SWCAX Fees and Costs — Schwab California Tax-Free Bond Fund
Data updated: 2026-07-24
The net expense ratio is 0.38%: a 0.22% management fee plus 0.19% other expenses, less a 0.03% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 68%.
SWCAX Fees and Expenses
Annual operating expenses and sales charges of SWCAX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.22% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.19% |
| Gross expense ratio | 0.41% |
| Fee waiver | −0.03% |
| Net expense ratio | 0.38% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
SWCAX Costs Over Time
On $10,000 invested in SWCAX, assuming 5% a year before costs, total costs come to $241 over 5 years, cutting the return by 0.40% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.38%) | $40 | $125 | $219 |
| Lost growth on money paid in costs | $0 | $6 | $22 |
| Total costs | $40 | $131 | $241 |
| Value after costs | $10,460 | $11,445 | $12,522 |
| Impact on return, per year | 0.40% | 0.40% | 0.40% |
SWCAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $679.2M
- Portfolio turnover (prospectus): 68%
- Securities lending: none during the year
SWCAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $184.4M | 32.54% |
| Barclays Capital Inc. | $146.4M | 25.84% |
| BofA Securities, Inc. | $51.4M | 9.07% |
| Morgan Stanley & Co. LLC | $38.2M | 6.75% |
| Goldman Sachs & Co. LLC | $37.3M | 6.57% |
| RBC Capital Markets, LLC | $29.0M | 5.12% |
| Wells Fargo Securities, LLC | $28.5M | 5.02% |
| National Financial Services LLC | $18.8M | 3.32% |
| Mesirow Financial, Inc. | $16.8M | 2.96% |
| Jefferies LLC | $15.9M | 2.81% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.