a division of index fund advisors, inc. a clear path for

42www.InvestingforCatholics.com

A CLEAR PATH FOR CATHOLIC INVESTORS

A division of Index Fund Advisors, Inc.

CATHOLIC VALUES INVESTMENTS ROOTED IN FINANCIAL SCIENCE

39 www.InvestingforCatholics.com

“

ATHOLIC VALUES INVESTMENTS ROOTED IN FINANCIAL SCIENCE

C


It must be remembered that the market does not exist in the pure state. It is shaped by the cultural configurations which define it and give it direction.”

- POPE EMERITUS BENEDICT XVI, “CARITAS IN VERITATE”


COMPANY: Catholic Values Screended Investments Rooted in Financial Science ........................... 2

SERVICES: Professional Financial Services ...................................................................................... 3

PRINCIPLES: Catholic Values Screening and Corporate Engagement ................................................. 4

STRATEGY: Doing Well While Doing Good ......................................................................................... 6

INDIVIDUAL INVESTORS: Helping Clients Align Faith and Finances ........................................................................ 8

RETIREMENT PLANS: Fiduciary Protection ....................................................................................................... 10

Target Date Portfolios .....................................................................................................11

FOUNDATIONS & ENDOWMENTS: Faith-Consistent Investing for Endowments .................................................................. 12

IFC INDEX PORTFOLIOS: Evidence-Based Catholic Values Advice ....................................................................... 14

Growth, Return and Risk Table ..................................................................................... 15

Portfolio Factsheets (100, 80, 60, 40, 20) .................................................................... 16

Fees and Expenses ...................................................................................................... 26

Disclosures ................................................................................................................27-29

Sources and Description of Data ................................................................................... 30

TABLE OF CONTENTS

IFC-TEMP Copyright © 1999-2021 Index Fund Advisors, Inc. All rights reserved. Edit: SEPT-2021


These concepts define us as Catholics -- shaping our actions and our investments.

Investing for Catholics (IFC) provides Catholic Values Investing advice and portfolio implementation to institutions and individuals. Our firm was developed to meet the unique needs of Catholic investors — investing responsibly in line with our Faith while seeking to maximize expected returns for the risks we take.

IFC’s investment management services are designed for:

• Catholic organizations such as dioceses and religious institutes

• Foundations and endowments

• Catholic organizational retirement plans, including 401(k), 403(b) and 457 plans

• Catholic healthcare organizations

• Catholic-focusedfor-profitandnon-profitorganizations

IFC’s investment management services are designed to enable stewards to prudently balance faith-consistent investing with fiduciary best practices.

Investing for Catholics (IFC) is a division of Index Fund Advisors, Inc. (IFA), a registered investment adviser (RIA) based in Irvine, California. IFA is a fee-only advisory firm founded in 1999 to provide a fiduciary standard of care. IFA has more than 2,300 clients located throughout the country and manages more than $4.75 billion as of June 30, 2021.

CATHOLIC VALUES SCREENED INVESTMENTS ROOTED IN FINANCIAL SCIENCE

COMPANY

IFC’s Investing CredoMarkets Work: Investing for Catholics bases its research on the widely accepted Efficient Market Hypothesis, the founder of which, Eugene Fama, was awarded the 2013 Nobel Prize in Economics.

Investing Science Shows the Way: IFC’s Investment strategies are based on principles generally known as Modern Portfolio Theory and the Fama and French Four-Factor Model for Equities and Two Factor Model for Fixed Income. Diversification is Essential: Portfolios are structured to provide global diversification to include exposure to multiple asset classes within the U.S., International and Emerging Markets, while also including Global Real Estate and Fixed income.

Prudent, Faith-Consistent Investing is Possible: Properly constructed, diversified screened portfolios that include exposures to the Fama-French Factors are expected to vary little in performance from a similarly constructed non-screened portfolio.

Discipline and Patience Should Reward Investors: Investing for Catholics’ passive investing strategy seeks to deliver risk-appropriate returns in a low-cost, diversified and prudent manner.

Values, Missions, Stewardship



PROFESSIONAL FINANCIAL SERVICES

SERVICES

• An analytical fiduciary investment committee that establishes investment policy, strategy, process, selection, and monitoring of investments, as well as development of IFC’s managed portfolio implementations.

• A professional Client Servicing Team to open accounts, prepare documents, navigate the client on-boarding process, and assist with administrative requests including updating account information, reporting requests, withdrawals and deposits.

• An Operations Team focused on client communications, back office support, IT systems and data protection, accounting, compliance and legal.

• A qualified Portfolio Management Team to manage your investment portfolio, execute trades, manage and oversee cash flows, and rebalance -- with careful attention to keeping costs low.

How IFC Serves Clients

• Through its sister division, IFA Taxes, IFC provides individuals, businesses, trusts and non-profit entities across the United States a wide range of tax planning, tax preparation and accounting services.*

• Referring relationships with a host of Independent Experts and Industry-specific Professionals to effectively manage issues such as estate planning, tax, financial planning, insurance needs, 529 plans, retirement readiness and planning, charitable giving, as well as ERISA compliance, custodial account setup for multiple beneficiary accounts and distribution, account auditing, record-keeping and valuation for pooled assets, and more.

Your IFC Wealth Advisor manages and oversees the entire investment process. From initial discussion through ongoing management, individual and institutional investors alike benefit from IFC’s comprehensive investment education program, custom asset allocations suitable for every risk level, ongoing portfolio management and reporting. Your wealth advisor quarterbacks the process and works with a dedicated investment management team (shown below) that includes:

*IFA Taxes does not provide auditing or attestation services and therefore is not a licensed CPA firm. IRS Circular 230 Disclosure: To ensure compliance with imposed by the IRS, we inform you that any U.S. Federal tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter herein.


CATHOLIC VALUES SCREENING AND CORPORATE ENGAGEMENT

PRINCIPLES

• Directly participate in abortions.

• Own or operate acute-care hospitals or surgical centers.

• Engage in the development or manufacture of abortifacients.

• Derive identifiable revenues from the development or manufacture of contraceptives.

• Conduct stem cell research with cells derived from human embryos or fetal tissue, use fetal cell lines in the

development of vaccines and other biologics such as therapeutic proteins and gene therapy products, or develop

products for scientific research specifically on embryonic or fetal stem cells, such as technology that isolates or

regulates the growth and proliferation of stem cells.

• Derive 15% (or more) of their total business revenue from the rental, sale, distribution or production of

pornographic materials or the ownership or operation of adult entertainment establishment.

• Derive 15% (or more) of revenue from the manufacture of alcoholic beverages, the supply of raw materials and other

products necessary for the production of alcoholic beverages or the distribution of alcoholic beverages.

• Have had major recent controversies relating to child labor infractions in the US or abroad.

• Derive 20% (or more) of revenue from the production of goods used exclusively for gambling, such as slot machines;

ownership and/or operation of casinos, racetracks, bingo parlors, or other betting establishments; or the provision of

services in casinos that are fundamental to gambling operations, such as gambling technology.

• Are involved in the production of anti-personnel landmines, anti-vehicle landmines, or the essential components of

these products.

• Derive 20% (or more) of revenue from the production and/or sale of military weapons or weapons systems;

customized components for military weapons or weapons systems; or weapons of mass destruction, including

nuclear weapons, nuclear weapons systems, and customized components thereof.

• Conduct business in Sudan, including those that own assets in, have employees/facilities in, obtain goods/services from,

or have distribution agreements in Sudan; that issue credits or loans to companies domiciled in Sudan; or provide goods/

services to, or purchase goods or commercial paper issued by, the government of Sudan.

• Derive at least 15% of revenue from the manufacture of tobacco products, production of raw materials and other

products necessary for the production of tobacco products, or the distribution of tobacco products.

IFC’s Index Portfolios Exclude Companies That:*

IFC’s globally diversified portfolios are screened to closely align with the United States Conference of Catholic Bishops guidelines for investing, excluding companies as detailed below. With regards to corporate governance, IFC believes that corporate boards are best positioned to address social issues within their duties. Therefore, IFC selects fund managers that are willing to actively communicate with included companies to better understand the alignment of the interests of boards and management with those of shareholders on topics pertaining to social concerns, ( i.e., child labor and human rights) raised by shareholders, with the potential of taking action with regard to voting shares.

A Dual Approach To Faith-Based Investing

*Source: Dimensional Fund Advisors


…the decision to invest in one place rather than another, in one productive sector rather than another, is always a moral and cultural choice.”

- POPE SAINT JOHN PAUL II; “CENTESIMUS ANNUS”

“


IFC takes special care to focus on the long-term and the time horizon of the assets, paying specific attention to the sources of expected returns.

When constructing investment portfolios, IFC focuses on minimizing risk through broad diversification, while keeping costs as low as possible. The IFC Index Portfolios invest in more than 12,000 companies*, that are representative of many diverse asset classes that span the globe. Each representative asset class carries carefully defined risk and return characteristics. Investing science -- not speculation.

With an eye on the intrinsic relationship between risk, return, time, and diversification, IFC focuses on improving risk-adjusted returns. IFC builds its portfolios with low-cost index funds that are blended to include a wide breadth of asset classes from around the globe.

The scatter plot chart depicts the risk and return characteristics for the 20 IFC Index Portfolios and a simulated S&P 500 index for the most recent 50-year period ending December 31, 2020.

STRATEGY

A Prudent Faith-Based Investment Strategy

DOING WELL WHILE DOING GOOD

IFC Index Portfolio 60 Allocation

U.S. Equity

Global Real Estate

International Equity

Emerging Market Equity

Fixed Income Bond

36%

6%

12%

6%

40%

60IFC

Thepiechartaboveshowstheglobaldiversification

that is inherent of every IFC Index Portfolio.

*According to June 2021 data from Dimensional Fund Advisors.

50 Years (1/1/1971 - 12/31/2020)Risk & Return Scatter Plot of IFC Index Portfolios

IFC Index Portfolios12

10

9

8

7

611109876 16151413125

11100IFC

95IFC

90IFC

85IFC

80IFC

75IFC

70IFC

65IFC

60IFC

55IFC

50IFC

45IFC

40IFC

35IFC

30IFC

25IFC

20IFC

15IFC

10IFC

5IFC

SP

IFA SP 500Index

For detailed information on the hypothetical backtested performance data in this chart, including sources, updates and important disclosures, see ifcdisclosures.com. IFC Index Portfolios are labelled with numbers that refer to the percentage of stock indexes in the asset allocation, as opposed to the allocation of bond indexes. For example an IFC Index Portfolio 90 is 90% IFC stock indexes and 10% IFC bond indexes. The construction of IFC Indexes data starts in 1928 and introduces live mutual fund data of funds that are similar to the preceding index upon the inception date of the funds and uses that monthly mutual fund data up to the current month and are defined in detail at ifcindexes.com. Hypothetical backtested performance of IFC Index Portfolios assumes annual rebalancing of the asset allocation of the component ifcindexes.com The hypothetical backtested performance of the IFC Indexes and IFC Index Portfolios was achieved with the benefit of hindsight; it does not represent actual investment strategies for the entire period; and it does not reflect the impact that economic and market factors may have had on the advisor’s decision making if the advisor were actually managing client money. The performance of index portfolios does reflect the deduction of 0.9% annual investment advisory fee, which is the maximum advisory fee charged by IFC, and mutual fund fees associated with the management of an actual portfolio over the entire period. Unless indicated otherwise, the performance of the IFC Indexes when shown individually, do reflect mutual fund fees, include reinvestment of dividends and capital gains, but do not include IFC advisory fees, transaction costs or taxes. IFC Indexes and IFC Index Portfolios were created by IFC in January 2008.


INDIVIDUAL INVESTORS

HELPING CLIENTS ALIGN FAITH AND FINANCES

Your IFC wealth advisor works closely with you through every step of the process to:

• Coordinate all account opening documents and ongoing custodial interphase.

• Detail the investment selection and portfolio construction process with an understanding of your personal time horizon.

• Identify how much stock market risk is appropriate for you.

• Develop the portfolio implementation that suits your situation.

• Implement and manage your portfolio with an eye toward tax management, where applicable.

• Arrange for periodic deposits or withdrawals, as desired.

• Provide monthly performance reports.

• Work with you to create a robust and guided financialplanpoweredbyeMoney.

• Help you navigate toward your individual

IFC’s Services for Individual Investors

IFC is pleased to work with individual clients who seek to align their faith with their investments. IFC’s suite of wealth management services is designed to ensure each piece of your financial puzzle is in place, and that you have an understanding of your financial path.

IFC’s risk-appropriate Index Portfolios enable each individual to invest according to their own unique risk capacity as determined by a risk capacity survey. Each IFC Index Portfolio is implemented with risk-appropriate blends of low-cost, passively managed mutual funds. The IFC Index Portfolios provide substantial global diversification with investments in as many as 12,000 companies in more than 40 countries throughout the world.

IFC also provides advice to help you with:

• Wealth Management

• Tax Returns & Accounting

• Financial Planning

• Retirement Planning

• Social Security Optimization

• College Planning

• Savings rates and expected portfolio performance

• Spending rates and impact on Time horizon

• Referrals for Estate Planning, Insurance, Banking and Mortgages


“ Be attentive, be intelligent, be responsible, be loving, and if necessary, change.”

- BERNARD LONERGAN, METHOD IN THEOLOGY

“


IFC is a prudent choice for Catholic institutional retirement plan sponsors who seek to align retirement plan investment choices with the values upheld by the Catholic church. IFC’s retirement plan investment options include holistic, easy-to-own, low-cost and diversified, faith-consistent portfolios. These prudent strategies are built in accordance with current innovations in retirement plan investing, including IFC’s Target Date Model Portfolios and IFC’s Risk-Based Model Portfolios. These one-step solutions are built with low-cost index funds from Dimensional Fund Advisors, a leader in fund management since 1981. Plan sponsors can also be confident in knowing that IFC is an ERISA 3(38) investment manager, and is able to accept plan sponsors’ delegation of fiduciary responsibility and liability for selecting and monitoring a plan’s menu of investment options. By assuming this fiduciary role, IFC can significantly reduce the administrative burden that usually falls upon the plan sponsor.

