UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-05954
The Charles Schwab Family of Funds
(Exact name of registrant as specified in charter)
211 Main Street, San Francisco, California 94105
(Address of principal executive offices) (Zip code)
Jonathan de St. Paer
The Charles Schwab Family of Funds
211 Main Street, San Francisco, California 94105
(Name and address of agent for service)
Registrant’s telephone number, including area code: (415) 636-7000
Date of fiscal year end: December 31
Date of reporting period: December 31, 2021
Item 1: Report(s) to Shareholders.
Money Fund
Money Fund
President of Schwab Asset
Management and the funds
covered in this report.
Linda Klingman, Managing Director and Head of Money Market Strategies for Schwab Asset Management, leads the portfolio management teams for taxable and tax-exempt Schwab Money Funds, and has overall responsibility for all aspects of the management of the funds. Prior to joining Schwab in 1990, she was a senior money market trader with AIM Management, Inc. for five years. She has managed money market funds since 1988. |
Kevin Shaughnessy, CFA, Senior Portfolio Manager, is responsible for the day-to-day co-management of the funds. Prior to joining Schwab in 2000, Mr. Shaughnessy spent four years as a portfolio manager with Wells Capital Management, where he was responsible for managing the firm’s California municipal money fund, as well as short duration, private client assets. |
Cameron Ullyatt, CFA, Senior Portfolio Manager, is responsible for the day-to-day co-management of the funds. Prior to joining Schwab in 2008, Mr. Ullyatt was a vice president and portfolio manager at OppenheimerFunds, where he was responsible for managing the firm’s municipal money fund assets. From 1999 to 2006, Mr. Ullyatt also worked as a credit analyst in OppenheimerFunds’ municipal bond and money market departments. |
Weighted Average Maturity2 | 28 Days |
1 | Maturity shown is the date the security matures, the date the interest rate on those securities is reset, or the date those securities can be redeemed through demand. |
2 | Money funds must maintain a dollar-weighted average maturity of no longer than 60 days and cannot invest in any security whose effective maturity is longer than 397 days (approximately 13 months). |
3 | Portfolio Composition is calculated using the Par Value (Face Value) of Investments and excludes cash. |
Schwab California Municipal Money Fund | ||
Investor Shares | Ultra Shares | |
Ticker Symbol | SWKXX | SCAXX |
Minimum Initial Investment2 | None | $1,000,000 |
Seven-Day Yield (with waivers)3 | 0.01% | 0.01% |
Seven-Day Yield (without waivers)3 | -0.22% | -0.07% |
Seven-Day Effective Yield (with waivers)3 | 0.01% | 0.01% |
Seven-Day Taxable Equivalent Effective Yield3,4 | 0.02% | 0.02% |
1 | Due to a special distribution of ordinary income to shareholders of Schwab Money Funds, the fund’s stated yields temporarily increased. Because this increase was temporary, investors should not rely on these yields for making investment decisions. |
2 | Please see prospectus for further detail and eligibility requirements. |
3 | The Seven-Day Yield (with waivers) is the average income paid out over the previous seven days assuming interest income is not reinvested and it reflects the effect of any applicable waivers. Absent such waivers, the fund’s yield would have been lower. The Seven-Day Yield (without waivers) is the yield without the effect of any applicable waivers. The Seven-Day Effective Yield is the yield with waivers assuming that all interest income is reinvested in additional shares of the fund. For additional details, see financial note 5. |
4 | Taxable equivalent effective yield assumes a federal regular income tax rate of 40.80%, which includes a Medicare surcharge rate of 3.80%, and effective California state personal income tax rate of 13.30%. Your tax rate may be different. |
Weighted Average Maturity2 | 28 Days |
1 | Maturity shown is the date the security matures, the date the interest rate on those securities is reset, or the date those securities can be redeemed through demand. |
2 | Money funds must maintain a dollar-weighted average maturity of no longer than 60 days and cannot invest in any security whose effective maturity is longer than 397 days (approximately 13 months). |
3 | Portfolio Composition is calculated using the Par Value (Face Value) of Investments and excludes cash. |
Schwab New York Municipal Money Fund | ||
Investor Shares | Ultra Shares | |
Ticker Symbol | SWYXX | SNYXX |
Minimum Initial Investment2 | None | $1,000,000 |
Seven-Day Yield (with waivers)3 | 0.01% | 0.01% |
Seven-Day Yield (without waivers)3 | -0.23% | -0.08% |
Seven-Day Effective Yield (with waivers)3 | 0.01% | 0.01% |
Seven-Day Taxable Equivalent Effective Yield3,4 | 0.02% | 0.02% |
1 | Due to a special distribution of ordinary income to shareholders of Schwab Money Funds, the fund’s stated yields temporarily increased. Because this increase was temporary, investors should not rely on these yields for making investment decisions. |
2 | Please see prospectus for further detail and eligibility requirements. |
3 | The Seven-Day Yield (with waivers) is the average income paid out over the previous seven days assuming interest income is not reinvested and it reflects the effect of any applicable waivers. Absent such waivers, the fund’s yield would have been lower. The Seven-Day Yield (without waivers) is the yield without the effect of any applicable waivers. The Seven-Day Effective Yield is the yield with waivers assuming that all interest income is reinvested in additional shares of the fund. For additional details, see financial note 5. |
4 | Taxable equivalent effective yield assumes a federal regular income tax rate of 40.80%, which includes a Medicare surcharge rate of 3.80%, and effective New York State personal income tax rate of 10.90%. Your tax rate may be different. |
EXPENSE RATIO (ANNUALIZED)1,2 | BEGINNING ACCOUNT VALUE AT 7/1/21 | ENDING ACCOUNT VALUE (NET OF EXPENSES) AT 12/31/21 | EXPENSES PAID DURING PERIOD 7/1/21-12/31/213 | |
Schwab California Municipal Money Fund | ||||
Investor Shares | ||||
Actual Return | 0.08% | $1,000.00 | $1,000.30 | $0.40 |
Hypothetical 5% Return | 0.08% | $1,000.00 | $1,024.80 | $0.41 |
Ultra Shares | ||||
Actual Return | 0.08% | $1,000.00 | $1,000.30 | $0.40 |
Hypothetical 5% Return | 0.08% | $1,000.00 | $1,024.80 | $0.41 |
Schwab New York Municipal Money Fund | ||||
Investor Shares | ||||
Actual Return | 0.09% | $1,000.00 | $1,000.60 | $0.45 |
Hypothetical 5% Return | 0.09% | $1,000.00 | $1,024.75 | $0.46 |
Ultra Shares | ||||
Actual Return | 0.09% | $1,000.00 | $1,000.60 | $0.45 |
Hypothetical 5% Return | 0.09% | $1,000.00 | $1,024.75 | $0.46 |
1 | Based on the most recent six-month expense ratio; may differ from the expense ratio provided in the Financial Highlights. |
2 | Expense ratio (annualized) reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation. (See financial note 5) |
3 | Expenses for each fund are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 days of the period, and divided by 365 days of the fiscal year. |
Investor Shares | 1/1/21– 12/31/21 | 1/1/20– 12/31/20 | 1/1/19– 12/31/19 | 1/1/18– 12/31/18 | 1/1/17– 12/31/171 | |
Per-Share Data | ||||||
Net asset value at beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)2 | 0.00 3 | 0.00 3 | 0.01 | 0.01 | 0.00 3 | |
Net realized and unrealized gains (losses) | 0.00 3 | 0.00 3 | 0.00 3 | 0.00 3 | 0.00 3 | |
Total from investment operations | 0.00 3 | (0.00) 3 | 0.01 | 0.01 | 0.00 3 | |
Less distributions: | ||||||
Distributions from net investment income | (0.00) 3 | (0.00) 3 | (0.01) | (0.01) 4 | (0.00) 3 | |
Distributions from net realized gains | (0.00) 3 | (0.00) 3 | (0.00) 3 | (0.00) 3 | — | |
Total distributions | (0.00) 3 | (0.00) 3 | (0.01) | (0.01) | (0.00) 3 | |
Net asset value at end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | |
Total return | 0.03% | 0.32% | 1.10% | 1.10% 4 | 0.45% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.10% 5 | 0.28% 5,6 | 0.35% | 0.35% | 0.42% 7 | |
Gross operating expenses | 0.35% | 0.46% | 0.49% | 0.49% | 0.53% | |
Net investment income (loss) | 0.01% | 0.37% | 1.08% | 1.12% | 0.48% | |
Net assets, end of period (x 1,000,000) | $2,224 | $3,405 | $6,168 | $5,526 | $1,453 |
1 | Effective October 3, 2017, the share class name of Value Advantage Shares was changed to Investor Shares. |
2 | Calculated based on the average shares outstanding during the period. |
3 | Per-share amount was less than $0.005. |
4 | These amounts include a non-recurring special distribution. The effect on the distributions from net investment income was less than $0.005 and the effect on the total return was 0.01%. |
5 | Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation. (See financial note 5) |
6 | Effective September 24, 2020, the contractual expense limitation changed. The ratio presented for period ended December 31, 2020 is a blended ratio. |
7 | Effective October 3, 2017, the contractual expense limitation changed. The ratio presented for period ended December 31, 2017 is a blended ratio. |
Ultra Shares | 1/1/21– 12/31/21 | 9/24/20 1– 12/31/20 | ||||
Per-Share Data | ||||||
Net asset value at beginning of period | $1.00 | $1.00 | ||||
Income (loss) from investment operations: | ||||||
Net investment income (loss)2 | 0.00 3 | 0.00 3 | ||||
Net realized and unrealized gains (losses) | 0.00 3 | 0.00 3 | ||||
Total from investment operations | 0.00 3 | 0.00 3 | ||||
Less distributions: | ||||||
Distributions from net investment income | (0.00) 3 | (0.00) 3 | ||||
Distributions from net realized gains | (0.00) 3 | (0.00) 3 | ||||
Total distributions | (0.00) 3 | (0.00) 3 | ||||
Net asset value at end of period | $1.00 | $1.00 | ||||
Total return | 0.03% | 0.01% 4 | ||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.09% 5 | 0.16% 5,6 | ||||
Gross operating expenses | 0.20% | 0.20% 6 | ||||
Net investment income (loss) | 0.01% | 0.01% 6 | ||||
Net assets, end of period (x 1,000,000) | $778 | $375 |
1 | Commencement of operations. |
2 | Calculated based on the average shares outstanding during the period. |
3 | Per-share amount was less than $0.005. |
4 | Not annualized. |
5 | Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation. (See financial note 5) |
6 | Annualized. |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
MUNICIPAL SECURITIES 99.6% OF NET ASSETS | ||||||
CALIFORNIA 99.6% | ||||||
ABAG Finance Auth | ||||||
M/F Housing RB (La Terrazza Apts) Series 2002A (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.16% | 01/07/22 | 10,175,000 | 10,175,000 | |
Alameda Cnty IDA | ||||||
RB (Dale Hardware) Series 2010 (LOC: COMERICA BANK) | (a)(b) | 0.14% | 01/07/22 | 330,000 | 330,000 | |
RB (Golden West Paper Converting Corp) Series 2008A (LOC: BANK OF THE WEST) | (a)(b) | 0.21% | 01/07/22 | 2,545,000 | 2,545,000 | |
RB (Oakland Pallet Co) Series 2008A (LOC: COMERICA BANK) | (a)(b) | 0.21% | 01/07/22 | 705,000 | 705,000 | |
RB (Plastikon Industries) Series 2000A (LOC: COMERICA BANK) | (a)(b) | 0.21% | 01/07/22 | 1,430,000 | 1,430,000 | |
RB (Segale Brothers Wood Products) Series 2002 (LOC: BANK OF THE WEST) | (a)(b) | 0.13% | 01/07/22 | 660,000 | 660,000 | |
RB (White Brothers) Series 2007 (LOC: COMERICA BANK) | (a)(b) | 0.13% | 01/07/22 | 1,400,000 | 1,400,000 | |
Anaheim Elementary SD | ||||||
GO Bonds Series 2018A (LIQ: WELLS FARGO BANK NA) | (a)(c)(d) | 0.10% | 01/07/22 | 4,440,000 | 4,440,000 | |
Antelope Valley CCD | ||||||
GO Bonds Series 2016 B (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.12% | 01/07/22 | 1,600,000 | 1,600,000 | |
Bakersfield City SD | ||||||
GO Bonds Series 2017A (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 6,910,000 | 6,910,000 | |
Bay Area Toll Auth | ||||||
Sub Toll Bridge RB Series 2017S7 (LIQ: BANK OF AMERICA NA) | (a)(c)(d) | 0.12% | 01/07/22 | 2,030,000 | 2,030,000 | |
Sub Toll Bridge RB Series 2019S8 (LIQ: BANK OF AMERICA NA) | (a)(c)(d) | 0.12% | 01/07/22 | 5,310,000 | 5,310,000 | |
Blackrock MuniYield California Fund Inc | ||||||
Variable Rate Demand Preferred Shares Series W7 (LOC: TORONTO-DOMINION BANK/THE) | (a)(b)(c) | 0.26% | 01/07/22 | 1,800,000 | 1,800,000 | |
Blackrock MuniYield California Quality Fund | ||||||
Variable Rate Demand Preferred Shares Series W7 (LOC: TORONTO-DOMINION BANK/THE) | (a)(b)(c) | 0.19% | 01/07/22 | 12,800,000 | 12,800,000 | |
California | ||||||
GO Bonds | 3.00% | 03/01/22 | 485,000 | 487,140 | ||
GO Bonds | 4.00% | 03/01/22 | 220,000 | 221,315 | ||
GO Bonds | 5.00% | 08/01/22 | 325,000 | 333,877 | ||
GO Bonds | 5.00% | 10/01/22 | 125,000 | 129,374 | ||
GO Bonds (LIQ: BANK OF AMERICA NA) | (a)(c)(d) | 0.12% | 01/07/22 | 7,635,000 | 7,635,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
GO Bonds (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.12% | 01/07/22 | 1,875,000 | 1,875,000 | |
GO Bonds (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.12% | 01/07/22 | 2,220,000 | 2,220,000 | |
GO Bonds (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 4,770,000 | 4,770,000 | |
GO Bonds (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.12% | 01/07/22 | 5,000,000 | 5,000,000 | |
GO Bonds (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.12% | 01/07/22 | 2,000,000 | 2,000,000 | |
GO Bonds Series 2004A3 (LOC: STATE STREET BANK AND TRUST COMPANY) | (a)(b) | 0.03% | 01/03/22 | 3,000,000 | 3,000,000 | |
GO Bonds Series 2005B5 (LOC: US BANK NATIONAL ASSOCIATION) | (a)(b) | 0.05% | 01/03/22 | 28,290,000 | 28,290,000 | |
GO Bonds Series 2018 (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 2,500,000 | 2,500,000 | |
GO CP Series A1 (LOC: WELLS FARGO BANK NA) | 0.11% | 01/27/22 | 5,000,000 | 5,000,000 | ||
GO CP Series A1 (LOC: WELLS FARGO BANK NA) | 0.12% | 02/15/22 | 10,500,000 | 10,500,000 | ||
GO CP Series A2 (LOC: ROYAL BANK OF CANADA) | 0.09% | 01/04/22 | 8,500,000 | 8,500,000 | ||
GO CP Series A2 (LOC: ROYAL BANK OF CANADA) | 0.11% | 02/03/22 | 20,000,000 | 20,000,000 | ||
GO CP Series A4 (LOC: TORONTO-DOMINION BANK/THE) | 0.11% | 02/02/22 | 10,695,000 | 10,695,000 | ||
GO CP Series A5 (LOC: US BANK NATIONAL ASSOCIATION) | 0.10% | 01/10/22 | 10,000,000 | 10,000,000 | ||
GO CP Series A5 (LOC: US BANK NATIONAL ASSOCIATION) | 0.10% | 02/01/22 | 5,000,000 | 5,000,000 | ||
GO CP Series A5 (LOC: US BANK NATIONAL ASSOCIATION) | 0.11% | 02/03/22 | 12,500,000 | 12,500,000 | ||
GO CP Series A5 (LOC: US BANK NATIONAL ASSOCIATION) | 0.10% | 02/07/22 | 10,000,000 | 10,000,000 | ||
GO CP Series A5 (LOC: US BANK NATIONAL ASSOCIATION) | 0.11% | 02/09/22 | 5,150,000 | 5,150,000 | ||
GO CP Series A6 (LOC: BANK OF AMERICA NA) | 0.10% | 01/03/22 | 26,000,000 | 26,000,000 | ||
GO CP Series A6 (LOC: BANK OF AMERICA NA) | 0.10% | 02/02/22 | 11,420,000 | 11,420,000 | ||
GO CP Series A8 (LOC: BANK OF THE WEST) | 0.09% | 01/13/22 | 11,790,000 | 11,790,000 | ||
GO Refunding Bonds | 5.00% | 02/01/22 | 675,000 | 677,573 | ||
GO Refunding Bonds | 4.00% | 03/01/22 | 550,000 | 553,289 | ||
GO Refunding Bonds | 5.00% | 03/01/22 | 395,000 | 397,994 | ||
GO Refunding Bonds | 5.00% | 04/01/22 | 500,000 | 505,840 | ||
GO Refunding Bonds | 5.00% | 08/01/22 | 125,000 | 128,455 | ||
GO Refunding Bonds | 5.00% | 09/01/22 | 220,000 | 226,953 | ||
GO Refunding Bonds | 5.00% | 11/01/22 | 195,000 | 202,534 | ||
GO Refunding Bonds (LIQ: CREDIT SUISSE AG) | (a)(c)(d) | 0.12% | 01/07/22 | 3,700,000 | 3,700,000 | |
GO Refunding Bonds (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.12% | 01/07/22 | 2,220,000 | 2,220,000 | |
GO Refunding Bonds (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.12% | 01/07/22 | 8,000,000 | 8,000,000 | |
GO Refunding Bonds (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.12% | 01/07/22 | 5,190,000 | 5,190,000 | |
California Dept of Water Resources | ||||||
Water Revenue CP Series 1 (LIQ: BANK OF AMERICA NA) | 0.11% | 01/25/22 | 27,500,000 | 27,500,000 | ||
