When IFA Indexes are shown in Index Portfolios, all returns data reflects a deduction of 0.9% annual investment advisory fee, which is the maximum IFA fee. Your fee may be less depending on assets under management at IFA. Unless indicated otherwise, data shown for each individual IFA Index is shown without a deduction of the IFA advisory fee. We choose this method because the creation, choice, monitoring and rebalancing of diversified index portfolios are the services of the independent investment advisor and at that point the fees are appropriate to deduct from the whole portfolio returns.

Live Dimensional Fund Advisors (DFA) fund data does reflect the deduction of mutual fund advisory fees, mutual fund company brokerage fees, other expenses incurred by the portfolios and incorporates actual trading results, and when specified a deduction of 0.9% annual investment advisory fee, which is the maximum IFA fee. Simulated index data also reflects DFA current mutual fund expense ratios for the entire period. Both simulated and live data reflect total returns, including dividends, except for NASDAQ. For a graphic representation of the descriptions below, see IFA Indexes Time Series Construction and the description of indexes or asset classes can be found below. The descriptions listed below indicate how asset classes are strung together to simulate similar risk and return characteristics back to 1970. This reduces the standard error of the mean which is unacceptably high for periods less than 20 or 30 years. As of Jan 2005, all IFA index portfolios are rebalanced annually because that more closely matches the IFA practice. Data shown on this web site prior to Jan 2005 was shown as being rebalanced monthly.

In June of 2006, the historical monthly returns of the fifteen IFA indexes and the twenty IFA index portfolios were reconstructed to address the following issues:

I.) The availability of new and better sources of data for historical returns.
II.) The correction of errors in the prior data.
III.) Changes to the substitution of U.S. index data for international indexes in years prior to the existence of international data.

As of January 2008, The historical monthly returns of the fifteen IFA indexes and the twenty IFA index portfolios were reconstructed in January of 2008 to address the following issues:

I.) The availability of new and better sources of data for historical returns.
II.) The substitution of U.S. Small Cap for U.S. Micro Cap.
III.) The substitution of U.S. Targeted Value for U.S. Small Value.

Click Here to see a summary of history of changes made to the IFA Indexes and Portfolios.

All live mutual fund portfolios tracked in IFA indexes are net of DFA fees. Indexes and Simulations are also net of estimated DFA Fees IFA Advisory fees are deducted when IFA indexes are presented in the IFA Index Portfolios.

1. IFA US Large Company Index   January 1928 – December 1990: S&P 500 minus 1.25 bp/month January 1991 – Present : DFA US Large Company Symbol: DFLCX  DFA US Large Company Portfolio Class I Investment Objective of DFA US Large Company Symbol: DFLCX The US Large Company Portfolio is a no-load mutual fund designed to approximate the investment performance of the S&P 500 Index, both in terms of the price of the Portfolio's shares and its total investment return. The Portfolio intends to invest in all of the stocks that comprise the S&P 500 Index in approximately the same proportions as they are represented in the Index. The S&P 500 Index is comprised of a broad and diverse group of stocks, most of which are traded on the NYSE. Generally, these are the US stocks with the largest market capitalizations and, as a group, they represent approximately 70% of the total market capitalization of all publicly traded US stocks. All Data as of Mar. 31, 2008, unless otherwise indicated.   Average Annual Total Returns One Year Three Years Five Years Ten Years   US Large Company Portfolio (I) -5.10% 5.79% 11.22% 3.39%   S&P 500 Index -5.08% 5.85% 11.32% 3.50%   Portfolio Characteristic Number of Holdings 500 Price / Earnings (excludes negatives) 14.31 Weighted Average Market Cap $96,059M Dividend Yield (as of 4/30/2008) 2.08% Weighted Average Book-to-Market 0.46 Annua