Schwab High Yield Municipal Bond Fund
Summary
Objective
The fund seeks to generate interest income that is not subject to federal income tax.
Highlights
- Actively managed fund that provides investors with access to the high yield municipal bond market with a more conservative fund profile by maintaining at least a 60% allocation to investment grade holdings1
- Seeks to provide investors with guardrails while investing in high yield municipal bonds as it has historically reduced volatility relative to its primary benchmark2
- Historically has outperformed its primary benchmark in down markets2
- Experienced portfolio managers, benefiting from extensive credit research, apply proprietary investment techniques and risk analyses in making investment decisions for the fund
- No investment minimums or loads
- SWHYX is the successor to the investment performance of the Wasmer Schroeder High Yield Municipal Fund (Predecessor Fund) as a result of the reorganization of the Predecessor Fund into SWHYX on August 10, 2020.
Fund Details
Fund Profile
| Fund Inception | 03/31/2014 | |
|---|---|---|
| Total Net Assets As of 01/25/2021 |
01/25/2021 | $60,879,821.25 |
| Index Name | Bloomberg Barclays Municipal High Yield Index | |
| Shares Outstanding As of 01/25/2021 |
01/25/2021 | 5,720,469 |
| NAV As of 01/25/2021 |
01/25/2021 | $10.64 |
| Total Holdings As of 12/31/2020 |
12/31/2020 | 87 |
| Portfolio Turnover Rate As of 12/31/2020 |
12/31/2020 | 65.46% |
| Morningstar Category | US Fund High Yield Muni | |
| Management Style | Active |
Yields
| SEC Yield (30 Day) As of 01/22/2021 |
01/22/2021 | 2.12% |
|---|---|---|
| Distribution Yield (TTM) As of 12/31/2020 |
12/31/2020 | 3.28% |
| Average Yield to Maturity As of 12/31/2020 |
12/31/2020 | 2.92% |
For additional information about the indices and terms shown, please visit www.schwabfunds.com/glossary
Fees & Minimum
| Gross Expense Ratio † | 0.730% | |
|---|---|---|
| Net Expense Ratio † | 0.600% | |
| Minimum Initial Investment | No Minimum | |
| 12b-1 Fee | 0.000% |
Fund Characteristics
| Weighted Average Maturity As of 12/31/2020 |
12/31/2020 | 5.7 years |
|---|---|---|
| Weighted Average Coupon As of 12/31/2020 |
12/31/2020 | 5.30% |
| Effective Duration As of 12/31/2020 |
12/31/2020 | 7.0 years |
| Standard Deviation (3 Yr) As of 12/31/2020 |
12/31/2020 | 7.39% |
Performance
Total Return
Monthly
-
SWHYX
Cumulative Returns (%)
- 1 Month
- +1.14
- 3 Month
- +3.29
- YTD
- +0.30
Annualized Returns (%)
- 1 Year
- +0.30
- 3 Year
- +3.44
- 5 Year
- +4.00
- 10 Year
- --
- Inception
- +5.37
-
Bloomberg Barclays Municipal High Yield Index (Index)
Cumulative Returns (%)
- 1 Month
- +1.87
- 3 Month
- +4.51
- YTD
- +4.89
Annualized Returns (%)
- 1 Year
- +4.89
- 3 Year
- +6.74
- 5 Year
- +6.56
- 10 Year
- +6.86
-
Bloomberg Barclays US Municipal Bond Index (Index)
Cumulative Returns (%)
- 1 Month
- +0.61
- 3 Month
- +1.82
- YTD
- +5.21
Annualized Returns (%)
- 1 Year
- +5.21
- 3 Year
- +4.64
- 5 Year
- +3.91
- 10 Year
- +4.63
-
US Fund High Yield Muni (Morningstar Category)
Cumulative Returns (%)
- 1 Month
- +3.18
- 3 Month
- +3.33
- YTD
- -2.38
Annualized Returns (%)
- 1 Year
- +0.35
- 3 Year
- +3.64
- 5 Year
- +4.09
- 10 Year
- --
| Description | Cumulative Returns (%) | Annualized Returns (%) | |||||||
|---|---|---|---|---|---|---|---|---|---|
| 1 Month | 3 Month | YTD | 1 Year | 3 Year | 5 Year | 10 Year | Inception | ||
| SWHYX | +1.14 | +3.29 | +0.30 | +0.30 | +3.44 | +4.00 | -- | +5.37 | |
| Bloomberg Barclays Municipal High Yield Index (Index) | +1.87 | +4.51 | +4.89 | +4.89 | +6.74 | +6.56 | +6.86 | ||
| Bloomberg Barclays US Municipal Bond Index (Index) | +0.61 | +1.82 | +5.21 | +5.21 | +4.64 | +3.91 | +4.63 | ||
| US Fund High Yield Muni (Morningstar Category) | +3.18 | +3.33 | -2.38 | +0.35 | +3.64 | +4.09 | -- | ||
Annualized returns for periods 1 yr+/cumulative returns for periods less than 1 yr.
