2 | |
3 | |
4 | |
6 | |
7 | |
9 | |
10 | |
26 | |
34 | |
35 | |
36 | |
37 | |
39 | |
43 |
Total
Returns for the 12 Months Ended December 31, 2022 | |
Schwab
Municipal Bond ETF
(Ticker Symbol: SCMB) |
|
Market
Price Return1 |
3.21%* |
NAV
Return1 |
2.93%* |
ICE
AMT-Free Core U.S. National Municipal Index |
2.60%*
|
ETF
Category: Morningstar Muni National Interm2
|
N/A |
Performance
Details |
pages
7-8 |
|
Jason
D. Diefenthaler,
Managing Director and Head of Tax-Exempt Strategies for Schwab Asset
Management,
is responsible for the day-to-day co-management of the fund and for
developing, managing,
and
implementing Schwab Asset Management’s tax-exempt fixed income investment
strategies, including
separately
managed accounts, actively managed mutual funds, and exchange-traded funds
(ETFs). Previously,
Mr.
Diefenthaler led the portfolio management team for the Wasmer
SchroederTM
Municipal Bond Strategies
and
was responsible for the day-to-day co-management of several tax-free
Schwab Funds. Prior to that, he
was
the director of tax-exempt portfolio management at Wasmer Schroeder &
Company, LLC (Schwab Asset
Management
became the investment adviser for Wasmer Schroeder Strategies in 2020). He
oversaw all
tax-exempt
strategies and management of the Wasmer Schroeder High Yield Municipal
Fund, which
subsequently
reorganized into the Schwab Opportunistic Municipal Bond Fund. Mr.
Diefenthaler began his
career
with Wasmer Schroeder in 2000. He was a credit analyst for taxable and
tax-exempt strategies before
becoming
a portfolio manager. |
|
Matthew
Hastings, CFA,
Managing Director and Head of Taxable Bond Strategies for Schwab Asset
Management,
is responsible for the day-to-day co-management of the fund. Mr. Hastings
leads the portfolio
management
team for the Schwab Taxable Bond Funds and Schwab Fixed-Income ETFs. He
also has overall
responsibility
for all aspects of the management of the funds. Prior to joining Schwab in
1999, Mr. Hastings
was
in fixed-income sales and trading at Lehman Brothers. He has worked in the
fixed-income securities
industry
since 1996. |
|
Steven
Hung,
Senior Portfolio Manager for Schwab Asset Management, is responsible for
the day-to-day
co-management
of the fund. He is primarily responsible for the management and oversight
of corporate
bonds
within the taxable bond strategies, with additional responsibility for
managing municipal bond index
strategies.
Mr. Hung has been a portfolio manager with Schwab Asset Management since
2005 and prior to
that,
served in various roles as an associate portfolio manager and trader since
1999. In 1998, he joined
Schwab’s
management training program and worked as a clerk on the options trading
floor of the Pacific
Coast
Stock Exchange. |
|
John
Khodarahmi,
Senior Portfolio Manager for Schwab Asset Management, is responsible for
the day-to-day
co-management
of the fund. He is a member of the team responsible for managment of the
Schwab Tax-Free
Bond
Funds and has been a portfolio manager with Schwab Asset Management since
2015. Prior to joining
Schwab
in 2015, Mr. Khodarahmi was a vice president and senior municipal trader
at Eaton Vance
Management
for the firm’s tax-free bond funds. Previous to Eaton Vance, he was a vice
president and portfolio
manager
at both Banc of America Montgomery Securities and Thomas Weisel Partners,
managing corporate
cash
and high net worth portfolios. Prior to those roles, Mr. Khodarahmi was a
municipal trader and
underwriter
for Fleet Securities, Inc. (now part of Bank of
America). |
Weighted
Average Maturity2 |
7.7
Yrs |
Weighted
Average Duration2 |
6.9
Yrs |
Fund
and Inception Date |
Since
Inception*
|
Fund:
Schwab Municipal Bond ETF
(10/12/22) |
|
Market
Price Return2
|
3.21% |
NAV
Return2
|
2.93% |
ICE
AMT-Free Core U.S. National Municipal Index |
2.60% |
ETF
Category: Morningstar Muni National Interm3
|
N/A |
Fund
Expense Ratio4:
0.03% |
|
EXPENSE
RATIO
(ANNUALIZED)
1
|
BEGINNING
ACCOUNT
VALUE
AT
7/1/22 |
ENDING
ACCOUNT
VALUE
(NET OF
EXPENSES)
AT
12/31/222
|
EXPENSES
PAID
DURING
PERIOD
7/1/22-12/31/22
2
|
Schwab
Municipal Bond ETF
|
|
|
|
|
Actual
Return |
0.03% |
$1,000.00 |
$1,029.30 |
$0.07 |
Hypothetical
5% Return |
0.03% |
$1,000.00 |
$1,011.03 |
$0.07 |
1 |
The
expense ratio provided for the fund is for the period from 10/12/22
(commencement of operations) through 12/31/22 (see financial note 4 for
additional information). |
2 |
Actual
expenses for the fund are equal to its annualized expense ratio,
multiplied by the average account value over the period, multiplied by 81
days in the period from
commencement
of operations on 10/12/22 through 12/31/22, and divided by 365 days in the
fiscal year. Hypothetical expenses for the fund are equal to its
annualized
expense
ratio, multiplied by the average account value over the period, multiplied
by 184 days in the period, and divided by 365 days in the fiscal
year. |
|
10/12/221–
12/31/22 |
|
|
|
|
|
Per-Share
Data | ||||||
Net
asset value at beginning of period |
$50.00 |
|
|
|
|
|
Income
(loss) from investment operations: |
|
|
|
|
|
|
Net
investment income (loss)2
|
0.39 |
|
|
|
|
|
Net
realized and unrealized gains (losses) |
1.00 |
|
|
|
|
|
Total
from investment operations |
1.39 |
|
|
|
|
|
Less
distributions: |
|
|
|
|
|
|
Distributions
from net investment income |
(0.30) |
|
|
|
|
|
Other
capital2
|
0.07 |
|
|
|
|
|
Net
asset value at end of period |
$51.16 |
|
|
|
|
|
Total
return |
2.93%3
|
|
|
|
|
|
Ratios/Supplemental
Data | ||||||
Ratios
to average net assets: |
|
|
|
|
|
|
Total
expenses |
0.03%4
|
|
|
|
|
|
Net
investment income (loss) |
3.50%4
|
|
|
|
|
|
Portfolio
turnover rate5
|
13%3
|
|
|
|
|
|
Net
assets, end of period (x 1,000) |
$61,387 |
|
|
|
|
|
1 |
Commencement
of operations. |
2 |
Calculated
based on the average shares outstanding during the
period. |
3 |
Not
annualized. |
4 |
Annualized. |
5 |
Portfolio
turnover rate excludes securities received or delivered from processing of
in-kind creations or
redemptions. |
ISSUER
TYPE
OF SECURITY, SERIES |
RATE |
MATURITY |
