DFA California Short-Term Municipal Bond Portfolio
Inception Date
April 2, 2007
|
Ticker Symbol
DFCMX |
CUSIP Number
233-203-330 |
The investment objective of the DFA California Short-Term Municipal Bond Portfolio is to provide current income that is expected to be exempt from federal personal income taxes and California state personal income taxes. The Portfolio seeks to maximize total returns from a universe of municipal securities primarily issued by or on behalf of California state or local governments and their agencies, instrumentalities and regional governmental authorities, the interest on which is exempt from regular federal income tax and the state personal income tax of California. The Portfolio will have an average dollar-weighted portfolio maturity of three years or less. The Portfolio is primarily designed for investment by California taxpayers.
For a full description, please consult the Portfolio's prospectus.
| Prices |
| Updated Daily |
| |
| January 6, 2009 |
$10.16 |
$0.02 |
0.20% |
|
These Net Asset Values ("NAVs") have been prepared by the fund accounting agent. Dimensional Fund
Advisors reserves the right to restate these NAVs, if necessary, at any time.
|
| Performance |
| |
| Updated Daily |
| As of January 6, 2009 |
0.30% |
|
| Updated Monthly |
| As of December 31, 2008 |
0.91% |
2.20% |
3.13% |
|
| |
| As of December 31, 2008 |
3.13% |
N/A |
N/A |
3.24% |
|
| Updated Quarterly |
| As of December 31, 2008 |
3.13% |
N/A |
N/A |
3.24% |
|
Performance data represents past performance. Past performance is no guarantee of future results, and current performance may be higher or lower than the performance displayed. The investment return and principal value of an investment will fluctuate such that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns include reinvestment of dividends and capital gains and are net of all fees and expenses. Prior to April 2002, certain international equity portfolios charged a reimbursement fee to the purchasers of shares of those portfolios.
|
| As of November 30, 2007 |
0.33% |
0.30% |
|
Dimensional has contractually agreed to waive certain fees and assume expenses for a one-year period set to terminate on April 1 unless renewed. Dimensional may seek reimbursement for amounts previously waived under the conditions outlined in the prospectus.
|
| Distributions |
| Last 12 Months |
| |
| Dividend |
$0.0410 |
12/8/2008 |
12/9/2008 |
12/15/2008 |
$10.04 |
| Dividend |
$0.0240 |
11/7/2008 |
11/10/2008 |
11/13/2008 |
$10.06 |
| Dividend |
$0.0240 |
10/7/2008 |
10/8/2008 |
10/13/2008 |
$9.98 |
| Dividend |
$0.0100 |
9/8/2008 |
9/9/2008 |
9/12/2008 |
$10.12 |
| Dividend |
$0.0190 |
8/7/2008 |
8/8/2008 |
8/13/2008 |
$10.06 |
| Dividend |
$0.0170 |
7/7/2008 |
7/8/2008 |
7/11/2008 |
$10.05 |
| Dividend |
$0.0170 |
6/9/2008 |
6/10/2008 |
6/13/2008 |
$10.06 |
| Dividend |
$0.0160 |
5/7/2008 |
5/8/2008 |
5/13/2008 |
$10.06 |
| Dividend |
$0.0170 |
4/7/2008 |
4/8/2008 |
4/11/2008 |
$10.07 |
| Dividend |
$0.0280 |
3/7/2008 |
3/10/2008 |
3/13/2008 |
$10.07 |
| Dividend |
$0.0070 |
2/7/2008 |
2/8/2008 |
2/13/2008 |
$10.12 |
|
| Top Holdings |
| |
| MUNICIPAL IMPROVEMENT CORPORAT |
3.52 |
| SAN JOSE UNIFIED SCHOOL DISTRICT/SANTA CLARA COUNT |
3.24 |
| SAN FRANCISCO CITY & COUNTY PUBLIC UTILITIES COMMI |
3.12 |
| HAWTHORNE SCHOOL DISTRICT/CA |
3.07 |
| CALIFORNIA COMMUNITIES NOTE PROGRAM |
2.75 |
| CITY & COUNTY OF SAN FRANCISCO CA |
2.50 |
| FOOTHILL-DE ANZA COMMUNITY COLLEGE DISTRICT/CA |
2.50 |
| STATE OF CALIFORNIA |
2.48 |
| LOS ANGELES UNIFIED SCHOOL DISTRICT/CA |
2.35 |
| LOS ANGELES DEPARTMENT OF WATER & POWER |
2.23 |
| EL CAMINO COMMUNITY COLLEGE DISTRICT/CA |
2.06 |
| EL CAMINO COMMUNITY COLLEGE DISTRICT/CA |
1.96 |
| STATE OF CALIFORNIA |
1.90 |
| CHARTER OAK UNIFIED SCHOOL DISTRICT |
1.89 |
