IFA Index Data Sources

The following descriptions, definitions and important information explain how IFA Indexes are constructed to simulate similar risk and return characteristics back to 1928. The data for both the IFA Indexes and the model data for IFA 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 IFA 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 IFA. Unless indicated otherwise, data shown for each individual IFA Index is shown without a deduction of the IFA 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 IFA/NSDQ Index. For updates on sources and descriptions of data see www.ifaindexes.com.

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

All live mutual fund portfolios tracked in IFA indexes are net of all mutual fund fees.
Indexes and hypothetical backtested data are also net of estimated mutual fund fees.
IFA Advisory fees are deducted when IFA indexes are presented in the IFA Index Portfolios.


1.

LC

IFA U.S. Large Company Index


Time-Series Construction
Jan 1928 - Dec 1990: Dimensional US Large Cap Index Minus 0.00167%/mo (mutual fund exp ratio)
Jan 1991 - Apr 2010: DFA U.S. Large Company Fund (DFLCX)
May 2010 - May 2017: DFA U.S. Large Company Fund (DFUSX)
July 2017 - Present: Schwab S&P 500 Index (SWPPX)


Definitions and other important information:


Dimensional US Large Cap Index:  January 1928 - Dec 1990: 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. 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.


DFA U.S. Large Company Fund (DFLCX):  Jan 1991 - April 2010: 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. Fund is closed


DFA U.S. Large Company Fund (DFUSX):  Factsheet | Prospectus May 2010 - May 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.


Schwab S&P 500 Index (SWPPX): Factsheet | Prospectus July 2017 - Present: The investment seeks to track the total return of the S&P 500® Index. The fund generally invests at least 80% of its net assets in stocks that are included in the S&P 500® Index. It generally gives 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. It may concentrate its investments in an industry or group of industries to the extent that its comparative index is also so concentrated.

2.

LV

IFA U.S. Large Cap Value Index


Time-Series Construction
Jan 1928 - Feb 1993: Dimensional Large Value Index minus 0.0225%/mo (mutual fund exp ratio)
Mar 1993 - Present: DFA U.S. Large Cap Value Fund (DFLVX)


Definitions and other important information:


Dimensional US Large Cap Value Index: January 1928 - December 1974: 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

January 1975 - Feb 1993: Dimensional US Large Cap Value Index Composition: Consists of companies with market capitalizations above the 1000th largest company of the Eligible market whose relative price is in the bottom 30% of large companies after the exclusion of utilities, companies lacking financial data, and companies with negative relative price. The Index emphasizes securities with higher profitability, lower relative price, and lower market capitalization. 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 Large Cap Value 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. 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.


DFA US Large Cap Value Portfolio I (DFLVX): Factsheet | Prospectus Mar 1993 - Present: The U.S. Large Cap Value Series, using a market capitalization weighted approach, purchases a broad and diverse group of readily marketable securities of large U.S. companies that the Advisor determines to be value stocks.

3.

SC

IFA U.S. Small Cap Index


Time-Series Construction
Jan 1928 - Mar 1992: Dimensional Small Cap Index minus 0.0308%/mo (mutual fund exp ratio)
Apr 1992 - Present: DFA U.S. Small Cap Fund (DFSTX)


Definitions and other important information:


Dimensional Small Cap Index: January 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 - Mar 1992: 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 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. 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.


DFA US Small Cap Portfolio I (DFSTX): Factsheet | Prospectus Apr 1992 - Present: The U.S. Small Cap Portfolio, using a market capitalization weighted approach, purchases a broad and diverse group of readily marketable securities of U.S. small cap companies.

4.

MC

IFA U.S. Micro Cap Index


Time-Series Construction
Jan 1928 - Dec 1981: Dimensional US Micro Cap Index minus 0.0433%/mo (mutual fund exp ratio)
Jan 1982 - Present: DFA US Micro Cap Portfolio (DFSCX)


Definitions and other important information:


Dimensional US Micro Cap Index : January 1928 - December 1974: Dimensional US Micro Cap Index Composition: Market-capitalization-weighted index of securities of the smallest US companies whose market capitalization falls in the lowest 4% 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 - Present: Dimensional US Micro Cap Index Composition: Market-capitalization-weighted index of securities of the smallest US companies whose market capitalization falls in the lowest 4% 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 Micro 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. 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 Micro Cap Index was amended on January 1st, 2014 to include profitability as a factor in selecting securities for inclusion in the index.