FACE
AMOUNT
($) |
VALUE
($) |
MUNICIPAL
SECURITIES 98.4%
OF
NET ASSETS
| ||||
ALABAMA
0.9%
| ||||
Birmingham
Water Works Board | ||||
Water
Refunding RB Series 2015A
|
5.00% |
01/01/42
(a)(b) |
300,000 |
313,571 |
Tuscaloosa
City Board of Education Capital Outlay Warrants | ||||
School
Tax Warrants Series 2016
|
5.00% |
08/01/46
(a)(b) |
200,000 |
215,334 |
|
|
|
|
528,905 |
ARIZONA
1.9%
| ||||
Arizona
Health Facilities Auth | ||||
RB
(Banner Health) Series 2014A
|
5.00% |
01/01/44
(a)(b) |
150,000 |
153,177 |
Maricopa
Cnty | ||||
GO
Bonds Series 2018C
|
4.00% |
07/01/38
(b) |
400,000 |
396,849 |
Phoenix
Civic Improvement Corp | ||||
Jr
Lien Airport RB Series 2019A
|
4.00% |
07/01/49
(b) |
100,000 |
91,630 |
Salt
River Project Agricultural Improvement & Power
District | ||||
Electric
System RB Series 2021A
|
5.00% |
01/01/24
|
200,000 |
204,334 |
Refunding
RB Series 2016A
|
5.00% |
01/01/31
(b) |
300,000 |
327,178 |
|
|
|
|
1,173,168 |
CALIFORNIA
19.3%
| ||||
Alameda
Cnty Transportation Commission | ||||
Sr
Sales Tax RB Series 2022
|
5.00% |
03/01/45
(b) |
110,000 |
122,835 |
California | ||||
GO
Bonds
|
4.00% |
11/01/23
|
100,000 |
100,979 |
GO
Bonds
|
5.00% |
11/01/25
(b) |
500,000 |
522,508 |
GO
Bonds
|
5.00% |
08/01/27
(b) |
200,000 |
216,924 |
GO
Bonds
|
5.00% |
11/01/28
|
120,000 |
135,710 |
GO
Bonds
|
5.00% |
11/01/29
|
100,000 |
115,102 |
GO
Bonds
|
5.00% |
10/01/30
(b) |
275,000 |
310,325 |
GO
Bonds
|
5.00% |
04/01/31
(b) |
125,000 |
142,105 |
GO
Bonds
|
3.75% |
04/01/37
(b) |
105,000 |
103,783 |
GO
Bonds
|
4.00% |
04/01/49
(b) |
250,000 |
240,911 |
GO
Refunding Bonds
|
5.00% |
10/01/25
|
165,000 |
175,912 |
GO
Refunding Bonds
|
5.00% |
03/01/27
(b) |
250,000 |
262,790 |
GO
Refunding Bonds
|
5.00% |
12/01/27
|
210,000 |
233,980 |
GO
Refunding Bonds
|
5.00% |
10/01/28
|
325,000 |
366,987 |
ISSUER
TYPE
OF SECURITY, SERIES |
RATE |
MATURITY |
FACE
AMOUNT
($) |
VALUE
($) |
GO
Refunding Bonds
|
5.25% |
08/01/32
(c) |
300,000 |
360,202 |
GO
Refunding Bonds
|
5.00% |
03/01/35
(b) |
245,000 |
276,072 |
GO
Refunding Bonds
|
3.00% |
10/01/36
(b) |
200,000 |
180,134 |
GO
Refunding Bonds
|
4.00% |
11/01/37
(b) |
150,000 |
152,917 |
GO
Refunding Bonds
|
5.00% |
09/01/41
(b) |
100,000 |
110,867 |
California
Dept of Water Resources | ||||
Water
System RB Series BB
|
5.00% |
12/01/23
|
250,000 |
255,275 |
California
Educational Facilities Auth | ||||
RB
(Standford Univ) Series V2
|
2.25% |
04/01/51
(b) |
300,000 |
187,878 |
California
Infrastructure & Economic Development Bank | ||||
RB
(UCSF 2130 3rd St) Series 2017
|
5.00% |
05/15/42
(b) |
100,000 |
106,815 |
California
Public Works Board | ||||
Lease
RB Series 2021B
|
4.00% |
05/01/46
(b) |
100,000 |
96,259 |
Lease
RB Series 2021C
|
5.00% |
11/01/46
(b) |
200,000 |
217,845 |
California
State Univ | ||||
RB
Series 2016A
|
5.00% |
11/01/30
(b) |
200,000 |
216,061 |
Coast
CCD | ||||
GO
Bonds Series 2006B
|
0.00% |
08/01/30
(c)(d) |
385,000 |
303,677 |
East
Bay Municipal Utility District | ||||
Water
System Refunding RB Series 2014B
|
5.00% |
06/01/25
|
235,000 |
248,799 |
Foothill
Eastern Transportation Corridor Agency | ||||
Sr
Lien RB Series 1995A
|
0.00% |
01/01/24
(a)(d) |
100,000 |
97,224 |
Golden
State Tobacco Securitization Corp | ||||
Enhanced
Tobacco Settlement Bonds Series 2013A
|
5.00% |
06/01/30
(a)(b) |
250,000 |
252,180 |
Grossmont-Cuyamaca
CCD | ||||
GO
Bonds Series 2018B
|
4.00% |
08/01/47
(b) |
130,000 |
125,676 |
Los
Angeles | ||||
Sub
Refunding RB Series 2018B
|
5.00% |
06/01/25
|
215,000 |
227,676 |
Los
Angeles Dept of Airports | ||||
Sr
RB Series 2020D
|
4.00% |
05/15/48
(b) |
200,000 |
195,858 |
Los
Angeles Dept of Water & Power | ||||
Power
System RB Series 2018B
|
5.00% |
01/01/24
(b)(c) |
200,000 |
204,278 |
Power
System RB Series 2019D
|
5.00% |
07/01/44
(b) |
250,000 |
268,941 |
Water
System RB Series 2020A
|
5.00% |
07/01/50
(b) |
100,000 |
107,013 |
Water
System Refunding RB Series 2022C
|
5.00% |
07/01/41
(b) |
245,000 |
274,427 |
Los
Angeles USD | ||||
GO
Refunding Bonds Series 2014C
|
5.00% |
07/01/25
(b) |
250,000 |
258,329 |
GO
Refunding Bonds Series 2017A
|
5.00% |
07/01/25
|
200,000 |
212,122 |
Oakland
USD | ||||
GO
Bonds Series 2021A
|
4.00% |
08/01/46
(b)(c) |
195,000 |
189,144 |
Orange
County Transportation Auth | ||||
BAN
2021
|
5.00% |
10/15/24
(a) |
210,000 |
218,280 |
Riverside
County Public Finance Auth | ||||
Lease
RB Series 2015
|
5.25% |
11/01/45
(a)(b) |
100,000 |
107,418 |
San
Diego Assoc of Governments | ||||
Capital
Grant Receipts RB (Mid Coast Corridor Transit) Series 2019A
|
5.00% |
11/15/25
(b) |
230,000 |
239,744 |
San
Diego CCD | ||||
GO
Refunding Bonds Series 2016
|
5.00% |
08/01/29
(a)(b) |
145,000 |
157,250 |
San
Diego Cnty Regional Airport Auth | ||||
Sub
Airport RB Series 2021A
|
4.00% |
07/01/46
(b) |
115,000 |
107,192 |
ISSUER
TYPE
OF SECURITY, SERIES |
RATE |
MATURITY |
FACE
AMOUNT
($) |
VALUE
($) |
San
Diego Cnty Regional Transportation Commission | ||||
Sales
Tax RB Series 2016A
|
5.00% |
04/01/48
(b) |
200,000 |
209,031 |
San
Diego Public Facilities Financing Auth | ||||
Water
Sub RB Series 2018A
|
5.00% |
08/01/43
(b) |
200,000 |
215,616 |
San
Diego USD | ||||
GO
Bonds Series 2016I
|
0.00% |
07/01/36
(b)(d) |
175,000 |
101,827 |
GO
Bonds Series 2020M2
|
4.00% |
07/01/50
(b) |
100,000 |
94,291 |
San
Francisco Public Utilities Commission | ||||
Water
RB Series 2020A
|
5.00% |
11/01/50
(b) |
295,000 |
316,051 |
Water
Refunding RB Series 2016A
|
5.00% |
11/01/26
|
350,000 |
381,784 |
Water
Refunding RB Series 2016A
|
5.00% |
11/01/35
(b) |
100,000 |
107,061 |
Santa
Monica CCD | ||||
GO
Bonds Series 2018A
|
4.00% |
08/01/47
(b) |
250,000 |
241,848 |
Southern
California Metropolitan Water District | ||||
RB
Series 2021A
|
5.00% |
10/01/46
(b) |
100,000 |
110,429 |
Sub
Water Refunding RB Series 2017A
|
2.50% |
07/01/26
|
250,000 |
249,227 |
Twin
Rivers USD | ||||
GO
Bonds Series 2016
|
0.00% |
08/01/41
(b)(c)(d) |
390,000 |
166,908 |
Univ
of California | ||||
Limited
Project RB Series 2018O
|
5.00% |
05/15/58
