Performance Data

1. All returns reflect deduction of QAM advisory fees, based on the highest tier of 0.88% per year. Actual advisory fees may vary among clients with the same investment strategy for the performance period represented. The adviser's fee schedules are available in Form ADV Part II, upon request and in the Fees page.
2. Live data (actual performance data for periods since the inception of the DFA mutual funds) reflects deduction of the DFA mutual funds fees and expenses.
3. Live data reflects actual trading results, as reported by Dimensional Fund Advisors (DFA).
4. All returns assume reinvestment of dividends and capital gains, and annual rebalancing. Actual rebalancing may be different, resulting to some variation in returns.
5. The returns reflect transaction fees for the typical account size. For example, annual transaction fees of $120 on an account of size $500,000, would reduce the returns by 0.024% - too small to change the presented performance. For smaller accounts there could be an impact that depends on the account size, but is typically very small. See Fees for more information about potential transaction fees.
6. The returns do not reflect taxes. Taxes depend on the investor's particular tax situation.
7. Actual client returns may be materially different and possibly lower than the performance data presented, due to various factors including: use of tax-managed mutual funds, different rebalancing frequency and implementation, investment cash flows, possibly different portfolio construction depending on client needs, cash balances, lower advisory fees calculated on larger accounts, varying custodian fees, different timing of fee deduction and other factors.
8. The data includes returns for years before QAM's initial trading in June 2004. For those years the data is given solely to demonstrate historical hypothetical performance, and does not reflect trading in actual accounts. Actual performance of QAM's portfolios before QAM's initial trading could be materially lower if they were implemented differently at the time of measurement.
9. The "Long-Term Component" investment strategy has been adjusted several times since QAM was established, for two main reasons: (1) based on continued research of their long-term behavior; (2) because of closure of funds or change in their strategies. The following table shows the performance of the strategy as originally implemented compared to the returns based on the current construction, up to the year of the most recent change.



Year	Strategy Returns
	Original	Current
2007	11.5%	12.3%
2006	27%	28.3%
2005	15.6%	19.7%
2004	25%	31.4%



10. The investment strategies have a potential for profit as well as the possibility of loss.
11. Past performance does not guarantee future returns.

1. Standard deviation is a measure of the variability of returns. It is useful for comparing the risk of investment alternatives.
2. Over the long run, you can statistically approximate how many months would have returns that fall under the monthly average returns minus 1, 2 or 3 times the monthly standard deviation value:
   • 1 in 6.25 months < monthly average returns - 1 x monthly standard deviation
   • 1 in 40 months < monthly average returns - 2 x monthly standard deviation
   • 1 in 200 months < monthly average returns - 3 x monthly standard deviation
3. The statistical approximation above assumes that negative deviations from the average are as likely as positive deviations. It also assumes that over the long run, the distribution of returns is close to the normal distribution.
4. Annualized standard deviation is an approximation of the annual standard deviation and is calculated by multiplying the monthly standard deviation by the square root of 12. It may be materially different from the number computed from the annual data. QAM uses the monthly measure in order to be comparable to Morningstar's data presentation.

Simulated Data

For periods prior to the inception of the DFA mutual funds, simulated data having similar risk-return characteristics is used. This enables viewing a history of risk-return characteristics of QAM's strategies since 1970.

Note that simulated data does not reflect actual trading results or the impact of market factors. Actual performance of the DFA funds before inception could be materially lower if they were implemented at the time of measurement.

Following is the description of the strategy construction:

US Large

1/1991 - Present: DFA US Large Company Portfolio
1/1970 - 12/1990: S&P 500 returns

US Large Value

4/1993 - Present: DFA US Large Cap Value Portfolio
1/1970 - 3/1993: Fama/French US Large Value (excluding Utilities) Simulated Portfolio

US Micro

4/2001 - Present: DFA U.S. Micro Cap Fund
1/1982 - 3/2001: DFA U.S 9-10 Small Company Portfolio
1/1973 - 12/1981: CRSP Database (NYSE & AMEX & OTC), Rebalanced Quarterly.
1/1970 - 12/1972: CRSP Database (NYSE & AMEX), Rebalanced Quarterly

