municipal issuers, and other historically reliable sources. It is only a brief summary of the complex factors affecting the financial situation in California. It has not been independently verified by the California Municipal Portfolios. The California Municipal Portfolios make no representation or warranty regarding the completeness or accuracy of such information.

Economic Condition and Outlook

The California economy is the largest among the states and one of the largest and most diverse in the world. Major components of the State's economy are high-technology, trade, entertainment, manufacturing, government, tourism, construction, and services. The relative proportion of the various components of the California economy closely resembles the makeup of the national economy. California continues to benefit from broad-based growth and the fiscal health of the State continues to improve since the end of the severe recession in 2009.

During the Great Recession, the State experienced the most significant economic downturn since the Great Depression of the 1930s. As a result, tax revenues declined precipitously, resulting in large budget gaps and occasional cash shortfalls in the period from 2008 through 2011, which were addressed largely through various spending cuts and payment deferrals. California's labor markets deteriorated dramatically during the latter half of 2008 and the first nine months of 2009, suffering their worst losses on record. From July 2007 through February 2010, the State lost nearly 1.3 million nonfarm jobs. These losses switched to very modest gains during 2010 and 2011, which accelerated in 2012. California gained 1.3 million jobs from February 2010 through April 2014, recovering almost all of the nonfarm jobs lost during the recession. The unemployment rate in the State reached a high of 12.4% in late 2010. The rate improved thereafter, falling to 6.3% in June 2015 and continuing to fall from 5.1% in August 2017 to 4.1% in September 2018, and most recently, falling to 3.9% in October 2019. Unemployment has remained below the pre-recession low of 4.7% in December 2000. However, California's unemployment rate was above the national average of 3.6% as of October 2019.

California's economy is experiencing a gradual and broadening recovery, showing moderate growth supported by job gains, falling unemployment, and increases in personal income. California has the fifth largest economy in the world with a real Gross Domestic Product ("GDP") totaling nearly $3 trillion during California's fiscal year ended June 30, 2018, reflecting a 6.3% increase in 2018. During the 2018 fiscal year, based on preliminary numbers per the U.S. Department of Commerce, Bureau of Economic Analysis, California residents received approximately $2.48 trillion in personal income. As a result, California residents have a per capita personal income of $62,666, which was above the national average of $53,672 for the same time period.

The California housing market continues to lag population growth, raising housing costs and potentially limiting the number of jobs that companies can add. However, falling mortgage interest rates are expected to help California's housing markets rebound somewhat. Around120,000 housing permits were issued in fiscal year 2018, which was a 10% increase from 2017. Around 200,000 permit-authorized housing units are needed annually to accommodate the population growth, demolitions from infill projects, and disaster recovery. The California forecast assumes the State will reach 200,000 of such

unites annually around 2025. If permits were to remain low, it could reduce the number of available workers. In turn, average housing prices in California remain over twice the national average. However, as of March 2019, median home prices were down 6.1% from June 2018. Additionally, the sale of single-family homes for March 2019 was down 6.3% from the year prior. The pace of commercial construction ticked up 13.2% from June 2017 to June 2018. The annual value of nonresidential construction for 2018 had a year-to-year increase of approximately 16%. Housing inventory levels remain near historical lows, especially at lower price points.

Despite significant budgetary improvements during the last several years, there remains a number of budget risks that threaten the financial condition of the State's economy. These risks include the threat of recession, potentially unfavorable changes to federal fiscal policies, the threat of significant job loss due to trade wars between the US and China, a tax system that is especially vulnerable to downward movements in the stock market, the impact of climate change, and the significant unfunded liabilities of the two main retirement systems managed by State entities, the California Public Employees' Retirement System ("CalPERS") and the California State Teachers' Retirement System ("CalSTRS"). CalPERS and CalSTRS each face substantial unfunded liabilities in the tens of billions of dollars. Although the State has recently paid down a substantial amount of the State's debts and has also put in plans to pay off the unfunded portions of all major State retirement-related liabilities, including unfunded liabilities in CalPERS and CalSTRS, over the next three decades, the State still faces hundreds of billions of dollars in long-term cost pressures.

Revenues and Expenditures

The State receives revenues from taxes, fees and other sources, the most significant of which are personal income tax, sales and use tax and corporation tax. Together, these revenue sources are projected to supply approximately 97.3% of General Fund resources in the fiscal year 2018-2019. Significant expenditures include education, health and human services, and public safety programs. The State's funds are segregated into the General Fund and various other funds, including special, bond, federal and other funds. The General Fund consists of revenues received by the State Treasury and not required by law to be credited to any other fund, as well as earnings from investment of State moneys not allocable to another fund. The California Legislative Analyst's Office (the "LAO") in its November 2019 California Fiscal Outlook (the "November Outlook") estimates 2019-20 will end with $7 billion in discretionary reserve surplus, which is smaller than the surpluses allocated by the two most recent budgets. Most of this difference is attributable to the reauthorization – and assumed approval of the Managed Care Organization Tax ("MCO Tax"), continued moderate growth in revenues offset only partially by higher required spending on schools and community colleges, and low growth in overall expenditures. Actual conditions may differ materially from assumptions underlying projected budgets, and there can be no assurances the projections will be achieved.

Adopted by voters in November 2014, Proposition 2 amended Articles IV and XVI of the California Constitution, creating a State reserve account ("Rainy Day Fund") and modifying annual reserve deposit and debt servicing requirements. In 2012, voters approved Proposition 30, which increased the personal income tax rates applicable to high earners, retroactively effective for the 2012 taxable year, and raised State sales taxes. The 25-cent sales and use tax increase prescribed under Proposition 30 expired on December 31, 2016; however, the personal income tax portion of Proposition 30 was extended by Proposition 55 through tax year 2030.

General Fund spending growth is projected to grow on average, 2.9% annually from fiscal year 2020 through fiscal year 2024, representing an increase of $18 billion over that period. The single largest contributor to this increase is education spending due to the minimum funding requirements constitutionally imposed by Proposition 98. General Fund spending is also expected to moderately increase expenditures relating to health and human services programs, and employee compensation and State retirement programs. Expected spending growth for these programs is slowing and growth rates are expected to be below prior estimates.

The LAO estimates fiscal year 2020 spending for K"14 education, the State's largest expenditure, to be

approximately $56 billion, an increase of approximately $1.4 billion from the fiscal year prior. This increase reflects anticipated higher revenues and higher costs at the K-14 and community college levels. The LAO estimates that the reauthorization of the MCO Tax, which awaits federal approval, will provide a $900 million General Fund benefit during the 2019-2020 budgetary period. In 2012, the State enacted a comprehensive pension reform package affecting state and local government, which increased the retirement age and reduced retirement benefits for most new State and local government employees hired on or after January 1, 2013. The State's Medicaid program ("Medi-Cal") is currently the budget's second largest expenditure and serves one-third of the State's residents. The LAO projects approximately $1.3 billion, or 7%,

increase in Medi-Cal spending in 2019"20 as a result of anticipated increases in health care costs per program participant and

anticipated changes in relevant tax law. The forecasted growth rate in costs for the Medi-Cal program for fiscal year 2020 is 5.5%, which reflects the changes with the MCO Tax as well as lower than expected caseloads.

The State has committed to significant increases in annual payments to CalPERS and CalSTRS in order to further reduce the unfunded liabilities. For the 2018-2019 fiscal year, the State made supplemental pension payments of $3.6 billion and $3.1 billion to CalPERS and CalSTRS, respectively. Payments to these programs are expected to increase to $3.9 billion and $3.3 billion to CalPERS and CalSTRS, respectively, during the 2019-2020 fiscal year. Due to legislative changes with respect to CalPERS and CalSTRS, as well as changes made by both systems in actuarial assumptions, the State expects significant increases in required payments to continue in the foreseeable future.

Current State Budget

The 2019-2020 budget was enacted on June 27, 2019 (the "June 2019 Budget") and attempts to maintain a balanced budget and improve the State's ability to serve its residents. The 2019-2020 Budget Act provides for paying down the State's debts and liabilities in accordance with Proposition 2, increasing the Rainy Day Fund beyond current constitutional requirements in preparation for the next recession, and investing in education and healthcare while projecting a structurally balanced budget through fiscal year 2022-2023. The June 2019 Budget provides for increased funding for education while slowing the rate of spending growth in other areas to maintain a projected balanced budget. The current budget is based on a variety of estimates and assumptions. If actual results differ from those assumptions, the State's financial condition could be adversely or positively affected. Risks that could impact the fiscal health of the State include geopolitical events, such as war or trade disruptions, the volatility of capital gains, which constitute a significant revenue source, rising health care costs, an undercount in the 2020 Census, the impact of climate change, cybersecurity related risks and challenges in responding to recessionary conditions due to the State's debts and liabilities. Although economic performance in the State remains high, there is an increased risk of economic slowdown as compared to recent years as key metrics such as the housing market, new car sales, and business startup funding have weakened.

Limitation on Taxes

Certain California municipal obligations may be obligations of issuers that rely in whole or in part, directly or indirectly, on ad valorem property taxes as a source of revenue. The taxing powers of California local governments and districts are limited by Article XIII A of the California Constitution, enacted by the voters in 1978 and commonly known as "Proposition 13." Proposition 13 reduced and limited the future growth of property taxes and limited the ability of local governments to impose special taxes devoted to a specific purpose without two-thirds voter approval. Amendments to Proposition 13 are eligible for inclusion on the November 2020 ballot, which, if passed, would modify portions of Proposition 13. Proposition 218, a constitutional amendment initiative enacted in 1996, further limited the ability of local governments to raise taxes and fees. Counties in particular have had fewer revenue raising options than many other local government entities, while having to maintain many services.

Appropriations Limits

California and its local governments are subject to an annual "appropriations limit" imposed by Article XIII B of the California Constitution, enacted by the voters in 1979 and significantly amended by Propositions 98 and 111 in 1988 and 1990, respectively. Proposition 98, as modified by Proposition 111, changed State funding of public education below the university level and the operation of the appropriations limit, primarily by guaranteeing K-12 schools a minimum amount of funding. The Proposition 98 guarantee is funded by local property taxes and the General Fund. Article XIII B prohibits the State or any covered local government from spending "appropriations subject to limitation" in excess of the appropriations limit imposed. "Appropriations subject to limitation" are authorizations to spend "proceeds of taxes," which consist of tax revenues, and certain other funds, including proceeds from regulatory licenses, user charges or other fees, to the extent that such proceeds exceed the cost of providing the product or service, but "proceeds of taxes" exclude most State subventions to local governments. No limit is imposed on appropriations of funds that are not "proceeds of taxes," such as reasonable user charges or fees, and certain other non-tax funds.

Among the expenditures not included in the Article XIII B appropriations limit are (1) the debt service cost of bonds issued or authorized prior to January 1, 1979 or subsequently authorized by the voters, (2) appropriations required to comply with mandates of courts or the federal government, (3) appropriations for certain capital outlay projects, (4) appropriations for tax refunds, (4) appropriations of revenues derived from any increase in gasoline taxes and vehicle weight fees above January 1, 1990 levels, (5) appropriations of certain taxes imposed by initiative, and (6) appropriations made in certain cases of emergency. The appropriations limit for each year is based on the appropriations limit for the prior year, adjusted annually to reflect changes in per capita income and population, and any transfers of service responsibilities between government units.

Obligations of the State of California

Under the California Constitution, debt service on outstanding general obligation bonds is the second charge to the General Fund after support of the public school system and public institutions of higher education. As of July 1, 2019, the State had outstanding obligations payable principally from the State's General Fund or from lease payments paid from the operating budget of the respective lessees, which operating budgets are primarily, but not exclusively, derived from the General Fund, consisting of approximately $81.3 billion of outstanding general obligation bonds and lease revenue bonds. This represents a marginal decrease of $200 million for the period ended July 1, 2018. As of July 1, 2019, there were approximately $35.5 billion of authorized and unissued long-term voter-approved general obligations bonds, which will be payable principally from the General Fund, along with approximately $7.6 billion of authorized and unissued lease-revenue bonds. The State Constitution prohibits the creation of general obligation indebtedness of the State unless a bond measure is approved by a majority of the electorate voting at a general election or a direct primary. In September 2019, the California legislature passed a measure to place education facilities bonds, totaling $15 billion, on the March 2020 primary ballot.

Other Issuers of California Municipal Obligations

There are a number of State agencies, instrumentalities, and political subdivisions of the State that issue municipal obligations, some of which may be conduit revenue obligations payable from payments from private borrowers. These entities are subject to various economic risks and uncertainties, and the credit quality of the securities issued may vary considerably from the credit quality of the obligations backed by the full faith and credit of the State. The State of California has no obligation with respect to any obligations or securities of a county or any of the other participating entities, although under existing legal precedents, the State may be obligated to ensure that school districts have sufficient funds to operate.

Bond Ratings

California's general obligation bond ratings are AA (with a stable outlook) from Fitch Ratings Ltd. ("Fitch"), AA- (with a stable outlook) from Standard & Poor's Rating Group ("S&P"), and Aa2 (with a stable outlook) from Moody's Investor's Services, Inc. ("Moody's") (ratings confirmed on January 9, 2020). Over the past year, S&P has maintained its "AA-" rating as well as its stable outlook on the State's credit rating. On August 16, 2019, Fitch upgraded California's general bond rating from "AA-" to "AA." Fitch attributed the upgrade to the State's unmatched economic "size and diversity" and comparative stability. Fitch also acknowledged the State's budget management and efficient use of temporary tax revenues to address budgetary borrowing accumulated over two recessions. On October 14, 2019, Moody's upgraded California's general obligation bond rating from "Aa3" to "Aa2." Moody's attributed the change to the expansion of California's "massive, diverse and dynamic economy and corresponding revenue growth."

The most recent ratings change of California's general obligation bonds from S&P occurred in July 2015, following the enactment of the State's 2015-16 budget. S&P had upgraded the State's general obligation credit rating to "AA-." S&P credited the State's improved fiscal sustainability and commitment to pay down debt obligations that had been incurred from prior years. Furthermore, S&P cited the State's approach to transfer a large portion of the projected operating surplus to the Rainy Day Fund as a credit positive.

Legal Proceedings

There are numerous civil actions pending against the State, which could, if decided against the State, require the State to make significant future expenditures and may substantially impair revenues and cash flow. It is not possible to predict what impact, if any, such proceedings may have on the California Municipal Portfolios.

Other Considerations

Substantially all of California is within an active geologic region subject to major seismic activity. Northern California, in 1989 and 2014, and southern California, in 1994, experienced major earthquakes causing billions of dollars in damages. Any California municipal obligation in the California Municipal Portfolios could be affected by an interruption of revenues because of damaged facilities, or, consequently, income tax deductions for casualty losses or property tax assessment reductions. Compensatory financial assistance could be constrained by the inability of (i) an issuer to have obtained earthquake insurance coverage at reasonable rates; (ii) an insurer to perform on its contracts of insurance in the event of widespread losses; or (iii) the Federal or State government to appropriate sufficient funds within their respective budget limitations.

In October 2017, several wildfires ignited in northern California's "wine country," collectively resulting in one of the most destructive fire events in the State's history, both in terms of loss of life and property damage. In 2018, California experienced another devastating year with respect to loss of life, property, and financial resources due to wildfires. Most notably, the November 2018 Camp Fire was the single deadliest and most destructive fire in the State's history, destroying thousands of structures, burning more than 150,000 acres, and causing civilian fatalities. The Camp Fire was estimated to cause $16.5 billion in losses. Together, the 2017 and 2018 fires and the threat of future fires could result in additional State General Fund costs for various activities such as fire suppression, debris removal, repair to damaged State and local infrastructure, and assistance to individuals whose property was lost or damaged. In the 2019 calendar year, there were roughly 400 more wildfires than in 2018, although, the total number of acres effected was significantly lower in 2019. In 2019, only 135,573 acres of land were affected as compared to 1,018,827 acres in 2018 and a 5-year average of 453,627 acres. However, large-scale power shutoffs implemented by the utilities companies for wildfire prevention have scientifically impacted the State's economy. The total magnitude of these additional costs is unknown at this time but could be in the hundreds of millions of dollars.

With respect to significant State legislation in 2018, the State's Governor signed legislation, requiring all of the State's electricity to come from solar, wind, and other emissions-free sources by the year 2045. In May 2018, the State became the first in the nation to mandate solar rooftop panels on almost all new homes. On July 12, 2019 the State Legislature enacted AB 1054 to address public utility liability for wildfires by, among other measures, establishing a Wildfire Fund to pay eligible claims arising from certain wildfires. The Wildfire Fund will be established with $21 billion in funding. It is anticipated that the State's three largest public utilities' shareholders and their ratepayers (by a charge collected by the public utilities at the direction of the California Public Utilities Commission) will jointly contribute to the Wildfire Fund in an amount up to $10.5 billion. In addition to allowing direct transfers of ratepayer charge to the Wildfire Fund, the legislation authorizes the Department of Water Resources to issue up to $10.5 billion in bonds to support the Wildfire Fund, debt service on such bonds to be paid by the ratepayer charge.

The California Municipal Portfolios are also susceptible to political, economic, or regulatory factors affecting issuers of California municipal obligations. These include the possible adverse effects of certain California constitutional amendments, legislative measures, voter initiatives, and other matters. The information provided above is only a brief summary of the complex factors affecting the financial situation in California and is derived from sources that are generally available to investors and are believed to be accurate. No independent verification has been made of the accuracy or completeness of any of the preceding information.

NEW YORK MUNICIPAL SECURITIES RISKS

The DFA NY Municipal Bond Portfolio invests primarily in New York municipal securities and, therefore, its performance is closely tied to the ability of New York municipal issuers to continue to make principal and interest payments. Below is a brief discussion of certain factors that may affect New York municipal issuers and does not purport to be a complete description of such factors.

The financial condition of New York, its public authorities, and local governments could affect the market values of New York municipal securities, and, therefore, the net asset value per share and the interest income of the DFA NY Municipal Bond Portfolio, or result in the default of existing obligations, including obligations that may be held by the Portfolio.

The information contained below is based primarily upon information derived from State official statements, New York State Annual Information Statement of July 29, 2019 and the Update to the New York Annual Information Statement of December 11, 2019 (together, the "AIS Update"), other public documents relating to securities offerings of New York municipal issuers, and other historically reliable sources. It is only a brief summary of the complex factors affecting the financial situation in New York. It has not been independently verified by the DFA NY Municipal Bond Portfolio. The DFA NY Municipal Bond Portfolio makes no representation or warranty regarding the completeness or accuracy of such information.

Economic Condition and Outlook

New York is the fourth most populous state in the US and has a relatively high level of personal wealth. The State's economy is diverse, with a comparatively large share of the country's financial activities, information, education, and health services employment, and a relatively small share of the country's farming and mining activity.

New York State's private labor market continues grow, but State and national trends show slowing growth, labor market constraints, and economic uncertainty. The most recent detailed data demonstrates the leading industrial sectors to be healthcare, transportation and warehousing, management and administrative services, and construction. In contrast, the manufacturing, wholesale trade and retail trade sectors continue to exhibit losses. Growth in the real estate rental and educational services sectors are slowing, but growth in finance and insurance and professional, scientific, and technical services sectors improved. The Division of the Budget of the State of New York ("DOB") estimates private sector job growth for calendar year 2019 at 1.4%, a slight decrease from the 1.5% growth rate in calendar year 2018. The DOB projects growth rates to continue to slow to 1.2% for 2020.

In 2019, the nation's real GDP is estimated to grow by 2.3%, a slowdown compared with a growth of 2.9% in 2018. In comparison, New York's real GDP rose at a rate of 2.1% in 2018, and like the nation as a whole, the projected economic growth for 2019 is lower than 2018 New York's leading industrial sectors continue to be healthcare, transportation and warehousing, management and administrative services, and construction. In contrast, the retail and wholesale trade, utilities and manufacturing sectors continue to exhibit losses.

In September 2019, unemployment rates nationally were at their lowest levels since 1969 at 3.5%. As of September 2018, unemployment in the State hit a low of 3.8% but has since tapered off and remains at 4.0% as of October 2019. In 2018 employment growth in New York decelerated modestly to 1.1% as compared to 1.3% in the year prior. Total employment in the State increased nearly 110,000 jobs to over 9.6 million. The labor force in New York expanded in 2018 as well, adding 13,000 workers. Following national trends job growth across New York State is slowing.

Wages at both the national and State levels increased at faster rates in 2018 than in 2017. The increase in wages was slightly weaker in New York (4.9%) than on a national level (5.0%) over that time. 2019 saw a slowdown in this growth rate but growth was still robust at 3.7%. Wage growth of 3.7% is projected for 2020.

The securities industry in New York City is an important contributor to the State's revenues and has a significant impact on the downstate economy in particular, with typically high-paid jobs and large bonuses. Industrywide, profits increased by 11% in 2018. However, the average bonus in the securities industry in New York City declined by almost 17% in 2018. The DOB estimates that finance and insurance sector bonuses fell 11.2% for fiscal year 2019 as compared to 2018, although the DOB notes that 2018 bonus levels were elevated due to one-time bonus payouts possibly related to changes in federal tax laws. Industry employment in New York City increased by 4,700 jobs in 2018.

New York State employment and incomes are profoundly affected by the fortunes of the financial markets. The substantially higher wage growth in the finance and insurance sector increased its share of total State wages over time on a State fiscal year basis to a peak of 22.1% in 2006-07 before falling during the Great Recession. The government sector in New York has the highest percentage growth in average annual wages in 2018, while the finance and insurance sector realized a decline. The industry's employment share (7.4%) is substantially lower than its wage share (19.6%) of total State employment and wages. Nevertheless, finance sector workers continue to be, on average, very highly compensated. Even after falling to $174,000 in 2008-09 in the wake of the financial crisis, finance and insurance sector average wages were still 247% higher than the average wage for the rest of the State economy. Financial market wages have an important effect on employment and income in New York City and its surrounding suburbs, both directly – through compensation paid to finance sector workers and purchases made by finance sector firms, and indirectly – as finance sector workers spend their incomes on housing, entertainment, and other goods and services.

General Government Results

An operating deficit of $1.3 billion was reported in the General Fund for the fiscal year ended March 31, 2019. As a result, the General Fund now has an accumulated fund balance of $3.4 billion as compared to $4.7 billion one year prior. The State completed its fiscal year ended March 31, 2019 with a combined Governmental Funds operating surplus of $97 million as compared to a combined Governmental Funds operating surplus of $2.5 billion in the preceding fiscal year. The combined operating surplus of $97 million for the fiscal year ended March 31, 2019 included an operating deficit in the General Fund of $1.3 billion, an operating deficit in the Federal Special Revenue Fund of $4 million, an operating surplus in the General Debt Service Fund of $458 million and an operating surplus in Other Governmental Funds of $934 million.

The State's financial position as shown in its Governmental Funds Balance Sheet as of March 31, 2019 includes a fund balance of $13.9 billion comprised of $48.6 billion of assets less liabilities of $32.7 billion and deferred inflows of resources of $2 billion. The Governmental Funds fund balance includes a $3.4 billion accumulated General Fund balance.

State Budgetary Outlook

New York ended fiscal year 2019 with a General Fund balance of $7.2 billion, which is a decrease of $2.2 billion from fiscal year 2018, mainly due to the use of $1.9 billion in cash received in fiscal year 2018. General Fund receipts, including transfers from other funds, totaled $70.5 billion for fiscal year 2019, a decrease from the prior fiscal year of $900 million. Disbursements, including transfers to other funds, totaled $72.8 billion, an increase from the prior fiscal year.

General Fund disbursements exceeded receipts by $2.2 billion in fiscal year 2019. The General Fund ended the fiscal year with a closing cash fund balance of $7.2 billion, which consisted of approximately $2.1 billion in the State's rainy day reserve funds ($1.3 billion in the Tax Stabilization Reserve Account and $790 million in the Rainy Day Reserve Fund), $35 million in the Community Projects Fund, $21 million in the Contingency Reserve Fund, and $5.1 billion in the Refund Reserve Account. Total General Fund receipts for the year (including transfers from other funds) were approximately $70.5 billion. Total General Fund disbursements for the year (including transfers to other funds) were approximately $72.8 billion.

Net operating results were $1.7 billion more favorable than anticipated in the original financial plan, with the original plan projecting a net operating deficit of $3.9 billion. The operating results for 2018-2019 were affected by the deferral of a $1.7 billion final cycle payment to Medicaid Managed Care Organizations, and other payments. Absent this deferral, Medicaid spending would have exceeded the statutorily indexed rate in 2018-2019. This higher spending in 2018- 2019 appears to reflect growth in managed care enrollment and costs above projections, as well as certain savings actions and offsets that were not processed by year-end.

Personal Income Tax ("PIT") receipts were $1.1 billion below initial projections due to a combination of lower December 2018 and January 2019 payments and approximately $2.4 billion in reduced transfers from the Revenue Bond Tax Fund stemming from the prepayment in fiscal year 2019 of debt service on PIT bonds due in fiscal year 2020 (prepayment reduces the amount of PIT receipts to the General Fund in the year they are received and increases the amount in the year in which they were originally due). Business tax receipts were $125 million below initial projections due to the timing of audit receipts, insurance tax payments and refunds. However, miscellaneous receipts were $1.5 billion higher than the original projections, due to the receipt of unplanned extraordinary monetary settlements and higher than expected fines, fees, reimbursements and investment income.

The DOB projects that the State will end fiscal year 2020 with a General Fund cash balance of $6.7 billion, a decrease of $479 million from the fiscal year 2019 closing balance. The change reflects a new reserve for economic uncertainties funded with new settlement receipts and planned deposits to the Rainy Day Reserves. These increases are partly offset by the planned use of reserves carried over from fiscal year 2019 to fund retroactive payments to labor agreements and a large business tax refund, as well as projected spending from reappropriations in the Community Projects Fund.

In recent years, New York has sustained damage from three powerful storms that crippled entire regions. In August 2011, Hurricane Irene disrupted power and caused extensive flooding to various New York State counties. In September 2011, Tropical Storm Lee caused flooding in additional New York State counties and, in some cases, exacerbated the damage caused by Hurricane Irene two weeks earlier. Little more than one year later, on October 29, 2012, Superstorm Sandy struck the East Coast, causing widespread infrastructure damage and economic losses to the greater New York region. The frequency and intensity of these storms presents economic and financial risks to the State. State claims for reimbursement for the costs of the immediate response are in process, and both recovery and future mitigation efforts have begun, largely supported by Federal funds. In January 2013, the Federal government approved approximately $60 billion in Federal disaster aid for general recovery, rebuilding and mitigation activity nationwide. It is anticipated that New York, and its localities, may receive approximately one-half of this amount over the coming years for response, recovery, and mitigation costs. There can be no assurance that all anticipated Federal disaster aid described above will be provided to the State and its affected entities, or that such Federal disaster aid will be provided on the expected schedule.

Debt and Other Financing Activities

The State's debt levels are typically measured by DOB using two categories: State-supported debt and State-related debt. State-supported debt represents obligations of the State that are paid from traditional State resources (i.e., tax revenue) and have a budgetary impact. It includes general obligation debt, to which the full faith and credit of the State has been pledged, and lease-purchase and contractual obligations of public authorities and municipalities, where the State's legal obligation to make payments to those public authorities and municipalities is subject to and paid from annual appropriations made by the Legislature. These include the State PIT Revenue Bond Program and the New York Local Government Assistance Program bonds. The State reports that it has never defaulted on any of its general obligation indebtedness, PIT

Revenue Bonds, Sales Tax Revenue Bonds or its obligations under lease-purchase or contractual obligation financing arrangements. As of March 31, 2019, the State had $2.3 billion in general obligation bonds outstanding.

New York State is one of the largest issuers of municipal debt, ranking second among the states, behind California, in the amount of debt outstanding. As of March 31, 2019, State-related debt outstanding totaled $53.5 billion excluding capital leases and mortgage loan commitments, equal to approximately 4.0% of New York personal income. In the fiscal year 2020 Enacted Budget Financial Plan, statutory bond authorizations on State-supported debt were raised by $5.4 billion across multiple programmatic purposes. The bonded indebtedness (and related capital spending) from the new authorizations is expected to occur over many years, and is counted against the State's statutory debt caps only when bonds are actually issued. The total amount of general obligation bonds authorized but not issued as of March 31, 2019 was $2.5 billion. As of March 31, 2019, the State had $59.6 billion in outstanding debt obligations, compared to $56.3 billion in March 31, 2018, and issuance of debt is expected to continue to rise over the next several years.

Bond Ratings

The State's general obligation bonds are rated AA+ (with a stable outlook) by S&P, Aa1 (with a stable outlook) by Moody's, and AA+ (with a stable outlook) by Fitch (ratings confirmed as of January 9, 2020). There can be no assurance that such ratings will be maintained in the future. It should be noted that the creditworthiness of obligations issued by local New York issuers may be unrelated to the creditworthiness of obligations issued by the State of New York, and that there is no obligation on the part of the State to make payment on such local obligations in the event of default.

Legal Proceedings

New York City (the "City")

The fiscal demands on New York State may be affected by the fiscal condition of the City, which relies in part on State aid to balance its budget and meet its cash requirements. It is also possible that the State's finances may be affected by the ability of the City, and its related issuers, to market securities successfully in the public credit markets.

The City, with a population of approximately 8.4 million, is the most populous city in the US. Its non-manufacturing economy is broadly based, with the banking and securities, insurance, technology, information, publishing, fashion, design, retailing, education and health care industries accounting for a significant portion of the City's total employment earnings. Additionally, the City is a leading tourist destination. Manufacturing activity in the City is conducted primarily in apparel and printing. From 2009 to 2018, the City added 818,400 private sector jobs (growth of 26%). As of August 2019, total employment in the City was 4,618,800 compared to 4,528,400 in August 2018, an increase of 2.0% (not seasonally adjusted). As of August 2019, the total unemployment rate in the City was 4.3%, unchanged from August 2018 (not seasonally adjusted).

The City had General Fund surpluses of $4.6 billion, $4.2 billion and $4.0 billion before certain expenditures and transfers (discretionary and other) for fiscal years 2018, 2017 and 2016, respectively. For each of those years the General Fund surplus was $5 million after expenditures and transfers (discretionary and other).

MINNESOTA MUNICIPAL SECURITIES RISKS

The DFA MN Municipal Bond Portfolio invests primarily in Minnesota municipal securities and, therefore, its performance is closely tied to the ability of Minnesota municipal issuers to continue to make principal and interest payments. Below is a brief discussion of certain factors that may affect Minnesota municipal issuers and does not purport to be a complete description of such factors.

The financial condition of Minnesota, its public authorities, and local governments could affect the market values of Minnesota municipal securities, and therefore the net asset value per share and the interest income of the DFA MN Municipal Bond Portfolio, or result in the default of existing obligations, including obligations that may be held by the DFA MN Municipal Bond Portfolio.

The information contained below is based primarily upon information derived from State official statements, Minnesota State 2019 Comprehensive Annual Financial Report, other public documents relating to securities offerings of Minnesota municipal issuers, and other historically reliable sources. It is only a brief summary of the complex factors affecting the financial situation in Minnesota. It has not been independently verified by the DFA MN Municipal Bond Portfolio. The DFA MN Municipal Bond Portfolio makes no representation or warranty regarding the completeness or accuracy of such information.

Economic Condition and Outlook

In its November 2019 forecast, Minnesota's Office of Management and Budget ("OMB") reported that Minnesota has a strong demand for labor, accompanied by low unemployment, both of which have supported growth in Statewide salary and wage income as well as wage per worker. Steady job growth within the State has kept the unemployment rate below the US rate, although the gap has narrowed in the last year. The pace of job gains has slowed mirroring forecasts which suggested labor growth deceleration amid ongoing baby boomer retirements. Across the State, job vacancies are at high levels and employers and job-seekers are seeking creative ways to match people to jobs. Unemployment in the State reached an 18-year low of 2.8% in June 2018 and has gradually risen to 3.2% as of October 2019, still below the national rate of 3.5%.

The State added more than 21,800 jobs in the 12 months ending in December 2018, amounting to annual employment growth of 0.7%, 0.6% less than the year prior. Minnesota's employment gains continue to be broad based. Over the 12 months ending in October 2019, sectors with the strongest employment growth were: leisure and hospitality; construction; and trade, transportation, and utilities. The OMB expects that the State will continue to experience slowing employment growth, forecasting 20,500, 13,000, and 9,000 jobs to be added over 2019, 2020, and 2021, respectively. The OMB also expects that as a result of slowing employment growth, more of Minnesota's growth in total wage income will arise from higher wages per worker and less from increases in the number of people working. For 2019, the expected wage and salary income growth is 4.1% and comparable levels of wage and salary income growth are forecasted until 2023.

Minnesota's housing market continues to show a persistent shortage of existing single family homes for sale. In September 2019, year-to-date closed sales of homes in Minnesota were down 0.7% from the year prior. With persistently tight supply, median home sale prices continue to rise, up 6.6% to $250,000 as of September 2019. While rising home prices pose a risk to affordability, interest rates remain low, constraining this affect. Minnesota home prices are now higher than any time since 2005. High labor and material costs limit the supply of single-family homes, although new building permits remain consistent and strong. Due to the lack of single-family homes, 2018 saw the largest growth in multi-family permits since 1987. The State continues to experience net resident inflows, further increasing demand for housing.

Budget Process

Minnesota operates on a two-year budget cycle (a biennium). The current biennium began on July 1, 2019 and will end on June 30, 2021. As of February 2019, a budgetary balance of $1.052 billion is projected for the 2020-21 biennium. Minnesota's projected budget reserve was $2.075 billion, or about 4.5% of forecasted biennial revenues, and is below the recommended level based on Minnesota Management and Budget's ("MMB") analysis. With the release of the November 2019 Budget and Economic Forecast, the budget reserve was increased to $2.359 billion, or 4.9% of the forecasted revenues, which is the target provided by MMB.

A higher revenue forecast and lower estimated spending along with a higher beginning balance from the last biennium resulted in a forecasted surplus of $1.332 billion for the current biennium. November's forecast predicts slight improvements from the beginning of the biennium. Forecasted revenues are now expected to reach $48.656 billion, an increase of $501 million (1%) over end of session estimates. This change is driven by individual income and sales taxes, which offset a reduced forecast to corporate taxes. Estimates for spending decreased $7 million to $48.463 billion, a 0.0% change.

