Dimensional Fund Advisors

Darla Hastings brings over twenty-five years of experience to the role of chief marketing officer. In this position, Darla leads the firm's brand management, communications, marketing research, and public relations efforts and supports the financial advisor and institutional sales forces. Before joining Dimensional, Darla was chief marketing officer for State Street Corporation, which provides custody services for clients in twenty-six countries and is the world's largest institutional money manager by assets. Prior to that role, she founded and grew a communications consultancy, INCommunication, which served clients in the financial, technology, entertainment, and retail sectors. Darla spent the first sixteen years of her career at Fidelity Investments, where she innovated and managed a variety of core functions such as relationship marketing, corporate communications, product development, customer service, and corporate quality. Darla earned a B.A. in American studies from the University of Texas, Austin, where she was elected to Phi Beta Kappa.

Michael T. Scardina is Dimensional's chief financial officer and is in charge of all financial and compliance functions of the firm. Serving Dimensional and its related entities since 1986, Mike brings long-term stability to his role as key player in all of the firm's back-office financial functions including all transactions, records, and accounting. A Certified Public Accountant, Mike began his career as an auditor with Arthur Young & Co., moving first to International Harvester as supervising senior auditor and later to CPA firm Ruzicka & Associates as audit/consulting manager. Registered as a General Securities Representative, General Securities Principal, and Financial Operations Principal, Mike received a B.S. with highest distinction from the University of Illinois, Chicago in 1977.

Robert T. Deere is one of Dimensional Fund Advisors' chief portfolio managers and trading strategists. He brings many years of experience managing Dimensional portfolios to his role as member of the Investment Committee. A frequent conference presenter, Bob plays a key function in communicating with clients how the portfolios are constructed and operated. Bob joined Dimensional in 1991 as a general portfolio manager in domestic equities. When the firm expanded to include value strategies, Bob was the primary portfolio manager. While his responsibilities have expanded to include general management of the US equity desk, he continues to devote particular attention to the value strategies. Literally a former rocket scientist, Bob spent four years as an engineer with General Dynamics in space shuttle related projects. He holds an MBA from the University of California, Los Angeles and a B.S. and B.A. from the University of San Diego.

Ryan J. Wiley is a senior trader with the US equity team in Santa Monica. Ryan joined Dimensional in 1999 as an equity trading assistant and became a US equity trader in 2001. During his tenure, he has been involved in the development of electronic trading systems, algorithmic trading, and related trading technology systems and projects. Ryan earned an MBA in finance from the Anderson School of Business at the University of California, Los Angeles and a B.S. in business administration from California State Polytechnic University, Pomona.

Anthony Rossdale is responsible for finance matters, operations, and compliance at Dimensional's London office. Having served as a consultant for a short period, he became a vice president in 2004 and joined the Investment Committee. Before coming to Dimensional Fund Advisors Ltd., Anthony headed his own fund management consulting company. Previously, he served in top finance roles at Colonial First State Investments and Bessent Capital. For ten years, he served in various roles and finally as chief accountant and head of funds administration for Thornton Management Ltd., a UK-based global fund manager. Anthony received a BA Hons degree in business studies from Hertfordshire University in 1986 and qualified as a Chartered Accountant shortly thereafter. He is married with two children and has an interest in horse racing, having set up and run a number of horse racing syndicates over the past few years.

Arthur H.F. Barlow is a senior member of the Financial Advisor Services group. Beginning work at Dimensional in 1989 while still a graduate student, Art started full-time in 1990 as a general portfolio manager, trading securities for all of Dimensional's US products. In 1991 he transferred to the non-US equities trading desk and managed the European components of Dimensional's strategies. This led to a move to London in 1992, where he opened an office for the firm and continued to trade for the European portfolios in London, expanding the office to include two portfolio managers and two trading assistants. In 1993, Art returned to Los Angeles as the senior equity portfolio manager on the desk responsible for all of Dimensional's international equity products as well as operations in London and Sydney, Australia. Having set up trading desks and systems, Art's responsibilities naturally evolved into being in charge of the information systems across the firm, which he managed until moving to the Financial Advisor Services group in 2004. Art received his MBA in finance from the Anderson School of Management at the University of California, Los Angeles and holds a B.A. in economics from UCLA.

