Tax-Managed US Targeted Value Portfolio


Inception Date
December 11, 1998 		Ticker Symbol
DTMVX		 CUSIP Number
233-203-579

The Tax-Managed US Targeted Value Portfolio (formerly the US Tax-Managed Small Cap Value Portfolio) is a no-load mutual fund designed to capture the returns and diversification benefits of a broad cross-section of US small and mid cap value companies, on a market-cap weighted basis. The Portfolio 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 companies listed on the New York Stock Exchange, American Stock Exchange, and NASDAQ National Market System. After identifying the size breakpoint, a value screen is applied to the universe. Securities are considered value stocks primarily because a company's shares have a high book value in relation to their market value (BtM). This BtM sort excludes firms with negative or zero book values. In assessing value, additional factors such as price to cash flow or price to earning 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 delay and minimize the realization of net capital gains, particularly short-term capital gains, 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 %
July 24, 2008 $19.16 $-0.52 -2.64%

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 July 24, 2008 -10.10%


Updated Monthly
Total Returns One Month Three Month Year-to-Date
As of June 30, 2008 -9.42% -2.85% -9.16%
 
Average Annual Total Returns One Year Five Years Ten Years Since Inception
As of June 30, 2008 -22.46% 11.35% N/A 10.71%


Updated Quarterly
Average Annual Total Returns One Year Five Years Ten Years Since Inception
As of June 30, 2008 -22.46% 11.35% N/A 10.71%

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 0.44% 0.44%



Distributions
Last 12 Months
 

Type		 Amount per Share Record Date Ex-dividend Date Payable Date Ex-dividend Price
Dividend $0.0450 6/9/2008 6/10/2008 6/13/2008 $20.85
Dividend $0.0280 3/7/2008 3/10/2008 3/13/2008 $18.83
Dividend $0.0530 12/18/2007 12/19/2007 12/24/2007 $21.15
LT Capital Gain $1.4110 12/18/2007 12/19/2007 12/24/2007 $21.15
Dividend $0.0870 9/7/2007 9/10/2007 9/13/2007 $24.01


Top Holdings
 

As of June 30, 2008
% of Portfolio
WHITING PETROLEUM CORP 0.92
COMSTOCK RESOURCES INC 0.88
FOREST OIL CORP 0.82
SAFECO CORP 0.81
MARINER ENERGY INC 0.78
CIMAREX ENERGY CO 0.72
ALLIED WASTE INDUSTRIES INC 0.68
STEEL DYNAMICS INC 0.64
HELMERICH & PAYNE INC 0.62
EXCO RESOURCES INC 0.61
SCHNITZER STEEL INDUSTRIES INC 0.60
RELIANCE STEEL & ALUMINUM CO 0.58
RYDER SYSTEM INC 0.55
BIG LOTS INC 0.50
MASSEY ENERGY CO 0.48
WARNACO GROUP INC/THE 0.45
ARROW ELECTRONICS INC 0.43
TIMKEN CO 0.42
TERRA INDUSTRIES INC 0.42
ASHLAND INC 0.42
Total 12.35


Sector Allocations
 
As of June 30, 2008 % of Portfolio
Consumer Discretionary 14.8
Consumer Staples 4.3
Energy 13.0
Financials 21.2
Health Care 5.9
Industrials 16.0
Information Technology 14.6
Materials 9.7
Other 0.0
Telecommunication Services 0.5
Utilities 0.0
Total 100.0

Sectors defined by MSCI.


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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.

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.