Although net spending remains unchanged from the beginning of the biennium, individual budgeted areas shifted. Spending is expected to decrease in the budgets for E-12 education ($24 million), Health & Human Services ($97 million), Debt Service ($51 million). These reductions are offset by increases to Property Tax Aids & Credits ($61 million), additional contingent appropriations triggered by exceeded ending balances in fiscal year 2019 ($33 million), and unspent appropriations that will be carried forward ($71 million).

The fiscal year 2018-2019 ended with a general fund balance of $1.421 billion, $815 million above prior estimates. This gain, representing "money in the bank," accounts for the majority of the projected increased forecast balance for the current biennium.

Revenues and Expenditures

The State's combined net position for governmental and business-type activities decreased $1.2 billion (7.5%) over the course of the 2018 fiscal year. This resulted from a $1.3 billion (9.9%) increase in net position of governmental activities, and a $58.1 million (1.8%) decrease in net position of business-type activities. Due to a change in accounting principles, the net position for governmental activities, business-type activities and component units at the beginning of 2018 was decreased in the aggregate by approximately $297 million as compared to the end of fiscal year 2017.

Debt Management

The State's debt management policy currently has three Capital Investment Guidelines: 1) total tax-supported principal outstanding shall be 3.25% or less of total State personal income; 2) total amount of principal (both issued, and authorized but unissued) for State general obligations, State moral obligations, equipment capital leases, and real estate capital leases are not to exceed 6% of State personal income; and 3) 40% of general obligation debt shall be due within five years and 70% within 10 years, if consistent with the useful life of the financial assets and/or market conditions. As of November 30, 2019, total tax supported debt was 2.26% of the fiscal year 2020 estimated State personal income, which is within the Guideline of 3.25% (issued and authorized but unissued debt was 2.91% of estimated State personal income). As of November 30, 2019, total State debt obligations were 3.51% of the fiscal year 2020 estimated State personal income, which is within the Guideline of 6%. Of the State's general obligation bonds outstanding on June 30, 2019, 42.1% were scheduled to mature within five years and 73.6% were scheduled to mature within ten years, thus, the State is within the Guideline.

The State's total long-term liabilities decreased by $4.7 billion (18.7%) during the 2018 fiscal year. The decrease is primarily attributable to decreased net pension liability of $4.6 billion.

Bond Ratings

Moody's rates Minnesota's general obligation bonds Aa1 (with a stable outlook), since July 2018 S&P rates Minnesota's general obligation bonds AAA (with a stable outlook); and Fitch rates the State's general obligation bonds AAA (with a stable outlook) (ratings confirmed as of January 9, 2020). There can be no assurance that such ratings will be maintained in the future. It should be noted that the creditworthiness of obligations issued by local Minnesota issuers may be unrelated to the creditworthiness of obligations issued by the State of Minnesota, and that there is no obligation on the part of the State to make payment on such local obligations in the event of default.

Legal Proceedings

OREGON MUNICIPAL SECURITIES RISKS

The DFA Oregon Municipal Bond Portfolio invests primarily in Oregon municipal securities and, therefore, its performance is closely tied to the ability of Oregon municipal issuers to continue to make principal and interest payments. Below is a brief discussion of certain factors that may affect Oregon municipal issuers and does not purport to be a complete description of such factors. The financial condition of Oregon, its public authorities and local governments could affect the market values of Oregon municipal securities, and therefore the net asset value per share and the interest income of the Portfolio, or result in the default of existing obligations, including obligations that may be held by the Portfolio.

The information contained below is based primarily upon information derived from State official statements, annual Fiscal Outlook publications, State and industry trade publications, other public documents relating to securities offerings of Oregon municipal issuers, and other historically reliable sources. It is only a brief summary of the complex factors affecting the financial situation in Oregon. It has not been independently verified by the Portfolio. The Portfolio makes no representation or warranty regarding the completeness or accuracy of such information.

Economic Condition and Outlook

While Oregon's economic expansion continues, growth has slowed and stabilized. In the third quarter of 2019, total nonfarm employment increased 1.6% over the past year with the private sector growing at 1.6% and the public sector growing at 1.4%. Although these are much slower rates than those enjoyed by the State in recent years, they are still fast enough to keep pace with population gains. The large service sector industries, including professional and business services, health services, and leisure and hospitality industries, have generally led job growth in terms of the number of jobs added and growth rate. These three industries have gained 14,000 jobs and experienced some of the largest growth rates as a percentile of industry jobs added. Oregon's unemployment rate for the third quarter of 2019 was 4.0%, slightly higher than the U.S. unemployment rate of 3.7% at that same time. Overall, the State's unemployment rate is forecasted to be 4.1% during fiscal year 2019. Although Oregon is expected to continue to see job gains that hold unemployment to near 4.0% through 2022, it is expected that job gains will continue to slow because the State is now past its peak growth rates for expansion. The slowdown is not driven by one or two industries in particular, but has been broad-based across different sectors and regions within the State. Oregon's employment growth in 2020 is expected to be around potential, keeping pace with population gains. However, it is forecasted that in 2021 and 2022, job growth will slow below potential. Furthermore, outflows from the labor force have been greater than expected over 2019 due to a spike in retirement which resulted in a total of 7,000 retirements above what was expected given demographics and the aging population alone. This is predicted to have a meaningful impact on net employment gains.

The State's higher minimum wage law passed in 2016 is a contributing factor to the anticipated slowdown as the new law is predicted to result in approximately 40,000 fewer jobs in 2025. Oregon's wage growth remains strong. Oregon's average wage, while lower than the nation's, is at its highest relative point since the mills closed in the 1980s. Average wages are predicted to increase by 4% per year and personal income is forecasted to grow 5.4% in 2020.

Oregon's current population is showing strong growth. The State's population growth between 2017 and 2018 was the 11th fastest in the nation. As of November 2019, the State's population was an estimated 4.25 million, which is an increase over 2018's population of 4.2 million. Oregon's population is expected to reach 4.705 million by 2029 with an average growth rate of 1%.

A major concern for, and risk to, the State's economic outlook is the affordability of housing. Currently, the housing supply does not match demand which has constrained economic growth and worsened housing affordability over the past decade. Housing and rental prices are increasing significantly faster than income or wages for the typical household. Although new construction has expanded, the number of new permits remains below demand and overall productivity in the construction industry has seen a downward trend. It is expected that the number of new housing permits will grow in the next one to three years. Other risks facing Oregon include international risks, federal fiscal policy, climate and natural disasters, commodity price inflation, federal timber policies, and risks associated with the initiative and referendum process.

Fiscal year 2018 saw increases in government spending on education by 9.7%, human services by 4.1%, economic and community development by 11.4% and public safety by 7.6%, while spending on capital improvements deceased by 5.9%. Overall spending is expected to increase again with the new 2019-2021 biennial budget, discussed below.

Revenues and Expenditures

Oregon's constitution requires a balanced biennial budget at the end of each biennium, and the State has significant flexibility to raise revenues and reduce expenses, subject to majority approval of the legislature. In addition, each biennium budget includes a stated allotment of spending which can be held back without legislative approval in order to quickly address a budget shortfall.

In 2019, the State's legislatively adopted budget for the 2019-21 biennium (the "Budget") totals $85.8 billion, a 9.9% increase from the 2017-19 budget. The increase between the two biennia is largely due to the authorization to spend $2.5 billion more in General Fund and $4.1 billion more in Other Funds in the 2019-21 biennium than was spent in the 2017- 19 biennium. Lottery earnings are expected to increase as compared to the 2017-2019 biennium and will result in approximately $1.5 billion in available funds to be transferred to the Economic Development Fund. The projected General Fund ending balance for 2019-21 is $980.1 million. General Fund resources are forecasted to decrease by 3.4% in the 2019- 21 biennium and increase by 15.3% in the 2021-23 biennium. Major initiatives under the Budget include, among others: (i) improving education, specifically by promoting funding to the Student Investment Account, the Early Learning Account, and the Statewide Education Initiative Account as dictated by the Student Success Act; (ii) upgrades to information technology

("IT") through Statewide IT reviews and updates in Administration, Public Safety and Judicial, Economic and Community Development, and Human Services program areas with many of these projects expected to carry over to the next biennium; and (iii) broad human service goals such as upgrading hospitals and broadening Self Sufficiency, child welfare, Vocational Rehabilitation, Aging and People with Disabilities, and other programs.

As of December 2019, General Fund revenues for the 2019-21 biennium are expected to reach $21,169 million, an increase of $57 million from the September 2019 forecast, but a decrease relative to the 2017-19 biennium. Fiscal year 2019, ended with a balance in the General Fund of $4.6 billion which represents a $1.7 billion increase from ending balance of the prior fiscal year. Actual revenues for the year grew 11.6% while actual cash expenditures were down 1.3% as compared to fiscal year 2018. The General Fund is projected to have an ending balance for the 2019-21 biennium of $2.73 billion and General Fund revenues will increase for the next two biennia, up 15.3% to $24.4 billion in 2021-23 and up 9% to $26.6 billion in 2023-25. Oregon does not have a sales tax. The principal source of State tax revenues are personal income and corporate income and excise taxes. Both personal and corporate tax revenues were up in fiscal year 2019. Personal income tax revenues increased $967.6 million, or 10.9%, and corporate income taxes increased $106.5 million, or 13.2%, both due to an expanding economy as well as changes in federal tax laws.

The State administers two general reserve accounts, the Rainy Day Fund and the Education Stability Fund. As of the end of 2019, the two reserve funds totaled a combined $1.29 billion and are projected to have a combined balance of $1.76 billion at the close of the 2019-21 biennium; of which, $899.4 million will be held in the Rainy Day Fund, and $858.7 million will be held in the Education Stability Fund.

In 1979, an amendment to the Oregon constitution was enacted, which contained 2% kicker provision. Under the terms of the "kicker" provision, if the amount of revenues received in any biennium period exceeds the budget by more than 2%, then the excess must be returned to State taxpayers. This kicker may have the effect of impairing the ability of the State to establish adequate reserves during economic downturns. Based on the December 2019 forecast, additional tax revenues that exceed the Close of Session forecast are expected to trigger the personal income tax kicker for the 2019-21 biennium and will have the effect of decreasing the General Fund resources in the 2019-21 biennium. Any corporate income tax kicker is allocated to K-12 public education spending while the personal income tax kicker is credited to taxpayers.

In 2018, Article XI-G and Article XI-Q general obligation bond authorizations were increased by $30.5 million and $32.3 million, respectively, to finance grants for certain public university projects. The Department of Administrative Services' Article XI-Q general obligation bond authority was increased by an additional $17.6 million for capital projects. The Department of Administrative Services' lottery revenue bond limit was increased by $21.1 million for various projects. The Housing and Community Services Department's direct revenue bond authority was increased by $100 million and pass- through revenue bond authority was increased by $275 million to accommodate projected awards for first-time homebuyer mortgage financing and affordable multifamily housing. Total General Fund debt service for authorized bonding in the Budget is estimated to be $26 million in the current biennium and $196.6 million in 2019-21. General Fund debt service for approved projects is estimated to be $27.4 million in the 2019-21 biennium, climbing to $164.4 million in the 2021-23 biennium.

The unfunded liabilities of Oregon's Public Employees' Retirement System ("PERS") were estimated, as of December 2018, at $27 billion and PERS was 69% funded. The projected funded status of PERS had previously fell below 70% in 2016, triggering very substantial expected increases in employer contribution rates for 2019 through 2021. In its 2019 session, the Oregon Legislative Assembly enacted Senate Bill 1049, which makes changes to PERS that are intended to reduce employer contributions and the unfunded liabilities of the system. Several provisions of the Senate Bill have been challenged by PERS members as an unconstitutional impairment of contract. If those provisions are determined to be unconstitutional, the State estimated the impact for the 2019-21 biennium to be about $31 million.

In 2017, Governor Kate Brown established a new task force with the goal of reducing the State's unfunded liability by $5 billion. Since the creation of that task force, a bill was passed in March 2018 that establishes two new funds, both funded by State revenues, to help schools and other public employers defray their rising public pension costs. One such fund, the Employer Incentive Fund, is expected to receive $8.3 million in 2019-21 and $29.4 million in 2021-23, generated by revenues in sports betting.

Bond Ratings

Oregon's general obligation bonds are rated AA+ (with a stable outlook) by S&P, Aa1 (with a stable outlook) by Moody's, and AA+ (with a stable outlook) by Fitch (ratings confirmed as of January 9, 2020). There can be no assurance that such ratings will be maintained in the future. It should be noted that the creditworthiness of obligations issued by local

Oregon issuers may be unrelated to the creditworthiness of obligations issued by the State of Oregon, and that there is no obligation on the part of the State of Oregon to make payment on such local obligations in the event of default.

Legal Proceedings

DIRECTORS AND OFFICERS

Directors

Organization of the Board

Each Board's Audit Committee is comprised of George M. Constantinides, Roger G. Ibbotson, Abbie J. Smith, and Ingrid M. Werner. The Audit Committee for each Board oversees the Fund's accounting and financial reporting policies and practices, each Fund's internal controls, each Fund's financial statements and the independent audits thereof and performs other oversight functions as requested by each Board. The Audit Committee for each Board recommends the appointment of each Fund's independent registered public accounting firm and also acts as a liaison between each Fund's independent registered public accounting firm and the full Board. There were two Audit Committee meetings held for each Fund during the fiscal year ended October 31, 2019.

Board Oversight of Risk Management

With respect to liquidity risk, each Board oversee each Fund's liquidity risk through, among other things, receiving periodic reporting and presentations by investment and other personnel of the Advisor. Additionally, as required by the Liquidity Rule, each Board, including a majority of the disinterested Directors, approved each Fund's Liquidity Program, which is reasonably designed to assess and manage each Fund's liquidity risk, and appointed the Liquidity Program Administrator that is responsible for administering the Liquidity Program. Each Board also reviews, no less frequently than annually, a written report prepared by the Liquidity Program Administrator that addresses, among other items, the operation of the program and assesses its adequacy and effectiveness of implementation.

Director Qualifications

the Nominating Committee believes that there are no specific minimum qualifications for a candidate to possess or any specific educational background, qualities, skills, or prior business and professional experience that are necessary, in considering a candidate's qualifications, the Nominating Committee may consider the following factors, among others, which may change over time or have different weight: (1) whether or not the person is willing to serve and willing and able to commit the time necessary for the performance of the duties of a Board member; (2) the candidate's judgment, skill, diversity, and experience with investment companies and other organizations of comparable purpose, complexity and size;

(3)the business activities of the Fund, including any new marketing or investment initiatives, and whether the candidate possesses relevant experience in these areas; (4) whether the person's business background or other business activities would be incompatible with the Fund's and the Advisor's business purposes; (5) the interplay of the candidate's experience with the experience of other Board members and how the candidate and his or her academic or business experience will be perceived by the Fund's shareholders; and (6) the extent to which the candidate would be a desirable addition to the Board and any committees thereof.

While the Nominating Committee is solely responsible for the selection and recommendation to the Board of Disinterested Board candidates, the Committee will consider nominees recommended by Qualifying Fund Shareholders if a vacancy occurs among Board members. A Qualifying Fund Shareholder is a shareholder, or group of shareholders, that: (i) owns of record, or beneficially through a financial intermediary, 5% or more of a Fund's outstanding shares, and (ii) has owned such shares for 12 months or more prior to submitting the recommendation to the Nominating Committee. Such recommendations shall be directed to the Secretary of a Fund at 6300 Bee Cave Road, Building One, Austin, Texas 78746. The Qualifying Fund Shareholder's letter should include: (i) the name and address of the Qualifying Fund Shareholder making the recommendation; (ii) the number of shares of each Portfolio of a Fund that are owned of record and beneficially by such Qualifying Fund Shareholder, and the length of time that such shares have been so owned by the Qualifying Fund Shareholder; (iii) a description of all arrangements and understandings between such Qualifying Fund Shareholder and any other person or persons (naming such person or persons) pursuant to which the recommendation is being made; (iv) the name and address of the nominee; and (v) the nominee's resume or curriculum vitae. The Qualifying Fund Shareholder's letter must be accompanied by a written consent of the individual to stand for election if nominated for the Board and to serve if elected by shareholders. The Nominating Committee also may seek such additional information about the nominee as the Nominating Committee considers appropriate, including information relating to such nominee that is required to be disclosed in solicitations or proxies for the election of Board members.

Disinterested Directors

					Other
				Portfolios	Directorships of
		Term of		within the	Public
		Office1 and		DFA Fund	Companies Held
Name, Address and		Length of		Complex2	During Past 5
Year of Birth	Position	Service	Principal Occupation During Past 5 Years	Overseen	Years
George M.	Director	DFAIDG –	Leo Melamed Professor of Finance, University of	129 portfolios in	None
Constantinides		Since 1983;	Chicago Booth School of Business (since 1978).	4 investment
University of		DIG – Since		companies
Chicago Booth		1993
School of Business
5807 S. Woodlawn
Avenue
Chicago, IL 60637
1947

					Other
				Portfolios	Directorships of
		Term of		within the	Public
		Office1 and		DFA Fund	Companies Held
Name, Address and		Length of		Complex2	During Past 5
Year of Birth	Position	Service	Principal Occupation During Past 5 Years	Overseen	Years
Douglas W.	Director	DFAIDG –	Merton H. Miller Distinguished Service Professor of	129 portfolios	None
Diamond		Since 2017;	Finance, University of Chicago Booth School of	in 4
c/o Dimensional		DIG – Since	Business (since 1988). Visiting Scholar, Federal	investment
Fund Advisors LP		2017	Reserve Bank of Richmond (since 1990). Formerly,	companies
6300 Bee Cave			Fischer Black Visiting Professor of Financial
Road, Building One			Economics, Alfred P. Sloan School of
Austin, TX 78746			Management, Massachusetts Institute of Technology
1953			(2015 to 2016).
1953
Darrell Duffie	Director	DFAIDG –	Dean Witter Distinguished Professor of Finance,	129 portfolios	Formerly,
c/o Dimensional		Since March	Graduate School of Business, Stanford University	in 4	Director,
Fund Advisors LP		2019	(since 1984).	investment	Moody's
6300 Bee Cave		DIG – Since		companies	Corporation
Road, Building One		March 2019			(financial
Austin, TX 78746					information and
1954					information
1954					technology) (2008-
					April 2018).
Roger G. Ibbotson	Director	DFAIDG –	Professor in Practice Emeritus of Finance, Yale	129 portfolios in	None
Yale School of		Since 1981;	School of Management (since 1984). Chairman and	4 investment
Management		DIG – Since	Partner, Zebra Capital Management, LLC (hedge	companies
165 Whitney Avenue		1993	fund and asset manager) (since 2001). Formerly,
New Haven, CT			Consultant to Morningstar, Inc. (2006 - 2016).
06511
1943
Edward P. Lazear	Director	DFAIDG –	Distinguished Visiting Fellow, Becker Friedman	129 portfolios in	None
Stanford University		Since 2010;	Institute for Research in Economics, University of	4 investment
Graduate School of		DIG – Since	Chicago (since 2015). Morris Arnold Cox Senior	companies
Business		2010	Fellow, Hoover Institution (since 2002). Davies
Knight Management			Family Professor of Economics, Graduate School of
Center, E346			Business, Stanford University (since 1995).
Stanford, CA 94305			Cornerstone Research (expert testimony and
1948			economic and financial analysis) (since 2009).
1948
Myron S. Scholes	Director	DFAIDG –	Chief Investment Strategist, Janus Henderson	129 portfolios in	Formerly, Adviser,
c/o Dimensional		Since 1981;	Investors (since 2014). Frank E. Buck Professor of	4 investment	Kuapay, Inc.
Fund Advisors LP		DIG – Since	Finance, Emeritus, Graduate School of Business,	companies	(2013-2014).
6300 Bee Cave		1993	Stanford University (since 1981).		Formerly,
Road, Building One					Director,
Austin, TX 78746					American Century
					Fund Complex
1941					(registered
					investment
					companies) (43
					Portfolios) (1980-
					2014).

					Other
				Portfolios	Directorships of
		Term of		within the	Public
		Office1 and		DFA Fund	Companies Held
Name, Address and		Length of		Complex2	During Past 5
Year of Birth	Position	Service	Principal Occupation During Past 5 Years	Overseen	Years
Abbie J. Smith	Director	DFAIDG –	Boris and Irene Stern Distinguished Service	129 portfolios in	Director (since
University of		Since 2000;	Professor of Accounting and James S. Ely, III	4 investment	2000) and
Chicago Booth		DIG – Since	Faculty Fellow, University of Chicago Booth School	companies	formerly, Lead
School of Business		2000	of Business (since 1980).		Director (2014-
5807 S. Woodlawn					2017), HNI
Avenue					Corporation
Chicago, IL 60637					(office furniture);
					Director, Ryder
1953					System Inc.
					(transportation,
					logistics and
					supply-chain
					management)
					(since 2003); and
					Trustee, UBS
					Funds (3
					investment
					companies within
					the fund complex)
					(19 portfolios)
					(since 2009).
Ingrid M. Werner	Director	DFAIDG –	Martin and Andrew Murrer Professor of Finance,	129 portfolios in	Director, Fourth
c/o Dimensional		Since March	Fisher College of Business, The Ohio State	4 investment	Swedish AP Fund
Fund Advisors LP		2019	University (since 1998). Adjunct Member, the Prize	companies	(pension fund
6300 Bee Cave		DIG – Since	Committee for the Swedish Riksbank Prize in		asset
Road, Building One		March 2019	Economic Sciences in Memory of Alfred Nobel		management)
Austin, TX 78746			(annual award for significant scientific research		(since 2017).
			contribution) (since January 2018). President,
1961			Western Finance Association (global association of
			academic researchers and practitioners in finance)
			(since June 2018). Director, American Finance
			Association (global association of academic
			researchers and practitioners in finance) (since
			January 2019). Member, Economic Advisory
			Committee, FINRA (since 2017). Chairman,
			Scientific Advisory Board, Swedish House of
			Finance (institute supporting academic research in
			finance) (since 2014). Member, Scientific Board,
			Danish Finance Institute (institute supporting
			academic research in finance) (since 2017). Member,
			Academic Board, Mistra Financial Systems
			(organization funding academic research on
			environment, governance and climate/sustainability
			in finance) (since 2016). Fellow, Center for
			Analytical Finance (academic research) (since
			2015). Associate Editor, Journal of Finance (since
			2016).

Interested Director

The following interested Director is described as such because he is deemed to be an "interested person," as that term is defined under the 1940 Act, due to his position with the Advisor.

				Portfolios
		Term of		within the	Other Directorships
Name, Address		Office1 and		DFA Fund	of Public Companies
and Year of		Length of		Complex2	Held During Past 5
Birth	Position	Service	Principal Occupation During Past 5 Years	Overseen	Years
David G. Booth	Chairman	DFAIDG –	Chairman, Director/Trustee, and formerly, President	129 portfolios	None
6300 Bee Cave	and Director	Since 1981;	and Co-Chief Executive Officer (each until March	in 4 investment
Road, Building		DIG – Since	2017) of Dimensional Emerging Markets Value Fund	companies
One		1992	("DEM"), DFAIDG, Dimensional Investment Group
Austin, TX			Inc. ("DIG") and The DFA Investment Trust
78746			Company ("DFAITC"). Executive Chairman, and
			formerly, President and Co-Chief Executive Officer
1946			(each until February 2017) of Dimensional Holdings
			Inc., Dimensional Fund Advisors LP, Dimensional
			Investment LLC and DFA Securities LLC
			(collectively with DEM, DFAIDG, DIG and
			DFAITC, the "DFA Entities"). Formerly, Chairman
			and Director (2009-2018) and Co-Chief Executive
			Officer (2010 – June 2017) of Dimensional Fund
			Advisors Canada ULC. Trustee, University of
			Chicago (since 2002). Trustee, University of Kansas
			Endowment Association (since 2005). Member of the
			Hoover Institution Board (since September 2019).
			Formerly, Director of Dimensional Fund Advisors
			Ltd. (2002 – July 2017), DFA Australia Limited
			(1994 – July 2017), Dimensional Advisors Ltd. (2012
			– July 2017), Dimensional Funds plc (2006 – July
			2017) and Dimensional Funds II plc (2006 – July
			2017). Formerly, Director and President of
			Dimensional Japan Ltd. (2012 – April 2017).
			Formerly, President, Dimensional SmartNest (US)
			LLC (2009-2014); and Limited Partner, VSC
			Investors, LLC (2007-2015). Formerly, Chairman,
			Director, President and Co-Chief Executive Officer of
			Dimensional Cayman Commodity Fund I Ltd. (2010-
			September 2017).

1Each Director holds office for an indefinite term until his or her successor is elected and qualified.

2Each Director is a director or trustee of each of the four registered investment companies within the DFA Fund Complex, which include: the Funds; DFAITC; and DEM. Each disinterested Director also serves on the Independent Review Committee of the Dimensional Funds, mutual funds registered in the provinces of Canada and managed by the Advisor's affiliate, Dimensional Fund Advisors Canada ULC.

		Aggregate Dollar Range of
		Shares Owned in All Funds
		Overseen by Director in Family
Name	Dollar Range of Portfolio Shares Owned	of Investment Companies
Disinterested
Directors:
George M. Constantinides	None	None Directly; Over $100,000 in
		Simulated Funds*
Douglas W. Diamond	None	None Directly; Over $100,000 in
		Simulated Funds*
Darrell Duffie	None	None
Roger G. Ibbotson	None	Over $100,000; Over $100,000 in
		Simulated Funds*
Edward P. Lazear	None	None Directly; Over $100,000 in
		Simulated Funds*
	37

		Aggregate Dollar Range of
		Shares Owned in All Funds
		Overseen by Director in Family
Name	Dollar Range of Portfolio Shares Owned	of Investment Companies
Myron S. Scholes	None	Over $100,000; Over $100,000 in
		Simulated Funds*
Abbie J. Smith	None	None Directly; Over $100,000 in
		Simulated Funds*
Ingrid M. Werner	None	None
Interested Director:
David G. Booth	DFA One-Year Fixed Income Portfolio – Over $100,000	Over $100,000
	DFA Short-Term Municipal Bond Portfolio – Over $100,000

Set forth below is a table listing, for each Director entitled to receive compensation, the compensation received from the Funds during the fiscal year ended October 31, 2019 and the total compensation received from all four registered investment companies for which the Advisor served as investment advisor during that same fiscal period. The table also provides the compensation paid by each Fund to the Fund's Chief Compliance Officer for the fiscal year ended October 31, 2019.

					Total
			Pension or		Compensation
	Aggregate	Aggregate	Retirement	Estimated	from the Funds
	Aggregate	Aggregate	Benefits as Part	Estimated	and DFA Fund
	Compensation	Compensation	of Fund	Annual Benefits	Complex Paid
Name and Position	from DFAIDG*	from DIG*	Expenses	upon Retirement	to Directors†
George M. Constantinides ..	$252,912	$24,999	N/A	N/A	$350,000
Director
Douglas W. Diamond .........	$252,912	$24,999	N/A	N/A	$350,000
Director
Darrell Duffie......................	$154,126	$14,895	N/A	N/A	$212,877
Director
Roger G. Ibbotson...............	$271,000	$26,250	N/A	N/A	$375,000
Director
Edward P. Lazear................	$252,912	$24,499	N/A	N/A	$350,000
Director
Myron S. Scholes................	$343,349	$33,254	N/A	N/A	$475,000
Lead Disinterested
Director
Abbie J. Smith ....................	$252,912	$24,999	N/A	N/A	$350,000
Director
Ingrid M. Werner................	$175,916	$16,999	N/A	N/A	$242,877
Director
Christopher S. Crossan .......	$312,497	$30,251	N/A	N/A	N/A
Chief Compliance
Officer

the Plan will be directly linked to the investment performance of the Reference Funds. Deferral of fees in accordance with the Plan will have a negligible effect on a fund's assets, liabilities, and net income per share, and will not obligate a fund to retain the services of any disinterested Director or to pay any particular level of compensation to the disinterested Director. The total amount of deferred compensation accrued by the disinterested Directors from the DFA Fund Complex who participated in the Plan during the fiscal year ended October 31, 2019 is as follows: $350,000 (Mr. Lazear) and $475,000 (Mr. Scholes). A disinterested Director's deferred compensation will be distributed at the earlier of: (a) January in the year after the disinterested Director's resignation from the Boards of Directors/Trustees of the DFA Funds, or death or disability, or (b) five years following the first deferral, in such amounts as the disinterested Director has specified. The obligations of the DFA Funds to make payments under the Plan will be unsecured general obligations of the DFA Funds, payable out of the general assets and property of the DFA Funds.

Officers

		Term of Office1
Name and Year of		and Length of
Birth	Position	Service		Principal Occupation During Past 5 Years
Valerie A. Brown	Vice President and	Since 2001	Vice President and Assistant Secretary of
1967	Assistant Secretary		•	all the DFA Entities (since 2001)
			•	DFA Australia Limited (since 2002)
			•	Dimensional Fund Advisors Ltd. (since 2002)
			•	Dimensional Cayman Commodity Fund I Ltd. (since 2010)
			•	Dimensional Fund Advisors Pte. Ltd. (since 2012)
			•	Dimensional Hong Kong Limited (since 2012)
			Director, Vice President and Assistant Secretary (since 2003) of
			•	Dimensional Fund Advisors Canada ULC
Ryan P. Buechner	Vice President and	Since September	Vice President and Assistant Secretary of
1982	Assistant Secretary	2019	•	DFAIDG, DIG, DFAITC and DEM (since September 2019)
			Vice President (since January 2018) of
			•	Dimensional Holdings Inc.
			•	Dimensional Fund Advisors LP
			•	Dimensional Investment LLC
			•	DFA Securities LLC
David P. Butler	Co-Chief Executive	Since 2017	Co-Chief Executive Officer (since 2017) of
1964	Officer		•	all the DFA entities
			Director (since 2017) of
			•	Dimensional Holdings Inc.
			•	Dimensional Fund Advisors Canada ULC
			•	Dimensional Japan Ltd.
			•	Dimensional Advisors Ltd.
			•	Dimensional Fund Advisors Ltd.
			•	DFA Australia Limited
			Director and Co-Chief Executive Officer (since 2017) of
			•	Dimensional Cayman Commodity Fund I Ltd.
			Head of Global Financial Advisor Services (since 2007) for
			•	Dimensional Fund Advisors LP
			Formerly, Vice President (2007 – 2017) of
			•	all the DFA Entities
Stephen A. Clark	Executive Vice	Since 2017	Executive Vice President (since 2017) of
1972	President		•	all the DFA entities
			Director and Vice President (since 2016) of
			•	Dimensional Japan Ltd.
			President and Director (since 2016) of
			•	Dimensional Fund Advisors Canada ULC
			Vice President (since 2008) and Director (since 2016) of
			•	DFA Australia Limited
			Director (since 2016) of
			•	Dimensional Advisors Ltd.

		Term of Office1
Name and Year of		and Length of
Birth	Position	Service		Principal Occupation During Past 5 Years
			•	Dimensional Fund Advisors Pte. Ltd.
			•	Dimensional Hong Kong Limited
			Interim Chief Executive Officer (since 2019) of
			•	Dimensional Fund Advisors Pte. Ltd.
			Formerly, Vice President (2004 – 2017) of
			•	all the DFA Entities
			Formerly, Vice President (2010 – 2016) of
			•	Dimensional Fund Advisors Canada ULC
			Formerly, Vice President (2016-2019) of
			•	Dimensional Fund Advisors Pte. Ltd.
			Formerly, Head of Institutional, North America (2012 – 2013) and Head of
			Global Institutional Services (2014-2018) for
			•	Dimensional Fund Advisors LP
Christopher S.	Vice President and	Since 2004	Vice President and Global Chief Compliance Officer (since 2004) of
Crossan	Global Chief		•	all the DFA Entities
1965	Compliance Officer		•	DFA Australia Limited
			•	DFA Australia Limited
			•	Dimensional Fund Advisors Ltd.
			Chief Compliance Officer (since 2006) and Chief Privacy Officer (since 2015) of
			•	Dimensional Fund Advisors Canada ULC
			Chief Compliance Officer of
			•	Dimensional Fund Advisors Pte. Ltd. (since 2012)
			•	Dimensional Japan Ltd. (since 2017)
			Formerly, Vice President and Global Chief Compliance Officer (2010 – 2014) for
			•	Dimensional SmartNest (US) LLC
Lisa M. Dallmer	Vice President,	Since March	Executive Vice President (since January 2020)
1972	Chief Financial	2020	•	Dimensional Holdings Inc.
	Officer, and		•	Dimensional Fund Advisors LP
	Treasurer		•	Dimensional Investment LLC
			•	Dimensional Investment LLC
			•	DFA Securities LLC
			Chief Operating Officer (since December 2019)
			•	Dimensional Holdings Inc.
			•	Dimensional Fund Advisors LP
			•	Dimensional Investment LLC
			•	DFA Securities LLC
			Formerly, Senior Vice President, Business Operations (March 2019 – October
			2019) at
			•	Delphix Inc.
			Formerly, Chief Operating Officer Global Technology & Operations, Managing
			Director (2014 – 2018) of
			•	Blackrock Inc.

Jeff J. Jeon	Vice President	Since 2004	Vice President (since 2004) and Assistant Secretary (2017-2019) of
1973			•	all the DFA Entities
			Vice President and Assistant Secretary (since 2010) of
			•	Dimensional Cayman Commodity Fund I Ltd.
Joy Lopez	Vice President and	Vice President	Vice President (since 2015) of
1971	Assistant Treasurer	since 2015 and	•	all the DFA Entities
		Assistant	Assistant Treasurer (since 2017) of
		Treasurer since	Assistant Treasurer (since 2017) of
		Treasurer since	•	the DFA Fund Complex
		2017	•	the DFA Fund Complex
		2017	Formerly, Senior Tax Manager (2013 – 2015) for
			Formerly, Senior Tax Manager (2013 – 2015) for
			•	Dimensional Fund Advisors LP
Kenneth M. Manell	Vice President	Since 2010	Vice President (since 2010) of
1972			•	all the DFA Entities
			•	Dimensional Cayman Commodity Fund I Ltd.