A director of Dimensional Fund Advisors Canada Inc., Bradley G. Steiman came to Dimensional from Assante Global Advisors, where he served as vice president and general manager. Before that, he managed a client base of 125 high net worth families for Assante Asset Management in Toronto, Ontario. He earned a Bachelor of Commerce from the University of British Columbia, Vancouver in 1996, and the CFA designation in 2000.

As a vice president for Financial Advisor Services, Bryce D. Skaff works closely with advisors, privatized pension systems, and other institutional investors in California, the southern US, and Latin America. Bryce also educates US financial advisors on the uses of risk and return in constructing client portfolios.

Carmen Palafox joined Dimensional's operations team in 1996 and has been a key contributor to the development of the firm's shareholder transaction processing systems and procedures. She started at the firm as an operations coordinator and spent six years as operations supervisor. In her current role as vice president, Carmen manages the daily workflow of the operations team that is focused outside of the US, including relationships with external vendors and service providers such as transfer agents and custodians. She is also involved in the implementation of operations-related best practices.

A vice president in Financial and Administrative Services, Christine Ho coordinates the preparation of financial statements in Dimensional annual reports and other public documents. Christine joined the firm in 1992 as a junior accountant and became a vice president in 2004. She earned a B.S. in accounting from California State University, Northridge in 1991.

A mathematician and designer of sophisticated numerical and analytic models, Gerard K. O'Reilly helps develop, test, and implement the financial models used to build Dimensional's structured portfolios. Since joining the company in 2004, he has been involved in the design of new investment products and more efficient methods of portfolio management, as well as in portfolio reporting.

Grady M. Smith has extensive experience in tax-managed investing and structures Dimensional's tax-managed US equity funds and global separate accounts to limit clients' taxable income and capital gains. He also oversees the firm's global funds of funds. Prior to joining Dimensional in 2001, Grady spent more than twenty years as a management consultant, most recently working as a principal for William M. Mercer, Inc.

Gretchen A. Flicker manages communications and client service for Dimensional's larger institutional clients and prospects, ensuring timely delivery of reports and related investment requests. Gretchen, who has been with Dimensional's Institutional Services team since 1998, previously focused on developing relationships with corporate, foundation, and endowment clients in the Northeast region. She also has experience on the Dimensional trading desk. Prior to joining the firm, Gretchen served as a business developer for the Hewitt Investment Group and as an investment consultant for SEI Corporation.

Henry F. Gray brings a wealth of experience trading and managing Dimensional equity portfolios to his role as head of global equity trading. Henry coordinates equity trading across Dimensional's trading desks worldwide, and is a member of the Investment Committee. Previously a US equity portfolio manager, Henry helped develop the performance measurement systems the firm uses to help clients understand why their investments behave differently in varying market environments. Before joining Dimensional in 1995, Henry served as a fixed income analyst for the Metropolitan Life Insurance Company and Bear Stearns and Co. He earned his MBA in 1995 from the University of Chicago Graduate School of Business, with concentrations in analytic finance and business economics. He holds an A.B. in economics from Princeton University.

Besides working closely with several of Dimensional's largest advisor clients in the US Northeast, Joel H. Hefner spearheads the firm's extensive financial advisor conference and seminar system. A former senior manager of a Big Five accounting firm, Joel was also the chief portfolio manager for a large fee-only advisory firm, managing more than $1 billion in client accounts.

