DFA World ex U.S. Value Port Institution Class DFWVX Strategy

The investment seeks to achieve long-term capital appreciation. The Portfolio seeks to achieve its investment objective through exposure to a broad portfolio of securities of non-U.S. companies associated with countries with developed and emerging markets, which may include frontier markets (emerging market countries in an earlier stage of development), that the Advisor believes to be lower relative price stocks at the time of purchase. As a non-fundamental policy, under normal circumstances, at least 80% of the Portfolio's net assets will be invested directly or indirectly through its investment in the underlying funds, in securities of non-U.S. companies.