DFA US Micro Cap Portfolio I (DFSCX): Factsheet | Prospectus Jan 1982 - Present: The U.S. Micro Cap Portfolio, using a market capitalization weighted approach, purchases a broad and diverse group of the securities of U.S. micro cap companies.

5.

SV

IFA U.S. Small Cap Value Index


Time-Series Construction
Jan 1928 - Feb 2000: Dimensional Targeted Value Index minus 0.0308%/mo (mutual fund exp ratio)
Mar 2000 - Present: DFA Targeted Value Fund (DFFVX)


Definitions and other important information:


Dimensional Target Value Index: January 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 - Present: 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 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. 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.


DFA Targeted Value Portfolio I (DFFVX): Factsheet | Prospectus Mar 2000 - Present: The U.S. Targeted Value Portfolio, using a market capitalization weighted approach, purchases a broad and diverse group of the readily marketable securities of U.S. small and mid cap companies that Dimensional Fund Advisors LP (the “Advisor”) determines to be value stocks.

6.

RE

IFA Global REIT Index


Time-Series Construction
Jan 1928 - Dec 1977: 50% IFA Small Cap (SC) + 50% IFA Small Value (SV)
Jan 1978 - Jan 1993: Dow Jones US Select REIT Index minus 0.020%/mo (mutual fund exp ratio)
Feb 1993 - Jun 2008: DFA Real Estate Fund (DFREX)
Jul 2008 - Present: DFA Global Real Estate Fund (DFGEX)


Definitions and other important information:


50% IFA Small Cap (SC) + 50% IFA Small Value (SV): Jan 1928 - Dec 1977: For Definitions see #3 IFA Small Cap Index (SC) and #5 IFA Small Value Index (SV) above.


Dow Jones US Select REIT Index: 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.

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


DFA Real Estate Fund (DFREX):  Factsheet | Prospectus 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.


DFA Global Real Estate Securities Portfolio (DFGEX): Factsheet | Prospectus 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.

7.

IV

IFA International Value Index


Time-Series Construction
Jan 1928 - Jun 1955: IFA US Large Value Index (LV)
Jul 1955 - Dec 1974: Dimensional UK Large Value minus 0.0358%/mo (mutual fund exp ratio)
Jan 1975 - Feb 1994: Fama/French International Value minus 3.58 bps/month
Mar 1994 - Present: DFA International Value Fund (DFIVX)


Definitions and other important information:


IFA US Large Value Index (LV): Jan 1928 - Jun 1955: For definition see #2 IFA US Large Value Index (LV) above.


Dimensional UK Large Value Index: July 1955 - December 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 EX.


Fama/French International Value Index: January 1975 - Feb 1994: 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.


DFA International Value Portfolio I (DFIVX): Factsheet | Prospectus Mar 1994 - Present: The DFA International Value Series, using a market capitalization weighted approach, purchases securities of large non-U.S. companies in countries with developed markets that the Advisor determines to be value stocks.

8.

IS

IFA International Small Company Index


Time-Series Construction
Jan 1928 - Dec 1969: IFA Small Cap Index (SC)
Jan 1970 - Sep 1996: Dimensional International Small Cap Index minus 0.042%/mo (mutual fund exp ratio)
Oct 1996 - Present: DFA International Small Company Fund (DFISX)


Definitions and other important information:


IFA Small Cap Index (SC): Jan 1928 - Dec 1969: For definition see #2 IFA Small Cap Index (SC) above


Dimensional International Small Cap Index: January 1970 - June 1981: 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 - Sep 1996: 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 retrospectively calculated 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 International Small Company Fund (DFISX)): Factsheet | Prospectus Oct 1996 - Present: The International Small Company Portfolio is a “fund of funds,” which means the Portfolio generally allocates its assets among other funds managed by Dimensional Fund Advisors LP (the “Advisor”) (the “Underlying Funds”), although it has the ability to invest directly in securities and derivatives. The International Small Company Portfolio seeks to achieve its investment objective of providing investors with access to securities portfolios consisting of a broad range of equity securities of primarily small Canadian, Japanese, United Kingdom, Continental European and Asia Pacific companies.