For non-profit retirement plans such as those of colleges, universities, dioceses and religious communities, Investing for Catholics works directly with plan sponsors or with trusted advisors such as consultants, third-party administrators and recordkeepers to meet the fiduciary requirements and investing needs of Catholic institutional plan sponsors. Collectively, IFC brings a holistic investment and retirement plan offering that incorporates the highest level of investment fiduciary protection afforded by law combined with the high level of services associated with industry leading consultants, recordkeepers and plan administrators.

RETIREMENT PLANS

RETIREMENT PLAN SERVICESBalancing Faith & Fiduciary

IFC’s portfolio construction services provide:

• Fiduciary protection with 3(38) investment manager services

• Catholic Values Screened Target Date and Risk-Based Model Index Portfolios

• One-step managed investment solutions that reduce participants’ decision-making stress and inertia

• An open architecture program that enables IFC to work with most record keepers

• Prudent, low-cost investment portfolios built with Catholic Values screened index investments

• Communication and education programs to inform and engage participants

• Quarterly Performance Monitoring Report on investments relative to peer group to upholdahighleveloffiduciaryoversight


IFC TARGET DATE PORTFOLIOS

RETIREMENT PLANS

Low-Cost, Diversified, Prudent, and Catholic

Glide Path Guide of IFC Target Date Index Portfolios As of 2020

Allo

catio

n

2060 2055 2050 2045 2040 2035 2030 2025 2020 2015

Suitable Age 30-34 35-39 40-44 45-49 50-54 55-59 60-64<26 25-29 65-69 >70

90%

80%

70%

60%

50%

100%

40%

30%

20%

10%

0%

% Stock Funds % Bond Funds

Years toRetirement

31-36years

26-31years

21-25years

16-21years

11-16years

6-11years

6 yearsor less

41 yearsor more

36-41 years

NewlyRetired Retired

Allocation 92/8to

92/8

92/8to

90/10

89/11to

87/13

86/14to

83/17

82/18to

75/24

74/26to

66/34

64/36to

57/43

92/8to

92/8

92/8to

92/8

55/45to

43/57

40/60Stock/Bond Funds (%)(rounded)

RetirementPortfolioTarget Date

Landing PointRetirement

92/8 90/10 87/13 83/17 75/24 66/34 57/4392/8 92/8 43/57CurrentAllocation 40/60

Known for their ease of use, target date strategies have become commonplace in employer-sponsored retirement plans as the qualified default investment alternative (QDIA), with certain fiduciary protections for plan sponsors who adopt them.

Each of our 10 IFC Target-Date Portfolios delivers a consistently age-appropriate exposure to the global stock and bond markets, taking the guesswork out of the retirement conundrum for your employees. Our

portfolios currently target retirement dates in five-year increments, ranging from years 2015 through 2060. The ultimate fund landing point arrives (within approximately five years of retirement) at a static mix of 40% stock funds and 60% bond funds. New vintages will be added as needed.

IFC’s glide path, shown below, is similar to those of industry standards such as Vanguard, Fidelity and T. Rowe Price.

An investment in a glidepath portfolio does not eliminate the need for investors to decide—before investing and periodically thereafter—whether the portfolio fits their financial situation. Diversification does not eliminate the risk of market loss. There is no guarantee investment strategies will be successful. Assumptions used by IFC in developing the funds’ asset allocation glide path may not be in line with future capital market returns and participant savings activities, which could result in losses near, at, or after the target date year. The actual asset allocations utilized by each fund may deviate from the allocations illustrated by this glide path.


Whether you are an investment steward in adherence with the Uniform Prudent Management of Institutional Funds Act (UPMIFA), or required to act in accordance with state trust law under the Uniform Prudent Investor Act (UPIA), passive rebalancing of index portfolios is an efficient, low-cost and low-maintenance way to maintain compliance with a sound, repeatable process. Further, Investing for Catholics can help organizations reduce the drain of resources of in-house staff and board members’ time by adopting Investing for Catholics’ fiduciary services and processes for investment management, including selection and monitoring of

managers and portfolio management. The benefits of IFC’s prudent process and investment strategy are shown in the chart below. The National Association of College and University Business Offices (NACUBO) annually reports the average investment performance of various size endowments among its members. NACUBO provides comprehensive data that reports on the financial status of university endowments, and it is the industry standard for such information. As you see, IFC Index Portfolios produced performance in-line with the non-screened returns of university endowments for the 10-year period described.

FOUNDATIONS & ENDOWMENTS

A Prudent Process for Efficiently & Effectively Investing Institutional Funds

FAITH-CONSISTENT INVESTING FOR INVESTMENT STEWARDS

The IFC Index Portfolio returns include a 0.90% advisory fee. | NACUBO = National Association of College and University Business Officers Sources: 2021 NACUBO Study; For detailed information on the hypothetical backtested performance data in this chart, including sources, updates and important disclosures, see see ifcdisclosures.com. IFC Index Portfolios are labelled with numbers that refer to the percentage of stock indexes in the asset allocation, as opposed to the allocation of bond indexes. For example an IFC Index Portfolio 90 is 90% IFC stock indexes and 10% IFC bond indexes. The construction of IFC Indexes data starts in 1928 and introduces live mutual fund data of funds that are similar to the preceding index upon the inception date of the funds and uses that monthly mutual fund data up to the current month and are defined in detail at ifcindexes.com. Hypothetical backtested performance of IFC Index Portfolios assumes annual rebalancing of the asset allocation of the component IFC Indexes. The hypothetical backtested performance of the IFC Indexes and IFC Index Portfolios was achieved with the benefit of hindsight; it does not represent actual investment strategies for the entire period; and it does not reflect the impact that economic and market factors may have had on the advisor’s decision making if the advisor were actually managing client money. The performance of index portfolios does reflect the deduction of 0.9% annual investment advisory fee, which is the maximum advisory fee charged by IFC, and mutual fund fees associated with the management of an actual portfolio over the entire period. Unless indicated otherwise, the performance of the IFC Indexes when shown individually, do reflect mutual fund fees, include reinvestment of dividends and capital gains, but do not include IFC advisory fees, transaction costs or taxes. IFC Indexes and IFC Index Portfolios were created by IFC in January 2008.

Size of Endowment

10 Years (7/1/2010 - 6/30/2020)NACUBO Endowments vs. Comparable IFC Index Portfolios

0%

1%

2%

3%

4%

5%

6%

7%

8%

Comparable IFC Index PortfoliosPortfolio number correspond to percentage of equities in the portfolio

Average Return for each NACUBO Endowment Size

Total Institutions

Over$1 Billion

$501M to $1 Billion

$251M to $500M

$51M to $100M

$25M to $50M

Under$25M

$101M to $250M

9%

7.50% 7.90%7.40% 7.60% 7.50%

7.00%7.50%

5.30%

7.39% 7.49% 7.44% 7.39% 7.30% 7.10% 6.95% 6.95%

75IFC 77

IFC76IFC

75IFC

73IFC

69IFC

66IFC

66IFC


IFC INDEX PORTFOLIOS


IFC offers 100 globally diversified Index Portfolios allocated among three broad asset classes: fixed income (bonds), U.S. stocks, and non-U.S. stocks.

General asset allocations for 20 of these portfolios are presented below. The portfolios are labeled 5 through 100 in five-point increments. IFC Index Portfolio 5, which has the lowest expected risk and return, has 95% fixed income with a 5% investment in stocks. Conversely, IFC Index Portfolio 100, which has the highest expected risk and return, has no fixed income and the stock indexes comprise 100% of the portfolio, with investments in a globally diversified blend of index mutual funds that invest in the U.S., International Developed, Emerging Markets and Global Real Estate.

The tables on the next two pages show the risk and return for the same 20 IFC Index Portfolios (starting with Portfolio 100), including the highest and lowest rolling period returns for each Portfolio. Following the Risk/Return Data are fact sheets for five IFC Index Portfolios. The data for each portfolio consists of a list of the indexes contained in the portfolios, simulated returns and volatility data, charts that represent annual returns and growth of $1, corresponding annualized returns, and a 50-year monthly rolling period analysis, which provides a simulation of passive investor experiences. After the fact sheets are the disclosures for backtested performance data and the sources and description of data used to simulate risk and return characteristics, including the mutual funds needed to implement these portfolios.

INDEX PORTFOLIOS

IFC INDEX PORTFOLIOSEvidence-Based Catholic Values Advice

The Number of the Index Portfolio equals the % of Stock AllocationGeneral Asset Allocations of IFC Index Portfolios

IFC Fixed Income IndexesGlobally Diversified Bonds

IFC Equity IndexesDiversified U.S. & International Stocks

IFC Index Portfolios

100IFC

95IFC

90IFC

85IFC

80IFC

75IFC

70IFC

65IFC

60IFC

55IFC

50IFC

45IFC

40IFC

35IFC

30IFC

25IFC

20IFC

15IFC

10IFC

5IFC

IFC Index Portfolios are recommended based on time horizon and risk tolerance. This is not to be construed as an offer, solicitation, recommendation, or endorsement of any particular security, product or service. There is no guarantee investment strategies will be successful. Investing involves risks, including possible loss of principal.


For detailed information on the hypothetical backtested performance data, including sources, updates and important disclosures, see ifcdisclosures.com. The construction of IFC Indexes data starts in 1928 and introduces live mutual fund data of funds that are similar to the preceding index upon the inception date of the funds and uses that monthly mutual fund data up to the current month and are defined in detail at ifcindexes.com. Hypothetical backtested performance of IFC Index Portfolios assumes annual rebalancing of the asset allocation of the component IFC Indexes. The hypothetical backtested performance of the IFC Indexes and IFC Index Portfolios was achieved with the benefit of hindsight; it does not represent actual investment strategies for the entire period; and it does not reflect the impact that economic and market factors may have had on the advisor’s decision making if the advisor were actually managing client money. The performance of index portfolios does reflect the deduction of 0.9% annual investment advisory fee, which is the maximum advisory fee charged by IFC, and mutual fund fees associated with the management of an actual portfolio over the entire period. Unless indicated otherwise, the performance of the IFC Indexes when shown individually, do reflect mutual fund fees, include reinvestment of dividends and capital gains, but do not include IFC advisory fees, transaction costs or taxes. IFC Indexes and IFC Index Portfolios were created by IFC in January 2008.

Growth, Return and Risk of IFC Index Portfolios 93 Years (1/1/1928 - 12/31/2020)

The Annualized, Highest & Lowest Returns for of IFC Index Portfolios 50 Years (1/1/1971 - 12/31/2020)

INDEX PORTFOLIOS

100IFC

90IFC

80IFC

70IFC

60IFC

50IFC

40IFC

30IFC

20IFC

10IFC

-50.26%-31.72%-6.24%1.06% %40.91%36.22%81.13%71.63%09.74%78.07%95.81-%20.5 11.52% 15.62%

-45.58%-28.12%-4.95%1.71% %31.81%53.12%35.92%80.43%31.34%03.36%10.61-%51.5 11.12% 14.18%

-40.79%-24.55%-3.77%2.28% %12.71%40.02%78.72%99.13%05.83%70.65%35.31-%32.5 10.69% 12.77%

-35.91%-21.00%-2.68%2.77% %62.61%17.81%22.62%98.92%20.43%32.94%31.11-%52.5 10.22% 11.41%

-30.92%-17.47%-1.68%3.19% %92.51%63.71%65.42%97.72%46.13%22.64%18.8-%22.5 9.72% 10.10%

-27.40%-14.92%-0.76%3.55% %13.41%21.61%09.22%76.52%13.03%42.34%59.6-%41.5 9.18% 8.88%

-24.57%-12.88%0.08%3.84% %03.31%95.51%14.12%55.32%79.82%03.04%24.5-%10.5 8.62% 7.76%

-21.72%-10.84%0.86%4.03% %03.21%50.51%12.02%87.12%16.72%73.73%02.4-%38.4 8.02% 6.80%

-18.85%-9.00%1.56%3.72% %13.11%05.41%97.91%11.02%42.62%84.43%61.3-%54.4 7.40% 6.08%

-15.95%-7.22%1.25%3.19% %14.01%49.31%63.91%12.91%68.42%57.13%73.2-%89.3 6.75% 5.70%

100IFC

90IFC

80IFC

70IFC

60IFC

50IFC

40IFC

30IFC

20IFC

10IFC


IFC Index Portfolio 100

Suitable for investors who have at least 15 years before needing approximately 20% of their investments and are willing to accept a very high degree of volatility in exchange for very high portfolio growth potential.

Growth of $1 ($)

Annualized Return (%)

Standard Deviation (%)(Annualized Volatility)

$1,450,2$326.84$38.47$4.79$2.40$1.72$1.24$1.14$1.21$0.88$1.11 $1.26

10.8512.2810.998.159.1611.417.5713.6621.31-11.5711.33 26.43

20.3815.6215.5616.8915.2916.9220.7512.123.3313.9330.22 14.13

Annual Returns: 50 Years (1/1/1971 - 12/31/2020)

Growth of $1: 50 Years (1/1/1971 - 12/31/2020) - Log Scale

Simulated Returns and Volatility Data

GlobalStocks

Global Bonds

100

0%

Most Aggressive

$327

INDEX PORTFOLIOS

Performance figures may contain both live and back-tested data. All data, including performance data, is provided for illustrative purposes only, it does not represent actual performance of any client portfolio or account and it should not be interpreted as an indication of such performance. IFC Index Portfolios were created in Jan. 2008 and use hypothetical back-tested performance, please see Appendix for IFC Index Portfolio Data. The performance of index portfolios does reflect the deduction of a 0.9% annual investment advisory fee, which is the maximum advisory fee charged by IFC, and mutual fund fees associated with the management of an actual portfolio over the entire period. Past performance does not guarantee future results. IFC utilizes “standard deviation” as a quantification of risk, see the definition in the Appendix.


*Percentile ranking of all the rolling periods.

