The Tax-Managed US Targeted Value Portfolio is a no-load mutual fund designed to achieve long-term capital appreciation while minimizing federal income taxes on returns. The Portfolio uses a market capitalization weighted approach and generally purchases a broad and diverse group of readily marketable securities of US small and mid cap companies that Dimensional believes to be value stocks at the time of purchase. The Portfolio generally invests in securities of US companies smaller than the 500th largest company in the market universe based upon market capitalization. The market universe is comprised 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.