California Educational Facilities Auth | ||||||
CP Notes (Stanford Univ) Series S3 | 0.12% | 05/12/22 | 30,000,000 | 30,000,000 | ||
CP Notes (Stanford Univ) Series S4 | 0.12% | 05/04/22 | 17,200,000 | 17,200,000 | ||
RB (Pepperdine Univ) Series 2015 (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 6,995,000 | 6,995,000 | |
RB (Pepperdine Univ) Series 2016 (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 6,670,000 | 6,670,000 | |
RB (Pepperdine Univ) Series 2016 (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.12% | 01/07/22 | 5,280,000 | 5,280,000 | |
RB (Stanford Univ) Series U7 (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.12% | 01/07/22 | 3,590,000 | 3,590,000 | |
RB (Stanford Univ) Series V1 (LIQ: CREDIT SUISSE AG) | (a)(c)(d) | 0.10% | 01/07/22 | 6,700,000 | 6,700,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
California Enterprise Development Finance Auth | ||||||
IDRB (Gordon Brush) Series 2015 (LOC: WELLS FARGO BANK NA) | (a)(b) | 0.18% | 01/07/22 | 8,000,000 | 8,000,000 | |
RB (Sconza Candy) Series 2008A (LOC: COMERICA BANK) | (a)(b) | 0.21% | 01/07/22 | 8,620,000 | 8,620,000 | |
California Health Facilities Financing Auth | ||||||
RB (Kaiser Permanente) Series 2006E | 0.12% | 03/02/22 | 35,000,000 | 35,000,000 | ||
RB (Kaiser Permanente) Series 2017A2 (LIQ: ROYAL BANK OF CANADA) (SIFMA Municipal Swap Index + 0.15%) | (a)(c)(d) | 0.25% | 01/06/22 | 05/02/22 | 2,190,000 | 2,190,000 |
RB (Providence Health & Services) Series 2014A (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 4,000,000 | 4,000,000 |
RB (Providence St Joseph Health) Series 2016A (LIQ: BANK OF AMERICA NA) | (a)(c)(d) | 0.12% | 01/07/22 | 2,295,000 | 2,295,000 | |
RB (Providence St Joseph Health) Series 2016A (LIQ: CITIBANK NA) | (a)(c)(d) | 0.12% | 01/07/22 | 8,000,000 | 8,000,000 | |
RB (Providence St Joseph Health) Series 2016A (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 3,840,000 | 3,840,000 | |
RB (Scripps Health) Series 2012C | (a)(b) | 0.06% | 01/07/22 | 28,650,000 | 28,650,000 | |
RB (Sutter Health) Series 2007A&2016A (ESCROW) (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.15% | 01/07/22 | 2,250,000 | 2,250,000 | |
RB (Sutter Health) Series 2013A (ESCROW) (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.15% | 01/07/22 | 4,565,000 | 4,565,000 | |
RB (Sutter Health) Series 2013A (ESCROW) (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.15% | 01/07/22 | 8,445,000 | 8,445,000 | |
RB (Sutter Health) Series 2013A (ESCROW) (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.15% | 01/07/22 | 3,750,000 | 3,750,000 | |
RB (Sutter Health) Series 2016A (ESCROW) (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.19% | 01/07/22 | 3,065,000 | 3,065,000 | |
RB Series 2021A (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.12% | 01/07/22 | 17,640,000 | 17,640,000 | |
Refunding RB (Cedars-Sinai Medical Center) Series 2016B (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.12% | 01/07/22 | 5,625,000 | 5,625,000 | |
Refunding RB (Stanford Hospital) Series 2008B2-1 | 0.12% | 03/02/22 | 11,100,000 | 11,100,000 | ||
Refunding RB (Stanford Hospital) Series 2008B2-2 | 0.14% | 01/05/22 | 21,025,000 | 21,025,000 | ||
Refunding RB (Sutter Health) Series 2015A (ESCROW) (LIQ: CITIBANK NA) | (a)(c)(d) | 0.15% | 01/07/22 | 5,330,000 | 5,330,000 | |
Refunding RB (Sutter Health) Series 2015A (ESCROW) (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.15% | 01/07/22 | 12,470,000 | 12,470,000 | |
California Infrastructure & Economic Development Bank | ||||||
Bay Area Toll Bridges RB Series 2003A (ESCROW) (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.12% | 01/07/22 | 11,250,000 | 11,250,000 | |
RB (Brightline West Passenger Rail) Series 2020A (ESCROW) | 0.20% | 02/01/22 | 60,390,000 | 60,390,072 | ||
RB (St Margaret’s Episcopal School) Series 2008 (LOC: FEDERAL HOME LOAN BANKS) | (a)(b) | 0.17% | 01/07/22 | 8,965,000 | 8,965,000 | |
RB (UCSF 2130 3rd St) Series 2017 (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.12% | 01/07/22 | 4,300,000 | 4,300,000 | |
California Municipal Finance Auth | ||||||
Recovery Zone Facility RB (Chevron) Series 2010A | (a)(b) | 0.07% | 01/03/22 | 50,685,000 | 50,685,000 | |
California Pollution Control Financing Auth | ||||||
RB (Hilmar Cheese) Series 2010 (LOC: BANK OF THE WEST) | (a)(b) | 0.14% | 01/07/22 | 9,695,000 | 9,695,000 | |
Solid Waste Disposal RB (Ag Resources III) Series 2004 (LOC: COBANK ACB) | (a)(b) | 0.16% | 01/07/22 | 6,740,000 | 6,740,000 | |
Solid Waste Disposal RB (Bidart Dairy) Series 2002 (LOC: COBANK ACB) | (a)(b) | 0.16% | 01/07/22 | 6,000,000 | 6,000,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Solid Waste Disposal RB (Desert Properties) Series 2006B (LOC: MUFG UNION BANK NA) | (a)(b) | 0.16% | 01/07/22 | 1,160,000 | 1,160,000 | |
Solid Waste Disposal RB (EDCO Disposal) Series 2007A (LOC: WELLS FARGO BANK NA) | (a)(b) | 0.16% | 01/07/22 | 5,600,000 | 5,600,000 | |
Solid Waste Disposal RB (George Borba & Son Dairy) Series 2003 (LOC: COBANK ACB) | (a)(b) | 0.16% | 01/07/22 | 3,800,000 | 3,800,000 | |
Solid Waste Disposal RB (J&D Wilson & Sons Dairy) Series 2004 (LOC: COBANK ACB) | (a)(b) | 0.16% | 01/07/22 | 2,500,000 | 2,500,000 | |
Solid Waste Disposal RB (Recology) Series 2018A (LOC: WELLS FARGO BANK NA) | (a)(b)(c) | 0.14% | 01/07/22 | 29,950,000 | 29,950,000 | |
Solid Waste Disposal RB (Talco Plastics) Series 1997A (LOC: US BANK NATIONAL ASSOCIATION) | (a)(b) | 0.15% | 01/07/22 | 850,000 | 850,000 | |
California Public Finance Auth | ||||||
RB (Sharp Healthcare) Series 2017A (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.12% | 01/07/22 | 8,000,000 | 8,000,000 | |
RB (Sharp Healthcare) Series 2017A (LIQ: CITIBANK NA) | (a)(c)(d) | 0.12% | 01/07/22 | 15,000,000 | 15,000,000 | |
RB (Sharp Healthcare) Series 2017A (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.12% | 01/07/22 | 4,000,000 | 4,000,000 | |
RB (Sharp Healthcare) Series 2017B (LOC: BARCLAYS BANK PLC) | (a)(b) | 0.03% | 01/03/22 | 9,745,000 | 9,745,000 | |
RB (Sharp Healthcare) Series 2017C (LOC: BARCLAYS BANK PLC) | (a)(b) | 0.03% | 01/03/22 | 1,100,000 | 1,100,000 | |
California State Univ | ||||||
RB Series 2012A (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.12% | 01/06/22 | 01/07/22 | 6,570,000 | 6,570,000 |
California Statewide Communities Development Auth | ||||||
M/F Housing RB (Avian Glen Apts) Series 2004CC (LOC: CITIBANK NA) | (a)(b) | 0.16% | 01/07/22 | 3,790,000 | 3,790,000 | |
M/F Housing RB (Charter Court Apts) Series 2008L (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.14% | 01/07/22 | 13,680,000 | 13,680,000 | |
M/F Housing RB (Concord Green Apts) Series 1998S (LOC: FEDERAL HOME LOAN BANKS) | (a)(b) | 0.14% | 01/07/22 | 8,700,000 | 8,700,000 | |
M/F Housing RB (Crossings West Apts) Series 2009E (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.13% | 01/07/22 | 4,200,000 | 4,200,000 | |
M/F Housing RB (Las Flores Village Apts) Series 2004JJ (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.12% | 01/07/22 | 13,500,000 | 13,500,000 | |
M/F Housing RB (Laurel Park Sr Apts) Series 2002H (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.13% | 01/07/22 | 5,500,000 | 5,500,000 | |
M/F Housing RB (Rancho Santa Fe Village Apts) Series 2004EE (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.14% | 01/07/22 | 12,300,000 | 12,300,000 | |
M/F Housing RB (Stoneridge at Elk Grove) Series 2005Q (LOC: CITIBANK NA) | (a)(b) | 0.11% | 01/07/22 | 5,340,000 | 5,340,000 | |
M/F Housing Refunding RB (Crossings at Madera) Series 2005B (LOC: CITIBANK NA) | (a)(b) | 0.11% | 01/07/22 | 2,270,000 | 2,270,000 | |
M/F Housing Refunding RB (Desert Palms Apts) Series 2010A (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.18% | 01/07/22 | 7,000,000 | 7,000,000 | |
M/F Housing Refunding RB (Kelvin Court) Series 2012B (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.16% | 01/07/22 | 16,845,000 | 16,845,000 | |
M/F Housing Refunding RB (The Alexandria) Series 2013A (LOC: FEDERAL HOME LOAN BANKS) | (a)(b) | 0.14% | 01/07/22 | 15,650,000 | 15,650,000 | |
RB (Kaiser Permanente) Series 2004E | 0.11% | 02/02/22 | 2,805,000 | 2,805,000 | ||
RB (Kaiser Permanente) Series 2004E | 0.14% | 05/03/22 | 33,535,000 | 33,534,001 | ||
RB (Kaiser Permanente) Series 2004E | 0.21% | 07/13/22 | 1,900,000 | 1,900,000 | ||
RB (Kaiser Permanente) Series 2004I | 0.10% | 01/13/22 | 4,000,000 | 4,000,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
RB (Kaiser Permanente) Series 2004I | 0.17% | 06/07/22 | 20,900,000 | 20,900,000 | ||
RB (Kaiser Permanente) Series 2004K | 0.20% | 07/06/22 | 3,100,000 | 3,100,000 | ||
RB (Kaiser Permanente) Series 2004K | 0.21% | 07/13/22 | 12,565,000 | 12,565,000 | ||
RB (Kaiser Permanente) Series 2006D | 0.12% | 03/09/22 | 8,000,000 | 8,000,000 | ||
RB (Kaiser Permanente) Series 2006D | 0.17% | 06/14/22 | 20,000,000 | 20,000,000 | ||
RB (Kaiser Permanente) Series 2008C | 0.12% | 03/03/22 | 6,000,000 | 6,000,000 | ||
RB (Kaiser Permanente) Series 2008C | 0.14% | 05/04/22 | 24,400,000 | 24,400,000 | ||
RB (Kaiser Permanente) Series 2009B3 | 0.17% | 06/14/22 | 5,000,000 | 5,000,000 | ||
RB (Kaiser Permanente) Series 2009B4 | 0.14% | 05/03/22 | 23,300,000 | 23,300,000 | ||
RB (Kaiser Permanente) Series 2009B5 | 0.12% | 03/03/22 | 5,000,000 | 5,000,000 | ||
RB (Kaiser Permanente) Series 2009B5 | 0.16% | 06/02/22 | 200,000 | 199,967 | ||
RB (Sutter Health) Series 2007A,2008B,2008C (ESCROW) (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.15% | 01/07/22 | 4,315,000 | 4,315,000 | |
Carlsbad | ||||||
M/F Housing RB (The Greens Apts) Series 2003A (LOC: CITIBANK NA) | (a)(b) | 0.16% | 01/07/22 | 12,015,000 | 12,015,000 | |
Carlsbad USD | ||||||
GO Bonds Series B (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.12% | 01/07/22 | 1,900,000 | 1,900,000 | |
Chino Valley USD | ||||||
GO Bonds Series 2016B (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.12% | 01/07/22 | 3,460,000 | 3,460,000 | |
GO Bonds Series 2017A (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.12% | 01/07/22 | 7,500,000 | 7,500,000 | |
GO Bonds Series 2020B (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.12% | 01/07/22 | 2,000,000 | 2,000,000 | |
Coast CCD | ||||||
GO Bonds Series 2017D (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.12% | 01/07/22 | 11,790,000 | 11,790,000 | |
Contra Costa CCD | ||||||
GO Bonds Series 2013 (ESCROW) (LIQ: CITIBANK NA) | (a)(c)(d) | 0.12% | 01/06/22 | 01/07/22 | 7,800,000 | 7,800,000 |
GO Bonds Series 2013 (ESCROW) (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 7,500,000 | 7,500,000 |
Contra Costa Water District | ||||||
Extendible CP | 0.10% | 02/01/22 | 07/29/22 | 9,900,000 | 9,900,000 | |
East Bay Municipal Utility District | ||||||
Wastewater System Extendible CP | 0.12% | 02/03/22 | 09/02/22 | 9,300,000 | 9,300,000 | |
Water CP Notes Series A1 (LIQ: SUMITOMO MITSUI BANKING CORPORATION) | 0.11% | 03/03/22 | 28,050,000 | 28,050,000 | ||
Water CP Notes Series A2 (LIQ: BANK OF AMERICA NA) | 0.10% | 01/05/22 | 10,000,000 | 10,000,000 | ||
Water RB Series 2017A (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 2,500,000 | 2,500,000 | |
Water Sub RB Series 2005A (LIQ: CITIBANK NA) | (a)(c)(d) | 0.11% | 01/07/22 | 25,000,000 | 25,000,000 | |
Water Sub Refunding RB Series 2012A (LIQ: CITIBANK NA) | (a)(c)(d) | 0.11% | 01/07/22 | 17,900,000 | 17,900,000 | |
Water Sub Refunding RB Series 2012A (ESCROW) (LIQ: CITIBANK NA) | (a)(c)(d) | 0.11% | 01/07/22 | 25,500,000 | 25,500,000 | |
Water System Refunding RB Series 2014B | 5.00% | 06/01/22 | 200,000 | 203,903 | ||
Eastern Municipal Water District | ||||||
Water & Wastewater Refunding RB Series 2018A (LIQ: BANK OF AMERICA NA) | (a)(b) | 0.06% | 01/03/22 | 3,265,000 | 3,265,000 | |
Eastern Municipal Water Financing Auth | ||||||
Water & Wastewater RB Series 2017D (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.12% | 01/07/22 | 4,800,000 | 4,800,000 | |
El Camino CCD | ||||||
GO Bonds Series 2018B (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.12% | 01/07/22 | 8,000,000 | 8,000,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Elk Grove USD | ||||||
GO Bonds Series 2017 (LIQ: BANK OF AMERICA NA) | (a)(c)(d) | 0.13% | 01/07/22 | 2,100,000 | 2,100,000 | |
GO Bonds Series 2017 (LIQ: US BANK NATIONAL ASSOCIATION) | (a)(c)(d) | 0.08% | 01/03/22 | 1,600,000 | 1,600,000 | |
Fremont UHSD | ||||||
GO Bonds Series 2017A (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.12% | 01/07/22 | 3,415,000 | 3,415,000 | |
Fresno USD | ||||||
GO Bonds Series 2010D & 2016B (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.12% | 01/06/22 | 01/07/22 | 17,100,000 | 17,100,000 |
Glendale Community College Dist | ||||||
GO Bonds Series B (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.12% | 01/07/22 | 3,500,000 | 3,500,000 | |
Golden Gate Bridge & Highway District | ||||||
CP Series A (LIQ: JPMORGAN CHASE BANK NA) | 0.14% | 03/16/22 | 19,000,000 | 19,000,000 | ||
Hayward | ||||||
M/F Housing RB (Lord Tennyson Apts) Series 2005A (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.12% | 01/07/22 | 13,415,000 | 13,415,000 | |
Hayward Area Recreation & Park District | ||||||
GO Bonds Series 2016A (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 5,015,000 | 5,015,000 | |
Hayward USD | ||||||
GO Bonds Series 2017 (LIQ: BANK OF AMERICA NA) | (a)(c)(d) | 0.13% | 01/07/22 | 32,500,000 | 32,500,000 | |
Irvine Ranch Water District | ||||||
COP Series 2016 (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.12% | 01/07/22 | 3,220,000 | 3,220,000 | |
GO Bonds Series 2016 (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.12% | 01/07/22 | 4,160,000 | 4,160,000 | |
GO Refunding Bonds Series 2011A1 (SIFMA Municipal Swap Index + 0.03%) | (a) | 0.13% | 01/06/22 | 03/02/22 | 4,500,000 | 4,499,820 |
GO Refunding Bonds Series 2011A2 (SIFMA Municipal Swap Index + 0.03%) | (a) | 0.13% | 01/06/22 | 03/02/22 | 2,410,000 | 2,410,000 |
Jurupa USD | ||||||
GO Bonds Series 2017B (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 6,000,000 | 6,000,000 | |
Livermore Valley Joint USD | ||||||
GO Bonds Series 2019 (LIQ: CITIBANK NA) | (a)(c)(d) | 0.12% | 01/07/22 | 11,625,000 | 11,625,000 | |
Long Beach CCD | ||||||
GO Bonds Series 2012B (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.12% | 01/07/22 | 5,456,000 | 5,456,000 | |
Long Beach Harbor Dept | ||||||
RB Series 2015D (LIQ: CITIBANK NA) | (a)(c)(d) | 0.12% | 01/07/22 | 2,000,000 | 2,000,000 | |
RB Series 2019A (LIQ: BANK OF AMERICA NA) | (a)(c)(d) | 0.12% | 01/07/22 | 2,975,000 | 2,975,000 | |
Refunding RB Series 2020B | 4.00% | 05/15/22 | 7,825,000 | 7,933,781 | ||
Long Beach USD | ||||||
GO Bonds Series 2008F & 2016B (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.12% | 01/07/22 | 10,785,000 | 10,785,000 | |
GO Bonds Series 2016A&2008E (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.12% | 01/07/22 | 12,000,000 | 12,000,000 | |
GO Bonds Series E (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.12% | 01/07/22 | 4,000,000 | 4,000,000 | |
GO Bonds Series F&B (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.12% | 01/07/22 | 9,830,000 | 9,830,000 | |
GO Refunding Bonds 2012 (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 8,715,000 | 8,715,000 |
Los Angeles | ||||||
TRAN 2021 | 4.00% | 06/23/22 | 33,035,000 | 33,631,750 | ||
Wastewater System CP Notes Series A1 (LOC: BARCLAYS BANK PLC) | 0.12% | 01/18/22 | 4,000,000 | 4,000,000 | ||
Wastewater System RB Series 2015A (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.12% | 01/07/22 | 2,510,000 | 2,510,000 | |
Wastewater System Refunding RB Series 2013B | 4.00% | 06/01/22 | 250,000 | 253,843 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Wastewater System Refunding RB Series 2015C & D (LIQ: ROYAL BANK OF CANADA) (SIFMA Municipal Swap Index + 0.15%) | (a)(c)(d) | 0.25% | 01/06/22 | 06/01/22 | 5,000,000 | 5,000,000 |