(b) |
245,000 |
257,747 |
RB
Series 2018O
|
4.00% |
05/15/48
(b) |
155,000 |
149,822 |
RB
Series 2020 BE
|
4.00% |
05/15/47
(b) |
250,000 |
244,145 |
|
|
|
|
11,852,191 |
COLORADO
0.6%
| ||||
Colorado | ||||
COP
Series 2020A
|
4.00% |
12/15/35
(b) |
150,000 |
154,065 |
Weld
Cnty SD #RE2 | ||||
GO
Bonds Series 2016
|
5.00% |
12/01/44
(b)(c) |
220,000 |
236,907 |
|
|
|
|
390,972 |
CONNECTICUT
2.2%
| ||||
Connecticut | ||||
GO
Bonds Series 2016E
|
3.00% |
10/15/32
(b) |
200,000 |
192,374 |
GO
Bonds Series 2020A
|
5.00% |
01/15/25
|
100,000 |
104,554 |
GO
Bonds Series 2020A
|
5.00% |
01/15/26
|
100,000 |
106,828 |
Special
Tax Obligation Bonds Series 2020A
|
5.00% |
05/01/24
|
200,000 |
205,825 |
Transportation
RB Series 2016A
|
4.00% |
09/01/35
(b) |
170,000 |
172,359 |
Transportation
RB Series 2020A
|
5.00% |
05/01/27
|
500,000 |
547,737 |
|
|
|
|
1,329,677 |
DISTRICT
OF COLUMBIA
1.8%
| ||||
District
of Columbia | ||||
GO
Bonds Series 2019A
|
5.00% |
10/15/44
(b) |
240,000 |
256,811 |
Income
Tax Secured RB Series 2019A
|
5.00% |
03/01/30
(b) |
220,000 |
252,303 |
Income
Tax Secured RB Series 2019A
|
4.00% |
03/01/44
(b) |
200,000 |
195,040 |
ISSUER
TYPE
OF SECURITY, SERIES |
RATE |
MATURITY |
FACE
AMOUNT
($) |
VALUE
($) |
Washington
Metropolitan Transit Auth | ||||
RB
Series 2020A
|
5.00% |
07/15/45
(b) |
125,000 |
133,398 |
RB
Series 2021A
|
5.00% |
07/15/46
(b) |
280,000 |
300,279 |
|
|
|
|
1,137,831 |
FLORIDA
2.1%
| ||||
Central
Florida Expressway Auth | ||||
Sr
Lien Refunding RB Series 2017
|
5.00% |
07/01/42
(b) |
125,000 |
130,558 |
Florida
State Board of Education | ||||
Lottery
Refunding RB Series 2017A
|
5.00% |
07/01/27
|
165,000 |
182,059 |
Public
Education Refunding Bonds Series 2013A
|
5.00% |
06/01/23
|
250,000 |
252,303 |
Fort
Myers | ||||
Utility
System Refunding RB Series 2019A
|
4.00% |
10/01/44
(b) |
100,000 |
96,852 |
Fort
Pierce Utilities Authority | ||||
Utilities
Refunding RB Series 2022A
|
4.00% |
10/01/52
(b) |
125,000 |
115,682 |
Hillsborough
Cnty Aviation Auth | ||||
RB
Series 2018F
|
5.00% |
10/01/43
(b) |
115,000 |
120,913 |
Miami-Dade
Cnty | ||||
RB
Series 2017B
|
5.00% |
10/01/33
(b) |
100,000 |
105,065 |
Refunding
RB Series 2009A
|
6.88% |
10/01/34
(b)(c) |
240,000 |
297,882 |
|
|
|
|
1,301,314 |
GEORGIA
1.8%
| ||||
Atlanta | ||||
Water
& Wastewater Refunding RB Series 2018B
|
5.00% |
11/01/43
(b) |
100,000 |
105,610 |
Fulton
Cnty | ||||
Water
& Sewerage RB Series 2020A
|
2.25% |
01/01/43
(b) |
150,000 |
101,999 |
Georgia | ||||
GO
Bonds Series 2017A
|
5.00% |
02/01/31
(b) |
200,000 |
218,988 |
GO
Bonds Series 2021A
|
4.00% |
07/01/38
(b) |
200,000 |
205,527 |
Gwinnett
Cnty SD | ||||
Sales
Tax GO Bonds Series 2022B
|
5.00% |
08/01/27
|
80,000 |
88,449 |
Metropolitan
Atlanta Rapid Transit Auth | ||||
Sales
Tax Refunding RB Series 2017C
|
3.25% |
07/01/37
(b) |
100,000 |
91,096 |
Private
Colleges & Universities Auth | ||||
RB
(Emory Univ) Series 2020B
|
5.00% |
09/01/25
|
250,000 |
265,742 |
|
|
|
|
1,077,411 |
HAWAII
0.4%
| ||||
Hawaii | ||||
GO
Bonds Series 2017FK
|
4.00% |
05/01/31
(b) |
250,000 |
261,236 |
ILLINOIS
4.7%
| ||||
Chicago | ||||
GO
Bonds Series 1999
|
0.00% |
01/01/33
(c)(d) |
400,000 |
259,772 |
Chicago
O’Hare International Airport | ||||
O’Hare
General Airport Sr Lien Refunding RB Series 2015B
|
5.00% |
01/01/26
(b) |
150,000 |
156,675 |
Cook
Cnty | ||||
Sales
Tax RB Series 2021A
|
4.00% |
11/15/41
(b) |
325,000 |
299,988 |
ISSUER
TYPE
OF SECURITY, SERIES |
RATE |
MATURITY |
FACE
AMOUNT
($) |
VALUE
($) |
Illinois | ||||
GO
Bonds Series 2013
|
5.50% |
07/01/38
(b) |
110,000 |
110,258 |
GO
Bonds Series 2014
|
5.25% |
02/01/29
(b) |
200,000 |
201,842 |
GO
Bonds Series 2017C
|
5.00% |
11/01/29
(b) |
400,000 |
409,957 |
GO
Bonds Series 2017D
|
5.00% |
11/01/25
|
95,000 |
97,407 |
GO
Refunding Bonds Series 2016
|
5.00% |
02/01/25
|
150,000 |
153,104 |
Illinois
Municipal Electric Agency | ||||
Power
System Refunding RB Series 2015A
|
4.00% |
02/01/34
(b) |
300,000 |
302,581 |
Illinois
Toll Highway Auth | ||||
Sr
RB Series 2020A
|
5.00% |
01/01/45
(b) |
200,000 |
210,915 |
Toll
Sr RB Series 2021A
|
5.00% |
01/01/46
(b) |
250,000 |
264,469 |
Metropolitan
Pier & Exposition Auth | ||||
RB
Series 2002A
|
0.00% |
06/15/34
(c)(d) |
325,000 |
195,398 |
Refunding
Bonds (McCormick Place Expansion) Series 2020A
|
5.00% |
06/15/50
(b) |
200,000 |
195,394 |
|
|
|
|
2,857,760 |
INDIANA
0.7%
| ||||
Indiana
Finance Auth | ||||
Hospital
RB (Community Health Network) Series 2012A
|
5.00% |
05/01/42
(a)(b) |
100,000 |
100,661 |
State
Revolving Fund Refunding Bonds Series 2015B
|
5.00% |
02/01/24
|
90,000 |
92,114 |
Indianapolis
Local Public Improvement Bond Bank | ||||
RB
Series 1999E
|
0.00% |
02/01/28
(c)(d) |
250,000 |
211,814 |
|
|
|
|
404,589 |
IOWA
0.4%
| ||||
Iowa
Higher Education Loan Auth | ||||
RB
(Grinnell College) Series 2017
|
5.00% |
12/01/46
(b) |
220,000 |
231,247 |
KANSAS
0.2%
| ||||
Kansas
Department of Transportation | ||||
Highway
RB Series 2015B
|
5.00% |
09/01/25
|
125,000 |
132,639 |
KENTUCKY
0.7%
| ||||
Kentucky
Municipal Power Agency | ||||
Power
System Refunding RB Series 2015A
|
4.00% |
09/01/39
(b)(c) |
100,000 |
95,871 |
Kentucky
State Property & Buildings Commission | ||||
Refunding
RB Series B
|
5.00% |
11/01/25
|
215,000 |
226,901 |
Kentucky
Turnpike Auth | ||||
Economic
Development Road Refunding RB Series 2017B
|
5.00% |
07/01/25
|
115,000 |
120,916 |
|
|
|
|
443,688 |
LOUISIANA
0.4%
| ||||
Louisiana
Public Facilities Auth | ||||
Refunding
RB (Tulane Univ) Series 2020A
|
5.00% |
04/01/45
(b) |
250,000 |
259,839 |
ISSUER
TYPE
OF SECURITY, SERIES |
RATE |
MATURITY |
FACE
AMOUNT
($) |
VALUE
($) |
MARYLAND
3.1%
| ||||
Maryland | ||||
GO
Bonds 2nd Series 2017A
|
5.00% |
08/01/27
|
265,000 |
292,865 |
ULT
GO Bonds Series 2017
|
5.00% |
03/15/29
(b) |
200,000 |
219,317 |
ULT
GO Bonds Series 2017B
|
5.00% |
08/01/25
|
460,000 |
487,666 |
Maryland
Dept of Transportation | ||||
Consolidated
Bonds Series 2021A
|
2.13% |
10/01/36
(b) |
190,000 |
148,664 |
RB
Series 2018
|
5.00% |
