DFA Municipal Real Return Portfolio
Data updated: 2026-09-24
C000145907 — DFA Municipal Real Return Portfolio. Short Municipal - National Bond · $1.83B AUM. Holdings, fees, performance and SEC filings.
C000145907 Fund Overview
DFA Municipal Real Return Portfolio is a US mutual fund managed by Dfa Investment Dimensions Group INC, categorised as Short 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: Short Municipal - National Bond
- Assets under management: $1.83B
- 1-year return: 3.3%
- SEC CIK: 0000355437
- SEC series ID: S000046723
- Share class ID: C000145907
C000145907 Investment Objective and Strategy
DFA Municipal Real Return 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 Municipal Real Return Portfolio (the “Municipal Real Return Portfolio”) is to seek inflation protection and to provide current income from municipal securities.
Principal investment strategy
The Municipal Real Return Portfolio seeks its investment objective by investing primarily in a universe of investment grade municipal securities, including inflation-protected municipal securities, and in derivative instruments to provide inflation protection. Municipal securities include bonds, notes, commercial paper and other instruments (including participation interests in such securities) issued by or on behalf of the states, territories and possessions of the United States (including the District of Columbia) and their political subdivisions, agencies and instrumentalities. The interest on the municipal securities purchased by the Portfolio, in the opinion of bond counsel for the issuers and under current tax law, is exempt from federal income tax (i.e., excludable from gross income for individuals for federal income tax purposes but not necessarily exempt from state or local 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 income tax. The Portfolio does not currently intend to invest its assets in municipal securities whose interest is subject to the federal alternative minimum tax. Under normal circumstances, the Municipal Real Return Portfolio will maintain an average portfolio duration of no greater than five years. 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 duration restriction, the early redemption date shall be considered the maturity date regardless of the stated final maturity. At least 75% of the assets of the Municipal Real Return Portfolio will be invested in municipal securities that, at the time of purchase, are rated in the top three credit-rating categories (e.g., Aaa, Aa and A for Moodys Investors Service, Inc.
(Moodys) or AAA, AA and A for Standard & Poors Rating Group (S&P) or AAA, AA and A for Fitch Ratings Ltd. (Fitch)). No more than 25% of the Portfolios assets will be invested in municipal securities that, at the time of purchase, are rated in the lowest quarter of the investment grade spectrum (e.g., rated Baa3 to Baa1 (by Moodys) or BBB- to BBB+ (by S&P or Fitch), or an equivalent rating assigned by another nationally recognized statistical rating organization, or that are unrated but have been determined by the Advisor to be of comparable quality). The fixed income securities in which the Municipal Real Return Portfolio invests are considered investment grade at the time of purchase. The Municipal Real Return 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 and interest rate swaps to hedge against changes in interest rates.
The Municipal Real Return Portfolio may enter into swaps, such as inflation swaps, to seek inflation protection. The Portfolio also may enter into credit default swaps on issuers or indices to buy or sell credit protection to hedge its credit exposure; gain market or issuer exposure without owning the underlying securities; or increase the Portfolios total return. The Portfolio also may purchase or sell futures contracts and options on futures contracts, to hedge its interest rate exposure or for non-hedging purposes, such as a substitute for direct investment or 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.
The Municipal Real Return Portfolio may lend its portfolio securities to generate additional income.
C000145907 Holdings
Top 10 holdings of DFA Municipal Real Return Portfolio by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Bank of America NA | 1.61% |
| Gwinnett County School District | 1.42% |
| City of Danbury CT | 1.10% |
| City of Revere MA | 0.99% |
| County of Hudson NJ | 0.99% |
| State of Connecticut | 0.97% |
| County of Travis TX | 0.92% |
| Commonwealth of Massachusetts | 0.91% |
| University of Houston | 0.86% |
| State of Maryland | 0.85% |
C000145907 Portfolio Allocation
Asset-class allocation of DFA Municipal Real Return Portfolio by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 97.5% |
| Real Estate | 2.2% |
| Cash & Equivalents | 0.2% |
C000145907 Performance
Total returns for C000145907 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 1.8% |
| 1 year | 3.3% |
| 3 years (annualised) | 3.2% |
| 5 years (annualised) | 2.7% |
C000145907 Risk Information
Risk metrics for C000145907, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 1.0%
C000145907 Costs and Fees
C000145907 costs about $24 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.24%
- Gross expense ratio: 0.24%
- Portfolio turnover: 132%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
C000145907 Cashflows
Over the 12 months to 2026-04, DFA Municipal Real Return Portfolio had net inflows of $87.07M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-04 | −$316.88K |
| 2026-03 | −$22.45M |
| 2026-02 | $3.34M |
| 2026-01 | $6.15M |
| 2025-12 | −$5.07M |
| 2025-11 | −$6.54M |
C000145907 Debt Constituents
Largest debt holdings of DFA Municipal Real Return Portfolio by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Gwinnett County School District | 1.42% |
| City of Danbury CT | 1.10% |
| City of Revere MA | 0.99% |
| County of Hudson NJ | 0.99% |
| State of Connecticut | 0.97% |
| County of Travis TX | 0.92% |
| Commonwealth of Massachusetts | 0.91% |
| University of Houston | 0.86% |
| State of Maryland | 0.85% |
| City of Charlotte NC Water & Sewer System Revenue | 0.84% |
C000145907 Prospectus and SEC Filings
Official DFA Municipal Real Return 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 Short 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.