Wastewater System Sub Refunding RB Series 2012B (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 7,500,000 | 7,500,000 |
Los Angeles CCD | ||||||
GO Refunding Bonds Series 2015C | 5.00% | 08/01/22 | 115,000 | 118,166 | ||
Los Angeles Cnty | ||||||
TRAN 2021-2022 | 4.00% | 06/30/22 | 7,085,000 | 7,216,535 | ||
Los Angeles Cnty Capital Asset Leasing Corp | ||||||
Lease Revenue CP Series B (LOC: US BANK NATIONAL ASSOCIATION) | 0.12% | 02/16/22 | 10,000,000 | 10,000,000 | ||
Los Angeles Cnty Metropolitan Transportation Auth | ||||||
1st Tier Sr Sales Tax RB Series 2017A | 5.00% | 07/01/22 | 640,000 | 654,997 | ||
2nd Sub Sales Tax Revenue CP Notes Series A (LOC: BARCLAYS BANK PLC) | 0.09% | 02/01/22 | 6,867,000 | 6,867,000 | ||
2nd Sub Sales Tax Revenue CP Notes Series A (LOC: BARCLAYS BANK PLC) | 0.10% | 02/03/22 | 12,667,000 | 12,667,000 | ||
Sales Tax Refunding RB Series 2016A | 5.00% | 07/01/22 | 100,000 | 102,340 | ||
Sr Sales Tax RB Series 2017A (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.12% | 01/07/22 | 9,880,000 | 9,880,000 | |
Transportation Auth Sales Tax Refunding RB Series 2019A | 5.00% | 07/01/22 | 185,000 | 189,325 | ||
Los Angeles Community Redevelopment Agency | ||||||
M/F Housing RB (Security Building) Series 2001A (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.13% | 01/07/22 | 10,245,000 | 10,245,000 | |
Los Angeles Dept of Airports | ||||||
Sr RB Series 2013A (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.14% | 01/06/22 | 01/07/22 | 7,500,000 | 7,500,000 |
Sr RB Series 2015A (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.16% | 01/06/22 | 01/07/22 | 5,500,000 | 5,500,000 |
Sr RB Series 2015D (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.16% | 01/07/22 | 7,450,000 | 7,450,000 | |
Sr RB Series 2020C (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.14% | 01/07/22 | 2,665,000 | 2,665,000 | |
Sub RB Series 2016A, 2017A, 2018A, 2018C, 2019F (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.16% | 01/07/22 | 7,345,000 | 7,345,000 | |
Sub RB Series 2016B (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.16% | 01/07/22 | 1,460,000 | 1,460,000 | |
Sub RB Series 2018A (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.13% | 01/07/22 | 13,885,000 | 13,885,000 | |
Sub RB Series 2018A (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.16% | 01/07/22 | 2,500,000 | 2,500,000 | |
Sub RB Series 2018C&D (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.15% | 01/07/22 | 40,285,000 | 40,285,000 | |
Sub RB Series 2019A (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.14% | 01/07/22 | 7,945,000 | 7,945,000 | |
Sub RB Series 2019F (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.14% | 01/07/22 | 24,805,000 | 24,805,000 | |
Sub RB Series 2021D (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.16% | 01/07/22 | 2,365,000 | 2,365,000 | |
Sub Refunding RB Series 2021A (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.18% | 01/07/22 | 5,600,000 | 5,600,000 | |
Sub Revenue CP Series B3 (LOC: BANK OF AMERICA NA) | 0.11% | 02/04/22 | 3,960,000 | 3,960,000 | ||
Los Angeles Dept of Water & Power | ||||||
Power System RB Series 2017A (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 9,525,000 | 9,525,000 | |
Power System RB Series 2017A (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.12% | 01/07/22 | 1,000,000 | 1,000,000 | |
Power System RB Series 2017A (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.12% | 01/07/22 | 4,600,000 | 4,600,000 | |
Power System RB Series 2017C (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.12% | 01/07/22 | 4,800,000 | 4,800,000 | |
Power System RB Series 2021B | 3.00% | 07/01/22 | 320,000 | 324,341 | ||
RB Series 2014E | 5.00% | 07/01/22 | 150,000 | 153,523 | ||
Water System RB Series 2001B4 (LIQ: CITIBANK NA) | (a)(b) | 0.06% | 01/03/22 | 4,400,000 | 4,400,000 | |
Water System RB Series 2012A (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.12% | 01/07/22 | 5,500,000 | 5,500,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Water System RB Series 2012A (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.12% | 01/06/22 | 01/07/22 | 13,500,000 | 13,500,000 |
Water System RB Series 2012B (LIQ: CITIBANK NA) | (a)(c)(d) | 0.12% | 01/06/22 | 01/07/22 | 7,310,000 | 7,310,000 |
Water System RB Series 2014A (LIQ: BANK OF AMERICA NA) | (a)(c)(d) | 0.12% | 01/06/22 | 01/07/22 | 6,850,000 | 6,850,000 |
Water System RB Series 2014A (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 8,700,000 | 8,700,000 |
Los Angeles Harbor Dept | ||||||
Refunding RB Series 2014A | 5.00% | 08/01/22 | 100,000 | 102,696 | ||
Refunding RB Series 2016C (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.12% | 01/07/22 | 1,875,000 | 1,875,000 | |
Los Angeles Municipal Improvement Corp | ||||||
Lease Revenue CP Series A1 (LOC: BMO HARRIS BANK NA) | 0.12% | 02/08/22 | 2,900,000 | 2,900,000 | ||
Lease Revenue CP Series A1 (LOC: BMO HARRIS BANK NA) | 0.12% | 02/14/22 | 5,250,000 | 5,250,000 | ||
Lease Revenue CP Series A2 (LOC: BANK OF AMERICA NA) | 0.12% | 02/08/22 | 22,000,000 | 22,000,000 | ||
Lease Revenue CP Series A3 (LOC: US BANK NATIONAL ASSOCIATION) | 0.12% | 02/14/22 | 12,970,000 | 12,970,000 | ||
Lease Revenue CP Series A3 (LOC: US BANK NATIONAL ASSOCIATION) | 0.12% | 02/15/22 | 5,000,000 | 5,000,000 | ||
Los Angeles USD | ||||||
GO Bonds Series 2018B1 (LIQ: BANK OF AMERICA NA) | (a)(c)(d) | 0.12% | 01/07/22 | 1,570,000 | 1,570,000 | |
GO Bonds Series 2020 RYQ (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.12% | 01/07/22 | 10,440,000 | 10,440,000 | |
GO Bonds Series 2020RYQ | 5.00% | 07/01/22 | 400,000 | 409,396 | ||
GO Refunding Bonds Series 2014A | 5.00% | 07/01/22 | 535,000 | 547,530 | ||
GO Refunding Bonds Series 2015A | 5.00% | 07/01/22 | 165,000 | 168,865 | ||
GO Refunding Bonds Series 2017A | 5.00% | 07/01/22 | 870,000 | 890,497 | ||
GO Refunding Bonds Series 2021A | 5.00% | 07/01/22 | 115,000 | 117,690 | ||
Marin CCD | ||||||
GO Series 2016A (LOC: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.12% | 01/07/22 | 4,000,000 | 4,000,000 | |
Marin Healthcare District | ||||||
GO Bonds Series 2017A (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.12% | 01/07/22 | 5,100,000 | 5,100,000 | |
GO Bonds Series 2017A (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 1,530,000 | 1,530,000 | |
GO Bonds Series 2017A (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.12% | 01/07/22 | 10,000,000 | 10,000,000 | |
Mt. San Antonio CCD | ||||||
GO Bonds Series 2019A (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.12% | 01/07/22 | 4,000,000 | 4,000,000 | |
Norwalk La Mirada USD | ||||||
GO Bonds Series E (LIQ: WELLS FARGO BANK NA) | (a)(c)(d) | 0.12% | 01/07/22 | 10,475,000 | 10,475,000 | |
Nuveen California AMT-Free Municipal Income Fund | ||||||
Variable Rate Demand Preferred Shares Series 3 (LOC: TORONTO-DOMINION BANK/THE) | (a)(b)(c) | 0.15% | 01/07/22 | 13,000,000 | 13,000,000 | |
Nuveen California Quality Municipal Income Fund | ||||||
Variable Rate Demand Preferred Shares Series 1 (LOC: SOCIETE GENERALE SA) | (a)(b)(c) | 0.19% | 01/07/22 | 55,500,000 | 55,500,000 | |
Variable Rate Demand Preferred Shares Series 4 (LOC: ROYAL BANK OF CANADA) | (a)(b)(c) | 0.17% | 01/07/22 | 11,000,000 | 11,000,000 | |
Variable Rate Demand Preferred Shares Series 6 (LOC: JPMORGAN CHASE BANK NA) | (a)(b)(c) | 0.19% | 01/07/22 | 23,500,000 | 23,500,000 | |
Variable Rate Demand Preferred Shares Series 7 (LOC: ROYAL BANK OF CANADA) | (a)(b)(c) | 0.17% | 01/07/22 | 54,400,000 | 54,400,000 | |
Oakland | ||||||
GO Bonds Series 2020B1 (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.12% | 01/07/22 | 9,000,000 | 9,000,000 | |
Orange Cnty Sanitation District | ||||||
Wastewater Refunding Revenue Obligations Series 2015A (LIQ: CITIBANK NA) | (a)(c)(d) | 0.12% | 01/06/22 | 01/07/22 | 8,000,000 | 8,000,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Oxnard SD | ||||||
GO Bonds Series 2016A (LOC: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.12% | 01/07/22 | 5,000,000 | 5,000,000 | |
Oxnard UHSD | ||||||
GO Bonds Series A (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.12% | 01/07/22 | 7,200,000 | 7,200,000 | |
Palomar CCD | ||||||
GO Bonds Series C (ESCROW) (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.12% | 01/06/22 | 01/07/22 | 7,500,000 | 7,500,000 |
GO Bonds Series C (ESCROW) (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 30,280,000 | 30,280,000 |
Perris Union HSD | ||||||
GO Bonds Series 2012 C (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.12% | 01/07/22 | 1,600,000 | 1,600,000 | |
Petaluma | ||||||
M/F Housing RB (Oakmont) Series 1996A (LOC: US BANK NATIONAL ASSOCIATION) | (a)(b) | 0.13% | 01/07/22 | 2,350,000 | 2,350,000 | |
Pomona USD | ||||||
GO Bonds Series 2020D (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.12% | 01/07/22 | 9,445,000 | 9,445,000 | |
Port of Oakland | ||||||
CP Notes D (LOC: BANK OF AMERICA NA) | 0.12% | 02/08/22 | 35,193,000 | 35,193,000 | ||
CP Series A (LOC: BANK OF AMERICA NA) | 0.12% | 02/08/22 | 17,100,000 | 17,100,000 | ||
Sacramento | ||||||
Water RB Series 2017 (LIQ: CITIBANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 7,410,000 | 7,410,000 | |
Sacramento Area Flood Control Agency | ||||||
Consolidated Capital Assessment District No 2 Bonds Series 2016A (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.12% | 01/07/22 | 16,000,000 | 16,000,000 | |
Consolidated Capital Assessment District No 2 Bonds Series 2016A (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 4,750,000 | 4,750,000 | |
Consolidated Capital Assessment District No 2 Bonds Series 2016A (LIQ: ROYAL BANK OF CANADA) (SIFMA Municipal Swap Index + 0.15%) | (a)(c)(d) | 0.25% | 01/06/22 | 04/01/22 | 2,300,000 | 2,300,000 |
Sacramento Municipal Utility District | ||||||
Electric RB Series 2020H (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.12% | 01/07/22 | 3,000,000 | 3,000,000 | |
San Bernardino CCD | ||||||
GO Refunding Bonds Series 2013A (ESCROW) (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 8,000,000 | 8,000,000 |
San Bernardino Cnty Transportation Auth | ||||||
Sales Tax RB Series 2014A (LIQ: CITIBANK NA) | (a)(c)(d) | 0.12% | 01/06/22 | 01/07/22 | 8,300,000 | 8,300,000 |
San Diego Cnty | ||||||
Sub Airport RB Series 2021B (LOC: BANK OF AMERICA NA) | (a)(c)(d) | 0.17% | 01/07/22 | 7,090,000 | 7,090,000 | |
San Diego Cnty Regional Airport Auth | ||||||
Sub Airport RB Series 2021B (LOC: BANK OF AMERICA NA) | (a)(c)(d) | 0.17% | 01/07/22 | 1,000,000 | 1,000,000 | |
San Diego Cnty Regional Transportation Commission | ||||||
Sub Sales Tax Revenue CP Series B (LOC: BANK OF AMERICA NA) | 0.12% | 03/03/22 | 45,326,000 | 45,326,000 | ||
San Diego Cnty Water Auth | ||||||
CP Series 10 (LIQ: BANK OF THE WEST) | 0.10% | 02/02/22 | 2,400,000 | 2,400,000 | ||
CP Series 10 (LIQ: BANK OF THE WEST) | 0.11% | 02/09/22 | 29,100,000 | 29,100,000 | ||
CP Series 10 (LIQ: BANK OF THE WEST) | 0.11% | 03/03/22 | 23,000,000 | 23,000,000 | ||
CP Series 9 (LIQ: BANK OF AMERICA NA) | 0.10% | 01/11/22 | 25,000,000 | 25,000,000 | ||
CP Series 9 (LIQ: BANK OF AMERICA NA) | 0.11% | 01/12/22 | 15,000,000 | 15,000,000 | ||
San Diego Housing Auth | ||||||
M/F Housing RB (Courthouse Commons) Series 2020F (LOC: MIZUHO BANK LTD) | (a)(b) | 0.11% | 01/07/22 | 750,000 | 750,000 | |
San Diego Public Facilities Financing Auth | ||||||
Sub Water Revenue CP Series A (LOC: BANK OF AMERICA NA) | 0.22% | 07/14/22 | 14,175,000 | 14,175,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
San Diego USD | ||||||
GO Bonds Series 2013C (ESCROW) (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.12% | 01/06/22 | 01/07/22 | 16,000,000 | 16,000,000 |
GO Bonds Series 2017 (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.12% | 01/07/22 | 8,000,000 | 8,000,000 | |
GO Bonds Series 2017 & 2019 (LIQ: WELLS FARGO BANK NA) | (a)(c)(d) | 0.10% | 01/07/22 | 11,520,000 | 11,520,000 | |
GO Bonds Series 2020M2 (LIQ: WELLS FARGO BANK NA) | (a)(c)(d) | 0.12% | 01/07/22 | 9,365,000 | 9,365,000 | |
San Francisco | ||||||
M/F Housing RB (Carter Terrace Apts) Series 2002B (LOC: CITIBANK NA) | (a)(b) | 0.13% | 01/07/22 | 2,875,000 | 2,875,000 | |
San Francisco Airport Commission | ||||||
RB 2nd Series 2016B (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.23% | 01/07/22 | 12,000,000 | 12,000,000 | |
RB 2nd Series 2019 (LOC: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.14% | 01/07/22 | 40,740,000 | 40,740,000 | |
RB 2nd Series 2019A (LOC: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.14% | 01/07/22 | 11,305,000 | 11,305,000 | |
RB 2nd Series 2019E (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.16% | 01/07/22 | 29,365,000 | 29,365,000 | |
RB 2nd Series 2019E (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.16% | 01/07/22 | 7,110,000 | 7,110,000 | |
Sub CP Notes A-2 (LOC: SUMITOMO MITSUI BANKING CORPORATION) | 0.12% | 02/23/22 | 3,913,000 | 3,913,000 | ||
Sub CP Notes B-2 (LOC: SUMITOMO MITSUI BANKING CORPORATION) | 0.11% | 02/23/22 | 31,465,000 | 31,465,000 | ||
Sub CP Notes B5 (LOC: BARCLAYS BANK PLC) | 0.08% | 01/05/22 | 50,000,000 | 50,000,000 | ||
Sub CP Notes Series A6 (LOC: BANK OF AMERICA NA) | 0.13% | 02/23/22 | 20,000,000 | 20,000,000 | ||
Sub CP Series A4 (LOC: US BANK NATIONAL ASSOCIATION) | 0.10% | 01/05/22 | 14,900,000 | 14,900,000 | ||
San Francisco Bay Area Rapid Transit District | ||||||
GO Bonds Series 2017A1 (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.12% | 01/07/22 | 3,335,000 | 3,335,000 | |
GO Bonds Series 2017A1 (LIQ: CITIBANK NA) | (a)(c)(d) | 0.12% | 01/07/22 | 4,800,000 | 4,800,000 | |
GO Bonds Series 2017A1 (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.12% | 01/07/22 | 2,650,000 | 2,650,000 | |
Sales Tax RB Series 2019A (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 5,700,000 | 5,700,000 | |
San Francisco Public Utilities Commission | ||||||
Wastewater CP Series A4 (LIQ: TORONTO-DOMINION BANK/THE) | 0.10% | 01/19/22 | 25,022,000 | 25,022,000 | ||
Wastewater CP Series A6 (LIQ: STATE STREET BANK AND TRUST COMPANY) | 0.11% | 02/01/22 | 10,715,000 | 10,715,000 | ||
Wastewater CP Series A7 (LOC: SUMITOMO MITSUI BANKING CORPORATION) | 0.11% | 02/02/22 | 4,000,000 | 4,000,000 | ||
Water CP Series A2 (LOC: SUMITOMO MITSUI BANKING CORPORATION) | 0.10% | 02/09/22 | 33,492,000 | 33,492,000 | ||
Water RB Series 2012A (ESCROW) (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 7,500,000 | 7,500,000 |
Water RB Series 2017 D (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.12% | 01/07/22 | 4,430,000 | 4,430,000 | |
Water RB Series 2017A (ESCROW) (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.12% | 01/07/22 | 8,000,000 | 8,000,000 | |
San Joaquin Cnty Transportation Auth | ||||||
Sales Tax Refunding RB Series 2017 (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.12% | 01/07/22 | 7,500,000 | 7,500,000 | |
San Jose | ||||||
M/F Housing RB (Cinnabar Commons) Series 2003C (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.07% | 01/07/22 | 30,000 | 30,000 | |
M/F Housing RB (Pollard Plaza Apts) Series 2002D (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.17% | 01/07/22 | 795,000 | 795,000 | |
Sub Airport CP Notes Series B (LOC: BANK OF AMERICA NA) | 0.12% | 02/03/22 | 33,018,000 | 33,018,000 | ||
San Jose USD | ||||||
GO Bonds Series 2015C (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.12% | 01/06/22 | 01/07/22 | 1,000,000 | 1,000,000 |
GO Bonds Series 2018E (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.12% | 01/07/22 | 2,920,000 | 2,920,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
San Jose-Evergreen CCD | ||||||
GO Bonds Series A (ESCROW) (LIQ: CITIBANK NA) | (a)(c)(d) | 0.12% | 01/06/22 | 01/07/22 | 3,980,000 | 3,980,000 |
San Luis Obispo Cnty CCD | ||||||
GO Bonds Series 2014A (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.14% | 01/06/22 | 01/07/22 | 6,580,000 | 6,580,000 |
San Marcos USD | ||||||
GO Bonds Series C (ESCROW) (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 6,665,000 | 6,665,000 |