9.

ISV

IFA International Small Cap Value Index


Time-Series Construction
Jan 1928 - Dec 1969: IFA Small Cap Value (SV)
Jan 1970 - Jun 1981: IFA Int'l Small Company Index (IS)
Jul 1981 - Dec 1994: Dimensional Int'l Small Cap Value Index minus 0.0567%/mo (mutual fund exp ratio)
Jan 1995 - Present: DFA Int'l Small Cap Value Fund (DISVX)


Definitions and other important information:


IFA Small Cap Value (SV): Jan 1928 - Dec 1969: For definition see #5 IFA Small Cap Value Index (SV) above.


IFA International Small Company Index (IS): Jan 1970 - Jun 1981: For definition see #8 IFA International Small Company Index (IS) above.


Dimensional International Small Cap Value Index: July 1981 - December 1989: Created by Dimensional. Includes securities, of MSCI EAFE countries, in the top 30% of Book-to-Market by market capitalization conditional on the securities being 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 - Dec 1994: Dimensional International Small Cap Value Index: Consists of small cap companies in eligible markets whose relative price is in the bottom 35% of their country’s respective constituents, after the exclusion of utilities and companies with either negative or missing relative price data. The index also excludes those companies with the lowest profitability 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 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 Value Index has been retrospectively calculated 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 Value Index was amended in January 2014 to include profitability as a factor in selecting securities for inclusion in the index.


DFA International Small Cap Value Portfolio I (DISVX): Factsheet | Prospectus Jan 1995 - Present: The DFA International Small Cap Value Portfolio, using a market capitalization weighted approach, purchases securities of small, non-U.S. companies in countries with developed markets that Dimensional Fund Advisors LP (the “Advisor”) determines to be value stocks at the time of purchase.

10.

EM

IFA Emerging Market Index


Time-Series Construction
Jan 1928 - Dec 1969: 50% IFA US Large Value (LV) + 50% IFA US Small Cap (SC)
Jan 1970 - Dec 1988: 50% IFA International Value (IV) + 50% IFA International Small (IS)
Jan 1989 - Apr 1994: Fama/French Emerging Markets Index minus minus 0.04%/mo (mutual fund exp ratio
May 1994 - Present: DFA Emerging Markets Fund (DFEMX)


Definitions and other important information:


50% IFA US Large Value Index (LV) + 50% IFA US Small Cap Index (SC): Jan 1928 - Dec 1969: For definitions see #2 IFA US Large Value (LV) and #3 IFA US Small Cap (SC) above.


50% IFA International Value (IV) + 50% IFA International Small (IS): Jan 1970 - Dec 1988: For definitions see #7 IFA International Value Index (IV) and #8 IFA International Small Index (IS) above.


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.


DFA Emerging Markets Portfolio I (DFEMX): Factsheet | Prospectus May 1994 - Present: 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”).

11.

EV

IFA Emerging Market Value Index


Time-Series Construction
Jan 1928 - Dec 1969: IFA U.S. Small Cap Value Index (SV)
Jan 1970 - Dec 1988: IFA Emerging Markets Index (EM)
Jan 1989 - Apr 1998: Dimensional Emerging Value Index minus 0.0475%/mo (mutual fund exp ratio)
May 1998 - Present: DFA Emerging Markets Value Fund (DFEVX)


Definitions and other important information:


IFA U.S. Small Cap Value Index (SV): Jan 1928 - Dec 1969: For defintion see #5 IFA U.S. Small Cap Value Index (SV) above.


IFA Emerging Markets Index (EM): Jan 1970 - Dec 1988: For definition see #10 IFA Emerging Markets Index (EM) above.


Dimensional Emerging Value Index: January 1989 - Apr 1998: 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.


DFA Emerging Markets Value Portfolio I (DFEVX): Factsheet | Prospectus May 1998 - Present: 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”).

12.