10/01/26
|
125,000 |
135,884 |
Transportation
Bonds Series 2018
|
5.00% |
10/01/28
(b) |
85,000 |
92,241 |
Maryland
Transportation Auth | ||||
Transportation
Facilities RB Series 2020
|
4.00% |
07/01/50
(b) |
250,000 |
234,106 |
Prince
Georges Cnty | ||||
GO
Bonds Series 2018A
|
5.00% |
07/15/29
(b) |
245,000 |
275,641 |
|
|
|
|
1,886,384 |
MASSACHUSETTS
4.7%
| ||||
Massachusetts | ||||
GO
Bonds Series 2020E
|
5.00% |
11/01/50
(b) |
300,000 |
320,991 |
GO
Bonds Series 2020D
|
3.00% |
07/01/35
(b) |
200,000 |
183,992 |
GO
Bonds Series 2020E
|
5.00% |
11/01/45
(b) |
250,000 |
269,264 |
GO
Bonds Series 2021A
|
3.00% |
03/01/36
(b) |
250,000 |
227,191 |
GO
Bonds Series 2021D
|
5.00% |
09/01/50
(b) |
250,000 |
269,061 |
GO
Refunding Bonds Series 2016C
|
5.00% |
10/01/24
|
190,000 |
197,529 |
Massachusetts
Bay Transportation Auth | ||||
RB
Series 2021
|
4.00% |
05/01/25
|
220,000 |
226,906 |
Sr
Sales Tax Bonds Series 2005A
|
5.00% |
07/01/25
|
145,000 |
153,356 |
Massachusetts
Development Finance Agency | ||||
RB
(Emerson College) Series 2016A
|
5.00% |
01/01/47
(b) |
200,000 |
200,041 |
RB
(Harvard Univ) Series 2016A
|
5.00% |
07/15/26
|
275,000 |
297,672 |
Massachusetts
School Building Auth | ||||
Sub
Sales Tax Bonds Series 2018A
|
5.25% |
02/15/48
(b) |
200,000 |
212,568 |
Massachusetts
Transportation Fund | ||||
RB
Series 2022B
|
5.00% |
06/01/52
(b) |
300,000 |
324,438 |
|
|
|
|
2,883,009 |
MICHIGAN
1.0%
| ||||
Michigan
Building Auth | ||||
Refunding
RB Series 2015I
|
5.00% |
04/15/33
(b) |
150,000 |
157,273 |
Michigan
Finance Auth | ||||
RB
(Public Lighting Auth) Series 2014B
|
5.00% |
07/01/39
(b) |
200,000 |
200,466 |
Wayne
Cnty Airport Auth | ||||
Airport
RB Series 2021A
|
5.00% |
12/01/46
(b) |
220,000 |
229,802 |
|
|
|
|
587,541 |
MINNESOTA
0.2%
| ||||
Minneapolis
Metropolitan Council | ||||
ULT
GO Series 2021C
|
5.00% |
12/01/26
|
115,000 |
125,435 |
ISSUER
TYPE
OF SECURITY, SERIES |
RATE |
MATURITY |
FACE
AMOUNT
($) |
VALUE
($) |
NEVADA
0.9%
| ||||
Clark
Cnty | ||||
GO
Bonds Series 2018A
|
5.00% |
06/01/43
(b) |
165,000 |
175,106 |
Clark
Cnty SD | ||||
GO
Refunding Bonds Series 2017A
|
5.00% |
06/15/25
|
200,000 |
210,676 |
LT
GO Refunding Bonds Series 2016D
|
5.00% |
06/15/23
|
175,000 |
176,515 |
|
|
|
|
562,297 |
NEW
JERSEY
4.6%
| ||||
Hudson
Cnty Improvement Auth | ||||
Lease
RB (Hudson Cnty Courthouse) Series 2020
|
4.00% |
10/01/51
(b) |
150,000 |
140,076 |
New
Jersey | ||||
GO
Bonds Series 2020A
|
5.00% |
06/01/28
|
250,000 |
278,030 |
ULT
GO Series 2020A
|
5.00% |
06/01/29
|
250,000 |
282,692 |
New
Jersey Economic Development Auth | ||||
RB
Series 2016AAA
|
5.00% |
06/15/41
(b) |
190,000 |
193,110 |
State
Lease RB Series 2018A
|
5.00% |
06/15/47
(b) |
250,000 |
252,675 |
New
Jersey Transportation Trust Fund Auth | ||||
RB
Series 2013AA
|
5.00% |
06/15/36
(b) |
220,000 |
220,789 |
RB
Series 2018A
|
5.00% |
06/15/31
(b) |
225,000 |
236,333 |
RB
Series 2021A
|
5.00% |
06/15/31
|
100,000 |
110,751 |
Revenue
Notes Series 2016A1
|
5.00% |
06/15/23
|
250,000 |
251,897 |
Transportation
Bonds Series 2019BB
|
5.00% |
06/15/50
(b) |
145,000 |
146,399 |
Transportation
RB Series 2020AA
|
4.00% |
06/15/50
(b) |
100,000 |
84,236 |
New
Jersey Turnpike Auth | ||||
RB
Series 2015E
|
5.00% |
01/01/45
(b) |
150,000 |
152,961 |
Refunding
RB Series 2005D3
|
5.25% |
01/01/26
(c) |
300,000 |
320,595 |
Turnpike
RB Series 2019A
|
4.00% |
01/01/48
(b) |
155,000 |
147,267 |
|
|
|
|
2,817,811 |
NEW
MEXICO
0.3%
| ||||
New
Mexico Finance Auth | ||||
RB
Series 2018A
|
5.00% |
06/15/24
|
155,000 |
159,795 |
NEW
YORK
22.0%
| ||||
Hudson
Yards Infrastructure | ||||
2nd
Indenture RB Fiscal 2017 Series A
|
4.00% |
02/15/36
(b) |
290,000 |
291,766 |
Long
Island Power Auth | ||||
Electric
System RB Series 2016B
|
5.00% |
09/01/41
(b) |
190,000 |
197,748 |
Electric
System RB Series 2018
|
5.00% |
09/01/38
(b) |
120,000 |
128,278 |
Metropolitan
Transportation Auth | ||||
Dedicated
Tax Fund Refunding Bonds Series 2012A
|
0.00% |
11/15/30
(d) |
150,000 |
111,749 |
RB
Series 2012E
|
4.00% |
11/15/38
(b) |
375,000 |
375,073 |
RB
Series 2017B
|
5.00% |
11/15/25
|
100,000 |
103,663 |
RB
Series 2017D
|
4.00% |
11/15/42
(b) |
300,000 |
260,490 |
RB
Series 2020A1
|
4.00% |
11/15/52
(b) |
100,000 |
80,482 |
New
York City | ||||
GO
Bonds Fiscal 2014 Series D1
|
5.00% |
08/01/30
(b) |
200,000 |
202,064 |
GO
Bonds Fiscal 2019 Series A
|
5.00% |
08/01/26
|
160,000 |
173,062 |
ISSUER
TYPE
OF SECURITY, SERIES |
RATE |
MATURITY |
FACE
AMOUNT
($) |
VALUE
($) |
GO
Bonds Fiscal 2020 Series C1
|
5.00% |
08/01/30
|
500,000 |
576,185 |
GO
Bonds Fiscal 2020 Series D1
|
4.00% |
03/01/50
(b) |
100,000 |
92,741 |
GO
Bonds Fiscal 2021 Series F
|
3.00% |
03/01/51
(b) |
200,000 |
151,672 |
ULT
GO Series 2015F1
|
3.50% |
06/01/33
(b) |
185,000 |
186,483 |
ULT
GO Series 2018F1
|
5.00% |
04/01/43
(b) |
125,000 |
131,588 |
New
York City Municipal Water Finance Auth | ||||
Water
& Sewer 2nd Resolution RB Fiscal 2017 Series CC1
|
4.00% |
06/15/46
(b) |
200,000 |
188,094 |
Water
& Sewer 2nd Resolution RB Fiscal 2020 Series AA
|
4.00% |
06/15/40
(b) |
500,000 |
485,563 |
Water
& Sewer System 2nd Resolution RB Fiscal 2013 Series CC
|
3.75% |
06/15/47
(b) |
100,000 |
89,002 |
Water
& Sewer System 2nd Resolution RB Fiscal 2021 Series AA1
|
5.00% |
06/15/29
|
300,000 |
343,255 |
Water
& Sewer System RB Fiscal 2018 Series CC1
|
4.00% |
06/15/48
(b) |
150,000 |
139,728 |
New
York City Transitional Finance Auth | ||||
Building
Aid RB Fiscal 2015 Series S1
|
5.00% |
07/15/40
(b) |
200,000 |
204,920 |
Building
Aid RB Fiscal 2016 Series S1
|
4.00% |
07/15/40
(b) |
100,000 |
96,863 |
Future
Tax Secured Sub Bonds Fiscal 2015 Series B1
|
5.00% |
08/01/32
(b) |
175,000 |
180,390 |
Future
Tax Secured Sub Bonds Fiscal 2016 Series E1
|
3.00% |
02/01/33
(b) |
235,000 |
226,934 |
Future
Tax Secured Sub Bonds Fiscal 2021 Series C1
|
4.00% |
05/01/42
(b) |
100,000 |
95,315 |
Future
Tax Secured Sub Bonds Fiscal 2021 Series F1
|
5.00% |
11/01/27
|
100,000 |
110,759 |
Future
Tax Secured Sub Bonds Fiscal 2021 Series F1