		Term of Office1
Name and Year of		and Length of
Birth	Position	Service		Principal Occupation During Past 5 Years
Catherine L. Newell	President and	President since	President (since 2017) of
1964	General Counsel	2017 and	•	the DFA Fund Complex
		General Counsel	General Counsel (since 2001) of
		since 2001	General Counsel (since 2001) of
		since 2001	•	all the DFA Entities
			•	all the DFA Entities
			Executive Vice President (since 2017) and Secretary (since 2000) of
			•	Dimensional Fund Advisors LP
			•	Dimensional Holdings Inc.
			•	DFA Securities LLC
			•	Dimensional Investment LLC
			Director (since 2002), Vice President (since 1997) and Secretary (since 2002) of
			•	DFA Australia Limited
			•	Dimensional Fund Advisors Ltd.
			Vice President and Secretary of
			•	Dimensional Fund Advisors Canada ULC (since 2003)
			•	Dimensional Cayman Commodity Fund I Ltd. (since 2010)
			•	Dimensional Japan Ltd. (since 2012)
			•	Dimensional Advisors Ltd (since 2012)
			•	Dimensional Fund Advisors Pte. Ltd. (since 2012)
			Director of
			•	Dimensional Funds plc (since 2002)
			•	Dimensional Funds II plc (since 2006)
			•	Director of Dimensional Japan Ltd. (since 2012)
			•	Dimensional Advisors Ltd. (since 2012)
			•	Dimensional Fund Advisors Pte. Ltd. (since 2012)
			•	Dimensional Hong Kong Limited (since 2012)
			•	Dimensional Ireland Limited (since 2019)
			Formerly, Vice President and Secretary (2010 – 2014) of
			•	Dimensional SmartNest (US) LLC
			Formerly, Vice President (1997 – 2017) and Secretary (2000 – 2017) of
			•	the DFA Fund Complex
			Formerly, Vice President of
			•	Dimensional Fund Advisors LP (1997 – 2017)
			•	Dimensional Holdings Inc. (2006 – 2017)
			•	DFA Securities LLC (1997 – 2017)
			•	Dimensional Investment LLC (2009 – 2017)

Selwyn Notelovitz	Vice President and	Since 2013	Vice President and Deputy Chief Compliance Officer of
1961	Deputy Chief		•	the DFA Fund Complex (since 2013)
	Compliance Officer		•	Dimensional Fund Advisors LP (since 2012)
			•	Dimensional Fund Advisors LP (since 2012)
Carolyn L. O	Vice President and	Vice President	Vice President (since 2010) and Secretary (since 2017) of
1974	Secretary	since 2010 and	•	the DFA Fund Complex
		Secretary since	Vice President (since 2010) and Assistant Secretary (since 2016) of
		2017
		2017	•	Dimensional Fund Advisors LP
			•	Dimensional Fund Advisors LP
			•	Dimensional Holdings Inc.
			•	Dimensional Investment LLC
			Vice President of
			•	DFA Securities LLC (since 2010)
			•	Dimensional Cayman Commodity Fund I Ltd. (since 2010)
			•	Dimensional Fund Advisors Canada ULC (since 2016)

		Term of Office1
Name and Year of		and Length of
Birth	Position	Service		Principal Occupation During Past 5 Years
Gerard K. O'Reilly	Co-Chief Executive	Co-Chief	Co-Chief Executive Officer and Chief Investment Officer (since 2017) of
1976	Officer and Chief	Executive	•	all the DFA Entities
	Investment Officer	Officer and	•	Dimensional Fund Advisors Canada ULC
		Chief	•	Dimensional Fund Advisors Canada ULC
		Chief	Director, Chief Investment Officer and Vice President (since 2017) of
		Investment
		Investment	•	DFA Australia Limited
		Officer since	•	DFA Australia Limited
		2017	Chief Investment Officer (since 2017) and Vice President (since 2016) of
			•	Dimensional Japan Ltd.
			Director, Co-Chief Executive Officer and Chief Investment Officer (since 2017)
			of
			•	Dimensional Cayman Commodity Fund I Ltd.
			Director of
			•	Dimensional Funds plc (since 2014)
			•	Dimensional Fund II plc (since 2014)
			•	Dimensional Holdings Inc. (since 2017)
			•	Dimensional Ireland Limited (since 2019)
			Formerly, Co-Chief Investment Officer of
			•	Dimensional Japan Ltd. (2016 – 2017)
			•	DFA Australia Limited (2014 – 2017)
			Formerly,	Executive Vice President (2017) and Co-Chief Investment Officer
			(2014 – 2017) of
			•	all the DFA Entities
			Formerly, Vice President (2007 – 2017) of
			•	all the DFA Entities
			Formerly, Vice President and Co-Chief Investment Officer (2014 – 2017) of
			•	Dimensional Fund Advisors Canada ULC
			Formerly, Director (2017 – 2018) of
			•	Dimensional Fund Advisors Pte. Ltd.
James J. Taylor	Vice President and	Since March	Vice President (since 2016)
1983	Assistant Treasurer	2020	•	Dimensional Holdings Inc.
			•	Dimensional Fund Advisors LP
			•	Dimensional Investment LLC
			•	DFA Securities LLC
			Formerly, Accounting Manager (2015 – 2016)
			•	Dimensional Fund Advisors LP

1Each officer holds office for an indefinite term at the pleasure of the Boards of Directors and until his or her successor is elected and qualified.

As of January 31, 2020, the Directors and officers as a group owned less than 1% of the outstanding stock of each Portfolio described in this SAI, except that the Directors and officers, as a group, owned approximately 1.21% of the DFA One-Year Fixed Income Portfolio.

SERVICES TO THE FUNDS

Administrative Services

State Street Bank and Trust Company ("State Street"), 1 Lincoln Street, Boston, MA 02111, serves as the accounting and administration services, dividend disbursing and transfer agent for the Portfolios. The services provided by State Street and/or its delegates are subject to supervision by the executive officers and the Boards of Directors of the Funds, and include day-to-day keeping and maintenance of certain records, calculation of the offering price of the shares, preparation of reports, liaison with its custodians, and transfer and dividend disbursing agency services. For the administrative and accounting services provided by State Street, the Portfolios (except with respect to the DFA Diversified Fixed Income Portfolio's investments in the Underlying Funds) pay State Street annual fees that are calculated daily and paid monthly according to a fee schedule based on the applicable aggregate average net assets of the Fund Complex, which includes four registered investment companies. The fee schedule is set forth in the table below:

Net Asset Value of the Fund Complex (Excluding Fund of Funds)	Annual Basis Point Rate
$0 - $100 Billion	0.47
Over $100 Billion - $200 Billion	0.35
42

Over $200	Billion - $300 Billion	0.25
Over $300	Billion	0.19

The fees charged to a Portfolio under the fee schedule are allocated to each such Portfolio based on the Portfolio's pro-rata portion of the aggregate average net assets of the Fund Complex.

Custodians

Citibank, N.A., 111 Wall Street, New York, NY, 10005, is the custodian for the DFA Global Core Plus Fixed Income Portfolio, DFA Two-Year Global Fixed Income Portfolio, DFA Selectively Hedged Global Fixed Income Portfolio, DFA Five-Year Global Fixed Income Portfolio, DFA World ex U.S. Government Fixed Income Portfolio, DFA Short-Term Extended Quality Portfolio, DFA Intermediate-Term Extended Quality Portfolio, DFA Targeted Credit Portfolio, DFA Investment Grade Portfolio, DFA LTIP Portfolio and DFA Short-Duration Real Return Portfolio.

State Street Bank and Trust Company, 1 Lincoln Street, Boston, MA 02111, serves as the custodian for the DFA One-Year Fixed Income Portfolio, DFA Two-Year Fixed Income Portfolio, DFA Two-Year Government Portfolio, DFA Two-Year Global Fixed Income Portfolio, DFA Short-Term Government Portfolio, DFA Intermediate Government Fixed Income Portfolio, DFA Diversified Fixed Income Portfolio, DFA Inflation-Protected Securities Portfolio, DFA Municipal Real Return Portfolio, DFA California Municipal Real Return Portfolio, DFA Municipal Bond Portfolio, DFA Short-Term Municipal Bond Portfolio, DFA Intermediate-Term Municipal Bond Portfolio, DFA Selective State Municipal Bond Portfolio, DFA California Short-Term Municipal Bond Portfolio, DFA California Intermediate-Term Municipal Bond Portfolio, DFA MN Municipal Bond Portfolio, DFA NY Municipal Bond Portfolio and DFA Oregon Municipal Bond Portfolio.

Distributor

Each Fund's shares are distributed by DFA Securities LLC (formerly, DFA Securities Inc.) ("DFAS"), a wholly- owned subsidiary of the Advisor. DFAS is registered as a limited purpose broker-dealer under the Securities Exchange Act of 1934 and is a member of the Financial Industry Regulatory Authority. The principal business address of DFAS is 6300 Bee Cave Road, Austin, Texas 78746.

Legal Counsel

Stradley Ronon Stevens & Young, LLP serves as legal counsel to the Funds. Its address is 2600 One Commerce Square, Philadelphia, PA 19103-7098.

Independent Registered Public Accounting Firm

Investment Management

Dimensional Fund Advisors LP, located at 6300 Bee Cave Road, Building One, Austin, TX 78746, serves as investment advisor to each of the Portfolios. Pursuant to an Investment Management Agreement with the Fund on behalf of each Portfolio, the Advisor is responsible for the management of each Portfolio's assets.

The Advisor has entered into Sub-Advisory Agreements with Dimensional Fund Advisors Ltd. ("DFAL") and DFA Australia Limited ("DFA Australia"), respectively, with respect to the DFA One-Year Fixed Income Portfolio, DFA Two- Year Fixed Income Portfolio, DFA Two-Year Global Fixed Income Portfolio, DFA Selectively Hedged Global Fixed Income Portfolio, DFA Five-Year Global Fixed Income Portfolio, DFA World Ex U.S. Government Fixed Income Portfolio, DFA Short-Term Extended Quality Portfolio, DFA Intermediate-Term Extended Quality Portfolio, DFA Targeted Credit Portfolio, DFA Global Core Plus Fixed Income Portfolio, DFA Investment Grade Portfolio, DFA Diversified Fixed Income Portfolio, DFA LTIP Portfolio, DFA Short-Duration Real Return Portfolio, DFA Municipal Real Return Portfolio, DFA California Municipal Real Return Portfolio, DFA Municipal Bond Portfolio, DFA Selective State Municipal Bond Portfolio, DFA MN Municipal Bond Portfolio, DFA NY Municipal Bond Portfolio and DFA Oregon Municipal Bond Portfolio. Pursuant to the terms of each Sub-Advisory Agreement, DFAL and DFA Australia each have the authority and responsibility to select brokers or dealers to execute securities transactions for each Portfolio. Each Sub-Advisor's duties include the maintenance of a trading desk and the determination of the best and most efficient means of executing securities transactions. On at least a semi-annual basis, the Advisor reviews the holdings of each Portfolio and reviews the trading process and the execution of securities transactions. The Advisor is responsible for determining those securities that are eligible for purchase and sale by a Portfolio and may delegate this task, subject to its own review, to DFAL and DFA Australia. DFAL and DFA Australia maintain and furnish to the Advisor information and reports on securities of companies in certain markets, including recommendations of securities to be added to the securities that are eligible for purchase by each Portfolio, as well as making recommendations and elections on corporate actions. The Advisor controls DFAL and DFA Australia. DFA Australia has been a U.S. federally registered investment advisor since 1994 and is located at Level 43 Gateway, 1 Macquarie Place, Sydney, New South Wales 2000, Australia. DFAL has been a U.S. federally registered investment advisor since 1991 and is located at 20 Triton Street, Regent's Place, London NW13BF, United Kingdom.

Payments by the Advisor to Certain Third Parties Not Affiliated with the Advisor

Training and Education Related Benefits Provided by the Advisor

in marketing or advertising materials. At the request of a client or potential client, the Advisor or its affiliates may also refer such client to one or more Intermediaries.

Consultation Referral Fees Paid by the Advisor

Payments to Intermediaries by the Advisor

Data Services Purchased by the Advisor

MANAGEMENT FEES

For the fiscal years ended October 31, 2019, October 31, 2018 and October 31, 2017, the Portfolios paid management fees (to the Advisor and any sub-advisor) as set forth in the following table (the dollar amount is shown prior to any fee waivers or recoupments by the Advisor):

	FISCAL	FISCAL	FISCAL
	YEAR	YEAR	YEAR
	ENDED	ENDED	ENDED
	2019	2018	2017
	(000)	(000)	(000)
DFA One-Year Fixed Income Portfolio	....................................................... $11,806	$11,832	$10,799
	45

	FISCAL	FISCAL	FISCAL
	YEAR	YEAR	YEAR
	ENDED	ENDED	ENDED
	2019	2018	2017
	(000)	(000)	(000)
DFA Two-Year Fixed Income Portfolio(a) ..................................................	$177	$149	$120
DFA Two-Year Government Portfolio(a) ....................................................	$189	$170	$168
DFA Two-Year Global Fixed Income Portfolio ..........................................	$8,389	$8,119	$7,458
DFA Selectively Hedged Global Fixed Income Portfolio(a) .......................	$1,820	$1,789	$1,603
DFA Five-Year Global Fixed Income Portfolio...........................................	$37,566	$36,815	$32,880
DFA World ex U.S. Government Fixed Income Portfolio(a) ......................	$2,3521	$1,87018	$1,52233
DFA Short-Term Government Portfolio(b) .................................................	$4,0262	$3,878	$3,671
DFA Intermediate Government Fixed Income Portfolio..............................	$5,193	$4,839	$4,193
DFA Short-Term Extended Quality Portfolio(a)..........................................	$12,0023	$11,62819	$10,32634
DFA Intermediate-Term Extended Quality Portfolio(a) ..............................	$3,4724	$3,68320	$3,11435
DFA Targeted Credit Portfolio(a)................................................................	$1,3485	$1,12121	$83736
DFA Global Core Plus Fixed Income Portfolio(c)...................... ................	$2,3316	$90722	N/A
DFA Investment Grade Portfolio(d) ...........................................................	$18,0767	$17,05423	$14,30837
DFA Diversified Fixed Income Portfolio (c) ...............................................	$1,1068	$83924	$41438
DFA LTIP Portfolio(a) ................................................................................	$1969	$16325	$9539
DFA Inflation-Protected Securities Portfolio(a) ..........................................	$4,652	$4,557	$3,954
DFA Short-Duration Real Return Portfolio(e).............................................	$2,91010	$2,55426	$2,04140
DFA Municipal Real Return Portfolio(a).....................................................	$1,735	$1,616	$1,265
DFA California Municipal Real Return Portfolio(c)""""""""...	$26311	$17227	N/A
DFA Municipal Bond Portfolio(a) ...............................................................	$96612	$82328	$58141
DFA Short-Term Municipal Bond Portfolio(b) ...........................................	$5,240	$5,162	$4,620
DFA Intermediate-Term Municipal Bond Portfolio(a) ................................	$3,85313	$3,50929	$3,00742
DFA Selective State Municipal Bond Portfolio(a) ......................................	N/A	N/A	N/A
DFA California Short-Term Municipal Bond Portfolio(a) ..........................	$2,483	$2,193	$1,926
DFA California Intermediate-Term Municipal Bond Portfolio(a) ..............	$97614	$80230	$61043
DFA MN Municipal Bond Portfolio(a)........................................ ...............	$17515	$16231	$3944
DFA NY Municipal Bond Portfolio(a) ........................................ ...............	$22816	$18732	$15145
DFA Oregon Municipal Bond Portfolio(a) ................................. ...............	$7¹⁷	N/A	N/A

1$2,066 after waiver

2$4,007 after waiver

3$11,228 after waiver

4$3,300 after waiver

5$1,081 after waiver

6$2,320 after waiver

7$17,235 after waiver

8$0 after waiver

9$195 after waiver

10$2,873 after waiver

11$274 after recoupment of fees previously waived

12$867 after waiver

13$3,752 after waiver

14$909 after waiver

15$136 after waiver

16$183 after waiver

17$0 after waiver

18$1,800 after waiver

19$11,443 after waiver

20$3,671 after waiver

21$973 after waiver

22$853 after waiver

23$17,012 after waiver

24$87 after waiver

25$185 after recoupment of fees previously waived

26$2,574 after recoupment of fees previously waived

27$150 after waiver

28$818 after waiver

29$3,532 after recoupment of fees previously waived

30$811 after recoupment of fees previously waived

31$125 after waiver

32$192 after recoupment of fees previously waived

33$1,453 after waiver

34$10,081 after waiver

35$3,076 after waiver

36$722 after waiver

37$14,058 after waiver

38$0 after waiver

39$100 after recoupment of fees previously waived

40$2,137 after recoupment of fees previously waived

41$559 after waiver

42$3,059 after recoupment of fees previously waived

43$623 after recoupment of fees previously waived

44$19 after waiver

45$149 after waiver

(a)The DFA Selective State Municipal Bond Portfolio had not commenced operations as of October 31, 2019. The DFA MN Municipal Bond Portfolio and DFA Oregon Municipal Bond Portfolio commenced operations on July 25, 2017 and September 10, 2019, respectively. Pursuant to an Amended and Restated Fee Waiver and/or Expense Assumption Agreement for each of these Portfolios and a Fee Waiver and Expense Assumption Agreement (effective February 28, 2020) for the DFA Two-Year Fixed Income Portfolio and the DFA Two-Year Government Portfolio (each, a "Fee Waiver Agreement"), the Advisor has contractually agreed to waive all or a portion of its management fee and to assume the ordinary operating expenses of a class of each Portfolio (excluding the expenses that the Portfolio incurs indirectly through its investment in other investment companies) ("Portfolio Expenses") to the extent necessary to limit the Portfolio Expenses of a class of each Portfolio, on an annualized basis, to the rates listed below as a percentage of a class of the respective Portfolio's average net assets ("Expense Limitation Amount").

Portfolio	Expense Limitation Amount
DFA Two-Year Fixed Income Portfolio	0.21%
DFA Two-Year Government Portfolio	0.20%
DFA Selectively Hedged Global Fixed Income Portfolio	0.25%
DFA World ex U.S. Government Fixed Income Portfolio	0.20%
DFA Short-Term Extended Quality Portfolio	0.22%
DFA Intermediate-Term Extended Quality Portfolio	0.22%
DFA Targeted Credit Portfolio	0.20%
DFA LTIP Portfolio	0.15%
DFA Inflation-Protected Securities Portfolio	0.20%
DFA Municipal Real Return Portfolio	0.27%
DFA Municipal Bond Portfolio	0.23%
DFA Intermediate-Term Municipal Bond Portfolio	0.23%
DFA Selective State Municipal Bond Portfolio	0.23%
DFA California Short-Term Municipal Bond Portfolio	0.30%
DFA California Intermediate-Term Municipal Bond Portfolio	0.23%
DFA MN Municipal Bond Portfolio	0.32%
DFA NY Municipal Bond Portfolio	0.25%
47

Portfolio	Expense Limitation Amount
DFA Oregon Municipal Bond Portfolio	0.32%

At any time that the Portfolio Expenses of a class of the Portfolio are less than the Expense Limitation Amount for such class of shares of the Portfolio, the Advisor retains the right to recover any fees previously waived and/or expenses previously assumed to the extent that such recovery will not cause the annualized Portfolio Expenses for such class of shares of the Portfolio to exceed the applicable Expense Limitation Amount. A Portfolio is not obligated to reimburse the Advisor for fees previously waived or expenses previously assumed by the Advisor more than thirty- six months before the date of such reimbursement. Prior year waived fees and/or assumed expenses can be recaptured only if the expense ratio following such recapture would be less than the expense cap that was in place when such prior year fees were waived and/or expenses assumed, and less than the current expense cap in place for a Portfolio. The Fee Waiver Agreement described above will remain in effect through February 28, 2021, and may only be terminated by the Fund's Board of Directors prior to that date. The Fee Waiver Agreement shall continue in effect from year to year thereafter unless terminated by the Fund or the Advisor.

(b)Pursuant to an Amended and Restated Fee Waiver and/or Expense Assumption Agreement for each of these Portfolios, the Advisor has contractually agreed to waive all or a portion of its management fee to the extent necessary to reduce the ordinary operating expenses (excluding expenses incurred through its investment in other investment companies) ("Portfolio Expenses") of a class of each Portfolio so that such Portfolio Expenses, on an annualized basis, do not exceed the rate reflected below for a class of each such Portfolio (the "Expense Limitation Amount").

Portfolio	Expense Limitation Amount
DFA Short-Term Government Portfolio ..........................................	0.20%
DFA Short-Term Municipal Bond Portfolio ....................................	0.30%

At any time that the Portfolio Expenses of a class of a Portfolio are less than the Expense Limitation Amount for a class of a Portfolio, the Advisor retains the right to recover any fees previously waived to the extent that such recovery will not cause the annualized Portfolio Expenses for such class of shares of the Portfolio to exceed the applicable Expense Limitation Amount. A Portfolio is not obligated to reimburse the Advisor for fees previously waived by the Advisor more than thirty-six months before the date of such reimbursement. Prior year waived fees and/or assumed expenses can be recaptured only if the expense ratio following such recapture would be less than the expense cap that was in place when such prior year fees were waived and/or expenses assumed, and less than the current expense cap in place for a Portfolio. The Amended and Restated Fee Waiver and/or Expense Assumption Agreement described above will remain in effect through February 28, 2021, and may only be terminated by the Fund's Board of Directors prior to that date. The Amended and Restated Fee Waiver and/or Expense Assumption Agreement shall continue in effect from year to year thereafter unless terminated by the Fund or the Advisor.

(c)The DFA Global Core Plus Fixed Income Portfolio and DFA California Municipal Real Return Portfolio commenced operations on January 11, 2018 and November 1, 2017, respectively. Pursuant to a Fee Waiver and Expense Assumption Agreement (the "Fee Waiver Agreement") for each Portfolio, the Advisor has contractually agreed to waive all or a portion of its management fee and to assume the ordinary operating expenses of the Institutional Class of the Portfolio (including the expenses that the Portfolio bears as a shareholder of other funds managed by the Advisor, excluding money market funds, but excluding the expenses that the Portfolio incurs indirectly through its investment in unaffiliated investment companies) ("Portfolio Expenses") to the extent necessary to limit the Portfolio Expenses of a class of the Portfolio to the following percentages of the average net assets of a class of the Portfolio on an annualized basis (the "Expense Limitation Amount"). The Fee Waiver Agreement for each Portfolio will remain in effect through February 28, 2021, and may only be terminated by the Fund's Board of Directors prior to that date. The Fee Waiver Agreement shall continue in effect from year to year thereafter unless terminated by the Fund or the Advisor. At any time that the Portfolio Expenses of the Institutional Class of a Portfolio are less than the Expense Limitation Amount, the Advisor retains the right to recover any fees previously waived and/or expenses previously assumed to the extent that such recovery will not cause the annualized Portfolio Expenses for Institutional Class shares of the Portfolio to exceed the Expense Limitation Amount. A Portfolio will not reimburse the Advisor for fees waived or expenses previously assumed by the Advisor more than thirty-six months before the date of such reimbursement. Prior year waived fees and/or assumed expenses can be recaptured only if the expense ratio following such recapture would be less than the expense cap that was in place when such prior year fees were waived and/or expenses assumed, and less than the current expense cap in place for a Portfolio.

Portfolio	Expense Limitation Amount
DFA Global Core Plus Fixed Income Portfolio	0.30%
DFA Diversified Fixed Income Portfolio	0.15%
DFA California Municipal Real Return Portfolio	0.30%

(d)Pursuant to an Amended and Restated Fee Waiver and/or Expense Assumption Agreement, the Advisor has agreed to waive all or a portion of its management fee and to assume the expenses of a class of the DFA Investment Grade Portfolio (including the expenses that the Portfolio bears as a shareholder of other funds managed by the Advisor but excluding the expenses that the Portfolio incurs indirectly through investment of its securities lending cash collateral in The DFA Short Term Investment Fund and its investment in unaffiliated investment companies) ("Portfolio Expenses") to the extent necessary to limit the Portfolio Expenses of a class of the Portfolio, on an annualized basis, to no more than 0.22% of the average net assets of a class of the Portfolio (the "Expense Limitation Amount"). At any time that the Portfolio Expenses are less than the Expense Limitation Amount of a class of shares of the Portfolio, the Advisor retains the right to recover any fees previously waived and/or expenses previously assumed to the extent that such recovery will not cause the annualized Portfolio Expenses for such class of shares of the Portfolio to exceed the Expense Limitation Amount. The Portfolio is not obligated to reimburse the Advisor for fees previously waived or expenses previously assumed by the Advisor more than thirty-six months before the date of such reimbursement. Prior year waived fees and/or assumed expenses can be recaptured only if the expense ratio following such recapture would be less than the expense cap that was in place when such prior year fees were waived and/or expenses assumed, and less than the current expense cap in place for the Portfolio. The Amended and Restated Fee Waiver and/or Expense Assumption Agreement will remain in effect through February 28, 2021, and may only be terminated by the Fund's Board of Directors prior to that date. The Amended and Restated Fee Waiver and/or Expense Assumption Agreement shall continue in effect from year to year thereafter unless terminated by the Fund or the Advisor.

(e)Pursuant to an Amended and Restated Fee Waiver and/or Expense Assumption Agreement for the DFA Short- Duration Real Return Portfolio, the Advisor has contractually agreed to waive up to the full amount of the Portfolio's management fee of 0.18% to the extent necessary to offset the proportionate share of the management fees paid by the Portfolio through its investment in other funds managed by the Advisor, except for the fees paid through its investment of securities lending cash collateral in The DFA Short Term Investment Fund. In addition, under the Fee Waiver and Expense Assumption Agreement, the Advisor has also agreed to waive all or a portion of the management fee and to assume the ordinary operating expenses of a class of the Portfolio (including the expenses that the Portfolio bears as a shareholder of other funds managed by the Advisor but excluding the expenses that the Portfolio incurs indirectly through investment of its securities lending cash collateral in The DFA Short Term Investment Fund and the expenses that the Portfolio incurs indirectly through its investment in unaffiliated investment companies) ("Portfolio Expenses") to the extent necessary to limit the Portfolio Expenses of a class of the Portfolio to 0.24% of the average net assets of a class of the Portfolio on an annualized basis (the "Expense Limitation Amount"). At any time that the Portfolio's annualized Portfolio Expenses are less than the Portfolio's Expense Limitation Amount, described above, the Advisor retains the right to seek reimbursement for any fees previously waived and/or expenses previously assumed to the extent that such reimbursement will not cause the annualized Portfolio Expenses of a class of the Portfolio to exceed the Expense Limitation Amount. The Portfolio is not obligated to reimburse the Advisor for fees previously waived or expenses previously assumed by the Advisor more than thirty-six months before the date of such reimbursement. Prior year expenses can be recaptured only if the expense ratio following such recapture would be less than the expense cap that was in place when such prior year fees were waived and/or expenses assumed, and less than the current expense cap in place for the Portfolio. The Advisor shall also not be reimbursed for any management fees previously waived to offset the Portfolio's proportionate share of the management fees paid by the Portfolio through its investment in other funds managed by the Advisor. The Amended and Restated Fee Waiver and/or Expense Assumption Agreement for the Portfolio will remain in effect through February 28, 2021, and may only be terminated by the Fund's Board of Directors prior to that date. The Amended and Restated Fee Waiver and/or Expense Assumption Agreement shall continue in effect from year to year thereafter unless terminated by the Fund or the Advisor.

PORTFOLIO MANAGERS

In accordance with the team approach used to manage the Portfolios, the portfolio managers and portfolio traders implement the policies and procedures established by the Investment Committee. The portfolio managers and portfolio traders also make daily investment decisions regarding the Portfolios based on the parameters established by the Investment Committee. The individuals named below are the portfolio managers that coordinate the efforts of all other portfolio managers or trading personnel with respect to the day-to-day management of the Portfolios indicated.

DFA One-Year Fixed Income Portfolio, DFA Two-Year Fixed	David A. Plecha and Joseph F. Kolerich
Income Portfolio and DFA Two-Year Global Fixed Income Portfolio
DFA Selectively Hedged Global Fixed Income Portfolio and DFA	David A. Plecha and Joseph F. Kolerich
Short-Term Extended Quality Portfolio
DFA Targeted Credit Portfolio and DFA Diversified Fixed Income	David A. Plecha, Joseph F. Kolerich and Alexander
Portfolio	Fridman
DFA Intermediate-Term Extended Quality Portfolio, DFA Global	David A. Plecha, Joseph F. Kolerich and Lovell D.
Core Plus Fixed Income Portfolio, DFA Investment Grade Portfolio	Shao
and DFA Short-Duration Real Return Portfolio
DFA Two-Year Government Portfolio, DFA World ex U.S.	David A. Plecha, Joseph F. Kolerich and Alan R.
Government Fixed Income Portfolio, DFA Short-Term Government	Hutchison
Portfolio, DFA Intermediate Government Fixed Income Portfolio,
DFA LTIP Portfolio and DFA Inflation-Protected Securities Portfolio
Municipal Bond Portfolios and DFA Five-Year Global Fixed Income	David A. Plecha, Joseph F. Kolerich and Travis A.
Portfolio	Meldau

Investments in Each Portfolio

		Dollar Range of Portfolio
Portfolio	Portfolio Manager(s)	Shares Owned
DFA One-Year Fixed Income Portfolio	David A. Plecha	$10,001 - $50,000
	Joseph F. Kolerich	$10,001 - $50,000
DFA Two-Year Fixed Income Portfolio	David A. Plecha	$10,001 - $50,000
	Joseph F. Kolerich	$10,001 - $50,000
DFA Two-Year Government Portfolio	David A. Plecha	$10,001 - $50,000
	Joseph F. Kolerich	$10,001 - $50,000
	Alan R. Hutchison	None
DFA Two-Year Global Fixed Income Portfolio	David A. Plecha	$10,001 - $50,000
	Joseph F. Kolerich	$10,001 - $50,000
DFA Selectively Hedged Global Fixed Income	David A. Plecha	$10,001 - $50,000
Portfolio	Joseph F. Kolerich	$10,001 - $50,000
DFA Five-Year Global Fixed Income Portfolio	David A. Plecha	$10,001 - $50,000
	Joseph F. Kolerich	$10,001 - $50,000
	Travis A. Meldau	None
DFA World ex U.S. Government Fixed Income	David A. Plecha	$10,001 - $50,000
Portfolio	Joseph F. Kolerich	$10,001 - $50,000
	Alan Hutchison	None
DFA Short-Term Government Portfolio	David A. Plecha	$10,001 - $50,000
	Joseph F. Kolerich	$10,001 - $50,000
	Alan R. Hutchison	$10,001 - $50,000
	50

		Dollar Range of Portfolio
Portfolio	Portfolio Manager(s)	Shares Owned
DFA Intermediate Government Fixed Income	David A. Plecha	$10,001 - $50,000
Portfolio	Joseph F. Kolerich	$10,001 - $50,000
	Alan R. Hutchison	$10,001 - $50,000
DFA Short-Term Extended Quality Portfolio	David A. Plecha	$10,001 - $50,000
	Joseph F. Kolerich	$10,001 - $50,000
DFA Intermediate-Term Extended Quality Portfolio	David A. Plecha	$10,001 - $50,000
	Joseph F. Kolerich	$10,001 - $50,000
	Lovell D. Shao	$1 - $10,000
DFA Targeted Credit Portfolio	David A. Plecha	$10,001 - $50,000
	Joseph F. Kolerich	$10,001 - $50,000
	Alexander Fridman	None
DFA Global Core Plus Fixed Income Portfolio	David A. Plecha	$10,001 - $50,000
	Joseph F. Kolerich	$10,001 - $50,000
	Lovell D. Shao	$1 - $10,000
DFA Investment Grade Portfolio	David A. Plecha	$10,001 - $50,000
	Joseph F. Kolerich	$10,001 - $50,000
	Lovell D. Shao	$1 - $10,000
DFA Diversified Fixed Income Portfolio	David A. Plecha	$10,001 - $50,000
	Joseph F. Kolerich	$10,001 - $50,000
	Alexander Fridman	None
DFA LTIP Portfolio	David A. Plecha	$10,001 - $50,000
	Joseph F. Kolerich	$10,001 - $50,000
	Alan R. Hutchison	$10,001 - $50,000
DFA Inflation-Protected Securities Portfolio	David A. Plecha	$10,001 - $50,000
	Joseph F. Kolerich	$10,001 - $50,000
	Alan R. Hutchison	$10,001 - $50,000
DFA Short-Duration Real Return Portfolio	David A. Plecha	$10,001 - $50,000
	Joseph F. Kolerich	$10,001 - $50,000
	Lovell D. Shao	$1 - $10,000
DFA Municipal Real Return Portfolio	David A. Plecha	$10,001 - $50,000
	Joseph F. Kolerich	$10,001 - $50,000
	Travis A. Meldau	None
DFA California Municipal Real Return Portfolio	David A. Plecha	$10,001 - $50,000
	Joseph F. Kolerich	$10,001 - $50,000
	Travis A. Meldau	None
DFA Municipal Bond Portfolio	David A. Plecha	$10,001 - $50,000
	Joseph F. Kolerich	$10,001 - $50,000
	Travis A. Meldau	None
DFA Short-Term Municipal Bond Portfolio	David A. Plecha	$10,001 - $50,000
	Joseph F. Kolerich	$10,001 - $50,000
	Travis A. Meldau	None
DFA Intermediate-Term Municipal Bond Portfolio	David A. Plecha	$10,001 - $50,000
	Joseph F. Kolerich	$10,001 - $50,000
	Travis A. Meldau	None
DFA Selective State Municipal Bond Portfolio	David A. Plecha	None
	Joseph F. Kolerich	None
	Travis A. Meldau	None
DFA California Short-Term Municipal Bond	David A. Plecha	$10,001 - $50,000
Portfolio	Joseph F. Kolerich	$10,001 - $50,000
	Travis A. Meldau	None
DFA California Intermediate-Term Municipal Bond	David A. Plecha	$10,001 - $50,000
Portfolio	Joseph F. Kolerich	$10,001 - $50,000
	Travis A. Meldau	None
DFA MN Municipal Bond Portfolio	David A. Plecha	$10,001 - $50,000
	Joseph F. Kolerich	$10,001 - $50,000
	Travis A. Meldau	None
	51

		Dollar Range of Portfolio
Portfolio	Portfolio Manager(s)	Shares Owned
DFA NY Municipal Bond Portfolio	David A. Plecha	$10,001 - $50,000
	Joseph F. Kolerich	$10,001 - $50,000
	Travis A. Meldau	None
DFA Oregon Municipal Bond Portfolio	David A. Plecha	$10,001 - $50,000
	Joseph F. Kolerich	$10,001 - $50,000
	Travis A. Meldau	None

Description of Compensation Structure

•Base salary. Each portfolio manager is paid a base salary. The Advisor considers the factors described above to determine each portfolio manager's base salary.