Joseph F. Kolerich has been a fixed income portfolio manager at Dimensional since 2001. Before joining Dimensional, he was employed for five years at Lincoln Capital Management, where he managed money market investments and traded corporate bonds. Prior to Lincoln Capital Management, Joe served at Amalgamated Bank of Chicago for three years as an investment analyst. At Amalgamated Bank, he handled both portfolio management and client service responsibilities. Joe earned his MBA from the University of Chicago Graduate School of Business, with concentrations in finance and economics. He also holds a B.S. in finance from Northern Illinois University.

Juliet Lee joined Dimensional in 2004 and spearheaded the creation of a human resources department. In her current role as vice president, she oversees the company's human resources policies, objectives, and initiatives. Prior to joining Dimensional, she was the head of human resources for Metropolitan West Asset Management.

Kristina M. LaRusso manages the daily workflow of the operations team at Dimensional that is focused in the US, including communications with external vendors such as transfer agents, consultants, financial advisors, custodians, and brokers. She also oversees the design and implementation of new operating systems and procedures to enhance efficiency and service. Tina started at Dimensional in 1998 as operations coordinator, handling trade entry, cash flow reporting, and new accounts. In 2003, she was named operations supervisor. Tina was previously a conference coordinator for the University of California, Davis.

L. Jacobo Rodriguez has written articles and research papers for Dimensional's Institutional Services group since 2004. He brings a keen interest in economics and the history of economic thought. Prior to Dimensional, he served for ten years at the Cato Institute as a policy analyst in a number of areas, including international economics, financial regulation, monetary policy, and the Project on Global Economic Liberty. During that time, Jacobo also edited book reviews for the Cato Journal.

Based in the Chicago office, Lawrence Spieth has one of the longest-running careers at Dimensional Fund Advisors. He joined the firm when it was founded in 1981 and has had many roles during his tenure. Currently, he is a vice president in the Institutional Services group, where his primary responsibilities include developing business with corporate and nonprofit organizations and providing quality service to Dimensional's existing clients. Money Management Letter recognized him for his efforts by naming him Client Service Executive of the Year for 2004.

Mark Thomas is the regional director responsible for institutional business development in the Asia Pacific region for DFA Australia Limited in Sydney. Mark has extensive investment experience in the areas of sales and marketing, client service, portfolio management, and futures trading. In his spare time, Mark presents at public seminars and educational forums, including the Financial Services Institute of Australasia (Finsia), and is involved with preparing courses and tutoring students at Finsia.

Philip R. Nash is the marketing director for Dimensional Fund Advisors Ltd., Dimensional's London office. He has considerable experience in asset management, having served for six years as a director of Barclays Global Investors and for five years before that as marketing manager for the London operations of Nomura Capital Management UK Ltd., the investment management subsidiary of the world's largest securities company. His resume also includes five years with the Frank Russell Co. UK subsidiary, working as a quantitative analyst of portfolio performance.

Richard A. Eustice joined Dimensional's Operations group in 1992 and has been instrumental in the launch of the firm's US and non-US mutual funds. He was operations manager for six years before becoming head of global investment operations. In his current role, Rick coordinates and provides oversight of Dimensional's service provider relationships including global transfer agents, accounting and administrative agents, and custodians. He was previously a research analyst with State Street Bank & Trust.

As a vice president for Financial Advisor Services, Robert "Bo" Cornell works primarily with fee-only financial advisors in the Northwest who provide wealth management services to high net worth individuals, qualified retirement plans, and the owners of closely held businesses. His duties include educating financial advisors about the benefits of using Dimensional's institutional asset class funds to implement a long-term strategic asset allocation strategy.

Working with advisors in the Midwest and on the East Coast, Scott A. Bosworth brings an institutional background to the Financial Advisor Services group. Scott started with Dimensional in 1996 as a portfolio manager in Santa Monica. After spending more than a year on the trading desk, he became a regional director for the Institutional Services group, marketing Dimensional's portfolios to large corporations, endowments, and foundations on the East Coast. In 2002, he joined Financial Advisor Services.

