The problem of improved performance adaptive control (IPAC) of a class of linear and nonlinear systems is considered. A method for its solution is presented, the main feature of which lies in augmenting the "standard" model reference adaptive controller by a properly designed signal compensating for the effect of plant parameter uncertainty on the output error. One of the main performance improvement characteristics of the proposed IPAC is that the zero-state output error can be made arbitrarily small under standard model reference adaptive control (MRAC) assumptions in the case of linear systems while a similar result holds for a class of linearizable systems as well. The exponential convergence of the output and parameter errors in the presence of sufficiently rich reference inputs, remains a valid property of this controller which also achieves improved robustness in the presence of bounded disturbances and/or unmodeled dynamics as well as in the case of an adaptation switch-off.