DFA Short-Term Selective State Municipal Bond Portfolio

C000235151 Fund Overview

DFA Short-Term Selective State Municipal Bond Portfolio is a US mutual fund managed by Dfa Investment Dimensions Group INC, categorised as Ultra-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: Ultra-Short Municipal - National Bond
• Assets under management: $190.73M
• 1-year return: 2.9%
• SEC CIK: 0000355437
• SEC series ID: S000075838
• Share class ID: C000235151

C000235151 Investment Objective and Strategy

DFA Short-Term Selective State 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 Short-Term Selective State Municipal Bond Portfolio (the Short-Term Selective State Municipal Bond Portfolio or Portfolio) is to seek to provide current income that is expected to be exempt from federal personal income taxes.

Principal investment strategy

The Short-Term Selective State 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 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) 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 (state issuers). As of the date of this prospectus, Dimensional Fund Advisors LP (the Advisor) expects to emphasize investments in obligations issued by or on behalf of: (i) state issuers with no personal income tax (e.g., Wyoming, Washington, Tennessee, Texas, South Dakota, Nevada, New Hampshire, Florida, and Alaska); (ii) state issuers that generally tax income earned from both in state and out-of-state municipal securities (e.g., Iowa, Illinois, and Wisconsin); (iii) state issuers that do not tax income earned from in-state municipal securities and certain out-of-state municipal securities (e.g., Utah) and (iv) state issuers that do not tax income earned from in-state or any out-of-state municipal securities.

From time to time, the Advisor may emphasize investments in additional state issuers or reduce the Portfolios emphasis on certain state issuers without notice to shareholders. 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 Portfolio will acquire obligations that mature within three years from the date of settlement, but substantial investments may be made in obligations maturing up to ten years from the date of settlement when greater expected returns are available, and in variable rate demand obligations with longer maturities. Under normal circumstances, the Portfolio will maintain a weighted average effective maturity of three years or less. The effective maturity adjusts the stated final maturity of a fixed income security for an actual or expected event such as a call, put, tender, mandatory early redemption, pre-refunding, coupon or interest rate reset, or other similar event. 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 or is expected to be 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. If a security's coupon or interest rate is periodically reset, the reset date will be considered for the purposes of the above duration restriction. At least 75% of the assets of the 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 Ratings (Moodys), AAA, AA and A for S&P Global Ratings (S&P) or Fitch Ratings Ltd. (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).

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 Baa1 to Baa3 (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 Portfolio invests are considered investment grade at the time of purchase. 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 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 derivatives, such as fixed income related futures and options contracts, credit default swaps, and interest rate swaps, to hedge against changes in interest rates.

The Portfolio may also invest in exchange-traded funds (ETFs) to gain exposure to the municipal bond market pending investment in municipal bonds. The Portfolio may also invest in money market funds. 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 increase or decrease market exposure based on actual or expected cash inflows to or outflows from the Portfolio. 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.

C000235151 Holdings

Top 10 holdings of DFA Short-Term Selective State Municipal Bond Portfolio by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all C000235151 holdings

C000235151 Portfolio Allocation

Asset-class allocation of DFA Short-Term Selective State Municipal Bond Portfolio by percentage of net assets, from the latest SEC N-PORT filing.

C000235151 Performance

Total returns for C000235151 (as of 2026-10-01), from SEC filings.

C000235151 Risk Information

Risk metrics for C000235151, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 0.5%

C000235151 Costs and Fees

C000235151 costs about $25 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.25%
• Gross expense ratio: 0.25%
• Portfolio turnover: 227%
• Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)

C000235151 Cashflows

Over the 12 months to 2026-04, DFA Short-Term Selective State Municipal Bond Portfolio had net outflows of $26.67K, from monthly SEC N-PORT filings.

C000235151 Debt Constituents

Largest debt holdings of DFA Short-Term Selective State Municipal Bond Portfolio by percentage of net assets, from the latest SEC N-PORT filing.

C000235151 Prospectus and SEC Filings

Official DFA Short-Term Selective State 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 Ultra-Short Municipal - National Bond funds tracked on ABC INVEST:

• Dfa Short-Term Municipal Bond Portfolio (DFSMX)
• iShares iBonds Dec 2027 Term Muni Bond ETF (IBMP)
• Madison Tax-Free Virginia Fund (GTVAX)

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.