|
5.00% |
11/01/29
|
250,000 |
286,576 |
Future
Tax Secured Sub Bonds Fiscal 2022 Series A1
|
5.00% |
11/01/28
|
215,000 |
242,403 |
Future
Tax Secured Sub Bonds Fiscal 2022 Series B
|
4.00% |
08/01/48
(b) |
150,000 |
137,978 |
Future
Tax Secured Sub Bonds Fiscal 2022 Series B1
|
3.00% |
08/01/48
(b) |
200,000 |
146,764 |
RB
Fiscal 2018 Series S1
|
4.00% |
07/15/36
(b) |
150,000 |
150,811 |
RB
Fiscal 2019 Series S2A
|
5.00% |
07/15/35
(b)(c) |
175,000 |
189,580 |
RB
Series C1
|
4.00% |
05/01/45
(b) |
285,000 |
266,597 |
New
York Power Auth | ||||
RB
Series 2020A
|
4.00% |
11/15/50
(b) |
100,000 |
92,086 |
New
York State Dormitory Auth | ||||
RB
Series 2015A
|
5.00% |
07/01/35
(b) |
200,000 |
209,404 |
RB
Series 2019A
|
4.00% |
07/01/44
(b) |
100,000 |
93,814 |
Refunding
RB (Cornell Univ) Series 2020A
|
4.00% |
07/01/50
(b) |
275,000 |
260,457 |
Sales
Tax RB Series 2018E
|
5.00% |
03/15/48
(b) |
250,000 |
261,931 |
State
Personal Income Tax RB Series 2013A
|
5.00% |
02/15/43
(a)(b) |
400,000 |
400,947 |
State
Personal Income Tax RB Series 2016A
|
5.00% |
02/15/33
(b) |
200,000 |
213,358 |
State
Personal Income Tax RB Series 2016A
|
5.00% |
02/15/36
(b) |
100,000 |
105,277 |
State
Personal Income Tax RB Series 2017B
|
5.00% |
02/15/28
(b) |
310,000 |
340,685 |
State
Personal Income Tax RB Series 2019D
|
5.00% |
02/15/30
|
200,000 |
230,361 |
State
Personal Income Tax RB Series 2019D
|
5.00% |
02/15/48
(b) |
215,000 |
226,117 |
State
Personal Income Tax RB Series 2020A
|
4.00% |
03/15/36
(b) |
160,000 |
160,797 |
State
Personal Income Tax Refunding RB Series 2016D
|
5.00% |
02/15/28
(b) |
270,000 |
291,008 |
State
Sales Tax RB Series 2018E
|
5.00% |
03/15/41
(b) |
400,000 |
423,484 |
New
York State Thruway Auth | ||||
Jr
GO RB Series 2019B
|
4.00% |
01/01/39
(b) |
175,000 |
169,445 |
Jr
Obligation RB Series 2019B
|
5.00% |
01/01/30
|
135,000 |
152,972 |
State
Personal Income Tax RB Series 2021A1
|
5.00% |
03/15/35
(b) |
435,000 |
488,354 |
State
Personal Income Tax RB Series 2021A1
|
4.00% |
03/15/41
(b) |
250,000 |
239,318 |
State
Personal Income Tax RB Series 2022A
|
5.00% |
03/15/30
|
200,000 |
230,252 |
New
York State Urban Development Corp | ||||
State
Personal Income Tax RB Series 2017A
|
5.00% |
03/15/27
(a) |
155,000 |
169,521 |
ISSUER
TYPE
OF SECURITY, SERIES |
RATE |
MATURITY |
FACE
AMOUNT
($) |
VALUE
($) |
Port
Auth of New York & New Jersey | ||||
Consolidated
Bonds 200th Series
|
5.25% |
10/15/57
(b) |
200,000 |
208,660 |
Sales
Tax Asset Receivable Corp | ||||
RB
Fiscal 2015 Series A
|
5.00% |
10/15/31
(a)(b) |
390,000 |
405,170 |
Suffolk
Cnty Water Auth | ||||
Water
System Refunding RB Series 2015
|
3.00% |
06/01/32
(b) |
300,000 |
298,903 |
Triborough
Bridge & Tunnel Auth | ||||
General
RB Series 2022A
|
5.00% |
11/15/47
(b) |
290,000 |
310,400 |
Sr
Lien RB Series 2021C3
|
4.00% |
05/15/51
(b) |
225,000 |
206,476 |
Sub
Refunding RB Series 2013A
|
0.00% |
11/15/31
(d) |
555,000 |
396,028 |
Utility
Debt Securitization Auth | ||||
Restructuring
Bonds Series 2015
|
5.00% |
12/15/33
(b) |
250,000 |
265,574 |
|
|
|
|
13,495,375 |
NORTH
CAROLINA
1.4%
| ||||
North
Carolina | ||||
GO
Refunding Bonds Series 2017A
|
5.00% |
06/01/23
|
150,000 |
151,265 |
Refunding
RB Series 2014B
|
5.00% |
06/01/24
|
150,000 |
154,691 |
North
Carolina Turnpike Auth | ||||
BAN
2020
|
5.00% |
02/01/24
|
250,000 |
254,671 |
RB
Series 2019
|
0.00% |
01/01/41
(b)(d) |
195,000 |
86,923 |
Toll
RB (Monroe Expressway) Series 2016A
|
5.00% |
07/01/54
(b) |
200,000 |
198,610 |
|
|
|
|
846,160 |
OHIO
0.8%
| ||||
American
Municipal Power Ohio | ||||
RB
(Greenup Hydroelectric) Series 2016A
|
5.00% |
02/15/41
(b) |
275,000 |
281,985 |
Ohio
Higher Educational Facility Commission | ||||
Refunding
RB (Case Western Reserve Univ) Series 2016
|
5.00% |
12/01/40
(b) |
200,000 |
209,481 |
|
|
|
|
491,466 |
OKLAHOMA
0.3%
| ||||
Canadian
Cnty Educational Facilities Auth | ||||
Lease
RB (Mustang Public Schools) Series 2017
|
3.00% |
09/01/29
(b) |
200,000 |
198,536 |
OREGON
1.9%
| ||||
Beaverton
SD #48J | ||||
GO
Bonds Series 2014
|
5.00% |
06/15/28
(a)(b)(c) |
100,000 |
103,170 |
GO
Bonds Series 2014B
|
5.00% |
06/15/31
(a)(b)(c) |
250,000 |
257,924 |
GO
Bonds Series 2022B
|
5.00% |
06/15/52
(b)(c) |
250,000 |
273,948 |
Oregon
Dept of Transportation | ||||
Highway
Sub Lien Refunding RB Series 2019A
|
5.00% |
11/15/36
(b) |
200,000 |
222,236 |
Highway
Tax Sub Lien RB Series 2020A
|
5.00% |
11/15/40
(b) |
290,000 |
319,549 |
|
|
|
|
1,176,827 |
PENNSYLVANIA
3.2%
| ||||
Delaware
River Port Auth | ||||
RB
Series 2013
|
5.00% |
01/01/31
(a)(b) |
120,000 |
122,423 |
Refunding
RB Series 2018B
|
5.00% |
01/01/23
|
200,000 |
200,000 |
ISSUER
TYPE
OF SECURITY, SERIES |
RATE |
MATURITY |
FACE
AMOUNT
($) |
VALUE
($) |
Pennsylvania | ||||
GO
Bonds 2nd Series 2016
|
3.00% |
09/15/36
(b) |
125,000 |
111,517 |
GO
Refunding Bonds Series 2017
|
5.00% |
01/01/26
|
120,000 |
127,916 |
GO
Refunding Bonds Series 2017
|
5.00% |
01/01/27
|
300,000 |
325,399 |
Pennsylvania
State Turnpike Commission | ||||
RB
Series 2021A
|
5.00% |
12/01/46
(b) |
125,000 |
132,365 |
Sub
RB Series 2021B
|
5.00% |
12/01/46
(b) |
200,000 |
211,023 |
Sub
Refunding RB 3rd Series 2016A
|
5.00% |
12/01/30
(b) |
125,000 |
132,687 |
Philadelphia | ||||
Gas
RB 16th Series A
|
5.00% |
08/01/50
(b)(c) |
95,000 |
100,447 |
Philadelphia
IDA | ||||
RB
(Thomas Jefferson Univ) Series 2017A
|
5.00% |
09/01/47
(b) |
200,000 |
200,626 |
Philadelphia
SD | ||||
GO
Bonds Series 2018B
|
4.00% |
09/01/43
(b)(c) |
195,000 |
184,805 |
GO
Refunding Bonds Series 2016F
|
5.00% |
09/01/28
(b)(c) |
110,000 |
117,195 |
|
|
|
|
1,966,403 |
SOUTH
CAROLINA
0.7%
| ||||
South
Carolina Public Service Auth | ||||
Refunding
RB Series 2016A
|
5.00% |
12/01/29
(b) |
85,000 |
89,442 |
Refunding
RB Series 2022A
|
4.00% |
12/01/52
(b) |
250,000 |
213,051 |
South
Carolina Transportation Infrastructure Bank | ||||
Refunding
RB Series 2021B
|
5.00% |
10/01/25
|
105,000 |
111,485 |
|
|
|
|
413,978 |
TENNESSEE
0.7%
| ||||
Metro
