DCIBX

About DCIBX

DFA California Intermediate-Term Municipal Bond Portfolio Institutional Class Shares is a municipal bond mutual fund focused on generating tax-exempt income from a diversified portfolio of California issuers. It invests primarily in debt issued by or on behalf of California state and local governments and related authorities, with interest typically exempt from regular federal and California personal income taxes. The portfolio targets an intermediate profile, maintaining a dollar‑weighted average maturity generally between more than three and less than ten years, aligning with the Muni California Intermediate category’s emphasis on moderate interest-rate sensitivity. Managed by Dimensional Fund Advisors, the fund emphasizes broad exposure across sectors such as state general obligation, education, utilities, healthcare, and essential-service revenue bonds, seeking high credit quality with limited interest-rate risk. It distributes income monthly and has a low expense ratio relative to category peers, supporting cost-efficient access to California municipal markets. Launched in 2011, the fund serves investors seeking municipal income and diversification within fixed income, with hundreds of holdings that reflect the breadth of the state’s financing needs and revenue streams.