Back To Mutual Funds

Short-Term Muni. Bond Portfolio (I)

Ticker DFSMX
Inception Date 08/20/02
Fund Net Assets $2.6 B (As Of 04/30/18)

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

Annualized Returns

portfolio benchmark
YTD 0.08% 0.12%
1 Year 0.10% 0.07%
3 Year 0.67% 0.64%
5 Year 0.64% 0.70%
10 Year 1.35% 1.58%
Since Inception 1.68% 2.04%

Annualized Returns

portfolio benchmark
YTD 0.20% 0.29%
1 Year 0.49% 0.46%
3 Year 0.70% 0.70%
5 Year 0.68% 0.74%
10 Year 1.36% 1.61%
Since Inception 1.70% 2.06%

Calendar Year Returns

portfolio benchmark
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%
2011 2.38% 2.37%
2010 1.10% 1.29%
2009 3.69% 4.21%
2008 2.90% 5.16%

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 BofAML index data copyright 2018 ICE Data Indices, LLC.

Dimensional funds are distributed by DFA Securities LLC.

Fees & Expenses

Management Fee 0.20%
Total Operating Expense Ratio 0.22%
Net Expense Ratio (to investor) 0.22%

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 405
Average Maturity (Years) 1.26
Yield to Maturity 1.93%
30 Day SEC Yield 1.57%
Average Duration (Years) 1.19

Maturity Allocation

0 - 3 Months 15.29%
3 - 6 Months 12.10%
6 - 9 Months 8.38%
9 - 12 Months 9.36%
1 - 3 Years 44.97%
3 - 5 Years 9.82%
5 - 7 Years 0.06%

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 Short-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 Short-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 Short-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 Short-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. 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 Short-Term Municipal Bond 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 Short-Term 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 Short-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 Short-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 Short-Term Municipal Bond Portfolio due to low trading volume, adverse investor perceptions and/or other market developments. Liquidity risk includes the risk that the Short-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 Short-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 $0.01502
03/06/15 03/09/15 03/10/15 Dividend $0.00950
04/08/15 04/09/15 04/10/15 Dividend $0.00676
05/07/15 05/08/15 05/11/15 Dividend $0.00773
06/05/15 06/08/15 06/09/15 Dividend $0.00701
07/08/15 07/09/15 07/10/15 Dividend $0.00797
08/07/15 08/10/15 08/11/15 Dividend $0.00727
09/08/15 09/09/15 09/10/15 Dividend $0.00773
10/07/15 10/08/15 10/09/15 Dividend $0.00839
11/25/15 11/27/15 11/30/15 Dividend $0.01202
12/14/15 12/15/15 12/16/15 Dividend $0.00734
Record Date Ex-Date Payable Date Type Rate per Share
01/27/16 01/28/16 01/29/16 Dividend $0.01230
02/25/16 02/26/16 02/29/16 Dividend $0.00526
03/29/16 03/30/16 03/31/16 Dividend $0.01052
04/27/16 04/28/16 04/29/16 Dividend $0.00645
05/26/16 05/27/16 05/31/16 Dividend $0.00807
06/28/16 06/29/16 06/30/16 Dividend $0.00748
07/27/16 07/28/16 07/29/16 Dividend $0.00837
08/29/16 08/30/16 08/31/16 Dividend $0.00739
09/28/16 09/29/16 09/30/16 Dividend $0.00609
10/27/16 10/28/16 10/31/16 Dividend $0.00862
11/28/16 11/29/16 11/30/16 Dividend $0.00746
12/13/16 12/14/16 12/15/16 Dividend $0.00740
Record Date Ex-Date Payable Date Type Rate per Share
01/27/17 01/30/17 01/31/17 Dividend $0.00879
02/24/17 02/27/17 02/28/17 Dividend $0.00657
03/29/17 03/30/17 03/31/17 Dividend $0.01170
04/26/17 04/27/17 04/28/17 Dividend $0.00691
05/26/17 05/30/17 05/31/17 Dividend $0.00879
06/28/17 06/29/17 06/30/17 Dividend $0.00811
07/27/17 07/28/17 07/31/17 Dividend $0.00762
08/29/17 08/30/17 08/31/17 Dividend $0.00943
09/27/17 09/28/17 09/29/17 Dividend $0.00564
10/27/17 10/30/17 10/31/17 Dividend $0.00924
11/28/17 11/29/17 11/30/17 Dividend $0.00663
12/13/17 12/14/17 12/15/17 Dividend $0.00673
Record Date Ex-Date Payable Date Type Rate per Share
01/29/18 01/30/18 01/31/18 Dividend $0.01156
02/26/18 02/27/18 02/28/18 Dividend $0.00616
03/27/18 03/28/18 03/29/18 Dividend $0.01265
04/26/18 04/27/18 04/30/18 Dividend $0.00808
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.