SWTXX yield: 2.17% as filed, and what it keeps after tax
SWTXX is the ticker of Schwab Municipal Money Fund. Here is what it paid and what you keep after tax. Yield reported by the fund for October 30, 2026, its last business day in the October 2026 report; holdings as of October 31, 2026, the date of that report. The fund’s own site shows today’s figure. Not investment advice.
Example result
SWTXX after federal and California tax
1.97%
$984 a year kept on $1,085 of dividends
| Dividends before tax | $1,085 |
| Federal tax at 24.0% | −$0 |
| State tax at 9.30% $0 of the $1,085 is free of California tax | −$101 |
Yield reported by the fund for October 30, 2026; yields change daily. Estimate, not tax or investment advice. Nothing you type leaves your browser. How it is computed
What the filings say about SWTXX
Schwab Municipal Money Fund is Schwab’s national tax-exempt fund. Its Investor class reported a 7-day yield of 2.17% for October 30, 2026 and held 82% in municipal securities, with 18% in other instruments, a larger non-municipal slice than Vanguard’s VMSXX. The dividends are free of federal income tax. Most of them are taxed by the reader’s state, except the share from bonds of that state, which Schwab reports after year end. The filings show what the fund costs: a gross yield of 2.52% for a net of 2.17%, about 0.35% of expenses, against 0.11% at VMSXX. On a two-percent yield, that difference is a sizeable share of the income. As with every municipal money fund, the yield swings with the supply of short tax-exempt paper: from 1.51% on July 8, 2026 to 2.94% on October 1, 2026 over the months on file.
SWTXX 7-day yield as filed, June 1, 2026 to October 30, 2026
| Last day reported in the month | 7-day net yield |
|---|---|
| June 30, 2026 | 2.38% |
| July 31, 2026 | 2.16% |
| August 31, 2026 | 2.18% |
| September 30, 2026 | 2.92% |
| October 30, 2026 | 2.17% |
A fund reports these yields once a month, within five business days of month end. Between two reports the figure here ages: by the time the October 2026 report is replaced, it is up to five weeks old. The fund’s own site shows today’s figure.
What SWTXX held on October 31, 2026
| Holding | Share of portfolio | Exempt from state tax? |
|---|---|---|
| Municipal securities | 82.1% | Federal: yes; state: usually only your own state |
| Company and bank debt (commercial paper, certificates of deposit) and other | 17.9% | No |
SWTXX at a glance
| Fund type | Municipal money market fund; category on the filing: Other Tax Exempt |
| Legal entity that files the fund’s report | Charles Schwab Family of Funds |
| Assets in this share class | $4.8 billion |
| Gross 7-day yield of the fund | 2.52% |
| Expenses taken from the yield (expense drag) | 0.35% |
| Average days until holdings repay or reset their rate (weighted average maturity) | 27 days (legal limit 60) |
| Average days until holdings are paid back in full (weighted average life) | 29 days (legal limit 120) |
| Minimum initial investment on file | None reported |
Where SWTXX ranks after tax
Among the 283 share classes in the data, for a single filer with $120,000 of taxable income and $50,000 in the fund:
| State | Rank | Yield after tax | Kept a year |
|---|---|---|---|
| California | 255 of 283 | 1.97% | $984 |
| New York | 255 of 283 | 2.04% | $1,020 |
| Texas | 252 of 283 | 2.17% | $1,085 |
The rank compares SWTXX with every other fund for a resident of that state. In a state with no income tax, such as Texas, funds whose dividends are taxed by states catch up, so the rank can be lower even though you keep more. In California, the fund ranked first kept $532 a year more than SWTXX on $50,000.
A rank of past yields, not a recommendation, and this site does not say which fund to hold. Moving cash to another fund can involve a minimum or a fee set by your brokerage. Rank every fund for your situation.
What to watch in SWTXX
The weighted average maturity was 27 days. Compare it with the Schwab Treasury fund at 3.61%, which is federally taxable but state-exempt.
Questions about this page
Tap a question to see the answer.
Is SWTXX worth it in the 24% bracket?
At 2.17%, the federal tax-equivalent yield in the 24% bracket is 2.86%, below the Schwab Treasury fund’s 3.61% before tax. In the 35% bracket it rises to 3.34%. State tax shifts both sides, and a Treasury fund keeps its state exemption while SWTXX usually does not; the calculator includes it.
Are SWTXX dividends taxed by my state?
Generally yes, apart from the share from your own state’s bonds where your state exempts it. Illinois, for example, taxes municipal income from other states and its own except where a law exempts specific bonds. Schwab reports the state-by-state breakdown after year end.
What else does SWTXX hold besides municipal bonds?
About 18% of the portfolio was classified as other instruments in the latest filing, for example tender option bonds or short paper outside the municipal categories. The schedule of holdings in the filing lists every position with its issuer, maturity and value, and the source link below opens it.
Other pages
Filings, rules and tax schedules behind this page
- Form N-MFP report of Charles Schwab Family of Funds for October 31, 2026, filed November 6, 2026 (as filed)
- Securities and Exchange Commission, Form N-MFP data sets (monthly, as filed)
- 17 CFR 270.2a-7, money market funds (rule 2a-7)
- IRS Revenue Procedure 2025-32, 2026 tax rate tables
- California Franchise Tax Board, 2025 Schedule CA (540) instructions: funds with 50% of assets in U.S. or California obligations
- New York State Department of Taxation and Finance, 2025 Form IT-201 instructions (line 28, rate schedules)
Compiled by Radif Partners
Independent publisher of money market fund yield and after-tax calculators built on Form N-MFP filings
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Fund data as filed for 2026, site checked on