Government of Nashville & Davidson Cnty | ||||
GO
Bonds Series 2021C
|
3.00% |
01/01/34
(b) |
125,000 |
117,978 |
RB
Series 2013
|
4.00% |
07/01/43
(a)(b) |
300,000 |
301,609 |
|
|
|
|
419,587 |
TEXAS
9.5%
| ||||
Bexar
Cnty | ||||
Tax
Refunding Bonds Series 2017
|
5.00% |
06/15/43
(a)(b) |
150,000 |
161,884 |
Dallas
Area Rapid Transit | ||||
Sr
Lien Sales Tax Refunding RB Series 2007
|
5.25% |
12/01/30
(b)(c) |
315,000 |
371,876 |
Sr
Lien Sales Tax Refunding RB Series 2021B
|
4.00% |
12/01/51
(b) |
275,000 |
258,489 |
Dallas-Fort
Worth International Airport | ||||
Jt
Refunding RB Series 2020A
|
5.00% |
11/01/24
|
200,000 |
207,621 |
Refunding
RB Series 2020A
|
5.00% |
11/01/27
|
150,000 |
165,065 |
El
Paso | ||||
Water
& Sewer Refunding RB Series 2022A
|
4.00% |
03/01/44
(b) |
200,000 |
190,976 |
Grand
Parkway Transportation Corp | ||||
1st
Tier Refunding RB Series 2020C
|
4.00% |
10/01/45
(b) |
250,000 |
227,706 |
Hidalgo
Cnty | ||||
GO
Bonds Series 2018A
|
4.00% |
08/15/43
(b) |
200,000 |
194,914 |
Houston | ||||
Utility
System 1st Lien Refunding RB Series 2014C
|
5.00% |
05/15/24
|
270,000 |
278,190 |
Utility
System 1st Lien Refunding RB Series 2019B
|
5.00% |
11/15/49
(b) |
100,000 |
105,843 |
ISSUER
TYPE
OF SECURITY, SERIES |
RATE |
MATURITY |
FACE
AMOUNT
($) |
VALUE
($) |
Leander
ISD | ||||
ULT
GO Refunding Bonds Series 2016A
|
0.00% |
08/16/42
(b)(c)(d) |
350,000 |
148,436 |
North
Texas Tollway Auth | ||||
1st
Tier Refunding RB Series 2016A
|
5.00% |
01/01/27
(b) |
275,000 |
280,336 |
1st
Tier System Revenue & Refunding Bonds Series 2017A
|
5.00% |
01/01/43
(b) |
145,000 |
150,784 |
Refunding
RB Series 2008I
|
6.50% |
01/01/43
(a)(b) |
295,000 |
315,805 |
Refunding
RB Series 2014B
|
5.00% |
01/01/31
(b) |
230,000 |
233,920 |
Refunding
RB Series 2015A
|
4.00% |
01/01/38
(b) |
150,000 |
148,760 |
San
Antonio | ||||
Electric
& Gas System Refunding RB Series 2020
|
5.00% |
02/01/49
(b) |
125,000 |
131,479 |
Electric
& Gas Systems Refunding RB Series 2012
|
5.25% |
02/01/25
(b) |
295,000 |
309,971 |
Texas | ||||
GO
Refunding Bonds Series 2014
|
5.00% |
10/01/26
(a)(b) |
150,000 |
154,035 |
GO
Refunding Bonds Series 2014
|
5.00% |
10/01/28
(a)(b) |
150,000 |
154,035 |
GO
Refunding Bonds Series 2014A
|
5.00% |
10/01/44
(a)(b) |
420,000 |
436,351 |
GO
Refunding Bonds Series 2017A
|
5.00% |
10/01/33
(b) |
100,000 |
109,296 |
Texas
Transportation Commission | ||||
State
Highway Fund 1st Tier Refunding RB Series 2015
|
5.00% |
10/01/24
|
160,000 |
166,479 |
Texas
Water Dev Brd | ||||
State
Water Fund RB Series 2018A
|
5.00% |
10/15/43
(b) |
100,000 |
105,844 |
State
Water Implementation Fund RB Series 2019A
|
4.00% |
10/15/49
(b) |
250,000 |
239,020 |
Trinity
River Auth | ||||
Refunding
RB Series 2020
|
3.00% |
08/01/31
(b) |
115,000 |
114,719 |
Univ
of Texas | ||||
Financing
System RB Series 2020A
|
5.00% |
08/15/30
|
150,000 |
174,862 |
Ysleta
ISD | ||||
ULT
GO Bonds Series 2020
|
4.00% |
08/15/50
(b)(c) |
300,000 |
283,203 |
|
|
|
|
5,819,899 |
VIRGINIA
1.0%
| ||||
Chesapeake
Bay Bridge & Tunnel District | ||||
1st
Tier RB Series 2016
|
5.00% |
07/01/46
(b) |
150,000 |
150,429 |
Univ
of Virginia | ||||
General
RB Series 2019B
|
5.00% |
09/01/49
(b) |
250,000 |
272,141 |
Virginia
College Building Auth | ||||
Educational
Facilities Refunding RB Series 2017E
|
5.00% |
02/01/29
(b) |
200,000 |
221,610 |
|
|
|
|
644,180 |
WASHINGTON
3.7%
| ||||
Central
Puget Sound Regional Transit Auth | ||||
Sales
& Motor Vehicle Tax Refunding Bonds Series 2021S1
|
5.00% |
11/01/27
|
130,000 |
143,986 |
Sales
& Motor Vehicle Tax Refunding Bonds Series 2021S1
|
5.00% |
11/01/36
(b) |
250,000 |
284,549 |
Energy
Northwest | ||||
Electric
Refunding RB Series 2018B
|
5.00% |
07/01/23
|
330,000 |
333,304 |
Electric
Refunding RB Series 2021A
|
4.00% |
07/01/42
(b) |
100,000 |
96,091 |
King
Cnty | ||||
GO
Refunding Bonds Series 2021A
|
4.00% |
01/01/27
|
330,000 |
346,820 |
Northshore
SD #417 | ||||
ULT
GO Refunding Bonds Series 2022
|
5.00% |
12/01/39
(b)(c) |
110,000 |
123,726 |
ISSUER
TYPE
OF SECURITY, SERIES |
RATE |
MATURITY |
FACE
AMOUNT
($) |
VALUE
($) |
Washington | ||||
GO
Bonds Series 2020C
|
5.00% |
02/01/40
(b) |
160,000 |
173,299 |
GO
Bonds Series 2023A
|
5.00% |
08/01/47
(b) |
200,000 |
217,197 |
GO
Refunding Bonds Series R2013C
|
4.00% |
07/01/26
(b) |
400,000 |
402,828 |
GO
Refunding Bonds Series R2018C
|
5.00% |
08/01/30
(b) |
40,000 |
43,646 |
Motor
Vehicle Fuel Tax GO Refunding Bonds Series R2022D
|
4.00% |
07/01/28
|
130,000 |
139,229 |
|
|
|
|
2,304,675 |
WEST
VIRGINIA
0.3%
| ||||
W
Virginia Parkway Auth | ||||
Sr
Lien RB Series 2021
|
5.00% |
06/01/47
(b) |
190,000 |
200,886 |
Total
Municipal Securities
(Cost
$59,520,205) |
60,382,711 | |||
Total
Investments in Securities
(Cost
$59,520,205) |
60,382,711 |
(a) |
Refunded
bond. |
(b) |
The
effective maturity may be shorter than the final maturity shown because
the security is subject to a put, demand or call
feature. |
(c) |
Credit-enhanced
or liquidity-enhanced. |
(d) |
Zero
coupon bond. |
BAN
— |
Bond
anticipation note |
CCD
— |
Community
college district |
COP
— |
Certificate
of participation |
GO
— |
General
obligation |
IDA
— |
Industrial
development agency/authority |
ISD
— |
Independent
school district |
LT
— |
Limited
tax |
RB
— |
Revenue
bond |
SD
— |
School
district |
ULT
— |
Unlimited
tax |
USD
— |
Unified
school district |
DESCRIPTION |
QUOTED
PRICES IN
ACTIVE
MARKETS FOR
IDENTICAL
ASSETS
(LEVEL
1) |
OTHER
SIGNIFICANT
OBSERVABLE
INPUTS
(LEVEL
2) |
SIGNIFICANT
UNOBSERVABLE
INPUTS
(LEVEL
3) |
TOTAL |
Assets |
|
|
|
|
Municipal
Securities1
|
$— |
$60,382,711 |
$— |
$60,382,711 |
Total |
$— |
$60,382,711 |
$— |
$60,382,711 |
1
|
As
categorized in the Portfolio
Holdings. |
Assets | ||
Investments
in securities, at value - unaffiliated (cost
$59,520,205) |
|
$60,382,711 |
Cash |
|
242,417 |
Receivables: |
|
|
Interest |
|
754,236 |
Investments
sold |
+ |
269,247 |
Total
assets |
|
61,648,611 |
| ||
Liabilities | ||
Payables: |
|
|
Investments
bought |
|
260,649 |
Management
fees |