IFC Index Portfolio 100Simulated Passive Investor Experiences (SPIEs) | Based on 50 Years (1/1/1971 - 12/31/2020)

0.080.250.512345678910111213141520304050

1361224364860728496108120132144156168180240360480600

6005985955895775655535415295175054934814694574454334213612411211

1.33%3.37%6.71%

14.54%12.72%12.62%12.15%12.52%11.95%11.42%11.60%11.56%11.71%11.89%11.80%12.09%12.07%12.18%12.65%11.90%12.10%11.52%

45.79%75.67%

105.39%121.14%79.62%54.76%42.06%37.41%28.21%25.90%24.26%24.62%21.57%22.12%20.71%21.32%18.48%17.71%14.02%8.67%3.41%

--%

10/08-10/089/08-11/089/08-2/093/08-2/093/07-2/093/06-2/093/05-2/093/04-2/0910/05-9/113/02-2/093/01-2/093/00-2/093/99-2/093/98-2/093/97-2/094/07-3/204/06-3/203/94-2/094/00-3/204/90-3/2011/80-10/201/71-12/20

-22.25%-36.90%-48.04%-50.26%-31.72%-18.59%-11.01%-6.24%0.40%

-0.91%-1.05%-0.99%1.06%0.88%2.39%2.67%3.45%4.55%5.02%7.94%

10.59%11.52%

$0.78$0.63$0.52$0.50$0.47$0.54$0.63$0.72$1.02$0.94$0.92$0.91$1.11$1.10$1.33$1.41$1.61$1.95$2.66$9.89

$55.96$233.29

1/75-1/751/75-3/753/09-8/093/09-2/103/09-2/118/84-7/877/82-6/868/82-7/871/75-12/808/82-7/891/75-12/821/75-12/839/77-8/871/75-12/851/75-12/8610/74-9/871/75-12/881/75-12/8910/74-9/941/75-12/041/75-12/141/71-12/20

23.53%38.76%57.35%70.87%47.90%36.17%31.05%31.18%28.62%25.00%23.21%23.63%22.63%23.00%23.10%23.99%21.92%22.25%19.04%16.60%13.99%11.52%

$1.24$1.39$1.57$1.71$2.19$2.53$2.95$3.88$4.53$4.77$5.31$6.75$7.69$9.75

$12.11$16.36$16.04$20.36$32.64

$100.32$188.46$233.29

$1.01$1.03$1.07$1.15$1.27$1.43$1.58$1.80$1.97$2.13$2.41$2.68$3.03$3.44$3.81$4.41$4.93$5.61

$10.83$29.14$96.44

$233.29

1

2

3

4

421 15-Year 11 Monthly Rolling Periods: 50 Years (1/1/1971 - 12/31/2020)

Annualized Returns for 15-Year Monthly Rolling Periods (%)

Rolling Period Return Data: 50 Years (1/1/1971 - 12/31/2020)

# of Rolling Periods

MedianAnn'lzd Return

(50th %ile)

Return Range

(High minus Low)

Lowest Rolling Period Date

Lowest Rolling Period Return

Growth of $1.00 in Lowest Period

Highest Rolling Period Date

Highest Rolling Period Return

Growth of $1.00 in Highest Period

Median Growth

of $1.00

Per Period Number of:Yrs Months

Examples of 15-Year Monthly Rolling Periods 11

19851976 1977 1978 1979 1981 1982 198319751974197319721971 1980 1984 1986 1987

15 11 180 421 12.18% 17.71% 3/94-2/09 4.55% $1.95 1/75-12/89 22.25% $20.36$5.61

15 Yrs Dec 85Jan 7115 Yrs Jan 86Feb 71

15 Yrs Feb 86Mar 7115 Yrs Mar 86Apr 71

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 250

10

20

30

40

50

60

70

80

90

100

5th*6.39%

25th*7.87%

50th*12.18%

75th*16.01%

95th*18.38%

INDEX PORTFOLIOS


1. 15-years represents the suggested average holding period for investors who score 100 on the Risk Capacity Survey at www.investingforcatholics.com2. The Median Annualized Returns, Return Range, and Median Growth of $1 shown for 1, 3, and 6 month periods are not annualized. Returns are net of IFC advisory & mutual fund fees.



Suitable for investors who have at least 14 years before needing approximately 20% of their investments and are willing to accept a higher degree of volatility in order to achieve higher portfolio growth potential.

Growth of $1 ($)



$7,648$224.55$30.43$4.49$2.21$1.62$1.24$1.11$1.18$0.91$1.11 $1.23

10.0911.4410.257.808.2510.127.3411.3117.67-9.3610.87 23.06

16.4112.7712.4813.3212.1013.4016.459.582.5411.0423.82 11.21




GlobalStocks

Global Bonds

80%

20%

Aggressive

$225


INDEX PORTFOLIOS




0.080.250.512345678910111213141520304050

1361224364860728496108120132144156168180240360480600

6005985955895775655535415295175054934814694574454334213612411211

1.13%3.06%6.06%

12.76%11.62%11.30%11.57%11.37%10.91%10.44%10.44%10.57%10.68%10.79%10.88%11.03%11.02%11.03%11.69%11.27%11.30%10.69%

37.55%60.80%84.32%96.86%63.05%45.52%36.09%31.64%22.40%21.92%20.07%19.92%17.76%18.39%17.26%18.02%15.55%15.10%11.98%7.37%2.80%

--%

10/08-10/089/08-11/089/08-2/093/08-2/093/07-2/093/06-2/093/05-2/093/04-2/094/14-3/203/02-2/093/01-2/093/00-2/093/99-2/093/98-2/093/97-2/094/07-3/204/06-3/204/05-3/204/00-3/204/90-3/2011/80-10/201/71-12/20

-17.55%-28.90%-38.68%-40.79%-24.55%-13.53%-7.50%-3.77%1.62%0.70%0.58%0.73%2.28%2.09%3.35%3.30%3.93%4.81%5.23%7.65%

10.02%10.69%

$0.82$0.71$0.61$0.59$0.57$0.65$0.73$0.83$1.10$1.05$1.05$1.07$1.25$1.26$1.48$1.53$1.72$2.02$2.77$9.13

$45.54$160.27

1/75-1/751/75-3/751/75-6/753/09-2/103/09-2/118/84-7/877/82-6/868/82-7/8710/81-9/878/82-7/8910/81-9/891/75-12/839/77-8/871/75-12/851/75-12/8610/74-9/871/75-12/8810/74-9/8910/74-9/941/75-12/0410/74-9/141/71-12/20

20.00%31.90%45.64%56.07%38.50%31.99%28.59%27.87%24.02%22.63%20.65%20.65%20.04%20.48%20.61%21.32%19.48%19.90%17.21%15.02%12.81%10.69%

$1.20$1.32$1.46$1.56$1.92$2.30$2.73$3.42$3.64$4.17$4.49$5.42$6.21$7.76$9.48

$12.34$12.08$15.22$23.93$66.58

$124.23$160.27

$1.01$1.03$1.06$1.13$1.25$1.38$1.55$1.71$1.86$2.00$2.21$2.47$2.76$3.09$3.45$3.90$4.32$4.80$9.12

$24.63$72.38

$160.27

1

2

3

4






(50th %ile)

Return Range

(High minus Low)







Median Growth

of $1.00



19851976 1977 1978 1979 1981 1982 198319751974197319721971 1980 1984 1986 1987

14 11 168 433 11.02% 15.55% 4/06-3/20 3.93% $1.72 1/75-12/88 19.48% $12.08$4.32



0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 250

10

20

30

40

50

60

70

80

90

100

5th*6.04%

25th*7.40%

50th*11.02%

75th*15.08%

95th*17.10%



INDEX PORTFOLIOS



Suitable for investors who have at least 10 years before needing approximately 20% of their investments and are willing to accept a moderate degree of volatility in order to achieve moderate portfolio growth potential.

Growth of $1 ($)



$3,328$144.55$23.05$4.06$2.02$1.52$1.23$1.09$1.14$0.93$1.10 $1.20

9.1110.469.387.257.288.807.058.9614.04-7.1510.41 19.69

12.6610.109.549.949.0710.0712.377.181.808.1817.87 8.29




GlobalStocks

Global Bonds

60%

40%

Moderately Aggressive

$145


INDEX PORTFOLIOS




0.080.250.512345678910111213141520304050

1361224364860728496108120132144156168180240360480600

6005985955895775655535415295175054934814694574454334213612411211

0.86%2.76%4.92%

10.72%10.11%10.02%10.26%10.16%10.01%9.48%9.15%9.41%9.48%9.69%9.76%9.94%9.86%9.89%

10.69%10.53%10.23%9.72%

29.73%46.36%65.25%77.15%49.11%36.60%30.48%26.25%19.87%18.54%17.22%15.71%14.17%14.85%14.04%14.87%12.94%12.72%10.07%6.17%2.23%

--%

10/08-10/089/08-11/089/08-2/093/08-2/093/07-2/093/06-2/093/05-2/093/04-2/094/14-3/203/02-2/093/01-2/093/00-2/093/99-2/093/98-2/093/97-2/094/07-3/204/06-3/204/05-3/204/00-3/204/90-3/2011/80-10/201/71-12/20

-13.26%-21.32%-29.05%-30.92%-17.47%-8.81%-4.38%-1.68%2.11%1.93%1.86%2.16%3.19%3.03%4.05%3.67%4.16%4.76%5.22%7.19%9.32%9.72%

$0.87$0.79$0.71$0.69$0.68$0.76$0.84$0.92$1.13$1.14$1.16$1.21$1.37$1.39$1.61$1.60$1.77$2.01$2.77$8.04

$35.36$103.15

1/75-1/751/75-3/751/75-6/757/82-6/837/84-6/868/84-7/877/82-6/868/82-7/8710/81-9/874/80-3/8710/81-9/8910/74-9/839/77-8/871/75-12/8510/74-9/8610/74-9/8710/74-9/8810/74-9/8910/74-9/941/75-12/0410/74-9/141/71-12/20

16.47%25.04%36.20%46.22%31.64%27.79%26.10%24.56%21.98%20.47%19.08%17.87%17.36%17.88%18.09%18.55%17.10%17.48%15.29%13.36%11.55%9.72%

$1.16$1.25$1.36$1.46$1.73$2.09$2.53$3.00$3.29$3.68$4.04$4.39$4.96$6.11$7.35$9.13$9.12

$11.21$17.22$43.05$79.33

$103.15

$1.01$1.03$1.05$1.11$1.21$1.33$1.48$1.62$1.77$1.89$2.01$2.25$2.47$2.76$3.06$3.43$3.73$4.11$7.62

$20.16$49.21

$103.15

1

2

3

4






(50th %ile)

Return Range

(High minus Low)







Median Growth

of $1.00



19851976 1977 1978 1979 1981 1982 198319751974197319721971 1980 1984 1986 1987

10 11 120 481 9.48% 14.17% 3/99-2/09 3.19% $1.37 9/77-8/87 17.36% $4.96$2.47



0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 250

10

20

30

40

50

60

70

80

90

100

5th*4.93%

25th*7.17%

50th*9.48%

75th*13.74%

95th*16.35%



INDEX PORTFOLIOS



Suitable for investors who have 7 years before needing approximately 20% of their investments and are willing to accept a moderate degree of volatility in order to achieve moderate portfolio growth potential.

Growth of $1 ($)



$1,205$87.44$16.76$3.55$1.83$1.43$1.22$1.07$1.10$0.95$1.10 $1.16

7.939.358.396.546.247.436.736.6010.40-4.959.94 16.33

9.197.766.816.846.286.988.565.081.255.4612.38 5.47




GlobalStocks

Global Bonds

40%

60%

Moderately Conservative

$87


INDEX PORTFOLIOS




0.080.250.512345678910111213141520304050

1361224364860728496108120132144156168180240360480600

6005985955895775655535415295175054934814694574454334213612411211

0.80%2.19%4.01%8.76%8.37%8.51%8.66%8.71%8.56%8.31%7.92%8.11%8.32%8.62%8.69%9.02%8.88%8.83%9.44%9.66%9.05%8.62%

22.28%32.47%45.93%64.87%41.84%28.97%25.17%21.32%17.36%15.81%14.62%12.38%11.75%11.48%11.83%11.85%10.56%10.48%8.29%5.04%1.67%

--%

10/08-10/089/08-11/089/08-2/0910/73-9/7410/72-9/7410/71-9/743/05-2/093/04-2/094/14-3/203/02-2/093/01-2/093/00-2/093/99-2/093/98-2/091/07-12/184/07-3/204/06-3/204/05-3/204/00-3/204/90-3/207/80-6/201/71-12/20

-9.35%-14.13%-19.16%-24.57%-12.88%-5.42%-1.58%0.08%2.46%2.82%2.85%3.31%3.84%3.72%3.92%3.81%4.17%4.51%5.01%6.58%8.51%8.62%

$0.91$0.86$0.81$0.75$0.76$0.85$0.94$1.00$1.16$1.21$1.25$1.34$1.46$1.49$1.59$1.63$1.77$1.94$2.66$6.77

$26.19$62.38

1/75-1/754/80-6/801/75-6/757/82-6/837/84-6/868/84-7/877/82-6/867/82-6/8710/81-9/874/80-3/8710/81-9/894/80-3/8910/81-9/911/75-12/859/74-8/8610/74-9/8710/74-9/8810/74-9/8910/74-9/9410/74-9/049/74-8/141/71-12/20

12.93%18.33%26.77%40.30%28.97%23.55%23.59%21.41%19.83%18.63%17.47%15.69%15.59%15.20%15.75%15.66%14.73%14.98%13.30%11.62%10.17%8.62%

$1.13$1.18$1.27$1.40$1.66$1.89$2.33$2.64$2.96$3.31$3.63$3.71$4.26$4.74$5.78$6.63$6.84$8.12

$12.15$27.08$48.20$62.38

$1.01$1.02$1.04$1.09$1.17$1.28$1.39$1.52$1.64$1.75$1.84$2.02$2.22$2.48$2.72$3.07$3.29$3.56$6.07

$15.88$31.96$62.38

1

2

3

4






(50th %ile)

Return Range

(High minus Low)







Median Growth

of $1.00



19851976 1977 1978 1979 1981 1982 198319751974197319721971 1980 1984 1986 1987

7 11 84 517 8.31% 15.81% 3/02-2/09 2.82% $1.21 4/80-3/87 18.63% $3.31$1.75



0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 250

10

20

30

40

50

60

70

80

90

100

5th*4.68%

25th*6.12%

50th*8.31%

75th*11.53%

95th*15.86%



INDEX PORTFOLIOS



Suitable for investors who have 5 years before needing approximately 20% of their investments and are willing to accept a conservative degree of risk for incremental appreciation potential with emphasis on capital preservation.

