DIMENSIONAL FUND ADVISORS LP

General Description of Advisory Firm Dimensional Fund Advisors LP (“Dimensional”) manages securities and other assets for institutional investors, high-net-worth individuals and clients of independent financial advisors. Dimensional is the investment adviser to five SEC-registered investment companies which represent 165 separate funds in aggregate, including mutual funds and exchange-traded funds (together, “US Dimensional Funds”). The firm has been in business since 1981. As of December 31, 2025, Dimensional and its affiliates managed approximately $1,002,289,439,303 on a discretionary basis. 1 Dimensional does not manage any assets on a nondiscretionary basis. Dimensional is organized as a Delaware limited partnership. Its general partner is Dimensional Holdings Inc. Dimensional Holdings LLC (a wholly-owned subsidiary of Dimensional Holdings Inc.) owns approximately 96% of the partnership interest of Dimensional. David G. Booth, executive chairman of Dimensional, is a principal owner of Dimensional Holdings Inc. The other owners primarily include current and former Dimensional employees and directors. General Description of Advisory Services Dimensional manages equity and fixed income securities based on fundamental analysis: •

Dimensional believes that equity investing should involve a long-term view and a systematic focus on sources of expected returns, not on stock picking or market timing. In designing an equity investment portfolio, Dimensional generally emphasizes the long-term drivers of expected returns identified in its research, while balancing risk through broad diversification across companies, sectors and countries, as applicable.

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Dimensional believes that fixed income investing should also involve a long-term view and a systematic focus on bond market risk and return, not on interest rate forecasting or market timing. In constructing a fixed-income investment portfolio, Dimensional generally seeks higher returns by systematically adjusting duration, credit quality, and currency of issuance.

The assets reported above include assets that are attributable to: (i) funds-of-funds managed by Dimensional that invest in underlying funds that are also managed by Dimensional; (ii) investments by Dimensional-managed funds in the DFA Short Term Investment Fund, a short-term fixed income fund that is also managed by Dimensional; and (iii) investors that invest in US Dimensional Funds through a discretionary investment program, including programs that involve Dimensional periodically allocating or rebalancing an investment amongst the underlying US Dimensional Funds. In these circumstances the dollar amount of assets managed includes both the management of the investing fund or account and the management of the underlying fund.

Dimensional manages investment funds, such as the US Dimensional Funds, in accordance with each fund’s investment objective. Dimensional may also sponsor one or more pooled investment vehicles offered to certain eligible investors and managed in accordance with each such pooled investment vehicle’s investment objectives and strategies. Such pooled investment vehicles are deemed to be “private funds” and are not subject to registration under the US Investment Company Act of 1940 (the “1940 Act”), as amended, and interests would be offered in private placements in accordance with an exemption from registration under the US Securities Act of 1933, as amended. The firm also manages separate accounts and trust vehicles in accordance with investment objectives and guidelines. The investment objectives and guidelines of a separate account can be negotiated with clients, and a client may impose restrictions on investing in certain securities, sectors, categories or types of securities, or securities with certain characteristics. Requested restrictions can result in performance that will differ from, and may be worse than, the performance of accounts with a similar strategy that lack such restrictions. Any securities or other assets held in a separate account at any time, may be sold or disposed of at the direction of Dimensional considering such account’s investment objectives and guidelines. An independent financial advisor may select Dimensional to manage a separate account for the financial advisor’s clients and enter into an investment management agreement with Dimensional for a client’s account with Dimensional on the client’s behalf (an “Independent Financial Advisor Facilitated Separate Account”). In such cases, the financial advisor selects an initial investment strategy on behalf of the client, and the financial advisor enters into an agreement with Dimensional for Dimensional to provide sub-advisory services to the client’s account. The independent financial advisor may request certain customizations to the selected investment strategy, such as selecting commingled funds to invest in or restricting the account from holding securities from an issuer or group of issuers. Dimensional reserves the right to not accept certain restrictions in its discretion. Clients participating in an Independent Financial Advisor Facilitated Separate Account should carefully review the investment management agreement and investment guidelines selected for their account by their financial advisor. Any securities or other assets used to establish an Independent Financial Advisor Facilitated Separate Account, or held in such an account at any time, may be sold or disposed of at the direction of Dimensional considering the account’s investment strategy selected by the client’s financial advisor. Dimensional may be directed to manage separate accounts in a predetermined tax sensitive manner by using measures including, but not limited to, tax loss harvesting, seeking to minimize shortterm capital gains and maximizing the qualified portion of dividend income, considering tradeoffs among premiums, costs, diversification, and capital gains in portfolio management. Notwithstanding the foregoing, the client will be responsible for any tax consequences of such transactions. Dimensional does not provide tax advice, and each client should consult their own tax adviser or accountant. Dimensional generally allocates investment opportunities as described under Item 6 and follows the trade aggregation and allocation practices, and other brokerage practices, as set out in Item 12. As further explained under Item 12, certain brokerage commissions or other costs for the execution

of transactions in certain client accounts may not be negotiated by Dimensional, such as where the client participates in an independent financial advisor’s separately managed account program (see below for further information on such programs). Independent Fiduciary Separately Managed Account Programs An independent financial advisor or independent broker-dealer representative with discretionary authority (either, an "independent fiduciary") that selects Dimensional to provide sub-advisory services may be doing so as part of that independent fiduciary’s separately managed account program. Dimensional does not provide general investment supervisory services to clients participating in an independent fiduciary’s separately managed account program. For such clients, Dimensional would receive an investment management fee for providing sub-advisory services in connection with implementing a specific strategy only. Dimensional is not positioned to and is not responsible for determining the overall suitability of any independent fiduciary’s separately managed account program or the investment options available under the program. The independent fiduciary would determine the fees and services offered under the independent fiduciary’s separately managed account program. Each client of independent fiduciaries participating in a separately managed account program should consider any fees associated with the management of its account, including if that independent fiduciary may charge a “wrap” fee. Dimensional believes such a fee arrangement would be uncommon, but clients should nevertheless carefully review the independent fiduciary’s brochure as well as any agreement with or other disclosure from the program sponsor. Other Business Dimensional also licenses certain indexes to unaffiliated advisors for their use in connection with fund advice and management, and/or to insurance companies for use in connection with their annuity products. Dimensional developed these indexes and Dimensional’s Index Committee oversees the maintenance of the methodology underlying the indexes. Dimensional also provides limited review and reporting services to certain separate accounts or sub-advised accounts with respect to such account’s securities lending activities conducted by the account’s securities lending agent. Dimensional does not act as a securities lending agent for clients. Model Portfolios Dimensional makes available to financial intermediaries, institutional investors and third-party platforms certain strategic asset allocation models that offer a research-based framework to seek to achieve certain long-term investment goals. Dimensional’s models are composed of Dimensional funds (advised by Dimensional or one of its affiliates) and constructed based on theoretical and empirical research. Depending on the applicable investment objective, investment goal, investment strategy and other relevant considerations, Dimensional will apply a weighting

schema to applicable US Dimensional Funds to generate a model portfolio. These models are generally provided on an “as is” basis and are solely for informational purposes. Dimensional may update a model periodically but generally does not have any obligation to implement, update or take any other action to the model and may stop providing any update of a model portfolio at any time in its sole and absolute discretion. Dimensional may update a model and publish the update on a Dimensional password-protected site or, if separately agreed in writing, deliver the updated model to a third party directly, and the third party may also publish that update on the third party’s website or platform. Dimensional generally does not, and unless Dimensional has agreed expressly in writing will not, act as a fiduciary to licensees of any model portfolio. And, except where agreed, making available a model portfolio, including a custom portfolio, to a third-party recipient is neither investment advice nor a recommendation of a security or investment strategy to a financial intermediary or investor. Dimensional is not responsible for implementing the asset allocation found in a model portfolio (e.g., selecting broker-dealers, executing trades or seeking best execution). Dimensional does, however, provide investment advisory services to other persons and may make investment decisions for the same or similar securities or instruments as those that are referred to in or comprise a model portfolio. Where Dimensional provides investment advice, Dimensional’s investment decisions are not necessarily incorporated (periodically or otherwise) into a model portfolio. Accordingly, a person implementing the asset allocation within a model portfolio may experience results that are different from or less favorable than those experienced by Dimensional investment management clients. Custom Model Portfolios Subject to a separate written agreement, Dimensional may also make available or license custom model portfolios that contain unique characteristics or weighting as agreed with the recipient. Updates of the custom model portfolios occur as agreed with the applicable recipient. To the extent Dimensional has agreed to distribute the custom model portfolio to multiple recipients with the same or varying periodic updating requirements, Dimensional will seek to pursue fair and equitable treatment in the delivery of the updated custom models. Model Portfolios and Fees Use of the model portfolios may generate fees for Dimensional or one of its Affiliated Investment Advisors (as defined in Item 10 below). Since the model portfolios are composed of Dimensional funds, any person implementing all or part of a model portfolio will be investing in a fund that pays management fees to Dimensional (or an Affiliated Investment Advisor, as applicable), and those fees may be higher than fees charged by other funds. Dimensional or its affiliates may also be entitled to receive a fee from a third-party platform on which a model portfolio may be published. Such fees may be in the form of an asset-based fee paid

by the third-party platform to Dimensional for licensing the model portfolios and/or a strategist fee. In such circumstances, Dimensional is not compensated for the model portfolios directly by any financial intermediary or client of a financial intermediary that accesses a model portfolio through the third-party platform. In such circumstances, the financial intermediaries have a client relationship with the third-party platform rather than Dimensional. Financial intermediaries should review their agreements with the applicable third-party platform regarding fees charged. In certain situations, Dimensional pays installation, maintenance, technology, or other fees to a third-party platform to support publishing a model portfolio on that platform.

