DFA Short-Term Municipal Bond Portfolio
Inception Date
August 20, 2002
|
Ticker Symbol
DFSMX |
CUSIP Number
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.
| Prices |
| Updated Daily |
| |
| October 10, 2008 |
$9.98 |
$-0.01 |
-0.10% |
|
These Net Asset Values ("NAVs") have been prepared by the fund accounting agent. Dimensional Fund
Advisors reserves the right to restate these NAVs, if necessary, at any time.
|
| Performance |
| |
| Updated Daily |
| As of October 10, 2008 |
0.90% |
|
| Updated Monthly |
| As of September 30, 2008 |
-0.72% |
0.16% |
0.96% |
|
| |
| As of September 30, 2008 |
1.90% |
1.93% |
N/A |
2.15% |
|
| Updated Quarterly |
| As of September 30, 2008 |
1.90% |
1.93% |
N/A |
2.15% |
|
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.
|
| As of November 30, 2007 |
0.23% |
0.23% |
|
Dimensional has contractually agreed to waive certain fees for a one-year period set to terminate on April 1 unless renewed. Dimensional may seek reimbursement for amounts previously waived under the conditions outlined in the prospectus.
|
| Distributions |
| Last 12 Months |
| |
| Dividend |
$0.0140 |
10/7/2008 |
10/8/2008 |
10/13/2008 |
$9.99 |
| Dividend |
$0.0170 |
9/8/2008 |
9/9/2008 |
9/12/2008 |
$10.08 |
| Dividend |
$0.0150 |
8/7/2008 |
8/8/2008 |
8/13/2008 |
$10.06 |
| Dividend |
$0.0140 |
7/7/2008 |
7/8/2008 |
7/11/2008 |
$10.04 |
| Dividend |
$0.0130 |
6/9/2008 |
6/10/2008 |
6/13/2008 |
$10.05 |
| Dividend |
$0.0140 |
5/7/2008 |
5/8/2008 |
5/13/2008 |
$10.04 |
| Dividend |
$0.0150 |
4/7/2008 |
4/8/2008 |
4/11/2008 |
$10.06 |
| Dividend |
$0.0170 |
3/7/2008 |
3/10/2008 |
3/13/2008 |
$10.05 |
| Dividend |
$0.0210 |
2/7/2008 |
2/8/2008 |
2/13/2008 |
$10.07 |
| Dividend |
$0.0530 |
12/7/2007 |
12/10/2007 |
12/13/2007 |
$10.01 |
| Dividend |
$0.0260 |
11/7/2007 |
11/8/2007 |
11/13/2007 |
$10.03 |
|
| Top Holdings |
| |
| FLORIDA MUNICIPAL POWER AGENCY |
2.47 |
| AUSTIN TX COMBINED UTILITY SYS |
2.45 |
| HARVARD UNIVERSITY SERIES EE |
2.26 |
| UNIVERSITY OF MINN |
2.06 |
| LAS VEGAS NV VALLEY WATER DIST |
2.01 |
| MASSACHUSETTS SCHOOL BUILDING |
1.92 |
| JOHNS HOPKINS HOSPITAL SERIES |
1.58 |
| TEXAS MUNICIPAL POWER AGENCY 2 |
1.55 |
| UNIVERSITY OF TEXAS BOARD OF |
1.52 |
| KENTUCKY ASSET LIABILITY COMMISSION/KY |
1.45 |
| TENNESSEE STATE SCHOOL BOND AU |
1.44 |
| HENRY COUNTY SCHOOL DISTRICT |
1.44 |
| STATE OF MARYLAND |
1.44 |
| SAN ANTONIO, TX WATER SYSTEM S |
1.34 |
| FLORIDA STATE BOARD OF EDUCATION |
1.33 |
| STATE OF NEVADA |
1.32 |
| COMMONWEALTH OF PENNSYLVANIA |
1.32 |
| WISCONSIN STATE G.O. 2006 SERI |
1.31 |
| STATE OF NORTH CAROLINA |
1.31 |
| STATE OF DELAWARE |
1.16 |
| Total |
32.68 |
|
View proxy vote filings.
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.
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 Inc., c/o Dimensional Fund Advisors, 1299 Ocean Avenue, Santa Monica, CA 90401.
Mutual funds distributed by DFA Securities Inc.
