LWAS/DFA Two-Year Fixed Income Portfolio


Inception Date
June 6, 1996 		Ticker Symbol
DFCFX		 CUSIP Number
254-34D-872

The investment objective of the LWAS/DFA Two-Year Fixed Income Portfolio is to maximize total returns consistent with the preservation of capital. The Portfolio expects to pursue its goal by acquiring high quality obligations which mature within two years from the date of settlement. Generally, the Portfolio will purchase US issued, dollar-denominated debt instruments with maturities of no more than two years. Issuers may include the US government and its agencies, domestic and foreign corporations and supranational organizations (e.g., the World Bank). The Portfolio intends to concentrate investments in the banking industry in certain cases.

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

Prices
Updated Daily
 
Date Closing Price NAV Change $ NAV Change %
May 12, 2008 $9.88 $0.00 0.00%

These Net Asset Values ("NAVs") have been prepared by the fund accounting agent. Dimensional Fund Advisors reserves the right to restate these NAVs, if necessary, at any time.


Performance
 
Updated Daily
Total Returns Year-to-Date
As of May 12, 2008 1.04%


Updated Monthly
Total Returns One Month Three Month Year-to-Date
As of April 30, 2008 0.20% 0.63% 0.94%
 
Average Annual Total Returns One Year Five Years Ten Years Since Inception
As of April 30, 2008 4.30% 2.75% 4.07% 4.42%


Updated Quarterly
Average Annual Total Returns One Year Five Years Ten Years Since Inception
As of March 31, 2008 4.51% 2.75% 4.09% 4.43%

Performance data represents past performance. Past performance is no guarantee of future results, and current performance may be higher or lower than the performance displayed. The investment return and principal value of an investment will fluctuate such that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns include reinvestment of dividends and capital gains and are net of all fees and expenses. Prior to April 2002, certain international equity portfolios charged a reimbursement fee to the purchasers of shares of those portfolios.


Annual Expenses Total Operating
Expense Ratio		 Net Expense Ratio
(to investor)
As of November 30, 2007 0.31% 0.31%



Distributions
Last 12 Months
 

Type		 Amount per Share Record Date Ex-dividend Date Payable Date Ex-dividend Price
Dividend $0.0620 3/7/2008 3/10/2008 3/13/2008 $9.84
Dividend $0.1580 12/18/2007 12/19/2007 12/24/2007 $9.82
Dividend $0.1240 9/7/2007 9/10/2007 9/13/2007 $9.85
Dividend $0.1230 6/7/2007 6/8/2007 6/13/2007 $9.85


Top Holdings
 

As of April 30, 2008
% of Portfolio
NYSE EURONEXT 2.82
NEW CENTER ASSET TRUST 2.81
DEUTSCHE BANK FINANCIAL 2.81
LELAND STANFORD JR UNIVERSITY 2.71
CAISSE D'AMORTISSEMENT DE DETT 2.60
CORNELL UNIVERSITY 2.60
ROYAL BANK OF SCOTLAND PLC 2.60
SIEMENS CAPITAL CORPORATION 2.60
NEW CENTER ASSET TRUST 2.60
DANSKE CORPORATION 2.60
LLOYDS TSB BANK PLC 2.60
ABBEY NATIONAL NORTH AMERICA L 2.60
ING AMERICA INSURANCE HOLDINGS 2.60
BANK OF NOVA SCOTIA 2.59
NATIONAL RURAL UTILITIES 2.59
AT&T INC 2.59
ABN-AMRO NORTH AMERICAN FINANC 2.59
UBS FINANCE DELAWARE 2.59
BASF AG 2.59
JP MORGAN CHASE AND CO 2.59
Total 52.68


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Market Risk
Even a long-term investment approach cannot guarantee a profit. Economic, political, and issuer-specific events will cause the value of securities, and the funds that own them, to rise or fall. Because the value of your investment in a fund will fluctuate, there is a risk that you will lose money.

Income Risk
Income risk is the risk that falling interest rates will cause the fund's income to decline.

Interest Rate Risk
Fixed income securities are subject to interest rate risk because the prices of fixed income securities tend to move in the opposite direction of interest rates. In general, fixed income securities with longer maturities are more sensitive to these price changes.

Credit Risk
Credit risk is the risk that the issuer of a security may be unable to make interest payments and/or repay principal when due. A downgrade to an issuer's credit rating or a perceived change in an issuer's financial strength may affect a security's value, and thus, impact a fund's performance. Credit risk is greater for fixed income securities with ratings below investment grade. Fixed income securities that are below investment grade involve high credit risk and are considered speculative. Below-investment grade fixed income securities may also fluctuate in value more than higher-quality fixed income securities.

Risk of Banking Concentration
The fund may temporarily concentrate its assets in obligations of US and/or foreign banks and bank holding companies when the yield to maturity on eligible portfolio investments in banking industry securities as a group generally exceeds the yield to maturity on all other eligible portfolio investments as a group. Focus on the banking industry would link the performance of the fund to changes in the performance of the banking industry. For example, a change in the market's perception of the riskiness of banks compared to non-banks would cause the fund's values to fluctuate.

Dimensional Fund Advisors is an investment advisor registered with the Securities and Exchange Commission. Consider the investment objectives, risks, and charges and expenses of the Dimensional funds carefully before investing. For this and other information about the Dimensional funds, please read the prospectus carefully before investing. Prospectuses are available by calling Dimensional Fund Advisors collect at (310) 395-8005; on the Internet at www.dimensional.com; or, by mail, DFA Securities Inc., c/o Dimensional Fund Advisors, 1299 Ocean Avenue, Santa Monica, CA 90401.

Mutual funds distributed by DFA Securities Inc.