Stephen A. Clark oversees Dimensional's portfolio management and trading functions across domestic equity, international equity, and fixed income. He is also chairman of the Investment Committee, which supervises the firm's day-to-day investments. Steve joined Dimensional in 2001 as a general portfolio manager in US equities and became head of international equities trading in 2004.

Stephen J. Garth joined Dimensional's Sydney office in 2001, where he is a portfolio manager in international equities. Before joining Dimensional, he was on the faculty at the Australian National University, where his teaching and research interests were in optical fiber technology and quantitative finance. Steve received his Ph.D. in applied mathematics from the Australian National University in 1987. He also holds a B.S. in mathematics and physics, a B.A. in history and politics, and a Graduate Diploma in business administration.

A resident academic and an expert in statistical research, Truman A. Clark excels at developing programs and data to solve client consulting issues. He conducts research on a variety of investment topics, and many of his papers are published on Dimensional's websites. Before joining Dimensional, Truman worked for Wells Fargo Nikko Investment Advisors, William F. Sharpe Associates, and A.B. Laffer Associates. He was also a professor of finance at the University of Southern California and at the State University of New York, Buffalo. Truman's published works have appeared in the Journal of Political Economy, the Journal of Finance, the Journal of Monetary Economics, and the Journal of Law and Economics. Truman holds Ph.D. and MBA degrees from the University of Chicago and an A.B. degree from Princeton University. He served for two years as an officer in the US Army.

The core conceptualist and philosophical leader of the firm, David G. Booth founded Dimensional Fund Advisors in 1981 and continues to head operations as chairman and CEO. Many of his original concepts underpin Dimensional's overall strategy, and his problem-solving innovations for clients set the firm apart from its competitors. David's groundbreaking work in indexing and small capitalization investing is an example of his ability to connect the academic side of economic science to the practical world of investment management two worlds that previously existed in separate realities. In so doing, he has furthered both the state of investment management and the state of portfolio theory. David was one of the pioneers of indexing when he started his career with Wells Fargo and worked on the first index funds with John A. McQuown. He later served as vice president and pension investment consultant at A.G. Becker, Inc. (now SEI, Inc.). Working initially out of his Brooklyn, New York brownstone, he founded Dimensional's US office in 1981 to provide access to the small capitalization dimension, which was largely underrepresented in institutional portfolios. He has written numerous articles including "Diversification Returns and Asset Management" with Eugene F. Fama, which won a Graham and Dodd Award of Excellence from the Financial Analysts Journal in 1992. David is a member of the board of trustees of the University of Chicago, the University of Kansas Endowment Association, and the American Academy in Rome. He also serves on the advisory council of the University of Chicago Graduate School of Business and is a member of the Paintings Conservation Council of the J. Paul Getty Trust and the California Commission for Jobs and Economic Growth. David received his MBA from the University of Chicago in 1971. He also holds an M.S. and a B.A. from the University of Kansas.

As head portfolio manager in the London office, Garrett Quigley oversees all trading in UK and continental Europe equities. His main responsibilities include the management of the UK and European portfolios. He has also done extensive research with Rex Sinquefield into the sources of performance in UK markets and unit trusts, highlighted by the publication of "Performance of UK Equity Unit Trusts" in the inaugural issue of the Journal of Asset Management. He is a frequent speaker at financial conferences and seminars. He co-authored with Elroy Dimson and Stefan Nagel of the London Business School a research paper on the value effect in the UK stock market. Garrett joined Dimensional's London office in 1992 after serving as software consultant for Prudential plc UK. He earned a master's degree in finance in 2002 from the London Business School, his MSc. in 1988 from Brunel University, UK, and his BA in 1985 from Trinity College, Ireland.

As a regional director in Dimensional's Institutional Services group, Glenn E. Kemp builds and supports relationships among corporate, foundation, and endowment clients from the firm's Chicago office. Glenn's experience with pension, endowment, and foundation clients spans more than three decades.

