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Intermediate-Term Muni Bond Portfolio

Ticker DFTIX
Inception Date 03/01/12
Fund Net Assets $1.8 B (As Of 04/30/18)

The investment objective of the DFA Intermediate-Term Municipal Bond Portfolio is to seek to provide current income that is exempt from federal personal income tax.

Returns (As of 04/30/18)(As of 03/31/18)

Annualized Returns

portfolio benchmark
YTD -0.97% -1.27%
1 Year -0.80% 0.84%
3 Year 1.00% 1.77%
5 Year 1.15% 1.80%
Since Inception 1.30% 2.13%

Annualized Returns

portfolio benchmark
YTD -0.59% -0.96%
1 Year 0.17% 1.86%
3 Year 1.03% 1.76%
5 Year 1.42% 2.04%
Since Inception 1.38% 2.22%

Calendar Year Returns

portfolio benchmark
2017 2.14% 4.13%
2016 -0.15% 0.14%
2015 2.60% 2.75%
2014 5.49% 6.43%
2013 -2.05% -1.70%

Performance is reported net of all advisory fees and includes reinvestment of dividends and other earnings. 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.  

Performance less than one year is not annualized.

Indices are not available for direct investment; therefore, their performance does not reflect the expenses associated with the management of an actual portfolio.

Copyright 2018 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved.

Dimensional funds are distributed by DFA Securities LLC.

Fees & Expenses

Management Fee 0.20%
Total Operating Expense Ratio 0.23%
Net Expense Ratio (to investor) 0.23%

Certain Portfolios have entered into fee waiver and/or expense assumption arrangements with the Advisor. In these cases, the Advisor has contractually agreed, under certain circumstances, to waive certain fees and/or assume certain expenses of the Portfolio. Unless otherwise stated in the prospectus, the Advisor may amend or discontinue these arrangements at any time, one year from the date of the prospectus. The net expense ratio reflects the total annual fund operating expenses of the Portfolio after taking into account any such fee waiver and/or expense assumption arrangements. Please read the Portfolio's prospectus for details and more information.

Characteristics (As Of 04/30/18)


Number of Holdings 531
Average Maturity (Years) 4.25
Yield to Maturity 2.33%
30 Day SEC Yield 1.88%
Average Duration (Years) 3.72

Maturity Allocation

0 - 3 Months 1.45%
3 - 6 Months 0.95%
6 - 9 Months 1.27%
9 - 12 Months 2.61%
1 - 3 Years 32.03%
3 - 5 Years 26.30%
5 - 7 Years 16.93%
7 - 10 Years 18.40%
10 - 20 Years 0.07%

Please note that a Portfolio that invests in other Portfolios typically does not hold securities directly. As such, "Top Holdings" information for such a Portfolio represents "Top Holdings" information of underlying Portfolios.

Please click here to access Top Holdings as of the most recent month end available.

Holdings are subject to change.

Numbers may not total 100% due to rounding.

Portfolio Risks

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 Intermediate-Term Municipal Bond Portfolio that owns them, to rise or fall.

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. When interest rates rise, fixed income security prices fall. When interest rates fall, fixed income security prices rise. In general, fixed income securities with longer maturities are more sensitive to changes in interest rates.

Credit Risk: Credit risk is the risk that the issuer of a security, including a governmental entity, 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 the Intermediate-Term Municipal Bond Portfolio’s performance. The ability of a municipal securities issuer to make payments could be affected by litigation, legislation or other political events or the bankruptcy of the issuer.

Income Risk: Income risk is the risk that falling interest rates will cause the Intermediate-Term Municipal Bond Portfolio’s income to decline because, among other reasons, the proceeds from maturing short-term securities in its portfolio may be reinvested in lower-yielding securities.

Tax Liability Risk: Tax liability risk is the risk that distributions by the Intermediate-Term Municipal Bond Portfolio become taxable to shareholders due to noncompliant conduct by a municipal bond issuer, unfavorable changes in federal or state tax laws, or adverse interpretations of tax laws by the Internal Revenue Service or state tax authorities or other factors. Such adverse interpretations or actions could cause interest from a security to become taxable, possibly retroactively, subjecting, shareholders to increased tax liability. In addition, such adverse interpretations or actions could cause the value of a security, and therefore, the value of the Portfolio’s shares, to decline.

Derivatives Risk: Derivatives are instruments, such as futures contracts, whose value is derived from that of other assets, rates or indices. Derivatives can be used for hedging (attempting to reduce risk by offsetting one investment position with another) or non-hedging purposes. Hedging with derivatives may increase expenses, and there is no guarantee that a hedging strategy will work. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by the Portfolio or if the cost of the derivative outweighs the benefit of the hedge. The use of derivatives for non-hedging purposes may be considered to carry more risk than other types of investments. When the Intermediate-Term Municipal Bond Portfolio uses derivatives, the Portfolio will be directly exposed to the risks of those derivatives. Derivative securities are subject to a number of risks including counterparty, liquidity, interest rate, market, credit and management risks, and the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and the Portfolio could lose more than the principal amount invested. Additionally, payments made or received by the Intermediate-Term Municipal Bond Portfolio under such derivatives may increase the amount of distributions taxable to you as ordinary income, increase or decrease the amount of capital gain distributions to you and/or decrease the amount available for distribution to you as exempt-interest dividends.