Growth of $1 ($)



$363.09$49.76$11.72$3.01$1.65$1.34$1.20$1.04$1.07$0.97$1.09 $1.13

6.548.137.295.665.136.016.354.256.76-2.749.48 12.96

6.336.084.614.334.054.445.303.801.253.247.50 3.34




GlobalStocks

Global Bonds

20%

80%

Conservative

$50


INDEX PORTFOLIOS




0.080.250.512345678910111213141520304050

1361224364860728496108120132144156168180240360480600

6005985955895775655535415295175054934814694574454334213612411211

0.64%1.70%3.21%6.86%6.55%6.45%6.72%6.83%6.79%6.86%6.92%7.04%7.24%7.41%7.70%7.82%7.97%7.93%8.06%8.65%7.90%7.40%

17.08%28.20%40.04%53.33%35.24%23.27%20.12%18.23%15.54%14.03%12.86%10.81%10.78%10.80%10.43%9.46%8.98%8.51%6.85%4.12%1.26%

--%

10/79-10/796/74-8/743/74-8/7410/73-9/749/72-8/749/71-8/743/05-2/093/04-2/091/13-12/184/13-3/2011/10-10/184/11-3/205/08-4/1811/07-10/181/07-12/184/07-3/201/05-12/181/04-12/181/99-12/184/90-3/2010/78-9/181/71-12/20

-6.90%-9.80%

-15.89%-18.85%-9.00%-3.16%0.93%1.56%2.08%2.68%2.95%3.35%3.72%3.33%3.51%3.73%3.71%3.89%4.45%5.83%7.43%7.40%

$0.93$0.90$0.84$0.81$0.83$0.91$1.04$1.08$1.13$1.20$1.26$1.35$1.44$1.43$1.51$1.61$1.67$1.77$2.39$5.47

$17.61$35.49

4/80-4/804/80-6/807/82-12/827/82-6/837/84-6/867/84-6/877/82-6/869/81-8/864/80-3/864/80-3/8710/81-9/8910/81-9/9010/81-9/9110/81-9/9210/81-9/934/80-3/9310/81-9/9510/74-9/899/74-8/9410/74-9/049/74-8/141/71-12/20

10.18%18.40%24.15%34.48%26.24%20.11%21.04%19.79%17.63%16.71%15.81%14.16%14.50%14.13%13.94%13.19%12.69%12.40%11.31%9.95%8.69%7.40%

$1.10$1.18$1.24$1.34$1.59$1.73$2.15$2.47$2.65$2.95$3.24$3.29$3.87$4.28$4.79$5.01$5.33$5.78$8.52

$17.21$28.08$35.49

$1.01$1.02$1.03$1.07$1.14$1.21$1.30$1.39$1.48$1.59$1.71$1.85$2.01$2.20$2.43$2.66$2.93$3.14$4.71

$12.04$20.96$35.49

1

2

3

4






(50th %ile)

Return Range

(High minus Low)







Median Growth

of $1.00



19851976 1977 1978 1979 1981 1982 198319751974197319721971 1980 1984 1986 1987

5 11 60 541 6.83% 18.23% 3/04-2/09 1.56% $1.08 9/81-8/86 19.79% $2.47$1.39



0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 250

10

20

30

40

50

60

70

80

90

100

5th*3.11%

25th*5.21%

50th*6.83%

75th*9.31%

95th*14.74%



INDEX PORTFOLIOS


DISCLOSURES

FEES AND EXPENSES

(as of 6/30/2021)Blended Expense Ratios for IFC Index Portfolios

IFC Index Portfolio 100IFC Index Portfolio 90IFC Index Portfolio 80IFC Index Portfolio 70IFC Index Portfolio 60IFC Index Portfolio 50IFC Index Portfolio 40IFC Index Portfolio 30IFC Index Portfolio 20IFC Index Portfolio 10

0.2630%0.2617%0.2604%0.2591%0.2578%0.2565%0.2552%0.2539%0.2526%0.2513%

Portfolios Blended Expense Ratios

100IFC

90IFC

80IFC

70IFC

60IFC

50IFC

40IFC

30IFC

20IFC

10IFC

Please note this is a tiered fee schedule. For a precise calculation of your fee, please call an IFC Wealth Advisor at 949-428-0432.

Sources, Updates, and Disclosures: ifcdisclosures.comThis is not to be construed as an offer, solicitation, recommendation, or endorsement of any particular security, product or service. There is no guarantee investment strategies will be successful. Investing involves risks, including possible loss of principal.

Sources, Updates, and Disclosures: ifcdisclosures.com


DISCLOSURES

DISCLOSURES FOR THE HYPOTHETICAL BACKTESTED PERFORMANCE OF THE INVESTING FOR CATHOLICS MODEL INDEX PORTFOLIOS AND INDEXES

Investing for Catholics (IFC) is a division of Index Fund Advisors, Inc. (IFA). IFA and its division IFC do not guarantee any minimum level of investment performance or the success of any index portfolio, index, mutual fund or investment strategy. Past performance does not guarantee future results. There is a potential for loss in any investment, including loss of principal invested. All investments involve risk and different types of investments involve varying degrees of risk. Investment recommendations will not always be profitable. No representation is being made that any IFC client account will or is likely to achieve profit or losses similar to those shown in hypothetical backtested performance. Impacts of federal and state taxes and trading costs are not included in the results of index portfolios or index returns. Hypothetical backtested performance information shown in text, charts, tables and graphs is provided for informational purposes only and should not be considered investment advice or recommendation to buy or sell any types of securities.

Overview, Index Funds, IFC IndexesThe IFC investment strategy is based on principles generally known as Modern Portfolio Theory and the Fama and French Four Factor Model for Equities and Two Factor Model for Fixed Income. IFC Index portfolios are designed to provide substantial global diversification in order to reduce investment concentration and the resulting potential increased risk caused by the volatility of individual companies, indexes, or asset classes.

IFC defines “index funds” as funds that follow a set of rules of ownership that are held constant regardless of market conditions. An important characteristic of an index fund is that its rules of ownership are not based on a forecast of short-term events or the mispricing of securities. Therefore, an investment strategy that is limited to the buying and rebalancing of a portfolio of index funds is often referred to as passive investing, as opposed to active investing.

The indexes constructed by IFC (the “IFC Indexes”) include several stock and bond indexes that represent a monthly data series that begins with index data from various sources on January 1, 1928. The construction of IFC Indexes data introduces live mutual fund data of funds that are similar to the preceding index upon the inception date of the funds and uses that monthly mutual fund data up to the current month.

Index portfolios created by IFC (the “IFC Index Portfolios”) are allocations of a globally diversified selection of between 4 and 5 IFC Indexes. Each IFC Index Portfolio is assigned a designation number based on the allocation of stock indexes compared to bond indexes within a particular IFC Index Portfolio. For example, the IFC Index Portfolio 90 is 90% IFC stock indexes and a 10% IFC bond indexes.

The mutual funds included in the IFC Catholic Value Index Portfolios, except IFC Global REIT Index, are screened to exclude certain companies that are consistent with the social screens used by the fund manager.

The data for both the IFC Indexes and the model data for IFC Index Portfolios is hypothetical backtested performance data that represents a combination of index data and mutual fund data. Please refer to the IFC Indexes Data Sources page at www.ifcindexes.com

for additional important information, including a description and the time series construction of the underlying indexes and mutual funds relating to each IFC Index. The IFC Index Data Sources, IFC Indexes Time Series Construction (http://www.investingforcatholics.com/disclosures/charts/) and several of the Dimensional Indexes (http://www.investingforcatholics.com/disclosures/charts/) are an integral part of this disclosure and should be read in conjunction with this explanation of the hypothetical backtested performance of the IFC Indexes and the model IFC index portfolios, which are allocations of the IFC Indexes. In addition, an extensive glossary of terms used throughout IFC’s content, which includes these disclosures, can be found at http://www.investingforcatholics.com/glossary/

Hypothetical Backtested Performance1. The hypothetical backtested performance data comprising the IFC Index data represents a combination of index data and actual mutual fund data. The monthly data series begins with index data on January 1, 1928 and introduces live mutual fund data upon the inception date of each of the mutual funds.

2. The investment strategy of the IFC index portfolios is a buy and hold strategy with annual rebalancing of the index allocation on the first of each year. The data shown is hypothetical and is provided to illustrate historical risk and return performance had the IFC Indexes and IFC Index Portfolios been available over the relevant time period shown. IFC did not offer the IFC Index Portfolios until 2009. Prior to 2009, IFC did not manage client assets.

All performance results of the IFC Indexes and IFC Index Portfolios are based on performance of indexes in the IFC Index Portfolios. The hypothetical backtested performance was achieved with the benefit of hindsight; it does not represent actual investments in any investment strategies.

There are certain limitations inherent in hypothetical model results like those portrayed, particularly that such hypothetical model returns do not reflect trading in actual client accounts and do not reflect the impact that material economic and market factors may have had on the adviser’s decision-making had the adviser actually been managing client funds. Unlike an actual performance record, hypothetical backtested performance results do not represent actual trading. These types of simulated trading programs, in general, benefit compared to actual performance results because such simulated programs are designed with the benefit of hindsight. In addition, simulated trading does not involve or take into account financial risk and does not take into account that material and market factors may have impacted IFC’s decision making, all of which can adversely affect actual trading results and performance. For example, the ability to withstand losses or adhere to a particular trading program in spite of trading losses are material points which can also adversely affect markets in general or the implementation of any specific trading program. Hypothetical backtested performance does not represent actual performance, trading costs or the impact of taxes and should not be interpreted as an indication of such performance.

3. Hypothetical backtested performance also differs from actual performance because it is achieved through the retroactive application of model index portfolios designed with the benefit of


DISCLOSURES

hindsight. As a result, the IFC Index Portfolios may be changed from time to time and the effect on hypothetical performance results could be either favorable or unfavorable. Hypothetical backtested performance is calculated by using a software program that starts with the first day of a selected month and ends with the last day of a selected month. Whenever the term IFC Index Portfolio value data is used, it is based on a starting value of one at the beginning of stated time period.

4. Hypothetical backtested performance results for IFC Index Portfolios are based on a buy and hold strategy, with annual rebalancing on the first of each year. It is important to understand that the assumption of first of the year annual rebalancing has an impact on the monthly returns reported for IFC Index Portfolios throughout the year. If there were monthly rebalancing instead, the monthly return would be calculated with the assumption that the portfolio is in balance at the beginning of each month. For annual rebalancing, the year-to-date and monthly return is calculated with the assumption that the portfolio is in balance only at the beginning of each year. In actual client portfolios, however, accounts are reviewed quarterly and rebalancing occurs as needed. Generally, rebalancing events are recommended by IFC when a client portfolio exceeds the applicable variance threshold assigned by IFC to each IFC Index Portfolio, and rebalancing is implemented with client approval. Rebalancing actions are dependent on both market conditions and individual client cash inflows and outflows, along with the cost impact of such transactions on the overall client portfolio.

5. Hypothetical backtested performance results for IFC Index Portfolios does include the reinvestment of dividends and capital gains and is shown net of IFC’s highest advisory fee of 0.90%, and net of mutual fund fees. The impacts of trading costs are not included in the performance results, and will reduce client performance. In the hypothetical performance figures shown, the advisory fee of 0.075% is deducted from month end returns, unless stated otherwise. However, actual client advisory fees are deducted quarterly, in advance by IFC. Depending on the amount of assets under management and other factors (please see IFA’s Form ADV Part 2 Brochure for additional information), investment management fees may be less. Note that a client’s return will be reduced by the amount of advisory fees charged by IFC and any other expenses, and the inclusion of IFC’s advisory fees will have a negative impact on client account performance. IFC accepts no fees from investment product firms.

Performance Results and Composition of IFC Indexes and IFC Index Portfolios6. Performance results for actual clients that invest in accordance with the IFC Index Portfolio models will vary from the backtested performance due to the use of mutual funds for implementation that differ from those mutual funds underlying the IFC Index data,current market conditions, investments cash flows, mutual fund allocations, changing index allocations over time, frequency and precision of rebalancing, not following IFC’s advice, retention of previously held securities, tax loss harvesting and glide path strategies, cash balances, lower advisory fees, varying custodian fees, and/or the timing of fee deductions. Tax liabilities will vary for each client and can result from various activities in taxable and tax-deferred accounts. These activities include, but are not limited to rebalancing of portfolios, any sale of securities, tax loss harvesting, interest, dividends and capital gains distributions from equity funds and individual securities in taxable accounts. There are also tax

liabilities associated with distributions from tax-deferred accounts. Not all IFC clients follow IFC’s recommendations and depending on unique and changing client and market situations, IFC may customize the construction and implementation of the IFC Index Portfolios for particular clients so that actual client accounts differ materially from those shown. IFC provides many index portfolio implementation strategies, such as the use of tax-managed mutual funds, global extended maturity bond funds, municipal bond funds, social or sustainable screens added to funds, diversified portfolios of various index fund providers, use of core funds or global asset allocation funds. These many implementation options for IFC Index Portfolios are expected to have risks and potential returns that vary from the IFC Index Portfolio models. As a result of these and other variances, actual performance for client accounts have been and are likely to be materially different and may be lower than the results shown in the IFC Index Portfolio models. Clients should consult their account statements for information about how their actual performance compares to that of the IFC Index Portfolios and ask your IFC Wealth Advisor to explain any differences.