John P. Gould serves on the boards of directors of the US mutual funds Dimensional advises, and is a specialist in the economics of information, microeconomic theory, industrial organization, strategy, law, and economics. A member of the faculty of the University of Chicago Graduate School of Business since 1965, Professor Gould was dean of the school from 1983-1993 and is now Steven G. Rothmeier Professor and Distinguished Service Professor of Economics. A busy editor, trustee, and director, he holds a B.S. with highest distinction from Northwestern University, and an MBA and Ph.D. from the University of Chicago.

Mark Yetman is a regional director responsible for institutional business development and client services at DFA Australia Limited in Sydney. Mark has twenty years of investment experience working in the US institutional market, most recently for Wright Investors' Service. He has sold investment strategies for the Amalgamated Bank & Trust and marketed defined benefit plans for Transamerica Asset Management. As portfolio manager for CL Capital Management, he also provided asset management solutions to the corporate market. Mark received his B.B.A. in finance in 1986 from the University of Massachusetts, Amherst.

A Frank E. Buck Professor Emeritus of Finance at the Stanford University Graduate School of Business, Myron S. Scholes is widely known for his seminal work in options pricing, capital markets, tax policy, and the financial services industry. He is co-originator of the Black-Scholes options pricing model, which is the basis of the pricing and risk-management technology that is used to value and manage the risk of financial instruments around the world. For this work, he received the Alfred Nobel Memorial Prize in Economic Sciences in 1997.

Nathan Krieger brings a wealth of investment management experience to his role as a regional director for DFA Australia Limited. In this capacity, one of his key responsibilities is to work with financial advisors in Australia and New Zealand and help them develop client-centered investment strategies that are closely aligned with Dimensional's investment philosophy. Prior to joining Dimensional in 2004, Nathan sold investment solutions to institutions and managed client accounts for BT Financial Group. His previous financial services experience also includes three years as an advisor consultant and client consultant at MLC Investments. Previously, he managed a team of traders at Commonwealth Securities. Nathan holds a Bachelor of Commerce from Macquarie University, Sydney and a Graduate Diploma in applied finance and investment from the Securities Institute of Australia (SIA). He continues to be affiliated with the Institute as an associate, and, as an SIA practitioner, is involved in course development and assessment marking. Nathan is also an avid skier who has taught the sport in Canada and Japan.

Paul Raaff is DFA Australia's regional director for client services and works closely with the other regional directors to ensure DFA Australia continues to meet its clients' servicing requirements. Paul is also involved in Dimensional's education and presentation programs, including seminars, and provides technical and analytic support for institutional and advisory clients. Paul joined Dimensional after spending the previous four years working for a financial planning and funds management group based in West Australia, where he obtained a broad exposure to the financial advisory and funds management business. He has worked extensively with advisors, fund managers, and research groups in researching investment issues, conducting product development, and translating investment concepts into strategies for clients. Paul received his MBA from the University of Western Australia in 2000 and completed his BSc. in 1994. Paul also has several years' experience as marketing coordinator for Alsil Pharmaceuticals.

A regional director for DFA Canada's institutional client services, Peter W. Hallett provides investment services and consulting to public and private pension plans as well as larger foundations and endowments. Peter joins Dimensional following nine years as a senior investment and business development consultant for Towers Perrin and two years in a similar role with COMSTAT Capital Sciences. Previously, he was involved in fund marketing for Canada Trust and index fund management for National Trust. A CFA Charterholder, Peter earned an MBA in finance and investments from York University in 1993 and a B.A. in management economics from the University of Guelph in 1985.