ES

IFA Emerging Market Small Cap Index


Time-Series Construction
Jan 1928 - Dec 1969: IFA U.S. Small Cap Index (SC)
Jan 1970 - Dec 1988: IFA Emerging Markets Index (EM)
Jan 1989 - Mar 1998: Fama/French Emerging Markets Small minus 0.0608%/mo (mutual fund exp ratio)
Apr 1998 - Present: DFA Emerging Markets Small Fund (DEMSX)


Definitions and other important information:


IFA U.S. Small Cap Index (SC): Jan 1928 - Dec 1969: For definition see #3 IFA U.S. Small Cap Index (SC) above.


IFA Emerging Markets Index (EM): Jan 1970 - Dec 1988: For definition see #10 IFA Emerging Markets Index (EM) above.


Fama/French Emerging Markets Small Index: Jan 1989– Mar 1998: Provided by Fama/French. Fama/French and multifactor data provided by Fama/French.


DFA Emerging Markets Small Cap Portfolio I (DEMSX): Factsheet | Prospectus Apr 1998 - Present: 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”).

13.

1F

IFA One-Year Fixed Income Index


Time-Series Construction
Jan 1928 - Jun 1963: One-Month T-Bills minus 0.0142%/mo (mutual fund exp ratio)
Jul 1963 - Jul 1983: ICE BofAML 1-Year US Treasury Note Index minus 0.0142%/mo (mutual fund exp ratio)
Aug 1983 - Present: DFA U.S. One Year Fixed Income Fund (DFIHX)


Definitions and other important information:


One-Month T-Bills Index: January 1928 - Jun 1963: One-Month US Treasury BillsSource: 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.


ICE BofAML 1-Year US Treasury Note Index : July 1963 - Jul 1983: CRSP/DFA. Total Returns in USD. Source: ICE Data Indices, LLC GC03 Index. Currency: USD. ICE BofAML index data copyright 2018 ICE Data Indices, LLC.


DFA One-Year Fixed Income Portfolio (DFIHX): Factsheet | Prospectus Aug 1983 - Present: The One-Year Portfolio seeks to achieve its investment objective by generally investing in a universe of high quality fixed income securities that typically mature in one year or less. The Portfolio may, however, take a large position in securities maturing within two years of the date of settlement when higher yields are available. The One-Year Portfolio invests in U.S. government obligations, U.S. government agency obligations, dollardenominated obligations of foreign issuers issued in the U.S., securities of domestic or foreign issuers denominated in U.S. dollars but not trading in the U.S., foreign government and agency obligations, bank obligations, including U.S. subsidiaries and branches of foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of supranational organizations.

14.

2F

IFA Two-Year Global Fixed Income Index


Time-Series Construction
Jan 1928 - Jun 1977: Five-Year T-Notes minus 0.0142%/mo (mutual fund exp ratio)
Jul 1977 - Dec 1989: ICE BofAml US Treasury Index 1-3 Year minus 0.0142%/mo
Jan 1990 - Feb 1996: FTSE World Government Bond Index 1-3 Years (hedged to USD) minus 0.0142%/mo
Mar 1996 - Present: DFA 2-Year Global Fixed Income Fund (DFGFX)


Definitions and other important information:


Five-Year T-Notes Index: January 1928 - Jun 1977: Five-Year US Treasury Notes. Source: Morningstar. Former Source: Ibbotson Intermediate. Five Year Treasury Notes. Currency: USDMutual fund universe statistical data and non-Dimensional money managers' fund data provided by Morningstar, Inc.


ICE BofAml US Treasury Index 1-3 Year: July 1977 - Dec 1989: ICE BofAML 1-3 Year US Treasury Index. July 1977 - October 2017: BofA Merrill Lynch US Treasury Index 1-3 Years. Total Returns in USD. Source: ICE Data Indices, LLC G1O2 Index. Currency: USD. ICE BofA. ML index data copyright 2018 ICE Data Indices, LLC.


FTSE World Government Bond Index 1-3 Years (hedged to USD): January 1990 - Feb 1996: FTSE World Government Bond Index 1-3 Years (hedged to USD) Total Returns Hedged to USD. Source: FTSE. Currency: USD. Citi fixed income indices copyright 2018 by Citigroup.


DFA Two-Year Global Fixed Income Portfolio (DFGFX): Factsheet | Prospectus Mar 1996 - Present: The Two-Year Portfolio seeks to maximize risk-adjusted total returns from a universe of high quality, U.S. issued, dollar-denominated fixed income securities with maturities of no more than two years. The Two-Year Portfolio may invest in U.S. government obligations, U.S. government agency obligations, dollar-denominated obligations of foreign issuers issued in the U.S., bank obligations, including U.S. subsidiaries and branches of foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of supranational organizations.