San Mateo Cnty CCD | ||||||
GO Bonds Series 2015A (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 8,810,000 | 8,810,000 | |
GO Bonds Series 2018B (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 2,230,000 | 2,230,000 | |
San Mateo Cnty Transportation Auth | ||||||
Sub Sales Tax RB Series 2020B (LOC: BANK OF AMERICA NA) | (a)(b) | 0.06% | 01/03/22 | 800,000 | 800,000 | |
San Rafael Redevelopment Agency | ||||||
MF Hsg RB (San Rafael Commons Apts) Ser 2001A (LOC: CITIBANK NA) | (a)(b) | 0.11% | 01/07/22 | 1,470,000 | 1,470,000 | |
Santa Clara Cnty Housing Auth | ||||||
M/F Housing RB (Monte Vista Terrace Apts) Series 2005C (LOC: MUFG UNION BANK NA) | (a)(b) | 0.17% | 01/07/22 | 4,917,000 | 4,917,000 | |
M/F Housing Refunding RB (Willows Apts) Series 2005A (LOC: MUFG UNION BANK NA) | (a)(b) | 0.11% | 01/07/22 | 3,491,000 | 3,491,000 | |
Santa Clara USD | ||||||
GO Bonds Series 2019 (LIQ: BANK OF AMERICA NA) | (a)(c)(d) | 0.13% | 01/07/22 | 4,000,000 | 4,000,000 | |
Santa Cruz Cnty Successor Redevelopment Agency | ||||||
M/F Housing RB (Shaffer Road Apts) Series 2002A (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.12% | 01/07/22 | 22,325,000 | 22,325,000 | |
Solano CCD | ||||||
GO Bonds Series C (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 3,000,000 | 3,000,000 | |
Southern California Metropolitan Water District | ||||||
Water RB Series 2017A (LIQ: PNC BANK NATIONAL ASSOCIATION) | (a)(b) | 0.06% | 01/03/22 | 1,100,000 | 1,100,000 | |
Water Refunding RB Series 2016B2 (LIQ: TD BANK NA) | (a)(b) | 0.06% | 01/03/22 | 1,095,000 | 1,095,000 | |
Sunnyvale SD | ||||||
GO Bonds Series 2019C (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.12% | 01/07/22 | 3,000,000 | 3,000,000 | |
Temecula Valley USD | ||||||
GO Bonds Series 2021D (LIQ: WELLS FARGO BANK NA) | (a)(c)(d) | 0.12% | 01/07/22 | 6,000,000 | 6,000,000 | |
Union Elementary SD | ||||||
GO Bonds Series C (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 8,145,000 | 8,145,000 | |
Univ of California | ||||||
General RB Series 2013AF | 5.00% | 05/15/22 | 100,000 | 101,739 | ||
General RB Series 2013AI (LIQ: CREDIT SUISSE AG) | (a)(c)(d) | 0.12% | 01/06/22 | 01/07/22 | 12,000,000 | 12,000,000 |
General RB Series 2013AI & 2016AR (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.13% | 01/07/22 | 2,685,000 | 2,685,000 | |
General RB Series 2014AM (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 7,600,000 | 7,600,000 |
General RB Series 2020BE | 5.00% | 05/15/22 | 410,000 | 417,129 | ||
General RB Series 2020BE (LIQ: CREDIT SUISSE AG) | (a)(c)(d) | 0.12% | 01/07/22 | 3,500,000 | 3,500,000 | |
General RB Series 2021BH | 3.00% | 05/15/22 | 210,000 | 212,141 | ||
Limited Project RB Series 2012G (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 4,695,000 | 4,695,000 |
Limited Project RB Series 2015I (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.12% | 01/06/22 | 01/07/22 | 4,800,000 | 4,800,000 |
Limited Project RB Series 2021Q (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.13% | 01/07/22 | 2,500,000 | 2,500,000 | |
Limited RB Series 2015I | 5.00% | 05/15/22 | 945,000 | 961,470 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Medical Center Pooled RB Series 2013J (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.12% | 01/07/22 | 5,000,000 | 5,000,000 | |
Medical Center Pooled RB Series 2016L | 5.00% | 05/15/22 | 100,000 | 101,741 | ||
Medical Center Pooled RB Series 2016L (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.12% | 01/07/22 | 2,220,000 | 2,220,000 | |
West Valley-Mission CCD | ||||||
GO Bonds Series 2015B (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 8,500,000 | 8,500,000 |
Westminster Redevelopment Agency | ||||||
M/F Housing RB (Brookhurst Royal) Series 2000A (LOC: MUFG UNION BANK NA) | (a)(b) | 0.13% | 01/07/22 | 3,905,000 | 3,905,000 | |
Yosemite CCD | ||||||
GO Bonds Series 2010D (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.12% | 01/07/22 | 5,483,000 | 5,483,000 | |
2,989,016,602 | ||||||
Total Municipal Securities (Cost $2,989,016,602) | 2,989,016,602 | |||||
Total Investments in Securities (Cost $2,989,016,602) | 2,989,016,602 |
(a) | Variable rate security; rate shown is effective rate at period end. |
(b) | VRDN is a municipal security which allows holders to sell their security through a put or tender feature, at par value plus accrued interest. The interest rate resets on a periodic basis, the majority of which are weekly but may be daily or monthly. Unless a reference rate and spread is shown parenthetically, the Remarketing Agent, generally a dealer, determines the interest rate for the security at each interest rate reset date. The rate is typically based on the SIFMA Municipal Swap Index. |
(c) | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers. At the period end, the value of these amounted to $1,410,609,000 or 47.0% of net assets. |
(d) | TOB is a synthetically created VRDN where the owner of a long-term bond places the bond in a trust in combination with a liquidity facility. The trust then sells certificates which mirror the VRDN sold directly by a municipal issuer. VRDN is a municipal security which allows holders to sell their security through a put or tender feature, at par value plus accrued interest. The interest rate resets on a periodic basis, the majority of which are weekly but may be daily or monthly. Unless a reference rate and spread is shown parenthetically, the Remarketing Agent, generally a dealer, determines the interest rate for the security at each interest rate reset date. The rate is typically based on the SIFMA Municipal Swap Index. |
CCD — | Community college district |
COP — | Certificate of participation |
CP — | Commercial paper |
GO — | General obligation |
HSD — | High school district |
IDA — | Industrial development agency/authority |
IDRB — | Industrial development revenue bond |
LIQ — | Liquidity agreement |
LOC — | Letter of credit |
M/F — | Multi-family |
RB — | Revenue bond |
SD — | School district |
SIFMA — | Securities Industry and Financial Markets Association. The SIFMA Municipal Swap Index is a market index comprised of high-grade 7-day tax-exempt Variable Rate Demand Obligations with certain characteristics. |
TOB — | Tender option bond |
TRAN — | Tax and revenue anticipation note |
UHSD — | Union high school district |
USD — | Unified school district |
VRDN — | Variable rate demand note |
Assets | ||
Investments in securities, at cost and value - unaffiliated (Note 2a) | $2,989,016,602 | |
Cash | 1,107,086 | |
Receivables: | ||
Fund shares sold | 15,411,562 | |
Interest | 1,633,009 | |
Prepaid expenses | + | 28,633 |
Total assets | 3,007,196,892 | |
Liabilities | ||
Payables: | ||
Fund shares redeemed | 3,462,866 | |
Investments bought | 1,061,889 | |
Investment adviser and administrator fees | 264,973 | |
Distributions to shareholders | 137,556 | |
Independent trustees’ fees | 155 | |
Accrued expenses | + | 182,480 |
Total liabilities | 5,109,919 | |
Net assets | $3,002,086,973 | |
Net Assets by Source | ||
Capital received from investors | $3,002,086,973 | |
Net assets | $3,002,086,973 |
Net Asset Value (NAV) by Share Class | |||||
Share Class | Net Assets | ÷ | Shares Outstanding | = | NAV |
Investor Shares | $2,223,778,883 | 2,222,513,003 | $1.00 | ||
Ultra Shares | $778,308,090 | 777,873,136 | $1.00 | ||
For the period January 1, 2021 through December 31, 2021 | ||
Investment Income | ||
Interest received from securities - unaffiliated | $3,500,373 | |
Expenses | ||
Investment adviser and administrator fees | 6,135,710 | |
Shareholder service fees: | ||
Investor Shares | 3,883,205 | |
Portfolio accounting fees | 127,595 | |
Registration fees | 50,811 | |
Professional fees | 48,745 | |
Shareholder reports | 43,459 | |
Independent trustees’ fees | 35,947 | |
Custodian fees | 35,028 | |
Transfer agent fees | 10,457 | |
Other expenses | + | 38,788 |
Total expenses | 10,409,745 | |
Expense reduction by investment adviser and its affiliates | – | 7,294,639 |
Net expenses | – | 3,115,106 |
Net investment income | 385,267 | |
REALIZED GAINS (LOSSES) | ||
Net realized gains on sales of securities - unaffiliated | 630,301 | |
Increase in net assets resulting from operations | $1,015,568 |
OPERATIONS | |||
1/1/21-12/31/21 | 1/1/20-12/31/20 | ||
Net investment income | $385,267 | $18,093,970 | |
Net realized gains | + | 630,301 | 400,572 |
Increase in net assets from operations | $1,015,568 | $18,494,542 | |
DISTRIBUTIONS TO SHAREHOLDERS1 | |||
Investor Shares | ($704,169) | ($18,359,373) | |
Ultra Shares | + | (217,643) | (33,265) |
Total distributions | ($921,812) | ($18,392,638) | |
TRANSACTIONS IN FUND SHARES*,1 | |||
Shares Sold | |||
Investor Shares | 592,595,743 | 4,549,442,281 | |
Ultra Shares | + | 1,016,702,079 | 467,753,645 |
Total shares sold | 1,609,297,822 | 5,017,195,926 | |
Shares Reinvested | |||
Investor Shares | 557,517 | 15,100,458 | |
Ultra Shares | + | 161,412 | 29,270 |
Total shares reinvested | 718,929 | 15,129,728 | |
Shares Redeemed | |||
Investor Shares | (1,773,810,017) | (7,328,054,291) | |
Ultra Shares | + | (613,925,284) | (92,847,986) |
Total shares redeemed | (2,387,735,301) | (7,420,902,277) | |
Net transactions in fund shares | (777,718,550) | (2,388,576,623) | |
NET ASSETS | |||
Beginning of period | $3,779,711,767 | $6,168,186,486 | |
Total decrease | + | (777,624,794) | (2,388,474,719) |
End of period | $3,002,086,973 | $3,779,711,767 |
* | Transactions took place at $1.00 per share; figures for share quantities are the same as for dollars. |
1 | Ultra Shares commenced operations on September 24, 2020. |
Investor Shares | 1/1/21– 12/31/21 | 1/1/20– 12/31/20 | 1/1/19– 12/31/19 | 1/1/18– 12/31/18 | 1/1/17– 12/31/171 | |
Per-Share Data | ||||||
Net asset value at beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)2 | 0.00 3 | 0.00 3 | 0.01 | 0.01 | 0.00 3 | |
Net realized and unrealized gains (losses) | 0.00 3 | 0.00 3 | 0.00 3 | (0.00) 3 | 0.01 | |
Total from investment operations | 0.00 3 | (0.00) 3 | 0.01 | 0.01 | 0.01 | |
Less distributions: | ||||||
Distributions from net investment income | (0.00) 3 | (0.00) 3 | (0.01) | (0.01) 4 | (0.01) 4 | |
Distributions from net realized gains | (0.00) 3 | (0.00) 3 | — | — | (0.00) 3 | |
Total distributions | (0.00) 3 | (0.00) 3 | (0.01) | (0.01) | (0.01) | |
Net asset value at end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | |
Total return | 0.06% | 0.34% | 1.18% | 1.16% 4 | 0.56% 4 | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.12% 5 | 0.30% 5,6 | 0.35% | 0.35% | 0.42% 7 | |
Gross operating expenses | 0.38% | 0.49% | 0.51% | 0.52% | 0.56% | |
Net investment income (loss) | 0.01% | 0.43% | 1.16% | 1.16% | 0.48% | |
Net assets, end of period (x 1,000,000) | $470 | $668 | $1,466 | $1,126 | $322 |
1 | Effective October 3, 2017, the share class name of Value Advantage Shares was changed to Investor Shares. |
2 | Calculated based on the average shares outstanding during the period. |
3 | Per-share amount was less than $0.005. |
4 | Amounts include special distributions. For the periods ended December 31, 2018 and December 31, 2017, the effects on the distributions from net investment income were less than $0.005 and $0.005, respectively, and the effects on total returns were 0.04% and 0.08%, respectively. |
5 | Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation. (See financial note 5) |
6 | Effective September 24, 2020, the contractual expense limitation changed. The ratio presented for period ended December 31, 2020 is a blended ratio. |
7 | Effective October 3, 2017, the contractual expense limitation changed. The ratio presented for period ended December 31, 2017 is a blended ratio. |
Ultra Shares | 1/1/21– 12/31/21 | 9/24/20 1– 12/31/20 | ||||
Per-Share Data | ||||||
Net asset value at beginning of period | $1.00 | $1.00 | ||||
Income (loss) from investment operations: | ||||||
Net investment income (loss)2 | 0.00 3 | 0.00 3 | ||||
Net realized and unrealized gains (losses) | 0.00 3 | 0.00 3 | ||||
Total from investment operations | 0.00 3 | 0.00 3 | ||||
Less distributions: | ||||||
Distributions from net investment income | (0.00) 3 | (0.00) 3 | ||||
Distributions from net realized gains | (0.00) 3 | (0.00) 3 | ||||
Total distributions | (0.00) 3 | (0.00) 3 | ||||
Net asset value at end of period | $1.00 | $1.00 | ||||
Total return | 0.06% | 0.02% 4 | ||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.12% 5 | 0.19% 6 | ||||
Gross operating expenses | 0.23% | 0.22% 6 | ||||
Net investment income (loss) | 0.01% | 0.03% 6 | ||||
Net assets, end of period (x 1,000,000) | $98 | $119 |
1 | Commencement of operations. |
2 | Calculated based on the average shares outstanding during the period. |
3 | Per-share amount was less than $0.005. |
4 | Not annualized. |
5 | Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation. (See financial note 5) |
6 | Annualized. |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
MUNICIPAL SECURITIES 102.5% OF NET ASSETS | ||||||
NEW YORK 102.5% | ||||||
Albany City SD | ||||||
BAN 2021B | 1.00% | 07/29/22 | 2,000,000 | 2,008,853 | ||
Ballston Spa CSD | ||||||
GO BAN 2021A | 1.25% | 06/24/22 | 2,500,000 | 2,512,582 | ||
Battery Park City Auth | ||||||
Jr RB Series 2019E (LIQ: ROYAL BANK OF CANADA) | (a)(b)(c) | 0.13% | 01/07/22 | 5,660,000 | 5,660,000 | |
Central Square CSD | ||||||
BAN 2021 | 1.50% | 06/17/22 | 5,700,000 | 5,731,112 | ||
Colonie | ||||||
GO BAN 2021 | 1.50% | 03/11/22 | 6,990,000 | 7,005,994 | ||
Colonie Local Development Corp | ||||||
RB (Shaker Pointe at Carondelet) Series 2011 (LOC: MANUFACTURERS AND TRADERS TRUST CO) | (b)(d) | 0.20% | 01/07/22 | 8,490,000 | 8,490,000 | |
RB (Shaker Pointe at Carondelet) Series 2013 (LOC: MANUFACTURERS AND TRADERS TRUST CO) | (b)(d) | 0.20% | 01/07/22 | 10,440,000 | 10,440,000 | |
East Rochester Hsg Auth | ||||||
Housing RB (Park Ridge Nursing Home) Series 2008 (LOC: MANUFACTURERS AND TRADERS TRUST CO) | (b)(d) | 0.20% | 01/07/22 | 11,365,000 | 11,365,000 | |
Fayetteville-Manlius CSD | ||||||
BAN 2021 | 1.00% | 06/29/22 | 4,000,000 | 4,016,348 | ||
Irondequoit | ||||||
BAN 2021A | 1.50% | 04/15/22 | 6,000,000 | 6,021,831 | ||
Kinderhook CSD | ||||||
BAN 2021 | 1.00% | 06/28/22 | 2,000,000 | 2,007,982 | ||
Kingston | ||||||
BAN 2021B | 1.25% | 08/19/22 | 2,000,000 | 2,013,592 | ||
La Grange | ||||||
BAN 2021A | 1.25% | 05/12/22 | 9,000,000 | 9,033,621 | ||
Lancaster IDA | ||||||
Civic Facility RB (GreenField Manor) Series 2000 (LOC: MANUFACTURERS AND TRADERS TRUST CO) | (b)(d) | 0.21% | 01/07/22 | 10,500,000 | 10,500,000 | |
IDRB (Sealing Devices) Series 2007 (LOC: HSBC BANK USA NA) | (b)(d) | 0.17% | 01/07/22 | 1,090,000 | 1,090,000 | |
IDRB (Sealing Devices) Series 2016 (LOC: HSBC BANK USA NA) | (b)(d) | 0.15% | 01/07/22 | 2,850,000 | 2,850,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Metropolitan Transportation Auth | ||||||
Dedicated Tax Fund Bonds Series 2016B-1 (LIQ: JPMORGAN CHASE BANK NA) | (a)(b)(c) | 0.13% | 01/07/22 | 3,335,000 | 3,335,000 | |
Dedicated Tax Fund Bonds Series 2017A (LIQ: BARCLAYS BANK PLC) | (a)(b)(c) | 0.13% | 01/07/22 | 7,500,000 | 7,500,000 | |
Dedicated Tax Fund Bonds Series 2017B-1 (LIQ: MORGAN STANLEY BANK NA) | (a)(b)(c) | 0.15% | 01/07/22 | 2,500,000 | 2,500,000 | |
Dedicated Tax Fund Refunding Bonds Series 2012A (LIQ: JPMORGAN CHASE BANK NA) | (a)(b)(c) | 0.13% | 01/06/22 | 01/07/22 | 8,000,000 | 8,000,000 |
Dedicated Tax Fund Refunding Bonds Series 2016A (LIQ: JPMORGAN CHASE BANK NA) | (a)(b)(c) | 0.13% | 01/07/22 | 1,345,000 | 1,345,000 | |
Monroe Cnty IDA | ||||||
Civic Facility RB (Margaret Woodbury Strong Museum) Series 2005 (LOC: MANUFACTURERS AND TRADERS TRUST CO) | (b)(d) | 0.20% | 01/07/22 | 7,845,000 | 7,845,000 | |
Monticello CSD | ||||||
GO BAN 2021 | 1.25% | 06/29/22 | 2,000,000 | 2,010,504 | ||
New York City | ||||||
GO Bonds Fiscal 1995 Series B5 | 5.00% | 08/15/22 | 100,000 | 102,906 | ||
