Fund Evaluator:
DFA MN Municipal Bond Institutional (DMNBX)
Follow This Fund
Best Performing in Muni Minnesota Over the Last Year
| 6.6% | Sit MN Tax-Free Income (SMTFX) |
| 5.2% | Columbia Minnesota Tax-Exempt Inst (CMNZX) |
| 3.4% | Fidelity Minnesota Municipal Income (FIMIX) |
Fund Details
DFA MN Municipal Bond Institutional Overview
DFA MN Municipal Bond Institutional (DMNBX) is an actively managed Municipal Bond Muni Minnesota fund. Dimensional Fund Advisors launched the fund in 2017.
The investment seeks to provide current income that is expected to be exempt from federal personal income taxes and Minnesota state personal income taxes. The fund seeks its investment objective by investing primarily in a universe of municipal securities issued by or on behalf of Minnesota 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 Minnesota. It invests in municipal and other fixed income securities that have an investment grade credit rating. The fund is non-diversified.
About DFA MN Municipal Bond Institutional (DMNBX)
There are 3 members of the management team with an average tenure of 8.91 years: David Plecha (2017), Travis Meldau (2018), Joseph Kolerich (2017). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P Interm National 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 MN Municipal Bond Institutional has 89 securities in its portfolio. The top 10 holdings constitute 25.9% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
DFA MN Municipal Bond Institutional is part of the Fixed Income global asset class and is within the Municipal Bond fund group. DFA MN Municipal Bond Institutional 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 88.7% (88.7% domestic bond, 0.0% foreign bond and 0.0% convertible bond). DFA MN Municipal Bond Institutional has 11.3% of the portfolio in cash.
Assets Under Management
The fund has $28 million in total assets, which is below the $146 million average for the Muni Minnesota 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.
DMNBX 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 MN Municipal Bond Institutional expense ratio is below average compared to funds in the Muni Minnesota category. DFA MN Municipal Bond Institutional has an expense ratio of 0.30%, which is 65% 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 MN Municipal Bond Institutional has a portfolio turnover rate of 42%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 18% for the Muni Minnesota category.
Recently, in the month of August 2026, DFA MN Municipal Bond Institutional returned 0.3%, which earned it a grade of A, as the Muni Minnesota category had an average return of -0.4%. 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 MN Municipal Bond Institutional has a trailing yield of 2.27%, which is below the 3.22% 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 MN Municipal Bond Institutional Grades
Year to date, the fund has returned 1.2%, 1.5 percentage points better than the category, which translates into a grade of A. The fund has returned 1.8% over the past year (grade of F), 2.6% over the past three years (grade of F) and 1.3% per year over the past five years (grade of A).
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DMNBX 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 |
|
| DMNBX Return (NAV) | 0.3% | 0.6% | 1.8% | 2.6% | 1.3% | na |
| DMNBX Grade | A | A | F | F | A | na |
| +/- Category | 0.7% | 2.3% | -2.7% | -0.6% | 1.2% | na |
| Muni Minnesota Avg | -0.4% | -1.7% | 4.5% | 3.3% | 0.1% | 1.3% |
| DMNBX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | na |
DMNBX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DMNBX Return (NAV) | 1.2% | 2.8% | 2.2% | 2.6% | -2.0% | -0.3% | 2.0% | 3.3% | 0.8% | na | na |
| DMNBX Grade | A | F | C | F | A | F | F | F | A | na | na |
| +/- Category | 1.5% | -0.9% | -0.0% | -2.2% | 7.3% | -1.6% | -1.9% | -3.4% | 0.4% | na | na |
| Muni Minnesota Avg | -0.2% | 3.7% | 2.2% | 4.8% | -9.3% | 1.3% | 4.0% | 6.7% | 0.4% | 4.7% | -0.1% |
| Risk Measures | |
| Standard Deviation: | 1.1% |
| Total Risk Index: | 0.09 - Low |
| Category Risk Index: | 0.18 - Low |
| Category Risk Grade: | A (3% Rank) |
| Beta: | 0.16 |
| R-Squared: | 67% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 2.3% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $28 Mil |
| Fund Total Assets: | $ 29 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 42% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 9.1 years | |||
| Average Tenure: 8.9 years | |||
| Managers (Year): Plecha David (2017), Kolerich Joseph (2017), Meldau Travis (2018) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 89 |
| % in Top 10 Holdings: | 25.9% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 88.7% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 11.3% |
Purchase Information
| Fund Family: | Dimensional Fund Advisors |
| Phone Number: | 888-576-1167 |
| Website: | www.dimensional.com |
| Status: | Open |
| Inception Date: | July 25, 2017 |
| 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 (%): | 0.30% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 0.85% |
| Share Class: | DFA MN Municipal Bond Institutional |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
