The California Short-Term Municipal Bond Portfolio is a no-load mutual fund designed to provide current income that is expected to be exempt from federal personal income taxes and California state personal income taxes. The Portfolio invests primarily in a universe of municipal securities issued by or on behalf of California state or local governments and their agencies, instrumentalities and regional governmental authorities, the interest on which is exempt from regular federal income tax and the state personal income tax of California. The Portfolio does not currently intend to invest in securities whose interest is subject to the federal alternative minimum tax. Ordinarily, the Portfolio will have dollar-weighted average portfolio maturity of three years or less. The Portfolio is primarily designed for investment by California taxpayers.
For a full description, please consult the Portfolio's prospectus.
Operating Expense ratio as of 10/31/2013. The net expense ratio takes into account contractual management fee waivers/caps and expense assumption agreements that are in effect through 2/28/2015. The fund's prospectus contains more information on fees and expenses.
Performance data shown represents past performance and is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent month-end, visit www.dimensional.com.
Last 12 Months
Amount per Share
As of June 30, 2014
SAN DIEGO USD-B
SAN FRANCISCO CITY & COUNTY LEASE REVENUE SERIES 2
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.
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.
Income Risk Income risk is the risk that falling interest rates will cause the fund's income to decline.
Call Risk Call risk is the risk that during periods of falling interest rates, a bond issuer will call or repay a higher-yielding bond before its maturity date, forcing the fund to reinvest in bonds with lower interest rates than the original obligations.
Tax Liability Risk Tax liability risk is the risk that distributions by the fund become taxable to shareholders as ordinary income due to noncompliant conduct by a municipal bond issuer, changes in federal or state tax laws, or adverse interpretations of tax laws by the Internal Revenue Service or state tax authorities.
State-Specific Risk Because the Portfolio focuses its investments primarily in California municipal securities, the value of the Portfolio's investments will be highly sensitive to events affecting the fiscal stability of the State of California and its agencies, municipalities, authorities and other instrumentalities that issue securities. These events may include state or local legislation or policy changes, state constitutional limits on tax increases, erosion of the tax base of the state or one or more particular localities, the effects of possible terrorist acts or natural disasters, budget deficits, or other economic or credit problems affecting the state generally or any individual locality or industry.
Non-Diversification Risk The risk that the fund may be more volatile than a diversified fund because it invests its assets in a smaller number of issuers. The gains or losses on a single security may, therefore, have a greater impact on the fund's net asset value.
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 (512) 306-7400 or at www.dimensional.com.
Mutual funds distributed by DFA Securities LLC.
These Net Asset Values ("NAVs") have been prepared by the fund accounting agent. Dimensional Fund Advisors reserves the right to restate these NAV figures, if necessary, at any time.