GO Bonds Fiscal 2006 Series I-8 (LIQ: STATE STREET BANK AND TRUST COMPANY) | (b)(d) | 0.07% | 01/03/22 | 1,425,000 | 1,425,000 | |
GO Bonds Fiscal 2012 Series A5 (LIQ: ROYAL BANK OF CANADA) | (a)(b)(c) | 0.13% | 01/06/22 | 01/07/22 | 14,165,000 | 14,165,000 |
GO Bonds Fiscal 2012 Series D3B (LIQ: ROYAL BANK OF CANADA) | (a)(b)(c) | 0.13% | 01/06/22 | 01/07/22 | 1,900,000 | 1,900,000 |
GO Bonds Fiscal 2012 Series G1 | 5.00% | 04/01/22 | 100,000 | 101,166 | ||
GO Bonds Fiscal 2012 Series G6 (LOC: MIZUHO BANK LTD) | (b)(d) | 0.08% | 01/03/22 | 565,000 | 565,000 | |
GO Bonds Fiscal 2013 Series A3 (LOC: MIZUHO BANK LTD) | (b)(d) | 0.07% | 01/03/22 | 6,100,000 | 6,100,000 | |
GO Bonds Fiscal 2014 Series D1 | 5.00% | 08/01/22 | 100,000 | 102,713 | ||
GO Bonds Fiscal 2014 Series E | 5.25% | 08/01/22 | 600,000 | 617,254 | ||
GO Bonds Fiscal 2014 Series I1 | 5.00% | 03/01/22 | 225,000 | 226,693 | ||
GO Bonds Fiscal 2014 Series I1 (LIQ: JPMORGAN CHASE BANK NA) | (a)(b)(c) | 0.13% | 01/06/22 | 01/07/22 | 2,635,000 | 2,635,000 |
GO Bonds Fiscal 2015 Series F5 (LIQ: BARCLAYS BANK PLC) | (b)(d) | 0.06% | 01/03/22 | 2,600,000 | 2,600,000 | |
GO Bonds Fiscal 2015 Series F7 (LIQ: ROYAL BANK OF CANADA) | (a)(b)(c) | 0.13% | 01/06/22 | 01/07/22 | 5,830,000 | 5,830,000 |
GO Bonds Fiscal 2016 Series C | 5.00% | 08/01/22 | 125,000 | 128,408 | ||
GO Bonds Fiscal 2017 Series A5 (LIQ: JPMORGAN CHASE BANK NA) | (b)(d) | 0.08% | 01/03/22 | 700,000 | 700,000 | |
GO Bonds Fiscal 2018 Series B1 (LIQ: US BANK NATIONAL ASSOCIATION) | (a)(b)(c) | 0.15% | 01/07/22 | 4,760,000 | 4,760,000 | |
GO Bonds Fiscal 2019 Series D (LIQ: BANK OF AMERICA NA) | (a)(b)(c) | 0.13% | 01/07/22 | 4,005,000 | 4,005,000 | |
GO Bonds Fiscal 2020 Series A (LIQ: BANK OF AMERICA NA) | (a)(b)(c) | 0.13% | 01/07/22 | 4,665,000 | 4,665,000 | |
GO Bonds Fiscal 2020 Series A (LIQ: BANK OF AMERICA NA) | (a)(b)(c) | 0.13% | 01/07/22 | 4,665,000 | 4,665,000 | |
GO Bonds Fiscal 2021 Series F (LIQ: BANK OF AMERICA NA) | (a)(b)(c) | 0.13% | 01/07/22 | 2,905,000 | 2,905,000 | |
GO Bonds Fiscal 2021 Series F1 (LIQ: BANK OF AMERICA NA) | (a)(b)(c) | 0.13% | 01/07/22 | 3,400,000 | 3,400,000 | |
New York City Housing Development Corp | ||||||
M/F Housing RB Series 2019B1A (LIQ: BARCLAYS BANK PLC) | (a)(b)(c) | 0.13% | 01/07/22 | 3,200,000 | 3,200,000 | |
M/F Housing RB Series 2021H | 0.12% | 03/15/22 | 7,615,000 | 7,614,985 | ||
New York City IDA | ||||||
Empowerment Zone RB (Tiago Holdings) Series 2007 (LOC: TD BANK NA) | (b)(d) | 0.10% | 01/07/22 | 8,350,000 | 8,350,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
New York City Municipal Water Finance Auth | ||||||
Water & Sewer System 2nd General Resolution RB Fiscal 2015 Series FF (LIQ: MORGAN STANLEY BANK NA) | (a)(b)(c) | 0.13% | 01/07/22 | 4,000,000 | 4,000,000 | |
Water & Sewer System 2nd General Resolution RB Fiscal 2016 Series AA3 (LIQ: ROYAL BANK OF CANADA) | (a)(b)(c) | 0.11% | 01/03/22 | 675,000 | 675,000 | |
Water & Sewer System 2nd General Resolution RB Fiscal 2019 Series CC (LIQ: ROYAL BANK OF CANADA) | (a)(b)(c) | 0.13% | 01/06/22 | 01/07/22 | 1,000,000 | 1,000,000 |
Water & Sewer System 2nd Resolution RB Fiscal 2008 Series BB3&BB4 (LIQ: ROYAL BANK OF CANADA) | (a)(b)(c) | 0.11% | 01/03/22 | 1,935,000 | 1,935,000 | |
Water & Sewer System 2nd Resolution RB Fiscal 2013 Series BB (LIQ: MORGAN STANLEY BANK NA) | (a)(b)(c) | 0.13% | 01/06/22 | 01/07/22 | 770,000 | 770,000 |
Water & Sewer System 2nd Resolution RB Fiscal 2017 Series DD (LIQ: BARCLAYS BANK PLC) | (a)(b)(c) | 0.13% | 01/07/22 | 5,500,000 | 5,500,000 | |
Water & Sewer System 2nd Resolution RB Fiscal 2019 Series EE2 (LIQ: BANK OF AMERICA NA) | (a)(b)(c) | 0.13% | 01/07/22 | 635,000 | 635,000 | |
Water & Sewer System 2nd Resolution RB Fiscal 2022 Series AA (LIQ: UBS AG) | (a)(b)(c) | 0.14% | 01/07/22 | 2,535,000 | 2,535,000 | |
New York City Transitional Finance Auth | ||||||
Building Aid RB Fiscal 2013 Series S1 (LIQ: BANK OF AMERICA NA) | (a)(b)(c) | 0.13% | 01/06/22 | 01/07/22 | 6,000,000 | 6,000,000 |
Building Aid RB Fiscal 2015 Series S2 (LIQ: TORONTO-DOMINION BANK/THE) | (a)(b)(c) | 0.13% | 01/07/22 | 8,000,000 | 8,000,000 | |
Building Aid RB Fiscal 2021 Series S1 (LIQ: BARCLAYS BANK PLC) | (a)(b)(c) | 0.13% | 01/07/22 | 13,470,000 | 13,470,000 | |
Future Tax Sec Sub Bonds Fiscal Series 2018C3 & 2020B1 & 2021C1 (LIQ: BANK OF AMERICA NA) | (a)(b)(c) | 0.13% | 01/07/22 | 7,795,000 | 7,795,000 | |
Future Tax Secured Bonds Fiscal 1998 Series C (LIQ: ROYAL BANK OF CANADA) | (a)(b)(c) | 0.13% | 01/06/22 | 01/07/22 | 9,100,000 | 9,100,000 |
Future Tax Secured RB Fiscal 2012 Series F-1 | 5.00% | 05/01/22 | 150,000 | 152,362 | ||
Future Tax Secured Sub Bonds Fiscal 2016 Series E | 5.00% | 02/01/22 | 200,000 | 200,763 | ||
Future Tax Secured Sub Bonds Fiscal 2017 Series B | 5.00% | 08/01/22 | 110,000 | 112,993 | ||
Future Tax Secured Sub Bonds Fiscal 2019 Series A4 (LIQ: JPMORGAN CHASE BANK NA) | (b)(d) | 0.08% | 01/03/22 | 8,000,000 | 8,000,000 | |
Future Tax Secured Sub Bonds Fiscal 2020 Series A1 | 5.00% | 05/01/22 | 865,000 | 878,471 | ||
Future Tax Secured Sub RB Fiscal 2012 Series F1 (LIQ: MORGAN STANLEY BANK NA) | (a)(b)(c) | 0.13% | 01/06/22 | 01/07/22 | 1,900,000 | 1,900,000 |
Future Tax Secured Sub RB Fiscal 2014 Series A1 (LIQ: MORGAN STANLEY BANK NA) | (a)(b)(c) | 0.13% | 01/07/22 | 5,780,000 | 5,780,000 | |
New York City Trust for Cultural Resources | ||||||
Refunding RB (American Museum of Natural History) Series 2014B1 (SIFMA Municipal Swap Index + 0.04%) | (b) | 0.14% | 01/06/22 | 05/13/22 | 10,900,000 | 10,900,000 |
Refunding RB (American Museum of Natural History) Series 2014B2 (SIFMA Municipal Swap Index + 0.04%) | (b) | 0.14% | 01/06/22 | 08/29/22 | 3,000,000 | 3,000,000 |
New York Liberty Development Corp | ||||||
Liberty Refunding RB (4WTC) Series 2021A (LOC: BANK OF AMERICA NA) | (a)(b)(c) | 0.13% | 01/07/22 | 1,550,000 | 1,550,000 | |
New York State Dormitory Auth | ||||||
RB Series 2014C | 5.00% | 06/15/22 | 250,000 | 255,335 | ||
State Personal Income Tax RB Series 2012D | 5.00% | 02/15/22 | 110,000 | 110,617 | ||
State Personal Income Tax RB Series 2013A (ESCROW) (LIQ: JPMORGAN CHASE BANK NA) | (a)(b)(c) | 0.13% | 01/06/22 | 01/07/22 | 2,000,000 | 2,000,000 |
State Personal Income Tax RB Series 2014A | 5.00% | 02/15/22 | 555,000 | 558,133 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
State Personal Income Tax RB Series 2014E | 4.00% | 02/15/22 | 265,000 | 266,188 | ||
State Personal Income Tax RB Series 2015E | 5.00% | 03/15/22 | 125,000 | 126,183 | ||
State Personal Income Tax RB Series 2015E (LIQ: JPMORGAN CHASE BANK NA) | (a)(b)(c) | 0.13% | 01/07/22 | 4,950,000 | 4,950,000 | |
State Personal Income Tax RB series 2016D | 5.00% | 02/15/22 | 670,000 | 673,784 | ||
State Personal Income Tax RB Series 2017A | 5.00% | 02/15/22 | 1,430,000 | 1,438,018 | ||
State Personal Income Tax RB Series 2018A | 5.00% | 03/15/22 | 200,000 | 201,901 | ||
State Personal Income Tax RB Series 2018A (LIQ: BANK OF AMERICA NA) | (a)(b)(c) | 0.13% | 01/07/22 | 2,830,000 | 2,830,000 | |
State Personal Income Tax RB Series 2019D (LIQ: JPMORGAN CHASE BANK NA) | (a)(b)(c) | 0.13% | 01/07/22 | 2,865,000 | 2,865,000 | |
State Personal Income Tax RB Series 2019D (LIQ: MORGAN STANLEY BANK NA) | (a)(b)(c) | 0.13% | 01/07/22 | 5,950,000 | 5,950,000 | |
State Personal Income Tax RB Series 2020A (LIQ: BARCLAYS BANK PLC) | (a)(b)(c) | 0.13% | 01/07/22 | 1,900,000 | 1,900,000 | |
State Sales Tax RB Series 2013A | 5.00% | 03/15/22 | 250,000 | 252,320 | ||
State Sales Tax RB Series 2015A | 5.00% | 03/15/22 | 1,320,000 | 1,332,366 | ||
State Sales Tax RB Series 2015B | 5.00% | 03/15/22 | 415,000 | 418,854 | ||
State Sales Tax RB Series 2015B (LIQ: WELLS FARGO BANK NA) | (a)(b)(c) | 0.13% | 01/07/22 | 7,960,000 | 7,960,000 | |
State Sales Tax RB Series 2017A | 5.00% | 03/15/22 | 300,000 | 302,792 | ||
State Sales Tax RB Series 2018A | 5.00% | 03/15/22 | 150,000 | 151,395 | ||
State Sales Tax RB Series 2018C | 5.00% | 03/15/22 | 550,000 | 555,116 | ||
State Sales Tax RB Series 2018C (LIQ: JPMORGAN CHASE BANK NA) | (a)(b)(c) | 0.13% | 01/07/22 | 7,680,000 | 7,680,000 | |
New York State Energy Research & Development Auth | ||||||
Facilities RB (Consolidated Edison) Series 2005A3 (LOC: MIZUHO BANK LTD) | (b)(d) | 0.08% | 01/07/22 | 16,400,000 | 16,400,000 | |
New York State Environmental Facilities Corp | ||||||
State Clean Water & Drinking Water Revolving Funds Sub RB Series 2012A | 5.00% | 06/15/22 | 250,000 | 255,334 | ||
State Clean Water & Drinking Water Revolving Funds Sub RB Series 2017E (LIQ: JPMORGAN CHASE BANK NA) | (a)(b)(c) | 0.13% | 01/07/22 | 5,000,000 | 5,000,000 | |
State Revolving Funds RB Series 2020B | 4.00% | 04/15/22 | 150,000 | 151,619 | ||
New York State HFA | ||||||
Housing RB (250 W 93rd St) Series 2005A (LOC: LANDESBANK HESSEN THUERINGEN GIROZENTRALE) | (b)(d) | 0.12% | 01/07/22 | 8,975,000 | 8,975,000 | |
Housing RB (316 11th Ave) Series 2007A (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (b)(d) | 0.10% | 01/07/22 | 9,995,000 | 9,995,000 | |
Housing RB (900 8th Avenue) Series 2002A (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (b)(d) | 0.14% | 01/07/22 | 4,100,000 | 4,100,000 | |
Housing RB (Gateway to New Cassel) Series 2006A (LOC: JPMORGAN CHASE BANK NA) | (b)(d) | 0.17% | 01/07/22 | 5,200,000 | 5,200,000 | |
Housing RB (Related-42nd & 10th) Series 2007A (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (b)(d) | 0.12% | 01/07/22 | 1,860,000 | 1,860,000 | |
Housing RB (West Village Apts) Series 2008A (LOC: CITIBANK NA) | (b)(d) | 0.17% | 01/07/22 | 5,200,000 | 5,200,000 | |
New York State Mortgage Agency | ||||||
Homeowner Mortgage RB Series 231 (LIQ: ROYAL BANK OF CANADA) | (a)(b)(c) | 0.13% | 01/07/22 | 3,545,000 | 3,545,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
New York State Power Auth | ||||||
CP Series 1 | 0.10% | 01/06/22 | 2,000,000 | 2,000,000 | ||
CP Series 1 | 0.16% | 03/16/22 | 1,150,000 | 1,150,000 | ||
CP Series 2 | 0.06% | 01/06/22 | 3,500,000 | 3,499,974 | ||
CP Series 2 | 0.18% | 05/12/22 | 17,000,000 | 17,000,000 | ||
RB Series 2020A (LIQ: TORONTO-DOMINION BANK/THE) | (a)(b)(c) | 0.13% | 01/07/22 | 3,925,000 | 3,925,000 | |
New York State Urban Development Corp | ||||||
State Personal Income Tax RB Series 2013A1 (LIQ: JPMORGAN CHASE BANK NA) | (a)(b)(c) | 0.13% | 01/06/22 | 01/07/22 | 4,665,000 | 4,665,000 |
State Personal Income Tax RB Series 2013A2 | 2.00% | 03/15/22 | 100,000 | 100,341 | ||
State Personal Income Tax RB Series 2014A | 5.00% | 03/15/22 | 275,000 | 277,586 | ||
State Personal Income Tax RB Series 2015A | 5.00% | 03/15/22 | 325,000 | 328,049 | ||
State Personal Income Tax RB Series 2016A | 5.00% | 03/15/22 | 345,000 | 348,239 | ||
State Sales Tax RB Series 2019A | 5.00% | 03/15/22 | 1,790,000 | 1,806,735 | ||
State Sales Tax RB Series 2019A 2021A (LIQ: BANK OF AMERICA NA) | (a)(b)(c) | 0.13% | 01/07/22 | 7,160,000 | 7,160,000 | |
Nuveen New York AMT-Free Quality Municipal Income Fund | ||||||
Variable Rate Demand Preferred Shares Series 3 (LOC: SUMITOMO MITSUI BANKING CORPORATION) | (a)(b)(d) | 0.15% | 01/07/22 | 2,700,000 | 2,700,000 | |
Variable Rate Demand Preferred Shares Series 5 (LOC: TORONTO-DOMINION BANK/THE) | (a)(b)(d) | 0.15% | 01/07/22 | 40,000,000 | 40,000,000 | |
Onondaga Cnty IDA | ||||||
IDRB (G.A. Braun Inc) Series 2007 (LOC: MANUFACTURERS AND TRADERS TRUST CO) | (b)(d) | 0.33% | 01/07/22 | 4,990,000 | 4,990,000 | |
Port Auth of New York & New Jersey | ||||||
Consolidated Bonds 177th Series (LIQ: TORONTO-DOMINION BANK/THE) | (a)(b)(c) | 0.17% | 01/06/22 | 01/07/22 | 1,700,000 | 1,700,000 |
Consolidated Bonds 194th Series (LIQ: MORGAN STANLEY BANK NA) | (a)(b)(c) | 0.18% | 01/07/22 | 11,800,000 | 11,800,000 | |
Consolidated Bonds 206th Series (LIQ: CITIBANK NA) | (a)(b)(c) | 0.15% | 01/07/22 | 2,500,000 | 2,500,000 | |
Consolidated Bonds 206th Series (LIQ: TORONTO-DOMINION BANK/THE) | (a)(b)(c) | 0.14% | 01/07/22 | 2,000,000 | 2,000,000 | |
Consolidated Bonds 214th Series (LIQ: JPMORGAN CHASE BANK NA) | (a)(b)(c) | 0.14% | 01/07/22 | 2,000,000 | 2,000,000 | |
Consolidated Bonds 218th Series (LIQ: MORGAN STANLEY BANK NA) | (a)(b)(c) | 0.13% | 01/07/22 | 4,460,000 | 4,460,000 | |
Sales Tax Asset Receivable Corp | ||||||
Sales Tax Asset RB Fiscal 2015 Series A (ESCROW) (LIQ: JPMORGAN CHASE BANK NA) | (a)(b)(c) | 0.13% | 01/06/22 | 01/07/22 | 5,335,000 | 5,335,000 |
Sewanhaka Central HSD | ||||||
TAN 2021-2022 | 1.50% | 06/20/22 | 2,000,000 | 2,012,438 | ||
Sweet Home CSD | ||||||
BAN 2021A | 1.25% | 07/07/22 | 5,000,000 | 5,026,683 | ||
Tompkins Cnty | ||||||
BAN 2021B | 1.50% | 02/18/22 | 3,050,000 | 3,054,947 | ||
Triborough Bridge & Tunnel Auth | ||||||
General RB Series 2001C (LOC: STATE STREET BANK AND TRUST COMPANY) | (b)(d) | 0.08% | 01/03/22 | 7,135,000 | 7,135,000 | |
Refunding RB Series 2005B-3 (LOC: STATE STREET BANK AND TRUST COMPANY) | (b)(d) | 0.09% | 01/03/22 | 8,395,000 | 8,395,000 | |
Ulster Cnty | ||||||
GO BAN Series 2021 | 1.50% | 11/17/22 | 2,000,000 | 2,021,363 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Utility Debt Securitization Auth | ||||||
Restructuring Bonds Series 2013 (LIQ: CREDIT SUISSE AG) | (a)(b)(c) | 0.13% | 01/07/22 | 24,375,000 | 24,375,000 | |
Restructuring Bonds Series 2013 (LIQ: JPMORGAN CHASE BANK NA) | (a)(b)(c) | 0.13% | 01/07/22 | 3,355,000 | 3,355,000 | |
Warren & Washington Cnty IDA | ||||||
Civic Facility RB (Glen at Hiland Meadows) Series 2000 (LOC: MANUFACTURERS AND TRADERS TRUST CO) | (b)(d) | 0.21% | 01/07/22 | 670,000 | 670,000 | |
Williamsville CSD | ||||||
BAN 2021 | 1.00% | 06/08/22 | 5,000,000 | 5,017,694 | ||
582,205,137 | ||||||
Total Municipal Securities (Cost $582,205,137) | 582,205,137 | |||||
Total Investments in Securities (Cost $582,205,137) | 582,205,137 |
(a) | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers. At the period end, the value of these amounted to $311,770,000 or 54.9% of net assets. |
(b) | Variable rate security; rate shown is effective rate at period end. |
(c) | TOB is a synthetically created VRDN where the owner of a long-term bond places the bond in a trust in combination with a liquidity facility. The trust then sells certificates which mirror the VRDN sold directly by a municipal issuer. VRDN is a municipal security which allows holders to sell their security through a put or tender feature, at par value plus accrued interest. The interest rate resets on a periodic basis, the majority of which are weekly but may be daily or monthly. Unless a reference rate and spread is shown parenthetically, the Remarketing Agent, generally a dealer, determines the interest rate for the security at each interest rate reset date. The rate is typically based on the SIFMA Municipal Swap Index. |
(d) | VRDN is a municipal security which allows holders to sell their security through a put or tender feature, at par value plus accrued interest. The interest rate resets on a periodic basis, the majority of which are weekly but may be daily or monthly. Unless a reference rate and spread is shown parenthetically, the Remarketing Agent, generally a dealer, determines the interest rate for the security at each interest rate reset date. The rate is typically based on the SIFMA Municipal Swap Index. |
BAN — | Bond anticipation note |
CP — | Commercial paper |
CSD — | Central school district |
GO — | General obligation |
HFA — | Housing finance agency/authority |
HSD — | High school district |
IDA — | Industrial development agency/authority |
IDRB — | Industrial development revenue bond |
LIQ — | Liquidity agreement |
LOC — | Letter of credit |
M/F — | Multi-family |
RB — | Revenue bond |
SD — | School district |
SIFMA — | Securities Industry and Financial Markets Association. The SIFMA Municipal Swap Index is a market index comprised of high-grade 7-day tax-exempt Variable Rate Demand Obligations with certain characteristics. |
TAN — | Tax anticipation note |
VRDN — | Variable rate demand note |
Assets | ||
