The Tax-Managed US Marketwide Value Portfolio is a no-load mutual fund designed to achieve long-term capital appreciation while minimizing federal income tax returns. The Portfolio is a feeder portfolio and pursues its objective by investing substantially all of its assets in the Master Fund, the Tax-Managed US Marketwide Value Series. Using a market cap weighted approach, the Master Fund invests in readily marketable securities of US companies whose size (market capitalization) falls within the range of total market capitalization and that Dimensional believes to be value stocks at the time of purchase. Total market capitalization is based on the market capitalization of US operating companies listed on the New York Stock Exchange, Nasdaq Global Market® or such other securities exchanges deemed appropriate by Dimensional. Securities are considered value stocks primarily because a company's shares have a high book value in relation to their market value. In assessing value, additional factors such as price to cash flow or price to earnings ratios may be considered as well as economic conditions and developments in the issuer's industry. The criteria for assessing value are subject to change from time to time. The Portfolio seeks to maximize the after tax value of an investment by managing its portfolio in a manner that will defer the realization of net capital gains where possible and may attempt to reduce dividend income.

For a full description, please consult the Portfolio's prospectus.