Dimensional’s advisory fees charged vary due to a number of factors, including the particular circumstances of the client, specific investment strategies or restrictions for the client, account size, client location, scope of the overall client relationship, scope of the overall relationship with the client’s financial advisor or service providers to the client’s financial advisor, legal and regulatory considerations applicable to a client, customization of investment guidelines, discretionary character of the account, additional or differing levels of client servicing, and/or as otherwise may be agreed with specific clients. As a result, Dimensional offers certain clients lower fees than other clients, and certain clients will pay more or less than other clients invested in similar strategies. The table below reflects approximate ranges for the clients and portfolios advised by Dimensional. General Investment Strategy Categories

Annual Advisory Fee Rates

US Equity

0.06% to 0.38%

Non-US / Global Equity

0.13% to 0.52%

Fixed Income

0.05% to 0.25%

Real Estate Securities

0.15% to 0.24%

Separate Accounts. A range reflecting typical advisory fees for separate account clients is set forth in the table above. In addition, the specific fees that Dimensional charges a separate account client are set forth in the written investment management agreement with Dimensional. Dimensional’s actual advisory fees, minimum fees and minimum account sizes may be negotiated and vary from client to client due to a number of factors, including those noted above. When waiving, reducing or varying fees or modifying other contractual terms with any other separate account client, Dimensional is generally not required to provide notice to, or obtain the consent of, any other separate account client, subject to applicable contractual arrangements (see “Most Favored Nation Clauses” below). Independent Financial Advisor Facilitated Separate Accounts. Actual investment advisory fees, minimum fees and minimum account sizes may be negotiated and vary due to a variety of factors,

including the particular investment strategy, the particular circumstances of the investor, account size, or as otherwise may be agreed (as described in further detail below). Additionally, the advisory fees payable for an Independent Financial Advisor Facilitated Separate Account may be adjusted based on certain factors, including the consideration of (i) the aggregate amount of assets in client accounts that belong to the same household and (ii) the aggregate amount of assets that clients of the client’s financial advisor have invested in Dimensional funds, strategies, or the Independent Financial Advisor Facilitated Separate Accounts. When waiving, reducing or varying fees or modifying other contractual terms with any Independent Financial Advisor Facilitated Separate Account client, Dimensional is generally not required to provide notice to, or obtain the consent of, any other Independent Financial Advisor Facilitated Separate Account client. Dimensional negotiates the advisory fee payable with respect to each Independent Financial Advisor Facilitated Separate Account with the client’s financial advisor. As stated above, for those accounts, an independent financial advisor selects an investment strategy on behalf of a client, and the financial advisor enters into an agreement with Dimensional for Dimensional to provide subadvisory services to the client’s account. The minimum opening account size for an Independent Financial Advisor Facilitated Separate Account is generally $250,000, and the advisory fee for such account (the “Advisory Fee”) is calculated quarterly, on the basis of the assets held in such account, and is generally the sum of: (i) 0.29% of the value of any equity or fixed income securities held directly in the account plus (ii) 0.10% of the value of any exchange-traded funds (“ETFs”) and/or mutual funds managed by investment managers unaffiliated with Dimensional (“ThirdParty Funds”). Actual fees charged to an Independent Financial Advisor Facilitated Separate Account will be assessed or adjusted for in the circumstances set forth in the applicable investment management agreements, including that a minimum fee may apply and be assessed by applying the Advisory Fee applicable to the relevant account’s holdings to the general minimum account size, even when assets are below such minimum. This may result in such fee rate being higher than the rate stated above. Additionally, as Independent Financial Advisor Facilitated Separate Accounts that invest in US Dimensional Funds and Third-Party Funds pay the fees and expenses charged by the fund to their shareholders as described further below, this may result in the fees paid being higher than described above. Independent Financial Advisor Facilitated Separate Accounts, at their sole discretion, may contract with third-party insurance firms for additional insurance services, with which Dimensional may have separate business relationships. Dimensional is not compensated directly if an Independent Financial Advisor Facilitated Separate Account elects to contract for such third-party insurance services, but Dimensional may benefit indirectly from assets referred to Dimensional by such third-party insurance firms. Most Favored Nation Clauses. Certain clients from time to time seek to include most favored nation (“MFN”) clauses in their investment management agreements with Dimensional (each, an “MFN client”). Dimensional considers agreeing to an MFN clause in view of a number of factors, which may include the client’s overall relationship with Dimensional. These clauses typically require Dimensional to notify the MFN client if Dimensional has entered into, or subsequently enters into, a more favorable fee arrangement with a comparable client and offer the MFN client the same fee arrangement or notify the MFN client of such fee arrangement. Whether an account

will be considered comparable will depend upon the language of the client’s agreement with Dimensional. The agreement may provide for consideration of factors including, but not limited to, the size of the account, scope and type of relationships with Dimensional, restrictions on the account, level of services required for the account, investment strategy, investment objectives, and discretionary character of the account. Dimensional does not under normal circumstances apply an MFN clause negotiated with its own clients to investment management agreements between a Dimensional affiliate and the Dimensional affiliate’s clients. Dimensional does not agree to MFN clauses in all circumstances and has sole discretion over whether to grant an MFN clause. Billing Practices. Dimensional generally bills its advisory fees for separate accounts on a quarterly basis in arrears unless otherwise stated in the written management agreement for the client’s account. Certain clients, in accordance with the applicable management agreement, will be billed directly for fees or will authorize Dimensional to directly debit fees from client accounts. Accounts initiated or terminated during a billing period will generally be charged a prorated fee. Upon termination of any account, any earned, unpaid fees will be due and payable. In instances where Dimensional provides sub-advisory services to a Dimensional affiliated entity in connection with that entity’s management of a separate account, Dimensional generally receives a fee payable by the respective Dimensional affiliated entity that serves as the primary investment manager, and such fee is typically settled on a quarterly basis. Separate Account Investments in Investment Funds. Dimensional invests certain separate account client assets, including certain Independent Financial Advisor Facilitated Separate Accounts assets, in investment funds, such as US Dimensional Funds or Third-Party Funds. Such clients generally bear a portion of the costs and expenses charged by the fund to their shareholders, such as management and administrative fees, in addition to Dimensional’s advisory fees for the separate account program. In such instances, the advisory fees payable for managing the separate account may be reduced by the US Dimensional Fund’s advisory fee applicable to the account, which is payable to Dimensional (though other fees charged with respect to holdings of Third-Party Funds, if applicable to an Independent Financial Advisor Facilitated Separate Account, will be charged which may result in the fees paid being higher). Additionally, Dimensional and its affiliates will indirectly benefit from investments made in US Dimensional Funds through fees paid by the US Dimensional Funds to Dimensional and its affiliates for advisory, administrative, and other services. See Items 11 and 14 of this Brochure for a discussion of compensation for solicitation activities and possible conflicts of interest with these arrangements. Investment Companies. Dimensional is an investment adviser to the US Dimensional Funds. Dimensional is a sub-advisor to certain Undertakings for Collective Investment in Transferable Securities (“UCITS funds”), and United Kingdom, Australian and Canadian mutual funds managed by Dimensional affiliated entities. Dimensional’s advisory fees charged to fund clients are approved by a respective fund’s boards of directors/trustees or trustee and in some cases, its shareholders. Fees vary by investment strategy, type of account, assets under management, and other competitive factors and are within the ranges of the advisory fee rates set out above. Dimensional’s advisory, sub-advisory, and administrative fees, if any, for fund clients are

disclosed in the respective prospectuses, statements of additional information (“SAIs”), or other offering documents of the funds. Dimensional’s investment advisory fees for the US Dimensional Funds are typically paid monthly. For sub-advisory services provided to UCITS funds as well as the United Kingdom, Australian and Canadian mutual funds, Dimensional receives a fee payable by the respective Dimensional affiliated entity that serves as primary investment manager to the UCITS fund or mutual fund, as the case may be, and such fee is typically settled on a quarterly basis. In certain instances, Dimensional charges a separate administrative fee to an investor who purchases a mutual fund for administrative services provided to such investors. Any such fee will be outlined in an administrative services agreement with the client. Dimensional is a sub-advisor to certain third-party mutual funds and exchange-traded funds principally advised by unaffiliated entities. For these sub-advisory services, Dimensional typically receives a fee payable directly by the third-party fund’s primary investment adviser, and such fee is usually settled on a monthly basis. Trust Vehicles. Dimensional serves as the investment manager to a collective trust fund with various subtrusts, the DFA Group Trust, in which assets of qualified defined benefit plans are invested. Fees charged by Dimensional for investments in the DFA Group Trust range from 0.13% to 0.38% per year. However, as with separate accounts, Dimensional’s actual advisory fees, minimum fees and minimum account sizes may be negotiated and vary from client to client due to a variety of factors, including the particular subtrust selected by the client, the particular circumstances of the client, account size, or as otherwise agreed with specific clients. Specific fees that Dimensional charges a client that invests in units of the DFA Group Trust are set forth in the client’s written investment management agreement with Dimensional. Dimensional generally bills its advisory fees to DFA Group Trust unitholders on a quarterly basis in arrears, unless otherwise stated in the unitholder’s agreement with Dimensional. In addition, Dimensional has been retained by a third-party trustee to serve as investment adviser of the Dimensional Collective Investment Trust. The Dimensional Collective Investment Trust is a collective investment vehicle established for investment by qualified defined benefit and defined contribution plans, and certain trusts, entities or accounts that invest the assets of such plans. Investors in the Dimensional Collective Investment Trust will be charged an annual fee based on the specific fee class designated in the investor’s participation agreement. In some instances, a different fee will be negotiated with an investor, which will be reflected in the fee schedule for the investor’s participation agreement. The third-party trustee of the Dimensional Collective Investment Trust retains a portion of the fee, and additional information about fees and expenses are disclosed in the documentation of the Dimensional Collective Investment Trust, including the Confidential Offering Memorandum. The base investment fee charged for investment in the funds of the Dimensional Collective Investment Trust generally range from 0.10% to 0.52% per year. Actual investment management fees, minimum fees and minimum account sizes may be negotiated and vary due to a variety of factors, including the particular fund strategy, the particular

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The discussion in this Item applies to all Dimensional investment portfolios, including separate accounts, investment funds and trust vehicles. •

For a separate account client, please also carefully review the account’s investment management agreement and/or investment guidelines for additional information on the account’s investment strategies and risks.