15.

3G

IFA Short Term Government Index


Time-Series Construction
Jan 1928- Dec 1972: Five Year T-notes minus 0.0158%/mo (mutual fund exp ratio)
Jan 1973 - Jun 1987: Bloomberg Barclays U.S. Government Bond Index Intermediate minus 0.0158%/mo
Jul 1987 - Present: DFA Short-Term Government Portfolio (DFFGX)


Definitions and other important information:


Five-Year T-Notes Index: January 1928 - Dec 1972: Five-Year US Treasury NotesSource: Morningstar. Former Source: Ibbotson Intermediate. Five Year Treasury Notes. Currency: USD. Mutual fund universe statistical data and non-Dimensional money managers' fund data provided by Morningstar, Inc.


Bloomberg Barclays U.S. Government Bond Index Intermediate: January 1973 - Jun 1987: Bloomberg Barclays U.S. Government Bond Index IntermediateNovember 2008 - August 2016: Barclays U.S. Government Bond Index Intermediate January 1973 - October 2008: Lehman Intermediate Government Bond Index Intermediate. Total Returns in USD. Maturity: 1-10 Years Source: Bloomberg. Currency: USD. Bloomberg Barclays data provided by Bloomberg Finance L.P.


DFA Short-Term Government Portfolio (DFFGX): Factsheet | Prospectus Jul 1987 - Present: The Short-Term Government Portfolio seeks to maximize risk-adjusted total returns from a universe of obligations of the U.S. Government and its agencies maturing in five years or less. The credit quality of the securities purchased by the Portfolio will be that of the U.S. Government or its agencies.

16.

5F

IFA Five-Year Global Fixed Income Index


Time-Series Construction
Jan 1928 - Dec 1984: IFA Short Term Government Index (3G)
Jan 1985 - Nov 1990: Global Government Bond Composite Index (hedged Citi) minus 0.0225%/mo (mutual fund exp ratio)
Dec 1990 - Present: DFA Five-Year Global Fixed Income Fund (DFGBX)


Definitions and other important information:


IFA Short Term Government Index (3G): Jan 1928 - Dec 1984: For definition see #15 IFA Short Term Government Index (3G) above.


Global Government Bond Composite Index (hedged Citi) : January 1985 - Nov 1990: Global Government Bond Composite Index (hedged, FTSE) in USD 16.6667% each of:FTSE Australian Government Bond Index (hedged to USD), FTSE Canadian Government Bond Index (hedged to USD),FTSE German Government Bond Index (hedged to USD), FTSE Japanese Government Bond Index (hedged to USD), FTSE UK Government Bond Index (hedged to USD), FTSE US Government Bond Index 1-30+ Years Country Code: NA Source: FTSECurrency: USD Citi fixed income indices copyright 2018 by Citigroup.


DFA Five-Year Global Fixed Income Portfolio (DFGBX): Factsheet | Prospectus Dec 1990 - Present: The Five-Year Global Portfolio seeks to achieve its investment objective by generally investing in a universe of U.S. and foreign debt securities maturing in five years or less. The Five-Year Global Portfolio primarily invests in obligations issued or guaranteed by the U.S. and foreign governments, their agencies and instrumentalities, corporate debt obligations, bank obligations, commercial paper, repurchase agreements, obligations of other domestic and foreign issuers, securities of domestic or foreign issuers denominated in U.S. dollars but not trading in the United States, and obligations of supranational organizations.

17.

SP

Sim. S&P 500® Index


Time-Series Construction
Jan 1928 - Dec 1989: S&P 500 Ibbotson Associates SBBI data courtesy of Morningstar Direct
Jan 1990 - Present: Schwab® S&P 500 Index (SWPPX)


Definitions and other important information:


S&P 500 Ibbotson Associates SBBI data courtesy of Morningstar Direct: 1928 - Dec 1989: The S&P 500, or just the S&P, is an American stock market index based on the market capitalizations of 500 large companies having common stock listed on the NYSE, NASDAQ, or the Cboe BZX Exchange.