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.
Quarterly
-
SWHYX
Average Annual Returns (%)
- 1 Year
- +0.30
- 3 Year
- +3.44
- 5 Year
- +4.00
- 10 Year
- --
- Inception
- +5.37
-
Bloomberg Barclays Municipal High Yield Index (Index)
Average Annual Returns (%)
- 1 Year
- +4.89
- 3 Year
- +6.74
- 5 Year
- +6.56
- 10 Year
- +6.86
-
Bloomberg Barclays US Municipal Bond Index (Index)
Average Annual Returns (%)
- 1 Year
- +5.21
- 3 Year
- +4.64
- 5 Year
- +3.91
- 10 Year
- +4.63
-
US Fund High Yield Muni (Morningstar Category)
Average Annual Returns (%)
- 1 Year
- +0.35
- 3 Year
- +3.64
- 5 Year
- +4.09
- 10 Year
- +5.13
| Description | Average Annual Returns (%) | |||||
|---|---|---|---|---|---|---|
| 1 Year | 3 Year | 5 Year | 10 Year | Inception | ||
| SWHYX | +0.30 | +3.44 | +4.00 | -- | +5.37 | |
| Bloomberg Barclays Municipal High Yield Index (Index) | +4.89 | +6.74 | +6.56 | +6.86 | ||
| Bloomberg Barclays US Municipal Bond Index (Index) | +5.21 | +4.64 | +3.91 | +4.63 | ||
| US Fund High Yield Muni (Morningstar Category) | +0.35 | +3.64 | +4.09 | +5.13 | ||
Annualized returns for periods 1 yr+/cumulative returns for periods less than 1 yr.
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.
After Tax Returns
Pre-Liquidation
SWHYX NAV Return
-
SEC Pre-Liquidation
Average Annual Returns (%)
- 1 Year
- -1.23
- 3 Year
- +2.79
- 5 Year
- +3.52
- 10 Year
- --
- Inception
- +4.89
-
SEC Post-Liquidation
Average Annual Returns (%)
- 1 Year
- +0.24
- 3 Year
- +2.97
- 5 Year
- +3.57
- 10 Year
- --
- Inception
- +4.73
-
Tax Cost Ratio
Average Annual Returns (%)
- 1 Year
- +0.17
- 3 Year
- +0.14
- 5 Year
- +0.14
- 10 Year
- --
- Inception
- +0.10
| Description | Average Annual Returns (%) | |||||
|---|---|---|---|---|---|---|
| 1 Year | 3 Year | 5 Year | 10 Year | Inception | ||
| SEC Pre-Liquidation | -1.23 | +2.79 | +3.52 | -- | +4.89 | |
| SEC Post-Liquidation | +0.24 | +2.97 | +3.57 | -- | +4.73 | |
| Tax Cost Ratio | +0.17 | +0.14 | +0.14 | -- | +0.10 | |
After tax returns are based on highest Federal income tax bracket and depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. State and local taxes are not included. Pre-liquidation figures include taxes on fund's distributions of dividends and capital gains. Tax Cost Ratio represents the percentage-point reduction in returns that results from Federal income taxes (before shares in the fund are sold, and assuming the highest Federal tax bracket).