Investments in securities, at cost and value - unaffiliated (Note 2a) | $582,205,137 | |
Cash | 808,144 | |
Receivables: | ||
Interest | 690,006 | |
Fund shares sold | 974 | |
Prepaid expenses | + | 21,076 |
Total assets | 583,725,337 | |
Liabilities | ||
Payables: | ||
Investments bought | 15,000,037 | |
Fund shares redeemed | 723,944 | |
Investment adviser and administrator fees | 40,516 | |
Distributions to shareholders | 18,262 | |
Independent trustees’ fees | 134 | |
Shareholder service fees | 8 | |
Accrued expenses | + | 103,375 |
Total liabilities | 15,886,276 | |
Net assets | $567,839,061 | |
Net Assets by Source | ||
Capital received from investors | $567,838,898 | |
Total distributable earnings | + | 163 |
Net assets | $567,839,061 |
Net Asset Value (NAV) by Share Class | |||||
Share Class | Net Assets | ÷ | Shares Outstanding | = | NAV |
Investor Shares | $470,145,101 | 469,768,744 | $1.00 | ||
Ultra Shares | $97,693,960 | 97,614,763 | $1.00 | ||
For the period January 1, 2021 through December 31, 2021 | ||
Investment Income | ||
Interest received from securities - unaffiliated | $815,733 | |
Expenses | ||
Investment adviser and administrator fees | 1,210,165 | |
Shareholder service fees: | ||
Investor Shares | 816,127 | |
Portfolio accounting fees | 90,692 | |
Registration fees | 51,594 | |
Professional fees | 41,960 | |
Independent trustees’ fees | 30,863 | |
Shareholder reports | 14,890 | |
Custodian fees | 9,630 | |
Transfer agent fees | 3,153 | |
Other expenses | + | 10,034 |
Total expenses | 2,279,108 | |
Expense reduction by investment adviser and its affiliates | – | 1,538,314 |
Net expenses | – | 740,794 |
Net investment income | 74,939 | |
REALIZED GAINS (LOSSES) | ||
Net realized gains on sales of securities - unaffiliated | 221,870 | |
Increase in net assets resulting from operations | $296,809 |
OPERATIONS | |||
1/1/21-12/31/21 | 1/1/20-12/31/20 | ||
Net investment income | $74,939 | $4,309,216 | |
Net realized gains | + | 221,870 | 211,937 |
Increase in net assets from operations | $296,809 | $4,521,153 | |
DISTRIBUTIONS TO SHAREHOLDERS1 | |||
Investor Shares | ($297,458) | ($4,337,044) | |
Ultra Shares | + | (59,768) | (11,815) |
Total distributions | ($357,226) | ($4,348,859) | |
TRANSACTIONS IN FUND SHARES*,1 | |||
Shares Sold | |||
Investor Shares | 113,346,323 | 1,016,922,427 | |
Ultra Shares | + | 111,772,580 | 163,546,241 |
Total shares sold | 225,118,903 | 1,180,468,668 | |
Shares Reinvested | |||
Investor Shares | 264,270 | 3,648,496 | |
Ultra Shares | + | 38,346 | 6,111 |
Total shares reinvested | 302,616 | 3,654,607 | |
Shares Redeemed | |||
Investor Shares | (311,534,023) | (1,818,866,602) | |
Ultra Shares | + | (133,032,255) | (44,716,260) |
Total shares redeemed | (444,566,278) | (1,863,582,862) | |
Net transactions in fund shares | (219,144,759) | (679,459,587) | |
NET ASSETS | |||
Beginning of period | $787,044,237 | $1,466,331,530 | |
Total decrease | + | (219,205,176) | (679,287,293) |
End of period | $567,839,061 | $787,044,237 |
* | Transactions took place at $1.00 per share; figures for share quantities are the same as for dollars. |
1 | Ultra Shares commenced operations on September 24, 2020. |
THE CHARLES SCHWAB FAMILY OF FUNDS (ORGANIZED OCTOBER 20, 1989) | |
Schwab Government Money Fund | Schwab Retirement Government Money Fund |
Schwab U.S. Treasury Money Fund | Schwab Municipal Money Fund |
Schwab Treasury Obligations Money Fund | Schwab AMT Tax-Free Money Fund |
Schwab Value Advantage Money Fund® | Schwab California Municipal Money Fund |
Schwab Variable Share Price Money Fund | Schwab New York Municipal Money Fund |
SCHWAB CALIFORNIA MUNICIPAL MONEY FUND | SCHWAB NEW YORK MUNICIPAL MONEY FUND | |
% of total assets in securities with credit enhancements or liquidity enhancements | 82% | 80% |
% of total assets in securities with credit enhancements or liquidity enhancements 10% or greater from a single institution | 13% | 11% |
(Bank of America NA) | (JPMorgan Chase Bank NA) |
SHAREHOLDER SERVICING FEE | |
Investor Shares | 0.15% |
Ultra Shares | n/a |
SCHWAB CALIFORNIA MUNICIPAL MONEY FUND | SCHWAB NEW YORK MUNICIPAL MONEY FUND | |
Investor Shares | 0.34% | 0.34% |
Ultra Shares | 0.19% | 0.19% |
CONTRACTUAL EXPENSE LIMITATION WAIVED AMOUNT | VOLUNTARY YIELD WAIVER/ REIMBURSEMENT AMOUNT | TOTAL WAIVED AMOUNT | |
Schwab California Municipal Money Fund | $389,916 | $6,904,723 | $7,294,639 |
Schwab New York Municipal Money Fund | 252,747 | 1,285,567 | 1,538,314 |
TOTAL AGGREGATE TRANSACTIONS | REALIZED GAINS (LOSSES) | |
Schwab California Municipal Money Fund | $53,653,941 | $— |
Schwab New York Municipal Money Fund | 67,378,074 | — |
TAX COST | |
Schwab California Municipal Money Fund | $2,989,016,602 |
Schwab New York Municipal Money Fund | 582,205,137 |
UNDISTRIBUTED TAX-EXEMPT INCOME | TOTAL | |
Schwab California Municipal Money Fund | $— | $— |
Schwab New York Municipal Money Fund | 163 | 163 |
CURRENT FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS | |||||
TAX-EXEMPT INCOME | ORDINARY INCOME | LONG-TERM CAPITAL GAINS | TAX-EXEMPT INCOME | ORDINARY INCOME | LONG-TERM CAPITAL GAINS | |
Schwab California Municipal Money Fund | $349,944 | $156,369 | $415,499 | $18,049,873 | $150,371 | $192,394 |
Schwab New York Municipal Money Fund | 67,184 | 124,300 | 165,742 | 4,301,270 | 7,946 | 39,643 |
Denver, Colorado
February 17, 2022
Schwab California Municipal Money Fund | 90.83% |
Schwab New York Municipal Money Fund | 89.87% |
Schwab California Municipal Money Fund | $509,255 |
Schwab New York Municipal Money Fund | 182,847 |
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 |
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 (Jan. 2009 – present). Formerly, Managing Director, Pacific Investment Management Company, LLC (PIMCO) (investment management firm) and President, PIMCO Funds. | 103 | 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. President and Chairman (2014 – 2016), TIAA Charitable (financial services); Senior Managing Director (2003 – 2016), TIAA (financial services). | 103 | 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. | 103 | 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). | 103 | None |
Kiran M. Patel 1948 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) | Retired. Executive Vice President and General Manager of Small Business Group (Dec. 2008 – Sept. 2013), Intuit, Inc. (financial software and services firm for consumers and small businesses). | 103 | Director (2008 – present), KLA-Tencor Corporation |
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). | 103 | 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). | 103 | 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) | Director and Chief Executive Officer (Oct. 2008 – present) and President (Oct. 2008 – 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) and President and Chief Executive Officer (Aug. 2017 – present), Schwab Holdings, Inc.; Director (Oct. 2020 – present), TD Ameritrade Holding Corporation; Director (July 2016 – Oct. 2021), Charles Schwab Investment Management, Inc. | 103 | Director (2008 – present), The Charles Schwab Corporation |
Joseph R. Martinetto2 1962 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) | Chief Operating Officer (Feb. 2018 – present) and Senior Executive Vice President (July 2015 – Feb. 2018), The Charles Schwab Corporation; Senior Executive Vice President (July 2015 – present), Charles Schwab & Co., Inc.; Chief Financial Officer (July 2015 – Aug. 2017) and Executive Vice President and Chief Financial Officer (May 2007 – July 2015), The Charles Schwab Corporation and Charles Schwab & Co., Inc.; Director (May 2007 – present), Charles Schwab & Co., Inc.; Director (Apr. 2010 – present) and Chief Executive Officer (July 2013 – Apr. 2015), Charles Schwab Bank, SSB; Director (Nov. 2017 – present), Charles Schwab Premier Bank, SSB; Director (May 2007 – present), Chief Financial Officer (May 2007 – Aug. 2017), Senior Executive Vice President (Feb. 2016 – present), and Executive Vice President (May 2007 – Feb. 2016), Schwab Holdings, Inc.; Director (Oct. 2020 – present), TD Ameritrade Holding Corporation. | 103 | 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. 2020 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab Investment Management, Inc.; Senior Vice President (June 2020 – present) and Chief Operating Officer (Jan. 2020 – present), 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; Director (Apr. 2019 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Senior Vice President (Apr. 2019 – present), Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), and Vice President (Jan. 2009 – Dec. 2013), Charles Schwab & Co., Inc. |
Mark Fischer 1970 Treasurer, Chief Financial Officer and 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) | Treasurer and Chief Financial Officer (Jan. 2016 – present) and Chief Operating Officer (Dec. 2020 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Assistant Treasurer (Dec. 2013 – Dec. 2015), Schwab Funds and Laudus Trust; Assistant Treasurer (Nov. 2013 – Dec. 2015), Schwab ETFs; Chief Financial Officer (Mar. 2020 – present) and Vice President (Oct. 2013 – present), Charles Schwab Investment Management, Inc.; Executive Director (Apr. 2011 – Sept. 2013), J.P. Morgan Investor Services; Assistant Treasurer (May 2005 – Mar. 2011), Massachusetts Financial Service Investment Management. |
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) and Chief Investment Officer (Apr. 2011 – present), Senior Vice President (Apr. 2011 – Dec. 2021), Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Head of the Portfolio Management Group and Vice President of Portfolio Management (May 2009 – Apr. 2011), Financial Engines, Inc. (investment management firm); Head of Quantitative Equity (July 2004 – Jan. 2009), ING Investment Management. |
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; Senior Managing Director and Global Head of Active Fixed-Income Strategies (Jan. 2008 – Oct. 2010), State Street Global Advisors; Director of Alpha Strategies (Apr. 2006 – Jan. 2008), Loomis, Sayles & Company (investment management firm). |
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) | Vice President (July 2005 – present), Charles Schwab & Co., Inc.; Vice President (Sept. 2005 – present), Charles Schwab Investment Management, 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. |
1 | Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed. The retirement policy requires that each independent trustee retire by December 31 of the year in which the Trustee turns 74 or the Trustee’s twentieth year of service as an independent trustee on any trust in the Fund Complex, whichever occurs first. |
2 | Mr. Bettinger and Mr. Martinetto are Interested Trustees. Mr. Bettinger is an Interested Trustee because he owns stock of The Charles Schwab Corporation (CSC), the parent company of Charles Schwab Investment Management, Inc., the investment adviser for the trusts in the Fund Complex, and is an employee of Charles Schwab & Co., Inc. (Schwab), the principal underwriter for The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust. Mr. Martinetto is an Interested Trustee because he owns stock of CSC and is an employee and director of Schwab. |
3 | The President, Treasurer and Secretary/Clerk hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board. |
Schwab Funds
Member SIPC®
Printed on recycled paper.
¹ | State, local, and the Federal Alternative Minimum Tax may apply. Capital gains are not exempt from Federal Taxation. |
² | You could lose money by investing in the Schwab Money Funds. All Schwab Money Funds with the exception of Schwab Variable Share Price Money Fund seek to preserve the value of your investment at $1.00 per share, but cannot guarantee they will do so. Because the share price of Schwab Variable Share Price Money Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. All Schwab Money Funds with the exception of Schwab Government Money Fund, Schwab Retirement Government Money Fund, Schwab U.S. Treasury Money Fund, Schwab Treasury Obligations Money Fund and Schwab Government Money Market Portfolio may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Schwab Money Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Schwab Money Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time. |
President of Schwab Asset
Management and the fund
covered in this report.
Linda Klingman, Managing Director and Head of Money Market Strategies for Schwab Asset Management, leads the portfolio management teams for taxable and tax-exempt Schwab Money Funds, and has overall responsibility for all aspects of the management of the fund. Prior to joining Schwab in 1990, she was a senior money market trader with AIM Management, Inc. for five years. She has managed money market funds since 1988. |
Michael Lin, Senior Portfolio Manager, is responsible for the day-to-day co-management of the fund. Mr. Lin has been a portfolio manager with Schwab Asset Management since 2006, and also worked in Schwab Asset Management’s fund administration group for nearly four years, where he focused on security pricing and valuation of the Schwab Funds. Prior to joining Schwab, he was a senior trader of the taxable money market funds at American Century Investments for three years. |
Jonathan Roman, Senior Portfolio Manager, is responsible for the day-to-day co-management of the fund. Mr. Roman has been a portfolio manager with Schwab Asset Management since 2010 and has held a number of positions at Schwab since beginning his tenure in 2005. In 2009, he joined the portfolio management group as a trader, and prior to that he worked in portfolio operations and analytics, providing trading support to the taxable money market desk. |
Jonathan Feske, CFA, Senior Portfolio Manager, is responsible for the day-to-day co-management of the fund. He previously was responsible for credit and investment research for global banks for the Schwab Taxable Bond Funds and Schwab Money Funds. Prior to joining Schwab in 2011, Mr. Feske was a high-yield bond analyst for more than two years at Miller Tabak Roberts Securities, a boutique corporate bond broker-dealer, which is now part of GMP Capital. He covered both U.S. and emerging market credits, focusing on distressed situations in various industrial sectors. Previously, Mr. Feske was employed in the securities industry as an equity trader for three years. |
Karim Menoufy, Portfolio Manager, is responsible for the day-to-day co-management of the fund. Mr. Menoufy has been a portfolio manager with Schwab Asset Management since 2013, when he started as an associate portfolio manager and was promoted to portfolio manager in 2020. He held several positions prior to that supporting the taxable and tax-exempt money funds during his tenure at the firm. Before joining Schwab in 2007, he spent several years as a mortgage specialist at JPMorgan Chase and an equity plan administrator for Delegata Corporation. |
Weighted Average Maturity2 | 41 Days |
1 | Maturity shown is the date the security matures, the date the interest rate on those securities is reset, or the date those securities can be redeemed through demand. |
2 | Money funds must maintain a dollar-weighted average maturity of no longer than 60 days and cannot invest in any security whose effective maturity is longer than 397 days (approximately 13 months). |
3 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
4 | Less than 0.05%. |
Schwab Value Advantage Money Fund | ||
Investor Shares | Ultra Shares | |
Ticker Symbol | SWVXX | SNAXX |
Minimum Initial Investment2 | None | $1,000,000 |
Seven-Day Yield (with waivers)3 | 0.03% | 0.03% |
Seven-Day Yield (without waivers)3 | -0.20% | -0.05% |
Seven-Day Effective Yield (with waivers)3 | 0.03% | 0.03% |
1 | Due to a special distribution of ordinary income to shareholders of Schwab Money Funds, the fund’s stated yields temporarily increased. Because this increase was temporary, investors should not rely on these yields for making investment decisions. |