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For an investment fund, including a US Dimensional Fund or a fund of the Dimensional Collective Investment Trust, please also carefully review the fund’s applicable prospectus, SAI, declarations or other offering documents related to such fund for additional information on the fund’s investment strategies and risks.

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For a client investing in the DFA Group Trust, please also carefully review the DFA Group Trust Agreement and the account’s investment management agreement and adoption agreement for additional information on the account’s investment strategies and risks.

Dimensional’s portfolio managers use a team approach to manage client assets. Dimensional’s sales staff and client service representatives discuss Dimensional’s investment philosophy, strategies, and performance, and review client reports, as well as discuss other client-related services offered by Dimensional. However, they do not formulate investment advice for potential or current clients. Because the value of a client’s investment will fluctuate, there is the risk that a client will lose money. Clients should carefully review the risks of investing and be prepared to bear those risks, including the possible loss of the principal amount invested. General Investments Method of Analysis and Investment Strategies. Dimensional implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. Certain of Dimensional’s investment strategies are designed to emphasize long-term drivers of expected returns identified by Dimensional’s research, while balancing risk through broad diversification across companies, sectors and countries, as applicable. Dimensional’s portfolio management and trading processes further seek to balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs. Dimensional also has consulting arrangements with several academics who provide expertise with respect to the investment strategies Dimensional implements. Market Risk: Even a long-term investment approach cannot guarantee that a strategy will not lose money. Economic, market, environmental, political, and issuer-specific conditions and events will

cause the value of securities, and the portfolio that owns them, to rise or fall. Markets are volatile, with periods of rising prices and periods of falling prices. Economies and financial markets throughout the world have become increasingly interconnected, which increases the likelihood that certain events or conditions in one region or country will adversely affect markets or issuers in other regions or countries. Strained relations between countries, including between the US and traditional allies and/or adversaries, could adversely affect US issuers as well as non-US issuers that rely on the United States for trade. Portfolio securities may be negatively impacted by inflation (or expectations for inflation), interest rates, global demand for particular products/services or resources, supply chain disruptions, natural disasters, pandemics, epidemics, terrorism, war, military confrontations, trade disputes, cyber attacks, changes in trade regulations, elevated levels of government debt, internal unrest and discord, economic sanctions, tariffs, regulatory events and governmental or quasi-governmental actions, among others. General Market and Geopolitical Risk: The value of a portfolio’s securities can change daily due to economic and other events that affect market prices generally, as well as those that affect particular regions, countries, industries, markets or issuers. Natural and environmental disasters, including weather-related phenomena, also can be highly disruptive to economies and markets and can adversely affect individual issuers, sectors, industries, markets, countries, regions, currencies, interest and inflation rates, credit ratings, and investor sentiment. The occurrence of US and global events (e.g., natural disasters, virus epidemics, social and political discord, and terrorist attacks) may result in market volatility and/or overall market uncertainty or reduced liquidity with respect to particular issuers, countries or regions, and may have long-term effects on both the US and global economies and financial markets. Such events could occur in any jurisdiction in which a portfolio invests, leading to changes in regional and global economic conditions and cycles that may have a negative impact on a portfolio’s investments. The negative impacts may be particularly acute in certain sectors, countries, or regions. The timing and duration of any such events cannot be predicted. 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. In addition, a widespread health crisis, such as an epidemic or global pandemic (such as COVID19) can result, at times, in market closures, market volatility, liquidity constraints and increased trading costs. Efforts to contain the spread of a global pandemic can result in global travel restrictions and disruptions of healthcare systems, business operations and supply chains, layoffs, reduced consumer demand, defaults and credit rating downgrades, and other significant economic impacts. The effects of global pandemics can impact global economic activity and may heighten pre-existing political, social and economic risks, domestically or globally. Deteriorating economic fundamentals may in turn increase the risk of default or insolvency of particular companies, negatively impact market value, increase market volatility, cause credit spreads to widen, and reduce liquidity. The full impact and duration of future epidemics and global pandemics is unpredictable and could adversely affect a portfolio’s performance and Dimensional’s management of a client’s account.

Fund of Funds Risk: The investment performance of a portfolio that is a fund-of-funds is affected by the investment performance of the underlying funds in which the portfolio invests. The ability of the portfolio to achieve its investment objective depends on the ability of the underlying funds to meet their investment objectives and on Dimensional’s decisions regarding the allocation of the portfolio’s assets among the underlying funds. The portfolio may allocate assets to an underlying fund or asset class that underperforms other funds or asset classes. There can be no assurance that the investment objective of the portfolio or any underlying fund will be achieved. When the portfolio invests in underlying funds, investors are exposed to a proportionate share of the expenses of those underlying funds in addition to the expenses of the portfolio. Through its investments in underlying funds, the portfolio is subject to the risks of the underlying funds’ investments. Securities Lending Risk: Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a portfolio may lose money and there may be a delay in recovering the loaned securities. The portfolio could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. Securities lending also may have certain adverse tax consequences. Non-US Issuers and Currencies Risk: Portfolios may acquire and sell securities issued by non-US governments and companies organized in non-US 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 US investments. In many foreign countries there is less government supervision and regulation of stock exchanges, brokers, and listed companies than in the US, 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 securities issued by foreign governments. Dimensional determines markets authorized for investment (“approved markets”) and then, in its discretion, whether and when to invest an account’s assets in an approved market. In making these determinations, Dimensional has discretion to take into account a number of factors, including, among other things: the classification of a market by recognized global index providers; market liquidity; relative availability of information to investors; government regulation, including fiscal and foreign exchange repatriation rules; the availability of other access to these markets; clearing and settlement processes; taxes, fees, duties, and other costs of transacting in the market; and observance of property rights. Dimensional may have clients based in an approved market, including for example a country’s sovereign wealth fund, which could incentivize Dimensional to approve a market for investment; however, in making approved market determinations, Dimensional will seek to base its decision on Dimensional’s then-current understanding of the types of market related information outlined above, and whether Dimensional considers the market appropriate for investment considering its duties.

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 Dimensional will be able to anticipate these potential events. In addition, if the base currency of a portfolio is the US dollar, 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 US dollar. Foreign currency risk includes the possibility that a foreign government will convert, or be forced to convert, its currency to another currency, changing its value against the US dollar. A portfolio may seek to hedge foreign currency risk, but relevant hedging techniques may not be available or may be limited, and there is no assurance that such techniques will be successful. Depositary receipts, such as American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts, and other interests that represent shares of foreign securities are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. For some depositary receipts, the custodian or similar financial institution that holds the issuer’s shares in a trust account is located in the issuer’s home country. In these cases if the issuer’s home country does not have developed financial markets, a portfolio could be exposed to the credit risk of the custodian or financial institution and greater market risk. In addition, the depository institution may not have physical custody of the underlying securities at all times and may charge fees for various services. A portfolio may experience delays in receiving its dividend and interest payments or exercising rights as a shareholder. There may be an increased possibility of untimely responses to certain corporate actions of the issuer in a depositary receipt program. The underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are also under no obligation to distribute shareholder communications to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities. Accordingly, depositary receipts that are not sponsored by the issuer may be less liquid, there may be less public information available about the issuer and there may not be a correlation between this information and the market value of the depositary receipts. The continuing military conflict between Ukraine and the Russian Federation has resulted in the imposition of economic sanctions and tariffs (or the threat thereof), and in significant volatility and uncertainty in financial markets and other industries. The ongoing war between Russia and Ukraine and conflicts in the Middle East also increase the risk that the conflict may broaden to other countries and severely impact the global markets, including by disrupting trade and supply chains, potentially affecting businesses with exposure to these regions. These and any related events could significantly impact a portfolio’s performance and the value of an investment, even if the portfolio does not have direct exposure to affected issuers. In particular, heightened conflict in the Middle East may create potential energy-supply disruptions, particularly through the Strait

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Dimensional’s clients generally include institutional investors, high-net-worth individuals, and clients of registered financial advisors who may be considered retail investors. The institutional investors are typically composed of the US Dimensional Funds, corporate and governmental pension and profit-sharing plans, Taft-Hartley plans, charitable institutions, foundations, endowments, municipalities, private investment funds, trust programs, sovereign funds, foreign funds such as UCITS funds and other US and international institutions. Where Dimensional subadvises accounts for clients of independent financial advisors, the minimum account size is generally $250,000. Dimensional may waive this minimum in certain circumstances.