US Fund High Yield Muni NAV Returns (Morningstar Category)
-
SEC Pre-Liquidation
Average Annual Returns (%)
- 1 Year
- -0.61
- 3 Year
- +3.33
- 5 Year
- +3.87
- 10 Year
- +4.99
-
SEC Post-Liquidation
Average Annual Returns (%)
- 1 Year
- +1.08
- 3 Year
- +3.43
- 5 Year
- +3.87
- 10 Year
- +4.90
-
Tax Cost Ratio
Average Annual Returns (%)
- 1 Year
- +0.03
- 3 Year
- +0.02
- 5 Year
- +0.03
- 10 Year
- --
| Description | Average Annual Returns (%) | |||||
|---|---|---|---|---|---|---|
| 1 Year | 3 Year | 5 Year | 10 Year | Inception | ||
| SEC Pre-Liquidation | -0.61 | +3.33 | +3.87 | +4.99 | ||
| SEC Post-Liquidation | +1.08 | +3.43 | +3.87 | +4.90 | ||
| Tax Cost Ratio | +0.03 | +0.02 | +0.03 | -- | ||
Post-Liquidation
SWHYX NAV Return
-
SEC Pre-Liquidation
Average Annual Returns (%)
- 1 Year
- -1.23
- 3 Year
- +2.79
- 5 Year
- +3.52
- 10 Year
- --
- Inception
- +4.89
-
SEC Post-Liquidation
Average Annual Returns (%)
- 1 Year
- +0.24
- 3 Year
- +2.97
- 5 Year
- +3.57
- 10 Year
- --
- Inception
- +4.73
-
Tax Cost Ratio
Average Annual Returns (%)
- 1 Year
- +0.17
- 3 Year
- +0.14
- 5 Year
- +0.14
- 10 Year
- --
- Inception
- +0.10
| Description | Average Annual Returns (%) | |||||
|---|---|---|---|---|---|---|
| 1 Year | 3 Year | 5 Year | 10 Year | Inception | ||
| SEC Pre-Liquidation | -1.23 | +2.79 | +3.52 | -- | +4.89 | |
| SEC Post-Liquidation | +0.24 | +2.97 | +3.57 | -- | +4.73 | |
| Tax Cost Ratio | +0.17 | +0.14 | +0.14 | -- | +0.10 | |
After tax returns are based on highest Federal income tax bracket and depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. State and local taxes are not included. Pre-liquidation figures include taxes on fund's distributions of dividends and capital gains. Tax Cost Ratio represents the percentage-point reduction in returns that results from Federal income taxes (before shares in the fund are sold, and assuming the highest Federal tax bracket).
US Fund High Yield Muni NAV Returns (Morningstar Category)
-
SEC Pre-Liquidation
Average Annual Returns (%)
- 1 Year
- -0.61
- 3 Year
- +3.33
- 5 Year
- +3.87
- 10 Year
- +4.99
-
SEC Post-Liquidation
Average Annual Returns (%)
- 1 Year
- +1.08
- 3 Year
- +3.43
- 5 Year
- +3.87
- 10 Year
- +4.90
-
Tax Cost Ratio
Average Annual Returns (%)
- 1 Year
- +0.03
- 3 Year
- +0.02
- 5 Year
- +0.03
- 10 Year
- --
| Description | Average Annual Returns (%) | |||||
|---|---|---|---|---|---|---|
| 1 Year | 3 Year | 5 Year | 10 Year | Inception | ||
| SEC Pre-Liquidation | -0.61 | +3.33 | +3.87 | +4.99 | ||
| SEC Post-Liquidation | +1.08 | +3.43 | +3.87 | +4.90 | ||
| Tax Cost Ratio | +0.03 | +0.02 | +0.03 | -- | ||
Rank within Category
Morningstar Category - US Fund High Yield Muni
-
TOP 25%
- 2021 YTD
Yearly Performance
- 2020
- 2019
- 2018
- 2017
- 2016
- 2015
- 2014
- 2013
- 2012
-
- 2021 YTD
Yearly Performance
- 2020
- +0.30
- 2019
- 2018
- +1.10
- 2017
- +8.26
- 2016
- 2015
- 2014
- 2013
- 2012
-
- 2021 YTD
Yearly Performance
- 2020
- 2019
- +9.14
- 2018
- 2017
- 2016
- +1.56
- 2015
- 2014
- 2013
- 2012
-
BOTTOM 25%
- 2021 YTD
- +0.30
Yearly Performance
- 2020
- 2019
- 2018
- 2017
- 2016
- 2015
- 2014
- 2013
- 2012
| Rank | 2021 YTD | Yearly Performance | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |||
| TOP 25% | |||||||||||
| +0.30 | +1.10 | +8.26 | |||||||||
| +9.14 | +1.56 | ||||||||||
| BOTTOM 25% | +0.30 | ||||||||||
Rank within Category compares this fund's total annual return to that of other funds in the same category and its figures are not adjusted for any fees and expenses, loads, sales charges, or taxes. See the Monthly Returns table for load-adjusted performance.