2 | Please see prospectus for further detail and eligibility requirements. |
3 | The Seven-Day Yield (with waivers) is the average income paid out over the previous seven days assuming interest income is not reinvested and it reflects the effect of any applicable waivers. Absent such waivers, the fund’s yield would have been lower. The Seven-Day Yield (without waivers) is the yield without the effect of any applicable waivers. The Seven-Day Effective Yield is the yield with waivers assuming that all interest income is reinvested in additional shares of the fund. For additional details, see financial note 4. |
EXPENSE RATIO (ANNUALIZED)1,2 | BEGINNING ACCOUNT VALUE AT 7/1/21 | ENDING ACCOUNT VALUE (NET OF EXPENSES) AT 12/31/21 | EXPENSES PAID DURING PERIOD 7/1/21-12/31/213 | |
Schwab Value Advantage Money Fund | ||||
Investor Shares | ||||
Actual Return | 0.10% | $1,000.00 | $1,000.20 | $0.50 |
Hypothetical 5% Return | 0.10% | $1,000.00 | $1,024.70 | $0.51 |
Ultra Shares | ||||
Actual Return | 0.10% | $1,000.00 | $1,000.20 | $0.50 |
Hypothetical 5% Return | 0.10% | $1,000.00 | $1,024.70 | $0.51 |
1 | Based on the most recent six-month expense ratio; may differ from the expense ratio provided in the Financial Highlights. |
2 | Expense ratio (annualized) reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation. (See financial note 4) |
3 | Expenses for each fund are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 days of the period, and divided by 365 days of the fiscal year. |
Investor Shares | 1/1/21– 12/31/21 | 1/1/20– 12/31/20 | 1/1/19– 12/31/19 | 1/1/18– 12/31/18 | 1/1/17– 12/31/17 | |
Per-Share Data | ||||||
Net asset value at beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.00 2 | 0.00 2 | 0.02 | 0.02 | 0.01 | |
Net realized and unrealized gains (losses) | 0.00 2 | 0.00 2 | 0.00 2 | (0.00) 2 | — | |
Total from investment operations | 0.00 2 | 0.00 2 | 0.02 | 0.02 | 0.01 | |
Less distributions: | ||||||
Distributions from net investment income | (0.00) 2,3 | (0.00) 2 | (0.02) | (0.02) | (0.01) | |
Distributions from net realized gains | (0.00) 2 | (0.00) 2 | (0.00) 2 | — | — | |
Total distributions | (0.00) 2 | (0.00) 2 | (0.02) | (0.02) | (0.01) | |
Net asset value at end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | |
Total return | 0.04% 3 | 0.44% | 2.07% | 1.79% | 0.81% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.11% 4 | 0.28% 4,5 | 0.34% | 0.34% | 0.39% 6 | |
Gross operating expenses | 0.35% | 0.41% | 0.42% | 0.44% | 0.54% | |
Net investment income (loss) | 0.04% | 0.47% | 2.02% | 1.87% | 0.84% | |
Net assets, end of period (x 1,000,000) | $42,245 | $56,419 | $74,972 | $47,721 | $14,955 |
1 | Calculated based on the average shares outstanding during the period. |
2 | Per-share amount was less than $0.005. |
3 | These amounts include a non-recurring special distribution. The effect on the distributions from net investment income was less than $0.005 and the effect on the total return was 0.01%. |
4 | Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation. (See financial note 4) |
5 | Effective September 24, 2020, the contractual expense limitation changed. The ratio presented for period ended December 31, 2020 is a blended ratio. |
6 | Effective October 3, 2017, the contractual expense limitation changed. The ratio presented for period ended December 31, 2017 is a blended ratio. |
Ultra Shares | 1/1/21– 12/31/21 | 1/1/20– 12/31/20 | 1/1/19– 12/31/19 | 1/1/18– 12/31/18 | 1/1/17– 12/31/171 | |
Per-Share Data | ||||||
Net asset value at beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)2 | 0.00 3 | 0.01 | 0.02 | 0.02 | 0.01 | |
Net realized and unrealized gains (losses) | 0.00 3 | 0.00 3 | 0.00 3 | (0.00) 3 | — | |
Total from investment operations | 0.00 3 | 0.01 | 0.02 | 0.02 | 0.01 | |
Less distributions: | ||||||
Distributions from net investment income | (0.00) 3,4 | (0.01) | (0.02) | (0.02) | (0.01) | |
Distributions from net realized gains | (0.00) 3 | (0.00) 3 | (0.00) 3 | — | — | |
Total distributions | (0.00) 3 | (0.01) | (0.02) | (0.02) | (0.01) | |
Net asset value at end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | |
Total return | 0.04% 4 | 0.53% | 2.22% | 1.94% | 1.00% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.11% 5 | 0.18% 5,6 | 0.19% | 0.19% | 0.20% 7 | |
Gross operating expenses | 0.20% | 0.26% | 0.27% | 0.29% | 0.33% | |
Net investment income (loss) | 0.04% | 0.56% | 2.17% | 2.00% | 1.08% | |
Net assets, end of period (x 1,000,000) | $33,078 | $37,882 | $47,497 | $29,554 | $12,612 |
1 | Effective November 17, 2017, the Select Shares and Premier Shares were combined into the Ultra Shares. The financial history as shown in the financial highlights is that of the former Ultra Shares. |
2 | Calculated based on the average shares outstanding during the period. |
3 | Per-share amount was less than $0.005. |
4 | These amounts include a non-recurring special distribution. The effect on the distributions from net investment income was less than $0.005 and the effect on the total return was 0.01%. |
5 | Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation. (See financial note 4) |
6 | Effective September 24, 2020, the contractual expense limitation changed. The ratio presented for period ended December 31, 2020 is a blended ratio. |
7 | Effective October 3, 2017, the contractual expense limitation changed. The ratio presented for period ended December 31, 2017 is a blended ratio. |
Issuer | Footnotes | Rate | Effective Maturity | Maturity Date | Face Amount ($) | Value ($) |
CERTIFICATES OF DEPOSIT 22.7% OF NET ASSETS | ||||||
BANK OF MONTREAL (CHICAGO BRANCH) | 0.15% | 01/31/22 | 250,000,000 | 250,000,000 | ||
0.14% | 02/14/22 | 334,000,000 | 334,000,000 | |||
0.14% | 02/23/22 | 129,000,000 | 129,000,000 | |||
0.14% | 02/25/22 | 290,000,000 | 290,000,000 | |||
0.16% | 04/08/22 | 262,000,000 | 262,000,000 | |||
BANK OF NOVA SCOTIA (HOUSTON BRANCH) | ||||||
(SOFR + 0.15%) | (a) | 0.20% | 01/03/22 | 02/24/22 | 230,000,000 | 230,000,000 |
0.22% | 03/22/22 | 282,500,000 | 282,500,000 | |||
(SOFR + 0.11%) | (a) | 0.16% | 01/03/22 | 06/23/22 | 90,000,000 | 90,000,000 |
(SOFR + 0.11%) | (a) | 0.16% | 01/03/22 | 06/24/22 | 288,000,000 | 288,000,000 |
BARCLAYS BANK PLC (NEW YORK BRANCH) | ||||||
(SOFR + 0.12%) | (a) | 0.17% | 01/03/22 | 04/07/22 | 253,000,000 | 253,000,000 |
(SOFR + 0.12%) | (a) | 0.17% | 01/03/22 | 04/13/22 | 192,000,000 | 192,000,000 |
CANADIAN IMPERIAL BANK OF COMMERCE (NEW YORK BRANCH) | ||||||
(1 mo. BSBY + 0.10%) | (a) | 0.18% | 01/24/22 | 72,500,000 | 72,500,000 | |
0.26% | 06/02/22 | 255,000,000 | 255,000,000 | |||
0.29% | 06/07/22 | 200,000,000 | 200,000,000 | |||
0.35% | 11/04/22 | 240,000,000 | 240,000,000 | |||
CITIBANK NA | 0.18% | 02/25/22 | 139,000,000 | 139,000,000 | ||
COMMONWEALTH BANK OF AUSTRALIA (NEW YORK BRANCH) | 0.13% | 02/16/22 | 291,000,000 | 291,000,000 | ||
COOPERATIEVE RABOBANK UA (LONDON BRANCH) | 0.17% | 03/18/22 | 250,000,000 | 250,000,000 | ||
0.33% | 06/22/22 | 50,000,000 | 50,000,000 | |||
(SOFR + 0.13%) | (a) | 0.18% | 01/03/22 | 06/30/22 | 311,000,000 | 311,000,000 |
0.28% | 08/12/22 | 95,000,000 | 95,000,000 | |||
COOPERATIEVE RABOBANK UA (NEW YORK BRANCH) | 0.14% | 03/01/22 | 288,000,000 | 288,000,000 | ||
LANDESBANK BADEN WUERTTEMBERG (NEW YORK BRANCH) | 0.06% | 01/07/22 | 268,000,000 | 268,000,000 | ||
0.08% | 01/10/22 | 350,000,000 | 350,000,000 | |||
MITSUBISHI UFJ TRUST AND BANKING CORP (LONDON BRANCH) | 0.18% | 01/18/22 | 134,000,000 | 133,989,959 | ||
0.17% | 01/26/22 | 90,000,000 | 89,990,232 | |||
0.19% | 02/18/22 | 88,000,000 | 88,000,000 | |||
0.18% | 02/22/22 | 100,000,000 | 99,975,713 | |||
0.18% | 03/03/22 | 125,000,000 | 124,963,158 | |||
0.19% | 03/08/22 | 115,000,000 | 115,000,000 |
Issuer | Footnotes | Rate | Effective Maturity | Maturity Date | Face Amount ($) | Value ($) |
0.19% | 03/23/22 | 155,000,000 | 154,935,438 | |||
0.22% | 04/29/22 | 69,000,000 | 68,951,144 | |||
0.30% | 05/17/22 | 27,000,000 | 27,000,000 | |||
MITSUBISHI UFJ TRUST AND BANKING CORPORATION (NEW YORK BRANCH) | ||||||
(SOFR + 0.10%) | (a) | 0.15% | 01/03/22 | 02/24/22 | 100,000,000 | 100,000,000 |
0.15% | 03/17/22 | 124,000,000 | 124,000,000 | |||
MIZUHO BANK LTD (NEW YORK BRANCH) | ||||||
(SOFR + 0.09%) | (a) | 0.14% | 01/03/22 | 02/28/22 | 490,000,000 | 490,000,000 |
0.22% | 03/07/22 | 230,000,000 | 230,000,000 | |||
0.22% | 03/09/22 | 50,000,000 | 50,000,000 | |||
MUFG BANK LTD (LONDON BRANCH) | 0.15% | 01/10/22 | 235,000,000 | 235,000,000 | ||
MUFG BANK LTD (NEW YORK BRANCH) | 0.14% | 02/04/22 | 72,000,000 | 72,000,000 | ||
0.14% | 02/16/22 | 71,000,000 | 71,000,000 | |||
0.15% | 02/22/22 | 167,000,000 | 167,000,000 | |||
0.14% | 02/23/22 | 114,000,000 | 114,000,000 | |||
0.14% | 02/24/22 | 239,000,000 | 239,000,000 | |||
0.14% | 03/01/22 | 150,000,000 | 150,000,000 | |||
0.14% | 03/18/22 | 300,000,000 | 300,000,000 | |||
0.21% | 05/02/22 | 323,000,000 | 323,000,000 | |||
0.34% | 08/23/22 | 205,000,000 | 205,000,000 | |||
NATIONAL AUSTRALIA BANK LTD (LONDON BRANCH) | 0.15% | 01/31/22 | 250,000,000 | 250,000,000 | ||
0.15% | 02/10/22 | 200,000,000 | 200,000,000 | |||
0.16% | 03/02/22 | 100,000,000 | 100,000,000 | |||
0.16% | 03/03/22 | 280,000,000 | 280,000,000 | |||
NORDEA BANK ABP (NEW YORK BRANCH) | 0.14% | 02/04/22 | 300,000,000 | 300,000,000 | ||
0.14% | 02/09/22 | 135,000,000 | 135,000,000 | |||
0.13% | 02/25/22 | 380,000,000 | 380,000,000 | |||
OVERSEA CHINESE BANKING CORPORATION LTD (NEW YORK BRANCH) | ||||||
(SOFR + 0.15%) | (a) | 0.20% | 01/03/22 | 02/17/22 | 245,000,000 | 245,000,000 |
0.14% | 02/25/22 | 88,500,000 | 88,500,000 | |||
0.15% | 04/01/22 | 117,000,000 | 117,000,000 | |||
(3 mo. USD-LIBOR + 0.03%) | (a) | 0.16% | 01/21/22 | 04/21/22 | 150,000,000 | 150,000,000 |
ROYAL BANK OF CANADA (NEW YORK BRANCH) | 0.17% | 05/20/22 | 174,000,000 | 174,000,000 | ||
SKANDINAVISKA ENSKILDA BANKEN AB (NEW YORK BRANCH) | ||||||
(3 mo. USD-LIBOR + 0.01%) | (a) | 0.14% | 01/06/22 | 98,000,000 | 98,000,000 | |
0.19% | 02/22/22 | 135,000,000 | 135,000,000 | |||
SUMITOMO MITSUI BANKING CORP (NEW YORK BRANCH) | 0.16% | 01/24/22 | 180,000,000 | 180,000,000 | ||
0.16% | 01/26/22 | 178,000,000 | 178,000,000 | |||
0.14% | 02/07/22 | 187,000,000 | 187,000,000 | |||
0.22% | 05/09/22 | 263,000,000 | 263,000,000 | |||
0.25% | 05/12/22 | 151,000,000 | 151,000,000 | |||
0.25% | 06/01/22 | 163,000,000 | 163,000,000 | |||
SUMITOMO MITSUI TRUST BANK LTD (LONDON BRANCH) | 0.25% | 04/27/22 | 292,000,000 | 292,000,000 | ||
SUMITOMO MITSUI TRUST BANK LTD (NEW YORK BRANCH) | 0.18% | 02/14/22 | 210,000,000 | 210,000,000 |
Issuer | Footnotes | Rate | Effective Maturity | Maturity Date | Face Amount ($) | Value ($) |
0.18% | 02/15/22 | 139,000,000 | 139,000,000 | |||
0.24% | 03/30/22 | 28,000,000 | 28,000,000 | |||
SVENSKA HANDELSBANKEN AB (NEW YORK BRANCH) | 0.13% | 01/06/22 | 270,000,000 | 270,000,000 | ||
0.17% | 04/06/22 | 200,000,000 | 200,000,000 | |||
0.30% | 07/08/22 | 200,000,000 | 200,000,000 | |||
0.20% | 07/15/22 | 57,000,000 | 57,000,000 | |||
0.27% | 08/12/22 | 242,000,000 | 242,000,000 | |||
0.28% | 08/15/22 | 250,000,000 | 250,000,000 | |||
0.37% | 09/02/22 | 90,000,000 | 90,000,000 | |||
SWEDBANK (NEW YORK BRANCH) | 0.13% | 03/17/22 | 150,000,000 | 150,000,000 | ||
TORONTO-DOMINION BANK (NEW YORK BRANCH) | 0.18% | 03/28/22 | 252,000,000 | 252,000,000 | ||
0.18% | 03/30/22 | 100,000,000 | 100,000,000 | |||
0.25% | 04/13/22 | 182,000,000 | 182,000,000 | |||
0.25% | 04/20/22 | 35,000,000 | 35,000,000 | |||
(EFFR + 0.15%) | (a) | 0.23% | 01/03/22 | 05/18/22 | 400,000,000 | 400,000,000 |
(SOFR + 0.18%) | (a) | 0.23% | 01/03/22 | 05/23/22 | 173,000,000 | 173,000,000 |
(SOFR + 0.17%) | (a) | 0.22% | 01/03/22 | 05/25/22 | 397,000,000 | 397,000,000 |
0.26% | 05/26/22 | 208,000,000 | 208,000,000 | |||
0.21% | 08/08/22 | 82,000,000 | 82,000,000 | |||
WESTPAC BANKING CORPORATION (NEW YORK BRANCH) | 0.15% | 04/13/22 | 196,000,000 | 196,000,000 | ||
Total Certificates Of Deposit (Cost $17,110,305,644) | 17,110,305,644 | |||||
ASSET-BACKED COMMERCIAL PAPER 7.0% OF NET ASSETS | ||||||
ANTALIS SA (ILE-DE-FRANCE) | (b)(c) | 0.07% | 01/04/22 | 43,000,000 | 42,999,916 | |
(b)(c) | 0.16% | 02/04/22 | 45,350,000 | 45,343,550 | ||
ATLANTIC ASSET SECURITIZATION LLC | (b)(c) | 0.07% | 01/07/22 | 99,000,000 | 98,999,230 | |
BARTON CAPITAL SA | (b)(c) | 0.22% | 03/02/22 | 10,000,000 | 9,996,456 | |
BEDFORD ROW FUNDING CORP | ||||||
(EFFR + 0.10%) | (a)(b)(c) | 0.18% | 01/03/22 | 05/02/22 | 95,000,000 | 95,000,000 |
(b)(c) | 0.22% | 05/09/22 | 165,000,000 | 164,872,950 | ||
(b)(c) | 0.22% | 05/16/22 | 100,000,000 | 99,918,722 | ||
(b)(c) | 0.35% | 06/24/22 | 40,000,000 | 39,933,111 | ||
(EFFR + 0.11%) | (a)(b)(c) | 0.19% | 01/03/22 | 06/27/22 | 83,000,000 | 83,000,000 |
(EFFR + 0.11%) | (a)(b)(c) | 0.19% | 01/03/22 | 06/29/22 | 100,000,000 | 100,000,000 |
BENNINGTON STARK CAPITAL COMPANY LLC | (b)(c) | 0.13% | 01/06/22 | 78,000,000 | 77,999,155 | |
(b)(c) | 0.25% | 02/25/22 | 134,000,000 | 134,000,000 | ||
(b)(c) | 0.25% | 03/08/22 | 133,000,000 | 132,940,889 | ||
CHARIOT FUNDING LLC | (b)(c) | 0.14% | 03/07/22 | 40,000,000 | 39,990,200 | |
(b)(c) | 0.14% | 03/09/22 | 183,000,000 | 182,953,742 | ||
CHARTA LLC | (b)(c) | 0.13% | 02/01/22 | 25,000,000 | 24,997,382 | |
(b)(c) | 0.14% | 04/01/22 | 50,000,000 | 49,982,889 | ||
(b)(c) | 0.29% | 06/01/22 | 72,000,000 | 71,913,580 | ||
COLLATERALIZED COMMERCIAL PAPER V CO LLC | (b) | 0.16% | 01/21/22 | 36,000,000 | 35,997,120 | |
(b) | 0.15% | 03/01/22 | 67,000,000 | 66,984,087 | ||
(b) | 0.15% | 03/04/22 | 5,000,000 | 4,998,750 |
Issuer | Footnotes | Rate | Effective Maturity | Maturity Date | Face Amount ($) | Value ($) |
(b) | 0.15% | 03/17/22 | 140,000,000 | 139,957,417 | ||
(b) | 0.16% | 03/24/22 | 186,000,000 | 185,933,867 | ||
(b) | 0.16% | 03/29/22 | 105,000,000 | 104,960,333 | ||
(b) | 0.15% | 04/01/22 | 150,000,000 | 149,945,000 | ||
(b) | 0.18% | 04/18/22 | 128,000,000 | 127,932,800 | ||
(b) | 0.21% | 05/02/22 | 90,000,000 | 89,937,525 | ||
(b) | 0.25% | 05/20/22 | 187,000,000 | 186,822,090 | ||
(b) | 0.28% | 05/31/22 | 82,000,000 | 81,905,609 | ||
(b) | 0.26% | 06/01/22 | 50,000,000 | 49,946,194 | ||
(b) | 0.27% | 06/02/22 | 145,000,000 | 144,836,875 | ||
(b) | 0.33% | 06/16/22 | 118,000,000 | 117,822,607 | ||
CRC FUNDING LLC | (b)(c) | 0.13% | 02/22/22 | 25,000,000 | 24,995,486 | |
(b)(c) | 0.29% | 06/01/22 | 46,000,000 | 45,944,787 | ||
CROWN POINT CAPITAL COMPANY LLC | (b)(c) | 0.06% | 01/03/22 | 39,477,000 | 39,477,000 | |
LMA AMERICAS LLC | (b)(c) | 0.06% | 01/03/22 | 241,000,000 | 241,000,000 | |
(b)(c) | 0.06% | 01/05/22 | 126,000,000 | 125,999,580 | ||
(b)(c) | 0.20% | 02/22/22 | 37,150,000 | 37,139,681 | ||
(b)(c) | 0.22% | 02/28/22 | 45,000,000 | 44,984,600 | ||
(b)(c) | 0.21% | 03/02/22 | 16,000,000 | 15,994,587 | ||
NIEUW AMSTERDAM RECEIVABLES CORPORATION BV | (b)(c) | 0.06% | 01/03/22 | 53,134,000 | 53,134,000 | |
OLD LINE FUNDING LLC | (b)(c) | 0.13% | 02/07/22 | 50,000,000 | 49,993,680 | |
(b)(c) | 0.14% | 02/10/22 | 75,000,000 | 74,988,917 | ||
(b)(c) | 0.14% | 02/15/22 | 40,000,000 | 39,993,311 | ||
(b)(c) | 0.26% | 04/14/22 | 50,000,000 | 49,963,528 | ||
(b)(c) | 0.22% | 05/05/22 | 119,000,000 | 118,911,279 | ||
(b)(c) | 0.34% | 06/08/22 | 67,000,000 | 66,901,287 | ||
PRICOA SHORT TERM FUNDING LLC | (b)(c) | 0.16% | 04/05/22 | 48,000,000 | 47,980,373 | |
(b)(c) | 0.29% | 06/02/22 | 24,000,000 | 23,971,000 | ||
(b)(c) | 0.30% | 06/15/22 | 24,000,000 | 23,967,400 | ||
RIDGEFIELD FUNDING COMPANY LLC | (b)(c) | 0.14% | 02/01/22 | 126,000,000 | 125,985,790 | |
(b)(c) | 0.35% | 06/09/22 | 243,000,000 | 242,629,087 | ||
SHEFFIELD RECEIVABLES COMPANY LLC | (b)(c) | 0.24% | 04/01/22 | 50,000,000 | 49,970,667 | |
STARBIRD FUNDING CORP | (b)(c) | 0.15% | 02/07/22 | 40,000,000 | 39,994,167 | |
(b)(c) | 0.15% | 03/16/22 | 100,000,000 | 99,970,000 | ||
(b)(c) | 0.15% | 03/18/22 | 100,000,000 | 99,969,167 | ||