In some cases, Dimensional has entered into performance-based fee arrangements with “qualified clients,” as defined under the Investment Advisers Act of 1940, as amended (“Advisers Act”). Such fees are subject to individualized negotiation with each such client. Dimensional will structure any performance or incentive fee arrangement in compliance with legal requirements. Performance-based fee arrangements may create an incentive for Dimensional to recommend investments that may be riskier or more speculative than those that would be recommended under a different fee arrangement, such as one based on amount of assets managed. In addition, performance-based fee arrangements create incentives to favor accounts with such arrangements in the allocation of investment opportunities. To address such conflicts, Dimensional designs procedures that seek to treat all clients fairly and equitably over time, including with regard to allocating investment opportunities among clients. For further information about relevant Dimensional procedures, see “Allocation of Investment Opportunities” below and Item 12 of this Brochure. Allocation of Investment Opportunities Dimensional provides investment advisory and investment management services for many clients and may give advice and take action with respect to one client that differs from advice given or

the timing or nature of action taken with respect to another client. It is Dimensional’s policy not to favor or disfavor any client or class of clients in the allocation of investment opportunities. To the extent practicable and subject to each portfolio’s investment guidelines, Dimensional will seek to allocate all investment opportunities among clients over time on a fair and equitable basis. Dimensional allocates eligible investment opportunities across portfolios that it manages based on the following factors: a. incremental contribution to the desired characteristics of the overall portfolio; b. demand relative to target weight of the security within the portfolio compared to that of other portfolios; c. anticipated liquidity of the security; d. cash position of the portfolio; e. anticipated client cash flows in or out of the portfolio; and f. anticipated expenses associated with transacting in the security. The availability or allocation of certain investment opportunities is limited under various circumstances, including in certain local and emerging markets, and with respect to regulated industries. Additionally, in certain circumstances, Dimensional restricts, limits or reduces the amount of a portfolio’s investment in a security where holdings in such a security by a portfolio, or across portfolios in the aggregate, exceeds or would exceed regulatory or issuer ownership thresholds or would otherwise result in significant costs to, or administrative burdens on, portfolios, a client or Dimensional. For example, limitations exist if a position or transaction could require a regulatory filing or a license or other regulatory or corporate consent, which could, among other things, result in additional cost and disclosure obligations for, or impose regulatory restrictions on, portfolios, a client or Dimensional, or where exceeding a threshold is prohibited or may result in regulatory or other restrictions. Dimensional may also elect not to participate on behalf of certain clients in a particular investment opportunity if participation is subject to certain requirements, including legal or contractual provisions, obligations, terms, limitations, restrictions or consequences (including, without limitation, requirements under applicable US federal securities laws, the laws of other jurisdictions or any related rules, orders, guidance or other authority applicable to Dimensional or its clients). Dimensional’s ability to invest in securities or portfolio companies on behalf of clients is impacted by US and foreign government orders or similar actions, which include sanctions or other measures (e.g., embargoes) taken by one or more countries, their respective government agencies or by an international organization. These measures can be aimed at restricting dealings of any kind with or involving another country, specific persons or securities such as those related to national security, legal entities, organizations or goods and may restrict future purchases of securities or require rapid divestment of securities. These measures can negatively impact the value of affected

securities and portfolio companies as well as make it more difficult to divest affected securities. A government or one of its agencies can limit the amount of investment that is permitted to be made that is considered by that government to be made by a foreign investor. Restrictions on foreign investment can depend on the type of investor, such as whether the investor is considered a governmental entity or agency. Dimensional, in allocating investment opportunities, can consider a portfolio’s sensitivity to tracking error, and the availability of other appropriate or substantially similar investment opportunities for its portfolios. For example, a portfolio that is sensitive to tracking error may receive a greater allocation of a security that is in the index that is tracked by such portfolio as compared to a portfolio that is not sensitive to tracking error. When Dimensional allocates investment opportunities, it considers the factors described above, as applicable, and in certain circumstances some or all eligible portfolios will not receive a pro rata allocation, or any allocation. Dimensional may manage related accounts (including accounts of Dimensional, its affiliates, or its directors, officers or employees). Generally, it is Dimensional’s policy that related accounts will be treated the same as all other accounts. However, when investment opportunities are limited, such as due to the liquidity of a security, allocation decisions can create conflicts of interest between related accounts and accounts of other clients. In such situations, Dimensional’s authorized persons have the discretion to lower the allocation to, or completely exclude, the related accounts from an investment allocation. In addition, it is Dimensional’s policy that no authorized person will have discretion to allocate investment opportunities to a separate account for which the authorized person or their immediate family member has a beneficial ownership or interest. See also Item 12 relating to trade aggregation and allocation practices.

Dimensional has several affiliated entities engaged in other financial industry activities. Affiliated Broker-Dealer Dimensional has a wholly owned limited-purpose broker-dealer subsidiary, DFA Securities LLC (“DFA Securities”), which acts as distributor of shares of the US Dimensional Funds and may in the future act as the placement agent for certain private funds managed by Dimensional or its affiliates. Certain of Dimensional’s personnel, including management personnel, are registered representatives of DFA Securities.

Dimensional Hong Kong (defined below), an indirect subsidiary of Dimensional, is licensed by the Securities and Futures Commission, among other things, to conduct Type 1 (dealing in securities) regulated activity to market collective investment schemes managed by its affiliates to professional investors. Dimensional Canada (defined below) is licensed as an exempt market dealer in certain Canadian provinces. Dimensional Canada may act as dealer to Canadian investors purchasing Canadian funds managed by Dimensional Canada or purchasing certain US Dimensional Funds or UCITS funds on a private placement basis. For such services Dimensional Canada receives a fee equivalent to Dimensional Canada’s expenses plus a percentage, payable by Dimensional. Affiliated Investment Advisors Dimensional is affiliated with several other investment advisers. The investment advisers affiliated with Dimensional are its direct and indirect subsidiaries: •

DFA Australia Limited (“Dimensional Australia”). Dimensional is a sub-advisor to certain Australian mutual funds and other client accounts managed by Dimensional Australia.

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Dimensional Fund Advisors Ltd. (“Dimensional UK”). Dimensional is a sub-advisor to certain United Kingdom mutual funds and other client accounts managed by Dimensional UK.

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Dimensional Fund Advisors Canada ULC (“Dimensional Canada”). Dimensional is a subadvisor to certain Canadian mutual funds and other client accounts managed by Dimensional Canada.

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Dimensional Fund Advisors Pte. Ltd. (“Dimensional Singapore”). Dimensional is a subadvisor to client accounts managed by Dimensional Singapore.

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Dimensional Ireland Limited (“Dimensional Ireland”). Dimensional is a sub-advisor to certain Irish UCITS funds for which Dimensional Ireland is the management company and other client accounts managed by Dimensional Ireland.

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Dimensional Japan Ltd. (“Dimensional Japan”).

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Dimensional Hong Kong Limited (“Dimensional Hong Kong”).

In providing services to a client, Dimensional may use personnel or services of one or more of its Affiliated Investment Advisors. Services provided by these affiliates or their personnel include investment advice, portfolio execution and trading, back office processing, accounting, reporting and client servicing. These services are provided through arrangements that take a variety of forms, including dual employee, participating affiliate, delegation arrangement, sub-advisory, consulting,

or other servicing agreements. When using such arrangements, Dimensional remains responsible for the account from a legal and contractual perspective. Clients are not charged any fees other than those specified in the client’s agreement with Dimensional. These arrangements can create a conflict of interest because the time and attention of such personnel will not be devoted exclusively to the business of Dimensional’s clients, but will be allocated between Dimensional’s clients and the business needs and/or clients of such affiliates. Dimensional seeks to minimize these conflicts by subjecting such personnel to policies and procedures with respect to the services provided to Dimensional’s clients. Dimensional Australia and Dimensional UK provide trading and other investment advisory services to Dimensional in connection with Dimensional’s management of certain US Dimensional Funds, as disclosed in their respective prospectuses and SAIs, and also to certain of Dimensional’s separate account and other clients. Dimensional Australia and Dimensional UK may also provide investment, trade execution and related services to Dimensional in connection with Dimensional’s management of its other mutual fund clients, separate account clients and other clients investing in non-US securities. For such services, Dimensional Australia and Dimensional UK each receive a fee equivalent to certain of their expenses plus a percentage, payable by Dimensional. Clients of Dimensional will not be required to pay additional fees to Dimensional Australia or Dimensional UK for such services. Participating Affiliates and Related Arrangements In reliance on a series of SEC no-action letters, Dimensional and Dimensional Australia have entered into arrangements with certain of their Affiliated Investment Advisors (the “Participating Affiliates”) whereby Dimensional or Dimensional Australia use the investment management capabilities and related services of certain personnel of these Participating Affiliates in providing services to Dimensional’s clients. The Participating Affiliates are not registered with the SEC as investment advisers. However, personnel of the Participating Affiliates that assist in providing services to the US clients of Dimensional or Dimensional Australia through Dimensional or Dimensional Australia, or who have access to information concerning securities recommendations made to the US clients of Dimensional or Dimensional Australia prior to the effective dissemination of such recommendations, are subject to the oversight of Dimensional or Dimensional Australia, as the case may be, including that such personnel must comply with Dimensional’s Global Code of Ethics and Standard of Conduct and other compliance policies and procedures adopted by Dimensional and Dimensional Australia pursuant to the requirements of the Advisers Act. As of the date of this brochure, the Participating Affiliates include: Dimensional Singapore and Dimensional Japan. Clients of Dimensional and Dimensional Australia will not be required to pay additional fees to the Participating Affiliates for any services provided. Dimensional has also entered into arrangements with Dimensional UK and Dimensional Australia, which are registered with the SEC as investment advisers, pursuant to which Dimensional uses the

investment management capabilities and related services of personnel of Dimensional UK and Dimensional Australia, that are generally subject to the same oversight and other requirements that apply to the Participating Affiliate arrangements described above. Trust Vehicles Dimensional serves as investment manager to a collective trust fund, the DFA Group Trust, which consists of various subtrusts in which assets of qualified defined benefit plans are invested. Dimensional also serves as investment adviser to the investment funds of the Dimensional Collective Investment Trust, which are available for the benefit of certain qualified defined benefit and defined contribution plans, and certain trusts, entities or accounts that invest the assets of such plans. Commodity-Related Registrations Dimensional is registered as a commodity pool operator and is a member of the National Futures Association (the “NFA”). Certain of Dimensional’s personnel, including management personnel, are registered with the NFA as principals and/or associated persons. Payments to Non-Affiliates Dimensional and its Affiliated Investment Advisors have entered into arrangements with certain unaffiliated third parties pursuant to which Dimensional or its Affiliated Investment Advisors make payments from their own assets or provide services to such unaffiliated third parties as further described in Item 14 below. Certain of the unaffiliated third parties who have entered into such arrangements with Dimensional or its Affiliated Investment Advisors are affiliated with independent financial advisors whose clients may invest in the Dimensional funds. Generally, Dimensional does not consider the existence of such arrangements with an affiliate by itself to be determinative in assessing whether a financial advisor is independent.