US Small Value

4/2001 - Present: DFA US Small Value Cap Portfolio
4/1993 - 3/2001: DFA 6-10 Value Portfolio
1/1970 - 3/1993: Fama/French US Small Value (excluding Utilities) Simulated Portfolio

Real Estate Securities

12/1994 - Present: DFA Real Estate Securities Portfolio, REITs only
1/1993 - 11/1994: DFA Real Estate Securities Portfolio including Residential Construction & Commercial Property Development Securities
1/1975 - 12/1992: Simulated - Don Keim Equity REITs Index
1/1970 - 12/1974: Fama/French US Small Value (excluding Utilities) Simulated Portfolio

International Value

3/1994 - Present: DFA International Value Portfolio
7/1993 - 2/1994: DFA International High Book To Market Portfolio
4/1993 - 6/1993: MSCI EAFE Index Substituted Temporarily
1/1975 - 3/1993: International High BtM (Value) Value-Weighted Unhedged $ (Top 30% BtM)
Simulated DFA Strategy (Max Japan 38%), Courtesy Fama/French & MSCI Includes Japan, Great Britain, France, Germany, Switzerland, Netherlands, Hong Kong, Australia, Italy, Belgium, Spain (Rebalanced Quarterly)
1/1970 - 12/1974: MSCI EAFE Index - Net Dividends

International Small

10/1996 - Present: DFA International Small Company Portfolio
1/1995 - 9/1996: 35%DFA Japan + 35%DFA Cont + 15%DFA UK + 15%DFA Pac Rim Fund
1/1993 - 12/1994: 35%DFA Japan + 35%DFA Cont + 15%DFA UK + 15%DFA Pac Rim Fund
4/1990 - 12/1992: 40%DFA Japan + 35%DFA Cont + 15%DFA UK + 10%DFA Pac Rim Fund
10/1989 - 3/1990: 40%DFA Japan + 30%DFA Cont + 20%DFA UK + 10%DFA Pac Rim Fund
7/1988 - 9/1989: 50%DFA Japan + 30%DFA Cont + 20%DFA UK
1/1970 - 6/1988: 50%DFA Japan + 50%DFA UK

International Small Value

1/1995 - Present: DFA International Small Cap Value Portfolio
1/1993 - 12/1994: 35%DFA Japan + 35%DFA Cont + 15%DFA UK + 15%DFA Pac Rim Fund
4/1990 - 12/1992: 40%DFA Japan + 35%DFA Cont + 15%DFA UK + 10%DFA Pac Rim Fund
10/1989 - 3/1990: 40%DFA Japan + 30%DFA Cont + 20%DFA UK + 10%DFA Pac Rim Fund
7/1988 - 9/1989: 50%DFA Japan + 30%DFA Cont + 20%DFA UK
1/1970 - 6/1988: 50%DFA Japan + 50%DFA UK

Emerging Markets Value

4/1998 - Present: DFA Emerging Markets Value Portfolio
3/1993 - 3/1998: DFA Emerging Markets Closed End Portfolio
1/1987-2/1993: Courtesy of Fama/French ("Value versus Growth: The International Evidence." Journal of Finance 53 (1998), 1975-99.)
1/1970 - 12/1986: 50% DFA Japan + 50% DFA UK

Emerging Markets Small

3/1998 - Present: DFA Emerging Markets Small Cap Portfolio
1/1997 - 2/1998: DFA Emerging Markets Small Cap Series
1/1987- 12/1996: Courtesy of Fama/French ("Value versus Growth: The International Evidence." Journal of Finance 53 (1998), 1975-99.)
1/1970 - 12/1986: 50% DFA Japan + 50% DFA UK

2-Year Global Fixed Income

3/1996 - Present: DFA 2-Year Global Fixed Income Portfolio
7/1952 - 2/1996: Simulated Returns-2 Year Maximum Maturity, U.S. Treasury. Courtesy of CRSP

5-Year Global Fixed Income

12/1990 - Present: DFA 5-Year Global Fixed Income Portfolio
1/1987 - 11/1990: Lehman Hedged Country Indices: Equal Weighted U.S./U.K./Japan/France/Germany/Canada
1/1970 - 12/1986: Simulation Using U.S. Government Instruments