•Semi-Annual Bonus. Each portfolio manager may receive a semi-annual bonus. The amount of the bonus paid to each portfolio manager is based upon the factors described above.

Portfolio managers may be awarded the right to purchase restricted shares of the stock of the Advisor, as determined from time to time, by the Board of Directors of the Advisor or its delegates. Portfolio managers also participate in benefit and retirement plans and other programs available generally to all employees.

Other Managed Accounts

In addition to the Portfolios, the portfolio managers manage (i) other U.S. registered investment companies advised or sub-advised by the Advisor, (ii) other pooled investment vehicles that are not U.S. registered mutual funds and (iii) other accounts managed for organizations and individuals. The following table sets forth information regarding the total accounts for which the portfolio manager has the primary responsibility for coordinating the day-to-day management responsibilities.

Name of Portfolio Manager Number of Accounts Managed and Total Assets by Category

		As of October 31, 2019*

	David A. Plecha	• 58 U.S. registered mutual funds with $111,813 million in total assets under
	David A. Plecha	management.
		management.
		• 4 unregistered pooled investment vehicles with $2,829 million in total assets under
		management.
		• 9 other accounts with $2,696 million in total assets under management.
	Joseph F. Kolerich	• 58 U.S. registered mutual funds with $111,813 million in total assets under
	Joseph F. Kolerich	management.
		management.
		• 4 unregistered pooled investment vehicles with $2,829 million in total assets under
		management.
		• 9 other accounts with $2,696 million in total assets under management.
	Travis A. Meldau	• 11 U.S. registered mutual funds with $24,545 million in total assets under
	Travis A. Meldau	management.
		management.
		• 0 unregistered pooled investment vehicles.
		• 2 other accounts with $288 million in total assets under management.
		52

Name of Portfolio Manager Number of Accounts Managed and Total Assets by Category

		As of October 31, 2019*

	Alan R. Hutchison	• 7 U.S. registered mutual funds with $14,876 million in total assets under
	Alan R. Hutchison	management.
		management.
		• 1 unregistered pooled investment vehicle with $133 million in total assets under
		management.
		• 5 other accounts with $1,412 million in total assets under management.
	Lovell D. Shao	• 5 U.S. registered mutual funds with $14,851 million in total assets under
	Lovell D. Shao	management.
		management.

•1 unregistered pooled investment vehicle with $133 million in total assets under management.

•3 other accounts with $821 million in total assets under management.

*Mr. Fridman did not share primary responsibility in the oversight of the day-to-day management for any portfolios or accounts as of January 31, 2020; as such, information regarding such portfolios and accounts is not presented.

Potential Conflicts of Interest

Actual or apparent conflicts of interest may arise when a portfolio manager has the primary day-to-day responsibilities with respect to more than one Portfolio and other accounts. Other accounts include registered mutual funds (other than the Portfolios in this SAI), other unregistered pooled investment vehicles, and other accounts managed for organizations and individuals ("Accounts"). An Account may have similar investment objectives to a Portfolio, or may purchase, sell or hold securities that are eligible to be purchased, sold or held by a Portfolio. Actual or apparent conflicts of interest include:

•Time Management. The management of multiple Portfolios and/or Accounts may result in a portfolio manager devoting unequal time and attention to the management of each Portfolio and/or Accounts. The Advisor seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most Accounts managed by a portfolio manager are managed using the same investment approaches that are used in connection with the management of the Portfolios.

•Investment Opportunities. It is possible that at times identical securities will be held by more than one Portfolio and/or Account. However, positions in the same security may vary and the length of time that any Portfolio or Account may choose to hold its investment in the same security may likewise vary. If a portfolio manager identifies a limited investment opportunity that may be suitable for more than one Portfolio or Account, a Portfolio may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible Portfolios and Accounts. To deal with these situations, the Advisor has adopted procedures for allocating portfolio transactions across multiple Portfolios and Accounts.

•Broker Selection. With respect to securities transactions for the Portfolios, the Advisor determines which broker to use to execute each order, consistent with its duty to seek best execution of the transaction. However, with respect to certain Accounts (such as separate accounts), the Advisor may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, the Advisor or its affiliates may place separate, non-simultaneous, transactions for a Portfolio and another Account that may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Portfolio or the Account.

GENERAL INFORMATION

DFAIDG was incorporated under Maryland law on June 15, 1981. Until June 1983, DFAIDG was named DFA Small Company Fund Inc. Until September 1995, DFA Intermediate Government Fixed Income Portfolio was named DFA Intermediate Government Bond Portfolio; DFA Five-Year Global Fixed Income Portfolio was named DFA Global Bond Portfolio; and DFA One-Year Fixed Income Portfolio was named DFA Fixed Income Shares. Effective as of October 23, 2009, the DFA One-Year Fixed Income Portfolio and DFA Two-Year Global Fixed Income Portfolio were no longer feeder portfolios and now hold the portfolio securities previously held by The DFA One-Year Fixed Income Series and The DFA Two-Year Global Fixed Income Series, respectively, the Master Funds in which the Portfolios invested. The Fund generally offers shares of the Portfolios only to institutional investors and clients of registered investment advisers. Until February 28, 2011, DFA Short-Term Government Portfolio was named DFA Five-Year Government Portfolio. Until February 28, 2015, DFA LTIP Portfolio was named Dimensional Retirement Fixed Income Fund III.

DIG was incorporated under Maryland law on March 19, 1990. DIG was known as DFA U.S. Large Cap Inc. from February 1992, until it amended its Articles of Incorporation in April 1993, to change to its present name. Prior to a February 1992 amendment to the Articles of Incorporation, it was known as DFA U.S. Large Cap Portfolio Inc. DIG began offering shares of the DFA Two-Year Fixed Income Portfolio and DFA Two-Year Government Portfolio in May 1996. Until July 31, 2017, DFA Two-Year Fixed Income Portfolio and DFA Two-Year Government Portfolio were named LWAS/DFA Two- Year Fixed Income Portfolio and LWAS/DFA Two-Year Government Portfolio, respectively.

CODE OF ETHICS

The Funds, the Advisor, DFA Australia, DFAL and DFAS have adopted a revised Code of Ethics, under Rule 17j-1 of the 1940 Act, for certain access persons of the Portfolios. The Code of Ethics is designed to ensure that access persons act in the interest of the Portfolios and their shareholders with respect to any personal trading of securities. Under the Code of Ethics, access persons are generally prohibited from knowingly buying or selling securities (except for mutual funds, U.S. government securities and money market instruments) which are being purchased, sold or considered for purchase or sale by a Portfolio unless their proposed purchases are approved in advance. The Code of Ethics also contains certain reporting requirements and securities trading clearance procedures.

SHAREHOLDER RIGHTS

The shares of each Portfolio, when issued and paid for in accordance with the Portfolios' Prospectus, will be fully paid and non-assessable shares. Each share of common stock of a Portfolio represents an equal proportional interest in the assets and liabilities of the Portfolio and has identical, non-cumulative voting, dividend, redemption liquidation, and other rights and preferences as each other class of the Portfolio, except that on a matter affecting a single class only shares of that class of the Portfolio are permitted to vote on the matter.

With respect to matters which require shareholder approval, shareholders are entitled to vote only with respect to matters which affect the interest of the Portfolio which they hold, except as otherwise required by applicable law. If liquidation of a Fund should occur, the Fund's shareholders would be entitled to receive on a per class basis the assets of the particular Portfolio whose shares they own, as well as a proportionate share of Fund assets not attributable to any particular Portfolio. Ordinarily, the Funds do not intend to hold annual meetings of shareholders, except as required by the 1940 Act or other applicable law. Each Fund's bylaws provide that special meetings of shareholders shall be called at the written request of shareholders entitled to cast not less than a majority of the votes entitled to be cast at such meeting. Such meeting may be called to consider any matter, including the removal of one or more directors. Shareholders will receive shareholder communications with respect to such matters as required by the 1940 Act, including semi-annual and annual financial statements of the Funds, the latter being audited.

PRINCIPAL HOLDERS OF SECURITIES

As of January 31, 2020, the following persons beneficially owned 5% or more of the outstanding stock of the Portfolios, as set forth below:

DFA ONE-YEAR FIXED INCOME PORTFOLIO
Charles Schwab & Company, Inc.*	32.78%
101 Montgomery Street
San Francisco, CA 94104
TD Ameritrade, Inc.*	19.00%
P.O. Box 2226
Omaha, NE 68103
National Financial Services LLC*	10.14%
200 Liberty Street
One World Financial Center
New York, NY 10281
LPL Financial*	6.57%
4707 Executive Drive
San Diego, CA 92121
The RBB Fund Inc. Free Market Fixed Income Fund	5.23%
5955 Deerfield Blvd
Mason, OH 45040
DFA TWO-YEAR FIXED INCOME PORTFOLIO
Charles Schwab & Company, Inc.*1	43.95%
TD Ameritrade, Inc.*1	27.80%
National Financial Services LLC*1	18.60%
Pershing LLC*	9.42%
One Pershing Plaza
P.O. Box 2052
Jersey City, NJ 07303
DFA TWO-YEAR GOVERNMENT PORTFOLIO
Charles Schwab & Company, Inc.*1	53.50%
TD Ameritrade, Inc.*1	27.78%
Pershing LLC*1	10.94%
DFA TWO-YEAR GLOBAL FIXED INCOME PORTFOLIO
Charles Schwab & Company, Inc.*1	33.82%
TD Ameritrade, Inc.*1	20.50%
The RBB Fund Inc. Free Market Fixed Income Fund1	11.60%
55

National Financial Services LLC*1	11.17%
DFA Diversified Fixed Income Portfolio	5.96%

C/O Dimensional Fund Advisors LP

6300 Bee Cave Road, Building 1

Austin, TX 78746

DFA SELECTIVELY HEDGED GLOBAL FIXED INCOME PORTFOLIO

DFA Global Allocation 60/40 Portfolio	51.33%
C/O Dimensional Fund Advisors LP
6300 Bee Cave Road, Building One
Austin, TX 78746
Charles Schwab & Company, Inc.* 1	17.45%
TD Ameritrade, Inc.*1	14.52%
DFA FIVE-YEAR GLOBAL FIXED INCOME PORTFOLIO
Charles Schwab & Company, Inc.*1	34.51%
TD Ameritrade, Inc.*1	30.40%
National Financial Services LLC*1	14.76%
DFA WORLD EX U.S. GOVERNMENT FIXED INCOME PORTFOLIO
Charles Schwab & Company, Inc.*1	35.35%
TD Ameritrade, Inc.*1	16.50%
National Financial Services LLC*1	14.69%
DFA Global Allocation 60/40 Portfolio1	7.18%
DFA SHORT-TERM GOVERNMENT PORTFOLIO
Charles Schwab & Company, Inc.*1	37.97%
TD Ameritrade, Inc.*1	22.97%
National Financial Services LLC*1	15.75%
Pershing LLC*1	5.78%

DFA INTERMEDIATE GOVERNMENT FIXED INCOME PORTFOLIO

TD Ameritrade, Inc.*1	41.23%
Charles Schwab & Company, Inc.*1	27.39%
DFA Diversified Fixed Income Portfolio1	10.10%
National Financial Services LLC*1	7.90%

DFA SHORT-TERM EXTENDED QUALITY PORTFOLIO
Charles Schwab & Company, Inc.*1	31.86%
TD Ameritrade, Inc.*1	26.88%
National Financial Services LLC*1	13.43%
DFA Global Allocation 60/40 Portfolio1	6.60%
DFA INTERMEDIATE-TERM EXTENDED QUALITY PORTFOLIO
Charles Schwab & Company, Inc.*1	27.11%
National Financial Services LLC*1	21.28%
TD Ameritrade, Inc.*1	19.03%
LVIP Dimensional Vanguard Total Bond Fund	9.66%
1300 South Clinton Street
Fort Wayne, IN 46802
DFA TARGETED CREDIT PORTFOLIO
TD Ameritrade, Inc.*1	47.51%
Charles Schwab & Company, Inc.*1	33.03%
National Financial Services LLC*1	6.70%
DFA GLOBAL CORE PLUS FIXED INCOME PORTFOLIO
Charles Schwab & Company, Inc.*1	41.99%
TD Ameritrade, Inc.*1	24.92%
DFA Global Allocation 60/40 Portfolio1	12.66%
LPL Financial*1	11.74%
DFA INVESTMENT GRADE PORTFOLIO
Charles Schwab & Company, Inc.*1	31.89%
TD Ameritrade, Inc.*1	26.33%
National Financial Services LLC*1	19.50%
LPL Financial*1	7.77%
DFA DIVERSIFIED FIXED INCOME PORTFOLIO
Charles Schwab & Company, Inc.*1	48.63%
National Financial Services LLC*1	32.42%
TD Ameritrade, Inc.*1	17.70%
57

DFA LTIP PORTFOLIO
Dimensional 2025 Target Date Retirement Income Fund	23.20%
C/O Dimensional Fund Advisors LP
6300 Bee Cave Road, Building One
Austin, TX 78746
Dimensional 2030 Target Date Retirement Income Fund	21.87%
C/O Dimensional Fund Advisors LP
6300 Bee Cave Road, Building One
Austin, TX 78746
TIAA-CREF Trust Company Custodian FBO	20.72%
Retirement Plans for which TIAA Acts as Record Keeper*
211 North Broadway Street, Suite 1000
St. Louis, MO 63102
Dimensional 2035 Target Date Retirement Income Fund	10.18%
C/O Dimensional Fund Advisors LP
6300 Bee Cave Road, Building One
Austin, TX 78746
Dimensional 2020 Target Date Retirement Income Fund	10.08%
C/O Dimensional Fund Advisors LP
6300 Bee Cave Road, Building 1
Austin, TX 78746
DFA INFLATION-PROTECTED SECURITIES PORTFOLIO
Charles Schwab & Company, Inc.*1	23.65%
National Financial Services LLC*1	14.96%
TD Ameritrade, Inc.*1	11.34%
DFA SHORT-DURATION REAL RETURN PORTFOLIO
Charles Schwab & Company, Inc.*1	44.28%
TD Ameritrade, Inc.*1	27.83%
National Financial Services LLC*1	9.90%
DFA MUNICIPAL REAL RETURN PORTFOLIO
National Financial Services LLC*1	42.88%
Charles Schwab & Company, Inc.*1	37.93%
TD Ameritrade, Inc.*1	12.29%
DFA CALIFORNIA MUNICIPAL REAL RETURN PORTFOLIO
Charles Schwab & Company, Inc.*1	45.20%

TD Ameritrade, Inc.*1	28.76%
National Financial Services LLC*1	16.33%
Pershing LLC*1	9.71%
DFA MUNICIPAL BOND PORTFOLIO
Charles Schwab & Company, Inc.*1	53.39%
TD Ameritrade, Inc.*1	18.97%
National Financial Services LLC*1	15.98%
Pershing LLC*1	8.12%
DFA SHORT-TERM MUNICIPAL BOND PORTFOLIO
Charles Schwab & Company, Inc.*1	32.79%
TD Ameritrade, Inc.*1	21.05%
National Financial Services LLC*1	19.23%
Band & Co FBO
US Bank NA Customers	12.33%
P.O. Box 1787
Milwaukee, WI 53201
Pershing LLC*1	5.03%
DFA INTERMEDIATE-TERM MUNICIPAL BOND PORTFOLIO
Charles Schwab & Company, Inc.*1	31.56%
National Financial Services LLC*1	28.11%
TD Ameritrade, Inc.*1	19.91%
LPL Financial*1	6.70%
DFA CALIFORNIA SHORT-TERM MUNICIPAL BOND PORTFOLIO
Charles Schwab & Company, Inc.*1	61.00%
National Financial Services LLC*1	15.85%
TD Ameritrade, Inc.*1	14.47%

DFA CALIFORNIA INTERMEDIATE-TERM MUNICIPAL BOND PORTFOLIO

Charles Schwab & Company, Inc.*1	60.57%
National Financial Services LLC*1	16.41%
TD Ameritrade, Inc.*1	14.42%
	59

DFA MN MUNICIPAL BOND PORTFOLIO
Charles Schwab & Company, Inc.*1	90.84%
TD Ameritrade, Inc.*1	5.83%
DFA NY MUNICIPAL BOND PORTFOLIO
Charles Schwab & Company, Inc.*1	55.91%
National Financial Services LLC*1	22.24%
TD Ameritrade, Inc.*1	16.23%
DFA OREGON MUNICIPAL BOND PORTFOLIO
Charles Schwab & Company, Inc.*1	62.20%
Raymond James & Associates Inc.*	30.52%
880 Carillon Parkway
St. Petersburg, FL 33716
__________________________________

* Owner of record only (omnibus).

1See address for shareholder previously noted above in list.

PURCHASE OF SHARES

The following information supplements the information set forth in the prospectus under the caption "PURCHASE OF SHARES."

REDEMPTION AND TRANSFER OF SHARES

The following information supplements the information set forth in the prospectus under the caption

"REDEMPTION OF SHARES."

exists as defined by the rules of the SEC as a result of which it is not reasonably practicable for such Fund to dispose of securities owned by it, or fairly to determine the value of its assets and (3) for such other periods as the SEC may permit.

Shareholders may, subject to a Fund's sole discretion, transfer shares of any Portfolio to another person by making a written request to the Portfolio's transfer agent. The request should clearly identify the account and number of shares to be transferred, and include the signature of all registered owners. The signature on the letter of request must be guaranteed in the same manner as described in the Prospectus under "REDEMPTION OF SHARES." As with redemptions, the written request must be received in good order before any transfer can be made.

Each Fund has filed a notice of election under Rule 18f-1 of the 1940 Act that allows the Portfolios to redeem in- kind redemption requests of a certain amount. Specifically, if the amount being redeemed is over the lesser of $250,000 or 1% of a Portfolio's net assets, the Portfolio has the right to redeem the shares by providing the amount that exceeds $250,000 or 1% of the Portfolio's net assets in securities instead of cash. The securities distributed in-kind would be readily marketable and would be valued for this purpose using the same method employed in calculating the Portfolio's net asset value per share. If a shareholder receives redemption proceeds in-kind, the shareholder should expect to incur transaction costs upon the disposition of the securities received in the redemption.

TAXATION OF THE PORTFOLIOS AND THEIR SHAREHOLDERS

This "TAXATION OF THE PORTFOLIOS AND THEIR SHAREHOLDERS" section is based on the Internal Revenue Code of 1986, as amended (the "Code") and applicable regulations in effect on the date of this SAI. Future legislative, regulatory or administrative changes, including provisions of current law that sunset and thereafter no longer apply, or court decisions may significantly change the tax rules applicable to the Portfolio and its shareholders. Any of these changes or court decisions may have a retroactive effect.

Unless otherwise indicated, the discussion below with respect to a Portfolio includes in the case of a Portfolio invested in an Underlying Fund, its pro rata share of the dividends and distributions paid by such Underlying Fund.

For investors in the Municipal Bond Portfolios, the following discussion should be read in conjunction with the discussion below under the subheading, "Additional Tax Information With Respect To Municipal Bond Portfolios."

Taxation of the Portfolio

Qualification as a regulated investment company. In order to qualify for treatment as a regulated investment company, the Portfolio must satisfy the following requirements:

excess (if any) of the Portfolio's net long-term capital losses over its net short-term capital gains is treated as a long-term capital loss arising on the first day of the Portfolio's next taxable year. Any such net capital losses of the Portfolio that are not used to offset capital gains may be carried forward indefinitely to reduce any future capital gains realized by the Portfolio in succeeding taxable years. The amount of capital losses that can be carried forward and used in any single year is subject to an annual limitation if there is a more than 50% "change in ownership" of the Portfolio. An ownership change generally results when shareholders owning 5% or more of the Portfolio increase their aggregate holdings by more than 50% over a three-year look-back period. An ownership change could result in capital loss carryovers being used at a slower rate, thereby reducing the Portfolio's ability to offset capital gains with those losses. An increase in the amount of taxable gains distributed to the Portfolio's shareholders could result from an ownership change. The Portfolio undertakes no obligation to avoid or prevent an ownership change, which can occur in the normal course of shareholder purchases and redemptions or as a result of engaging in a tax-free reorganization with another portfolio. Moreover, because of circumstances beyond the Portfolio's control, there can be no assurance that the Portfolio will not experience, or has not already experienced, an ownership change.

The terms "specified losses" and "specified gains" mean ordinary losses and gains from the sale, exchange, or other disposition of property (including the termination of a position with respect to such property), foreign currency losses and gains, and losses and gains resulting from holding stock in a passive foreign investment company ("PFIC") for which a mark- to-market election is in effect. The terms "ordinary losses" and "ordinary income" mean other ordinary losses and income that are not described in the preceding sentence. Since the Portfolio has a fiscal year ending in October, the amount of qualified late-year losses (if any) is computed without regard to any items of income, gain, or loss that are (a) post-October

capital losses, (b) specified losses, and (c) specified gains.

"Taxation of Portfolio Distributions — Pass-through of foreign tax credits" below), (b) is not eligible to pass-through to shareholders exempt-interest dividends from an Underlying Fund, and (c) dividends paid by a fund of funds from interest earned by an Underlying Fund on U.S. Government obligations is unlikely to be exempt from state and local income tax (see

"Taxation of Portfolio Distributions — U.S. Government securities" below"). However, a fund of funds is eligible to pass-through to shareholders qualified dividends earned by an Underlying Fund (see "Taxation of Portfolio Distributions –

Qualified dividend income for individuals" and " – Dividends-received deduction for corporations" below). A qualified fund of funds, i.e. a Portfolio at least 50 percent of the value of the total assets of which (at the close of each quarter of the taxable year) is represented by interests in other RICs, is eligible to pass-through to shareholders (a) foreign tax credits and

(b) exempt-interest dividends.

Taxation of Portfolio Distributions

Distributions of net investment income. The Portfolio receives ordinary income generally in the form of dividends and/or interest on its investments. The Portfolio may also recognize ordinary income from other sources, including, but not limited to, certain gains on foreign currency-related transactions. This income, less expenses incurred in the operation of the Portfolio, constitutes the Portfolio's net investment income from which dividends may be paid to you. If you are a taxable investor, distributions of net investment income generally are taxable as ordinary income to the extent of the Portfolio's earnings and profits.

estimates the income to be received from certain investments such as those classified as partnerships or equity real estate investment trusts ("REITs").

Dividends-received deduction for corporations. For corporate shareholders, a portion of the dividends paid by the Portfolio may qualify for the 50% corporate dividends-received deduction. The portion of dividends paid by the Portfolio that so qualifies will be reported by the Portfolio to shareholders each year and cannot exceed the gross amount of dividends received by the Portfolio from domestic (U.S.) corporations. The availability of the dividends-received deduction is subject to certain holding period and debt financing restrictions that apply to both the Portfolio and the investor. Specifically, the amount that the Portfolio may report as eligible for the dividends-received deduction will be reduced or eliminated if the shares on which the dividends earned by the Portfolio were debt-financed or held by the Portfolio for less than a minimum period of time, generally 46 days during a 91-day period beginning 45 days before the stock becomes ex-dividend. Similarly, if your Portfolio shares are debt-financed or held by you for less than a 46-day period then the dividends-received deduction for Portfolio dividends on your shares may also be reduced or eliminated. Income derived by the Portfolio from investments in derivatives, fixed-income and foreign securities generally is not eligible for this treatment. Because the income of the Portfolio is derived primarily from interest on debt securities, none or only a small amount of their distributions are expected to qualify for the corporate dividends-received deduction.

Pass-through of foreign tax credits. If at the end of the fiscal year more than 50% in value of the total assets of the Portfolio (or, if the Portfolio is a qualified fund of funds as described above under the heading "Taxation of the Portfolio— Fund of funds corporate structures", an Underlying Fund) are invested in securities of foreign corporations, the Portfolio may elect to pass through to its shareholders their pro rata share of foreign income taxes paid by the Portfolio (or Underlying Fund). If this election is made, the Portfolio may report more taxable income to you than it actually distributes. You will then be entitled either to deduct your share of these taxes in computing your taxable income or to claim a foreign tax credit for these taxes against your U.S. federal income tax (subject to limitations for certain shareholders). For example, the amount of any foreign tax credits available to you (as a result of the pass-through to you of your pro rata share of foreign taxes paid by the Portfolio) will be reduced if you receive from the Portfolio qualifying dividends from qualifying foreign corporations that are subject to tax at reduced rates. The Portfolio will provide you with the information necessary to claim this deduction or credit on your personal income tax return if it makes this election. No deduction for foreign tax may be claimed by a noncorporate shareholder who does not itemize deductions or who is subject to the alternative minimum tax. The Portfolio or Underlying Fund reserves the right not to pass through to its shareholders the amount of foreign income taxes paid by the Portfolio or Underlying Fund. Additionally, any foreign tax withheld on payments made "in lieu of" dividends or interest will not qualify for the pass-through of foreign tax credits to shareholders. See "Tax Treatment of Portfolio Transactions — Securities lending" below.

local income tax. The income on portfolio investments in certain securities, such as repurchase agreements, commercial paper and federal agency-backed obligations (e.g., Government National Mortgage Association ("GNMA") or Federal National Mortgage Association ("FNMA") securities), generally does not qualify for tax-free treatment. The rules on exclusion of this income are different for corporate shareholders.

Medicare tax. A 3.8% Medicare tax is imposed on net investment income earned by certain individuals, estates and trusts. "Net investment income," for these purposes, means investment income, including ordinary dividends and capital gain distributions received from the Portfolio and net gains from redemptions or other taxable dispositions of Portfolio shares, reduced by the deductions properly allocable to such income. In the case of an individual, the tax will be imposed on the lesser of (1) the shareholder's net investment income or (2) the amount by which the shareholder's modified adjusted gross income exceeds $250,000 (if the shareholder is married and filing jointly or a surviving spouse), $125,000 (if the shareholder is married and filing separately) or $200,000 (in any other case). Net investment income does not include exempt-interest dividends. This Medicare tax, if applicable, is reported by you on, and paid with, your federal income tax return.

Sales, Exchanges and Redemptions of Portfolio Shares

Tax basis information. The Portfolio is required to report to you and the IRS annually on Form 1099-B the cost basis of shares purchased or acquired on or after January 1, 2012 where the cost basis of the shares is known by the Portfolio (referred to as "covered shares") and which are disposed of after that date. However, cost basis reporting is not required for certain shareholders, including shareholders investing in the Portfolio through a tax-advantaged retirement account, such as a 401(k) plan or an individual retirement account. When required to report cost basis, the Portfolio will calculate it using the Portfolio's default method of average cost, unless you instruct the Portfolio in writing to use a different calculation method. In general, average cost is the total cost basis of all your shares in an account divided by the total number of shares in the account. To determine whether short-term or long-term capital gains taxes apply, the IRS presumes you redeem your oldest shares first.

determining cost basis, and the use of other methods may result in more favorable tax consequences for some shareholders. It is important that you consult with your tax advisor to determine which method is best for you and then notify the Portfolio in writing if you intend to utilize a method other than average cost for covered shares.

In addition to the Portfolio's default method of average cost, other cost basis methods offered by DFA, which you may elect to apply to covered shares, include:

•FIFO (First In, First Out) – Shares acquired first are sold first.

•LIFO (Last In, First Out) – Shares acquired last are sold first.

•HIFO (Highest Cost, First Out) – Shares with the highest cost basis are sold first.

•LOFO (Lowest Cost, First Out) – Shares with the lowest cost basis are sold first.

•LGUT (Loss/Gain Utilization) – A method that evaluates losses and gains and then strategically selects lots based on that gain/loss in conjunction with a holding period.

If you hold your Portfolio shares through a broker (or other nominee), please contact that broker (nominee) with respect to reporting of cost basis and available elections for your account.

treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

Tax Treatment of Portfolio Transactions

do not include any interest rate swap, currency swap, basis swap, interest rate cap, interest rate floor, commodity swap, equity swap, equity index swap, credit default swap, or similar agreement.

Certain of a portfolio's investments in derivatives and foreign currency-denominated instruments, and the portfolio's transactions in foreign currencies and hedging activities, may produce a difference between its book income and its taxable income. If a portfolio's book income is less than the sum of its taxable income and net tax-exempt income (if any), the portfolio could be required to make distributions exceeding book income to qualify as a regulated investment company. If a portfolio's book income exceeds the sum of its taxable income and net tax-exempt income (if any), the distribution of any such excess will be treated as (i) a dividend to the extent of the portfolio's remaining earnings and profits (including current earnings and profits arising from tax-exempt income, reduced by related deductions), (ii) thereafter, as a return of capital to the extent of the recipient's basis in the shares, and (iii) thereafter, as gain from the sale or exchange of a capital asset.

Foreign currency transactions. A portfolio's transactions in foreign currencies, foreign currency-denominated debt obligations and certain foreign currency options, futures contracts and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. This treatment could increase or decrease a portfolio's ordinary income distributions to you, and may cause some or all of the portfolio's previously distributed income to be classified as a return of capital. In certain cases, a portfolio may make an election to treat such gain or loss as capital.

PFIC securities. The Portfolio may invest in securities of foreign entities that could be deemed for tax purposes to be PFICs. In general, a PFIC is any foreign corporation if 75% or more of its gross income for its taxable year is passive income, or 50% or more of its average assets (by value) are held for the production of passive income. When investing in PFIC securities, the Portfolio intends to mark-to-market these securities and recognize any unrealized gains as ordinary income at the end of its fiscal year. Deductions for losses are allowable only to the extent of any current or previously recognized gains. These gains (reduced by allowable losses) are treated as ordinary income that the Portfolio is required to distribute, even though it has not sold or received dividends from these securities. You should also be aware that the designation of a foreign security as a PFIC security will cause its income dividends to fall outside of the definition of qualified foreign corporation dividends. These dividends generally will not qualify for the reduced rate of taxation on qualified dividends when distributed to you by the Portfolio. Due to various complexities in identifying PFICs, the Portfolio can give no assurances that it will be able to identify portfolio securities in foreign corporations that are PFICs in time for the Portfolio to make a mark-to-market election. If the Portfolio (or an Underlying Fund organized as a corporation) is unable to identify an investment as a PFIC and thus does not make a mark-to-market election, the Portfolio (or Underlying Fund) may be subject to U.S. federal income tax on a portion of any "excess distribution" or gain from the disposition of such shares even if such income is distributed as a taxable dividend by the Portfolio to its shareholders. Additional charges in the nature of interest may be imposed on the Portfolio (or Underlying Fund) in respect of deferred taxes arising from such distributions or gains. Any such taxes or interest charges could in turn reduce the Portfolio's distributions paid to you.

Securities lending. While securities are loaned out by a portfolio, the portfolio generally will receive from the borrower amounts equal to any dividends or interest paid on the borrowed securities. For federal income tax purposes, payments made "in lieu of" dividends are not considered dividend income. These distributions will neither qualify for the reduced rate of taxation for individuals on qualified dividends nor the 50% dividends-received deduction for corporations. Also, any foreign tax withheld on payments made "in lieu of" dividends or interest will not qualify for the pass-through of foreign tax credits to shareholders. Additionally, in the case of a portfolio with a strategy of investing in tax-exempt securities, any payments made "in lieu of" tax-exempt interest will be considered taxable income to the portfolio, and thus, to the investors, even though such interest may be tax-exempt when paid to the borrower.

Investments in convertible securities. Convertible debt is ordinarily treated as a "single property" consisting of a pure debt interest until conversion, after which the investment becomes an equity interest. If the security is issued at a premium (i.e., for cash in excess of the face amount payable on retirement), the creditor-holder may amortize the premium over the life of the bond. If the security is issued for cash at a price below its face amount, the creditor-holder must accrue original issue discount in income over the life of the debt. The creditor-holder's exercise of the conversion privilege is treated as a nontaxable event. Mandatorily convertible debt (e.g., an exchange traded note or ETN issued in the form of an unsecured obligation that pays a return based on the performance of a specified market index, exchange currency, or commodity) is often, but not always, treated as a contract to buy or sell the reference property rather than debt. Similarly, convertible preferred stock with a mandatory conversion feature is ordinarily, but not always, treated as equity rather than debt. Dividends received generally are qualified dividend income and eligible for the corporate dividends-received deduction. In general, conversion of preferred stock for common stock of the same corporation is tax-free. Conversion of preferred stock for cash is a taxable redemption. Any redemption premium for preferred stock that is redeemable by the issuing company might be required to be amortized under original issue discount principles.

Pre-refunded municipal securities. A portfolio may invest in pre-refunded municipal securities. For purposes of the Asset Diversification Test, a portfolio's investment in pre-refunded municipal securities backed by U.S. Treasury and Agency Securities will be considered an investment in the respective U.S. Treasury and Agency Securities that were deposited in the escrow account for the securities. The 2017 Tax Cuts and Jobs Act repeals the exclusion from gross income for interest on pre-refunded municipal securities effective for such bonds issued after Dec. 31, 2017.

Backup Withholding

By law, the Portfolio may be required to withhold a portion of your taxable dividends and sales proceeds unless you:

provide your correct social security or taxpayer identification number, certify that this number is correct,

certify that you are not subject to backup withholding, and certify that you are a U.S. person (including a U.S. resident alien).

Non-U.S. Investors

In general. The United States imposes a withholding tax at the 30% statutory rate (or at a lower rate if you are a resident of a country that has a tax treaty with the U.S.) on U.S. source dividends, including on income dividends paid to you by the Portfolio. Exemptions from this U.S. withholding tax are provided for exempt-interest dividends, capital gain dividends paid by the Portfolio from its net long-term capital gains, interest-related dividends paid by the Portfolio from its qualified net interest income from U.S. sources and short-term capital gain dividends. However, notwithstanding such exemptions from U.S. withholding at the source, any dividends and distributions of income and capital gains, including the proceeds from the sale of your Portfolio shares, will be subject to backup withholding at a rate of 24% if you fail to properly certify that you are not a U.S. person.

Interest-related dividends. Dividends reported by the Portfolio to shareholders as interest-related dividends and paid from its qualified net interest income from U.S. sources are not subject to U.S. withholding tax. "Qualified interest income" includes, in general, U.S. source (1) bank deposit interest, (2) short-term original discount, (3) interest (including original issue discount, market discount, or acquisition discount) on an obligation which is in registered form, unless it is earned on an obligation issued by a corporation or partnership in which the Portfolio is a 10-percent shareholder or is contingent interest, and (4) any interest-related dividend from another regulated investment company. On any payment date, the amount of an income dividend that is reported by the Portfolio to shareholders as an interest-related dividend may be more or less than the amount that is so qualified. This is because the reporting of interest-related dividends is based on an estimate of the Portfolio's qualified net interest income for its entire fiscal year, which can only be determined with exactness at fiscal year- end. As a consequence, the Portfolio may over withhold a small amount of U.S. tax from a dividend payment. In this case, the non-U.S. investor's only recourse may be to either forgo recovery of the excess withholding or to file a United States nonresident income tax return to recover the excess withholding.