Allen Pu brings an entrepreneurial background to his role as a portfolio manager on the international equity team in the US. Allen joins Dimensional from the California Institute of Technology, where he received ten US patents from separate stints as a staff researcher and product manager for a gaming startup company based on technologies developed at the university. In between, he spent four years making venture capital investments for Mellon Ventures. Allen earned an MBA in finance and entrepreneurial studies from the Anderson School of Management at the University of California, Los Angeles. He also holds an M.S. and a Ph.D. in electrical engineering from Caltech and a B.S. in electrical engineering from the Cooper Union for the Advancement of Science and Art.

Bernard Chan is responsible for business development in Taiwan. As investment manager, Bernard has more than ten years of experience advising and educating financial advisors about the fundamentals of risk and return. He also helps clients design portfolios using asset class strategies and is a major contributor to the firm's advisor education efforts. Previously, Bernard managed Dimensional's house accounts and developed database systems for Financial Advisor Services.

As operations manager, Carolin Ghali coordinates DFA Australia's service provider relationships and new product launches. Prior to joining Dimensional in 2000, Carolin was a senior portfolio accountant for UBS and State Street Australia. She has also held banking operations and customer service positions with JPMorgan and Westpac Banking Corp. Carolin has an Associate Diploma in financial markets from the Securities Institute of Australia.

Graham Lennon joined Dimensional in 1995 and is a senior member of DFA Australia Limited's Asia Pacific portfolio management team. Graham plays a leading role in the ongoing refinement of Dimensional's investment processes and is a member of the Investment Policy Committee. Graham has an MBA from Macquarie University, where he received the Allen Knott Scholar Award for overall academic achievement and the AATMA Prize for Financial Management. He has a Graduate Diploma in applied finance and investment from the Securities Institute of Australia. Graham received a BEng. from the University of Technology, Sydney.

As head international portfolio manager since 1995 and a member of the Investment Committee, Karen E. Umland makes decisions about how the firm trades internationally, and helps measure and report fundamental characteristics for client communication. Her responsibilities include portfolio structure, broker relationships, currency trading, and supervision of information flow among Dimensional's worldwide offices. She frequently speaks at final presentations, client reviews, consultant meetings, and industry conferences.

Abbie J. Smith, 54, is the Boris and Irene Stern Professor of Accounting at the Graduate School of Business of the University of Chicago. She joined their faculty in 1980 upon completion of her Ph.D. at Cornell University. The primary focus of her research is corporate restructuring, transparency, and corporate governance. Professor Smith is a co-editor of the Journal of Accounting Research. Ms. Smith was elected to the Board of Directors in July 2003 and is the Chair of the Audit Committee and a member of the Finance Committee. Ms. Smith serves on the Boards of Directors of HNI Corporation, DFA Investment Dimensions Group Inc. and Dimensional Investment Group Inc. E. Follin Smith, 48, served as the Executive Vice President, Chief Financial Officer and Chief Administrative Officer of Constellation Energy Group, Inc., the nation's largest competitive supplier of electricity to large commercial and industrial customers and the nation's largest wholesale power seller, until May 2007. Ms. Smith joined Constellation Energy Group as Senior Vice President, Chief Financial Officer in June 2001 and was appointed Chief Administrative Officer in December 2003. Before joining Constellation Energy Group, Ms. Smith was Senior Vice President and Chief Financial Officer of Armstrong Holdings, Inc., the global leader in hard-surface flooring and ceilings. Ms. Smith began her career with Armstrong in 1998 as Vice President and Treasurer and was promoted to her last position in March 2000. Prior to joining Armstrong, Ms. Smith held various senior financial positions with General Motors including Chief Financial Officer for General Motors' Delphi Chassis Systems division. Ms. Smith was elected to the Board of Directors in July 2005 and is a member of the Audit Committee and the Corporate Governance and Nominating Committee. Ms. Smith serves on the Board of Directors of Discover Financial Services, the Board of Trustees of the University of Virginia's Darden School of Business, the Board of Visitors of Davidson College and the Board of CENTERSTAGE, in Baltimore, Maryland.