Trading Dimensional has adopted a Global Code of Ethics and Standard of Conduct (the “Code”) to maintain the appropriate standard of professional conduct at Dimensional and otherwise aid in meeting the requirements of Rule 17j-1 of the 1940 Act as well as Rule 204A-1 of the Advisers Act. The Code applies to officers, general partners, directors/trustees and employees of Dimensional and its Affiliated Investment Advisors, in addition to other persons as required (collectively, “Access Persons”). Dimensional will provide a copy of its Code to any client or prospective client upon request. The Code seeks to ensure that Access Persons act in the interest of clients with respect to any personal trading of securities. The Code contains (i) certain reporting requirements applying to

purchases of funds advised by Dimensional and its Affiliated Investment Advisors as well as investment accounts in which Access Persons have beneficial ownership and (ii) pre-clearance procedures for personal securities transactions. The Code requires all Access Persons to pre-clear with a compliance officer trades in certain securities, such as stocks, bonds, and derivatives. Access Persons are also prohibited from participating in certain transactions, such as initial public offerings and initial coin offerings. Subject to the terms of the Code, employees of Dimensional may purchase for their own accounts shares of the funds advised by Dimensional and/or its Affiliated Investment Advisors or securities that Dimensional and/or its Affiliated Investment Advisors recommend that their clients (including the funds they advise) purchase. Dimensional, Dimensional UK, or Dimensional Australia, or a related person, when appropriate and in accordance with applicable laws, investment objectives and guidelines, may recommend to clients that they buy or sell shares or units of investment funds advised or administered by any of those investment advisers. In making such recommendations, Dimensional intends to primarily use US Dimensional Funds unless there is no US Dimensional Fund that is consistent with the desired asset allocation. As a result, in some cases a US Dimensional Fund may be recommended notwithstanding the fact that there may be a similar fund with a higher rating, lower fees and expenses, or better performance. Additionally, Dimensional and its affiliates will indirectly benefit from investments made in US Dimensional Funds through fees paid by the US Dimensional Fund to Dimensional and its affiliates for advisory, administrative and other services. Dimensional or its affiliates may purchase shares of a US Dimensional Fund ETF through a brokerdealer to “seed” the ETF as it is launched, or may purchase shares of an ETF from other brokerdealers that have previously provided “seed” capital for the ETF when it was launched, or otherwise in secondary market transactions. When providing initial investment capital for a fund launch, Dimensional, Dimensional UK, or Dimensional Australia, or a related person, may have a greater than 25% interest in one or more of those advised funds. The sale or other exit of the initial investment capital from the fund could disadvantage other investors in the applicable fund, such as by impacting the price or liquidity of the fund shares. Moreover, the sale of or exit from an initial investment in a fund may enable Dimensional or an affiliate to reduce its costs associated with providing the initial investment and/or use the proceeds to provide initial investment capital for other funds and products that it manages or is developing or realize other benefits. Dimensional has implemented policies and procedures designed to prevent Dimensional or its affiliates from improperly benefitting from the management of those funds where it has provided initial investment capital. To address conflicts of interest, decisions to sell or otherwise exit the initial “seed” investment are made by an identified internal group and without considering pending investment management decisions for the funds. Dimensional may manage separate accounts for itself, its affiliates, or its directors, officers or employees. Dimensional’s management of such accounts gives rise to certain conflicts of interest. From time to time, Dimensional may buy or sell the same securities for these accounts that Dimensional also buys or sells for other clients. Without certain policies and procedures Dimensional has implemented, Dimensional may have an incentive to favor these accounts over

other client accounts. To address such conflicts, Dimensional has designed portfolio management and trading policies, including trade aggregation and allocation policies, to treat all accounts fairly and equitably over time and not to favor or disfavor any clients or class of clients. For further information, see Item 12 of this Brochure for a discussion of Dimensional’s brokerage practices and Item 6 for a discussion of Dimensional’s practices with respect to “Allocation of Investment Opportunities.” Dimensional serves as investment adviser under arrangements where a client’s assets are managed in a separate account but, at the discretion of Dimensional, some or all of the account assets are invested in one or more US Dimensional Funds that meet the account’s investment objectives. In such instances, the advisory fees payable for managing the separate account may be reduced by the US Dimensional Fund’s advisory fees that otherwise would be applicable to the account’s investment or assets invested in one or more US Dimensional Funds may be excluded for purposes of calculating Dimensional’s management fee (though for Independent Financial Advisor Facilitated Separate Accounts, such accounts may still be subject to certain minimum fees). Under certain circumstances, such fund fees could exceed the fees otherwise payable to Dimensional for managing the account when the fund fees are higher than the separate account advisory fees. In deciding to invest a client’s assets in a US Dimensional Fund under such an arrangement, Dimensional has a conflict of interest if managing a client’s assets through a pooled arrangement offers higher fees or certain efficiencies and economies to Dimensional that would result in the fund fees being more profitable than identical fees received from managing a separate account. Additionally, in the circumstances outlined above, Dimensional may receive higher advisory fees by investing account assets in US Dimensional Funds than it receives for managing a separate account. However, although economies of scale in connection with investing in the US Dimensional Funds generally result in relatively smaller administrative, custodial, and/or transactional expenses than would be the case if the client’s assets were to be managed in a separate account, the US Dimensional Funds incur certain regulatory, governance, distribution, and other expenses that are apportioned among their investors, which a separate account would not have. Additionally, in favorable markets, the need for a US Dimensional Fund to retain cash or to liquidate securities to meet redemption requests may cause its performance to fall below that of a separate account that does not have similar cash or liquidity needs and thus can remain fully invested. Dimensional’s subsidiary, DFA Securities, a limited purpose broker-dealer, provides services to certain personal brokerage accounts established and maintained with third-party custodians or broker-dealers as an accommodation by DFA Securities to certain individuals seeking to invest in US Dimensional Fund mutual funds and obtain communication and reporting services from the third party not generally provided by Dimensional. DFA Securities does not receive any compensation for such services. Transactions to buy and sell shares of the US Dimensional Fund mutual funds are placed through the third party and neither Dimensional nor DFA Securities provides advice or recommendations in connection with such transactions. See Item 12 relating to brokerage, trade allocation, and cross transaction practices.

In certain limited circumstances, an employee of Dimensional or its affiliates may serve on the board of directors of a public company and may receive directors’ fees in connection with that service, which may give rise to certain conflicts of interest. Fees and compensation received by the employees of Dimensional or its affiliates that serve on public company or other boards of directors are not shared with the US Dimensional Funds or other clients. Under Dimensional’s Code, any position on the board of directors of a public company is generally not authorized but in the event such a position were to be approved it would be after thorough consideration of the role of the employee with Dimensional or the applicable affiliate, the period the employee would serve on the board of a public company, whether that company is one whose securities are held by the US Dimensional Funds or other clients (a “Portfolio Company”), and after consideration of what measures would be appropriate to take to seek to mitigate the potential for a conflict of interest (which would generally, in the case of a directorship involving a Portfolio Company, involve some restrictions on trading of the Portfolio Company or the implementation of information barrier procedures). A directorship of a Portfolio Company will receive additional scrutiny, as serving in such capacity gives rise to conflicts of interest to the extent that an employee’s fiduciary duties to the Portfolio Company as a director conflict with the interests of the US Dimensional Funds or other clients. However, because the US Dimensional Funds or other clients will be investors in the Portfolio Companies, it is expected that such interests will generally be aligned. If such interests are not aligned, the employees of Dimensional or its affiliates will have a duty to act in the best interests of the Portfolio Company. A Dimensional employee’s appointment as a director of a public company will necessitate receiving prior approval from the board of directors of Dimensional’s parent company as well as from Dimensional’s compliance department and other approvals as required by the Code. In addition, a board of Dimensional or its affiliate can have policies or practices with respect to independent board members’ positions with other corporate entities. The Code also includes provisions designed to prohibit Dimensional’s employees from accepting or providing gifts or entertainment that may create (or appear to create) a conflict of interest and place Dimensional or a client in a difficult or embarrassing position. Procedures include quarterly reporting of gifts or entertainment received or extended, a dollar limit on gifts that can be accepted from any one source during a calendar year and pre-clearance of entertainment beyond a certain dollar limit. Dimensional has adopted an insider trading and information barrier policy to provide for the proper handling of any confidential information (i.e., non-public information received by Dimensional in connection with its activities) to prevent violations of laws and regulations prohibiting the misuse of such information and to avoid situations that might create an appearance of such misuse. Dimensional’s compliance department is responsible for monitoring the information barriers established by Dimensional, administering the information sharing policies and procedures and overseeing potential conflicts of interest.