Further limitations on tax reporting for interest-related dividends and short-term capital gain dividends for non- U.S. investors. It may not be practical in every case for the Portfolio to report to shareholders, and the Portfolio reserves the right in these cases to not report, small amounts of interest-related dividends or short-term capital gain dividends. Additionally, the Portfolio's reporting of interest-related dividends or short-term capital gain dividends may not be passed through to shareholders by intermediaries who have assumed tax reporting responsibilities for this income in managed or omnibus accounts due to systems limitations or operational constraints.

Exempt-interest dividends. Exempt-interest dividends reported by the Portfolio to shareholders as paid from interest earned on municipal securities are not subject to U.S. withholding tax.

will remain in effect for a period beginning on the date signed and ending on the last day of the third succeeding calendar year unless an earlier change of circumstances makes the information on the form incorrect. Certain payees and payments are exempt from backup withholding.

Foreign Account Tax Compliance Act ("FATCA"). Under FATCA, a Portfolio will be required to withhold a 30% tax on the income dividends made by the Portfolio to certain foreign entities, referred to as foreign financial institutions ("FFI") or non-financial foreign entities ("NFFE"). After December 31, 2018, FATCA withholding also would have applied to certain capital gain distributions, return of capital distributions and the proceeds arising from the sale of Portfolio shares; however, based on proposed regulations issued by the IRS, which may be relied upon currently, such withholding is no longer required unless final regulations provide otherwise (which is not expected). The FATCA withholding tax generally can be avoided: (a) by an FFI, if it reports certain direct and indirect ownership of foreign financial accounts held by U.S. persons with the FFI and (b) by an NFFE, if it: (i) certifies that it has no substantial U.S. persons as owners or (ii) if it does have such owners, reporting information relating to them. The U.S. Treasury has negotiated intergovernmental agreements ("IGA") with certain countries and is in various stages of negotiations with a number of other foreign countries with respect to one or more alternative approaches to implement FATCA; an entity in one of those countries may be required to comply with the terms of an IGA instead of U.S. Treasury regulations.

Effect of Future Legislation; Local Tax Considerations

Additional Tax Information With Respect To Municipal Bond Portfolios

Exempt-interest dividends. By meeting certain requirements of the Code, each of the Municipal Bond Portfolios qualifies to pay exempt-interest dividends to its shareholders. These dividends are derived from interest income exempt from regular federal income tax and are not subject to regular federal income tax when they are paid to shareholders. However, shareholders required to file a federal income tax return will be required to report the receipt of exempt-interest dividends on their returns. Exempt-interest dividends that are excluded from federal taxable income may still be subject to the federal alternative minimum tax for noncorporate shareholders. See the discussion below under the heading, "Alternative minimum tax."

Exemption from state tax. To the extent that exempt-interest dividends are derived from interest on obligations of a state or its political subdivisions, or from interest on qualifying U.S. territorial obligations (including qualifying obligations of Puerto Rico, the U.S. Virgin Islands, and Guam), they also may be exempt from that state's personal income taxes. Shareholders in a qualified fund of funds that receive exempt-interest dividends should consult their own tax advisors as to whether such dividends are exempt from personal income tax in their state of residence. In addition, most states do not grant tax-free treatment to interest on state and municipal securities of other states.

Taxable income dividends. The Municipal Bond Portfolios may earn taxable income from many sources, including temporary investments, discount from stripped obligations or their coupons, income from securities loans or other taxable transactions, and ordinary income from the sale of market discount bonds. If you are a taxable investor, any distributions by the Portfolio from this income will be taxable to you as ordinary income, whether you receive them in cash or in additional shares.

Redemption at a loss within six months of purchase. Any loss incurred on the redemption or exchange of shares held for six months or less will be disallowed to the extent of any exempt-interest dividends paid to you with respect to your Portfolio shares, and any remaining loss will be treated as a long-term capital loss to the extent of any long-term capital gain distributed to you by the Portfolio on those shares. However, this rule will not apply to any loss incurred on a redemption or exchange of shares of a portfolio that declares exempt-interest dividends daily and distributes them at least monthly for which your holding period begins after December 22, 2010.

Information on the amount and tax character of distributions. The Municipal Bond Portfolios will inform you of the amount of your exempt-interest dividends, taxable ordinary income and capital gain dividends at the time they are paid, and will advise you of their tax status for federal income tax purposes shortly after the end of each calendar year, including the portion, if any, of the distributions that on average are comprised of taxable income or interest income that is a tax preference item when determining your alternative minimum tax. If you have not held Portfolio shares for a full year, a Portfolio may report and distribute to you, as taxable, as tax-exempt or as tax preference income, a percentage of income that is not equal to the actual amount of such income earned during the period of your investment in the Portfolio. Taxable distributions declared by a Portfolio in December to shareholders of record in such month, but paid in January, are taxed to you as if made in December.

Alternative minimum tax. Interest on certain private activity bonds, while exempt from regular federal income tax, is a preference item for noncorporate shareholders when determining your alternative minimum tax under the Code and under the income tax provisions of several states. Private activity bond interest could subject you to or increase your liability under federal and state alternative minimum taxes, depending on your personal position. However, tax-exempt interest on private activity bonds issued in 2009 and 2010 is not an item of tax preference for purposes of the alternative minimum tax. If you are a person defined in the Code as a "substantial user" (or persons related to such users) of a facility financed by private activity bonds, you should consult with your tax advisor before buying shares of either Municipal Bond Portfolio. The Municipal Bond Portfolios do not currently intend to invest their assets in securities whose interest is subject to the federal alternative minimum tax.

Effect on taxation of social security benefits; denial of interest deduction; "substantial users." Exempt-interest dividends must be taken into account in computing the portion, if any, of social security or railroad retirement benefits that must be included in an individual shareholder's gross income subject to federal income tax. Interest on debt you incur to buy or hold shares of the Municipal Bond Portfolios may not be deductible for federal income tax purposes. Indebtedness may be allocated to shares of a Portfolio even though not directly traceable to the purchase of such shares. Moreover, a shareholder who is (or is related to) a "substantial user" of a facility financed by industrial development bonds held by the Portfolio will likely be subject to tax on dividends paid by the Portfolio that are derived from interest on such bonds. Receipt of exempt-interest dividends may result in other collateral federal income tax consequences to certain taxpayers, including

financial institutions, property and casualty insurance companies and foreign corporations engaged in a trade or business in the United States.

Loss of status of securities as tax-exempt. Failure of the issuer of a tax-exempt security to comply with certain legal or contractual requirements relating to the security could cause interest on the security, as well as Portfolio distributions derived from this interest, to become taxable, perhaps retroactively to the date the security was issued. In such a case, the Portfolio may be required to report to the IRS and send to shareholders amended Forms 1099 for a prior taxable year in order to report additional taxable income. This, in turn, could require shareholders to file amended federal and state income tax returns for such prior year to report and pay tax and interest on their pro rata share of the additional amount of taxable income.

PROXY VOTING POLICIES

The Boards of Directors of the Funds have delegated the authority to vote proxies for the portfolio securities held by the Portfolios to the Advisor in accordance with the Proxy Voting Policies and Procedures (the "Voting Policies") and Proxy Voting Guidelines ("Voting Guidelines") adopted by the Advisor. A concise summary of the Voting Guidelines is provided in an Appendix to this SAI.

(iii)verify ongoing compliance with the Voting Policies, (iv) receive reports on the review of the third-party proxy service providers, and (v) review the Voting Policies from time to time and recommend changes to the Investment Committee. The Committee may designate one or more of its members to oversee specific, ongoing compliance with respect to the Voting Policies and may designate personnel of the Advisor to vote proxies on behalf of the Portfolios, such as authorized traders of the Advisor.

The Advisor seeks to vote (or refrains from voting) proxies for the Portfolios in a manner that the Advisor determines is in the best interests of the Portfolios and which seeks to maximize the value of the Portfolios' investments. Generally, the Advisor analyzes proxy statements on behalf of the Portfolios and instructs the vote (or refrains from voting) in accordance with the Voting Policies and the Voting Guidelines. Most proxies the Advisor receives are instructed to be voted in accordance with the Voting Guidelines, and when proxies are voted consistently with such guidelines, the Advisor considers such votes not to be affected by conflicts of interest. However, the Voting Policies do address the procedures to be followed if a conflict of interest arises between the interests of the Portfolios, and the interests of the Advisor or its affiliates. If a Committee member has actual knowledge of a conflict of interest and recommends a vote contrary to the Voting Guidelines (or in the case where the Voting Guidelines do not prescribe a particular vote and the proposed vote is contrary to the recommendation of third-party proxy service providers), the Committee member will bring the vote to the Committee which will (a) determine how the vote should be cast keeping in mind the principle of preserving shareholder value, or (b) determine to abstain from voting, unless abstaining would be materially adverse to the interest of the Portfolios. To the extent the Committee makes a determination regarding how to vote or to abstain for a proxy on behalf of a Portfolio in the circumstances described in this paragraph, the Advisor will report annually on such determinations to the Board of Directors of the applicable Fund.

The Advisor will usually instruct voting of proxies in accordance with the Voting Guidelines. The Voting Guidelines provide a framework for analysis and decision making, however, the Voting Guidelines do not address all potential issues. In order to be able to address all the relevant facts and circumstances related to a proxy vote, the Advisor reserves the right to instruct votes counter to the Voting Guidelines if, after a review of the matter, the Advisor believes that the best interests of the Portfolio would be served by such a vote. In such a circumstance, the analysis will be documented in writing and periodically presented to the Committee. To the extent that the Voting Guidelines do not cover potential voting issues, the Advisor may consider the spirit of the Guidelines and instruct the vote on such issues in a manner that the Advisor believes would be in the best interests of the Portfolio.

would not be affected by the Advisor recalling loaned securities for voting. The Advisor does intend to recall securities on loan if based upon information in the Advisor's possession, it determines that voting the securities is likely to materially affect the value of the Portfolio's investment and that it is in the Portfolio's best interests to do so. In cases where the Advisor does not receive a solicitation or enough information within a sufficient time (as reasonably determined by the Advisor) prior to the proxy-voting deadline, the Advisor or its service provider may be unable to vote.

aportfolio-by-portfolio basis. In doing so, the Advisor evaluates market requirements and impediments to voting proxies of companies in a country. The Advisor periodically reviews voting logistics, including costs and other voting difficulties, on a portfolio by portfolio and country by country basis, in order to determine if there have been any material changes that would affect the Advisor's determinations and procedures. In the event the Advisor is made aware of and believes an issue to be voted is likely to materially affect the economic value of a Portfolio, that its vote is reasonably likely to influence the ultimate outcome of the contest, and the expected benefits of voting the proxies exceed the costs, the Advisor will make reasonable efforts to vote such proxies.

The Advisor considers social or environmental issues when voting proxies for portfolios that do not have social or sustainability screens, such as the Portfolios, if the Advisor believes that doing so is in the best interest of the portfolio and is otherwise consistent with the Advisor's duties, such as where material environmental or social risks may have economic ramifications for shareholders.

The Advisor has retained certain third-party proxy voting service providers ("Proxy Service Firms") to provide certain services with respect to proxy voting. Proxy Service Firms will: provide information on shareholder meeting dates and proxy materials; translate proxy materials printed in a foreign language; provide research on proxy proposals; operationally process votes in accordance with the Voting Guidelines on behalf of the Portfolios; and provide reports concerning the proxies voted ("Proxy Voting Services"). Although the Advisor retains third-party service providers for Proxy Voting Services, the Advisor remains responsible for proxy voting decisions. The Advisor has designed Voting Policies to oversee and evaluate Proxy Service Firms, including with respect to the matters described below, which Proxy Service Firms have been engaged to provide services to support the Advisor's voting in accordance with the Voting Policies. Prior to the selection of a new Proxy Service Firm and annually thereafter or more frequently if deemed necessary by the Advisor, the Committee will consider whether the Proxy Service Firm (i) has the capacity and competency to adequately analyze proxy issues and provide the Proxy Voting Services the Proxy Service Firm has been engaged to provide and (ii) can make its recommendations in an impartial manner and in the best interests of the Advisor's clients, and consistent with the Advisor's Voting Policies. In the event that the Voting Guidelines are not implemented precisely as the Advisor intends because of the actions or omissions of any third party service providers, custodians or sub-custodians or other agents or any such persons experience any irregularities (e.g., misvotes or missed votes), then such instances will not necessarily be deemed by the Advisor as a breach of the Voting Policies.

Information regarding how each of the Portfolios voted proxies related to its portfolio securities during the 12 month period ended June 30 of each year is available, no later than August 31 of each year, without charge, (i) on the Advisor's website at http://us.dimensional.com and (ii) on the SEC's website at http://www.sec.gov.

DISCLOSURE OF PORTFOLIO HOLDINGS

The Advisor and the Boards of Directors of DFAIDG and DIG have adopted a policy (the "Policy") to govern disclosure of the portfolio holdings of the Portfolios ("Holdings Information"), and to prevent the misuse of material non- public Holdings Information. The Advisor has determined that the Policy and its procedures (1) are reasonably designed to ensure that disclosure of Holdings Information is in the best interests of the shareholders of the Portfolios, and (2) appropriately address the potential for material conflicts of interest.

Online Disclosure of Portfolio Holdings Information. Information (other than cash and cash equivalents), as of http://us.dimensional.com, 30 days following the month-end.

Each Portfolio generally discloses its complete Holdings month-end, online at the Advisor's public website,

Disclosure of Holdings Information to Recipients. The Advisor's Head of Global Institutional Services and Global Chief Compliance Officer ("Chief Compliance Officer") or a delegate of the same, respectively (collectively, the "Designated Persons"), together may authorize disclosing non-public Holdings Information more frequently or at different periods than as described above solely to those financial advisors, registered accountholders, authorized consultants, authorized custodians, or third-party data service providers (each a "Recipient") who: (i) specifically request the more current non-public Holdings Information and (ii) execute a Use and Nondisclosure Agreement (each a "Nondisclosure Agreement"). Each Nondisclosure Agreement subjects the Recipient to a duty of confidentiality with respect to the non-public Holdings Information, and prohibits the Recipient from trading based on the non-public Holdings Information. Any non-public Holdings Information that is disclosed shall not include any material information about a Portfolio's trading strategies or pending portfolio transactions. The non-public Holdings Information provided to a Recipient under a Nondisclosure Agreement, unless indicated otherwise, is not subject to a time delay before dissemination.

As of January 31, 2020, the Advisor and the Portfolios had ongoing arrangements with the following Recipients to make available non-public Holdings Information:

Recipient	Business Purpose	Frequency

BAM Advisor Services, LLC	Monitoring investor exposure and investment strategy	Upon Request

Cambridge Associates Limited	Monitoring investor exposure and investment strategy	Monthly

Citibank, N.A.	Fund Custodian	Daily

Citibank, N.A.	Middle office operational support service provider to the Advisor	Daily

Marquette Associates, Inc.	Monitoring investor exposure and investment strategy	Quarterly

Mercer Investment Consulting, Inc.	Monitoring investor exposure and investment strategy	Quarterly

Pavilion Advisory Group	Monitoring investor exposure and investment strategy	Quarterly

PricewaterhouseCoopers LLP	Independent registered public accounting firm	Upon Request

Shinhan BNP Paribas	Monitoring investor exposure and investment strategy	Monthly

State Street Bank and Trust Company	Fund Administrator, Accounting Agent, Transfer Agent and Custodian	Daily

TIAA Kaspick	Monitoring investor exposure and investment strategy	Upon Request

Willis Towers Watson	Monitoring investor exposure and investment strategy	Quarterly

Wilshire Associates, Inc.	Monitoring investor exposure and investment strategy	Quarterly

In addition, certain employees of the Advisor and its subsidiaries receive Holdings Information on a quarterly, monthly or daily basis, or upon request, in order to perform their business functions. None of the Portfolios, the Advisor or any other party receives any compensation in connection with these arrangements.

The Policy includes the following procedures to ensure that disclosure of Holdings Information is in the best interests of shareholders, and to address any conflicts between the interests of shareholders, on the one hand, and the interests of the Advisor, DFAS or any affiliated person of the Funds, the Advisor or DFAS, on the other. In order to protect the interests of shareholders and the Portfolios, and to ensure no adverse effect on shareholders, in the limited circumstances where a Designated Person is considering making non-public Holdings Information available to a Recipient, the Advisor's Director of Institutional Services and the Chief Compliance Officer will consider any conflicts of interest. If the Chief Compliance Officer, following appropriate due diligence, determines in his or her reasonable judgment that (1) the Portfolio has a legitimate business purpose for providing the non-public Holdings Information to a Recipient, and (2) disclosure of non-public Holdings Information to the Recipient would be in the interests of the shareholders and outweighs possible reasonably anticipated adverse effects, then the Chief Compliance Officer may approve the proposed disclosure.

The Board exercises continuing oversight of the disclosure of Holdings Information by: (1) overseeing the implementation and enforcement of the Policy by the Chief Compliance Officer of the Advisor and of the Funds; (2) considering reports and recommendations by the Chief Compliance Officer concerning the implementation of the Policy and any material compliance matters that may arise in connection with the Policy; and (3) considering whether to approve or ratify any amendments to the Policy. The Advisor and the Board reserve the right to amend the Policy at any time, and from time to time without prior notice, in their sole discretion.

Prohibitions on Disclosure of Portfolio Holdings and Receipt of Compensation. No person is authorized to disclose Holdings Information or other investment positions (whether online at http://us.dimensional.com, in writing, by fax, by e- mail, orally or by other means) except in accordance with the Policy. In addition, no person is authorized to make disclosure pursuant to the Policy if such disclosure is otherwise in violation of the antifraud provisions of the federal securities laws.

The Policy prohibits a Portfolio, the Advisor or an affiliate thereof from receiving any compensation or other consideration of any type for the purpose of obtaining disclosure of non-public Holdings Information or other investment positions. "Consideration" includes any agreement to maintain assets in the Portfolio or in other investment companies or accounts managed by the Advisor or by any affiliated person of the Advisor.

The Policy and its procedures are intended to provide useful information concerning the Portfolios to existing and prospective shareholders, while at the same time preventing the improper use of Holdings Information. However, there can be no assurance that the furnishing of any Holdings Information is not susceptible to inappropriate uses, particularly in the hands of sophisticated investors, or that the Holdings Information will not in fact be misused in other ways, beyond the control of the Advisor.

SECURITIES LENDING

The Boards of the following Portfolios (collectively, the "Securities Lending Portfolios") have approved their participation in a securities lending program. Under the securities lending program, State Street Bank and Trust Company serves as the securities lending agent for those Securities Lending Portfolios for which it acts as custodian. Under a separate

securities lending program, Citibank, N.A. serves as the securities lending agent for those Securities Lending Portfolios for which it acts as custodian.

For the fiscal year ended October 31, 2019, the income earned by the following Portfolios, as well as the fees and/or compensation paid by the Portfolios (in dollars) pursuant to a securities lending agency/authorization agreement between the Portfolios and State Street Bank and Trust Company or Citibank, N.A. (each, a "Securities Lending Agent"), were as follows:

Portfolio*

DFA One-

Year Fixed

Income

Portfolio

DFA Two-

Year Fixed

Income

Portfolio

DFA Two-

Year Global

Fixed

Income

Portfolio

DFA

Selectively

Hedged

Global Fixed

Income

Portfolio

DFA Five-

Year Global

Fixed

Income

Portfolio

DFA Short-

Term

Extended

Quality

Portfolio

DFA

Intermediate-

Term

Extended

Quality

Portfolio

DFA

Targeted

Credit

Portfolio

DFA Global

Core Plus

Fixed

Income

Portfolio

Fees and/or compensation for securities lending activities and related services:

		Fees paid for
		any cash
		collateral
		management
		service
	Fees paid	(including
	to	fees deducted					Aggregate	Net
	Securities	from a pooled				Other	Aggregate	Net
Gross income	Lending	cash collateral				fees not	fees/	income
from	Agent	reinvestment	Administrative	Indemnification		included	compensation	from
securities	from a	vehicle) not	fees not	fees not		in the	for securities	securities
lending	revenue	included in the	included in the	included in the	Rebate (paid	revenue	lending	lending
activities	split	revenue split	revenue split	revenue split	to borrower)	split	activities	activities
$4,166,519	$32,955	$7,071	--	--	$3,829,868	--	$3,869,895	$296,624
$31,348	120	$55	--	--	$30,090	--	$30,266	$1,083
$668,496	$5,566	$442	--	--	$599,385	--	$605,393	$63,104
$219,709	$1,437	$373	--	--	$201,398	--	$203,209	$16,500
$451,707	$3,142	$554	--	--	$411,928	--	$415,624	$36,083
$1,852,727	$18,984	$2,859	--	--	$1,612,807	--	$1,634,650	$218,077
$2,332,707	$16,036	$5,900	--	--	$2,126,684	--	$2,148,619	$184,088
$416,002	$3,110	$1,118	--	--	$376,044	--	$380,271	$35,731
$1,075,432	$14,515	$4,051	--	--	$890,022	--	$908,588	$166,844

Fees and/or compensation for securities lending activities and related services:

			Fees paid for
			any cash
			collateral
			management
			service
		Fees paid	(including
		to	fees deducted					Aggregate	Net
		Securities	from a pooled				Other	Aggregate	Net
	Gross income	Lending	cash collateral				fees not	fees/	income
	from	Agent	reinvestment	Administrative	Indemnification		included	compensation	from
	securities	from a	vehicle) not	fees not	fees not		in the	for securities	securities
	lending	revenue	included in the	included in the	included in the	Rebate (paid	revenue	lending	lending
Portfolio*	activities	split	revenue split	revenue split	revenue split	to borrower)	split	activities	activities
DFA
Investment	$12,683,703	$109,841	$37,063	--	--	$11,274,633	--	$11,421,537	$1,262,166
Grade	$12,683,703	$109,841	$37,063	--	--	$11,274,633	--	$11,421,537	$1,262,166
Grade
Portfolio
DFA
Diversified
Fixed	$30,083	$(181)	--	--	--	$30,264	--	$30,083	$(0)
Income
Portfolio
DFA Short
Duration	$663,144	$5,603	$1,975	--	--	$591,216	--	$598,795	$64,350
Real Return	$663,144	$5,603	$1,975	--	--	$591,216	--	$598,795	$64,350
Real Return

Portfolio

*The amounts included in the table above may differ from the amounts disclosed in the Portfolios' annual reports due to timing differences, reconciliations, and certain other adjustments.

(v)selecting securities to be loaned subject to guidelines or restrictions provided by the Portfolios; (vi) recordkeeping and account servicing; (vii) monitoring dividend/distribution activity relating to loaned securities; and (viii) arranging for return of loaned securities to the Portfolios at loan termination.

FINANCIAL STATEMENTS

PricewaterhouseCoopers LLP ("PwC"), Two Commerce Square, Suite 1800, 2001 Market Street, Philadelphia, PA 19103-7042, is the Funds' independent registered public accounting firm. PwC audits the Funds' annual financial statements. The audited financial statements and financial highlights of the Portfolios for their fiscal year ended October 31, 2019, as set forth in the Funds' annual reports to shareholders, including the report of PwC, are incorporated by reference into this SAI.

A shareholder may obtain a copy of the annual reports, upon request and without charge, by contacting the Funds at the address or telephone number appearing on the cover of this SAI.

PERFORMANCE DATA

APPENDIX

Proxy Voting Guidelines

General Approach to Corporate Governance and Proxy Voting

This document outlines Dimensional's global approach to key proxy voting issues and highlights particular considerations in specific markets.

Global Evaluation Framework

Uncontested Director Elections

Dimensional may vote against individual directors, committee members, or the full board of a portfolio company in the following situations:

1.There are problematic audit-related practices;

2.There are problematic compensation practices or persistent pay for performance misalignment;

3.There are problematic anti-takeover provisions;

4.There have been material failures of governance, risk oversight, or fiduciary responsibilities;

5.The board has failed to adequately respond to shareholder concerns;

6.The board has demonstrated a lack of accountability to shareholders;

7.There is an ineffective board refreshment process2;

Dimensional also considers the following when voting on directors of portfolio companies:

1.Board independence;

2.Director attendance;

3.Director capacity to serve;

4.Board composition.

1"Dimensional" refers to any of Dimensional Fund Advisors LP, Dimensional Fund Advisors Ltd., DFA Australia Limited, Dimensional Fund Advisors Pte. Ltd. or Dimensional Japan Ltd.

A-1

Board Refreshment

In evaluating a portfolio company's refreshment process, Dimensional may consider, among other information:

∙Whether the company's board assessment process meets market best practices in terms of objectiveness, rigor, disclosure, and other criteria;

∙Whether the company has any mechanisms to encourage board refreshment; and

∙Whether the company has board entrenchment devices, such as a classified board or plurality vote standard.

Bundled/Slate Director Elections

Contested Director Elections

Auditors

Anti-Takeover Provisions

Related-Party Transactions

Amendments to Articles of Association/Incorporation

A-2

Equity Plans

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and company employees with those of shareholders.

Executive Remuneration

Director Remuneration

Dimensional will generally support director remuneration at portfolio companies that is reasonable in both size and composition relative to industry and market norms.

Mergers & Acquisitions (M&A)

Dimensional may vote against deals where there are concerns with the acquisition process or where there appear to be significant conflicts of interest.

Capitalization

Dimensional opposes the creation of share structures that provide for unequal voting rights and will generally vote against proposals to create or continue such structures.

Shareholder Proposals

A-3

Voting Guidelines for Environmental and Social Issues

Evaluating Disclosure of Material Environmental or Social Risks

∙A description of material risks.

∙A description of the process for identifying and prioritizing such risks and how frequently it occurs.

∙The policies and procedures governing the handling of each material risk.

∙A description of the management-level roles/groups involved in oversight and mitigation of each material risk.

∙A description of the metrics used to assess the effectiveness of mitigating each material risk, and the frequency at which performance against these metrics is assessed.

∙A description of how the board is informed of material risks and the progress against relevant metrics.

Proxy Voting Principles for the United States

Director Elections:

Uncontested Director Elections

Dimensional may vote against or withhold votes from individual directors, committee members, or the full board of a portfolio company in the following situations:

A-4

1.Problematic audit-related practices;

2.Problematic compensation practices or persistent pay for performance misalignment;

3.Problematic anti-takeover provisions;

4.Material failures of governance, risk oversight, or fiduciary responsibilities;

5.Failure to adequately respond to shareholder concerns;

6.Lack of accountability to shareholders;

7.There is an ineffective board refreshment process.

Dimensional also considers the following when voting on directors at portfolio companies:

1.Director attendance - Board members should attend at least 75% of meetings.

2.Director commitments - Board members should ensure that they have the capacity to fulfill the requirements of each board membership.

Contested Director Elections

In the case of contested board elections at portfolio companies, Dimensional takes a case-by-case approach. With the goal of maximizing shareholder value, we consider the qualifications of the nominees, the likelihood that each side can accomplish their stated plans, the portfolio company's corporate governance practices, the incumbent board's history of responsiveness to shareholders, and the market's reaction to the contest.

Board Structure and Composition:

Board Refreshment

CEO/Chair

Dimensional believes that the portfolio company boards are responsible for determining whether the separation of roles is appropriate and adequately protects the interests of shareholders.

A-5

Board Size

Governance Practices:

Classified Boards

Dual Classes of Stock

Dual class share structures are generally seen as detrimental to shareholder rights, as they are accompanied by unequal voting rights. Dimensional believes in the principle of one share, one vote.

Supermajority Vote Requirements

Shareholder Rights Plans (Poison Pills)

A-6

Cumulative Voting

Majority Voting

To account for contested director elections, portfolio companies with a majority vote standard should include a carve-out for plurality voting in situations where there are more nominees than seats.

Right to Call Meetings and Act by Written Consent

Dimensional will generally support the right of shareholders to call special meetings of a portfolio company board (if they own 25% of shares outstanding) and take action by written consent.

Proxy Access

Amend Bylaws/Charters

Exclusive Forum

Dimensional is generally supportive of management proposals at portfolio companies to adopt an exclusive forum for shareholder litigation.

Auditors

A-7

Executive and Director Compensation:

Stock-Based Compensation Plans

Dimensional supports the adoption of equity plans that align the interests of portfolio company board, management, and company employees with those of shareholders.

Dimensional may also vote against equity plans if problematic equity grant practices have contributed to a pay for performance misalignment at the portfolio company.

Employee Stock Purchase Plans

Supplemental Executive Retirement Plans

Advisory Votes on Executive Compensation (Say on Pay)

Certain practices, such as:

∙multi-year guaranteed bonuses

∙excessive severance agreements (particularly those that vest without involuntary job loss or diminution of duties or those with excise-tax gross-ups)

∙single, or the same, metrics used for both short-term and long-term executive compensation plans

may encourage excessive risk-taking by executives at portfolio companies and are generally opposed by Dimensional.

A-8

Frequency of Say on Pay

Clawback Provisions

Dimensional typically supports clawback provisions in executive compensation plans as a way to mitigate risk of excessive risk taking by executives at portfolio companies.

Executive Severance Agreements (Golden Parachutes)

Dimensional analyzes golden parachute proposals on a case-by-case basis.

Dimensional expects vesting of equity to be contingent on both a change in control and a subsequent involuntary termination of the employee ("double-trigger change in control").

Compensation of Directors

Dimensional will support director compensation at a portfolio company that is reasonable in both size and composition relative to industry and market norms.

Corporate Actions:

Mergers and Acquisitions (M&A)

Dimensional may vote against deals where there are concerns with the acquisition process or where there appear to be significant conflicts of interest.

Reincorporation

Dimensional will evaluate reincorporation proposals on a case-by-case basis.

Dimensional may vote against reincorporations if the move would result in a substantial diminution of shareholder rights at the portfolio company.

A-9

Capitalization:

Increase Authorized Shares

Dimensional will typically vote against requests for common or preferred stock issuances that are excessively dilutive relative to common market practice.

Dimensional will typically vote against proposals at portfolio companies with multiple share classes to increase the number of shares of the class with superior voting rights.

Blank Check Preferred Stock

Share Repurchases

Shareholder Proposals:

Director Election Guidelines for Europe, the Middle East, and Africa (EMEA)

Dimensional will leverage its global framework when evaluating EMEA portfolio companies, but will apply the following market-specific considerations when voting on directors.

When voting on the election of directors of portfolio companies, Dimensional applies the following standards across EMEA unless otherwise specified below:

A-10

∙A majority of audit committee members (excluding shareholder or employee representatives as provided by law) should be independent; the committee overall should be at least one-third independent.

∙Executives should generally not serve on audit and remuneration committees.

∙Board terms generally should not exceed four years.

∙Directors should generally not serve on the boards of more than five publicly traded companies.

∙Dimensional generally expects executive directors to avoid serving in leadership roles (e.g. board chair) on outside boards.

United Kingdom

Dimensional expects portfolio companies to follow the requirements of the UK Corporate Governance Code with regards to board and committee composition.

France

Dimensional will typically vote against the election of censors, but may consider providing support if the censor is to serve on an interim basis.

Dimensional may vote against directors of a portfolio company if such company's bylaws do not currently prohibit loyalty shares and there has been no commitment to put such structures to a vote.

Germany

Dimensional will typically vote against directors of a portfolio company whose board term exceeds five years.

Greece

Dimensional expects all portfolio company boards to be at least one-third independent.

Italy

At portfolio companies electing directors through the voto di lista system, Dimensional expects that names of candidates to be disclosed in a timely manner.

Portugal

Dimensional expects all portfolio company boards to be at least one-third independent.

Switzerland

Dimensional expects the role of chairman and CEO of a portfolio company to be separated and will generally vote against the election of a director to serve in a combined role.

A-11

South Africa

Dimensional expects portfolio companies to follow the recommendations of the King Report On Corporate Governance (King Code IV) with regards to board and committee composition.

Turkey

Dimensional expects the board of directors of a portfolio company to be at least one-third independent; at minimum two directors should be independent.

Dimensional expects the board of a portfolio company to establish an independent audit committee.

Proxy Voting Principles for Australia

Uncontested Director Elections

CEO/Chair

Auditors

Australian law does not require the annual ratification of auditors; therefore, concerns with a portfolio company's audit practices will be reflected in votes against members of the audit committee.

Dimensional may also vote against audit committee members in instances of fraud or material failures in oversight of audit functions.

Share Issuances

Dimensional will evaluate requests for share issuances on a case-by-case basis, taking into account factors such as the impact on current shareholders and the rationale for the request.

When voting on approval of prior share distributions, Dimensional will generally support prior issuances that conform to the dilution guidelines set out in ASX Listing Rule 7.1.

A-12

Share Repurchase

Constitution Amendments

Dimensional will evaluate requests for amendments to a portfolio company's constitution on a case-by-case basis. The primary consideration will be the impact on the rights of shareholders.

Non-Executive Director Compensation

Dimensional will support non-executive director remuneration at portfolio companies that is reasonable in both size and composition relative to industry and market norms.

Dimensional will generally vote against components of non-executive director remuneration that are likely to impair a director's independence, such as options or performance-based remuneration.

Equity Plans

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and company employees with those of shareholders.

Companies should clearly disclose components of the plan, including vesting periods and performance hurdles.

Dimensional may vote against plans that are exceedingly dilutive to existing shareholders. Plans that permit retesting or repricing will generally be viewed unfavorably.

Proxy Voting Principles for Japan

Uncontested Director Elections

A-13

Statutory Auditors

Director and Statutory Auditor Compensation

Dimensional will support compensation for portfolio company directors and statutory auditors that is reasonable in both size and composition relative to industry and market norms.

Dimensional generally supports the granting of retirement benefits to portfolio company insiders, so long as the individual payments, and aggregate amount of such payments, is disclosed.

Equity Based Compensation

Dimensional supports the adoption of equity plans that align the interests of the portfolio company board, management, and company employees with those of shareholders.

Dimensional will generally vote against stock plans if upper limit of options that can be issued per year is not disclosed.

For deep-discounted stock option plans, Dimensional typically expects portfolio companies to disclose specific performance hurdles.