Schwab S&P 500 Index (SWPPX): Factsheet | Prospectus Jan 1990 - Present: The investment seeks to track the total return of the S&P 500® Index. The fund generally invests at least 80% of its net assets in stocks that are included in the S&P 500® Index. It generally gives 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. It may concentrate its investments in an industry or group of industries to the extent that its comparative index is also so concentrated.

18.

W

IFA World Index


Time-Series Construction
Jan 1928 - Present: IFA Full Equity (100/0) Index Portfolio minus 0.075%/mo (advisor exp ratio)


IFA World Index: A globally diversified IFA proprietary all equity mutual fund portfolio seeking to achieve long-term capital appreciation. Includes IFA Large Company, IFA Large Value, IFA Small US Small Cap, IFA Small Cap Value, IFA Global REIT, IFA International Value, IFA International Small, IFA International Small Value, IFA Emerging Markets, IFA Emerging Markets Value, and IFA Emerging Market Small Index.

19.

N

IFA NSDQ Index


Time-Series Construction
Jan 1928 - Jan 1973: Fama/French US Small Growth Simulated Portfolio (ex Utilities)
Feb 1973 - Sep 2003: NASDAQ Composite Index
Oct 2003 - Present: Nasdaq Composite Total Return (XCMP) (Source: Morningstar)


Definitions and other important information:


Fama/French US Small Growth Simulated Portfolio (ex Utilities): Jan 1928 - Jan 1973: Composition:US operating companies trading on the NYSE, AMEX or Nasdaq NMS. Maximum weight of any security in a portfolio is 4%. Exclusions:ADRs, Investment Companies, Tracking Stocks before 1993, non-US incorporated companies, Closed-end funds, Certificates, Shares of Beneficial Interests, Berkshire Hathaway Inc (Permco 540), negative book values, and Utilities.Sources:CRSP databases for returns and market capitalization: 1926 - present.Compustat and hand-collected book values: 1926 - 1992.CRSP links to Compustat and hand-collected links: 1926 - present.Book-to-market ratios provided by Dimensional: 1993 - present.Breakpoints:Before June 1996, the small portfolios contain firms with market capitalization below the 55th percentile of all eligible NYSE firms and the large portfolios contain firms with market caps above the 50th percentile. From June 1996 to December 2000, the size breakpoint for all portfolios is the market cap of the median eligible NYSE firm. The BtM breakpoints for 1926 to 2000 split the eligible NYSE firms with positive book equity into three categories: the top 30% are in value and the bottom 30% are in growth.Starting in January 2001, the size breakpoints are defined by cumulative market cap percentile rules. Small is the bottom 8% of the overall stock market and large is the top 90%. The BtM breakpoints are defined by the firms in the relevant size range. The breakpoints for small value (high BtM) and small growth (low BtM) assign 25% of the total market cap in the small size range to each portfolio. The BtM breakpoints for large assign 10% of the market equity of large firms to the large value portfolio and 20% to the large growth portfolio. Rebalancing:Annual (at the end of June): 1926 - 1992. Quarterly: 1993 - Present.Currency: USDFama/French and multifactor data provided by Fama/French.


NASDAQ Composite Index: Feb 1973 - Sep 2003: The Nasdaq Composite Index is the market capitalization-weighted index of common equities listed on the Nasdaq stock exchange. The types of securities in the index include American depositary receipts, common stocks, real estate investment trusts (REITs) and tracking stocks, as well as limited partnership interests.


Nasdaq Composite Total Return (XCMP): Oct 2003 - Present: The Nasdaq Composite Index is the market capitalization-weighted index of common equities listed on the Nasdaq stock exchange. The types of securities in the index include American depositary receipts, common stocks, real estate investment trusts (REITs) and tracking stocks, as well as limited partnership interests.

20.

TM

IFA U.S. Total Market Index


Time-Series Construction
Jan 1928 - Apr 1992: Dimensional US Market Index minus 0.0029%/mo (mutual fund exp ratio)
May 1992 - Present: Vanguard US Total Market Index Inst'l (VITSX)


Definitions and other important information:


Dimensional US Market Index: January 1928 - Apr 1992: Dimensional US Market Index Composition: Market-capitalization-weighted index of securities of all US companies. 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 CompustatThe Dimensional US Market 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. 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 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.


