Fund Evaluator:
DFA Selective State Municipal Bond Instl (DSSMX)
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Best Performing in Muni National Interm Over the Last Year
| 8.4% | Sit Tax-Free Income (SNTIX) |
| 5.6% | Putnam Strategic Intermediate Muncpl Y (PAMYX) |
| 5.5% | Goldman Sachs Dynamic Municipal Inc Inv (GUIRX) |
| 5.3% | Victory Tax Exempt Intermediate-Term (USATX) |
| 5.2% | Vanguard Tax-Exempt Bond Index Admiral (VTEAX) |
Fund Details
DFA Selective State Municipal Bond Instl Overview
DFA Selective State Municipal Bond Instl (DSSMX) is an actively managed Municipal Bond Muni National Interm fund. Dimensional Fund Advisors launched the fund in 2020.
The investment seeks to provide current income that is expected to be exempt from federal personal income taxes. The fund seeks its investment objective by investing primarily in a universe of investment grade municipal securities, the interest on which is exempt from regular federal income tax. At least 75% of the assets of the fund will be invested in municipal securities that, at the time of purchase, are rated in the top three credit-rating categories. No more than 25% of the Portfolio's assets will be invested in municipal securities that, at the time of purchase, are rated in the lowest quarter of the investment grade spectrum.
About DFA Selective State Municipal Bond Instl (DSSMX)
There are 3 members of the management team with an average tenure of 5.84 years: David Plecha (2020), Travis Meldau (2020), Joseph Kolerich (2020). 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 Selective State Municipal Bond Instl has 632 securities in its portfolio. The top 10 holdings constitute 7.6% 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 Selective State Municipal Bond Instl is part of the Fixed Income global asset class and is within the Municipal Bond fund group. DFA Selective State Municipal Bond Instl 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 92.1% (92.1% domestic bond, 0.0% foreign bond and 0.0% convertible bond). DFA Selective State Municipal Bond Instl has 7.9% of the portfolio in cash.
Assets Under Management
The fund has $603 million in total assets, which is below the $1 billion average for the Muni National Interm 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.
DSSMX 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 Selective State Municipal Bond Instl expense ratio is below average compared to funds in the Muni National Interm category. DFA Selective State Municipal Bond Instl has an expense ratio of 0.23%, which is 66% 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 Selective State Municipal Bond Instl has a portfolio turnover rate of 114%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 39% for the Muni National Interm category.
Recently, in the month of July 2026, DFA Selective State Municipal Bond Instl returned -1.0%, which earned it a grade of A, as the Muni National Interm category had an average return of -1.6%. 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 Selective State Municipal Bond Instl has a trailing yield of 2.81%, which is below the 3.27% 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 Selective State Municipal Bond Instl Grades
Year to date, the fund has returned 0.6%, 0.2 percentage points better than the category, which translates into a grade of B. The fund has returned 3.7% over the past year (grade of F), 2.9% over the past three years (grade of D) and 0.5% per year over the past five years (grade of D).
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DSSMX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DSSMX Return (NAV) | -1.0% | -0.3% | 3.7% | 2.9% | 0.5% | na |
| DSSMX Grade | A | B | F | D | D | na |
| +/- Category | 0.5% | 0.2% | -0.9% | -0.3% | -0.1% | na |
| Muni National Interm Avg | -1.6% | -0.5% | 4.6% | 3.2% | 0.6% | 1.7% |
| DSSMX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | na |
DSSMX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DSSMX Return (NAV) | 0.6% | 3.8% | 2.1% | 3.8% | -6.6% | 0.1% | na | na | na | na | na |
| DSSMX Grade | B | D | C | F | A | F | na | na | na | na | na |
| +/- Category | 0.2% | -0.4% | 0.1% | -2.0% | 1.6% | -1.6% | na | na | na | na | na |
| Muni National Interm Avg | 0.4% | 4.2% | 2.0% | 5.8% | -8.2% | 1.7% | 4.3% | 6.7% | 0.8% | 4.7% | -0.2% |
| Risk Measures | |
| Standard Deviation: | 3.0% |
| Total Risk Index: | 0.24 - Low |
| Category Risk Index: | 0.63 - Low |
| Category Risk Grade: | A (1% Rank) |
| Beta: | 0.52 |
| R-Squared: | 97% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 2.8% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $603 Mil |
| Fund Total Assets: | $ 603 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 114% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 5.8 years | |||
| Average Tenure: 5.8 years | |||
| Managers (Year): Plecha David (2020), Meldau Travis (2020), Kolerich Joseph (2020) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 632 |
| % in Top 10 Holdings: | 7.6% |
| 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: | 92.1% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 7.9% |
Purchase Information
| Fund Family: | Dimensional Fund Advisors |
| Phone Number: | 888-576-1167 |
| Website: | www.dimensional.com |
| Status: | Open |
| Inception Date: | September 30, 2020 |
| 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 (%): | 0.23% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 0.68% |
| Share Class: | DFA Selective State Municipal Bond Instl |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
