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NY Municipal Bond Portfolio

Ticker DNYMX
Inception Date 06/16/15
Fund Net Assets $94.8 M (As Of 04/30/18)

The investment objective of the DFA NY Municipal Bond Portfolio is to seek to provide current income that is expected to be exempt from federal personal income taxes and New York state personal income taxes.

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

Annualized Returns

portfolio benchmark
YTD -0.38% -1.46%
1 Year -0.10% 0.34%
Since Inception 1.44% 1.99%

Annualized Returns

portfolio benchmark
YTD -0.18% -1.11%
1 Year 0.58% 1.47%
Since Inception 1.56% 2.18%

Calendar Year Returns

portfolio benchmark
2017 1.74% 3.92%
2016 0.67% 0.12%

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 0.25%
Net Expense Ratio (to investor) 0.25%

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 162
Average Maturity (Years) 2.13
Yield to Maturity 2.12%
30 Day SEC Yield 1.59%
Average Duration (Years) 1.96

Maturity Allocation

0 - 3 Months 11.79%
3 - 6 Months 5.19%
6 - 9 Months 12.76%
9 - 12 Months 8.15%
1 - 3 Years 30.96%
3 - 5 Years 19.46%
5 - 7 Years 10.81%
7 - 10 Years 0.88%

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 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.

Non-Diversification Risk: The risk that the NY Municipal Bond Portfolio may be more volatile than a diversified fund because the Portfolio invests its assets in a smaller number of issuers. The gains or losses on a single security, therefore, may have a greater impact on the Portfolio’s net asset value.

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 NY 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. Credit risk is greater for fixed income securities with ratings below investment grade (e.g., BB or below by S&P or Ba or below by Moody’s). 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 and, during periods of market volatility, may be more difficult to sell at the time and price the Portfolio desires.

Income Risk: Income risk is the risk that falling interest rates will cause the NY 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 NY 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.

State-Specific Risk: Because the Portfolio focuses its investments primarily in New York municipal securities, the value of the Portfolio’s investments will be highly sensitive to events affecting the fiscal stability of the State of New York and its agencies, municipalities, authorities and other instrumentalities that issue securities. Having a significant percentage of its assets invested in the securities of fewer issuers, particularly obligations of government issuers of a single state could result in greater credit risk exposure to a smaller number of issuers due to economic, regulatory or political problems in New York. Also, to the extent that the Portfolio makes significant investments in securities issued to finance projects in a particular segment of the New York municipal securities market such focused investment may cause the value of the Portfolio’s shares to change more than the value of shares of funds that invest more broadly. These risks are disclosed in more detail in the Portfolio’s Statement of Additional Information.

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 NY Municipal Bond Portfolio uses derivatives, the Portfolio will be directly exposed to the risks of those derivatives. Derivative instruments 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 NY 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 NY 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 NY Municipal Bond Portfolio due to low trading volume, adverse investor perceptions and/or other market developments. Liquidity risk includes the risk that the NY 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 NY 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
07/08/15 07/09/15 07/10/15 Dividend $0.00199
08/07/15 08/10/15 08/11/15 Dividend $0.00989
09/08/15 09/09/15 09/10/15 Dividend $0.01064
10/07/15 10/08/15 10/09/15 Dividend $0.01191
11/25/15 11/27/15 11/30/15 Dividend $0.01906
12/14/15 12/15/15 12/16/15 Dividend $0.00845
Record Date Ex-Date Payable Date Type Rate per Share
01/27/16 01/28/16 01/29/16 Dividend $0.01707
02/25/16 02/26/16 02/29/16 Dividend $0.00771
03/29/16 03/30/16 03/31/16 Dividend $0.01233
04/27/16 04/28/16 04/29/16 Dividend $0.00797
05/26/16 05/27/16 05/31/16 Dividend $0.00900
06/28/16 06/29/16 06/30/16 Dividend $0.00840
07/27/16 07/28/16 07/29/16 Dividend $0.00886
08/29/16 08/30/16 08/31/16 Dividend $0.00777
09/28/16 09/29/16 09/30/16 Dividend $0.00597
10/27/16 10/28/16 10/31/16 Dividend $0.00875
11/28/16 11/29/16 11/30/16 Dividend $0.00780
12/13/16 12/14/16 12/15/16 Dividend $0.00727
Record Date Ex-Date Payable Date Type Rate per Share
01/27/17 01/30/17 01/31/17 Dividend $0.00969
02/24/17 02/27/17 02/28/17 Dividend $0.00675
03/29/17 03/30/17 03/31/17 Dividend $0.01182
04/26/17 04/27/17 04/28/17 Dividend $0.00800
05/26/17 05/30/17 05/31/17 Dividend $0.00975
06/28/17 06/29/17 06/30/17 Dividend $0.00899
07/27/17 07/28/17 07/31/17 Dividend $0.00948
08/29/17 08/30/17 08/31/17 Dividend $0.01013
09/27/17 09/28/17 09/29/17 Dividend $0.00638
10/27/17 10/30/17 10/31/17 Dividend $0.00990
11/28/17 11/29/17 11/30/17 Dividend $0.00721
12/13/17 12/14/17 12/15/17 Dividend $0.00758
Record Date Ex-Date Payable Date Type Rate per Share
01/29/18 01/30/18 01/31/18 Dividend $0.01192
02/26/18 02/27/18 02/28/18 Dividend $0.00684
03/27/18 03/28/18 03/29/18 Dividend $0.01340
04/26/18 04/27/18 04/30/18 Dividend $0.00921
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.