Vanguard US Total Market Index (VITSX): Factsheet | Prospectus May 1992 - Present: The investment seeks to track the performance of a benchmark index that measures the investment return of the overall stock market. The fund employs a passive management strategy designed to track the performance of the MSCI US Broad Market index, which consists of all the U.S. common stocks traded regularly on the New York Stock Exchange and the Nasdaq over-the-counter market. It typically holds 1,200-1,300 of the stocks in its target index.

21.

LG

IFA U.S. Large Growth Index


Time-Series Construction
Jan 1928 - Dec 1974: Dimensional US Large Cap High Price-to-Book Index minus 0.0033%/mo (mutual fund exp ratio)
Jan 1975 - Nov 1992: Dimensional US Large Growth Index minus 0.0033%/mo
Dec 1992 - Present: Vanguard Growth Index Inst'l (VIGIX)


Definitions and other important information:


Dimensional US Large Cap High Price-to-Book Index: January 1928 - Dec 1974: Dimensional US Large Cap High Price-to-Book Index Composition: A subset of the US Large Cap Index. The subset is defined as companies whose relative price is in the top 20% 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.

Prior to February 2013 the name of this returns series was Dimensional US Large Cap Growth Index.The Dimensional US Large Cap High Price-to-Book 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. 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.


Dimensional US Large Growth Index : January 1975 - Nov 1992: Dimensional US Large Cap Growth Index Composition: Consists of companies with market capitalizations above the 1000th name whose relative price is in the top 50% of the all large cap companies after the exclusion of utilities, companies lacking financial data, and companies with negative relative price. The Index emphasizes companies with higher profitability, lower relative price, and lower market capitalization. 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 CompustatThe Dimensional US Large Cap Growth Index has been retrospectively calculated by Dimensional Fund Advisors and did not exist prior to December 31st, 2012. Accordingly, the results shown during the periods prior to December 31st, 2012 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 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.


Vanguard Growth Index (VIGIX): Factsheet | Prospectus Dec 1992 - Present: The investment seeks to track the performance of a benchmark index that measures the investment return of large-capitalization growth stocks. The fund employs a passive management investment approach designed to track the performance of the MSCI US Prime Market Growth index, a broadly diversified index of growth stocks of large U.S. companies. It attempts to replicate the target index by investing all, or substantially all, of assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.

22.

SG

IFA U.S. Small Growth Index


Time-Series Construction
Jan 1928 - May 1998: Fama/French Small Growth Research Index minus 0.005%/mo (mutual fund exp ratio)
Jun 1998 - Present: Vanguard Small-Cap Growth Index Inst'l (VSGIX)


Definitions and other important information:


Fama/French Small Growth Research Index : Jan 1928 - May 1998: Composition: The index portfolios for July of year t to June t+1 include all NYSE, AMEX, and NASDAQ stocks for which we have market equity for December t-1 and June of t, and (positive) book-to-market equity data for fiscal year ending in t-1.Exclusions: ADRs, Investment Companies, Tracking Stocks, non-US incorporated companies, Closed-end funds, Certificates, Shares of Beneficial Interests, and negative book values. Sources: CRSP databases for returns and market capitalization: 1926 - present. Compustat and hand-collected book values: 1926 - present. CRSP links to Compustat and hand-collected links: 1926 - present.Breakpoints:"The size breakpoint is the market capitalization of the median NYSE firm, so the big and small categories contain the same number of eligible NYSE firms.The BtM breakpoints split the eligible NYSE firms with positive book equity into three categories: 30% of the eligible NYSE firms with positive BE are in Low (Growth), 40% are in Medium (Neutral), and 30% are in High (Value)"Rebalancing: Annual (at the end of June) 1926-PresentCurrency: USD Fama/French and multifactor data provided by Fama/French.


Vanguard Small-Cap Growth Index (VSGIX): Factsheet | Prospectus Jun 1998 - Present: The investment seeks to track the performance of a benchmark index that measures the investment return of small capitalization growth stocks. The fund employs a passive management investment approach designed to track the performance of the MSCI US Small Cap Growth index, a broadly diversified index of growth stocks of smaller U.S. companies. It attempts to replicate the target index by investing all, or substantially all, of assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.