7. The underlying indexes and mutual funds used in constructing the IFC Indexes are IFC’s best estimate of an underlying index or mutual fund that comes closest to the corresponding IFC Index objectives. Simulated index data, retroactively calculated by the applicable mutual fund company (e.g. DFA) or research data source (Fama/ French, is used for the period prior to the inception of the relevant live mutual fund data and a mutual fund expense ratio is deducted from such simulated index data. For example, where a DFA or Fama/ French index serves as the underlying index, DFA or Fama/ French, respectively, calculate the simulated index data used by IFC for the corresponding IFC Index. Such simulated index data does not reflect actual mutual fund data prior to the inception date of the mutual fund comprising the IFC Index. Accordingly, the results shown during the periods prior to the inception date of a mutual fund do not represent actual returns of the IFC Index. Periods selected other than those shown may have different results, including losses.

The launch date for each mutual fund used in creating the IFC Indexes may be found in the description of each IFC Index here: http://www.investingforcatholics.com/disclosures/index-data/

Live (or actual) mutual fund performance data is used after the date each mutual fund was added to the IFC Indexes. The IFC Indexes Times Series Construction goes back to January 1928, with an increasing diversification to international markets, emerging markets and real estate investment trusts as data became available over time.

IFC Indexes are unmanaged, however a mutual fund expense ratio has been deducted from each of the IFC Index returns. Investments cannot be made directly in an index. Past performance is no guarantee of future results

8. The following summarizes the history of changes made to the IFC Indexes and IFC Index Portfolios : In January 2008, IFC introduced three new indexes and eighteen socially responsible index portfolios (IFC Index Portfolios) which were constructed from these three indexes. The new indexes introduced were: IFC US Social Core 2 Equity Index, IFC Emerging Markets Social Core Index, and IFC International Real Estate Index. In November 2012, IFC changed the allocations and the historical returns for its IFC Index Portfolios to reflect the introduction of the DFA International Social Core Equity


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Portfolio (DSCLX). Prior to this, the international developed equity asset class was unavailable in a socially responsible implementation. In September 2013, the name of each portfolio was updated to equate to the percentage of equities (stocks) in each portfolio. For example, the IFC Index Portfolio 60 became 60% equities and 40% fixed income. At that time, IFC expanded to 20 Index Portfolios, ranging from 5% equities to 100% equities in 5% increments (5, 10, 15, and so on to 100). In April 2016, IFC changed the allocations and the historical returns for its IFC Index Portfolios to reflect the introduction of the DFA Social Fixed Income Portfolio (DSFIX). As of March 2019, IFC updated the back-tested performance of all IFC Indexes to include the latest Index data available, and amended all applicable index data with the corresponding funds most recent expense ratio. There are other changes that occurred relating to the IFC Index Portfolios from 2008 to present, which include, among other things, changes to performance calculations and associated returns and they are described on investingforcatholics.com/disclosures/history/.

Public Market Index Definitions9. Performance of the IFC Index Portfolios should not be compared directly to any one of the public market indexes listed below. Correlation of a portfolio with an index will vary upon different factors including fixed income portion, market sector and international exposure. IFC will provide additional disclosure where comparisons are made. Reference to these indexes is not intended to, and does not imply or suggest that any of the IFC Index Portfolios will achieve returns, experience volatility or have other results similar to these indexes.

S&P 500 Index: The S&P 500 Index is an unmanaged float-adjusted market capitalization-weighted index composed of the 500 most widely held, publicly traded companies, whose assets and/or revenues are based in the US. The inclusion of information within charts and graphs relating to the S&P 500 Index is for informational purposes and shown as a comparison to other indexes, index portfolios, stocks or funds and as a general performance of large companies in the U.S.

Russell 2000 Index: The Russell 2000 index is an index measuring the performance of approximately 2,000 smallest-cap American companies in the Russell 3000 Index, which is made up of 3,000 of the largest U.S. stocks. It is a market-cap weighted index.

Russell 2000 Value Index: The Russell 2000 Value Index refers to a composite of small cap companies located in the United States that also exhibit a value characteristic.Information About Investing for Catholics and Index Fund Advisors

10. Investing for Catholics is a division of Index Fund Advisors, Inc., an SEC registered Investment Adviser. Information pertaining to IFC’s and IFA’s advisory operations, services, and fees is set forth in IFA’s current Form ADV Part 2 (Brochure) which is available upon request and at www.adviserinfo.sec.gov. IFC is not paid any brokerage commissions, sales loads, 12b-1 fees, or any form of compensation from any mutual fund company or broker dealer. The only source of compensation relating to IFC client investments is obtained from asset-based advisory fees paid by clients (note that, unrelated to IFC’s investment management services, IFA also receives tax or accounting related fees paid to IFA’s division providing such tax or accounting services). More information about advisory fees, expenses, mutual fund fees, and prospectuses for mutual funds can be found at http://www.investingforcatholics.com/fees/

11. IFC Index Portfolios will be implemented for clients by investing in an allocation of mutual funds that match the asset classes, mainly mutual funds from DFA. All mutual funds carry risks and those risks can vary depending on the underlying investments and the mutual fund’s investment strategy. IFC Index Portfolios are numbered from 0 to 100 based on the percentage allocation to equity indexes. IFC Index Portfolios with lower equity allocations and higher bond allocations generally have less risk, as measured by standard deviation, than those with a higher equity allocations and lower bond allocations. There is risk of loss in any securities investment, including the risk of loss of principal that the client should be prepared to bear. Clients are provided with a copy of each mutual fund prospectus, which outlines the risks associated with the mutual fund and should be read carefully. There is no guarantee that any IFC Index Portfolio will meet its investment objectives.

Standard Deviation Information12. IFC utilizes standard deviation as a quantification of risk. Standard deviation is a statistic that measures the dispersion of a dataset relative to its mean (also called an average),and is a common measure of risk used by academics, analysts, portfolio managers and advisors. The higher the standard deviation the higher the risk. Standard deviation is a measure of the dispersion of a dataset relative to its average, and is calculated as the square root of the variance of the data from the average. If data points are far from the average, there is a higher deviation within the data set; thus, the more spread out the data, the higher the standard deviation. In finance, standard deviation is applied to the rate of return of an investment to measure the investment’s volatility.

Standard deviation is also known as historical volatility and is used by investors as a gauge for the amount of expected volatility or the uncertainty of expected returns. For example, among indexes of stocks, those indexes comprised of smaller companies, international companies and emerging market companies generally have had higher standard deviations than those indexes comprised of large companies in the U.S. over long time periods. As another example, among bond indexes, those bond indexes with longer durations and greater probabilities of default have had higher standard deviations over long time periods. However, it is not true that all indexes with higher standard deviations, such as those indexes comprised of small growth companies, have had higher returns over long time periods.

Annualized standard deviation is an approximation of standard deviation over a period of one or more years and, is calculated by multiplying the standard deviation by the square root of the number of periods in one year. By way of example, the annualized standard deviation for a period of one year is calculated by multiplying the monthly standard deviation by the square root of 12 In those charts and tables where the annualized standard deviation of daily returns is shown, it is estimated as the standard deviation of monthly returns divided by the square root of 22, which is 4.69.

Please note that the annualized standard deviation number computed from annual data may differ materially from the estimate obtained from monthly data. IFC has chosen this methodology because Morningstar uses the same method.


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Data Source Information13. IFA licenses data, in part, from Morningstar Direct, a third-party provider of stock market data. Where data is cited from Morningstar Direct, the following disclosures apply: ©2019 Morningstar, Inc. All rights reserved. The information provided by Morningstar Direct and contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. IFC Index Portfolios, times series, standard deviations, and returns calculations are derived using IFC proprietary calculation methods, which apply rebalancing rules, monthly fee adjustments and creates time series construction of data. Our source data comes from many places including Dimensional Fund Advisors and Morningstar Direct software as indicated in the relevant tables and charts.

APPENDIX: DISCLOSURE FOR CHARTSIFA Index Portfolio Data For detailed information on the hypothetical back-tested performance data shown in this booklet, including sources, and important disclosures, see: Disclosures for the Hypothetical Back-tested Performance of Model IFA Index Portfolios and Indexes. IFA Index Portfolios are labeled with numbers that refer to the percentage of stock indexes in the asset allocation, as opposed to the allocation of bond indexes. For example, an IFA Index Portfolio 90 is 90% IFA stock indexes and 10% IFA bond indexes. The construction of IFA Indexes data starts in 1928 and introduces live mutual fund data of funds that are similar to the preceding index upon the inception date of the funds and uses that monthly mutual fund data up to the current month and are defined in detail at IFA Index Data Sources. Hypothetical back-tested performance of IFA Index Portfolios assumes annual rebalancing of the asset allocation of the components comprising the IFA Index Portfolios. The hypothetical back-tested performance of the IFA Indexes and IFA Index Portfolios was achieved with the benefit of hindsight; it does not represent actual investment strategies for the entire period; and it does not reflect the impact that economic and market factors may have had on the advisor’s decision making if the advisor were actually managing client money during the period shown. The performance of index portfolios does reflect the deduction of a 0.9% annual investment advisory fee, which is the maximum advisory fee charged by IFA, and mutual fund fees associated with the management of an actual portfolio over the entire period. Unless indicated otherwise, the performance of the IFA Indexes when shown individually, does reflect the deduction of mutual fund fees, include reinvestment of dividends and capital gains but does not include the deduction of IFA advisory fees, transaction costs or taxes, which if included, would lower performance. The IFA Indexes and IFA Index Portfolios were created by IFA in 2000.

Standard DeviationIFA utilizes standard deviation a quantification of risk. Standard deviation is a common measure of risk used by academics, analysts, portfolio managers and advisors. The higher the standard deviation the higher the risk. Standard deviation is calculated as the square root of the variance of the data from the average, which is a measure of the dispersion of a set of data from its average. If data points are far from the average, there is a higher deviation within the data set; thus, the more spread out the data, the higher the standard deviation. In finance, standard deviation is applied to the rate of return of an investment to measure the investment’s volatility. Standard deviation is also known as historical volatility and is used by investors as a gauge for the amount of expected volatility or the uncertainty of expected returns. Among indexes of stocks, those with smaller companies, international companies and emerging market companies have had higher standard deviations than large companies in the U.S. in long time periods. Among bond indexes, those with longer durations and greater probabilities of default have had higher standard deviations in long time periods. However, it is not true that all indexes with higher standard deviations, such as small growth companies have had higher returns in long time periods. Annualized standard deviation is an approximation obtained by multiplying the monthly standard deviation by the square root of 12, which is 3.46. Please note that the number computed from annual data may differ materially from the estimate obtained from monthly data. IFA has chosen this methodology because Morningstar uses the same method. In those charts and tables where the standard deviation of daily returns is shown, it is estimated as the standard deviation of monthly returns divided by the square root of 22, which is 4.69.

Disclaimer14. DISCLAIMER: THERE ARE NO WARRANTIES, EXPRESSED OR IMPLIED, AS TO ACCURACY, COMPLETENESS, OR RESULTS OBTAINED FROM ANY INFORMATION PROVIDED HEREIN OR ON THE MATERIAL PROVIDED. This document and the information which it accompanies or to which it refers and relates does not constitute a complete description of IFC’s investment services and is for informational purposes only. It is in no way a solicitation or an offer to sell securities or investment advisory services. Any statements regarding market or other financial information is obtained from sources which IFC and its suppliers believe to be reliable, but IFC does not warrant or guarantee the timeliness or accuracy of this information. Neither IFC’s information providers nor IFC shall be liable for any errors or inaccuracies, regardless of cause, or the lack of timeliness of, or for any delay or interruption in the transmission thereof to the user. All investments involve risk, including foreign currency exchange rates, political risks, market risk, different methods of accounting and financial reporting, and foreign taxes. Your use of these and all materials provided by IFC, IFA and the IFA app, including the www.investingforcatholics.com and www.ifa.com websites is your acknowledgement that you have read and understood the full disclaimer as stated above. For additional updates please refer to ifcdisclosures.com.

15. Nothing contained on the IFC website or in any presentation should be construed as, or is, tax or legal advice.


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IFC IFC US Social Core Equity IndexTIME-SERIES CONSTRUCTION• Jan 1928 - Sep 2005: Dimensional Adjusted Market 2 Index minus 0.0192%/mo (net expense ratio)• Oct 2005 - Oct 2007: DFA US Core Equity 2 Portfolio (DFQTX) minus 0.001%/mo (net expense ratio)• Nov 2007 - present: DFA US Social Core Equity 2 Portfolio (DFUEX)

DEFINITIONS AND OTHER IMPORTANT INFORMATION:

• Dimensional Adjusted Market 2 Index: January 1928 - December 1974: Dimensional US Adjusted Market 2 Index Composition: Targets all the securities in the Eligible Market with an emphasis on companies with smaller capitalization and lower relative price. The Eligible Market is composed of securities of US companies traded on the NYSE, NYSE MKT (formerly AMEX), and Nasdaq Global Market. Exclusions: Non-US companies, REITs, UITs, and Investment Companies Source: CRSP and Compustat.

January 1975 - Sep 2005: Dimensional US Adjusted Market 2 Index Composition: Targets all the securities in the Eligible Market with an emphasis on companies with smaller capitalization, lower relative price, and higher profitability. Profitability is defined as operating income before depreciation and amortization minus interest expense divided by book equity. The Eligible Market is composed of securities of US companies traded on the NYSE, NYSE MKT (formerly AMEX), and Nasdaq Global Market. Exclusions: Non-US companies, REITs, UITs, and Investment Companies Source: CRSP and Compustat.

The Dimensional US Adjusted Market 2 Index has been hypothetically back-tested by Dimensional Fund Advisors and did not exist prior to March 1st, 2007. Accordingly, the results shown during the periods prior to March 1st, 2007 do not represent actual returns of the Index. Other periods selected may have different results, including losses. Backtested index performance is hypothetical and is provided for informational purposes only to indicate historical performance had the index been calculated over the relevant time periods. Backtested performance results assume the reinvestment of dividends and capital gains. The index monthly returns are computed as the simple average of the monthly returns of 12 sub-indices, each one reconstituted once a year at the end of each month of the year. The index is unmanaged however a mutual fund expense ratio has been deducted from the index returns. Investments cannot be made directly in an index. Past performance is no guarantee of future results.The calculation methodology for the Dimensional US Adjusted Market 2 Index was amended on January 1st, 2014 to include profitability as a factor in selecting securities for inclusion in the index.