Selection of Broker-Dealers Dimensional’s overriding objective in selecting brokers and dealers to effect transactions in securities and derivatives (with respect to foreign currency transactions, subject to the limitations described below) for clients is to seek the best net result in terms of price and execution so a client’s total cost or proceeds are the most favorable under the circumstances. Cost includes the “all in” costs of the trade or proceeds, not necessarily the lowest commission rate, nor the most expeditious execution. The best net price, giving effect to brokerage commission, if any, is an important factor in this decision; however, in selecting brokers and dealers for any transaction, a number of factors also may enter into the decision. These factors may include one or more of the following: Dimensional’s knowledge of negotiated commission rates currently available and other transaction costs; the nature of the security being purchased or sold; the size of the transaction; the desired timing of the transaction; the activity existing and expected in the market for the particular security; confidentiality; the execution, clearance, and settlement capabilities of the broker or dealer selected; local market compliance or restrictions; and whether the legal agreements and operational systems considered to be necessary or desirable by Dimensional to use a broker or dealer, or a counterparty, are in place. Dimensional may also execute client transactions with brokers and dealers that have customized their technology to facilitate Dimensional’s trading process. This gives Dimensional an incentive to execute through such brokers and dealers in order to realize operational efficiencies. Orders to buy or sell fixed income securities are typically placed on a competitive basis when available with a reasonable attempt made to obtain multiple competitive bids or offers from dealers consistent with the adviser’s needs in terms of speed, availability, and reliability. Generally, there is no stated commission in the case of fixed income securities that are traded in the over-thecounter markets. The price paid by the client often includes an undisclosed dealer mark-up. Equity commissions vary by stock price, country, type of brokerage and execution style, or portfolio. Futures commissions vary by contract type, broker, or portfolio. Some foreign exchange transactions have commissions or discretionary spreads that vary by currency, execution style, counterparty, custodian, or client. Dimensional also makes use of direct market access and the algorithmic, program or electronic trading methods of its brokers. Dimensional extensively uses electronic trading systems as such systems can provide the ability to customize the orders placed and can assist in Dimensional’s execution strategies. To minimize the potential impact of conflicts of interest when executing trades, it is Dimensional’s policy to not accrue soft dollar credits to purchase third party research, as further discussed below. Dimensional does not reward authorized traders based on the volume or size of trades. Authorized

traders are not permitted to consider sales of Dimensional funds or investment advisory business when allocating trades to broker-dealers. “Soft Dollars” Practices Dimensional does not presently use client brokerage commissions to generate credits to purchase brokerage or research services. Certain broker-dealers with whom Dimensional executes trades in pursuit of best execution may share unsolicited proprietary research (research created or developed by the broker-dealer), but Dimensional does not take such research into account when selecting broker-dealers to execute transactions. Dimensional receives certain brokerage services from executing broker-dealers related to the execution of trades for client accounts. This can include, for example, electronic communication services that provide connectivity between Dimensional and broker-dealers, including order routing and transmission; post-trade matching, confirmation and settlement; and other trading systems or software such as those that provide algorithmic trading strategies. Dimensional directs client transactions to broker-dealers that provide brokerage services in pursuit of best execution. Brokerage services may be used by Dimensional for the benefit of clients other than the client(s) that paid commissions to the broker providing such products or services. Under current US regulations, Dimensional may pay a broker-dealer who executes a portfolio transaction on behalf of a client a commission or similar fee that is a higher commission than another broker-dealer would have charged for effecting the same transaction, provided that Dimensional determines in good faith that such commission was reasonable in relation to the value of the brokerage and research services provided, determined on the basis of either that particular transaction or Dimensional’s overall responsibility for accounts over which it exercises investment discretion. If Dimensional determines in the future to resume soft dollar crediting arrangements or otherwise to obtain research services, it will do so in a manner consistent with Section 28(e) of the Securities Exchange Act of 1934, as amended, and SEC interpretations thereunder. Settlement Failures If any securities transaction fails to settle or otherwise be completed when and as contractually required because of an error by a broker or dealer, Dimensional will not be responsible for the actions or failures to act of any such broker or dealer. Notwithstanding the above, Dimensional’s obligations with respect to any settlement failures for a particular client or account are controlled by the undertakings Dimensional has agreed to in writing for that particular client or account. Similarly, where Dimensional has agreed in writing to certain undertakings when a settlement failure occurs as a result from Dimensional’s actions or failures to act, any responsibility or undertakings would only apply in situations where the settlement failure was directly caused by Dimensional’s actions or inactions and would not have otherwise occurred.

Trade Errors Trade errors (“Trade Errors”) occur from time to time in connection with Dimensional’s management of client accounts. Dimensional has policies and procedures that address identification and handling of Trade Errors, consistent with applicable standards of care and any relevant offering documents or client agreements. Dimensional generally makes its determinations regarding Trade Errors pursuant to its policies and procedures. The assessment of compensation for Trade Errors is performed on a case-by-case basis under the appropriate facts, per Dimensional’s policy. Trades not in accordance with one or more internal guidelines or procedures that Dimensional may establish from time to time will not be considered Trade Errors if they do not also breach guidelines in a prospectus, SAI, or those agreed with a client, or violate applicable law. Unless otherwise agreed in writing with a client or as required by applicable law, Dimensional typically will not be responsible for errors caused by Dimensional’s reasonable reliance on certain third parties (such as brokers, data providers, and custodians) and data or information such third parties provide or fail to provide. Dimensional generally notifies clients of any identified and corrected Trade Error, but the form and timing of this notification may differ based on the particular account and the facts and circumstances. Dimensional may correct Trade Errors through a number of mechanisms, including canceling the trade, correcting an allocation, or trading in a client account. Subject to legal requirements and account terms and conditions, Dimensional may correct a Trade Error through an error account that is governed by the policies and procedures of a third party (“Third Party Error Account”) or, in certain circumstances, correct a Trade Error through its own error account (“Dimensional Error Account”, together with Third Party Error Account, “Error Accounts”). Dimensional may correct a Trade Error that affects multiple client accounts through different mechanisms depending on the correction mechanisms available in relation to the accounts affected by the Trade Error. Accordingly, a client affected by the same Trade Error may end up positioned differently relative to other clients affected by the same Trade Error after Dimensional has corrected the Trade Error. As a general policy, Dimensional will make clients whole for losses Dimensional caused due to a Trade Error. Resolution of Trade Errors may include, but is not limited to, permitting client accounts to retain gains or reimbursing client accounts for losses resulting from the Trade Error. The calculation of the amount of any gain or loss will depend on the particular facts surrounding the Trade Error, and the methodology used by Dimensional to calculate gain or loss may vary. Compensation is generally expected to be limited to direct and actual out-of-pocket monetary losses (in certain circumstances, net of any associated gains). Subject to applicable law, contractual obligations and account terms and conditions, Dimensional may use an Error Account to correct a Trade Error. The affected client will not retain any gain resulting from the Trade Error. The treatment of any gain in such instances will be governed by the terms and conditions for the particular Error Account used to correct a Trade Error. Under certain circumstances, Dimensional

may be able to net gains and losses in a Dimensional Error Account. For Dimensional Error Accounts, gains will, from time to time, be donated to a charity, typically of Dimensional’s choosing. Gains in Third Party Error Accounts will be treated according to policies, practices, terms and conditions applicable to those accounts, and in some instances, the third party will keep or donate to charity any gains associated with the Third Party Error Account. The policy of making clients whole for realized or unrealized losses does not apply to negative investment performance returns resulting from the good faith implementation of an investment strategy. Directed Brokerage; Brokerage for Certain Separate Account Clients Dimensional currently does not permit any investor in a commingled fund, including a US Dimensional Fund, to direct portfolio transactions to a specified broker or dealer (i.e., “directed brokerage”). However, a separate account client may negotiate a directed brokerage arrangement pursuant to which some or all of the client’s transactions are executed with the broker or dealer with which the client has established an account. In this case, the separate account client should recognize that for those transactions in which Dimensional is directed to use certain brokers or dealers, brokerage commissions (or other costs) for the execution of transactions in the client’s account may not be negotiated by Dimensional. In addition, Dimensional may not be free to seek best price and execution for securities and futures transactions by placing transactions with other brokers or dealers and as a result, may cost separate accounts more money. The client assumes that risk. Clients should satisfy themselves in a directed brokerage arrangement that the broker or dealer participating in the arrangement can provide adequate price and execution of most or all transactions. Separate account clients independently select their custodians for their account, and Dimensional does not make recommendations as to the use of any particular custodian. Dimensional’s ability to work with a client’s preferred custodian may be restricted by a variety of factors, including operational and technical limitations. A separate account client, its investment adviser, or another agent of the client may enter into arrangements for custody of the client’s account (which may be as part of an overall arrangement with a custodian’s affiliated financial advisor such as in a wrap fee program) pursuant to which the costs of custodial services as well as advisory and/or brokerage services using affiliates of the custodian for some or all of the client’s investment management and transactions have been set. Dimensional is not a party to such arrangements and generally does not know the terms of such arrangements. Sometimes in connection with these arrangements, brokerage rates offered by affiliates of the custodian to such clients may have already been agreed to by the client, and Dimensional is informed of the agreed upon rate. Where those rates are unfavorable given market rates, Dimensional will not select such brokerage unless directed by the client. Where not directed by the client, Dimensional may take that rate into account in selecting the broker for the account. In such case, the client should recognize that Dimensional’s ability to seek best price and execution for transactions in the account will be limited to a review of the pricing information available to it and an evaluation of the execution received from the custodian’s

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Training and Education Related Services From time to time and consistent with Dimensional’s policies and applicable regulation, Dimensional or its Affiliated Investment Advisors provide certain non-advisory services (such as data collection and analysis or other consulting services) to financial intermediaries (“Intermediaries”) with business relationships with clients or with investors in Dimensional funds. Intermediaries include, without limitation, independent financial advisors (some of whom may be dual registered investment advisers/broker-dealers, collectively “FAs”), broker-dealers, institutional investment consultants, and plan service providers (such as recordkeepers). These Intermediaries from time to time are involved in the distribution of US Dimensional Funds and recommend Dimensional’s strategies or the purchase of Dimensional funds for their clients. Services provided to Intermediaries include: (i) providing personnel and outside consultants to Intermediaries for purposes of continuing education, strategic planning and, for FAs, practice management and succession planning; (ii) data collection and analysis, including industry trends and practices, historical market analysis and risk/return analysis; (iii) continuing education; and (iv) other related or similar services. Dimensional 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 from time to time also sponsors such events. For its sponsored events, Dimensional typically pays any associated food, beverage, and facilities related expenses, and speakers’ fees. Dimensional also has consulting arrangements with certain speakers, who in certain cases are affiliated with a Dimensional client. Dimensional or its Affiliated Investment Advisors 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. Dimensional’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 Dimensional makes direct payments to vendors and speakers on behalf of, and/or reimburses expenses incurred by, Intermediaries in connection with educational training or other events hosted by Intermediaries for such Intermediaries and/or their customers. Dimensional’s personnel may or may not be present at any of the conferences or events hosted by third parties described above. Dimensional generally will promote its participation in or sponsorship of such conferences or events in marketing or advertising materials.