+ |
1,409 |
Total
liabilities |
|
262,058 |
Net
assets |
|
$61,386,553 |
| ||
Net
Assets by Source | ||
Capital
received from investors |
|
$60,512,032 |
Total
distributable earnings |
+ |
874,521 |
Net
assets |
|
$61,386,553 |
Net
Asset Value (NAV)
| ||||
Net
Assets
|
÷ |
Shares
Outstanding |
= |
NAV |
$61,386,553 |
|
1,200,000 |
|
$51.16 |
|
|
|
|
|
|
|
|
|
|
For
the period October 12, 2022* through December 31, 2022
| ||
Investment
Income
| ||
Interest
received from securities - unaffiliated |
|
$329,133 |
| ||
Expenses | ||
Management
fees |
|
2,798 |
Total
expenses |
– |
2,798 |
Net
investment income |
|
326,335 |
| ||
REALIZED
AND UNREALIZED GAINS (LOSSES) | ||
Net
realized losses on sales of securities -
unaffiliated |
|
(19,675) |
Net
change in unrealized appreciation (depreciation) on securities -
unaffiliated |
+ |
862,506 |
Net
realized and unrealized gains |
|
842,831 |
Increase
in net assets resulting from operations |
|
$1,169,166 |
* |
Commencement
of operations. |
OPERATIONS | ||
|
10/12/22*-12/31/22 | |
Net
investment income |
|
$326,335 |
Net
realized losses |
|
(19,675) |
Net
change in unrealized appreciation (depreciation) |
+ |
862,506 |
Increase
in net assets resulting from operations |
|
$1,169,166 |
| ||
DISTRIBUTIONS
TO SHAREHOLDERS | ||
Total
distributions |
|
($294,645) |
TRANSACTIONS
IN FUND SHARES | |||
|
10/12/22*-12/31/22 | ||
|
|
SHARES |
VALUE |
Shares
sold |
|
1,200,000 |
$60,454,448 |
Other
capital |
|
— |
57,584 |
Net
transactions in fund shares
|
|
1,200,000 |
$60,512,032 |
| |||
SHARES
OUTSTANDING AND NET ASSETS | |||
|
10/12/22*-12/31/22 | ||
|
|
SHARES |
NET
ASSETS |
Beginning
of period |
|
— |
$— |
Total
increase |
+ |
1,200,000 |
61,386,553 |
End
of period |
|
1,200,000 |
$61,386,553 |
* |
Commencement
of operations. |
SCHWAB
STRATEGIC TRUST (ORGANIZED JANUARY 27, 2009) | |
Schwab
Municipal Bond ETF |
Schwab
Short-Term U.S. Treasury ETF |
Schwab
U.S. Broad Market ETF |
Schwab
Intermediate-Term U.S. Treasury ETF |
Schwab
1000 Index®
ETF |
Schwab
Long-Term U.S. Treasury ETF |
Schwab
U.S. Large-Cap ETF |
Schwab
U.S. Aggregate Bond ETF |
Schwab
U.S. Large-Cap Growth ETF |
Schwab
1-5 Year Corporate Bond ETF |
Schwab
U.S. Large-Cap Value ETF |
Schwab
5-10 Year Corporate Bond ETF |
Schwab
U.S. Mid-Cap ETF |
Schwab
Fundamental U.S. Broad Market Index ETF |
Schwab
U.S. Small-Cap ETF |
Schwab
Fundamental U.S. Large Company Index ETF |
Schwab
U.S. Dividend Equity ETF |
Schwab
Fundamental U.S. Small Company Index ETF |
Schwab
International Dividend Equity ETF |
Schwab
Fundamental International Large Company Index ETF |
Schwab
International Equity ETF |
Schwab
Fundamental International Small Company Index ETF |
Schwab
International Small-Cap Equity ETF |
Schwab
Fundamental Emerging Markets Large Company Index
ETF |
Schwab
Emerging Markets Equity ETF |
Schwab
Ariel ESG ETF |
Schwab
U.S. REIT ETF |
Schwab
Crypto Thematic ETF |
Schwab
U.S. TIPS ETF |
|
PURCHASES
OF
SECURITIES
|
SALES
OF
SECURITIES
|
$34,655,873 |
$6,192,172 |
IN-KIND
PURCHASES
OF
SECURITIES
|
IN-KIND
SALES
OF
SECURITIES
|
$31,140,846 |
$0 |
TAX
COST
|
GROSS
UNREALIZED
APPRECIATION
|
GROSS
UNREALIZED
DEPRECIATION
|
NET
UNREALIZED
APPRECIATION
(DEPRECIATION) |
$59,512,867 |
$1,026,524 |
($156,680) |
$869,844 |
UNDISTRIBUTED
TAX-EXEMPT
INCOME
|
NET
UNREALIZED
APPRECIATION
(DEPRECIATION)
ON
INVESTMENTS
|
CAPITAL
LOSS
CARRYFORWARDS
AND OTHER LOSSES |
TOTAL
|
$24,279 |
$869,844 |
($19,602) |
$874,521 |
|
CURRENT
FISCAL YEAR END DISTRIBUTIONS | |
|
TAX-EXEMPT
INCOME
|
ORDINARY
INCOME
|
|
$294,373 |
$272 |
Independent
Trustees | |||
Name,
Year of Birth, and
Position(s)
with the trust
(Terms
of office, and
length
of Time Served1) |
Principal
Occupations
During
the Past Five Years |
Number
of
Portfolios
in
Fund
Complex
Overseen
by
the
Trustee |
Other
Directorships |
Michael
J. Beer
1961
Trustee
(Trustee
of The Charles Schwab
Family
of Funds, Schwab
Investments,
Schwab Capital Trust,
Schwab
Annuity Portfolios, Schwab
Strategic
Trust and Laudus Trust
since
2022) |
Retired.
Director, President and Chief Executive Officer
(Dec.
2016 – Sept. 2019), Principal Funds (investment
management). |
105 |
Director
(2016 – 2019),
Principal
Funds, Inc. |
Robert
W. Burns
1959
Trustee
(Trustee
of Schwab Strategic Trust
since
2009; The Charles Schwab
Family
of Funds, Schwab
Investments,
Schwab Capital Trust,
Schwab
Annuity Portfolios and
Laudus
Trust since 2016) |
Retired/Private
Investor. |
105 |
None
|
Nancy
F. Heller
1956
Trustee
(Trustee
of The Charles Schwab
Family
of Funds, Schwab
Investments,
Schwab Capital Trust,
Schwab
Annuity Portfolios, Schwab
Strategic
Trust and Laudus Trust
since
2018) |
Retired. |
105 |
None |
David
L. Mahoney
1954
Trustee
(Trustee
of The Charles Schwab
Family
of Funds, Schwab
Investments,
Schwab Capital Trust,
Schwab
Annuity Portfolios and
Laudus
Trust since 2011; Schwab
Strategic
Trust since 2016) |
Private
Investor. |
105 |
Director
(2004
– present),
Corcept
Therapeutics
Incorporated
Director
(2009 – 2021),
Adamas
Pharmaceuticals,
Inc.
Director
(2003 – 2019),
Symantec
Corporation |
Jane
P. Moncreiff
1961
Trustee
(Trustee
of The Charles Schwab
Family
of Funds, Schwab
Investments,
Schwab Capital Trust,
Schwab
Annuity Portfolios, Schwab
Strategic
Trust and Laudus Trust
since
2019) |
Consultant
(2018 – present), Fulham Advisers LLC (management
consulting);
Chief Investment Officer (2009 – 2017), CareGroup
Healthcare
System, Inc. (healthcare). |
105 |
None |
Independent
Trustees (continued) | |||
Name,
Year of Birth, and
Position(s)
with the trust
(Terms
of office, and
length
of Time Served1) |
Principal
Occupations
During
the Past Five Years |
Number
of
Portfolios
in
Fund
Complex
Overseen
by
the
Trustee |
Other
Directorships |
Kimberly
S. Patmore
1956
Trustee
(Trustee
of The Charles Schwab
Family
of Funds, Schwab
Investments,
Schwab Capital Trust,
Schwab
Annuity Portfolios, Schwab
Strategic
Trust and Laudus Trust
since
2016) |
Consultant
(2008 – present), Patmore Management Consulting
(management
consulting). |
105 |
None |
J.