• DFA US Core Equity 2 Portfolio (DFQTX): Oct 2005 - Oct 2007: The U.S. Core Equity 2 Portfolio purchases a broad and diverse group of securities of U.S. companies with a greater emphasis on small capitalization, value and high profitability companies as compared to their representation in the U.S. Universe. Dimensional Fund Advisors LP (the “Advisor”) generally defines the U.S. Universe as a market capitalization weighted portfolio of U.S. operating companies listed on the New York StockExchange (“NYSE”), NYSE American LLC, Nasdaq Global Market®, Nasdaq Capital Market®, or such other securities exchanges deemed appropriate by the Advisor. Actual performance results assume the reinvestment of dividends and capital gains.

• DFA US Social Core Equity 2 Portfolio (DFUEX): Nov 2007 - present: The U.S. Social Core Equity 2 Portfolio purchases a broad and diverse group of securities of U.S. companies with greater emphasis on small capitalization, value, and high profitability companies as compared to their representation in the U.S. Universe, while excluding companies based on the Portfolio’s social issue screens. Dimensional Fund Advisors LP (the “Advisor”) generally defines the U.S. Universe as a market capitalization weighted portfolio of U.S. operating companies listed on the New York Stock Exchange (“NYSE”), NYSE American LLC, Nasdaq Global Market®, Nasdaq Capital Market®, or such other securities exchanges deemed appropriate by the Advisor. Actual performance results assume the reinvestment of dividends and capital gains.

IFC INDEX DATA SOURCESThe following descriptions, definitions and important information explain how IFC Indexes are constructed to simulate similar risk and return characteristics back to 1928. The data for both the IFC Indexes and the model data for IFC Index portfolios is hypothetical backtested performance data that represents a combination of index data and live mutual fund data. This long-term data reduces the possible errors of interpreting past short-term returns as being representative of future short-term returns. Such errors are especially high for periods of 20 years or less. When IFC Indexes are shown in Index Portfolios, all return data reflects a deduction of all mutual fund fees and a 0.90% annual investment advisory fee, which is the maximum advisory fee charged by IFC. Unless indicated otherwise, data shown for each individual IFC Index is shown without a deduction of the IFC advisory fee. This method is used because the creation, choice, monitoring and rebalancing of diversified index portfolios are the services of the independent investment advisor. Therefore, fees are deducted from the whole portfolio data but not the individual index data. Live Dimensional Fund Advisors’ (DFA) fund data reflects the deduction of mutual fund advisory fees, brokerage fees, other expenses incurred by the mutual funds, incorporates actual trading results, and is sourced from DFA. Hypothetical backtested index data also reflects mutual fund expense ratios for the entire period. Both hypothetical backtested and live data reflect total returns, including dividends, except for IFC/NSDQ Index. For updates on sources and descriptions of data see ifcindexes.com.

Certain DFA Mutual Funds have entered into fee waiver and/or expense assumption arrangements with Dimensional Fund Advisors LP. In these cases, Dimensional Fund Advisors LP has contractually agreed, under certain circumstances, to waive certain fees and/or assume certain expenses of the portfolio. Unless otherwise stated in the prospectus,

Dimensional Fund Advisors LP may amend or discontinue these arrangements at any time, one year from the date of the prospectus. The net expense ratio reflects the total annual fund operating expenses of the portfolio after taking into account any such fee waiver and/or expense assumption arrangements. Please read the portfolio’s prospectus for details and more information.

See a summary of history of changes made to the IFC Indexes and Index Portfolios at www.investingforcatholics.com/disclosures/history/

• All live mutual fund portfolios tracked in IFC indexes are net of all mutual fund fees.

• Indexes and hypothetical backtested data are also net of estimated mutual fund fees.

• IFC Advisory fees are deducted when IFC indexes are presented in the IFC Index Portfolios.

ADDITIONAL INDEXESThe Dimensional Indices have been hypothetically back-tested by Dimensional Fund Advisors LP and did not exist prior to their index inceptions dates. Accordingly, results shown during the periods prior to each Index’s index inception date do not represent actual returns of the Index. Other periods selected may have different results, including losses. Backtested index performance is hypothetical and is provided for informational purposes only to indicate historical performance had the index been calculated over the relevant time periods. Backtested performance results assume the reinvestment of dividends and capital gains. Eugene Fama and Ken French are members of the Board of Directors of the general partner of, and provide consulting services to, Dimensional Fund Advisors LP.


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IFC IFC Global REIT IndexTIME-SERIES CONSTRUCTION• Jan 1928 - Dec 1977: 50% Dimensional Small Cap Index minus 0.0275%/mo (net expense ratio) + 50% Dimensional Targeted Value Index minus 0.0275%/mo (net

expense ratio)• Jan 1978 - Jan 1993: Dow Jones US Select REIT Index minus 0.020%/mo (net expense ratio)• Feb 1993 - Jun 2008: DFA Real Estate Fund (DFREX)• Jul 2008 - Present: DFA Global Real Estate Fund (DFGEX)


• Dimensional Small Cap Index: Jan 1928 - December 1974: Dimensional US Small Cap Index Composition: Market-capitalization-weighted index of securities of the smallest US companies whose market capitalization falls in the lowest 8% of the total market capitalization of the Eligible Market. The Eligible Market is composed of securities of US companies traded on the NYSE, NYSE MKT (formerly AMEX), and Nasdaq Global Market. Exclusions: Non-US companies, REITs, UITs, and Investment Companies Source: CRSP and Compustat.

January 1975 - Dec 1977: Dimensional US Small Cap Index Composition: Market-capitalization-weighted index of securities of the smallest US companies whose market capitalization falls in the lowest 8% of the total market capitalization of the Eligible Market. The Eligible Market is composed of securities of US companies traded on the NYSE, NYSE MKT (formerly AMEX), and Nasdaq Global Market. Exclusions: Non-US companies, REITs, UITs, and Investment Companies and companies with the lowest profitability and highest relative price within the small cap universe. Profitability is defined as operating income before depreciation and amortization minus interest expense divided by book equity. Source: CRSP and Compustat.

The Dimensional US Small Cap Index has been hypothetically back-tested by Dimensional Fund Advisors and did not exist prior to March 1st, 2007. Accordingly, the results shown during the periods prior to March 1st, 2007 do not represent actual returns of the Index. Other periods selected may have different results, including losses. Backtested index performance is hypothetical and is provided for informational purposes only to indicate historical performance had the index been calculated over the relevant time periods. Backtested performance results assume the reinvestment of dividends and capital gains. The index monthly returns are computed as the simple average of the monthly returns of 12 sub-indices, each one reconstituted once a year at the end of each month of the year. The index is unmanaged however a mutual fund expense ratio has been deducted from the index returns. Past performance is no guarantee of future results.The calculation methodology for the Dimensional US Small Cap Index was amended on January 1st, 2014 to include profitability as a factor in selecting securities for inclusion in the index.

• Dimensional Targeted Value Index: Jan 1928 - December 1974: Dimensional US Targeted Value Index Composition: Represents an index of small and mid cap securities with low relative price. Small cap companies with low relative price are generally defined as companies with market capitalizations below the 1000th company in the US Market whose relative price is in the bottom 50% of the small and mid cap universe after the exclusion of utilities, companies lacking financial data, and companies with negative relative price. Mid cap companies with low relative price are generally defined as companies whose market capitalization falls below that of the 500th largest company in the Eligible Market, and whose relative price is in the in the bottom 25% of the small and mid cap universe after the exclusion of utilities, companies lacking financial data, and companies with negative relative price. The Eligible Market is composed of securities of US companies traded on the NYSE, AMEX, and Nasdaq Global Market. Exclusions: Non-US companies, REITs, UITs, and Investment Companies Source: CRSP and Compustat.

January 1975 - Dec 1977: Dimensional US Adjusted Market Value Index Composition: Represents an index of small and mid cap securities with low relative price. Small and mid cap companies with low relative price are generally defined as companies with market capitalizations below the 500th company in the US Market whose relative price is in the bottom 50% of the small and mid cap universe after the exclusion of utilities, companies lacking financial data, and companies with negative relative price. The index emphasizes companies with higher profitability. Profitability is defined as operating income before depreciation and amortization minus interest expense divided by book equity. The Eligible Market is composed of securities of US companies traded on the NYSE, AMEX, and Nasdaq Global Market. Exclusions: Non-US companies, REITs, UITs, and Investment Companies Source: CRSP and Compustat.

The Dimensional US Targeted Value Index has been hypothetically back-tested by Dimensional Fund Advisors and did not exist prior to March 1st, 2007. Accordingly, the results shown during the periods prior to March 1st, 2007 do not represent actual returns of the Index. Other periods selected may have different results, including losses. Backtested index performance is hypothetical and is provided for informational purposes only to indicate historical performance had the index been calculated over the relevant time periods. Backtested performance results assume the reinvestment of dividends and capital gains. The index monthly returns are computed as the simple average of the monthly returns of 12 sub-indices, each one reconstituted once a year at the end of each month of the year. The index is unmanaged however a mutual fund expense ratio has been deducted from the index returns. Investments cannot be made directly in an index. Past performance is no guarantee of future results.The calculation methodology for the Dimensional US Targeted Value Index was amended on January 1st, 2014 to include profitability as a factor in selecting securities for inclusion in the index.

• Dow Jones US Select REIT: Jan 1978 - Jan 1993: Source: Dow Jones Indexes January 1978 - Jan 1993: Dow Jones Wilshire REIT Index Source: Dow Jones Wilshire Composition: U.S. publicly traded Real Estate Investment Trusts weighted by float-adjusted market capitalization. Actual and backtested performance results assume the reinvestment of dividends and capital gains.

Currency: USD Copyright 2018 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved.

• DFA Real Estate (DFREX): Feb 1993 - Jun 2008: The DFA Real Estate Securities Portfolio, using a market capitalization weighted approach, purchases readily marketable equity securities of companies whose principal activities include ownership, management, development, construction, or sale of residential, commercial or industrial real estate. The Portfolio will principally invest in equity securities of companies in certain real estate investment trusts (“REITs”) and companies engaged in residential construction and firms, except partnerships, whose principal business is to develop commercial property. Actual performance results assume the reinvestment of dividends and capital gains.

• DFA Global Real Estate Securities Portfolio (DFGEX): Jul 2008 - Present: The DFA Global Real Estate Securities Portfolio seeks to achieve exposure to a broad portfolio of securities of U.S. and non-U.S. companies in the real estate industry, with a focus on real estate investment trusts (“REITs”) or companies that the Advisor considers to be REIT-like entities. Actual performance results assume the reinvestment of dividends and capital gains.


DISCLOSURES

IFC IFC International Social Core Equity IndexTIME-SERIES CONSTRUCTION• Jan 1928 - Dec 1969: Dimensional Adjusted Market 2 Index minus 0.0233%/mo (net expense ratio)• Jan 1970 - Jul 1981: 60% Dimensional UK Market Index minus 0.020%/mo (net expense ratio) + 40% Dimensional International Small Cap Index minus 0.0367%/mo

(net expense ratio)• Aug 1981 - Dec 1993: 60% DFA Large Cap International Portfolio (DFALX) + 20% Dimensional International Small Cap Index minus 0.0367%/mo (net expense ratio)

+ 20% Dimensional Int’l Small Cap Value Index minus 0.0408%/mo (net expense ratio)• Jan 1994 - Sep 2005: DFA International Adjusted Market Index minus 0.0233%/mo (net expense ratio)• Oct 2005 - Nov 2012: DFA International Core Equity Portfolio (DFIEX) minus 0.0025%/mo (net expense ratio)• Dec 2012 - Present: DFA International Social Core Equity Portfolio (DSCLX)


• Dimensional Adjusted Market 2 Index: January 1928 - December 1969: Dimensional US Adjusted Market 2 Index Composition: Targets all the securities in the Eligible Market with an emphasis on companies with smaller capitalization and lower relative price. The Eligible Market is composed of securities of US companies traded on the NYSE, NYSE MKT (formerly AMEX), and Nasdaq Global Market. Exclusions: Non-US companies, REITs, UITs, and Investment Companies Source: CRSP and Compustat.

The Dimensional US Adjusted Market 2 Index has been hypothetically back-tested by Dimensional Fund Advisors and did not exist prior to March 1st, 2007. Accordingly, the results shown during the periods prior to March 1st, 2007 do not represent actual returns of the Index. Other periods selected may have different results, including losses. Backtested index performance is hypothetical and is provided for informational purposes only to indicate historical performance had the index been calculated over the relevant time periods. Backtested performance results assume the reinvestment of dividends and capital gains. The index monthly returns are computed as the simple average of the monthly returns of 12 sub-indices, each one reconstituted once a year at the end of each month of the year. The index is unmanaged however a mutual fund expense ratio has been deducted from the index returns. Investments cannot be made directly in an index. Past performance is no guarantee of future results.The calculation methodology for the Dimensional US Adjusted Market 2 Index was amended on January 1st, 2014 to include profitability as a factor in selecting securities for inclusion in the index.

• Dimensional UK Market Index: January 1970 - Jul 1981: Dimensional UK Market Index : Market cap-weighted index of all securities in the eligible markets. The index monthly returns are computed as the simple average of the monthly returns of four sub-indices, each one reconstituted once a year at the end of each quarter of the year. Maximum index weight of any one company is capped at 10%. The country currently included is United Kingdom. Exclusions: REITs and Investment Companies Source: Bloomberg, LSPDThe Dimensional UK Market Index has been hypothetically back-tested by Dimensional Fund Advisors and did not exist prior to April 2008. Accordingly, the results shown during the periods prior to April 2008 do not represent actual returns of the Index. Backtested index performance is hypothetical and is provided for informational purposes only to indicate historical performance had the index been calculated over the relevant time periods. Backtested performance results assume the reinvestment of dividends and capital gains. The index is unmanaged however a mutual fund expense ratio has been deducted from the index returns. Investments cannot be made directly in an index. Past performance is no guarantee of future results.