Dimensional or one of its subsidiaries may also from time to time publish educational works about topics related to investing and intended for a general audience. Certain personnel affiliated with Dimensional may participate in conferences, events or other engagements related to such published works. Academic Board Membership Certain Dimensional investment personnel serve as members of academic advisory boards of Intermediaries, and in such capacity participate in events hosted by the Intermediary and produce written materials or participate in other activities with the Intermediary. It is Dimensional’s policy that such personnel (i) do not accept compensation from the Intermediary for serving in this capacity and (ii) do not provide investment advice or other related regulated services while serving on such boards. Referrals to Intermediaries At the request of an investor or potential investor in a US Dimensional Fund, Dimensional from time to time makes referrals of such investors to one or more Intermediaries. Payments to Intermediaries Additionally, Dimensional or its Affiliated Investment Advisors, from time to time, enter into arrangements with, and/or make payments from their own assets to, certain Intermediaries to enable access to Dimensional funds on platforms and through programs or products made available by such Intermediaries. Such payments may be, for example, for preferable placement, treatment, or inclusion on an Intermediary’s platforms or with the Intermediary’s programs or products, including those that waive brokerage fees for investors who transact in Dimensional funds. Payments may also be made to assist such Intermediaries to upgrade existing technology systems or implement new technology systems or platforms, programs or products in order to improve the methods through which the Intermediary provides services to Dimensional and its Affiliated Investment Advisors, and/or their clients. Such arrangements or payments generally establish contractual obligations on the part of such Intermediary to provide Dimensional and/or its clients with services, and Dimensional fund clients with exclusive or preferred access to the use of the subject technology. Services provided in return for these arrangements or payments include, among other things, providing access to and reporting with respect to provision of US Dimensional Fund information to Dimensional clients, provision of sales related data to Dimensional, responding to due diligence requests from Dimensional, and database maintenance of historical trading and operational activities relating to the US Dimensional Funds. Dimensional or its Affiliated Investment Advisors also in certain circumstances make payments to Intermediaries related to marketing activities and presentations, continuing education, conferences, data provision services, or making shares of the US Dimensional Funds available to their customers generally and in certain investment programs. In certain circumstances, Dimensional makes payments to Intermediaries and other financial service providers for data regarding US Dimensional Funds,

such as statistical information regarding sales of shares of US Dimensional Funds through Intermediaries. Conflicts of Interest Certain of the services, arrangements and payments described in this Item 14 may sometimes be referred to in the industry as revenue sharing arrangements. The services, arrangements and payments described in this Item 14, which may be significant to the Intermediaries, 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, Dimensional’s strategies or Dimensional funds to their clients in order to receive or continue to benefit from these arrangements from Dimensional or its Affiliated Investment Advisors. Any payments made pursuant to such arrangements may vary in any year and may be different for different Intermediaries. In certain cases, these payments may be subject to certain minimum payment levels, be a fixed amount or rate, and/or depend on other factors such as assets invested in a particular Dimensional fund through such Intermediary, Dimensional’s management fee applicable to such Dimensional fund, and/or the applicable expense ratio of such Dimensional fund. Dimensional’s clients may also elect, at their sole discretion, to receive certain services from Intermediaries, and those Intermediaries’ may, accordingly, be incentivized to recommend, or otherwise make available, to their clients Dimensional’s strategies or Dimensional funds. Dimensional does not receive any compensation for such activities by these Intermediaries. Consultation Referral Fees and Other From time to time, consultants of Dimensional are paid a commission for client referrals. Such commissions typically are calculated based on a flat fee, percentage of total fees received by Dimensional as a result of such referrals, or other means agreed to between Dimensional and the consultant. With respect to Dimensional UK’s management of UCITS funds, Dimensional UK or any of its sub-advisors, is permitted, at its discretion, to rebate part or all of the management fees charged to the UCITS funds to any UCITS funds’ shareholder or use part of such management fees to remunerate certain financial intermediaries of such UCITS funds for services provided to fund shareholders. Dimensional Ireland may exercise the same discretion as the management company to UCITS funds. Additionally, certain international service providers retained by Dimensional Australia are paid a fee based on a percentage of investment advisory fees received by Dimensional Australia. This fee is payment for services provided to Dimensional Australia to assist Dimensional Australia in servicing certain international clients in accordance with the requirements of applicable international laws.

Charitable Contributions From time to time, Dimensional chooses to donate to charitable organizations that are clients or are supported by clients, prospects, or their employees. In general, Dimensional makes those donations in response to requests from one of those parties. Dimensional takes into account the nature of the business relationship as one factor in determining whether to approve a charitable contribution. Data Services Dimensional purchases certain data services and products used by Dimensional for sales, distribution and research purposes. In limited circumstances, a data vendor or its affiliate also provides investment consulting services, and such vendor or affiliated entity may serve as a consultant to an advisory client or refer one of its consulting clients to Dimensional or funds managed by Dimensional. Any investment consulting services and referrals are unrelated to Dimensional’s process for the review and purchase of certain data services.

A registered investment adviser is required to disclose in this Item all material facts regarding any legal or disciplinary events that would be material to a client’s or prospective client’s evaluation of the adviser or the integrity of the adviser’s management. Dimensional has no disciplinary information to report under this Item.

Dimensional reviews client accounts on a periodic basis. Reviewers include members of the portfolio management team, authorized persons, the Investment Committee, and/or the compliance department.

Reviews of an account occur at differing frequencies and for differing purposes depending on the type of account. For example, institutional separate account investment guidelines are typically reviewed at least annually, and upon client request, by the Investment Committee to monitor consistency with the client’s investment objectives and limitations. Portfolio reviews are carried out regularly by portfolio managers to monitor that parameters and characteristics are within acceptable limits. Portfolio managers conduct monthly reviews of portfolio characteristics for Independent Financial Advisor Facilitated Separate Accounts, those accounts which are opened by a client’s independent financial advisor on the client’s behalf. Cash balances for all accounts are reviewed on a daily basis by authorized persons in portfolio management so that sufficient funds are available in local or base currency, and that overall balances meet internal guidelines. As an additional tool in portfolio compliance monitoring, Dimensional maintains a portfolio compliance monitoring system that is used in conjunction with its proprietary investment management system. This portfolio compliance monitoring system assesses the underlying positions for accounts after the day’s trading system processing is completed and provides independent post-facto daily review of positions against various rules-based compliance tests, covering client-specific guidelines and restrictions, as well as product and regulatory requirements. All direct accountholders of the US Dimensional Fund mutual funds receive reports on investment results monthly. Investors in the DFA Group Trust receive reports on investment results monthly. Typically, institutional separate account clients receive monthly and/or quarterly reports unless their custodians cannot produce the requisite data with that frequency, in which case Dimensional typically produces reports with the same frequency as the custodians produce the required asset and transaction data. These periodic reports typically contain the total return for each account held by a client which is calculated on the basis of net asset value plus dividend and interest income, and in cases where required by the clients, compared to an appropriate benchmark index. Independent Financial Advisor Facilitated Separate Accounts, including those participating in a separately managed account program, may instead receive reports from their independent fiduciary. For those clients, Dimensional provides reporting that is available to their independent fiduciaries, which includes account summary information, account values, portfolio characteristics, and performance. In addition, investors in the US Dimensional Funds and the DFA Group Trust, and separate account clients, may receive additional reports pursuant to the negotiated terms of investment management agreements or as mutually agreed upon. These additional reports include, but are not limited to, portfolio characteristics, assets listings, discussions of the investment entity’s general strategy, and reports containing results of proxy voting. The trustee for the Dimensional Collective Investment Trust provides reporting for investors in the funds of the Dimensional Collective Investment Trust.

All clients invested in the US Dimensional Funds receive semi-annual and annual financial reports. In the case of the DFA Group Trust, clients receive an annual financial report. Dimensional may provide additional reports to clients to the extent required by a client’s written investment management agreement with Dimensional or as mutually agreed upon.

Each separate account client should receive at least quarterly statements from the broker-dealer, bank, or other qualified custodian that holds and maintains the client’s investment assets. Dimensional may also send a client a separate account statement or invoice if Dimensional manages a separate account for the client. If this is the case, then Dimensional urges the client to carefully review such statements and compare such official custodial records to any account statements that Dimensional provides. Dimensional’s statements may vary from custodial statements based on accounting procedures, reporting dates, or valuation methodologies of certain securities. However, for separate accounts for clients serviced by financial advisors, the client’s financial advisor, rather than Dimensional, may provide the client quarterly statements. The cash and securities of Dimensional’s US clients are held by third-party custodians. Except as otherwise required by law, Dimensional will not be liable for any act or failure to act of the client’s custodian. Pursuant to certain contractual arrangements, Dimensional or an affiliate of Dimensional has the right to have a client’s custodian automatically deduct Dimensional’s or the affiliate’s advisory fees from the client’s account. Thus, under Rule 206(4)-2 under the Advisers Act, Dimensional or the affiliate may be deemed to have custody of client assets for this limited purpose and Dimensional has a policy regarding steps to take with respect to such deduction arrangements. Certain of Dimensional’s Affiliated Investment Advisors act as trustee, or in another capacity, to non-US funds for which Dimensional provides investment sub-advisory services. Because such Affiliated Investment Advisors legal ownership of or access to the assets of these non-US funds,

such arrangements may technically result in Dimensional being considered to have custody of the relevant non-US fund assets for purposes of Rule 206(4)-2 under the Advisers Act. The assets of these non-US funds are also held by third-party custodians and the funds are audited by independent public accountants and the audited financial statements are distributed to investors as required per local law. In the future, one or more affiliates of Dimensional may act as general partner or managing member for one or more private funds. To the extent that Dimensional has “custody” for purposes of Rule 206(4)-2 under the Advisers Act, Dimensional or its affiliates, as applicable, will cause the private fund to be audited in accordance with such rule.