© 2020 Morningstar. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
Cumulative Growth of a $10,000 Investment
| SWHYX (Fund) | $14,238 | |
|---|---|---|
| Bloomberg Barclays Municipal High Yield Index (Index) | $14,864 | |
| Bloomberg Barclays Municipal Bond Index (Index) | $13,051 | |
| High Yield Muni (Morningstar Category) | $14,079 | |
| Worst Three Months Return (1/31/2020 - 4/30/2020) | -11.56 | |
| Best Three Months Return (4/30/2020 - 7/31/2020) | +8.64 |
This graph represents the growth of a hypothetical investment of $10,000. It assumes reinvestment of dividends and capital gains, and does not reflect sales loads, redemption fees, if applicable, or the effects of taxes on any capital gains and/or distributions. If the inception date of the Index is less than the time period shown above, the Since Inception period is shown. Best and Worst Return cover the timeframe of the chart.
Price Performance
Portfolio
Top Holdings
-
--
- Name
- S CENTRL MN MULTI CNTY HSG R SMNHSG 02/25 FIXED 8
- Percent of Assets (%)
- 8.92%
- Market Value
- $5.2M
-
--
- Name
- PENNSYLVANIA ST ECON DEV FING PASUTL 01/30 FIXED 4
- Percent of Assets (%)
- 2.62%
- Market Value
- $1.5M
-
--
- Name
- WISCONSIN ST HLTH EDUCTNL FA WISMED 03/50 FIXED 5
- Percent of Assets (%)
- 2.21%
- Market Value
- $1.3M
-
--
- Name
- PALOMAR HLTH CA REVENUE PMRMED 11/28 FIXED 5
- Percent of Assets (%)
- 2.06%
- Market Value
- $1.2M
-
--
- Name
- MARYLAND ST ECON DEV CORP ECON MDSDEV 06/35 FIXED 5
- Percent of Assets (%)
- 1.98%
- Market Value
- $1.2M
-
--
- Name
- S JERSEY NJ TRANSPRTN AUTH TRA SJPTRN 11/39 FIXED 5
- Percent of Assets (%)
- 1.93%
- Market Value
- $1.1M
-
--
- Name
- CHICAGO IL CHI 01/39 FIXED OID 5.5
- Percent of Assets (%)
- 1.92%
- Market Value
- $1.1M
-
--
- Name
- NEW JERSEY ST TRANSPRTN TRUST NJSTRN 06/30 FIXED OID 4.625
- Percent of Assets (%)
- 1.91%
- Market Value
- $1.1M
-
--
- Name
- LOUISIANA ST LOCAL GOVT ENVRNM LASFAC 11/32 FIXED 3.5
- Percent of Assets (%)
- 1.89%
- Market Value
- $1.1M
-
--
- Name
- LEE CNTY FL INDL DEV AUTH LEEMED 11/49 FIXED 5
- Percent of Assets (%)
- 1.88%
- Market Value
- $1.1M
| Symbol | Name | Percent of Assets (%) | Market Value | ||
|---|---|---|---|---|---|
| -- | S CENTRL MN MULTI CNTY HSG R SMNHSG 02/25 FIXED 8 | 8.92%
|
$5.2M | ||
| -- | PENNSYLVANIA ST ECON DEV FING PASUTL 01/30 FIXED 4 | 2.62%
|
$1.5M | ||
| -- | WISCONSIN ST HLTH EDUCTNL FA WISMED 03/50 FIXED 5 | 2.21%
|
$1.3M | ||
| -- | PALOMAR HLTH CA REVENUE PMRMED 11/28 FIXED 5 | 2.06%
|
$1.2M | ||
| -- | MARYLAND ST ECON DEV CORP ECON MDSDEV 06/35 FIXED 5 | 1.98%
|
$1.2M | ||
| -- | S JERSEY NJ TRANSPRTN AUTH TRA SJPTRN 11/39 FIXED 5 | 1.93%
|
$1.1M | ||
| -- | CHICAGO IL CHI 01/39 FIXED OID 5.5 | 1.92%
|
$1.1M | ||
| -- | NEW JERSEY ST TRANSPRTN TRUST NJSTRN 06/30 FIXED OID 4.625 | 1.91%
|
$1.1M | ||
| -- | LOUISIANA ST LOCAL GOVT ENVRNM LASFAC 11/32 FIXED 3.5 | 1.89%
|
$1.1M | ||
| -- | LEE CNTY FL INDL DEV AUTH LEEMED 11/49 FIXED 5 | 1.88%
|
$1.1M |
Security Types
| Security Types | Percent of Portfolio (%) | |
|---|---|---|
| Revenue Bonds | 85.14%
|
|
| GO Bonds | 14.35%
|
|
| Other | 0.51%
|
Credit Ratings
| Credit Ratings | Bonds (%) | |
|---|---|---|
| BBB | 42.46%
|
|
| A | 28.30%
|
|
| Unrated Securities | 13.40%
|
|