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Short-Term Muni. Bond Portfolio (I)

Ticker DFSMX
Inception Date 08/20/02
Fund Net Assets $2.3 B (As Of 08/31/22)

The investment objective of the DFA Short-Term Municipal Bond Portfolio is to provide current income that is exempt from federal personal income taxes and to preserve investors' principal.

Returns (As of 08/31/22)(As of 06/30/22)

Calendar Year Returns

portfolio benchmark
2021 -0.11% 0.34%
2020 0.83% 2.16%
2019 1.62% 2.88%
2018 1.21% 1.76%
2017 1.15% 0.99%
2016 0.05% 0.33%
2015 1.15% 0.76%
2014 0.57% 0.72%
2013 0.46% 1.07%
2012 0.73% 1.03%

Annualized Returns

portfolio benchmark
YTD -0.77% -2.40%
1 Year -0.87% -2.55%
3 Year 0.07% 0.14%
5 Year 0.43% 0.78%
10 Year 0.61% 0.86%
Since Inception 1.45% 1.82%

Annualized Returns

portfolio benchmark
YTD -0.51% -2.13%
1 Year -0.69% -2.15%
3 Year 0.26% 0.43%
5 Year 0.58% 0.95%
10 Year 0.66% 0.91%
Since Inception 1.48% 1.85%

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.

ICE BofA index data copyright 2022 ICE Data Indices, LLC.

Dimensional funds are distributed by DFA Securities LLC.

Fees & Expenses

Management Fee 0.16%
Total Operating Expense Ratio 0.20%
Net Expense Ratio (to investor) 0.20%

The “Management Fee” and “Total Operating Expense Ratio” for certain Portfolios have been adjusted to reflect the decrease in the management fee payable by the Portfolio effective February 28, 2022. 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 08/31/22)

Characteristics

Number of Holdings 667
Average Maturity (Years) 1.21
Yield to Maturity 2.44%
30 Day SEC Yield 1.82%
Average Duration (Years) 1.15

Maturity Allocation

0 - 3 Months 8.35%
3 - 6 Months 13.63%
6 - 9 Months 5.45%
9 - 12 Months 27.05%
1 - 3 Years 41.60%
3 - 5 Years 3.91%

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. The Portfolio may be subject to a greater risk of rising interest rates due to the current period of historically low 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 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 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.

Call Risk: Call risk is the risk that during periods of falling interest rates, an issuer will call or repay a higher-yielding fixed income security before its maturity date, forcing the Portfolio to reinvest in fixed income securities with lower interest rates than the original obligations.

Tax Liability Risk: Tax liability risk is the risk that distributions by the 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.

Municipal Securities Risk: The risk of a municipal security generally depends on the financial and credit status of the issuer. Municipal securities can be significantly affected by political, regulatory or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer’s insolvency.

Derivatives Risk: Derivatives are instruments, such as swaps, futures contracts, and options thereon, 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 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, as well as 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. Additional risks are associated with the use of swaps including counterparty and credit risk (the risk that the other party to a swap agreement will not fulfill its contractual obligations, whether because of bankruptcy or other default) and liquidity risk (the possible lack of a secondary market for the swap agreement). Credit risk increases when the Portfolio is the seller of swaps and counterparty risk increases when the Portfolio is a buyer of swaps. In addition, where the Portfolio is the seller of swaps, it may be required to liquidate portfolio securities at inopportune times in order to meet payment obligations or segregation requirements. Swaps may be illiquid or difficult to value. Additionally, payments made or received by the 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 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 Portfolio due to low trading volume, adverse investor perceptions and/or other market developments. Liquidity risk includes the risk that the 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 or at increased costs. Liquidity risk can be more pronounced in periods of market turmoil or in situations where ownership of shares of the Portfolio are concentrated in one or a few investors.

Operational Risk: Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside the Advisor’s control, including instances at third parties. The Portfolio and the Advisor seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks.

Cyber Security Risk: The 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.

Distributions

Calendar Year

2022
Record Date Ex-Date Payable Date Type Rate per Share
01/29/19 01/30/19 01/31/19 Dividend $0.01308
02/26/19 02/27/19 02/28/19 Dividend $0.00937
03/27/19 03/28/19 03/29/19 Dividend $0.01003
04/26/19 04/29/19 04/30/19 Dividend $0.01361
05/29/19 05/30/19 05/31/19 Dividend $0.01120
06/26/19 06/27/19 06/28/19 Dividend $0.00956
07/29/19 07/30/19 07/31/19 Dividend $0.01188
08/28/19 08/29/19 08/30/19 Dividend $0.00886
09/26/19 09/27/19 09/30/19 Dividend $0.00750
10/29/19 10/30/19 10/31/19 Dividend $0.01182
11/26/19 11/27/19 11/29/19 Dividend $0.00829
12/13/19 12/16/19 12/17/19 Dividend $0.00853
Record Date Ex-Date Payable Date Type Rate per Share
01/29/20 01/30/20 01/31/20 Dividend $0.01217
02/26/20 02/27/20 02/28/20 Dividend $0.00749
03/27/20 03/30/20 03/31/20 Dividend $0.01112
04/28/20 04/29/20 04/30/20 Dividend $0.00842
05/27/20 05/28/20 05/29/20 Dividend $0.00839
06/26/20 06/29/20 06/30/20 Dividend $0.01148
07/29/20 07/30/20 07/31/20 Dividend $0.00487
08/27/20 08/28/20 08/31/20 Dividend $0.00266
09/28/20 09/29/20 09/30/20 Dividend $0.00290
10/28/20 10/29/20 10/30/20 Dividend $0.00740
11/25/20 11/27/20 11/30/20 Dividend $0.00362
12/11/20 12/14/20 12/15/20 Dividend $0.00418
Record Date Ex-Date Payable Date Type Rate per Share
01/27/21 01/28/21 01/29/21 Dividend $0.00243
02/24/21 02/25/21 02/26/21 Dividend $0.00180
03/29/21 03/30/21 03/31/21 Dividend $0.00609
04/28/21 04/29/21 04/30/21 Dividend $0.00225
05/26/21 05/27/21 05/28/21 Dividend $0.00292
06/28/21 06/29/21 06/30/21 Dividend $0.00185
07/28/21 07/29/21 07/30/21 Dividend $0.00147
08/27/21 08/30/21 08/31/21 Dividend $0.00027
Record Date Ex-Date Payable Date Type Rate per Share
03/29/22 03/30/22 03/31/22 Dividend $0.00109
04/27/22 04/28/22 04/29/22 Dividend $0.00050
05/26/22 05/27/22 05/31/22 Dividend $0.00277
06/28/22 06/29/22 06/30/22 Dividend $0.00400
07/27/22 07/28/22 07/29/22 Dividend $0.00686
08/29/22 08/30/22 08/31/22 Dividend $0.00634
09/28/22 09/29/22 09/30/22
10/27/22 10/28/22 10/31/22
11/28/22 11/29/22 11/30/22
12/09/22 12/12/22 12/13/22
12/28/22 12/29/22 12/30/22

This information is not meant to constitute investment advice, a recommendation of any securities product or investment strategy (including account type), or an offer of any services or products for sale, nor is it intended to provide a sufficient basis on which to make an investment decision. Investors should consult with a financial professional regarding their individual circumstances before making investment decisions.

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 us.dimensional.com.

Dimensional funds are distributed by DFA Securities LLC.