Release Date: 03-31-2020

UC Emerging Markets Equity Fund Benchmark Morningstar Category

MSCI EmergingMarkets Index

Diversified EmergingMkts

Investment Information

Investment ObjectiveThe investment seeks to achieve long-term capital appreciation byinvesting in Emerging Market equities.

Investment StrategyThe fund is a separate account managed by DFA Investment Trust Company(the "Trust") The objective is to offer exposure to emerging markets equitiesby investing assets in securities held within the MSCI Emerging Markets

Index. The fund aims to outperform its benchmark over time through anactively managed investment approach.

Who May Want To InvestSomeone who is seeking to complement a portfolio of domesticinvestments with emerging market investments, which can behavedifferently. Someone who is willing to accept the higher degree of riskassociated with investing in less developed international markets.

Fees and Expenses as of 03-31-2020

Total Annual Operating ExpenseGross

0.25%

Gross expense ratio is a measure of what itcosts to invest in the fund, expressed as apercentage of its assets, as a dollar amount, orin basis points. These are costs the investorpays through a reduction in the investment’srate of return. This ratio also includesAcquired Fund Fees and Expenses, which areexpenses indirectly incurred by a fund throughits ownership of shares in underlying funds. The performance of Total Return Funds isdriven by a combination of price appreciationand income.

Fund Characteristics

Inception Date 10/02/17

Fund AUM ($M) 157.19

Total Number of Holdings 1,211

Annual Dividend Yield (%) 3.45

Beta 1.12

Standard Deviation (Risk) in % 23.58

Performance (Net of Fee Returns)

8

0

-8

-16

-24

-32

YTD YTD YTD YTD

Total Return %as of 03-31-20

Fund Return %Benchmark Return %

Average annual, if greaterthan 1 year

YTD 3 Mo 1 Year 3 Year 5 Year 10 Year Inception

-26.86 -26.86 -21.18 — — — -9.13 Fund Return %

-23.60 -23.60 -17.69 — — — -7.18 Benchmark Return %

-3.26 -3.26 -3.49 — — — -1.95 Relative %

Click here for current performance

The performance data featured represents past performance, which is no guarantee of future results. Investmentreturn and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell yourshares. Current performance may be higher or lower than the performance data quoted. Fund returns reflect all itemsof income, gain and loss and the reinvestment of dividends and other income and are calculated in US dollars. Indexreturns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items ofincome, gain and loss and the reinvestment of dividends and other income. If performance for a time period is N/A,Fund's inception date is less than time period specified.

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Portfolio Analysis as of 03-31-20

Composition

% FundNon-U.S. Stocks 93.10Cash 3.66U.S. Stocks 3.10Other 0.14Bonds 0.00

Morningstar Equity Style Box™

LargeM

idSm

allSize

Value Blend GrowthStyle

% Market Cap

Giant 44.35.............................................Large 34.55

Medium 19.08

Small 1.97.............................................Micro 0.06

Top 10 Holdings

% Fund

Taiwan Semiconductor Manufacturing 4.03

Tencent Holdings Ltd 3.97

Samsung Electronics Co Ltd 3.85

Alibaba Group Holding Ltd ADR 2.62

E-mini S&P 500 Futures 06-19-20 2.38

Taiwan Semiconductor Manufacturing 1.32

China Construction Bank Corp Class 1.12

Ping An Insurance (Group) Co. of Ch 1.06

Samsung Electronics Co Ltd GDR 1.03

SK Hynix Inc 1.03

Statistics

Port Avg

Price/Earnings Ratio 11.49

Price/Book Ratio 1.24

Avg Market Cap ($M) 21,412.71

Morningstar Equity Sectors

% Fund

Technology 21.10

Financial Services 19.10

Communication Services 11.73

Consumer Cyclical 10.42

Basic Materials 8.15

Consumer Defensive 7.27

Industrials 6.64

Energy 5.49

Healthcare 3.80

Real Estate 3.70

Utilities 2.59

Morningstar Super Regions

% Fund

Greater Asia 78.51

Americas 12.64

Greater Europe 8.85

UC Emerging Markets Equity Fund

OR83 ©2020 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) isproprietary 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 ofinformation. Past performance is no guarantee of future performance. Visit our investment web site at www.morningstar.com.

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RiskForeign securities are subject to interest-rate, currency-exchange-rate, economic, and political risks, all of which may be magnified in emerging markets. Stockmarkets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments."Risk" refers to the possibility of loss of principal, or alternatively to a rate of investment return below expectations or requirements. While volatility (pricefluctuation) is not synonymous with risk, it is true that high volatility on the downside results in loss, and therefore higher volatility is associated with higherrisk. Volatility, however results in realized losses only if securities are sold after a fall in price.For more information on risk, see the "Investment Risk Factor Guide" available online in the "UCRSP Fund Menu" section at www.myucretirement.com.

Statement on SustainabilityDisclosure of UC’S Sustainability Investment Screening ProcessAs reflected in the UCRSP Investment Implementation Manual, the University believes that investing in businesses with principled ethics and soundenvironmental and social practices simply makes good business sense. While short-term gains can be garnered from businesses taking excessive risks ingovernance, environmental or social standards, such gains can erode quickly and drastically; therefore, we must take a measured approach to the risk andrewards available in the universe of investment options. The Office of the Chief Investment Officer of the Regents (OCIO) works with the investmentmanagers to screen for identified ESG risks, including, for example, the manufacturing of civil firearms. In selecting and monitoring the type of companiesincluded in the funds, the fund managers are responsible for complying with UC’s sustainable investing policy. Mutual funds and collective investment truststhat include assets from other organizations are not subject to UC’s sustainable investing policy. This fund is screened.Please access www.myUCretirement.com for more information about the University’s commitment to sustainability.

Fees and ExpensesGross expense ratio is a measure of what it costs to invest in the fund, expressed as a percentage of its assets, as a dollar amount, or in basis points. These arecosts the investor pays through a reduction in the investment’s rate of return. This ratio also includes Acquired Fund Fees and Expenses, which are expensesindirectly incurred by a fund through its ownership of shares in underlying funds. The performance of Total Return Funds is driven by a combination of priceappreciation and income.

Additional DisclosuresThe Fund is a separate account managed by DFA Investment Trust Company (the "Trust"). This description is only intended to provide a brief overview of thefund. The MSCI Emerging Markets Index includes large and midcap equities in less developed markets as determined by MSCI.The information contained herein regarding the UC managed Funds has been provided by the University of California Office of the Chief InvestmentOfficer of the Regents and is solely the responsibility of the University of California Office of the Chief Investment Officer of the Regents.This investment option is not a mutual fund.

UC Emerging Markets Equity Fund

OR83 ©2020 Morningstar, Inc., Morningstar® Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) isproprietary 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 ofinformation. Past performance is no guarantee of future performance. Visit our investment web site at www.morningstar.com.

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