Fund Description

The fund seeks exposure to a broad portfolio of value stocks of non-U.S. companies across developed and emerging markets, which may include frontier markets. To achieve this exposure, the advisor will generally purchase shares of The DFA International Value Series, DFA International Small Cap Value Portfolio, and Dimensional Emerging Markets Value Fund; the advisor periodically reviews allocations and may adjust them or add or remove Underlying Funds without notice to shareholders, and the fund also is permitted to invest directly in the same types of eligible securities described for the Underlying Funds. Value is assessed primarily by low price relative to book value, with additional factors such as price-to-cash-flow or price-to-earnings; it may emphasize smaller-cap, lower-price, and higher-profitability stocks. Under normal circumstances, at least 80% of net assets are in non-U.S. securities. It may use depositary receipts, futures and options on futures, foreign currency transactions, and securities lending, and may seek to reduce trading costs using a flexible trading approach.