• Dimensional International Small Cap Index: January 1970 - June 1981, Aug 1981 - Dec 1993:: 50% Hoare Govett Small Companies Index (hgsmall.ind), 50% Nomura Small Companies Index (nomura.ind) July 1981 - December 1989: Created by Dimensional. Includes securities of MSCI EAFE countries in the bottom 10% of market capitalization, excluding the bottom 1%. All securities are market capitalization weighted. Each country is capped at 50%. Rebalanced semiannually. January 1990 - Present: Dimensional International Small Cap Index: Market-capitalization-weighted index of small company securities in the eligible markets, excluding those with the lowest profitability and highest relative price within the small cap universe. Profitability is defined as operating income before depreciation and amortization minus interest expense divided by book equity. The index monthly returns are computed as the simple average of the monthly returns of four sub-indices, each one reconstituted once a year at the end of each quarter of the year. Maximum index weight of any one company is capped at 5%. Countries currently included are Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and United Kingdom. Exclusions: REITs and Investment Companies Source: Bloomberg The Dimensional International Small Cap Index has been hypothetically back-tested by Dimensional Fund Advisors and did not exist prior to April 2008. Accordingly, the results shown during the periods prior to April 2008 do not represent actual returns of the Index. Backtested index performance is hypothetical and is provided for informational purposes only to indicate historical performance had the index been calculated over the relevant time periods. Backtested performance results assume the reinvestment of dividends and capital gains. The index is unmanaged however a mutual fund expense ratio has been deducted from the index returns. Investments cannot be made directly in an index. Past performance is no guarantee of future results.The calculation methodology for the Dimensional International Small Cap Index was amended in January 2014 to include profitability as a factor in selecting securities for inclusion in the index.

• DFA Large Cap International Portfolio (DFALX): Aug 1981 - Dec 1993: The Large Cap International Portfolio purchases securities of large non-U.S. companies in each country or region designated by Dimensional Fund Advisors LP (the “Advisor”) as an approved market for investment. The Advisor may consider a company’s size, value, and/or profitability relative to other eligible companies when making investment decisions for the Large Cap International Portfolio. Actual and backtested performance results assume the reinvestment of dividends and capital gains.

• Dimensional International Small Cap Value Index: Aug 1981 - Dec 1993: Dimensional US Small Cap Value Index Composition: A subset of the US Small Cap Index. The subset is defined as companies whose relative price is in the bottom 35% of the US Small Cap Index after the exclusion of utilities, companies lacking financial data, and companies with negative relative price. The Eligible Market is composed of securities of US companies traded on the NYSE, NYSE MKT (formerly AMEX), and Nasdaq Global Market. Exclusions: Non-US companies, REITs, UITs, and Investment Companies and companies with the lowest profitability within the small cap value universe. Profitability is defined as operating income before depreciation and amortization minus interest expense divided by book equity. Source: CRSP and Compustat.

The Dimensional US Small Cap Value Index has been hypothetically back-tested by Dimensional Fund Advisors and did not exist prior to March 1st, 2007. Accordingly, the results shown during the periods prior to March 1st, 2007 do not represent actual returns of the Index. Other periods selected may have different results, including losses. Backtested index performance is hypothetical and is provided for informational purposes only to indicate historical performance had the index been calculated over the relevant time periods. Backtested performance results assume the reinvestment of dividends and capital gains. The index monthly returns are computed as the simple average of the monthly returns of 12 sub-indices, each one reconstituted once a year at the end of each month of the year. The index is unmanaged however a mutual fund expense ratio has been deducted from the index returns. Investments cannot be made directly in an index. Past performance is no guarantee of future results.The calculation methodology for the Dimensional US Small Cap Value Index was amended on January 1st, 2014 to include profitability as a factor in selecting securities for inclusion in the index.

• DFA International Adjusted Market Index: January 1994 - Sep 2005: Dimensional International Adjusted Market Index: Targets all of the securities in the eligible markets with an emphasis on companies with smaller capitalization, lower relative price, and higher profitability. Profitability is defined as operating income before depreciation and amortization minus interest expense divided by book equity. The index monthly returns are computed as the simple average of the monthly returns of four sub-indices, each one reconstituted once a year at the end of each quarter of the year. Maximum index weight of any one company is capped at 5%. Countries currently included are Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and United Kingdom. Exclusions: REITs and Investment Companies Source: Bloomberg The Dimensional International Adjusted Market Index has been hypothetically back-tested by Dimensional Fund Advisors and did not exist prior to April 2008. Accordingly, the results shown during the periods prior to April 2008 do not represent actual returns of the Index. Backtested index performance is hypothetical and is provided for informational purposes only to indicate historical performance had the index been calculated over the relevant time periods. Backtested performance results assume the reinvestment of dividends and capital gains. The index is unmanaged however a mutual fund expense ratio has been deducted from the index returns. Investments cannot be made directly in an index. Past performance is no guarantee of future results.The calculation methodology for the Dimensional International Adjusted Market Index was amended in January 2014 to include profitability as a factor in selecting securities for inclusion in the index.


DISCLOSURES

• DFA International Core Equity Portfolio (DFIEX): October 2005 - Nov 2012: The International Core Equity Portfolio purchases a broad and diverse group of securities of non-U.S. companies in developed markets with a greater emphasis on small capitalization, value and high profitability companies as compared to their representation in the International Universe. For purposes of this Portfolio, Dimensional Fund Advisors LP (the “Advisor”) defines the International Universe as a market capitalization weighted portfolio of non-U.S. companies in developed markets that have been authorized as approved markets for investment by the Advisor’s Investment Committee. Actual performance results assume the reinvestment of dividends and capital gains.

• DFA International Social Core Equity Portfolio (DSCLX): Dec 2012 - Present: The International Social Core Equity Portfolio purchases a broad and diverse group of securities of non-U.S. companies in developed markets with a greater emphasis on small capitalization, value, and high profitability companies as compared to their representation in the International Universe, while excluding securities of certain companies based on the Portfolio’s social issue screens. For the purposes of this Portfolio, Dimensional Fund Advisors LP (the “Advisor”) defines the International Universe as a market capitalization weighted portfolio of 16 non-U.S. companies in developed markets that have been authorized as approved markets for investment by the Advisor’s Investment Committee. Actual performance results assume the reinvestment of dividends and capital gains.

IFC IFC Emerging Markets Social Core Index TIME-SERIES CONSTRUCTION• Jan 1928 - Dec 1969: 15% Dimensional Large Value Index minus 0.0183%/mo (net expense ratio) + 55% Dimensional Small Cap Index minus 0.0275%/mo (net

expense ratio) + 30% Dimensional Targeted Value Index minus 0.0275%/mo (net expense ratio)• Jan 1970 - Dec 1974: 50% Dimensional UK Large Value minus 0.0283%/mo (net expense ratio) + 50% Dimensional International Small Cap Index minus 0.0367%/

mo (net expense ratio)• Jan 1975 - Dec 1988: 50% Fama/French International Value minus 0.0283%/mo (net expense ratio) + 50% Dimensional International Small Cap Index minus

0.0367%/mo (net expense ratio)• Jan 1989 - Apr 1994: 30% Fama/French Emerging Markets Index minus 0.0292%/mo (net expense ratio) + 30% Dimensional Emerging Value Index minus 0.0383%/

mo (net expense ratio) + 40% Fama/French Emerging Markets Small minus 0.0500%/mo (net expense ratio)• May 1994 - Mar 1998: 30% DFA Emerging Markets Fund (DFEMX) + 30% Dimensional Emerging Value Index minus 0.0383%/mo (net expense ratio) + 40% Fama/

French Emerging Markets Small minus 0.0500%/mo (net expense ratio)• Apr 1998: 30% DFA Emerging Markets Fund (DFEMX) + 30% Dimensional Emerging Value Index minus 0.0383%/mo (net expense ratio) + 40% DFA Emerging Mar-

kets Small Fund (DEMSX)• May 1998 - Apr 2005: 30% DFA Emerging Markets Fund (DFEMX) + 30% DFA Emerging Markets Value Fund (DFEVX) + 40% DFA Emerging Markets Small Fund

(DEMSX)• May 2005 - Aug 2006: DFA Core Emerging Markets (DFCEX)• Sep 2006 - Present: DFA Social Core Emerging Markets (DFESX)


• Dimensional Large Value Index: Jan 1928 - December 1969: Dimensional US Large Cap Value Index Composition: A subset of the US Large Cap Index. The subset is defined as companies whose relative price is in the bottom 25% of the US Large Cap Index after the exclusion of utilities, companies lacking financial data, and companies with negative relative price. The Eligible Market is composed of securities of US companies traded on the NYSE, NYSE MKT (formerly AMEX), and Nasdaq Global Market. Exclusions: Non-US companies, REITs, UITs, and Investment Companies Source: CRSP and Compustat.

The Dimensional US Large Cap Value Index has been hypothetically back-tested by Dimensional Fund Advisors and did not exist prior to March 1st, 2007. Accordingly, the results shown during the periods prior to March 1st, 2007 do not represent actual returns of the Index. Other periods selected may have different results, including losses. Backtested index performance is hypothetical and is provided for informational purposes only to indicate historical performance had the index been calculated over the relevant time periods. Backtested performance results assume the reinvestment of dividends and capital gains. The index monthly returns are computed as the simple average of the monthly returns of 12 sub-indices, each one reconstituted once a year at the end of each month of the year. The index is unmanaged however a mutual fund expense ratio has been deducted from the index returns. Investments cannot be made directly in an index. Past performance is no guarantee of future results.The calculation methodology for the Dimensional US Large Cap Value Index was amended on January 1st, 2014 to include profitability as a factor in selecting securities for inclusion in the index.

• Dimensional Small Cap Index: Jan 1928 - December 1969: Dimensional US Small Cap Index Composition: Market-capitalization-weighted index of securities of the smallest US companies whose market capitalization falls in the lowest 8% of the total market capitalization of the Eligible Market. The Eligible Market is composed of securities of US companies traded on the NYSE, NYSE MKT (formerly AMEX), and Nasdaq Global Market. Exclusions: Non-US companies, REITs, UITs, and Investment Companies Source: CRSP and Compustat.

The Dimensional US Small Cap Index has been hypothetically back-tested by Dimensional Fund Advisors and did not exist prior to March 1st, 2007. Accordingly, the results shown during the periods prior to March 1st, 2007 do not represent actual returns of the Index. Other periods selected may have different results, including losses. Backtested index performance is hypothetical and is provided for informational purposes only to indicate historical performance had the index been calculated over the relevant time periods. Backtested performance results assume the reinvestment of dividends and capital gains. The index monthly returns are computed as the simple average of the monthly returns of 12 sub-indices, each one reconstituted once a year at the end of each month of the year. The index is unmanaged however a mutual fund expense ratio has been deducted from the index returns. Investments cannot be made directly in an index. Past performance is no guarantee of future results.The calculation methodology for the Dimensional US Small Cap Index was amended on January 1st, 2014 to include profitability as a factor in selecting securities for inclusion in the index.

• Dimensional Targeted Value Index: Jan 1928 - December 1969: Dimensional US Targeted Value Index Composition: Represents an index of small and mid cap securities with low relative price. Small cap companies with low relative price are generally defined as companies with market capitalizations below the 1000th company in the US Market whose relative price is in the bottom 50% of the small and mid cap universe after the exclusion of utilities, companies lacking financial data, and companies with negative relative price. Mid cap companies with low relative price are generally defined as companies whose market capitalization falls below that of the 500th largest company in the Eligible Market, and whose relative price is in the in the bottom 25% of the small and mid cap universe after the exclusion of utilities, companies lacking financial data, and companies with negative relative price. The Eligible Market is composed of securities of US companies traded on the NYSE, AMEX, and Nasdaq Global Market. Exclusions: Non-US companies, REITs, UITs, and Investment Companies Source: CRSP and Compustat.

The Dimensional US Targeted Value Index has been hypothetically back-tested by Dimensional Fund Advisors and did not exist prior to March 1st, 2007. Accordingly, the results shown during the periods prior to March 1st, 2007 do not represent actual returns of the Index. Other periods selected may have different results, including losses. Backtested index performance is hypothetical and is provided for informational purposes only to indicate historical performance had the index been calculated over the relevant time periods. Backtested performance results assume the reinvestment of dividends and capital gains. The index monthly returns are computed as the simple average of the monthly returns of 12 sub-indices, each one reconstituted once a year at the end of each month of the year. The index is unmanaged however a mutual fund expense ratio has been deducted from the index returns. Investments cannot be made directly in an index. Past performance is no guarantee of future results.The calculation methodology for the Dimensional US Targeted Value Index was amended on January 1st, 2014 to include profitability as a factor in selecting securities for inclusion in the index.

• Dimensional UK Large Value: Jan 1970 - Dec 1974: UK Large Value Index Source: Elroy Dimson, Stefan Nagel and Garrett Quigley “Capturing the value premium in the UK”, Financial Analysts Journal 2003, 59(6): 35-45. Created Returns, converted from GBP to USD using the WM/Reuters at 4 p.m. EST (closing spot), from PFPC exchange rate Country Code EXJanuary 1990 - Present: Dimensional UK Large Value Index: Consists of large cap companies in eligible markets whose relative price is in the bottom 30% of their country’s large companies,


DISCLOSURES

after the exclusion of utilities and companies with either negative or missing relative price data. The index emphasizes companies with smaller capitalization, lower relative price, and higher profitability. The index also excludes those companies with the lowest profitability within their country’s large value universe. Profitability is defined as operating income before depreciation and amortization minus interest expense divided by book equity. The index monthly returns are computed as the simple average of the monthly returns of four sub-indices, each one reconstituted once a year at the end of each quarter of the year. Maximum index weight of any one company is capped at 10%. The country currently included is United Kingdom. Exclusions: REITs and Investment Companies Source: Bloomberg, LSPDThe Dimensional UK Large Value Index has been hypothetically back-tested by Dimensional Fund Advisors and did not exist prior to April 2008. Accordingly, the results shown during the periods prior to April 2008 do not represent actual returns of the Index. Backtested index performance is hypothetical and is provided for informational purposes only to indicate historical performance had the index been calculated over the relevant time periods. Backtested performance results assume the reinvestment of dividends and capital gains.The index is unmanaged however a mutual fund expense ratio has been deducted from the index returns. Investments cannot be made directly in an index. Past performance is no guarantee of future results.The calculation methodology for the Dimensional UK Large Value Index was amended in January 2014 to include profitability as a factor in selecting securities for inclusion in the index.