A-14

Capital Allocation

Dimensional will typically support well-justified dividend payouts that do not negatively impact the portfolio company's overall financial health.

Share Repurchase

Dimensional will typically support proposed repurchases that do not have a negative impact on shareholder value.

For repurchases of more than 10 percent of issue share capital, Dimensional expects the company to provide a robust explanation for the request.

Shareholder Rights Plans (Poison Pills)

Indemnification and Limitations on Liability

Dimensional generally supports limitations on liability for directors and statutory auditors in ordinary circumstances.

Limit Legal Liability of External Auditors

Dimensional generally opposes limitations on the liability of external auditors.

Increase in Authorized Capital

For increases that exceed these guidelines, Dimensional expects portfolio companies to provide a robust explanation for the increase.

Dimensional will generally not support requests for increases that will be used as an anti-takeover device.

Expansion of Business Activities

A-15

DFA INVESTMENT DIMENSIONS GROUP INC.

6300 Bee Cave Road, Building One, Austin, TX 78746

Telephone: (512) 306-7400

STATEMENT OF ADDITIONAL INFORMATION

February 28, 2020

(as supplemented March 31, 2020)

DFA Investment Dimensions Group Inc. ("DFAIDG" or the "Fund") is an open-end management investment company that offers one-hundred and five series of shares. This Statement of Additional Information ("SAI") relates to eight series of the Fund (individually, a "Portfolio" and collectively, the "Portfolios"):

DOMESTIC EQUITY PORTFOLIOS

Tax-Managed U.S. Marketwide Value Portfolio (Feeder)	Tax-Managed U.S. Equity Portfolio
Ticker: DTMMX	Ticker: DTMEX
Tax-Managed U.S. Targeted Value Portfolio	Tax-Managed U.S. Small Cap Portfolio
Ticker: DTMVX	Ticker: DFTSX
T.A. U.S. Core Equity 2 Portfolio
Ticker: DFTCX
INTERNATIONAL EQUITY PORTFOLIOS
Tax-Managed DFA International Value Portfolio	T.A. World ex U.S. Core Equity Portfolio
Ticker: DTMIX	Ticker: DFTWX

World ex U.S. Targeted Value Portfolio

Ticker: DWUSX

This SAI is not a prospectus but should be read in conjunction with the Portfolios' Prospectus dated February 28, 2020, as amended from time to time. The audited financial statements and financial highlights of the Portfolios (as applicable) are incorporated by reference from the Fund's annual report to shareholders and the audited financial statements and financial highlights for the Master Fund are incorporated by reference from The DFA Investment Trust Company's (the "Trust") annual report to shareholders. The Prospectus and the annual reports can be obtained by writing to the above address or by calling the above telephone number.

TABLE OF CONTENTS
PORTFOLIO CHARACTERISTICS AND POLICIES ..........................................................................................	1
BROKERAGE TRANSACTIONS.............................................................................................................................	1
INVESTMENT LIMITATIONS................................................................................................................................	3
FUTURES CONTRACTS...........................................................................................................................................	5
FOREIGN CURRENCY TRANSACTIONS ............................................................................................................	6
EXCLUSION FROM COMMODITY POOL OPERATOR STATUS...................................................................	6
FOREIGN ISSUERS...................................................................................................................................................	7
GENERAL MARKET AND GEOPOLITICAL RISKS..........................................................................................	8
POLITICAL, UNITED KINGDOM AND EUROPEAN MARKET RELATED RISKS .....................................	9
CASH MANAGEMENT PRACTICES .....................................................................................................................	9
INTERFUND BORROWING AND LENDING .....................................................................................................	10
WHEN-ISSUED SECURITIES, DELAYED DELIVERY, AND FORWARD COMMITMENT
TRANSACTIONS .....................................................................................................................................................	10
EXCHANGE TRADED FUNDS ..............................................................................................................................	11
DIRECTORS AND OFFICERS...............................................................................................................................	11
SERVICES TO THE FUND .....................................................................................................................................	21
MANAGEMENT FEES ............................................................................................................................................	24
PORTFOLIO MANAGERS .....................................................................................................................................	27
GENERAL INFORMATION...................................................................................................................................	30
CODE OF ETHICS ...................................................................................................................................................	30
SHAREHOLDER RIGHTS......................................................................................................................................	30
PRINCIPAL HOLDERS OF SECURITIES...........................................................................................................	31
PURCHASE OF SHARES........................................................................................................................................	32
REDEMPTION AND TRANSFER OF SHARES ..................................................................................................	32
TAXATION OF THE PORTFOLIOS AND THEIR SHAREHOLDERS ...........................................................	33
PROXY VOTING POLICIES..................................................................................................................................	46
DISCLOSURE OF PORTFOLIO HOLDINGS .....................................................................................................	48
SECURITIES LENDING .........................................................................................................................................	50
FINANCIAL STATEMENTS ..................................................................................................................................	51
PERFORMANCE DATA .........................................................................................................................................	52

PORTFOLIO CHARACTERISTICS AND POLICIES

The Tax-Managed U.S. Marketwide Value Portfolio, as identified on the cover page of this SAI, is a Feeder Portfolio (the "Feeder Portfolio") that seeks to achieve its investment objective by investing substantially all of its investable assets in The Tax-Managed U.S. Marketwide Value Series (the "Master Fund"), a series of The DFA Investment Trust Company (the "Trust"). Dimensional Fund Advisors LP (the "Advisor" or "Dimensional") serves as investment advisor to each of the Portfolios and the Master Fund. The Advisor is organized as a Delaware limited partnership and is controlled and operated by its general partner, Dimensional Holdings Inc., a Delaware corporation. Capitalized terms not otherwise defined in this SAI have the meanings assigned to them in the Prospectus.

Each of the Portfolios and the Master Fund is diversified under the federal securities laws and regulations.

Because the structure of the Portfolios and Master Fund is based on the relative market capitalizations of eligible holdings, it is possible that a Portfolio might include at least 5% of the outstanding voting securities of one or more issuers. In such circumstances, a Portfolio and the issuer would be deemed affiliated persons and certain requirements under the federal securities laws and regulations regulating dealings between mutual funds and their affiliates might become applicable.

Each of the Portfolios (except the Tax-Managed DFA International Value Portfolio and World ex U.S. Targeted Value Portfolio) has adopted a non-fundamental policy as required by Rule 35d-1 under the Investment Company Act of 1940 (the "1940 Act") that, under normal circumstances, at least 80% of the value of each Portfolio's net assets, plus the amount of any borrowings for investment purposes, will be invested in a specific type of investment. For purposes of each 80% policy, the value of the derivatives in which a Portfolio invests will be calculated in the same way that the values of derivatives are calculated when calculating a Portfolio's net asset value. Derivative instruments are valued at market price (not notional value) and may be fair valued, for purposes of calculating a Portfolio's net asset value. Additionally, if a Portfolio changes its 80% investment policy, the Portfolio will notify shareholders at least 60 days before the change, and will change the name of the Portfolio. For more information on each Portfolio's specific 80% policy, see each Portfolio's "PRINCIPAL INVESTMENT STRATEGIES" section in the Prospectus.

BROKERAGE TRANSACTIONS

The following table reports brokerage commissions paid by the designated Portfolios for the fiscal years ended October 31, 2019, October 31, 2018 and October 31, 2017. For the Tax-Managed U.S. Marketwide Value Portfolio, the amounts are commissions paid by its corresponding Master Fund.

	Fiscal Year	Fiscal Year	Fiscal Year
	Ended	Ended	Ended
	2019	2018	2017
Tax-Managed U.S. Marketwide Value Portfolio	$162,084	$91,322	$160,540
Tax-Managed U.S. Equity Portfolio	$29,988	$18,078	$46,685
Tax-Managed U.S. Targeted Value Portfolio	$575,684	$336,141	$466,522
Tax-Managed U.S. Small Cap Portfolio	$247,445	$202,410	$208,574
T.A. U.S. Core Equity 2 Portfolio	$184,030	$178,379	$197,504
Tax-Managed DFA International Value Portfolio	$406,814	$567,529	$429,835
T.A. World ex U.S. Core Equity Portfolio	$343,847	$297,638	$234,217
World ex U.S. Targeted Value Portfolio	$120,630	$128,471	$94,473

Portfolio transactions will be placed with a view to receiving the best price and execution. The Advisor will seek to acquire and dispose of securities in a manner which would cause as little fluctuation in the market prices of securities being purchased or sold as possible in light of the size of the transactions being effected, and brokers will be selected with this goal in view. The Advisor monitors the performance of brokers that effect transactions for the Portfolios to determine the effect that their trading has on the market prices of the securities in which they invest. The Advisor also checks the rate of commission, if any, being paid by the Portfolios to their brokers to ascertain that the rates are competitive with those charged by other brokers for similar services. Dimensional Fund Advisors Ltd. and DFA Australia Limited also may perform these services for the Portfolios that they sub-advise.

Subject to the duty to seek to obtain best price and execution, transactions may be placed with brokers that have assisted in the sale of Portfolio shares. The Advisor, however, pursuant to policies and procedures approved by the Board of Directors of the Fund and the Board of Trustees of the Trust, is prohibited from selecting brokers and dealers to effect the portfolio securities transactions for a Portfolio or a Master Fund based (in whole or in part) on a broker's or dealer's promotion or sale of shares issued by a Portfolio or any other registered investment companies.

Companies eligible for purchase by each Portfolio or Master Fund may be thinly traded securities. The Advisor believes that it needs maximum flexibility to effect trades on a best execution basis. As deemed appropriate, the Advisor places buy and sell orders for the Portfolios and Master Fund with various brokerage firms that may act as principal or agent. The Advisor may also make use of direct market access and algorithmic, program or electronic trading methods. The Advisor may extensively use electronic trading systems as such systems can provide the ability to customize the orders placed and can assist in the Advisor's execution strategies.

For the fiscal year ended October 31, 2019, the Portfolios or, in the case of the Tax-Managed U.S. Marketwide Value Portfolio, its corresponding Master Fund, and the Advisor did not through an agreement or understanding with a broker, or otherwise through an internal allocation procedure, direct any Portfolio's or Master Fund's brokerage transactions to a broker because of research services provided.

The Tax-Managed U.S. Marketwide Value Portfolio does not incur any brokerage costs in connection with its purchases or redemptions of shares of its Master Fund.

The Portfolios or Master Fund may purchase securities of their regular brokers or dealers (as defined in Rule 10b-1 of the 1940 Act). The table below lists the regular brokers or dealers of each Portfolio, or in the case of the Feeder Portfolio, its corresponding Master Fund, whose securities (or securities of the broker's or dealer's parent company) were acquired by the Portfolio or Master Fund during the fiscal year ended October 31, 2019, as well as the value of such securities held by the Portfolio or Master Fund as of October 31, 2019.

Master Fund/Portfolio	Broker or Dealer	Value of Securities
Tax-Managed U.S. Marketwide Value Series	Citigroup	$134,401,626
Tax-Managed U.S. Marketwide Value Series	Morgan Stanley & Co	$47,750,304
Tax-Managed U.S. Marketwide Value Series	Jefferies	$2,140,291
Tax-Managed U.S. Equity Portfolio	Citigroup	$23,833,950
	2

Master Fund/Portfolio	Broker or Dealer	Value of Securities
Tax-Managed U.S. Equity Portfolio	Morgan Stanley & Co	$8,236,043
Tax-Managed U.S. Equity Portfolio	Jefferies	$675,369
Tax-Managed U.S. Equity Portfolio	Virtu Financial, Inc	$111,088
Tax-Managed U.S. Targeted Value Portfolio	Jefferies	$3,667,292
Tax-Managed U.S. Small Cap Portfolio	Virtu Financial, Inc	$72,928
T.A. U.S. Core Equity 2 Portfolio	Citigroup	$34,885,587
T.A. U.S. Core Equity 2 Portfolio	Jefferies	$3,184,056
T.A. U.S. Core Equity 2 Portfolio	Virtu Financial, Inc	$1,291,453
Tax-Managed DFA International Value Portfolio	Societe Generale	$17,906,423
Tax-Managed DFA International Value Portfolio	Instinet	$4,246,856
T.A. World ex U.S. Core Equity Portfolio	Societe Generale	$2,829,738
T.A. World ex U.S. Core Equity Portfolio	Instinet	$1,490,521

INVESTMENT LIMITATIONS

(2)more than 50% of the outstanding voting securities of such Portfolio. The Portfolios will not:

(6)engage in the business of underwriting securities issued by others; or

(7)issue senior securities (as such term is defined in Section 18(f) of the 1940 Act), except to the extent permitted by the 1940 Act.

The Portfolios, except the T.A. U.S. Core Equity 2 Portfolio, T.A. World ex U.S. Core Equity Portfolio and World ex U.S. Targeted Value Portfolio, will not:

The T.A. U.S. Core Equity 2 Portfolio, T.A. World ex U.S. Core Equity Portfolio and World ex U.S. Targeted Value Portfolio will not:

The investment limitations described in (5), (8), and (9) above do not prohibit the Feeder Portfolio or the World ex U.S. Targeted Value Portfolio from investing all or substantially all of its assets in the shares of another registered, open-end investment company, such as its corresponding Master Fund or Underlying Funds. The investment limitations of the Master Fund are the same as those of the Feeder Portfolio. The investment limitations of the Underlying Funds, if any, are set forth in their respective statements of additional information.

With respect to the investment limitation described in (1) above, each Portfolio will maintain asset coverage of at least 300% (as described in the 1940 Act), inclusive of any amounts borrowed, with respect to any borrowings made by such Portfolio. Under the 1940 Act, an open-end investment company may borrow up to 33⅓% of its total assets (including the amount borrowed) from banks, and may borrow up to an additional 5% of its total assets, for temporary purposes, from any other person.

Although the investment limitation described in (2) above prohibits loans, the Portfolios are authorized to lend portfolio securities. Investment limitation (2) above also does not, among other things, prevent a Portfolio from engaging in repurchase agreements, acquiring debt or loan instruments in the future or participating in an interfund lending order granted by the SEC. Inasmuch as the Feeder Portfolio will only hold shares of its Master Fund, the Feeder Portfolio does not intend to lend those shares.

Pursuant to Rule 144A under the Securities Act of 1933, as amended, the Portfolios may purchase certain unregistered (i.e. restricted) securities upon a determination that a liquid institutional market exists for the securities. If it is determined that a liquid market does exist, the securities will not be subject to the 15% limitation on illiquid investments. Among other considerations, for Rule 144A securities to be considered liquid, there must be at least two dealers making a market in such securities. After purchase, the Portfolios will continue to monitor the liquidity of Rule 144A securities.

With respect to the investment limitation described in (7) above, the Portfolios will not issue senior securities, except that each Portfolio may borrow money as described above. Each Portfolio may also borrow money for temporary purposes, but not in excess of 5% of such Portfolio's total assets. Further, a transaction or agreement that otherwise might be deemed to create leverage, such as a forward or futures contract, option, swap or when-issued security, delayed delivery or forward commitment transaction, will not be considered a senior security to the extent the Portfolio enters into an offsetting financial position, segregates liquid assets equal to the Portfolio's obligations arising from the transaction or otherwise "covers" the transaction in accordance with SEC positions.

invested in securities issued by any one foreign government or supranational organization. In applying the investment limitations described in (8) and (9) above, each Portfolio will also look through to the security holdings of any investment companies in which the Portfolio invests, if applicable.

The investment limitations described above do not prohibit the Portfolios from purchasing or selling futures contracts and options on futures contracts, to the extent otherwise permitted under the Portfolios' investment strategies. Further, except with respect to a Portfolio's or the Master Fund's limitation on borrowing, illiquid investments, or as otherwise indicated, with respect to the investment limitations described above, all limitations applicable to the Portfolios' and Master Fund's investments apply only at the time that a transaction is undertaken.

Notwithstanding any of the above investment limitations, the T.A. World ex U.S. Core Equity Portfolio and World ex U.S. Targeted Value Portfolio may establish subsidiaries or other similar vehicles for the purpose of conducting its investment operations if such subsidiaries or vehicles are required by local laws or regulations governing foreign investors, or whose use is otherwise considered by the Portfolio to be advisable. The T.A. World ex U.S. Core Equity Portfolio and World ex U.S. Targeted Value Portfolio would "look through" any such vehicle or subsidiary to determine compliance with its investment restrictions.

FUTURES CONTRACTS

Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of defined securities at a specified future time and at a specified price. Futures contracts that are standardized as to maturity date and underlying financial instrument are traded on national futures exchanges. Each Portfolio or Master Fund will be required to make a margin deposit in cash or government securities with a futures commission merchant ("FCM") to initiate and maintain positions in futures contracts. Minimal initial margin requirements are established by the futures exchanges, and FCMs may establish margin requirements, which are higher than the exchange requirements. A Portfolio or Master Fund also will incur brokerage costs in connection with entering into futures contracts. After a futures contract position is opened, the value of the contract is marked to market daily. If the futures contract price changes to the extent that the margin on deposit does not satisfy margin requirements, payment of additional "variation" margin to be held by the FCM will be required. Conversely, a reduction in the required margin would result in excess margin that can be refunded to the custodial accounts of the Portfolio or Master Fund. Variation margin payments may be made to and from the futures broker for as long as the contract remains open. Each Portfolio and Master Fund expects to earn income on its margin deposits.

At any time prior to the expiration of a futures contract, a Portfolio or Master Fund may elect to close the position by taking an opposite position, which will operate to terminate its existing position in the contract. Positions in futures contracts may be closed out only on the exchange on which they were entered into (or through a linked exchange). No secondary market for such contracts exists. Although a Portfolio or Master Fund or may enter into futures contracts only if there is an active market for such contracts, there is no assurance that an active market will exist for any particular futures contract at any specific time. Most futures exchanges limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified periods during the day. It is possible that futures contract prices could move to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions at an advantageous price and subjecting a Portfolio or Master Fund to substantial losses. In such event, and in the event of adverse price movements, the Portfolio or Master Fund would be required to make daily cash payments of variation margin. In such situations, if the Portfolio or Master Fund had insufficient cash, it might have to sell securities to meet daily variation margin requirements at a time when it would be disadvantageous to do so. In addition, if the transaction is entered into for hedging purposes, in such circumstances a Portfolio or Master Fund may realize a loss on a futures contract or option that is not offset by an increase in the value of the hedged position. Losses incurred in futures transactions and the costs of these transactions will affect the performance of the Portfolio or Master Fund.

Pursuant to published positions of the SEC and interpretations of the staff of the SEC, a Portfolio or Master Fund (or its custodian) is required to maintain segregated accounts or to segregate assets through notations on the books of the custodian, consisting of liquid assets (or, as permitted under applicable interpretations, enter into offsetting positions) in

connection with its futures contract transactions in order to cover its obligations with respect to such contracts. These requirements are designed to limit the amount of leverage the Portfolios or Master Fund may use by entering into futures transactions.

FOREIGN CURRENCY TRANSACTIONS

The Tax-Managed DFA International Value Portfolio, T.A. World ex U.S. Core Equity Portfolio and World ex U.S. Targeted Value Portfolio may each enter into foreign currency exchange transactions in order to attempt to protect against uncertainty in the level of future foreign currency exchange rates. A Portfolio will conduct its foreign currency exchange transactions either on a spot (i.e., cash) basis at the spot rate prevailing in the foreign currency exchange market, or through entering into forward contracts to purchase or sell foreign currencies. A foreign currency forward contract involves an obligation to exchange two currencies at a future date, which may be any fixed number of days (usually less than one year) from the date of the contract agreed upon by the parties, at a fixed rate set at the time of the contract. These contracts are traded in the interbank market conducted directly between traders (usually large commercial banks) and their customers. A forward contract generally has no deposit requirement, and no commissions are charged at any stage for trades. Although foreign exchange dealers do not charge a fee for conversion, they do realize a profit based on the difference (the spread) between the price at which they are buying and selling various currencies.

The Tax-Managed DFA International Value Portfolio, T.A. World ex U.S. Core Equity Portfolio and World ex U.S. Targeted Value Portfolio may each enter into a foreign currency exchange transaction in connection with the purchase or sale of foreign equity securities, typically to "lock in" the value of the transaction with respect to a different currency. In addition, a Portfolio may, from time to time, enter into a forward contract to transfer balances from one currency to another currency.

The use of foreign currency exchange transactions may not benefit the Tax-Managed DFA International Value Portfolio, T.A. World ex U.S. Core Equity Portfolio or World ex U.S. Targeted Value Portfolio if exchange rates move in an unexpected manner. In addition, these techniques could result in a loss if the counterparty to a transaction does not perform as promised, including because of the counterparty's bankruptcy or insolvency. These transactions also involve settlement risk, which is the risk faced when one party to a transaction has performed its obligations under a contract but has not yet received value from its counterparty.

EXCLUSION FROM COMMODITY POOL OPERATOR STATUS

unrealized profits and unrealized losses on any such positions); or (2) the aggregate net notional value of the Master Fund's or Portfolio's commodity interest positions, determined at the time the most recent such position was established, may not exceed 100% of the liquidation value of the Master Fund's or Portfolio's portfolio (after taking into account unrealized profits and unrealized losses on any such positions). In addition to meeting one of these trading limitations, each Portfolio or the Master Fund may not be marketed as a commodity pool or otherwise as a vehicle for trading in the commodity futures, commodity options or swaps markets. If, in the future, a Portfolio or the Master Fund can no longer satisfy these requirements, the Advisor would withdraw its notice claiming an exclusion from the definition of a CPO, and the Advisor would be subject to registration and regulation as a CPO with respect to the Master Fund or Portfolio, in accordance with CFTC rules that apply to CPOs of registered investment companies. Generally, these rules allow for substituted compliance with CFTC disclosure and shareholder reporting requirements, based on the Advisor's compliance with comparable SEC requirements. However, as a result of CFTC regulation with respect to a Portfolio or the Master Fund, the Portfolio or Master Fund may incur additional compliance and other expenses.

FOREIGN ISSUERS

The Tax-Managed DFA International Value Portfolio, T.A. World ex U.S. Core Equity Portfolio and World ex U.S. Targeted Value Portfolio each may acquire and sell securities issued in foreign countries. There are substantial risks associated with investing in the securities issued by governments and companies located in, or having substantial operations in, foreign countries, which are in addition to the risks inherent in U.S. investments. In many foreign countries there is less government supervision and regulation of stock exchanges, brokers, and listed companies than in the U.S., which may result in greater potential for fraud or market manipulation. There is also the risk of substantially more government involvement in the economy in foreign countries, as well as, the possible arbitrary and unpredictable enforcement of securities regulations and other laws, which may limit the ability of a Portfolio to invest in foreign issuers.

It is also possible that the U.S., other nations or other governmental entities (including supranational entities) could impose sanctions against issuers in various sectors of certain foreign countries. This could limit a Portfolio's investment opportunities in such countries, impairing the Portfolio's ability to invest in accordance with its investment strategy and/or to meet its investment objective. In addition, an imposition of sanctions upon such issuers could result in an immediate freeze of the issuers' securities, impairing the ability of a Portfolio to buy, sell, receive or deliver those securities. Further, current sanctions or the threat of potential sanctions may also impair the value or liquidity of affected securities and negatively impact a Portfolio.

Emerging markets

Securities of issuers associated with emerging market countries, including, but not limited to, issuers that are organized under the laws of, maintain a principal place of business in, derive significant revenues from, or issue securities backed by the government (or, its agencies or instrumentalities) of emerging market countries may be subject to higher and additional risks than securities of issuers in developed foreign markets. These risks include, but are not limited to (i) social, political and economic instability; (ii) government intervention, including policies or regulations that may restrict a Portfolio's investment opportunities, including restrictions on investment in issuers or industries deemed sensitive to an emerging market country's national interests; (iii) less transparent and established taxation policies; (iv) less developed legal systems allowing for enforcement of private property rights and/or redress for injuries to private property; (v) the lack of a capital market structure or market-oriented economy; (vi) higher degree of corruption and fraud; (vii) counterparties and financial institutions with less financial sophistication, creditworthiness and/or resources as those in developed foreign markets; and (viii) the possibility that the process of easing restrictions on foreign investment occurring in some emerging market countries may be slowed or reversed by unanticipated economic, political or social events in such countries, or the countries that exercise a significant influence over those countries.

Some emerging market currencies may not be internationally traded or may be subject to strict controls on foreign investment by local governments, resulting in undervalued or overvalued currencies and associated difficulties with the valuation of assets, including a Portfolio's securities, denominated in that currency. Some emerging market governments restrict currency conversions and/or set limits on repatriation of invested capital. Future restrictive exchange controls could prevent or restrict a company's ability to make dividend or interest payments in the original currency of the obligation (usually U.S. dollars). In addition, even though the currencies of some emerging market countries may be convertible into U.S. dollars, the conversion rates may be different than the actual market values and may be adverse to a Portfolio's shareholders.

GENERAL MARKET AND GEOPOLITICAL RISKS

management systems. Negative global events also can disrupt the operations and processes of any of the service providers for a Portfolio or the Master Fund. Similarly, negative global events, in some cases, could constitute a force majeure event under contracts with service providers or contracts entered into with counterparties for certain transactions.

POLITICAL, UNITED KINGDOM AND EUROPEAN MARKET RELATED RISKS

CASH MANAGEMENT PRACTICES

The non-Feeder Portfolios and the Master Fund engage in cash management practices in order to earn income on uncommitted cash balances. Generally, cash is uncommitted pending investment in other obligations, payment of redemptions or in other circumstances where the Advisor believes liquidity is necessary or desirable. For example, in the case of the Master Fund, cash investments may be made for temporary defensive purposes during periods in which market, economic or political conditions warrant. In addition, each of non-Feeder Portfolios and the Master Fund may enter into arrangements with its custodian whereby it may earn a credit on its cash balances maintained in its non-interest bearing U.S. Dollar custody cash account to be applied against fund service fees payable to the custodian or the custodian's subsidiaries for fund services provided.

The non-Feeder Portfolios and the Master Fund may invest cash in the following permissible investments:

Portfolios and Master Fund	Permissible Cash Investment *

Tax Managed U.S. Small Cap Portfolio and Tax-Managed	Short-term repurchase agreements; fixed income securities, such as money
U.S. Equity Portfolio	market instruments; index futures contracts and options thereon; affiliated
	and unaffiliated registered and unregistered money market funds**

Tax-Managed U.S. Marketwide Value Series and Tax-	Short-term repurchase agreements; fixed income securities, such as money
Managed U.S. Targeted Value Portfolio	market instruments; index futures contracts and options thereon; affiliated
	and unaffiliated registered and unregistered money market funds**

Tax-Managed DFA International Value Portfolio	Short-term repurchase agreements; fixed income securities, such as money
	market instruments; index futures contracts and options thereon; affiliated
	and unaffiliated registered and unregistered money market funds**

T.A. U.S. Core Equity 2 Portfolio	Short-term repurchase agreements; fixed income securities, such as money
	market instruments; index futures contracts and options thereon; affiliated
	and unaffiliated registered and unregistered money market funds**

Portfolios and Master Fund	Permissible Cash Investment *
T.A. World ex U.S. Core Equity Portfolio	Short-term repurchase agreements; fixed income securities, such as money
	market instruments; freely convertible currencies; shares of affiliated and
	unaffiliated registered and unregistered money market mutual funds**;
	index futures contracts and options thereon

World ex U.S. Targeted Value Portfolio	Short-term repurchase agreements; fixed income securities, such as money
	market instruments; freely convertible currencies; shares of affiliated and
	unaffiliated registered and unregistered money market mutual funds**;
	index futures contracts and options thereon

*With respect to fixed income instruments, except in connection with corporate actions, the Portfolios and Master Fund will invest in fixed income instruments that at the time of purchase have an investment grade rating by a rating agency or are deemed to be investment grade by the Advisor.

**Investments in money market mutual funds may involve duplication of certain fees and expenses.

INTERFUND BORROWING AND LENDING

WHEN-ISSUED SECURITIES, DELAYED DELIVERY, AND FORWARD COMMITMENT TRANSACTIONS

Each non-Feeder Portfolio and the Master Fund may purchase eligible securities or sell securities it is entitled to receive on a when-issued basis. When purchasing securities on a when-issued basis, the price or yield is agreed to at the time of purchase, but the payment and settlement dates are not fixed until the securities are issued. It is possible that the securities will never be issued and the commitment cancelled. In addition, each non-Feeder Portfolio and the Master Fund may purchase or sell eligible securities for delayed delivery or on a forward commitment basis where the non-Feeder Portfolio or Master Fund contracts to purchase or sell such securities at a fixed price at a future date beyond the normal settlement time. Each non-Feeder Portfolio and the Master Fund may renegotiate a commitment or sell a security it has committed to purchase prior to the settlement date, if deemed advisable.

While the payment obligation and, if applicable, interest rate are set at the time a non-Feeder Portfolio or the Master Fund enters into a when-issued, delayed delivery, to-be-announced, or forward commitment transaction, no interest or dividends accrue to the purchaser prior to the settlement date. In addition, the value of a security purchased or sold is subject to market fluctuations and may be worth more or less on the settlement date than the price a non-Feeder Portfolio or the Master Fund committed to pay or receive for the security. A non-Feeder Portfolio or the Master Fund will lose money if the value of a purchased security falls below the purchase price and a non-Feeder Portfolio or the Master Fund will not benefit from the gain if a security sold appreciates above the sales price during the commitment period.

When entering into a commitment to purchase a security on a when-issued, delayed delivery, to-be-announced, or forward commitment basis, a non-Feeder Portfolio or the Master Fund will segregate cash and/or liquid assets and will maintain such cash and/or liquid assets in an amount equal in value to such commitments.

EXCHANGE TRADED FUNDS

The non-Feeder Funds and Master Fund may also invest in Exchange Traded Funds ("ETFs") and similarly structured pooled investments for the purpose of gaining exposure to the equity markets while maintaining liquidity. An ETF is an investment company classified as an open-end investment company or unit investment trust that is traded similar to a publicly traded company. ETFs in which the Portfolios invest are passively managed and attempt to track or replicate a desired index, such as a sector, market or global segment. The risks and costs of investing in ETFs are comparable to investing in a publicly traded company. The goal of an ETF is to correspond generally to the price and yield performance, before fees and expenses, of its underlying index. The risk of not correlating to the index is an additional risk to the investors of ETFs. When a non-Feeder Fund or Master Fund invests in an ETF, shareholders of the Portfolio bear their proportionate share of the underlying ETF's fees and expenses.

DIRECTORS AND OFFICERS

Directors

Organization of the Board

The Board of Directors of the Fund (the "Board") is responsible for establishing the Fund's policies and for overseeing the management of the Fund. The Board of Directors elects the officers of the Fund, who, along with third party service providers, are responsible for administering the day-to-day operations of the Fund. The Board of Directors of the Fund is comprised of one interested Director and eight disinterested Directors. Darrell Duffie and Ingrid M. Werner were appointed to the Board effective March 28, 2019. David G. Booth, an interested Director, is Chairman of the Board. The disinterested Directors of the Board designated Myron S. Scholes as the lead disinterested Director. As the lead disinterested Director, Mr. Scholes, among other duties: acts as a principal contact for management for communications to the disinterested Directors in between regular Board meetings; assists in the coordination and preparation of quarterly Board meeting agendas; raises and discusses issues with counsel to the disinterested Directors; raises issues and discusses ideas with management on behalf of the disinterested Directors in between regular meetings of the Board; and chairs executive sessions and separate meetings of the disinterested Directors (other than Committee meetings, which are chaired by the respective Committee Chairperson). The existing Board structure for the Fund also provides the disinterested Directors with adequate influence over the governance of the Board and the Fund, while also providing the Board with the invaluable insight of the interested Director, who, as both an officer of the Fund and the Advisor, participates in the day-to-day management of the Fund's affairs, including risk management.

The agenda for each quarterly meeting of the Board is provided prior to the meeting to the disinterested Directors in order to provide the Directors with the opportunity to contact Fund management and/or the disinterested Directors' independent counsel regarding agenda items. In addition, the disinterested Directors regularly communicate with Mr. Booth regarding items of interest to them in between regularly scheduled meetings of the Board. The Board of the Fund meets in person at least four times each year and by telephone at other times. At each in-person meeting, the disinterested Directors meet in executive session with their independent counsel to discuss matters outside the presence of management.

The Investment Strategy Committee (the "Strategy Committee") assists the Board in carrying out its fiduciary duties with respect to the oversight of the Fund and its performance.

The Board's Audit Committee is comprised of George M. Constantinides, Roger G. Ibbotson, Abbie J. Smith, and Ingrid M. Werner. The Audit Committee for the Board oversees the Fund's accounting and financial reporting policies and practices, the Fund's internal controls, the Fund's financial statements and the independent audits thereof and performs other oversight functions as requested by the Board. The Audit Committee for the Board recommends the appointment of the Fund's independent registered public accounting firm and also acts as a liaison between the Fund's independent registered public accounting firm and the full Board. There were two Audit Committee meetings held for the Fund during the fiscal year ended October 31, 2019.

The Board's Nominating Committee is comprised of George M. Constantinides, Douglas W. Diamond, Darrell Duffie, Roger G. Ibbotson, Edward P. Lazear, Myron S. Scholes, Abbie J. Smith, and Ingrid M. Werner. The Nominating Committee for the Board makes recommendations for nominations of disinterested and interested members on the Board to the disinterested Board members and to the full board. The Nominating Committee evaluates a candidate's qualification for Board membership and the independence of such candidate from the Advisor and other principal service providers. The Nominating Committee met once during the fiscal year ended October 31, 2019.

The Strategy Committee is comprised of Gerard K. O'Reilly, Douglas W. Diamond, Edward P. Lazear, Myron S. Scholes, and Darrell Duffie. At the request of the Board or the Advisor, the Strategy Committee (i) reviews the design of possible new series of the Fund, (ii) reviews performance of existing Portfolios of the Fund, and discusses and recommends possible enhancements to the Portfolios' investment strategies, (iii) reviews proposals by the Advisor to modify or enhance the investment strategies or policies of each Portfolio, and (iv) considers issues relating to investment services for each Portfolio of the Fund. There were three Strategy Committee meetings held for the Fund during the fiscal year ended October 31, 2019.

The Board of the Fund, including all of the disinterested Directors, oversees and approves the contracts of the third party service providers that provide advisory, administrative, custodial and other services to the Fund.