Dimensional accepts discretionary authority from a client pursuant to an investment management agreement at the outset of an advisory relationship to select the identity and amount of securities to be bought or sold. In all cases, however, such discretion is to be exercised in a manner consistent with the stated investment objectives for the particular client account, along with any applicable investment guidelines. Except as otherwise required by law, Dimensional will not be liable for any action or instruction of the client or the client’s custodian. When selecting securities and determining amounts, Dimensional observes the investment policies, limitations, and restrictions of the clients for which it advises. For SEC-registered investment companies, Dimensional’s authority to trade securities may also be limited by certain federal securities and tax laws that require diversification of investments and favor the holding of investments once made. Investment guidelines, restrictions and instructions must be provided to Dimensional in writing.

Dimensional, Dimensional UK, Dimensional Japan, Dimensional Singapore, Dimensional Australia, Dimensional Hong Kong, and Dimensional Ireland (each, an “Advisor,” and collectively, the “Advisors”) have jointly adopted proxy voting policies and procedures (the “Voting Procedures”) for voting proxies on behalf of clients to the extent that: (i) relationships with such clients are subject to the Advisers Act or ERISA or (ii) the clients are registered investment companies under the 1940 Act. The following is a summary of the Voting Procedures: The Investment Committee at Dimensional is generally responsible for overseeing each Advisor’s proxy voting process. The Investment Committee has formed the Investment Stewardship Committee, which is composed of certain officers, directors, and other personnel of the Advisors and has delegated to its members authority to (i) oversee the voting of proxies and third-party proxy service providers (discussed further below), (ii) make determinations as to how to instruct

the vote on certain specific proxies, (iii) verify ongoing compliance with the Voting Procedures, (iv) receive reports on the review of the business practices of the third-party proxy service providers, and (v) review the Voting Procedures at least annually and recommend changes to the Investment Committee. The Investment Stewardship Committee may designate one or more of its members to oversee specific, ongoing compliance with respect to the Voting Procedures and may designate personnel of each Advisor to instruct the vote on proxies on behalf of an Advisor’s clients, such as authorized traders of the Advisors. Generally, Dimensional, along with the other Advisors, will seek to instruct the vote for proxies, or refrain from voting proxies, in accordance with the Voting Procedures. A client may direct an Advisor to vote for such client’s account differently than what would occur in applying the Voting Procedures. An Advisor may also agree to follow a client’s individualized proxy voting guidelines or otherwise agree with a client on particular voting considerations. Absent information from a client regarding the cost of voting proxies, the Advisor will assess whether to vote such proxies considering the information on difficulties and costs the Advisor has available. The scope and any limitations of an Advisor’s proxy voting authority generally will be described in the investment management agreement between the Advisor and its client or with respect to an Advisor-sponsored fund, the offering documents of the fund. For Independent Financial Advisor Facilitated Separate Accounts, Dimensional typically will vote proxies for such accounts unless the client or their independent financial advisor retains proxy voting authority. The guidelines set forth in the Voting Procedures provide three frameworks for analysis and decision making, one standard implementation, one for the portfolios and accounts that incorporate social considerations in their investment guidelines, and one for the portfolios and accounts that incorporate sustainability considerations in their investment guidelines. Pursuant to their investment management agreements, clients may select one of the three implementations to be used for their account or portfolio or, in certain circumstances, individualize their proxy voting guidelines. However, those guidelines do not address all potential issues. Dimensional may vote in a manner that deviates from the guidelines if, after a review of the matter, Dimensional believes that the best interests of the client would be served by, or legal and fiduciary standards applicable to an Advisor or the client require, such a vote (subject to any particular investment or voting guidelines of specific funds or accounts). A client’s investment strategy or instructions can impact voting determinations and/or engagement efforts. For example, the Advisors consider social issues when voting proxies for portfolios and accounts that incorporate social considerations in their design and consider sustainability issues when voting proxies for portfolios and accounts that incorporate sustainability considerations in their design. The foregoing differences may result in voting differently for some clients than others. The Advisors may also take social or sustainability issues into account when voting proxies for portfolios and accounts that do not incorporate social or sustainability considerations in their design if the Advisors believe that doing so is in the best interest of the relevant client(s) and otherwise consistent with applicable laws and the Advisors’ duties, such as where material environmental or social risks may have economic ramifications for shareholders.

Dimensional from time to time discusses governance matters with portfolio companies to represent client interests and to understand a portfolio company’s approach to key governance issues. The Advisors may engage with a portfolio company differently depending on the relevant client(s)’ investment strategy and the subject(s) of the relevant engagement. However, regardless of such conversations, Dimensional acquires and holds securities on behalf of its clients solely for the purpose of investment and not with the purpose of or with the effect of changing or influencing the control of any portfolio company. Dimensional does not intend to engage in shareholder activism with respect to a pending vote or matter that Dimensional reasonably expects to be the subject of a shareholder vote in the foreseeable future. In certain cases, Dimensional determines that voting is not in the best interests of a client and refrains from voting, such as if the costs, including the opportunity costs, of voting to the client would, in Dimensional’s view, exceed the expected benefits of voting to the client. In certain cases, where Dimensional may not receive a solicitation within sufficient time or enough information (as reasonably determined by Dimensional) prior to the proxy-voting deadline, and Dimensional or its service provider may be unable to vote or this may also inform Dimensional’s voting decision. For securities on loan and when Dimensional, or an affiliate of Dimensional, has agreed to monitor the securities lending program of a client account, Dimensional will balance the revenue-producing value of loans against the difficult-to-assess value of casting votes. It is generally Dimensional’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 Dimensional recalling loaned securities for voting. In certain countries, such as the US, the specific terms of the proposals to be voted on by shareholders will generally not be known until after the record date, which determines the shares’ eligibility to be voted. In this situation, the Advisor may not be aware of the subject of a proxy vote in time to make a decision as to whether the materiality of the voting proposals warrants recalling a security on loan to vote. In addition, because specific record dates may not be known, if the Advisor were to seek to recall securities on loan, the Advisor would need to estimate the record date which would result in the securities being recalled for a longer period of time than otherwise required and may create a greater potential loss of income. Dimensional does intend to recall securities on loan if, based upon information in Dimensional’s possession, Dimensional determines that voting the securities is likely to materially affect the value of a client’s investment and it is in the client’s best interests to do so. For proxies of non-US companies, it can be both difficult and costly to vote proxies. Dimensional does not intend to vote proxies of non-US companies if it determines the expected costs of voting outweigh any anticipated economic benefit to the client of voting. Dimensional considers updates on proxy voting costs and voting impediments and it takes into account an overall cost-benefit analysis periodically (no less frequently than annually). In the event Dimensional is made aware of and believes an issue to be voted is likely to materially affect the economic value of a portfolio, that its client’s vote is reasonably likely to be determinative of the outcome of the contest, and the

expected benefits to the client of voting the proxies exceed the expected costs, Dimensional will seek to make reasonable efforts to vote such proxies. Holders of fixed income securities are generally not entitled to an annual vote and therefore do not have such a mechanism to influence an issuer’s governance. From time-to-time holders of fixed income securities can receive proxy ballots or corporate action-consents at the discretion of the issuer/custodian. In such circumstances the Advisor’s fixed income portfolio management team is generally responsible for providing recommendations on how to vote proxy ballots and corporation action-consents and they may consult with members of the Investment Stewardship Committee, with the aim of applying the same general principles as are set out in the guidelines. Proxies that Dimensional receives on behalf of its clients will generally be voted in accordance with predetermined guidelines or procedures, and when proxies are voted consistently with such predetermined guidelines or procedures, Dimensional considers such votes not to be affected by any conflicts of interest. In the limited instances where (i) an authorized person is considering voting a proxy contrary to predetermined guidelines or procedures (or in cases where the guidelines or procedures do not prescribe a particular vote and the proposed vote is contrary to the recommendation of the proxy advisory firm primarily used by Dimensional to provide voting recommendations) and (ii) the authorized person or any member of the Investment Stewardship Committee believes a potential conflict of interest exists, the authorized person will disclose the potential conflict to a member of the Investment Stewardship Committee or, in the case of a member of the Investment Stewardship Committee who believes a potential conflict of interest exists, the member will disclose the conflict to the Investment Stewardship Committee. If the Investment Stewardship Committee member has actual knowledge of a conflict of interest and recommends a vote contrary to predetermined guidelines or procedures (or in cases where the guidelines or procedures do not prescribe a particular vote and the proposed vote is contrary to the recommendation of the proxy advisory firm), the Investment Stewardship Committee member will bring the vote to the Investment Stewardship Committee, which will determine (a) how the vote should be cast, keeping in mind the principle of preserving shareholder value or (b) to abstain from voting, unless abstaining would be materially adverse to the client’s interest. To the extent a conflict arises in connection with a proposed engagement with a portfolio company, the proposed engagement will be brought to the Investment Stewardship Committee for consideration of how to proceed. To the extent the Investment Stewardship Committee makes a determination regarding how to vote or to abstain from a proxy on behalf of a US Dimensional Fund in the circumstances described in this paragraph, Dimensional will report annually on such determinations to the relevant Board of Directors/Trustees of the affected US Dimensional Fund. Dimensional will also consider, where appropriate, other disclosure to clients regarding potential conflicts of interest, dependent upon the agreement with the client. Dimensional may also face a conflict of interest in determining whether to vote or refrain from voting proxies for a client where Dimensional has agreed to assume the costs of the applicable client’s voting expenses because, in that instance, the costs of voting proxies are effectively paid by Dimensional. Dimensional believes such conflicts of interest may be addressed by applying the same cost-benefit analysis to the intended vote, without regard to whether Dimensional has a conflict, including because Dimensional is

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A registered investment adviser is required to provide certain financial information or disclosures about the adviser’s financial condition. Dimensional believes that it has no financial commitment that impairs its ability to meet contractual and fiduciary commitments to clients and has not been the subject of a bankruptcy proceeding.