C000194527 Fees and Costs — DFA California Municipal Real Return Portfolio, Institutional Class Shares
Data updated: 2026-09-24
The net expense ratio is 0.25%: a 0.20% management fee plus 0.05% other expenses. There are no sales loads or redemption fees. Portfolio turnover was 137%.
C000194527 Fees and Expenses
Annual operating expenses and sales charges of C000194527. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.20% |
| 12b-1 fee | — |
| Other expenses | 0.05% |
| Gross expense ratio | 0.25% |
| Fee waiver | — |
| Net expense ratio | 0.25% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | Yes |
C000194527 Costs Over Time
On $10,000 invested in C000194527, assuming 5% a year before costs, total costs come to $159 over 5 years, cutting the return by 0.26% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.25%) | $26 | $83 | $144 |
| Lost growth on money paid in costs | $0 | $4 | $14 |
| Total costs | $26 | $87 | $159 |
| Value after costs | $10,474 | $11,490 | $12,604 |
| Impact on return, per year | 0.26% | 0.26% | 0.26% |
C000194527 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $800.6M
- Portfolio turnover (prospectus): 137%
- Securities lending: none during the year
C000194527 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $385.6M | 50.66% |
| J.P. Morgan Securities LLC | $160.9M | 21.15% |
| Barclays Capital Inc. | $80.5M | 10.58% |
| BofA Securities, Inc. | $35.4M | 4.66% |
| Morgan Stanley & Co. LLC | $23.2M | 3.05% |
| RBC Capital Markets, LLC | $23.2M | 3.04% |
| Goldman Sachs & Co. LLC | $21.8M | 2.87% |
| Stifel, Nicolaus & Company, Incorporated | $11.0M | 1.44% |
| Truist Securities, Inc. | $10.2M | 1.34% |
| Jefferies LLC | $9.3M | 1.22% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.