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. The Portfolio does not currently intend to invest in securities whose interest is subject to the federal alternative minimum tax.
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 % | |
| February 8, 2012 | $10.34 | $-0.01 | 0.00% | |
Performance
| Updated Daily | ||||
|---|---|---|---|---|
| Total Returns | Year-to-Date | |||
| February 8, 2012 | 0.39% | |||
| Updated Monthly | ||||
|---|---|---|---|---|
| Total Returns | One Month | Three Month | Year-to-Date | |
| January 31, 2012 | 0.29% | 0.78% | 0.29% | |
| Updated Monthly | ||||
|---|---|---|---|---|
| Average Annual Total Returns | One Year | Five Years | Ten Years | Since Inception |
| January 31, 2012 | 2.68% | 2.74% | -- | 2.39% |
| Updated Quarterly | ||||
|---|---|---|---|---|
| Average Annual Total Returns | One Year | Five Years | Ten Years | Since Inception |
| As of December 31, 2011 | 2.38% | 2.73% | -- | 2.38% |
| Annual Expenses | Net Expense Ratio (to investor) | Total Operating Expense Ratio |
|---|---|---|
| As of October 31, 2011 | 0.23% | 0.23% |
| Dimensional has contractually agreed to waive certain fees for a one-year period set to terminate on February 28, 2013 unless renewed. Dimensional may seek reimbursement for amounts previously waived under the conditions outlined in the prospectus. | ||
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. To obtain performance data current to the most recent month-end, visit www.dimensional.com.
Distributions
| Last 12 Months | |||||
|---|---|---|---|---|---|
| Type | Amount per Share | Record Date | Ex-dividend Date | Payable Date | Ex-dividend Price |
| Dividend | $0.0100 USD | 02/07/2012 | 02/08/2012 | 02/13/2012 | $10.34 USD |
| Dividend | $0.0290 USD | 12/09/2011 | 12/12/2011 | 12/16/2011 | $10.30 USD |
| Dividend | $0.0110 USD | 11/07/2011 | 11/08/2011 | 11/14/2011 | $10.29 USD |
| Dividend | $0.0130 USD | 10/07/2011 | 10/10/2011 | 10/13/2011 | $10.29 USD |
| Dividend | $0.0130 USD | 09/07/2011 | 09/08/2011 | 09/13/2011 | $10.37 USD |
| Dividend | $0.0140 USD | 08/08/2011 | 08/09/2011 | 08/12/2011 | $10.35 USD |
| Dividend | $0.0150 USD | 07/07/2011 | 07/08/2011 | 07/13/2011 | $10.31 USD |
| Dividend | $0.0130 USD | 06/07/2011 | 06/08/2011 | 06/13/2011 | $10.31 USD |
| Dividend | $0.0140 USD | 05/09/2011 | 05/10/2011 | 05/13/2011 | $10.28 USD |
| Dividend | $0.0130 USD | 04/07/2011 | 04/08/2011 | 04/13/2011 | $10.24 USD |
| Dividend | $0.0150 USD | 03/07/2011 | 03/08/2011 | 03/11/2011 | $10.23 USD |
Holdings
| As of January 31, 2012 | % of portfolio |
|---|---|
| NEW YORK STATE DORMITORY AUTHORITY | 1.57 |
| DE KALB COUNTY SCHOOL DISTRICT | 1.43 |
| CITY OF HOUSTON TX | 1.40 |
| STATE OF HAWAII | 1.22 |
| STATE OF MINNESOTA | 1.13 |
| STATE OF WISCONSIN | 1.11 |
| MICHIGAN MUNICIPAL BOND AUTHORITY | 1.09 |
| KING COUNTY SCHOOL DISTRICT NO 1 SEATTLE | 1.09 |
| HENRY COUNTY SCHOOL DISTRICT | 0.99 |
| STATE OF MARYLAND | 0.98 |
| CITY OF DALLAS TX | 0.97 |
| STATE OF FLORIDA | 0.93 |
| STATE OF NEVADA | 0.92 |
| CITY OF DALLAS TX | 0.89 |
| CITY OF SAN ANTONIO TX | 0.88 |
| CINCINNATI CITY SCHOOL DISTRICT | 0.85 |
| STATE OF WASHINGTON | 0.83 |
| STATE OF DELAWARE | 0.78 |
| TEXAS PUBLIC FINANCE AUTHORITY | 0.77 |
| CITY OF NEW YORK NY | 0.77 |
| Total | 20.58 |
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 (512) 306-7400 or at www.dimensional.com.
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.