Fund Evaluator:
DFA CA Intermediate-Term Muni Bd I (DCIBX)
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Best Performing in Muni California Intermediate Over the Last Year
| 3.6% | American Century CA Interm-T T-Fr Bd Y (ACYTX) |
| 3.5% | Vanguard CA Interm-Term Tax-Exempt Adm (VCADX) |
| 3.5% | Vanguard CA Interm-Term Tax-Exempt Inv (VCAIX) |
| 3.4% | American Century CA Interm-T T-Fr Bd Inv (BCITX) |
| 3.3% | Green California Tax-Free Income Inv (CFNTX) |
Fund Details
DFA CA Intermediate-Term Muni Bd I Overview
DFA CA Intermediate-Term Muni Bd I (DCIBX) is an actively managed Municipal Bond Muni California Intermediate fund. Dimensional Fund Advisors launched the fund in 2011.
The investment seeks to provide current income that is expected to be exempt from federal personal income taxes and California state personal income taxes. The fund normally invests in a universe of municipal securities 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. It maintains a dollar-weighted average portfolio maturity of more than three years but less than ten years.
About DFA CA Intermediate-Term Muni Bd I (DCIBX)
There are 3 members of the management team with an average tenure of 13.47 years: David Plecha (2011), Travis Meldau (2015), Joseph Kolerich (2012). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P Intermd Term CA AMT-Free Muni TR USD index with a weighting of 100% and S&P National AMT Free Muni TR USD index with a weighting of 100%. DFA CA Intermediate-Term Muni Bd I has 384 securities in its portfolio. The top 10 holdings constitute 12.3% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
DFA CA Intermediate-Term Muni Bd I is part of the Fixed Income global asset class and is within the Municipal Bond fund group. DFA CA Intermediate-Term Muni Bd I has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 95.6% (95.6% domestic bond, 0.0% foreign bond and 0.0% convertible bond). DFA CA Intermediate-Term Muni Bd I has 4.5% of the portfolio in cash.
Assets Under Management
The fund has $412 million in total assets, which is below the $619 million average for the Muni California Intermediate category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
DCIBX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The DFA CA Intermediate-Term Muni Bd I expense ratio is below average compared to funds in the Muni California Intermediate category. DFA CA Intermediate-Term Muni Bd I has an expense ratio of 0.21%, which is 69% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. DFA CA Intermediate-Term Muni Bd I has a portfolio turnover rate of 71%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 44% for the Muni California Intermediate category.
Recently, in the month of August 2026, DFA CA Intermediate-Term Muni Bd I returned -0.2%, which earned it a grade of D, as the Muni California Intermediate category had an average return of -0.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
DFA CA Intermediate-Term Muni Bd I has a trailing yield of 2.71%, which is below the 3.03% category average. The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
DFA CA Intermediate-Term Muni Bd I Grades
Year to date, the fund has returned 0.1%, 0.0 percentage points worse than the category, which translates into a grade of C. The fund has returned 2.7% over the past year (grade of D), 2.7% over the past three years (grade of F) and 0.9% per year over the past five years (grade of B) and 1.2% per year over the past 10 years (grade of D).
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DCIBX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DCIBX Return (NAV) | -0.2% | -0.8% | 2.7% | 2.7% | 0.9% | 1.2% |
| DCIBX Grade | D | B | D | F | B | D |
| +/- Category | -0.1% | 0.1% | -0.6% | -0.4% | 0.3% | -0.3% |
| Muni California Intermediate Avg | -0.0% | -0.9% | 3.3% | 3.1% | 0.6% | 1.4% |
| DCIBX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
DCIBX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DCIBX Return (NAV) | 0.1% | 3.7% | 1.2% | 3.7% | -3.8% | -0.5% | 2.8% | 4.1% | 1.4% | 2.3% | -0.3% |
| DCIBX Grade | C | D | F | F | A | F | F | F | A | F | C |
| +/- Category | -0.0% | -0.3% | -0.5% | -1.2% | 3.4% | -1.5% | -1.0% | -2.1% | 0.6% | -2.2% | 0.1% |
| Muni California Intermediate Avg | 0.1% | 4.0% | 1.7% | 4.9% | -7.2% | 0.9% | 3.7% | 6.2% | 0.8% | 4.4% | -0.4% |
| Risk Measures | |
| Standard Deviation: | 3.4% |
| Total Risk Index: | 0.28 - Low |
| Category Risk Index: | 0.80 - Low |
| Category Risk Grade: | A (6% Rank) |
| Beta: | 0.59 |
| R-Squared: | 97% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 2.7% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $412 Mil |
| Fund Total Assets: | $ 413 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 71% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 14.8 years | |||
| Average Tenure: 13.5 years | |||
| Managers (Year): Plecha David (2011), Kolerich Joseph (2012), Meldau Travis (2015) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 384 |
| % in Top 10 Holdings: | 12.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 95.6% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 4.5% |
Purchase Information
| Fund Family: | Dimensional Fund Advisors |
| Phone Number: | 888-576-1167 |
| Website: | www.dimensional.com |
| Status: | Open |
| Inception Date: | November 29, 2011 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.21% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 0.67% |
| Share Class: | DFA CA Intermediate-Term Muni Bd I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
