DFA California Intermediate-Term Municipal Bond Portfolio
Data updated: 2026-09-24
C000097894 — DFA California Intermediate-Term Municipal Bond Portfolio. Intermediate Municipal - National Bond. Holdings, fees, performance and SEC filings.
C000097894 Fund Overview
DFA California Intermediate-Term Municipal Bond Portfolio is a US mutual fund managed by Dfa Investment Dimensions Group INC, categorised as Intermediate Municipal - National Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Dfa Investment Dimensions Group INC
- Category: Intermediate Municipal - National Bond
- Assets under management: $418.47M
- 1-year return: 4.8%
- SEC CIK: 0000355437
- SEC series ID: S000031489
- Share class ID: C000097894
C000097894 Investment Objective and Strategy
DFA California Intermediate-Term Municipal Bond Portfolio describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Dfa Investment Dimensions Group INC.
Investment objective
The investment objective of the DFA California Intermediate-Term Municipal Bond Portfolio (the “California Intermediate-Term Municipal Bond Portfolio”) is to seek to provide current income that is expected to be exempt from federal personal income taxes and California state personal income taxes.
Principal investment strategy
The California Intermediate-Term Municipal Bond Portfolio seeks its investment objective by investing primarily in a universe of municipal securities issued by or on behalf of California state or local governments and their agencies, instrumentalities and regional governmental authorities, the interest on which is exempt from regular federal income tax and the state personal income tax of California. The Portfolio may also invest a portion of its assets in municipal securities issued by U.S. territories that are exempt from state taxation under federal law. Municipal securities in which the Portfolio may invest include, among others, revenue bonds, general obligation bonds, industrial development bonds, municipal lease obligations, commercial paper, variable rate demand obligations and other instruments (including participation interests in such securities).
The Portfolio intends to invest in municipal securities that in the opinion of bond counsel for the issuers and under current tax law provide interest that is exempt from California and federal personal income taxes. 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 personal income tax and California state personal income taxes. The Portfolio does not currently intend to invest its assets in municipal securities whose interest is subject to the federal alternative minimum tax. Generally, the Portfolio will acquire obligations that mature more than three years from the date of settlement. Under normal circumstances, the Portfolio will maintain a dollar-weighted average portfolio maturity of more than three years but less than ten years.
The Portfolio intends to maintain a dollar-weighted average credit quality equal to or better than the lower of: (i) a credit quality rating of AA by S&P or Aa2 by Moodys Investors Services, Inc. (Moodys) or AA by Fitch Ratings Ltd. or (ii) the credit quality of general obligation bonds issued by the state of California. For purposes of the above policy on dollar-weighted average credit quality, unrated securities may be included if such securities have been determined by Dimensional Fund Advisors LP (the Advisor) to be of comparable quality. If a security has been redeemed by the issuer at a date prior to the stated final maturity date for the purposes of the above maturity restriction, the early redemption date shall be considered the maturity date regardless of the stated final maturity.
Municipal securities are often issued to obtain funds for various public purposes, including the construction of a wide range of public facilities, such as bridges, highways, housing, hospitals, mass transportation facilities, schools, streets and public utilities, such as water and sewer works. Municipal securities include municipal leases, certificates of participation, municipal obligation components and municipal custody receipts. The Portfolio may invest more than 25% of its assets in municipal securities issued to finance projects in a particular segment of the bond market including, but not limited to, health care, housing, education, utilities, and transportation. The Portfolio also may invest more than 25% of its assets in industrial development bonds. The California Intermediate-Term Municipal Bond Portfolio may (1) purchase certain municipal securities that are insured, (2) invest in municipal securities secured by mortgages on single-family homes and multi-family projects, (3) invest in pre-refunded municipal securities, (4) purchase tax-exempt municipal securities on a when-issued basis and (5) use fixed income related futures and options contracts, credit default swaps, interest rate swaps and other types of derivatives to hedge against changes in interest rates.
The Portfolio may also purchase or sell futures contracts and options on futures contracts, to adjust market exposure based on actual or expected cash inflows to or outflows from the Portfolio. The Portfolio does not intend to sell futures contracts to establish short positions in individual securities or to use derivatives for purposes of speculation or leveraging investment returns. Although the Portfolio attempts to invest all of its assets in tax-exempt securities, it is possible, although not anticipated, that a portion of its assets may be invested in securities that pay taxable interest, including interest that may be subject to the federal alternative minimum tax. These investments could generate taxable income for shareholders. The California Intermediate-Term Municipal Bond Portfolio is primarily designed for investment by California taxpayers.
C000097894 Holdings
Top 10 holdings of DFA California Intermediate-Term Municipal Bond Portfolio by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Los Angeles Unified School District/CA | 1.60% |
| State of California | 1.31% |
| University of California | 1.30% |
| San Francisco Bay Area Rapid Transit District | 1.28% |
| California State Public Works Board | 1.25% |
| Long Beach Unified School District | 1.20% |
| City of Los Angeles CA Wastewater System Revenue | 1.20% |
| San Francisco City & County Public Utilities Commission Wastewater Revenue | 1.04% |
| Santa Clara County Financing Authority | 1.03% |
| City & County of San Francisco CA | 1.03% |
C000097894 Portfolio Allocation
Asset-class allocation of DFA California Intermediate-Term Municipal Bond Portfolio by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 98.5% |
C000097894 Performance
Total returns for C000097894 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 0.6% |
| 1 year | 4.8% |
| 3 years (annualised) | 2.8% |
| 5 years (annualised) | 1.0% |
C000097894 Risk Information
Risk metrics for C000097894, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 2.4%
C000097894 Costs and Fees
C000097894 costs about $21 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.21%
- Gross expense ratio: 0.21%
- Portfolio turnover: 71%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
C000097894 Cashflows
Over the 12 months to 2026-04, DFA California Intermediate-Term Municipal Bond Portfolio had net outflows of $7.98M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-04 | −$2.36M |
| 2026-03 | −$811.35K |
| 2026-02 | −$1.17M |
| 2026-01 | $1.02M |
| 2025-12 | $3.83M |
| 2025-11 | −$1.86M |
C000097894 Debt Constituents
Largest debt holdings of DFA California Intermediate-Term Municipal Bond Portfolio by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Los Angeles Unified School District/CA | 1.60% |
| State of California | 1.31% |
| University of California | 1.30% |
| San Francisco Bay Area Rapid Transit District | 1.28% |
| California State Public Works Board | 1.25% |
| Long Beach Unified School District | 1.20% |
| City of Los Angeles CA Wastewater System Revenue | 1.20% |
| San Francisco City & County Public Utilities Commission Wastewater Revenue | 1.04% |
| Santa Clara County Financing Authority | 1.03% |
| City & County of San Francisco CA | 1.03% |
C000097894 Prospectus and SEC Filings
Official DFA California Intermediate-Term Municipal Bond Portfolio filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-02-27
- Prospectus (485BPOS) — filed 2025-02-28
- Prospectus (485BPOS) — filed 2024-02-28
- Portfolio holdings (N-PORT) — filed 2026-09-24
- Portfolio holdings (N-PORT) — filed 2026-06-24
- Portfolio holdings (N-PORT) — filed 2026-03-27
- Annual census (N-CEN) — filed 2026-01-12
- Annual census (N-CEN) — filed 2025-01-10
Related Funds
Other Intermediate Municipal - National Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.