DSSMX Fees and Costs — DFA Selective State Municipal Bond Portfolio, Institutional Class Shares
Data updated: 2026-09-24
The net expense ratio is 0.23%: a 0.20% management fee plus 0.05% other expenses, less a 0.02% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 114%.
DSSMX Fees and Expenses
Annual operating expenses and sales charges of DSSMX. 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 | −0.02% |
| Net expense ratio | 0.23% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
DSSMX Costs Over Time
On $10,000 invested in DSSMX, assuming 5% a year before costs, total costs come to $146 over 5 years, cutting the return by 0.24% 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 0.23%) | $24 | $76 | $133 |
| Lost growth on money paid in costs | $0 | $4 | $13 |
| Total costs | $24 | $80 | $146 |
| Value after costs | $10,476 | $11,497 | $12,617 |
| Impact on return, per year | 0.24% | 0.24% | 0.24% |
DSSMX 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): $1.0B
- Portfolio turnover (prospectus): 114%
- Securities lending: none during the year
DSSMX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $452.9M | 46.80% |
| J.P. Morgan Securities LLC | $222.6M | 23.00% |
| ISI Financial Group Inc. | $72.0M | 7.44% |
| Truist Securities, Inc. | $40.8M | 4.22% |
| RBC Capital Markets, LLC | $34.0M | 3.51% |
| Barclays Capital Inc. | $32.8M | 3.39% |
| BofA Securities, Inc. | $31.0M | 3.21% |
| Jefferies LLC | $30.8M | 3.18% |
| BNY Capital Markets, LLC | $28.0M | 2.89% |
| Goldman Sachs & Co. LLC | $22.8M | 2.35% |
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.