Tax-Managed US Small Cap Portfolio


Inception Date
December 15, 1998 		Ticker Symbol
DFTSX		 CUSIP Number
233-203-553

The Tax-Managed US Small Cap Portfolio is a no-load mutual fund designed to capture the returns and diversification benefits of a broad cross-section of US small companies, on a market-cap weighted basis. The Portfolio invests in securities of US companies with market capitalizations within the smallest 10% of the market universe or smaller than the 1,000th largest US company, whichever results in a higher market capitalization break. The market universe is comprised of companies listed on the New York Stock Exchange, American Stock Exchange, and NASDAQ National Market System. The Portfolio seeks to minimize the impact of federal taxes on returns by deferring the realization of net capital gains and minimizing the receipt of dividend income in order to minimize the taxable distributions to investors.

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

Prices
Updated Daily
 
Date Closing Price NAV Change $ NAV Change %
May 13, 2008 $22.58 $0.14 0.62%

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 13, 2008 -4.10%


Updated Monthly
Total Returns One Month Three Month Year-to-Date
As of April 30, 2008 3.15% 0.47% -6.86%
 
Average Annual Total Returns One Year Five Years Ten Years Since Inception
As of April 30, 2008 -13.01% 14.49% N/A 10.08%


Updated Quarterly
Average Annual Total Returns One Year Five Years Ten Years Since Inception
As of March 31, 2008 -13.75% 15.99% N/A 9.80%

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 0.53% 0.53%



Distributions
Last 12 Months
 

Type		 Amount per Share Record Date Ex-dividend Date Payable Date Ex-dividend Price
Dividend $0.0300 3/7/2008 3/10/2008 3/13/2008 $19.98
Dividend $0.0530 12/18/2007 12/19/2007 12/24/2007 $23.23
LT Capital Gain $2.1650 12/18/2007 12/19/2007 12/24/2007 $23.23
Dividend $0.0650 9/7/2007 9/10/2007 9/13/2007 $26.30
Dividend $0.0430 6/7/2007 6/8/2007 6/13/2007 $28.50


Top Holdings
 

As of April 30, 2008
% of Portfolio
AK STEEL HOLDING CORP 0.40
TERRA INDUSTRIES INC 0.38
FLOWSERVE CORP 0.35
DENBURY RESOURCES INC 0.33
PRICELINE.COM INC 0.31
ILLUMINA INC 0.29
STEEL DYNAMICS INC 0.27
PERRIGO CO 0.25
CLEVELAND-CLIFFS INC 0.23
FTI CONSULTING INC 0.22
ATWOOD OCEANICS INC 0.21
OWENS-ILLINOIS INC 0.20
DEVRY INC 0.20
MARINER ENERGY INC 0.20
COMSTOCK RESOURCES INC 0.19
WHITING PETROLEUM CORP 0.19
ENCORE ACQUISITION CO 0.19
CENTRAL EUROPEAN DISTRIBUTION CORP 0.19
BIG LOTS INC 0.19
FOREST OIL CORP 0.18
Total 4.97


Sector Allocations
 
As of April 30, 2008 % of Portfolio
Consumer Discretionary 14.0
Consumer Staples 4.0
Energy 8.7
Financials 14.6
Health Care 14.0
Industrials 17.2
Information Technology 17.7
Materials 6.0
Other 0.0
Reits 0.0
Telecommunication Services 1.1
Utilities 2.6
Total 100.0

Sectors defined by MSCI.


View proxy vote filings.

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.

Small Company Risk
Securities of small firms are often less liquid than those of large companies. As a result, small company stocks may fluctuate relatively more in price.

Tax Management Strategy Risk
Tax-management strategies may alter investment decisions and affect the portfolio holdings when compared to those of non-tax-managed mutual funds. Performance of the fund may deviate from that of non-tax-managed mutual funds.

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.