Dimensional Selective State Municipal Bond Portfolio Institutional Class is an open‑end mutual fund focused on tax‑exempt fixed income from select U.S. states. The fund primarily invests in investment‑grade municipal securities, targeting high credit quality to deliver federally tax‑exempt income while managing interest rate and credit risk across a diversified roster of state and local issuers. Managed by Dimensional Fund Advisors, it applies a rules‑based, research‑driven process that emphasizes broad diversification, systematic credit screening, and careful term exposure to balance income generation with risk control. The portfolio’s institutional share class is positioned with a low expense profile relative to peers, supporting cost‑efficient access to the municipal market. Its holdings span essential public purpose sectors—such as education, transportation, utilities, and general obligations—providing exposure to the fiscal health and revenue streams of municipalities in selected states. In the broader market, the fund serves as a core tax‑exempt bond allocation for institutions and sophisticated investors seeking stable, investment‑grade municipal exposure with disciplined implementation and scale.