Liquidity Risk: Liquidity risk exists when particular portfolio investments are difficult to purchase or sell. To the extent that the Intermediate-Term Municipal Bond Portfolio holds illiquid investments, the Portfolio’s performance may be reduced due to an inability to sell the investments at opportune prices or times. Liquid portfolio investments may become illiquid or less liquid after purchase by the Intermediate-Term Municipal Bond Portfolio due to low trading volume, adverse investor perceptions and/or other market developments. Liquidity risk includes the risk that the Intermediate-Term Municipal Bond Portfolio will experience significant net redemptions at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss. Liquidity risk can be more pronounced in periods of market turmoil.

Cyber Security Risk: The Intermediate-Term Municipal Bond Portfolio’s and its service providers’ use of internet, technology and information systems may expose the Portfolio to potential risks linked to cyber security breaches of those technological or information systems. Cyber security breaches, amongst other things, could allow an unauthorized party to gain access to proprietary information, customer data, or fund assets, or cause the Portfolio and/or its service providers to suffer data corruption or lose operational functionality.


Calendar Year

Record Date Ex-Date Payable Date Type Rate per Share
02/06/15 02/09/15 02/10/15 Dividend $0.02342
03/06/15 03/09/15 03/10/15 Dividend $0.01329
04/08/15 04/09/15 04/10/15 Dividend $0.01132
05/07/15 05/08/15 05/11/15 Dividend $0.01220
06/05/15 06/08/15 06/09/15 Dividend $0.01120
07/08/15 07/09/15 07/10/15 Dividend $0.01135
08/07/15 08/10/15 08/11/15 Dividend $0.01162
09/08/15 09/09/15 09/10/15 Dividend $0.01199
10/07/15 10/08/15 10/09/15 Dividend $0.01270
11/25/15 11/27/15 11/30/15 Dividend $0.01865
12/14/15 12/15/15 12/16/15 Dividend $0.01178
Record Date Ex-Date Payable Date Type Rate per Share
01/27/16 01/28/16 01/29/16 Dividend $0.01893
02/25/16 02/26/16 02/29/16 Dividend $0.00807
03/29/16 03/30/16 03/31/16 Dividend $0.01427
04/27/16 04/28/16 04/29/16 Dividend $0.01010
05/26/16 05/27/16 05/31/16 Dividend $0.01084
06/28/16 06/29/16 06/30/16 Dividend $0.01068
07/27/16 07/28/16 07/29/16 Dividend $0.01175
08/29/16 08/30/16 08/31/16 Dividend $0.01068
09/28/16 09/29/16 09/30/16 Dividend $0.00822
10/27/16 10/28/16 10/31/16 Dividend $0.01209
11/28/16 11/29/16 11/30/16 Dividend $0.01097
12/13/16 12/14/16 12/15/16 Dividend $0.01010
Record Date Ex-Date Payable Date Type Rate per Share
01/27/17 01/30/17 01/31/17 Dividend $0.01207
02/24/17 02/27/17 02/28/17 Dividend $0.00961
03/29/17 03/30/17 03/31/17 Dividend $0.01495
04/26/17 04/27/17 04/28/17 Dividend $0.00974
05/26/17 05/30/17 05/31/17 Dividend $0.01170
06/28/17 06/29/17 06/30/17 Dividend $0.01165
07/27/17 07/28/17 07/31/17 Dividend $0.01145
08/29/17 08/30/17 08/31/17 Dividend $0.01289
09/27/17 09/28/17 09/29/17 Dividend $0.00825
10/27/17 10/30/17 10/31/17 Dividend $0.01273
11/28/17 11/29/17 11/30/17 Dividend $0.00915
12/13/17 12/14/17 12/15/17 Dividend $0.01068
Record Date Ex-Date Payable Date Type Rate per Share
01/29/18 01/30/18 01/31/18 Dividend $0.01520
02/26/18 02/27/18 02/28/18 Dividend $0.00840
03/27/18 03/28/18 03/29/18 Dividend $0.01635
04/26/18 04/27/18 04/30/18 Dividend $0.01189
05/29/18 05/30/18 05/31/18
06/27/18 06/28/18 06/29/18
07/27/18 07/30/18 07/31/18
08/29/18 08/30/18 08/31/18
09/26/18 09/27/18 09/28/18
10/29/18 10/30/18 10/31/18
11/28/18 11/29/18 11/30/18
12/14/18 12/17/18 12/18/18

Dimensional Fund Advisors LP 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

Dimensional funds are distributed by DFA Securities LLC.