| STATE OF CALIFORNIA |
1.88 |
| LOS ANGELES CA WASTEWATER SYST |
1.82 |
| UNIVERSITY OF CALIFORNIA SERIE |
1.76 |
| LOS ANGELES COUNTY METROPOLITAN TRANSPORTATION AUT |
1.66 |
| SAN DIEGO COUNTY WATER AUTHOR |
1.61 |
| STATE OF CALIFORNIA |
1.59 |
| Total |
45.89 |
|
View proxy vote filings.
Market Risk
Even a long-term investment approach cannot guarantee a profit. Economic, political, and issuer-specific events will cause the value of securities, and the funds that own them, to rise or fall. Because the value of your investment in a fund will fluctuate, there is a risk that you will lose money.
Interest Rate Risk
Fixed income securities are subject to
interest rate risk because the prices of fixed income securities tend to move in the
opposite direction of interest rates. In general, fixed income securities with longer maturities are more sensitive to these price changes.
Credit Risk
Credit risk is the risk that the issuer of a
security may be unable to make interest payments and/or repay principal when due. A
downgrade to an issuer's credit rating or a perceived change in an issuer's financial
strength may affect a security's value, and thus, impact a fund's
performance. Credit risk is greater for fixed income securities with ratings below
investment grade. Fixed income securities that are below investment
grade involve high credit risk and are considered speculative. Below-investment grade
fixed income securities may also fluctuate in value more than higher-quality fixed
income securities.
Income Risk
Income risk is the risk that falling interest
rates will cause the fund's income to decline.
Call Risk
Call risk is the risk that during periods of falling
interest rates, a bond issuer will call or repay a higher-yielding bond before its
maturity date, forcing the fund to reinvest in bonds with lower interest rates than
the original obligations.
Tax Liability Risk
Tax liability risk is the risk that distributions
by the fund become taxable to shareholders as ordinary income due to
noncompliant conduct by a municipal bond issuer, changes in federal or
state tax laws, or adverse interpretations of tax laws by the Internal Revenue Service
or state tax authorities.
State-Specific Risk
Because the Portfolio focuses its
investments primarily in California municipal securities, the value of the Portfolio's
investments will be highly sensitive to events affecting the fiscal stability of the State
of California and its agencies, municipalities, authorities and other instrumentalities
that issue securities. These events may include state or local legislation or policy
changes, state constitutional limits on tax increases, erosion of the tax base of the state
or one or more particular localities, the effects of possible terrorist acts or natural
disasters, budget deficits, or other economic or credit problems affecting the state
generally or any individual locality or industry.
Non-Diversification Risk
The risk that the fund may be more
volatile than a diversified fund because it invests its assets in a smaller number of
issuers. The gains or losses on a single security may, therefore, have a greater impact
on the fund's net asset value.
Dimensional Fund Advisors is an investment advisor registered with the Securities and Exchange Commission. Consider the investment objectives, risks, and charges and expenses of the Dimensional funds carefully before investing. For this and other information about the Dimensional funds, please read the
prospectus carefully before investing. Prospectuses are available by calling Dimensional Fund Advisors collect at (310) 395-8005; on the Internet at www.dimensional.com; or, by mail, DFA Securities Inc., c/o Dimensional Fund Advisors, 1299 Ocean Avenue, Santa Monica, CA 90401.
Mutual funds distributed by DFA Securities Inc.