• Dimensional International Small Cap: Jan 1970 - Dec 1974: 50% Hoare Govett Small Companies Index (hgsmall.ind), 50% Nomura Small Companies Index (nomura.ind) July 1981 - December 1989: Created by Dimensional. Includes securities of MSCI EAFE countries in the bottom 10% of market capitalization, excluding the bottom 1%. All securities are market capitalization weighted. Each country is capped at 50%. Rebalanced semiannually. January 1990 - Present: Dimensional International Small Cap Index: Market-capitalization-weighted index of small company securities in the eligible markets, excluding those with the lowest profitability and highest relative price within the small cap universe. Profitability is defined as operating income before depreciation and amortization minus interest expense divided by book equity. The index monthly returns are computed as the simple average of the monthly returns of four sub-indices, each one reconstituted once a year at the end of each quarter of the year. Maximum index weight of any one company is capped at 5%. Countries currently included are Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and United Kingdom. Exclusions: REITs and Investment Companies Source: Bloomberg The Dimensional International Small Cap Index has been hypothetically back-tested by Dimensional Fund Advisors and did not exist prior to April 2008. Accordingly, the results shown during the periods prior to April 2008 do not represent actual returns of the Index. Backtested index performance is hypothetical and is provided for informational purposes only to indicate historical performance had the index been calculated over the relevant time periods. Backtested performance results assume the reinvestment of dividends and capital gains. The index is unmanaged however a mutual fund expense ratio has been deducted from the index returns. Investments cannot be made directly in an index. Past performance is no guarantee of future results.The calculation methodology for the Dimensional International Small Cap Index was amended in January 2014 to include profitability as a factor in selecting securities for inclusion in the index.

• Fama/French International Value: January 1975 - Dec 1988: Fama/French International Value Index Source: Ken French website. Simulated from MSCI and Bloomberg data.Currency: USD. Fama/French and multifactor data provided by Fama/French. Actual and backtested performance results assume the reinvestment of dividends and capital gains.

• Dimensional International Small Cap Index: January 1975 - Dec 1988: 50% Hoare Govett Small Companies Index (hgsmall.ind), 50% Nomura Small Companies Index (nomura.ind) July 1981 - December 1989: Created by Dimensional. Includes securities of MSCI EAFE countries in the bottom 10% of market capitalization, excluding the bottom 1%. All securities are market capitalization weighted. Each country is capped at 50%. Rebalanced semiannually. January 1990 - Present: Dimensional International Small Cap Index: Market-capitalization-weighted index of small company securities in the eligible markets, excluding those with the lowest profitability and highest relative price within the small cap universe. Profitability is defined as operating income before depreciation and amortization minus interest expense divided by book equity. The index monthly returns are computed as the simple average of the monthly returns of four sub-indices, each one reconstituted once a year at the end of each quarter of the year. Maximum index weight of any one company is capped at 5%. Countries currently included are Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and United Kingdom. Exclusions: REITs and Investment Companies Source: Bloomberg The Dimensional International Small Cap Index has been hypothetically back-tested by Dimensional Fund Advisors and did not exist prior to April 2008. Accordingly, the results shown during the periods prior to April 2008 do not represent actual returns of the Index. Backtested index performance is hypothetical and is provided for informational purposes only to indicate historical performance had the index been calculated over the relevant time periods. Backtested performance results assume the reinvestment of dividends and capital gains. The index is unmanaged however a mutual fund expense ratio has been deducted from the index returns. Investments cannot be made directly in an index. Past performance is no guarantee of future results.The calculation methodology for the Dimensional International Small Cap Index was amended in January 2014 to include profitability as a factor in selecting securities for inclusion in the index.Currency:

• Fama/French Emerging Markets Index: January 1989 - Apr 1994: Fama/French Emerging Markets Simulated IndexCourtesy of Fama/French from IFC securities data. Simulated strategy of IFC investable universe countries; companies weighted by float-adjusted market cap; countries weighted by country float-adjusted market cap; rebalanced monthly. Source: “Value versus Growth: The International Evidence,” Journal of Finance 53 (1998), 1975-99.Currency: USD. Fama/French and multifactor data provided by Fama/French. Actual and backtested performance results assume the reinvestment of dividends and capital gains.

• Dimensional Emerging Value Index: January 1989 - Apr 1994, May 1994 - Mar 1998, Apr 1998: Fama/French Emerging Markets Value Index.January 1994 - Present: Dimensional Emerging Markets Value Index: Consists of companies whose relative price is in the bottom 33% of their country’s respective constituents, after the exclusion of utilities and companies with either negative or missing relative price data. The index emphasizes companies with smaller capitalization, lower relative price, and higher profitability. The index also excludes those companies with the lowest profitability and highest realtive price within their country’s small value universe. Profitability is defined as operating income before depreciation and amortization minus interest expense divided by book equity. The index monthly returns are computed as the simple average of the monthly returns of four sub-indices, each one reconstituted once a year at the end of each quarter of the year. Maximum index weight of any one company is capped at 5%. Countries currently included are Brazil, Chile, China, Colombia, Czech Republic, Hungary, India, Indonesia, Malaysia, Mexico, Peru, Philippines, Poland, Russia, South Africa, South Korea, Taiwan, Thailand, and Turkey. Exclusions: REITs and Investment Companies Source: Bloomberg The Dimensional Emerging Markets Value Index has been hypothetically back-tested by Dimensional Fund Advisors and did not exist prior to April 2008. Accordingly, the results shown during the periods prior to April 2008 do not represent actual returns of the Index. Backtested index performance is hypothetical and is provided for informational purposes only to indicate historical performance had the index been calculated over the relevant time periods. Backtested performance results assume the reinvestment of dividends and capital gains.The index is unmanaged however a mutual fund expense ratio has been deducted from the index returns. Investments cannot be made directly in an index. Past performance is no guarantee of future results.The calculation methodology for the Dimensional Emerging Markets Value Index was amended in January 2014 to include profitability as a factor in selecting securities for inclusion in the index.

• Fama/French Emerging Markets Small: January 1989 - Apr 1994, May 1994 - Mar 1998: Provided by Fama/French from Bloomberg securities data. Simulated strategy using IFC investable universe countries. Companies in the bottom 30% of aggregate market cap; companies weighted by float-adjusted market cap; countries weighted by country float-adjusted market cap; rebalanced monthly. Actual and backtested performance results assume the reinvestment of dividends and capital gains. 1989–2008: Provided by Fama/French from IFC securities data. IFC data provided by International Finance Corporation. Currency: USD Fama/French and multifactor data provided by Fama/French.

• DFA Emerging Markets Fund (DFEMX): May 1994 - Apr 2005: The Emerging Markets Portfolio pursues its investment objective by investing substantially all of its assets in the Emerging Markets Series. The Emerging Markets Series purchases a broad market coverage of larger companies associated with emerging markets, which may include frontier markets (emerging market countries in an earlier stage of development), authorized for investment by the Advisor’s Investment Committee (“Approved Markets”). Actual performance results assume the reinvestment of dividends and capital gains.

• DFA Emerging Markets Small Fund (DEMSX): Apr 1998, May 1998 - Apr 2005: The Emerging Markets Small Cap Portfolio pursues its investment objective by investing substantially all of its assets in the Emerging Markets Small Cap Series. The Emerging Markets Small Cap Series purchases a broad market coverage of smaller companies associated with each emerging market, which may include frontier markets (emerging market countries in an earlier stage of development), authorized for investment by the Advisor’s Investment Committee (“Approved Markets”). Actual performance results assume the reinvestment of dividends and capital gains.

• DFA Emerging Markets Value Fund (DFEVX): May 1998 - Apr 2005: The Emerging Markets Value Portfolio pursues its investment objective by investing substantially all of its assets in the Emerging Markets Value Fund. The Emerging Markets Value Fund purchases emerging market equity securities that are deemed by the Advisor to be value stocks at the time of purchase and associated with emerging markets, which may include frontier markets (emerging market countries in an earlier stage of development), authorized for investment by the Advisor’s Investment Committee (“Approved Markets”). Actual performance results assume the reinvestment of dividends and capital gains.

• DFA Core Emerging Markets (DFCEX): May 2005 - Aug 2006: The Emerging Markets Core Equity Portfolio purchases a broad and diverse group of securities associated with emerging


DISCLOSURES

markets, which may include frontier markets (emerging market countries in an earlier stage of development), authorized for investment by Dimensional Fund Advisors LP’s (the “Advisor”) Investment Committee (“Approved Markets”), with a greater emphasis on small capitalization, value, and high profitability companies. Actual performance results assume the reinvestment of dividends and capital gains.

• Emerging Markets Social Core Equity Portfolio (DFESX): Sep 2006 - Present: The Emerging Markets Social Core Equity Portfolio purchases a broad and diverse group of securities associated with emerging markets, which may include frontier markets (emerging market countries in an earlier stage of development), authorized for investment by Dimensional Fund Advisors LP’s (the “Advisor”) Investment Committee (“Approved Markets”), with a greater emphasis on small capitalization, value, and high profitability companies while excluding securities of certain emerging markets companies based upon the Portfolio’s social issue screens. Actual performance results assume the reinvestment of dividends and capital gains.

IFC IFC Social Fixed Income IndexTIME-SERIES CONSTRUCTION• Jan 1928 - Dec 1975: Long-term Corporate Bonds minus 0.0208%/mo (net expense ratio)• Jan 1976 - Mar 2011: Barclays US Agg Bond Tr minus 0.0208%/mo• Apr 2011 - Apr 2016: DFA Investment Grade minus 0.0025%/mo• May 2016 - Present: DFA Social Fixed Income Portfolio (DSFIX)


• Long-Term Corporate Bonds: January 1928 - Dec 1975: Long-Term Corporate Bonds. Backtested performance results assume the reinvestment of earnings. Source: Morningstar. Former Source: Stocks, Bonds, Bills, And Inflation, Chicago: Ibbotson And Sinquefield, 1986. Currency: USD. Mutual fund universe statistical data and non-Dimensional money managers’ fund data provided by Morningstar, Inc.

• Bloomberg Barclays U.S. Aggregate Bond Index: January 1976 - Mar 2011: Bloomberg Barclays U.S. Aggregate Bond Index. November 2008 - August 2016: Barclays U.S. Aggregate Bond Index January 1976 - October 2008: Lehman Brothers U.S. Aggregate Bond Index. Total Returns in USD. Maturity: 1-30+ Years. Actual and backtested performance results assume the reinvestment of earnings. Source: Bloomberg Currency: USD Bloomberg Barclays data provided by Bloomberg Finance L.P.

• DFA Investment Grade (DFAPX): Apr 2011 - Apr 2016: The Investment Grade Portfolio seeks to achieve its investment objective through exposure to a broad portfolio of investment grade debt securities of U.S. and non-U.S. corporate and government issuers. Actual performance results assume the reinvestment of earnings.

• DFA Social Fixed Income Portfolio (DSFIX):The Social Fixed Income Portfolio seeks to achieve its investment objective through exposure to a broad portfolio of investment grade debt securities of U.S. and non-U.S. corporate and government issuers. Actual performance results assume the reinvestment of earnings.

IFA SP 500 IndexTIME-SERIES CONSTRUCTION• Jan 1928 - Sep 1999: Dimensional US Large Cap Index Minus 0.00167%/mo (net expense ratio)• Oct 1999 - Jun 2017: DFA U.S. Large Company Fund (DFUSX)• Jul 2017 - Present: Schwab S&P 500 Index (SWPPX)

DEFINITIONS AND OTHER IMPORTANT INFORMATION

Dimensional US Large Cap Index: January 1928 - September 1999: Dimensional US Large Cap Index Composition: Market-capitalization-weighted index of securities of the largest US companies whose market capitalization falls in the highest 90% of the total market capitalization of the Eligible Market. The Eligible Market is composed of securities of US companies traded on the NYSE, NYSE MKT (formerly AMEX), and Nasdaq Global Market. Exclusions: Non-US companies, REITs, UITs, and Investment Companies. Source: CRSP and Compustat.

The Dimensional US Large Cap Index has been retrospectively calculated by Dimensional Fund Advisors and did not exist prior to March 1st, 2007. Accordingly, the results shown during the periods prior to March 1st, 2007 do not represent actual returns of the Index. Other periods selected may have different results, including losses. Back-tested index performance is hypothetical and is provided for informational purposes only to indicate historical performance had the index been calculated over the relevant time periods. Back-tested performance results assume the reinvestment of dividends and capital gains. The index monthly returns are computed as the simple average of the monthly returns of 12 sub-indices, each one reconstituted once a year at the end of each month of the year. The Index is unmanaged and is not subject to fees and expenses typically associated with managed accounts or investment funds. Investments cannot be made directly in an index. Past performance is no guarantee of future results.

DFA U.S. Large Company Fund (DFUSX): October 1999 - June 2017: The U.S. Large Company Portfolio generally invests in the stocks that comprise the S&P 500® Index in approximately the proportions they are represented in the S&P 500® Index. The S&P 500® Index comprises a broad and diverse group of stocks. Generally, these are the U.S. stocks with the largest market capitalizations and, as a group, they generally represent approximately 80% of the total market capitalization of all publicly traded U.S. stocks. Back-tested performance results assume the reinvestment of dividends and capital gains.

Schwab S&P 500 Index (SWPPX): July 2017 - Present: The fund’s goal is to track the total return of the S&P 500®Index. To pursue its goal, the fund generally invests in stocks that are included in the S&P 500 Index. It is the fund’s policy that under normal circumstances it will invest at least 80% of its net assets (including, for this purpose, any borrowings for investment purposes) in these stocks; typically, the actual percentage is considerably higher. The fund generally will seek to replicate the performance of the index by giving the same weight to a given stock as the index does. The fund may invest in derivatives, principally futures contracts, and lend its securities to minimize the gap in performance that naturally exists between any index fund and its corresponding index. The fund may concentrate its investments (i.e., hold 25% or more of its total assets) in an industry or group of industries to the extent that the index the fund is designed to track is also so concentrated. Actual and back-tested performance results assume the reinvestment of dividends and capital gains.


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