Board Oversight of Risk Management

The Board, as a whole, considers risk management issues as part of its general oversight responsibilities throughout the year at regular board meetings, through regular reports that have been developed by Fund management and the Advisor. These reports address certain investment, valuation, liquidity and compliance matters. The Board also may receive special written reports or presentations on a variety of risk issues, either upon the Board's request or upon the initiative of the Advisor. In addition, the Audit Committee of the Board meets regularly with management of the Advisor to review reports on the Advisor's examinations of functions and processes that affect the Fund.

With respect to investment risk, the Board receives regular written reports describing and analyzing the investment performance of the Fund's portfolios. The Board discusses these reports and the portfolios' performance and investment risks with management of the Advisor at the Board's regular meetings. The Investment Committee of the Advisor meets regularly to discuss a variety of issues, including the impact that the investment in particular securities or instruments, such as derivatives, may have on the portfolios. To the extent that the Investment Committee of the Advisor decides to materially change an investment strategy or policy of a portfolio and such change could have a significant impact on the portfolio's risk profile, the Advisor will present such change to the Board for their approval.

With respect to valuation, the Advisor and the Fund's administrative and accounting agent provide regular written reports to the Board that enables the Board to review fair valued securities in a particular portfolio. Such reports also include information concerning illiquid and any worthless securities held by each portfolio. In addition, the Fund's Audit Committee reviews valuation procedures and pricing results with the Fund's independent registered public accounting firm in connection with such Committee's review of the results of the audit of each portfolio's year-end financial statements.

With respect to liquidity risk, the Board oversees the Fund's liquidity risk through, among other things, receiving periodic reporting and presentations by investment and other personnel of the Advisor. Additionally, as required by the Liquidity Rule, the Board, including a majority of the disinterested Directors, approved the Fund's Liquidity Program, which is reasonably designed to assess and manage the Fund's liquidity risk, and appointed the Liquidity Program Administrator that is responsible for administering the Liquidity Program. The Board also reviews, no less frequently than annually, a

written report prepared by the Liquidity Program Administrator that addresses, among other items, the operation of the program and assesses its adequacy and effectiveness of implementation.

With respect to compliance risks, the Board receives regular compliance reports prepared by the Advisor's compliance group and meets regularly with the Fund's Global Chief Compliance Officer ("Chief Compliance Officer") to discuss compliance issues, including compliance risks. As required under SEC rules, the disinterested Directors meet in executive session with the Chief Compliance Officer, and the Fund's Chief Compliance Officer prepares and presents an annual written compliance report to the Board. The Fund's Board adopts compliance policies and procedures for the Fund and receives information about the compliance procedures in place for the Fund's service providers. The compliance policies and procedures are specifically designed to detect and prevent violations of the federal securities laws.

Director Qualifications

While the Nominating Committee is solely responsible for the selection and recommendation to the Board of disinterested Board candidates, the Nominating Committee will consider nominees recommended by Qualifying Fund Shareholders if a vacancy occurs among Board members. A Qualifying Fund Shareholder is a shareholder, or group of shareholders, that: (i) owns of record, or beneficially through a financial intermediary, 5% or more of the Fund's outstanding shares, and (ii) has owned such shares for 12 months or more prior to submitting the recommendation to the Nominating Committee. Such recommendations shall be directed to the Secretary of the Fund at 6300 Bee Cave Road, Building One, Austin, Texas 78746. The Qualifying Fund Shareholder's letter should include: (i) the name and address of the Qualifying Fund Shareholder making the recommendation; (ii) the number of shares of each Portfolio of the Fund that are owned of record and beneficially by such Qualifying Fund Shareholder, and the length of time that such shares have been so owned by the Qualifying Fund Shareholder; (iii) a description of all arrangements and understandings between such Qualifying Fund Shareholder and any other person or persons (naming such person or persons) pursuant to which the recommendation is being made; (iv) the name and address of the nominee; and (v) the nominee's resume or curriculum vitae. The Qualifying Fund Shareholder's letter must be accompanied by a written consent of the individual to stand for election if nominated for the Board and to serve if elected by shareholders. The Nominating Committee also may seek such additional information about the nominee as the Nominating Committee considers appropriate, including information relating to such nominee that is required to be disclosed in solicitations or proxies for the election of Board members.

In addition, the Board considered that David G. Booth contributed valuable experience due to his position with the Advisor. Certain biographical information for each disinterested Director and interested Director of the Fund is set forth in the tables below, including a description of each Director's experience as a Director of the Fund and as a director or trustee of other funds, as well as other recent professional experience.

Disinterested Directors

					Other
				Portfolios	Directorships of
		Term of		within the	Public
		Office1 and		DFA Fund	Companies Held
Name, Address and		Length of		Complex2	During Past 5
Year of Birth	Position	Service	Principal Occupation During Past 5 Years	Overseen	Years
George M.	Director	Since 1983	Leo Melamed Professor of Finance, University of	129 portfolios in	None
Constantinides			Chicago Booth School of Business (since 1978).	4 investment
University of				companies
Chicago Booth
School of Business
5807 S. Woodlawn
Avenue
Chicago, IL 60637
1947
Douglas W.	Director	Since 2017	Merton H. Miller Distinguished Service Professor of	129 portfolios in	None
Diamond			Finance, University of Chicago Booth School of	4 investment
c/o Dimensional			Business (since 1988). Visiting Scholar, Federal	companies
Fund Advisors LP			Reserve Bank of Richmond (since 1990). Formerly,
6300 Bee Cave			Fischer Black Visiting Professor of Financial
Road, Building One			Economics, Alfred P. Sloan School of
Austin, TX 78746			Management, Massachusetts Institute of Technology
1953			(2015 to 2016).
1953
Darrell Duffie	Director	Since March	Dean Witter Distinguished Professor of Finance,	129 portfolios in	Formerly,
c/o Dimensional		2019	Graduate School of Business, Stanford University	4 investment	Director, Moody's
Fund Advisors LP			(since 1984).	companies	Corporation
6300 Bee Cave					(financial
Road, Building One					information and
Austin, TX 78746					information
					technology) (2008-
1954					April 2018).
Roger G. Ibbotson	Director	Since 1981	Professor in Practice Emeritus of Finance, Yale	129 portfolios in	None
Yale School of			School of Management (since 1984). Chairman and	4 investment
Management			Partner, Zebra Capital Management, LLC (hedge	companies
165 Whitney Avenue			fund and asset manager) (since 2001). Formerly,
New Haven, CT			Consultant to Morningstar, Inc. (2006 - 2016).
06511
1943
Edward P. Lazear	Director	Since 2010	Distinguished Visiting Fellow, Becker Friedman	129 portfolios in	None
Stanford University			Institute for Research in Economics, University of	4 investment
Graduate School of			Chicago (since 2015). Morris Arnold Cox Senior	companies
Business			Fellow, Hoover Institution (since 2002). Davies
Knight Management			Family Professor of Economics, Graduate School of
Center, E346			Business, Stanford University (since 1995).
Stanford, CA 94305			Cornerstone Research (expert testimony and
1948			economic and financial analysis) (since 2009).
1948
Myron S. Scholes	Director	Since 1981	Chief Investment Strategist, Janus Henderson	129 portfolios in	Formerly, Adviser,
c/o Dimensional			Investors (since 2014). Frank E. Buck Professor of	4 investment	Kuapay, Inc.
Fund Advisors LP			Finance, Emeritus, Graduate School of Business,	companies	(2013-2014).
6300 Bee Cave			Stanford University (since 1981).		Formerly,
Road, Building One					Director,
Austin, TX 78746					American Century
					Fund Complex
1941					(registered
					investment
					companies) (43
					Portfolios) (1980-
					2014).

					Other
				Portfolios	Directorships of
		Term of		within the	Public
		Office1 and		DFA Fund	Companies Held
Name, Address and		Length of		Complex2	During Past 5
Year of Birth	Position	Service	Principal Occupation During Past 5 Years	Overseen	Years
Abbie J. Smith	Director	Since 2000	Boris and Irene Stern Distinguished Service	129 portfolios in	Director, (since
University of			Professor of Accounting and James S. Ely, III	4 investment	2000) and
Chicago Booth			Faculty Fellow, University of Chicago Booth School	companies	formerly, Lead
School of Business			of Business (since 1980).		Director (2014 -
5807 S. Woodlawn					2017), HNI
Avenue					Corporation
Chicago, IL 60637					(office furniture);
					Director, Ryder
1953					System Inc.
					(transportation,
					logistics and
					supply-chain
					management)
					(since 2003); and
					Trustee, UBS
					Funds (3
					investment
					companies within
					the fund complex)
					(19 portfolios)
					(since 2009).
Ingrid M. Werner	Director	Since March	Martin and Andrew Murrer Professor of Finance,	129 portfolios in	Director, Fourth
c/o Dimensional		2019	Fisher College of Business, The Ohio State	4 investment	Swedish AP Fund
Fund Advisors LP			University (since 1998). Adjunct Member, the Prize	companies	(pension fund
6300 Bee Cave			Committee for the Swedish Riksbank Prize in		asset
Road, Building One			Economic Sciences in Memory of Alfred Nobel		management)
Austin, TX 78746			(annual award for significant scientific research		(since 2017).
			contribution) (since January 2018). President,
1961			Western Finance Association (global association of
			academic researchers and practitioners in finance)
			(since June 2018). Director, American Finance
			Association (global association of academic
			researchers and practitioners in finance) (since
			January 2019). Member, Economic Advisory
			Committee, FINRA (since 2017). Chairman,
			Scientific Advisory Board, Swedish House of
			Finance (institute supporting academic research in
			finance) (since 2014). Member, Scientific Board,
			Danish Finance Institute (institute supporting
			academic research in finance) (since 2017). Member,
			Academic Board, Mistra Financial Systems
			(organization funding academic research on
			environment, governance and climate/sustainability
			in finance) (since 2016). Fellow, Center for
			Analytical Finance (academic research) (since
			2015). Associate Editor, Journal of Finance (since
			2016).

Interested Director

The following interested Director is described as such because he is deemed to be an "interested person," as that term is defined under the 1940 Act, due to his position with the Advisor.

				Portfolios
		Term of		within the	Other Directorships
Name, Address		Office1 and		DFA Fund	of Public Companies
and Year of		Length of		Complex2	Held During Past 5
Birth	Position	Service	Principal Occupation During Past 5 Years	Overseen	Years
David G. Booth	Chairman	Since 1981	Chairman, Director/Trustee, and formerly, President	129 portfolios	None
6300 Bee Cave	and Director		and Co-Chief Executive Officer (each until March	in 4 investment
Road, Building			2017) of Dimensional Emerging Markets Value Fund	companies
One			("DEM"), DFAIDG, Dimensional Investment Group
Austin, TX			Inc. ("DIG") and The DFA Investment Trust
78746			Company ("DFAITC"). Executive Chairman, and
			formerly, President and Co-Chief Executive Officer
1946			(each until February 2017) of Dimensional Holdings
			Inc., Dimensional Fund Advisors LP, Dimensional
			Investment LLC and DFA Securities LLC
			(collectively with DEM, DFAIDG, DIG and
			DFAITC, the "DFA Entities"). Formerly, Chairman
			and Director (2009-2018) and Co-Chief Executive
			Officer (2010 – June 2017) of Dimensional Fund
			Advisors Canada ULC. Trustee, University of
			Chicago (since 2002). Trustee, University of Kansas
			Endowment Association (since 2005). Member of
			Hoover Institution Board (since September 2019).
			Formerly, Director of Dimensional Fund Advisors
			Ltd. (2002 – July 2017), DFA Australia Limited
			(1994 – July 2017), Dimensional Advisors Ltd. (2012
			– July 2017), Dimensional Funds plc (2006 – July
			2017) and Dimensional Funds II plc (2006 – July
			2017). Formerly, Director and President of
			Dimensional Japan Ltd. (2012 – April 2017).
			Formerly, President, Dimensional SmartNest (US)
			LLC (2009-2014); and Limited Partner, VSC
			Investors, LLC (2007-2015). Formerly, Chairman,
			Director, President and Co-Chief Executive Officer of
			Dimensional Cayman Commodity Fund I Ltd. (2010-
			September 2017).

1Each Director holds office for an indefinite term until his or her successor is elected and qualified.

2Each Director is a director or trustee of each of the four registered investment companies within the DFA Fund Complex, which include: the Fund; DIG; the Trust; and DEM. Each disinterested Director also serves on the Independent Review Committee of the Dimensional Funds, mutual funds registered in the provinces of Canada and managed by the Advisor's affiliate, Dimensional Fund Advisors Canada ULC.

Information relating to each Director's ownership (including the ownership of his or her immediate family) in each Portfolio of the Fund in this SAI and in all registered investment companies in the DFA Fund Complex as of December 31, 2019 is set forth in the chart below.

		Aggregate Dollar Range of Shares Owned
		in All Funds Overseen by Director in
Name	Dollar Range of Fund Shares Owned	Family of Investment Companies
Disinterested Directors:
George M. Constantinides	None	None Directly; Over $100,000 in Simulated
		Funds*
Douglas W. Diamond	None	None Directly; Over$100,000 in Simulated
		Funds*
Darrell Duffie	None	None
Roger G. Ibbotson	None	Over $100,000; Over $100,000 in Simulated
		Funds*
Edward P. Lazear	None	None Directly; Over $100,000 in Simulated
		Funds*
Myron S. Scholes	None	Over $100,000; Over $100,000 in Simulated
		Funds*

		Aggregate Dollar Range of Shares Owned
		in All Funds Overseen by Director in
Name	Dollar Range of Fund Shares Owned	Family of Investment Companies
Abbie J. Smith	None	None Directly; Over $100,000 in Simulated
		Funds*
Ingrid M. Werner	None	None
Interested Director:

David G. Booth	None	Over $100,000

Set forth below is a table listing, for each Director entitled to receive compensation, the compensation received from the Fund during the fiscal year ended October 31, 2019 and the total compensation received from all four registered investment companies for which the Advisor served as investment advisor during that same period. The table also provides the compensation paid by the Fund to the Fund's Chief Compliance Officer for the fiscal year ended October 31, 2019.

				Total
		Pension or	Estimated	Compensation
		Retirement	Estimated	from the Fund
	Aggregate	Benefits as Part	Annual Benefits	and DFA Fund
	Compensation	of Fund	upon	Complex Paid to
Name and Position	from the Fund*	Expenses	Retirement	Directors†
George M. Constantinides..	$252,912	N/A	N/A	$350,000
Director
Douglas W. Diamond.........	$252,912	N/A	N/A	$350,000
Director
Darrell Duffie.....................	$154,126	N/A	N/A	$212,877
Director
Roger G. Ibbotson..............	$271,000	N/A	N/A	$375,000
Director
Edward P. Lazear...............	$252,912	N/A	N/A	$350,000
Director
Myron S. Scholes ...............	$343,349	N/A	N/A	$475,000
Lead Disinterested
Director
Abbie J. Smith....................	$252,912	N/A	N/A	$350,000
Director
Ingrid M. Werner ...............	$175,916	N/A	N/A	$242,877
Director
Christopher S. Crossan.......	$312,497	N/A	N/A	N/A
Chief Compliance Officer

and $475,000 (Mr. Scholes). A disinterested Director's deferred compensation will be distributed at the earlier of: (a) January in the year after the disinterested Director's resignation from the Boards of Directors/Trustees of the DFA Funds, or death or disability; or (b) five years following the first deferral, in such amounts as the disinterested Director has specified. The obligations of the DFA Funds to make payments under the Plan will be unsecured general obligations of the DFA Funds, payable out of the general assets and property of the DFA Funds.

Officers

Below is the name, year of birth, information regarding positions with the Fund and the principal occupation for each officer of the Fund. The address of each officer is 6300 Bee Cave Road, Building One, Austin, TX 78746. Each of the officers listed below holds the same office (except as otherwise noted) in the DFA Entities.

		Term of
		Office1
		and
Name and Year of		Length of
Birth	Position	Service		Principal Occupation During Past 5 Years
Valerie A. Brown	Vice President and	Since	Vice President and Assistant Secretary of
1967	Assistant Secretary	2001	•	all the DFA Entities (since 2001)
			•	DFA Australia Limited (since 2002)
			•	Dimensional Fund Advisors Ltd. (since 2002)
			•	Dimensional Cayman Commodity Fund I Ltd. (since 2010)
			•	Dimensional Fund Advisors Pte. Ltd. (since 2012)
			•	Dimensional Hong Kong Limited (since 2012)
			Director, Vice President and Assistant Secretary (since 2003) of
			•	Dimensional Fund Advisors Canada ULC
Ryan P. Buechner	Vice President and	Since	Vice President and Assistant Secretary of
1982	Assistant Secretary	September	•	DFAIDG, DIG, DFAITC and DEM (since September 2019)
		2019	Vice President (since January 2018) of
			Vice President (since January 2018) of
			•	Dimensional Holdings Inc.
			•	Dimensional Fund Advisors LP
			•	Dimensional Investment LLC
			•	DFA Securities LLC
David P. Butler	Co-Chief Executive	Since	Co-Chief Executive Officer (since 2017) of
1964	Officer	2017	•	all the DFA entities
			Director (since 2017) of
			•	Dimensional Holdings Inc.
			•	Dimensional Fund Advisors Canada ULC
			•	Dimensional Japan Ltd.
			•	Dimensional Advisors Ltd.
			•	Dimensional Fund Advisors Ltd.
			•	DFA Australia Limited
			Director and Co-Chief Executive Officer (since 2017) of
			•	Dimensional Cayman Commodity Fund I Ltd.
			Head of Global Financial Advisor Services (since 2007) for
			•	Dimensional Fund Advisors LP
			Formerly, Vice President (2007 – 2017) of
			•	all the DFA Entities
Stephen A. Clark	Executive Vice	Since	Executive Vice President (since 2017) of
1972	President	2017	•	all the DFA entities
			Director and Vice President (since 2016) of
			•	Dimensional Japan Ltd.
			President and Director (since 2016) of
			•	Dimensional Fund Advisors Canada ULC
			Vice President (since 2008) and Director (since 2016) of
			•	DFA Australia Limited
			Director (since 2016) of
			•	Dimensional Advisors Ltd.
				18

		Term of
		Office1
		and
Name and Year of		Length of
Birth	Position	Service		Principal Occupation During Past 5 Years
			•	Dimensional Fund Advisors Pte. Ltd.
			•	Dimensional Hong Kong Limited
			Interim Chief Executive Officer (since 2019) of
			•	Dimensional Fund Advisors Pte. Ltd.
			Formerly, Vice President (2004 – 2017) of
			•	all the DFA Entities
			Formerly, Vice President (2010 – 2016) of
			•	Dimensional Fund Advisors Canada ULC
			Formerly, Vice President (2016-2019) of
			•	Dimensional Fund Advisors Pte. Ltd.
			Formerly, Head of Institutional, North America (2012 – 2013) and Head of
			Global Institutional Services (2014-2018) for
			•	Dimensional Fund Advisors LP
Christopher S.	Vice President and	Since	Vice President and Global Chief Compliance Officer (since 2004) of
Crossan	Global Chief	2004	•	all the DFA Entities
1965	Compliance Officer		•	DFA Australia Limited
			•	DFA Australia Limited
			•	Dimensional Fund Advisors Ltd.
			Chief Compliance Officer (since 2006) and Chief Privacy Officer (since
			2015) of
			•	Dimensional Fund Advisors Canada ULC
			Chief Compliance Officer of
			•	Dimensional Fund Advisors Pte. Ltd. (since 2012)
			•	Dimensional Japan Ltd. (since 2017)
			Formerly, Vice President and Global Chief Compliance Officer (2010 – 2014)
			for
			•	Dimensional SmartNest (US) LLC
Lisa M. Dallmer	Vice President,	Since	Executive Vice President (since January 2020)
1972	Chief Financial	March	•	Dimensional Holdings Inc.
	Officer, and	2020	•	Dimensional Fund Advisors LP
	Treasurer		•	Dimensional Investment LLC
			•	DFA Securities LLC
			Chief Operating Officer (since December 2019)
			•	Dimensional Holdings Inc.
			•	Dimensional Fund Advisors LP
			•	Dimensional Investment LLC
			•	DFA Securities LLC
			Formerly, Senior Vice President, Business Operations (March 2019 – October
			2019) at
			•	Delphix Inc.
			Formerly, Chief Operating Officer Global Technology & Operations,
			Managing Director (2014 – 2018) of
			•	Blackrock Inc.
Jeff J. Jeon	Vice President	Since	Vice President (since 2004) and Assistant Secretary (2017-2019) of
1973		2004	•	all the DFA Entities
			Vice President and Assistant Secretary (since 2010) of
			•	Dimensional Cayman Commodity Fund I Ltd.
Joy Lopez	Vice President and	Vice	Vice President (since 2015) of
1971	Assistant Treasurer	President	•	all the DFA Entities
		since 2015	Assistant Treasurer (since 2017) of
		and	Assistant Treasurer (since 2017) of
		and	•	the DFA Fund Complex
		Assistant	•	the DFA Fund Complex
		Assistant
		Treasurer	Formerly, Senior Tax Manager (2013 – 2015) for
		since 2017	Formerly, Senior Tax Manager (2013 – 2015) for
			•	Dimensional Fund Advisors LP

		Term of
		Office1
		and
Name and Year of		Length of
Birth	Position	Service		Principal Occupation During Past 5 Years
Kenneth M. Manell	Vice President	Since	Vice President (since 2010) of
1972		2010	•	all the DFA Entities
			•	Dimensional Cayman Commodity Fund I Ltd.
Catherine L. Newell	President and	President	President (since 2017) of
1964	General Counsel	since 2017	•	the DFA Fund Complex
		and	General Counsel (since 2001) of
		General	General Counsel (since 2001) of
		General	•	all the DFA Entities
		Counsel	•	all the DFA Entities
		Counsel	Executive Vice President (since 2017) and Secretary (since 2000) of
		since 2001
			•	Dimensional Fund Advisors LP
			•	Dimensional Holdings Inc.
			•	DFA Securities LLC
			•	Dimensional Investment LLC

Director (since 2002), Vice President (since 1997) and Secretary (since 2002) of

•DFA Australia Limited

•Dimensional Fund Advisors Ltd. Vice President and Secretary of

•Dimensional Fund Advisors Canada ULC (since 2003)

•Dimensional Cayman Commodity Fund I Ltd. (since 2010)

•Dimensional Japan Ltd. (since 2012)

•Dimensional Advisors Ltd (since 2012)

•Dimensional Fund Advisors Pte. Ltd. (since 2012)

Director of

•Dimensional Funds plc (since 2002)

•Dimensional Funds II plc (since 2006)

•Director of Dimensional Japan Ltd. (since 2012)

•Dimensional Advisors Ltd. (since 2012)

•Dimensional Fund Advisors Pte. Ltd. (since 2012)

•Dimensional Hong Kong Limited (since 2012)

•Dimensional Ireland Limited (since 2019)

Formerly, Vice President and Secretary (2010 – 2014) of

			•	Dimensional SmartNest (US) LLC
			Formerly, Vice President (1997 – 2017) and Secretary (2000 – 2017) of
			•	the DFA Fund Complex
			Formerly, Vice President of
			•	Dimensional Fund Advisors LP (1997 – 2017)
			•	Dimensional Holdings Inc. (2006 – 2017)
			•	DFA Securities LLC (1997 – 2017)
			•	Dimensional Investment LLC (2009 – 2017)
Selwyn Notelovitz	Vice President and	Since	Vice President and Deputy Chief Compliance Officer of
1961	Deputy Chief	2013	•	the DFA Fund Complex (since 2013)
	Compliance Officer		•	Dimensional Fund Advisors LP (since 2012)
			•	Dimensional Fund Advisors LP (since 2012)
Carolyn L. O	Vice President and	Vice	Vice President (since 2010) and Secretary (since 2017) of
1974	Secretary	President	•	the DFA Fund Complex
		since 2010	Vice President (since 2010) and Assistant Secretary (since 2016) of
		and
		and	•	Dimensional Fund Advisors LP
		Secretary	•	Dimensional Fund Advisors LP
		Secretary	•	Dimensional Holdings Inc.
		since 2017	•	Dimensional Holdings Inc.
			•	Dimensional Investment LLC
			Vice President of
			•	DFA Securities LLC (since 2010)
			•	Dimensional Cayman Commodity Fund I Ltd. (since 2010)
			•	Dimensional Fund Advisors Canada ULC (since 2016)
Gerard K. O'Reilly	Co-Chief Executive	Co-Chief	Co-Chief Executive Officer and Chief Investment Officer (since 2017) of
1976	Officer and Chief	Executive
				20

		Term of
		Office1
		and
Name and Year of		Length of
Birth	Position	Service		Principal Occupation During Past 5 Years
	Investment Officer	Officer	•	all the DFA Entities
		and Chief	•	Dimensional Fund Advisors Canada ULC
		Investment	Director, Chief Investment Officer and Vice President (since 2017) of
		Officer
		Officer	•	DFA Australia Limited
		since 2017	•	DFA Australia Limited
		since 2017	Chief Investment Officer (since 2017) and Vice President (since 2016) of

			•	Dimensional Japan Ltd.
			Director, Co-Chief Executive Officer and Chief Investment Officer (since
			2017) of
			•	Dimensional Cayman Commodity Fund I Ltd.
			Director of
			•	Dimensional Funds plc (since 2014)
			•	Dimensional Fund II plc (since 2014)
			•	Dimensional Holdings Inc. (since 2017)
			•	Dimensional Ireland Limited (since 2019)
			Formerly, Co-Chief Investment Officer of
			•	Dimensional Japan Ltd. (2016 – 2017)
			•	DFA Australia Limited (2014 – 2017)
			Formerly, Executive Vice President (2017) and Co-Chief Investment Officer
			(2014 – 2017) of
			•	all the DFA Entities
			Formerly, Vice President (2007 – 2017) of
			•	all the DFA Entities
			Formerly, Vice President and Co-Chief Investment Officer (2014 – 2017) of
			•	Dimensional Fund Advisors Canada ULC
			Formerly, Director (2017-2018) of
			•	Dimensional Fund Advisors Pte. Ltd.
James J. Taylor	Vice President and	Since	Vice President (since 2016)
1983	Assistant Treasurer	March	•	Dimensional Holdings Inc.
		2020	•	Dimensional Fund Advisors LP
			•	Dimensional Investment LLC
			•	DFA Securities LLC
			Formerly, Accounting Manager (2015 – 2016)
			•	Dimensional Fund Advisors LP

1Each officer holds office for an indefinite term at the pleasure of the Board of Directors and until his or her successor is elected and qualified.

As of January 31, 2020, the Directors and officers as a group owned less than 1% of the outstanding stock of each Portfolio described in this SAI.

SERVICES TO THE FUND

Administrative Services

State Street Bank and Trust Company ("State Street"), 1 Lincoln Street, Boston, MA 02111, serves as the accounting and administration services, dividend disbursing and transfer agent for all of the Portfolios and the Master Fund. The services provided by State Street and/or its delegates are subject to supervision by the executive officers and the Board of Directors of the Fund, and include day-to-day keeping and maintenance of certain records, calculation of the offering price of the shares, preparation of reports, liaison with its custodians, and transfer and dividend disbursing agency services. For the administrative and accounting services provided by State Street, the non-Feeder Portfolios and the Master Fund pay State Street annual fees that are calculated daily and paid monthly according to a fee schedule based on the applicable aggregate average net assets of the Fund Complex, which includes four registered investment companies. The fee schedule is set forth in the table below:

Net Asset Value of the Fund Complex (Excluding Fund of Funds)		Annual Basis Point Rate
$0 - $100 Billion		0.47
Over $100	Billion - $200 Billion	0.35
Over $200	Billion - $300 Billion	0.25
Over $300	Billion	0.19

The fees charged to a non-Feeder Portfolio or Master Fund under the fee schedule are allocated to each such non-Feeder Portfolio or Master Fund based on the non-Feeder Portfolio's or Master Fund's pro-rata portion of the aggregate average net assets of the Fund Complex.

Custodians

Citibank, N.A., 111 Wall Street, New York, NY, 10005, is the custodian for Tax-Managed DFA International Value Portfolio, T.A. World ex U.S. Core Equity Portfolio and World ex U.S. Targeted Value Portfolio.

State Street Bank and Trust Company, 1 Lincoln Street, Boston, MA 02111, serves as the custodian for all of the other Portfolios and the Master Fund.

Distributor

The Fund's shares are distributed by DFA Securities LLC (formerly, DFA Securities Inc.) ("DFAS"), a wholly- owned subsidiary of the Advisor. DFAS is registered as a limited purpose broker-dealer under the Securities Exchange Act of 1934 and is a member of the Financial Industry Regulatory Authority. The principal business address of DFAS is 6300 Bee Cave Road, Austin, TX 78746.

DFAS acts as an agent of the Fund by serving as the principal underwriter of the Fund's shares. Pursuant to the Distribution Agreement with the Fund, DFAS uses its best efforts to seek or arrange for the sale of shares of the Fund, which are continuously offered. No sales charges are paid by investors or the Fund. No compensation is paid by the Fund to DFAS under the Distribution Agreement.

Legal Counsel

Stradley Ronon Stevens & Young, LLP serves as legal counsel to the Fund. Its address is 2600 One Commerce Square, Philadelphia, PA 19103-7098.

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP ("PwC") is the independent registered public accounting firm for the Fund and audits the annual financial statements of the Fund. PwC's address is Two Commerce Square, Suite 1800, 2001 Market Street, Philadelphia, PA 19103-7042.

Investment Management

Dimensional Fund Advisors LP, located at 6300 Bee Cave Road, Building One, Austin, TX 78746, serves as investment advisor to the Portfolios and the Master Fund. Pursuant to an Investment Management Agreement with the Fund and the Trust on behalf of each Portfolio and the Master Fund, respectively, the Advisor is responsible for the management of their respective assets. With respect to an Investment Management Agreement with the Feeder Portfolio, the Advisor

manages the portion of the Feeder Portfolio's assets that are retained by the Feeder Portfolio for direct investment and, at its discretion, may make a determination to withdraw the Feeder Portfolio's investment from its corresponding Master Fund to invest in another Master Fund or manage all the Feeder Portfolio's assets directly if the Advisor believes it is in the best interests of the Feeder Portfolio and its shareholders to do so.

The Advisor has entered into Sub-Advisory Agreements with Dimensional Fund Advisors Ltd. ("DFAL") and DFA Australia Limited ("DFA Australia"), respectively, with respect to the Tax-Managed DFA International Value Portfolio, T.A. World ex U.S. Core Equity Portfolio and World ex U.S. Targeted Value Portfolio. Pursuant to the terms of each Sub- Advisory Agreement, DFAL and DFA Australia each have the authority and responsibility to select brokers or dealers to execute securities transactions for each Portfolio. Each Sub-Advisor's duties include the maintenance of a trading desk and the determination of the best and most efficient means of executing securities transactions. On at least a semi-annual basis, the Advisor reviews the holdings of each Portfolio and reviews the trading process and the execution of securities transactions. The Advisor is responsible for determining those securities that are eligible for purchase and sale by a Portfolio and may delegate this task, subject to its own review, to DFAL and DFA Australia. DFAL and DFA Australia maintain and furnish to the Advisor information and reports on securities of companies in certain markets, including recommendations of securities to be added to the securities that are eligible for purchase by each Portfolio, as well as making recommendations and elections on corporate actions. The Advisor controls DFAL and DFA Australia. DFA Australia has been a U.S. federally registered investment advisor since 1994 and is located at Level 43 Gateway, 1 Macquarie Place, Sydney, New South Wales 2000, Australia. DFAL has been a U.S. federally registered investment advisor since 1991 and is located at 20 Triton Street, Regent's Place, London NW13BF, United Kingdom.

Payments by the Advisor to Certain Third Parties Not Affiliated with the Advisor

Training and Education Related Benefits Provided by the Advisor

Consultation Referral Fees Paid by the Advisor

Payments to Intermediaries by the Advisor

Data Services Purchased by the Advisor

MANAGEMENT FEES

David G. Booth, as a director and officer of the Advisor and shareholder of the Advisor's general partner, and Rex A. Sinquefield, as a shareholder of the Advisor's general partner, acting together, could be deemed controlling persons of the Advisor. Mr. Booth also serves as Director and officer of the Fund. For the services it provides as investment advisor to each Portfolio (and, with respect to the Feeder Portfolio, its corresponding Master Fund), the Advisor is paid a monthly fee calculated as a percentage of average net assets of the Portfolio (and, with respect to the Feeder Portfolio, its corresponding Master Fund). For the fiscal years ended October 31, 2019, October 31, 2018 and October 31, 2017, the Portfolios and the Master Fund paid management fees to the Advisor (and any sub-advisor) as set forth in the following table (the dollar amount is shown prior to any fee waivers or recoupments by the Advisor):

Fiscal Year	Fiscal Year	Fiscal Year
Ended	Ended	Ended
2019	2018	2017
(000)	(000)	(000)

	Fiscal Year	Fiscal Year	Fiscal Year
	Ended	Ended	Ended
	2019	2018	2017
	(000)	(000)	(000)
The Tax-Managed U.S. Marketwide Value Portfolio*(a) ..............	$31,3821	$31,8973	$28,4064
Tax-Managed U.S. Equity Portfolio(b) ..........................................	$7,5002	$7,166	$6,0325
Tax-Managed U.S. Targeted Value Portfolio ...............................	$18,953	$20,773	$18,269
Tax-Managed U.S. Small Cap Portfolio .......................................	$13,861	$15,593	$13,353
T.A. U.S. Core Equity 2 Portfolio(c)..............................................	$20,688	$20,138	$16,150
Tax-Managed DFA International Value Portfolio ........................	$18,527	$20,213	$17,256
T.A. World ex U.S. Core Equity Portfolio(d).................................	$11,845	$11,647	$9,737
World ex U.S. Targeted Value Portfolio(e)	$2,960	$2,917	$2,153

1$21,285 after waiver

2$7,114 after waiver

3$21,671 after waiver

4$19,313 after waiver

5$6,113 after recoupment of fees previously waived

*The fees set forth in the table above include the fees paid to the Advisor by both the Feeder Portfolio and its corresponding Master Fund for investment management services.

