Strategies /
Short-Term Muni. Bond Portfolio (I)
| Inception Date | Ticker Symbol | CUSIP Number |
| August 20, 2002 | DFSMX | 233-203-439 |
The investment objective of DFA Short-Term Municipal Bond Portfolio is to provide current income that is exempt from federal personal income taxes and to preserve investors' principal. The Portfolio will invest primarily in investment grade municipal securities. As a fundamental investment policy, under normal market conditions, the Portfolio will invest at least 80% of its net assets in municipal securities that pay interest exempt from federal income tax. Under normal circumstances, the Portfolio will maintain a dollar-weighted average portfolio maturity of three years or less.
For a full description, please consult the Portfolio's prospectus.
For a full description, please consult the Portfolio's prospectus.
Related materials
Prices
| Updated Daily | ||||
|---|---|---|---|---|
| Date | Closing Price | NAV Change $ | NAV Change % | |
| September 1, 2010 | $10.40 | $-0.01 | -0.10% | |
Performance
| Updated Daily | ||||
|---|---|---|---|---|
| Total Returns | Year-to-Date | |||
| September 1, 2010 | 2.05% | |||
| Updated Monthly | ||||
|---|---|---|---|---|
| Total Returns | One Month | Three Month | Year-to-Date | |
| August 31, 2010 | 0.43% | 1.41% | 2.15% | |
| Updated Monthly | ||||
|---|---|---|---|---|
| Average Annual Total Returns | One Year | Five Years | Ten Years | Since Inception |
| August 31, 2010 | 3.38% | 3.13% | -- | 2.61% |
| Updated Quarterly | ||||
|---|---|---|---|---|
| Average Annual Total Returns | One Year | Five Years | Ten Years | Since Inception |
| June 30, 2010 | 3.04% | 2.90% | -- | 2.52% |
| Annual Expenses | Net Expense Ratio (to investor) | Total Operating Expense Ratio |
|---|---|---|
| October 31, 2009 | 0.25% | 0.25% |
| Dimensional has contractually agreed to waive certain fees for a one-year period set to terminate on March 1 unless renewed. Dimensional may seek reimbursement for amounts previously waived under the conditions outlined in the prospectus. | ||
Distributions
| Last 12 Months | |||||
|---|---|---|---|---|---|
| Type | Amount per Share | Record Date | Ex-dividend Date | Payable Date | Ex-dividend Price |
| Dividend | $0.0150 USD | 08/09/2010 | 08/10/2010 | 08/13/2010 | $10.38 USD |
| Dividend | $0.0150 USD | 07/07/2010 | 07/08/2010 | 07/13/2010 | $10.33 USD |
| Dividend | $0.0150 USD | 06/07/2010 | 06/08/2010 | 06/11/2010 | $10.30 USD |
| Dividend | $0.0150 USD | 05/07/2010 | 05/10/2010 | 05/13/2010 | $10.27 USD |
| Dividend | $0.0170 USD | 04/07/2010 | 04/08/2010 | 04/13/2010 | $10.25 USD |
| Dividend | $0.0130 USD | 03/08/2010 | 03/09/2010 | 03/12/2010 | $10.35 USD |
| Dividend | $0.0100 USD | 02/08/2010 | 02/09/2010 | 02/12/2010 | $10.32 USD |
| Dividend | $0.0340 USD | 12/07/2009 | 12/08/2009 | 12/14/2009 | $10.32 USD |
| Dividend | $0.0160 USD | 11/09/2009 | 11/10/2009 | 11/16/2009 | $10.25 USD |
| Dividend | $0.0160 USD | 10/07/2009 | 10/08/2009 | 10/14/2009 | $10.26 USD |
| Dividend | $0.0170 USD | 09/08/2009 | 09/09/2009 | 09/14/2009 | $10.24 USD |
Holdings
| As of July 31, 2010 | % of portfolio |
|---|---|
| DE KALB COUNTY SCHOOL DISTRICT | 1.69 |
| STATE OF MINNESOTA | 1.30 |
| MICHIGAN MUNICIPAL BOND AUTHORITY | 1.28 |
| KING COUNTY SCHOOL DISTRICT NO 1 SEATTLE | 1.27 |
| STATE OF WISCONSIN | 1.23 |
| STATE OF MARYLAND | 1.15 |
| HENRY COUNTY SCHOOL DISTRICT | 1.15 |
| CITY OF DALLAS TX | 1.13 |
| KENTUCKY ASSET LIABILITY COMMISSION | 1.11 |
| FLORIDA STATE BOARD OF EDUCATION | 1.08 |
| STATE OF NEVADA | 1.07 |
| COMMONWEALTH OF PENNSYLVANIA | 1.01 |
| CINCINNATI CITY SCHOOL DISTRICT | 0.99 |
| STATE OF NORTH CAROLINA | 0.99 |
| STATE OF WASHINGTON | 0.94 |
| STATE OF DELAWARE | 0.92 |
| DALLAS AREA RAPID TRANSIT | 0.86 |
| CLARK COUNTY SCHOOL DISTRICT | 0.84 |
| STATE OF MICHIGAN | 0.84 |
| CITY OF NEW YORK NY | 0.83 |
| Total | 21.69 |
Sector Allocations
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.
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.
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 (310) 395-8005; on the Internet at www.dimensional.com; or, by mail, DFA Securities LLC, c/o Dimensional Fund Advisors, 1299 Ocean Avenue, 11th Floor, Santa Monica, CA 90401.
Mutual funds distributed by DFA Securities LLC
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.
Performance data represents past performance. Past performance is no guarantee of future results, and current performance may be higher or lower than the performance displayed. The investment return and principal value of an investment will fluctuate such that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns include reinvestment of dividends and capital gains and are net of all fees and expenses. Prior to April 2002, certain international equity portfolios charged a reimbursement fee to the purchasers of shares of those portfolios.