DFA Municipal Bond Portfolio
Data updated: 2026-09-24
C000151980 — DFA Municipal Bond Portfolio. Intermediate Municipal - National Bond · $465.60M AUM. Holdings, fees, performance and SEC filings.
C000151980 Fund Overview
DFA 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: $465.60M
- 1-year return: 4.3%
- SEC CIK: 0000355437
- SEC series ID: S000048085
- Share class ID: C000151980
C000151980 Investment Objective and Strategy
DFA 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 Municipal Bond Portfolio (the “Municipal Bond Portfolio”) is to seek to provide current income that is exempt from federal personal income tax.
Principal investment strategy
The Municipal Bond Portfolio seeks its investment objective by investing primarily in a universe of investment grade municipal securities, the interest on which is exempt from regular federal income tax. 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. Generally, the Municipal Bond Portfolio will acquire obligations that mature within fifteen years from the date of settlement. Under normal circumstances, the Portfolio will maintain a dollar-weighted average portfolio duration of more than three years but less than five years. In making purchase decisions, if the expected term premium is greater for longer-term securities in the eligible maturity range, the Advisor will focus investment in the longer-term area, otherwise, the Portfolio will focus investment in the shorter-term area of the eligible maturity range.
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 Bond 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 Bond Portfolio invests are considered investment grade at the time of purchase. The 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 and interest rate swaps to hedge against changes in interest rates. The Municipal Bond 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 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 Bond Portfolio may lend its portfolio securities to generate additional income.
C000151980 Holdings
Top 10 holdings of DFA Municipal Bond Portfolio by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| County of Miami-Dade FL | 2.33% |
| Tarrant Regional Water District | 1.28% |
| County of Frederick MD | 1.08% |
| City of Danbury CT | 1.07% |
| State of Maryland | 1.04% |
| County of King WA | 0.95% |
| County of Henrico VA | 0.94% |
| Triborough Bridge & Tunnel Authority | 0.94% |
| Orlando Utilities Commission | 0.92% |
| Multnomah County School District No 1J Portland | 0.92% |
C000151980 Portfolio Allocation
Asset-class allocation of DFA Municipal Bond Portfolio by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 99.4% |
| Equity | 0.3% |
C000151980 Performance
Total returns for C000151980 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 0.4% |
| 1 year | 4.3% |
| 3 years (annualised) | 2.6% |
| 5 years (annualised) | 0.8% |
C000151980 Risk Information
Risk metrics for C000151980, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 2.2%
C000151980 Costs and Fees
C000151980 costs about $21 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.21%
- Gross expense ratio: 0.21%
- Portfolio turnover: 76%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
C000151980 Cashflows
Over the 12 months to 2026-04, DFA Municipal Bond Portfolio had net inflows of $7.11M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-04 | $1.51M |
| 2026-03 | −$384.42K |
| 2026-02 | −$5.62M |
| 2026-01 | −$2.09M |
| 2025-12 | $1.56M |
| 2025-11 | −$1.10M |
C000151980 Debt Constituents
Largest debt holdings of DFA Municipal Bond Portfolio by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| County of Miami-Dade FL | 2.33% |
| Tarrant Regional Water District | 1.28% |
| County of Frederick MD | 1.08% |
| City of Danbury CT | 1.07% |
| State of Maryland | 1.04% |
| County of King WA | 0.95% |
| County of Henrico VA | 0.94% |
| Triborough Bridge & Tunnel Authority | 0.94% |
| Orlando Utilities Commission | 0.92% |
| Multnomah County School District No 1J Portland | 0.92% |
C000151980 Prospectus and SEC Filings
Official DFA 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.