(a)The Master Fund has more than one Feeder Portfolio; the dollar amount represents the total dollar amount of management fees paid by the Master Fund to the Advisor. Effective February 28, 2020, the Advisor has contractually agreed to permanently waive all or a portion of the management fee of the Tax-Managed U.S. Marketwide Value Portfolio to the extent necessary to limit the total management fees paid to the Advisor by the Portfolio, including the proportionate share of the management fees the Portfolio pays indirectly through its investment in other funds managed by the Advisor, excluding the expenses that the Portfolio incurs indirectly through investment of its securities lending cash collateral in The DFA Short Term Investment Fund ("Total Management Fees"), to 0.33% of the average net assets of a class of the Portfolio on an annualized basis (the "Permanent Fee Waiver"). Prior to February 28, 2020, the Advisor had contractually agreed to permanently waive all or a portion of the management fee of the Tax-Managed U.S. Marketwide Value Portfolio to the extent necessary to limit the Total Management Fees to 0.35% of the average net assets of a class of the Portfolio on an annualized basis. The Permanent Fee Waiver will remain in effect permanently, unless terminated by the Fund.

(b)Pursuant to an Amended and Restated Fee Waiver and/or Expense Assumption Agreement for the Tax-Managed U.S. Equity Portfolio, the Advisor has contractually agreed to waive its management fee and to assume the ordinary operating expenses of a class of the Tax-Managed U.S. Equity Portfolio (excluding the expenses that the Portfolio incurs indirectly through investment in other investment companies) ("Portfolio Expenses") to the extent necessary to reduce the expenses of a class of the Portfolio when its total operating expenses exceed 0.22% of the average net assets of a class of the Portfolio on an annualized basis (the "Expense Limitation Amount"). At any time that the Portfolio Expenses of a class of the Tax-Managed U.S. Equity Portfolio are less than the Expense Limitation Amount for a class of shares of the Portfolio, the Advisor retains the right to recover any fees previously waived and/or any expenses previously assumed to the extent that such recovery will not cause the annualized Portfolio Expenses for such class of shares of the Portfolio to exceed the Expense Limitation Amount. The Tax-Managed U.S. Equity Portfolio is not obligated to reimburse the Advisor for fees previously waived or expenses previously assumed by the Advisor more than thirty-six months before the date of such reimbursement. Prior year waived fees and/or assumed expenses can be recaptured only if the expense ratio following such recapture would be less than the expense cap that was in place when such prior year fees were waived and/or expenses assumed, and less than the current expense cap in place for the Portfolio. The Amended and Restated Fee Waiver and/or Expense Assumption Agreement for the Portfolio will remain in effect through February 28, 2021, and may only be terminated by the Fund's Board of Directors prior to that date. The Amended and Restated Fee Waiver and/or Expense Assumption Agreement shall continue in effect from year to year thereafter unless terminated by the Fund or the Advisor.

(c)Pursuant to an Amended and Restated Fee Waiver and/or Expense Assumption Agreement for the T.A. U.S. Core Equity 2 Portfolio, the Advisor has agreed to waive all or a portion of its management fee and to assume the ordinary operating expenses of a class of the T.A. U.S. Core Equity 2 Portfolio (excluding the expenses that the Portfolio incurs indirectly through investment in other investment companies) ("Portfolio Expenses") to the extent necessary to limit the Portfolio

Expenses of a class of the Portfolio to 0.30% of the average net assets of a class of the Portfolio on an annualized basis (the "Expense Limitation Amount"). At any time that the Portfolio Expenses of a class of shares of the Portfolio are less than the Expense Limitation Amount for such class of shares of the Portfolio, the Advisor retains the right to recover any fees previously waived and/or expenses previously assumed to the extent that such recovery will not cause the annualized Portfolio Expenses for such class of shares of the Portfolio to exceed the Expense Limitation Amount. The Portfolio is not obligated to reimburse the Advisor for fees previously waived or expenses previously assumed by the Advisor more than thirty-six months before the date of such reimbursement. Prior year waived fees and/or assumed expenses can be recaptured only if the expense ratio following such recapture would be less than the expense cap that was in place when such prior year fees were waived and/or expenses assumed, and less than the current expense cap in place for the Portfolio. The Amended and Restated Fee Waiver and/or Expense Assumption Agreement for the Portfolio will remain in effect through February 28, 2021, and shall continue in effect from year to year thereafter unless terminated by the Fund or the Advisor.

(d)Effective January 1, 2017, pursuant to an Amended and Restated Fee Waiver and/or Expense Assumption Agreement for the T.A. World ex U.S. Core Equity Portfolio, the Advisor has agreed to waive all or a portion of its management fee and to assume the expenses of a class of the T.A. World ex U.S. Core Equity Portfolio (including the expenses that the Portfolio bears as a shareholder of other funds managed by the Advisor but excluding the expenses that the Portfolio incurs indirectly through investment of its securities lending cash collateral in The DFA Short Term Investment Fund and its investment in unaffiliated investment companies) ("Portfolio Expenses") to the extent necessary to limit the Portfolio Expenses of a class of the Portfolio to 0.39% of the average net assets of a class of the Portfolio on an annualized basis (the "Expense Limitation Amount"). At any time that the Portfolio Expenses of a class of the Portfolio are less than the Expense Limitation Amount for such class of the Portfolio, the Advisor retains the right to recover any fees previously waived and/or expenses previously assumed to the extent that such recovery will not cause the annualized Portfolio Expenses for such class of shares of the Portfolio to exceed the Expense Limitation Amount. The Portfolio is not obligated to reimburse the Advisor for fees previously waived or expenses previously assumed by the Advisor more than thirty-six months before the date of such reimbursement. Prior year waived fees and/or assumed expenses can be recaptured only if the expense ratio following such recapture would be less than the expense cap that was in place when such prior year fees were waived and/or expenses assumed, and less than the current expense cap in place for the Portfolio. The Amended and Restated Fee Waiver and/or Expense Assumption Agreement for the Portfolio will remain in effect through February 28, 2021, and may only be terminated by the Fund's Board of Directors prior to that date. The Amended and Restated Fee Waiver and/or Expense Assumption Agreement shall continue in effect from year to year thereafter unless terminated by the Fund or the Advisor.

Prior to January 1, 2017, the Expense Limitation Amount in the Amended and Restated Fee Waiver and/or Expense Assumption Agreement was 0.60% of the average net assets of a class of the Portfolio on an annualized basis.

(e)Pursuant to an Amended and Restated Fee Waiver and Expense Assumption Agreement (the "Fee Waiver Agreement") for the World ex U.S. Targeted Value Portfolio, the Advisor has contractually agreed to waive up to the full amount of the Portfolio's management fee of 0.53% to the extent necessary to offset the proportionate share of the management fees paid by the Portfolio through its investment in other funds managed by the Advisor, except for the fees paid through its investment of securities lending cash collateral in The DFA Short Term Investment Fund (the "Underlying Funds"). In addition, under the Fee Waiver and Expense Assumption Agreement, the Advisor has also agreed to waive all or a portion of the management fee and to assume the ordinary operating expenses of a class of the Portfolio (including expenses incurred through its investment in other investment companies but excluding the expenses that the Portfolio incurs indirectly through investment of its securities lending cash collateral in The DFA Short Term Investment Fund) ("Portfolio Expenses") to the extent necessary to limit the Portfolio Expenses of a class of the Portfolio to 0.80% of the average net assets of a class of the Portfolio on an annualized basis (the "Expense Limitation Amount"). At any time that the Portfolio Expenses of a class of the Portfolio are less than the Expense Limitation Amount for such class of the Portfolio, described above, the Advisor retains the right to recover any fees previously waived and/or expenses previously assumed to the extent that such recovery will not cause the annualized Portfolio Expenses of a class of the Portfolio to exceed the Expense Limitation Amount. The Portfolio is not obligated to reimburse the Advisor for fees previously waived or expenses previously assumed by the Advisor more than thirty-six months before the date of such reimbursement. Prior year waived fees and/or assumed expenses can be recaptured only if the expense ratio following such recapture would be less than the expense cap that was in place when such prior year fees were waived and/or expenses assumed, and less than the current expense cap in place for the Portfolio. The Advisor shall also not be reimbursed for any management fees previously waived to offset the Portfolio's proportionate share of the management fees paid by the Portfolio through its investment in other funds managed by the Advisor. The Fee Waiver Agreement for the Portfolio will remain in effect through February 28, 2021, and may only be terminated by the Fund's Board of

Directors prior to that date. The Fee Waiver and Expense Assumption Agreement shall continue in effect from year to year thereafter unless terminated by the Fund or the Advisor.

PORTFOLIO MANAGERS

In accordance with the team approach used to manage the Portfolios and Master Fund, the portfolio managers and portfolio traders implement the policies and procedures established by the Investment Committee. The portfolio managers and portfolio traders also make daily investment decisions regarding the Portfolios (or for the Feeder Portfolio, its Master Fund) based on the parameters established by the Investment Committee. The individuals named below coordinate the efforts of all other portfolio managers or trading personnel with respect to the day to day management of the Portfolios indicated.

	Tax-Managed U.S. Marketwide Value Portfolio, T.A. U.S. Core	Jed S. Fogdall, Lukas J. Smart
	Equity 2 Portfolio and Tax-Managed U.S. Equity Portfolio	and Joel P. Schneider
	Tax-Managed U.S. Targeted Value Portfolio and Tax-Managed U.S.	Jed S. Fogdall, Joel P. Schneider
	Small Cap Portfolio	and Marc C. Leblond
	Tax-Managed DFA International Value Portfolio	Jed S. Fogdall, Mary T. Phillips, Bhanu P. Singh
	Tax-Managed DFA International Value Portfolio	and Arun C. Keswani
		and Arun C. Keswani
	T.A. World ex U.S. Core Equity Portfolio	Jed S. Fogdall, Allen Pu, Bhanu P. Singh, Mary T.
	T.A. World ex U.S. Core Equity Portfolio	Phillips and William B. Collins-Dean
		Phillips and William B. Collins-Dean
	World ex U.S. Targeted Value Portfolio	Jed S. Fogdall, Arun C. Keswani, Bhanu P. Singh
	World ex U.S. Targeted Value Portfolio	and Joel P. Schneider
		and Joel P. Schneider

Investments in Each Portfolio

The portfolio managers and their immediate families did not own any shares of the Portfolios contained in this SAI as of October 31, 2019.

Description of Compensation Structure

Portfolio managers receive a base salary and bonus. Compensation of a portfolio manager is determined at the discretion of the Advisor and is based on a portfolio manager's experience, responsibilities, the perception of the quality of his or her work efforts, and other subjective factors. The compensation of portfolio managers is not directly based upon the performance of the portfolio or other accounts that the portfolio managers manage. The Advisor reviews the compensation of each portfolio manager annually and may make modifications in compensation as deemed necessary to reflect changes in the market. Each portfolio manager's compensation consists of the following:

•Base salary. Each portfolio manager is paid a base salary. The Advisor considers the factors described above to determine each portfolio manager's base salary.

•Semi-Annual Bonus. Each portfolio manager may receive a semi-annual bonus. The amount of the bonus paid to each portfolio manager is based upon the factors described above.

Portfolio managers may be awarded the right to purchase restricted shares of the stock of the Advisor, as determined from time to time by the Board of Directors of the Advisor or its delegees. Portfolio managers also participate in benefit and retirement plans and other programs available generally to all employees.

Other Managed Accounts

In addition to the Portfolios (or with respect to the Feeder Portfolio, the Master Fund in which the Feeder Portfolio invests substantially all of its assets), each portfolio manager manages (i) other U.S. registered investment companies advised or sub-advised by the Advisor, (ii) other pooled investment vehicles that are not U.S. registered mutual funds and (iii) other accounts managed for organizations and individuals. The following table sets forth information regarding the total accounts for which each portfolio manager has the primary responsibility for coordinating the day-to-day management responsibilities.

Name of Portfolio Manager Number of Accounts Managed and Total Assets by Category As of October 31, 2019*

Jed S. Fogdall	•	108 U.S. registered mutual funds with $410,097 million in total assets under
Jed S. Fogdall		management.
		management.
	•	24 unregistered pooled investment vehicles with $18,097 million in total
		assets under management, of which 1 account with $168 million in assets may
	•	be subject to a performance fee.
	•	79 other accounts with $27,554 million in total assets under management, of
		which 6 accounts with $3,769 million in assets may be subject to a
		performance fee.
Arun C. Keswani	•	14 U.S. registered mutual funds with $42,770 million in total assets under
Arun C. Keswani		management.
		management.
	•	0 unregistered pooled investment vehicles.
	•	10 other accounts with $4,961 million in total assets under management, of
		which 3 accounts with $3,121 million in assets may be subject to a
		performance fee.
Bhanu P. Singh	•	48 U.S. registered mutual funds with $189,932 million in total assets under
Bhanu P. Singh		management.
	•	management.
	•	1 unregistered pooled investment vehicle with $47 million in total assets
		under management.
	•	1 other account with $565 million in total assets under management.
Allen Pu	•	38 U.S. registered mutual funds with $105,722 million in total assets under
Allen Pu		management.
		management.
	•	12 unregistered pooled investment vehicles with $9,601 million in total
	•	assets under management.
	•	0 other accounts.
Joel P. Schneider	•	51 U.S. registered mutual funds with $209,325 million in total assets under
Joel P. Schneider		management.
		management.
	•	7 unregistered pooled investment vehicles with $240 million in total assets
		under management.
	•	0 other accounts.
Mary T. Phillips	•	72 U.S. registered mutual funds with $206,451 million in total assets under
Mary T. Phillips		management.
		management.
	•	2 unregistered pooled investment vehicles with $2,208 million in total assets
		under management.
	•	0 other accounts.
Lukas J. Smart	•	38 U.S. registered mutual funds with $151,112 million in total assets under
Lukas J. Smart		management.
		management.
	•	10 unregistered pooled investment vehicles with $2,867 million in total
		assets under management.
	•	6 other accounts with $7,535 million in total assets under management, of
		which 1 account with $43 million in assets may be subject to a performance
		fee.

Name of Portfolio Manager Number of Accounts Managed and Total Assets by Category

		As of October 31, 2019*
	William B. Collins-Dean	• 18 U.S. registered mutual funds with $90,707 million in total assets under
	William B. Collins-Dean	management.
		management.

•0 unregistered pooled investment vehicles.

•7 other accounts with $2,727 million in total assets under management.

*Mr. Leblond did not share primary responsibility in the oversight of the day-to-day management for any portfolios or accounts as of January 31, 2020; as such, information regarding such portfolios and accounts is not presented.

Potential Conflicts of Interest

Actual or apparent conflicts of interest may arise when a portfolio manager has the primary day-to-day responsibilities with respect to more than one Portfolio/Master Fund and other accounts. Other accounts include registered mutual funds (other than the Portfolios (or Master Fund in which the Feeder Portfolio invests) in this SAI), other unregistered pooled investment vehicles, and other accounts managed for organizations and individuals ("Accounts"). An Account may have similar investment objectives to a Portfolio/Master Fund, or may purchase, sell or hold securities that are eligible to be purchased, sold or held by a Portfolio/Master Fund. Actual or apparent conflicts of interest include:

•Time Management. The management of multiple Portfolios/Master Funds and/or Accounts may result in a portfolio manager devoting unequal time and attention to the management of each Portfolio/Master Fund and/or Accounts. The Advisor seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most Accounts managed by a portfolio manager are managed using the same investment approaches that are used in connection with the management of the Portfolios/Master Fund.

•Investment Opportunities. It is possible that at times identical securities will be held by more than one Portfolio/Master Fund and/or Account. However, positions in the same security may vary and the length of time that any Portfolio/Master Fund or Account may choose to hold its investment in the same security may likewise vary. If a portfolio manager identifies a limited investment opportunity that may be suitable for more than one Portfolio/Master Fund or Account, a Portfolio/Master Fund may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible Portfolios/Master Funds and Accounts. To deal with these situations, the Advisor has adopted procedures for allocating portfolio transactions across multiple Portfolios/Master Funds and Accounts.

•Broker Selection. With respect to securities transactions for the Portfolios/Master Funds, the Advisor determines which broker to use to execute each order, consistent with its duty to seek best execution of the transaction. However, with respect to certain Accounts (such as separate accounts), the Advisor may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, the Advisor or its affiliates may place separate, non-simultaneous, transactions for a Portfolio/Master Fund and another Account that may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Portfolio/Master Fund or the Account.

The Advisor and the Fund have adopted certain compliance procedures that are reasonably designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

GENERAL INFORMATION

The Fund was incorporated under Maryland law on June 15, 1981. Until June 1983, the Fund was named DFA Small Company Fund Inc. The Fund commenced offering shares of Tax-Managed U.S. Marketwide Value Portfolio, Tax- Managed U.S. Targeted Value Portfolio and Tax-Managed U.S. Small Cap Portfolio in December 1998; and Tax-Managed DFA International Value Portfolio on April 16, 1999. The Fund commenced offering shares of the Tax-Managed U.S. Equity Portfolio on September 25, 2001. Effective February 28, 2011, the Tax-Managed U.S. Equity Portfolio is no longer a feeder portfolio and now holds the portfolio securities previously held by The Tax-Managed U.S. Equity Series, the Master Fund in which the Portfolio invested.

The DFA Investment Trust Company was organized as a Delaware statutory trust (a form of entity formerly known as a business trust) on October 27, 1992. The Trust offers shares of the Master Fund only to institutional investors in private offerings.

Until April 1, 2001, the Tax-Managed U.S. Small Cap Portfolio was known as the Tax-Managed U.S. 6-10 Small Company Portfolio. Until September 24, 2001, the Tax-Managed U.S. Equity Portfolio was known as the Tax-Managed U.S. Marketwide Portfolio. From December 1998 to April 1, 2001, the Tax-Managed U.S. Targeted Value Portfolio was known as the Tax-Managed U.S. 5-10 Value Portfolio. From April 1, 2001 to March 29, 2007, the Tax- Managed U.S. Targeted Value Portfolio was known as the Tax-Managed U.S. Small Cap Value Portfolio.

CODE OF ETHICS

The Fund, the Trust, the Advisor, DFA Australia, DFAL and DFAS have adopted a revised Code of Ethics, under Rule 17j-1 of the 1940 Act, for certain access persons of the Portfolios and the Master Fund. The Code of Ethics is designed to ensure that access persons act in the interest of the Portfolios and Master Fund, and their shareholders, with respect to any personal trading of securities. Under the Code of Ethics, access persons are generally prohibited from knowingly buying or selling securities (except for mutual funds, U.S. government securities and money market instruments) which are being purchased, sold or considered for purchase or sale by a Portfolio or Master Fund unless their proposed purchases are approved in advance. The Code of Ethics also contains certain reporting requirements and securities trading clearance procedures.

SHAREHOLDER RIGHTS

With respect to matters which require shareholder approval, shareholders are entitled to vote only with respect to matters which affect the interest of the class of shares (Portfolio) which they hold, except as otherwise required by applicable law. If liquidation of the Fund should occur, the Fund's shareholders would be entitled to receive on a per class basis the assets of the particular Portfolio whose shares they own, as well as a proportionate share of Fund assets not attributable to any particular class. Ordinarily, the Fund does not intend to hold annual meetings of shareholders, except as required by the 1940 Act or other applicable law. The Fund's bylaws provide that special meetings of shareholders shall be called at the written request of shareholders entitled to cast not less than a majority of the votes entitled to be cast at such meeting. Such meeting may be called to consider any matter, including the removal of one or more Directors. Shareholders will receive shareholder communications with respect to such matters as required by the 1940 Act, including semi-annual and annual financial statements of the Fund, the latter being audited.

Whenever the Feeder Portfolio, as an investor in its Master Fund, is asked to vote on a shareholder proposal, the Fund will solicit voting instructions from the Feeder Portfolio's shareholders with respect to the proposal. The Directors of the Fund will then vote the Feeder Portfolio's shares in the Master Fund in accordance with the voting instructions received from the Feeder Portfolio's shareholders. The Directors of the Fund will vote shares of the Feeder Portfolio for which they receive no voting instructions in accordance with their best judgment. If a majority shareholder of the Master Fund declares bankruptcy, a majority in interest of the remaining shareholders in the Master Fund must vote to approve the continuing existence of the Master Fund or the Master Fund will be liquidated.

PRINCIPAL HOLDERS OF SECURITIES

As of January 31, 2020, the following persons beneficially owned 5% or more of the outstanding stock of the Portfolios, as set forth below:

TAX-MANAGED U.S. MARKETWIDE VALUE PORTFOLIO
Charles Schwab & Company, Inc.*	53.16%
101 Montgomery Street
San Francisco, CA 94104
TD Ameritrade, Inc.*	19.85%
P.O. Box 2226
Omaha, NE 68103
National Financial Services LLC*	17.77%
200 Liberty Street
One World Financial Center
New York, NY 10281
TAX-MANAGED U.S. TARGETED VALUE PORTFOLIO
Charles Schwab & Company, Inc.*1	60.60%
TD Ameritrade, Inc.*1	21.42%
National Financial Services LLC*1	13.43%
TAX-MANAGED U.S. EQUITY PORTFOLIO
Charles Schwab & Company, Inc.*1	53.23%
TD Ameritrade, Inc.*1	19.43%
National Financial Services LLC*1	14.61%
TAX-MANAGED U.S. SMALL CAP PORTFOLIO
Charles Schwab & Company, Inc.*1	52.32%
TD Ameritrade, Inc.*1	20.68%
National Financial Services LLC*1	19.81%
T.A. U.S. CORE EQUITY 2 PORTFOLIO
Charles Schwab & Company, Inc.*1	43.04%
TD Ameritrade, Inc.*1	23.71%
National Financial Services LLC*1	20.05%
TAX-MANAGED DFA INTERNATIONAL VALUE PORTFOLIO
Charles Schwab & Company, Inc.*1	56.18%
TD Ameritrade, Inc.*1	19.34%
31

National Financial Services LLC*1	18.43%
T.A. WORLD EX U.S. CORE EQUITY PORTFOLIO
Charles Schwab & Company, Inc.*1	32.59%
National Financial Services LLC*1	27.66%
TD Ameritrade, Inc.*1	25.72%
WORLD EX U.S. TARGETED VALUE PORTFOLIO	58.37%
Charles Schwab & Company, Inc.*1	58.37%
National Financial Services LLC*1	24.89%
TD Ameritrade, Inc.*1	14.30%
____________________________________
* Owner of record only (omnibus).

1	See address for shareholder previously noted above in list.

Shareholder inquiries may be made by writing or calling the Fund at the address or telephone number appearing on the cover of this SAI. Only those individuals whose signatures are on file for the account in question may receive specific account information or make changes in the account registration.

PURCHASE OF SHARES

The following information supplements the information set forth in the Prospectus under the caption "PURCHASE OF SHARES."

The Fund will accept purchase and redemption orders on each day that the New York Stock Exchange ("NYSE") is scheduled to be open for business. However, no purchases by wire may be made on any day that the Federal Reserve System is closed. The Fund generally will be closed on days that the NYSE is closed. The NYSE generally is scheduled to be open Monday through Friday throughout the year except for days closed to recognize New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The Federal Reserve System is closed on the same days as the NYSE, except that it is open on Good Friday and closed on Columbus Day and Veterans' Day. Orders for redemptions and purchases will not be processed if the Fund is closed.

The Fund reserves the right, in its sole discretion, to suspend the offering of shares of any or all Portfolios or reject purchase orders when, in the judgment of management, such suspension or rejection is in the best interest of the Fund or a Portfolio. Securities accepted in exchange for shares of a Portfolio will be acquired for investment purposes and will be considered for sale under the same circumstances as other securities in the Portfolio.

The Fund or its transfer agent may from time to time appoint a sub-transfer agent, such as a broker, for the receipt of purchase and redemption orders and funds from certain investors. With respect to purchases and redemptions through a sub- transfer agent, the Fund will be deemed to have received a purchase or redemption order when the sub-transfer agent receives the order. Shares of a Portfolio will be priced at the public offering price next calculated after receipt of the purchase or redemption order by the sub-transfer agent.

REDEMPTION AND TRANSFER OF SHARES

The following information supplements the information set forth in the Prospectus under the caption

"REDEMPTION OF SHARES."

The Fund may suspend redemption privileges or postpone the date of payment: (1) during any period when the NYSE is closed, or trading on the NYSE is restricted as determined by the SEC, (2) during any period when an emergency exists as defined by the rules of the SEC as a result of which it is not reasonably practicable for the Fund to dispose of securities owned by it, or fairly to determine the value of its assets and (3) for such other periods as the SEC may permit.

Shareholders may, subject to the Fund's sole discretion, transfer shares of any Portfolio to another person by making a written request to the Portfolio's transfer agent. The request should clearly identify the account and number of shares to be transferred, and include the signature of all registered owners. The signature on the letter of request must be guaranteed in the same manner as described in the Prospectus under "REDEMPTION OF SHARES." As with redemptions, the written request must be received in good order before any transfer can be made.

The Fund has filed a notice of election under Rule 18f-1 of the 1940 Act that allows a Portfolio to redeem in-kind redemption requests of a certain amount. Specifically, if the amount being redeemed is over the lesser of $250,000 or 1% of a Portfolio's net assets, the Portfolio has the right to redeem the shares by providing the amount that exceeds $250,000 or 1% of the Portfolio's net assets in securities instead of cash. The securities distributed in-kind would be readily marketable and would be valued for this purpose using the same method employed in calculating the Portfolio's net asset value per share. If a shareholder receives redemption proceeds in-kind, the shareholder should expect to incur transaction costs upon the disposition of the securities received in the redemption.

TAXATION OF THE PORTFOLIOS AND THEIR SHAREHOLDERS

Different tax rules may apply depending on how a Master Fund in which a Portfolio invests is organized for federal income tax purposes. The Tax-Managed U.S. Marketwide Value Portfolio invests in a Master Fund organized as a partnership for federal income tax purposes. These rules could affect the amount, timing or character of the income distributed to shareholders of a Portfolio.

Unless otherwise indicated, the discussion below with respect to a Portfolio includes in the case of a Feeder Portfolio invested in a Master Fund, its pro rata share of its corresponding Master Fund's income and assets.

Taxation of the Portfolio

Qualification as a regulated investment company. In order to qualify for treatment as a regulated investment company, the Portfolio must satisfy the following requirements:

recognized by the Portfolio may cause such investors to be subject to increased U.S. withholding taxes. See "Non-U.S. Investors –– Capital gain dividends and short-term capital gain dividends" below.

Capital loss carryovers. The capital losses of the Portfolio, if any, do not flow through to shareholders. Rather, the Portfolio may use its capital losses, subject to applicable limitations, to offset its capital gains without being required to pay taxes on or distribute to shareholders such gains that are offset by the losses. If the Portfolio has a "net capital loss" (that is, capital losses in excess of capital gains), the excess (if any) of the Portfolio's net short-term capital losses over its net long- term capital gains is treated as a short-term capital loss arising on the first day of the Portfolio's next taxable year, and the excess (if any) of the Portfolio's net long-term capital losses over its net short-term capital gains is treated as a long-term capital loss arising on the first day of the Portfolio's next taxable year. Any such net capital losses of the Portfolio that are not used to offset capital gains may be carried forward indefinitely to reduce any future capital gains realized by the Portfolio in succeeding taxable years. The amount of capital losses that can be carried forward and used in any single year is subject to an annual limitation if there is a more than 50% "change in ownership" of the Portfolio. An ownership change generally results when shareholders owning 5% or more of the Portfolio increase their aggregate holdings by more than 50% over a three-year look-back period. An ownership change could result in capital loss carryovers being used at a slower rate, thereby reducing the Portfolio's ability to offset capital gains with those losses. An increase in the amount of taxable gains distributed to the Portfolio's shareholders could result from an ownership change. The Portfolio undertakes no obligation to avoid or prevent an ownership change, which can occur in the normal course of shareholder purchases and redemptions or as a result of engaging in a tax-free reorganization with another portfolio. Moreover, because of circumstances beyond the Portfolio's control, there can be no assurance that the Portfolio will not experience, or has not already experienced, an ownership change.

The terms "specified losses" and "specified gains" mean ordinary losses and gains from the sale, exchange, or other disposition of property (including the termination of a position with respect to such property), foreign currency losses and gains, and losses and gains resulting from holding stock in a passive foreign investment company ("PFIC") for which a mark- to-market election is in effect. The terms "ordinary losses" and "ordinary income" mean other ordinary losses and income that are not described in the preceding sentence. Since the Portfolio has a fiscal year ending in October, the amount of qualified late-year losses (if any) is computed without regard to any items of income, gain, or loss that are (a) post-October capital losses, (b) specified losses, and (c) specified gains.

ordinary income and capital gain net income. The Portfolio may elect to defer to the following year any net ordinary loss incurred for the portion of the calendar year which is after the beginning of the Portfolio's taxable year. Also, the Portfolio will defer any "specified gain" or "specified loss" which would be properly taken into account for the portion of the calendar year after October 31. Any net ordinary loss, specified gain, or specified loss deferred shall be treated as arising on January 1 of the following calendar year. Generally, the Portfolio intends to make sufficient distributions prior to the end of each calendar year to avoid any material liability for federal income and excise tax, but can give no assurances that all or a portion of such liability will be avoided. In addition, under certain circumstances, temporary timing or permanent differences in the realization of income and expense for book and tax purposes can result in the Portfolio having to pay an excise tax.

received. See "Taxation of Portfolio Distributions — Pass-through of foreign tax credits" below.

Taxation of Portfolio Distributions

Distributions of net investment income. The Portfolio receives ordinary income generally in the form of dividends and/or interest on its investments. In the case of a Feeder Portfolio that invests in a Master Fund, the Portfolio's income generally consists of its share of dividends and interest earned by the Master Fund. The Portfolio may also recognize ordinary income from other sources, including, but not limited to, certain gains on foreign currency-related transactions. This income, less expenses incurred in the operation of the Portfolio, constitutes the Portfolio's net investment income from which dividends may be paid to you. If you are a taxable investor, distributions of net investment income generally are taxable as ordinary income to the extent of the Portfolio's earnings and profits. In the case of a Portfolio whose strategy includes investing in stocks of corporations, a portion of the income dividends paid to shareholders by the Portfolio may be qualified dividends eligible to be taxed at reduced rates.

Returns of capital. Distributions by the Portfolio that are not paid from earnings and profits will be treated as a return of capital to the extent of (and in reduction of) the shareholder's tax basis in his shares; any excess will be treated as gain from the sale of his shares. Thus, the portion of a distribution that constitutes a return of capital will decrease the shareholder's tax basis in his Portfolio shares (but not below zero), and will result in an increase in the amount of gain (or decrease in the amount of loss) that will be recognized by the shareholder for tax purposes on the later sale of such Portfolio shares. Return of capital distributions can occur for a number of reasons including, among others, the Portfolio over- estimates the income to be received from certain investments such as those classified as partnerships or equity real estate

investment trusts ("REITs") (see "Tax Treatment of Portfolio Transactions — Investments in U.S. REITs" below).

applicable to long-term capital gain. "Qualified dividend income" means dividends paid to the Portfolio (a) by domestic corporations, (b) by foreign corporations that are either (i) incorporated in a possession of the United States, or (ii) are eligible for benefits under certain income tax treaties with the United States that include an exchange of information program, or (c) with respect to stock of a foreign corporation that is readily tradable on an established securities market in the United States. Both the Portfolio and the investor must meet certain holding period requirements to qualify Portfolio dividends for this treatment. Specifically, the Portfolio must hold the stock for at least 61 days during the 121-day period beginning 60 days before the stock becomes ex-dividend. Similarly, investors must hold their Portfolio shares for at least 61 days during the 121-day period beginning 60 days before the Portfolio distribution goes ex-dividend. Income derived from investments in derivatives, fixed-income securities, U.S. REITs, PFICs, and income received "in lieu of" dividends in a securities lending transaction generally is not eligible for treatment as qualified dividend income. If the qualifying dividend income received by the Portfolio is equal to or greater than 95% of the Portfolio's gross income (exclusive of net capital gain) in any taxable year, all of the ordinary income dividends paid by the Portfolio will be qualifying dividend income.

Dividends-received deduction for corporations. For corporate shareholders, a portion of the dividends paid by the Portfolio may qualify for the 50% corporate dividends-received deduction. The portion of dividends paid by the Portfolio that so qualifies will be reported by the Portfolio to shareholders each year and cannot exceed the gross amount of dividends received by the Portfolio from domestic (U.S.) corporations. The availability of the dividends-received deduction is subject to certain holding period and debt financing restrictions that apply to both the Portfolio and the investor. Specifically, the amount that the Portfolio may report as eligible for the dividends-received deduction will be reduced or eliminated if the shares on which the dividends earned by the Portfolio were debt-financed or held by the Portfolio for less than a minimum period of time, generally 46 days during a 91-day period beginning 45 days before the stock becomes ex-dividend. Similarly, if your Portfolio shares are debt-financed or held by you for less than a 46-day period then the dividends-received deduction for Portfolio dividends on your shares may also be reduced or eliminated. Income derived by the Portfolio from investments in derivatives, fixed-income and foreign securities generally is not eligible for this treatment.

Pass-through of foreign tax credits. If at the end of the fiscal year more than 50% in value of the total assets of the Portfolio or in the case of a Feeder Portfolio more than 50% in value of the total assets of the Feeder Portfolio attributable from the Master Fund, are invested in securities of foreign corporations, the Portfolio may elect to pass through to its shareholders their pro rata share of foreign income taxes paid by the Portfolio (or Master Fund). If this election is made, the Portfolio may report more taxable income to you than it actually distributes. You will then be entitled either to deduct your share of these taxes in computing your taxable income or to claim a foreign tax credit for these taxes against your U.S. federal income tax (subject to limitations for certain shareholders). The Portfolio will provide you with the information necessary to claim this deduction or credit on your personal income tax return if it makes this election. No deduction for foreign tax may be claimed by a noncorporate shareholder who does not itemize deductions or who is subject to the alternative minimum tax. The Portfolio (or Master Fund) reserves the right not to pass through to its shareholders the amount of foreign income taxes paid by the Portfolio (or Master Fund). Additionally, any foreign tax withheld on payments made "in lieu of" dividends or interest will not qualify for the pass-through of foreign tax credits to shareholders. See "Tax

Treatment of Portfolio Transactions — Securities lending" below.

U.S. Government securities. To the extent the Portfolio (or in the case of a Feeder Portfolio, the Master Fund) invests in certain U.S. Government obligations, dividends paid by the Portfolio to shareholders that are derived from interest on these obligations should be exempt from state and local personal income taxes, subject in some states to minimum investment or reporting requirements that must be met by the Portfolio or the Feeder Portfolio's corresponding Master Fund. The income on portfolio investments in certain securities, such as repurchase agreements, commercial paper and federal agency-backed obligations (e.g., Government National Mortgage Association ("GNMA") or Federal National Mortgage Association ("FNMA") securities), generally does not qualify for tax-free treatment. The rules on exclusion of this income are different for corporate shareholders.