DFA California Intermediate-Term Municipal Bond Port

This fund primarily concentrates its investments in municipal debt obligations issued by the State of California, its local governments, or affiliated agencies and regional authorities. A key benefit of these holdings is that the interest income they generate is exempt from both regular federal income tax and California's state personal income tax. The portfolio is carefully managed to maintain an average dollar-weighted maturity duration falling within an intermediate range – specifically, longer than three years but shorter than ten years.