Derek Penn
1957
Trustee
(Trustee
of The Charles Schwab
Family
of Funds, Schwab
Investments,
Schwab Capital Trust,
Schwab
Annuity Portfolios, Schwab
Strategic
Trust and Laudus Trust
since
2021) |
Head
of Equity Sales and Trading (2006 – 2018), BNY Mellon (financial
services). |
105 |
None |
Interested
Trustees | |||
Name,
Year of Birth, and
Position(s)
with the trust
(Terms
of office, and
length
of Time Served1) |
Principal
Occupations
During
the Past Five Years |
Number
of
Portfolios
in
Fund
Complex
Overseen
by
the
Trustee |
Other
Directorships |
Walter
W. Bettinger II2
1960
Chairman
and Trustee
(Trustee
of The Charles Schwab
Family
of Funds, Schwab
Investments,
Schwab Capital Trust
and
Schwab Annuity Portfolios since
2008;
Schwab Strategic Trust since
2009;
Laudus Trust since 2010) |
Co-Chairman
of the Board (July 2022 – present), Director and Chief
Executive
Officer (Oct. 2008 – present) and President
(Feb.
2007 – Oct. 2021), The Charles Schwab Corporation; President and
Chief
Executive Officer (Oct. 2008 – Oct. 2021) and Director
(May
2008 – Oct. 2021), Charles Schwab & Co., Inc.; Director
(Apr.
2006 – present), Charles Schwab Bank, SSB; Director
(Nov.
2017 – present), Charles Schwab Premier Bank, SSB; Director
(July
2019 – present), Charles Schwab Trust Bank; Director
(May
2008 – present), Chief Executive Officer (Aug. 2017 – present) and
President
(Aug. 2017 – Nov. 2021), Schwab Holdings, Inc.; Director
(Oct.
2020 – present), TD Ameritrade Holding Corporation; Director
(July
2016 – Oct. 2021), Charles Schwab Investment Management,
Inc. |
105 |
Director
(2008
– present), The
Charles
Schwab
Corporation
|
Richard
A. Wurster2
1973
Trustee
(Trustee
of The Charles Schwab
Family
of Funds, Schwab
Investments,
Schwab Capital Trust,
Schwab
Annuity Portfolios, Schwab
Strategic
Trust and Laudus Trust
since
2022) |
President
(Oct. 2021 – present) and Executive Vice President – Schwab
Asset
Management Solutions (Apr. 2019 – Oct. 2021), The Charles
Schwab
Corporation; President, Director (Oct. 2021 – present), Executive
Vice
President – Schwab Asset Management Solutions
(July
2019 – Oct. 2021) and Senior Vice President – Advisory
(May
2016 – July 2019), Charles Schwab & Co., Inc.; President
(Nov.
2021 – present), Schwab Holdings, Inc.; Director
(Oct.
2021 – present) and Chief Executive Officer (Nov. 2019 – Jan. 2022),
Charles
Schwab Investment Management, Inc.; Director, Chief Executive
Officer
and President (Mar. 2018 – Oct. 2022), Charles Schwab Investment
Advisory,
Inc.; Chief Executive Officer (July 2016 – Apr. 2018) and
President
(Mar. 2017 – Apr. 2018), ThomasPartners, Inc.; Chief Executive
Officer
(July 2016 – Apr. 2018), Windhaven Investment Management,
Inc. |
105 |
None |
Officers
of the Trust | |
Name,
Year of Birth, and Position(s) with the trust
(Terms
of office, and length of Time Served3) |
Principal
Occupations During the Past Five Years |
Jonathan
de St. Paer
1973
President
and Chief Executive Officer
(Officer
of The Charles Schwab Family of Funds, Schwab
Investments,
Schwab Capital Trust, Schwab Annuity
Portfolios,
Schwab Strategic Trust and Laudus Trust since
2018) |
Director
(Apr. 2019 – present), President (Oct. 2018 – present), Chief Operating
Officer
(Jan.
2021 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019),
Charles Schwab
Investment
Management, Inc.; Senior Vice President (June 2020 – Mar. 2022) and Chief
Operating
Officer (Jan. 2021 – Mar. 2022), Charles Schwab Investment Advisory, Inc.;
Chief
Executive
Officer (Apr. 2019 – present), President (Nov. 2018 – present) and Trustee
(Apr.
2019 – Dec. 2020), Schwab Funds, Laudus Trust and Schwab ETFs; Managing
Director
(May
2022 – present), Senior Vice President (Apr. 2019 – May 2022) and Senior
Vice
President
– Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), Charles
Schwab
& Co., Inc. |
Mark
Fischer
1970
Chief
Operating Officer
(Officer
of The Charles Schwab Family of Funds, Schwab
Investments,
Schwab Capital Trust, Schwab Annuity
Portfolios,
Schwab Strategic Trust and Laudus Trust since
2013) |
Chief
Operating Officer (Dec. 2020 – present) and Treasurer and Chief Financial
Officer
(Jan.
2016 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Chief
Financial
Officer
(Mar. 2020 – present) and Vice President (Oct. 2013 – present), Charles
Schwab
Investment
Management, Inc. |
Dana
Smith
1965
Treasurer
and Chief Financial Officer
(Officer
of The Charles Schwab Family of Funds, Schwab
Investments,
Schwab Capital Trust, Schwab Annuity
Portfolios,
Schwab Strategic Trust and Laudus Trust since
2023) |
Treasurer
and Chief Financial Officer (Jan. 2023 – present) and Assistant Treasurer
(Dec.
2015 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Vice
President
(Mar.
2022 – present) and Director (Oct. 2015 – Mar. 2022), Charles Schwab
Investment
Management,
Inc. |
Officers
of the Trust (continued) | |
Name,
Year of Birth, and Position(s) with the trust
(Terms
of office, and length of Time Served3) |
Principal
Occupations During the Past Five Years |
Omar
Aguilar
1970
Vice
President and Chief Investment Officer
(Officer
of The Charles Schwab Family of Funds, Schwab
Investments,
Schwab Capital Trust, Schwab Annuity
Portfolios,
Schwab Strategic Trust and Laudus Trust since
2011) |
Chief
Executive Officer (Jan. 2022 – present), Chief Investment Officer (Apr.
2011 – present)
and
Senior Vice President (Apr. 2011 – Dec. 2021), Charles Schwab Investment
Management,
Inc.; Director, Chief Executive Officer and President (Oct. 2022 –
present),
Charles
Schwab Investment Advisory, Inc.; Vice President and Chief Investment
Officer
(June
2011 – present), Schwab Funds, Laudus Trust and Schwab
ETFs. |
Brett
Wander
1961
Vice
President and Chief Investment Officer
(Officer
of The Charles Schwab Family of Funds, Schwab
Investments,
Schwab Capital Trust, Schwab Annuity
Portfolios,
Schwab Strategic Trust and Laudus Trust since
2011) |
Senior
Vice President and Chief Investment Officer (Apr. 2011 – present), Charles
Schwab
Investment
Management, Inc.; Vice President and Chief Investment Officer
(June
2011 – present), Schwab Funds, Laudus Trust and Schwab
ETFs. |
William
P. McMahon, Jr.
1972
Vice
President and Chief Investment Officer
(Officer
of The Charles Schwab Family of Funds, Schwab
Investments,
Schwab Capital Trust, Schwab Annuity
Portfolios,
Schwab Strategic Trust and Laudus Trust since
2021) |
Senior
Vice President and Chief Investment Officer (Jan. 2020 – present), Charles
Schwab
Investment
Management, Inc.; Vice President and Chief Investment Officer
(June
2021 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Senior Vice
President
and
Chief Investment Officer – ThomasPartners Strategies (Apr. 2018 – Dec.
2019), Charles
Schwab
Investment Advisory, Inc.; Senior Vice President and Chief Investment
Officer
(May
2001 – Apr. 2018), ThomasPartners, Inc. |
Catherine
MacGregor
1964
Chief
Legal Officer and Secretary, Schwab Funds and
Schwab
ETFs
Chief
Legal Officer, Vice President and Clerk, Laudus Trust
(Officer
of The Charles Schwab Family of Funds, Schwab
Investments,
Schwab Capital Trust, Schwab Annuity
Portfolios
and Laudus Trust since 2005; Schwab Strategic
Trust
since 2009) |
Chief
Legal Officer (Mar. 2022 – present) and Vice President (Sept. 2005 –
present), Charles
Schwab
Investment Management, Inc.; Managing Director (May 2022 – present) and
Vice
President
(July 2005 – May 2022), Charles Schwab & Co., Inc.; Vice President
(Dec.
2005 – present) and Chief Legal Officer and Clerk (Mar. 2007 – present),
Laudus Trust;
Chief
Legal Officer and Secretary (Oct. 2021 – present), Vice President
(Nov.
2005 – Oct. 2021) and Assistant Secretary (June 2007 – Oct. 2021), Schwab
Funds;
Chief
Legal Officer and Secretary (Oct. 2021 – present), Vice President and
Assistant
Secretary
(Oct. 2009 – Oct. 2021), Schwab
ETFs. |