(b)(c) | 0.17% | 04/18/22 | 70,000,000 | 69,965,292 | ||
(b)(c) | 0.30% | 06/08/22 | 88,500,000 | 88,384,950 | ||
(b)(c) | 0.34% | 06/13/22 | 100,000,000 | 99,847,944 | ||
THUNDER BAY FUNDING LLC | (b)(c) | 0.18% | 02/18/22 | 100,000,000 | 99,977,000 | |
VERSAILLES COMMERCIAL PAPER LLC | (b)(c) | 0.06% | 01/06/22 | 2,300,000 | 2,299,988 | |
(b)(c) | 0.28% | 03/31/22 | 50,000,000 | 49,966,167 | ||
(b)(c) | 0.28% | 04/01/22 | 68,000,000 | 67,953,458 | ||
Total Asset-Backed Commercial Paper (Cost $5,245,076,219) | 5,245,076,219 | |||||
Issuer | Footnotes | Rate | Effective Maturity | Maturity Date | Face Amount ($) | Value ($) |
FINANCIAL COMPANY COMMERCIAL PAPER 15.9% OF NET ASSETS | ||||||
AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD | (c) | 0.32% | 06/21/22 | 47,000,000 | 46,929,396 | |
BANK OF MONTREAL | 0.08% | 01/03/22 | 100,000,000 | 100,000,000 | ||
BANK OF NOVA SCOTIA | (c) | 0.18% | 02/22/22 | 240,000,000 | 239,940,000 | |
(SOFR + 0.15%) | (a)(c) | 0.20% | 01/03/22 | 02/22/22 | 500,000,000 | 500,000,000 |
(c) | 0.22% | 03/11/22 | 69,000,000 | 68,971,748 | ||
(SOFR + 0.18%) | (a)(c) | 0.23% | 01/03/22 | 05/23/22 | 142,000,000 | 142,000,000 |
BARCLAYS BANK UK PLC | (c) | 0.07% | 01/05/22 | 193,000,000 | 192,999,249 | |
(c) | 0.07% | 01/06/22 | 291,000,000 | 290,998,302 | ||
(c) | 0.07% | 01/07/22 | 193,000,000 | 192,998,499 | ||
BNP PARIBAS (NEW YORK BRANCH) | 0.14% | 02/14/22 | 63,000,000 | 62,989,710 | ||
CAISSE DES DEPOTS ET CONSIGNATIONS | (c) | 0.13% | 02/25/22 | 24,783,000 | 24,778,257 | |
CANADIAN IMPERIAL BANK OF COMMERCE | (c) | 0.29% | 06/02/22 | 189,000,000 | 188,771,625 | |
CITIGROUP GLOBAL MARKETS INC | (c) | 0.22% | 05/17/22 | 295,000,000 | 294,758,428 | |
COMMONWEALTH BANK OF AUSTRALIA | (c) | 0.20% | 05/13/22 | 150,000,000 | 149,891,667 | |
DBS BANK LTD | (c) | 0.15% | 04/01/22 | 189,000,000 | 188,933,010 | |
(c) | 0.22% | 05/02/22 | 25,000,000 | 24,981,819 | ||
ING US FUNDING LLC | (b) | 0.23% | 04/13/22 | 193,000,000 | 192,876,694 | |
JP MORGAN SECURITIES LLC | 0.23% | 03/21/22 | 150,000,000 | 149,926,208 | ||
0.17% | 04/11/22 | 111,000,000 | 110,948,632 | |||
MACQUARIE BANK LTD | (c) | 0.12% | 01/07/22 | 48,000,000 | 47,999,360 | |
(c) | 0.14% | 01/31/22 | 149,000,000 | 148,983,775 | ||
(c) | 0.17% | 02/23/22 | 100,000,000 | 99,975,917 | ||
(c) | 0.21% | 03/08/22 | 77,000,000 | 76,971,253 | ||
MIZUHO BANK LTD (SINGAPORE BRANCH) | (c) | 0.14% | 01/14/22 | 188,000,000 | 187,992,245 | |
(c) | 0.14% | 02/01/22 | 183,000,000 | 182,980,099 | ||
(c) | 0.19% | 02/18/22 | 300,000,000 | 299,929,083 | ||
NATIONAL AUSTRALIA BANK LTD | ||||||
(SOFR + 0.08%) | (a)(c) | 0.13% | 01/03/22 | 02/25/22 | 495,000,000 | 495,000,000 |
(c) | 0.22% | 03/07/22 | 163,000,000 | 162,937,245 | ||
NATIONAL BANK OF CANADA | (c) | 0.14% | 01/25/22 | 62,000,000 | 61,994,696 | |
(c) | 0.14% | 02/16/22 | 166,000,000 | 165,971,595 | ||
(c) | 0.14% | 03/31/22 | 262,000,000 | 261,911,357 | ||
(c) | 0.26% | 06/01/22 | 200,000,000 | 199,784,778 | ||
(c) | 0.32% | 06/08/22 | 53,000,000 | 52,926,507 | ||
NATIONWIDE BUILDING SOCIETY | (c) | 0.18% | 01/21/22 | 130,000,000 | 129,988,300 | |
(c) | 0.17% | 01/24/22 | 150,000,000 | 149,985,125 | ||
NORDEA BANK ABP | (c) | 0.14% | 02/15/22 | 355,000,000 | 354,942,756 | |
NRW BANK | (c) | 0.13% | 02/14/22 | 300,000,000 | 299,954,500 | |
(c) | 0.13% | 03/01/22 | 150,000,000 | 149,969,125 | ||
(c) | 0.13% | 03/08/22 | 150,000,000 | 149,965,333 | ||
(c) | 0.13% | 03/16/22 | 297,000,000 | 296,922,780 | ||
(c) | 0.13% | 03/28/22 | 80,000,000 | 79,975,733 |
Issuer | Footnotes | Rate | Effective Maturity | Maturity Date | Face Amount ($) | Value ($) |
OVERSEA-CHINESE BANKING CORPORATION LTD | ||||||
(SOFR + 0.12%) | (a)(c) | 0.17% | 01/03/22 | 06/22/22 | 200,000,000 | 200,000,000 |
ROYAL BANK OF CANADA | ||||||
(3 mo. USD-LIBOR + 0.01%) | (a)(c) | 0.14% | 01/04/22 | 359,000,000 | 359,000,000 | |
(3 mo. USD-LIBOR + 0.02%) | (a)(c) | 0.15% | 01/04/22 | 100,000,000 | 100,000,000 | |
(3 mo. USD-LIBOR + 0.02%) | (a)(c) | 0.15% | 01/05/22 | 100,000,000 | 100,000,000 | |
SKANDINAVISKA ENSKILDA BANKEN AB | (c) | 0.22% | 03/15/22 | 266,000,000 | 265,884,586 | |
(c) | 0.22% | 05/12/22 | 300,000,000 | 299,768,875 | ||
(c) | 0.22% | 05/16/22 | 44,000,000 | 43,964,238 | ||
(c) | 0.26% | 05/23/22 | 46,200,000 | 46,153,287 | ||
(c) | 0.28% | 08/08/22 | 290,000,000 | 289,510,544 | ||
(c) | 0.28% | 08/12/22 | 206,000,000 | 205,645,909 | ||
SOCIETE GENERALE SA | (c) | 0.17% | 03/31/22 | 346,000,000 | 345,857,852 | |
SUMITOMO MITSUI BANKING CORPORATION | (c) | 0.20% | 05/02/22 | 221,000,000 | 220,853,894 | |
SUMITOMO MITSUI TRUST BANK LTD (SINGAPORE BRANCH) | (c) | 0.14% | 01/06/22 | 80,000,000 | 79,999,067 | |
(c) | 0.14% | 01/10/22 | 210,000,000 | 209,994,283 | ||
(c) | 0.15% | 01/21/22 | 50,000,000 | 49,996,250 | ||
(c) | 0.15% | 01/28/22 | 100,000,000 | 99,989,583 | ||
(c) | 0.27% | 03/25/22 | 32,000,000 | 31,980,560 | ||
SVENSKA HANDELSBANKEN AB | (c) | 0.17% | 03/18/22 | 73,000,000 | 72,974,491 | |
(c) | 0.22% | 06/02/22 | 107,535,000 | 107,436,426 | ||
SWEDBANK AB | 0.15% | 03/24/22 | 265,000,000 | 264,911,667 | ||
TORONTO-DOMINION BANK/THE | (c) | 0.18% | 05/20/22 | 78,100,000 | 78,046,501 | |
UBS AG (LONDON BRANCH) | (c) | 0.24% | 03/30/22 | 48,000,000 | 47,972,480 | |
(c) | 0.26% | 05/16/22 | 229,000,000 | 228,780,033 | ||
UNITED OVERSEAS BANK LTD | (c) | 0.15% | 03/09/22 | 7,000,000 | 6,998,104 | |
(c) | 0.19% | 04/25/22 | 139,000,000 | 138,919,998 | ||
WESTPAC BANKING CORP | (c) | 0.13% | 03/28/22 | 249,000,000 | 248,924,470 | |
(c) | 0.13% | 03/29/22 | 100,000,000 | 99,969,306 | ||
(c) | 0.20% | 05/11/22 | 340,000,000 | 339,758,222 | ||
(c) | 0.30% | 06/09/22 | 192,000,000 | 191,748,800 | ||
Total Financial Company Commercial Paper (Cost $11,995,794,232) | 11,995,794,232 | |||||
NON-FINANCIAL COMPANY COMMERCIAL PAPER 2.3% OF NET ASSETS | ||||||
BROWNSVILLE | ||||||
CP SERIES A | (b) | 0.30% | 04/14/22 | 27,000,000 | 27,000,000 | |
SAN ANTONIO | ||||||
WATER SYSTEM CP SERIES A | (b) | 0.11% | 01/04/22 | 35,720,000 | 35,720,000 | |
TOTALENERGIES CAPITAL CANADA LTD | (b)(c) | 0.13% | 01/07/22 | 200,000,000 | 199,997,111 | |
(b)(c) | 0.13% | 01/21/22 | 111,183,000 | 111,175,773 | ||
(b)(c) | 0.13% | 02/01/22 | 240,000,000 | 239,974,867 | ||
(b)(c) | 0.14% | 02/16/22 | 270,290,000 | 270,243,750 | ||
TOYOTA CREDIT CANADA INC | 0.14% | 01/04/22 | 100,000,000 | 99,999,611 | ||
0.25% | 03/16/22 | 86,000,000 | 85,957,000 |
Issuer | Footnotes | Rate | Effective Maturity | Maturity Date | Face Amount ($) | Value ($) |
TOYOTA MOTOR CREDIT CORP | 0.13% | 01/10/22 | 250,000,000 | 249,993,681 | ||
(3 mo. USD-LIBOR + 0.02%) | (a) | 0.14% | 01/13/22 | 180,000,000 | 180,000,000 | |
0.21% | 01/14/22 | 75,000,000 | 74,995,187 | |||
TOYOTA MOTOR FINANCE (NETHERLANDS) B.V. | 0.15% | 01/12/22 | 118,000,000 | 117,995,575 | ||
0.16% | 01/18/22 | 71,000,000 | 70,995,267 | |||
Total Non-Financial Company Commercial Paper (Cost $1,764,047,822) | 1,764,047,822 | |||||
NON-NEGOTIABLE TIME DEPOSITS 7.6% OF NET ASSETS | ||||||
ABN AMRO BANK NV | 0.08% | 01/04/22 | 193,000,000 | 193,000,000 | ||
0.08% | 01/06/22 | 193,000,000 | 193,000,000 | |||
AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD (LONDON BRANCH) | 0.08% | 01/05/22 | 820,000,000 | 820,000,000 | ||
0.08% | 01/06/22 | 1,377,000,000 | 1,377,000,000 | |||
CREDIT INDUSTRIEL ET COMMERCIAL | 0.10% | 01/04/22 | 748,000,000 | 748,000,000 | ||
ING BANK NV | 0.08% | 01/06/22 | 966,000,000 | 966,000,000 | ||
LANDESBANK HESSEN THUERINGEN GIROZENTRALE (NEW YORK BRANCH) | 0.08% | 01/05/22 | 116,000,000 | 116,000,000 | ||
0.08% | 01/06/22 | 194,000,000 | 194,000,000 | |||
SANTANDER UK PLC | 0.06% | 01/05/22 | 188,000,000 | 188,000,000 | ||
0.06% | 01/06/22 | 562,000,000 | 562,000,000 | |||
TORONTO-DOMINION BANK/THE | 0.07% | 01/06/22 | 343,000,000 | 343,000,000 | ||
Total Non-Negotiable Time Deposits (Cost $5,700,000,000) | 5,700,000,000 | |||||
NON-U.S. SOVEREIGN, SUB-SOVEREIGN AND SUPRA-NATIONAL DEBT 4.6% OF NET ASSETS | ||||||
CAISSE AMORTISSEMENT DE LA DETTE SOCIALE | (c) | 0.14% | 01/27/22 | 40,000,000 | 39,996,267 | |
(c) | 0.14% | 02/08/22 | 1,000,000 | 999,865 | ||
(c) | 0.14% | 02/28/22 | 434,000,000 | 433,905,484 | ||
(c) | 0.15% | 04/07/22 | 187,000,000 | 186,926,758 | ||
(c) | 0.19% | 04/20/22 | 345,000,000 | 344,810,298 | ||
(c) | 0.27% | 04/26/22 | 325,000,000 | 324,724,563 | ||
ERSTE ABWICKLUNGSANSTALT | (c) | 0.13% | 01/10/22 | 148,722,000 | 148,718,241 | |
(c) | 0.13% | 01/12/22 | 98,000,000 | 97,996,815 | ||
(c) | 0.13% | 01/18/22 | 177,000,000 | 176,990,413 | ||
(c) | 0.14% | 02/01/22 | 200,000,000 | 199,977,444 | ||
(c) | 0.14% | 02/02/22 | 100,000,000 | 99,988,333 | ||
(c) | 0.14% | 02/07/22 | 74,000,000 | 73,989,928 | ||
(c) | 0.14% | 02/10/22 | 100,000,000 | 99,985,222 | ||
(c) | 0.14% | 02/11/22 | 99,000,000 | 98,984,985 | ||
(c) | 0.14% | 02/15/22 | 97,000,000 | 96,983,779 | ||
FMS WERTMANAGEMENT AOER | (c) | 0.12% | 01/21/22 | 198,000,000 | 197,990,100 | |
(c) | 0.13% | 01/27/22 | 48,500,000 | 48,495,881 | ||
(c) | 0.12% | 01/28/22 | 239,000,000 | 238,980,479 | ||
(c) | 0.12% | 01/31/22 | 46,750,000 | 46,745,778 | ||
KFW | (c) | 0.20% | 01/21/22 | 175,000,000 | 174,982,500 |
Issuer | Footnotes | Rate | Effective Maturity | Maturity Date | Face Amount ($) | Value ($) |
(c) | 0.20% | 01/28/22 | 44,000,000 | 43,993,889 | ||
(c) | 0.14% | 03/01/22 | 290,000,000 | 289,938,013 | ||
Total Non-U.S. Sovereign, Sub-Sovereign And Supra-National Debt (Cost $3,466,105,035) | 3,466,105,035 | |||||
VARIABLE RATE DEMAND NOTES 1.2% OF NET ASSETS | ||||||
ABAG FINANCE AUTH | ||||||
TAXABLE RB (PUBLIC POLICY INSTITUTE OF CALIFORNIA) SERIES 2001B (LOC: WELLS FARGO BANK NA) | (a)(d) | 0.13% | 01/07/22 | 17,550,000 | 17,550,000 | |
BLUE MOUNTAIN ENTERPRISES, LLC | ||||||
VARIABLE RATE DEMAND BONDS SERIES 2013 (LOC: WELLS FARGO BANK NA) | (a)(d) | 0.12% | 01/07/22 | 2,690,000 | 2,690,000 | |
CALHOUN CNTY NAVIGATION IDA | ||||||
PORT RB (FORMOSA PLASTICS) SERIES 2011C (LOC: SUMITOMO MITSUI BANKING CORPORATION) | (a)(c)(d) | 0.11% | 01/07/22 | 15,000,000 | 15,000,000 | |
CALHOUN PORT AUTH | ||||||
ENVIRONMENTAL FACILITIES RB (FORMOSA PLASTICS) SERIES 2008 (LOC: BANK OF AMERICA NA) | (a)(d) | 0.14% | 01/07/22 | 31,300,000 | 31,300,000 | |
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTH | ||||||
RB (RADY CHILDREN’S HOSPITAL) SERIES 2008B (LOC: WELLS FARGO BANK NA) | (a)(d) | 0.07% | 01/03/22 | 4,700,000 | 4,700,000 | |
CAROL ALLEN LIQUIDITY TRUST II | ||||||
TAXABLE VARIABLE RATE DEMAND NOTES SERIES 2021 (LOC: COMERICA BANK) | (a)(d) | 0.14% | 01/07/22 | 26,110,000 | 26,110,000 | |
CELLMARK, INC | ||||||
TAXABLE NOTES SERIES 2018A (LOC: SWEDBANK AB) | (a)(d) | 0.13% | 01/07/22 | 48,000,000 | 48,000,000 | |
COOK CNTY | ||||||
TAXABLE GO BONDS SERIES 2004D (LOC: BARCLAYS BANK PLC) | (a)(d) | 0.08% | 01/07/22 | 29,000,000 | 29,000,000 | |
DALLAS-FORT WORTH INT’L AIRPORT FACILITY IMPROVEMENT CORP | ||||||
AIRPORT FACILITY RB (FLIGHTSAFETY) SERIES 1999 | (a)(d) | 0.13% | 01/07/22 | 6,180,000 | 6,180,000 | |
EAGLE CNTY | ||||||
RB (BC HOUSING) SERIES 1997B (LOC: WELLS FARGO BANK NA) | (a)(d) | 0.20% | 01/07/22 | 1,500,000 | 1,500,000 | |
RB (TARNES AT BC) SERIES 1999B (LOC: WELLS FARGO BANK NA) | (a)(d) | 0.20% | 01/07/22 | 2,410,000 | 2,410,000 | |
EDWARD-ELMHURST HEALTHCARE | ||||||
TAXABLE BONDS SERIES 2018 (LOC: BARCLAYS BANK PLC) | (a)(d) | 0.08% | 01/07/22 | 77,565,000 | 77,565,000 | |
FULTON CNTY DEVELOPMENT AUTH | ||||||
AIRPORT FACILITY RB (FLIGHTSAFETY) SERIES 1999B | (a)(d) | 0.13% | 01/07/22 | 9,350,000 | 9,350,000 | |
HARTFORD HEALTHCARE CORP | ||||||
TAXABLE BONDS SERIES C (LOC: JPMORGAN CHASE BANK NA) | (a)(d) | 0.11% | 01/07/22 | 49,000,000 | 49,000,000 | |
ILLINOIS HOUSING DEVELOPMENT AUTH | ||||||
HOUSING BONDS SERIES 2017A2 (LIQ: FEDERAL HOME LOAN BANKS) | (a)(d) | 0.11% | 01/07/22 | 23,800,000 | 23,800,000 | |
IOWA FINANCE AUTH | ||||||
MIDWESTERN DISASTER AREA RB (CARGILL) SERIES 2009A | (a)(d) | 0.14% | 01/07/22 | 45,000,000 | 45,000,000 |
Issuer | Footnotes | Rate | Effective Maturity | Maturity Date | Face Amount ($) | Value ($) |
KENTON CNTY AIRPORT BOARD | ||||||
SPECIAL FACILITIES RB (FLIGHTSAFETY) SERIES 2001A | (a)(d) | 0.13% | 01/07/22 | 4,400,000 | 4,400,000 | |
LABCON NORTH AMERICA | ||||||
TAXABLE BONDS SERIES 2010 (LOC: BANK OF THE WEST) | (a)(d) | 0.22% | 01/07/22 | 1,020,000 | 1,020,000 | |
MARICOPA CNTY IDA | ||||||
RB (BANNER HEALTH) SERIES 2021B1 | (a)(d) | 0.10% | 01/07/22 | 48,000,000 | 48,000,000 | |
RB (BANNER HEALTH) SERIES 2021B2 | (a)(d) | 0.09% | 01/07/22 | 31,500,000 | 31,500,000 | |
MEMPHIS HEALTH, EDUCATIONAL & HOUSING FACILITY BOARD | ||||||
M/F HOUSING RB (ASHLAND LAKE II APTS) SERIES 2008A (LOC: US BANK NATIONAL ASSOCIATION) | (a)(d) | 0.12% | 01/07/22 | 5,750,000 | 5,750,000 | |
NEW CASTLE CNTY | ||||||
AIRPORT FACILITY RB (FLIGHTSAFETY) SERIES 2002 | (a)(d) | 0.13% | 01/07/22 | 5,185,000 | 5,185,000 | |
NEW YORK STATE HFA | ||||||
HOUSING RB (250 W 93RD ST) SERIES 2005A (LOC: LANDESBANK HESSEN THUERINGEN GIROZENTRALE) | (a)(d) | 0.12% | 01/07/22 | 30,775,000 | 30,775,000 | |
HOUSING RB (750 6TH AVE) SERIES 1998A (LOC: LANDESBANK HESSEN THUERINGEN GIROZENTRALE) | (a)(d) | 0.12% | 01/07/22 | 19,750,000 | 19,750,000 | |
NUVEEN FLOATING RATE INCOME FUND | ||||||
VARIABLE RATE DEMAND PREFERRED SHARES SERIES A (LOC: SUMITOMO MITSUI BANKING CORPORATION) | (a)(c)(d) | 0.20% | 01/07/22 | 31,000,000 | 31,000,000 | |
NUVEEN SHORT DURATION CREDIT OPPORTUNITIES FUND | ||||||
VARIABLE RATE DEMAND PREFERRED SHARES SERIES A (LOC: BARCLAYS BANK PLC) | (a)(c)(d) | 0.20% | 01/07/22 | 19,000,000 | 19,000,000 | |
ORANGE CNTY HFA | ||||||
M/F HOUSING RB (LAUREL OAKS APTS II) SERIES 2007H (LOC: FEDERAL HOME LOAN BANKS) | (a)(d) | 0.13% | 01/07/22 | 6,890,000 | 6,890,000 | |
M/F HOUSING RB (LAUREL OAKS APTS) SERIES 2007G (LOC: FEDERAL HOME LOAN BANKS) | (a)(d) | 0.13% | 01/07/22 | 7,460,000 | 7,460,000 | |
OSCEOLA | ||||||
SOLID WASTE DISPOSAL RB (PLUM POINT ENERGY) SERIES 2006 (LOC: GOLDMAN SACHS BANK USA) | (a)(d) | 0.11% | 01/07/22 | 63,000,000 | 63,000,000 | |
SAN FRANCISCO | ||||||
TAXABLE M/F HOUSING RB (1601 MARIPOSA APTS) SERIES 2017B (LOC: BANK OF AMERICA NA) | (a)(d) | 0.10% | 01/07/22 | 19,000,000 | 19,000,000 | |
SAN FRANCISCO AIRPORT COMMISSION | ||||||
REFUNDING RB SERIES 2010A1 (LOC: BANK OF AMERICA NA) | (a)(d) | 0.09% | 01/07/22 | 6,000,000 | 6,000,000 | |
REFUNDING RB SERIES 2010A2 (LOC: BANK OF AMERICA NA) | (a)(d) | 0.10% | 01/07/22 | 19,640,000 | 19,640,000 | |
SOUTHERN CALIFORNIA METROPOLITAN WATER DISTRICT | ||||||
SUB WATER REFUNDING RB SERIES 2021A (LIQ: BANK OF AMERICA NA) | (a)(d) | 0.10% | 01/07/22 | 57,000,000 | 57,000,000 | |
TENDERFOOT SEASONAL HOUSING, LLC | ||||||
TAXABLE NOTES SERIES 2000B (LOC: WELLS FARGO BANK NA) | (a)(d) | 0.20% | 01/07/22 | 5,885,000 | 5,885,000 |
Issuer | Footnotes | Rate | Effective Maturity | Maturity Date | Face Amount ($) | Value ($) |
TEXAS | ||||||
GO BONDS SERIES 2005B (LIQ: STATE STREET BANK AND TRUST COMPANY) | (a)(d) | 0.12% | 01/07/22 | 18,445,000 | 18,445,000 | |
VETERANS HOUSING ASSISTANCE PROGRAM FUND II SERIES 2001C2 (LIQ: STATE STREET BANK AND TRUST COMPANY) | (a)(d) | 0.12% | 01/07/22 | 22,355,000 | 22,355,000 | |
VETERANS HOUSING ASSISTANCE PROGRAM SERIES 2005A (LIQ: STATE STREET BANK AND TRUST COMPANY) | (a)(d) | 0.12% | 01/07/22 | 4,665,000 | 4,665,000 | |
VETERANS HOUSING ASSISTANCE PROGRAM SERIES 2008A (LIQ: STATE STREET BANK AND TRUST COMPANY) | (a)(d) | 0.12% | 01/07/22 | 2,965,000 | 2,965,000 | |
TRIBOROUGH BRIDGE & TUNNEL AUTH | ||||||
GENERAL REFUNDING RB SERIES 2018E (LOC: BANK OF AMERICA NA) | (a)(d) | 0.09% | 01/07/22 | 8,000,000 | 8,000,000 | |
UTAH WATER FINANCE AGENCY | ||||||
RB SERIES 2008B-1 (LIQ: JPMORGAN CHASE BANK NA) | (a)(d) | 0.13% | 01/07/22 | 9,035,000 | 9,035,000 | |
VOLUSIA CNTY HFA | ||||||
M/F HOUSING RB (CAPE MORRIS COVE APTS) SERIES 2007A (LOC: JPMORGAN CHASE BANK NA) | (a)(d) | 0.14% | 01/07/22 | 6,140,000 | 6,140,000 | |
YAVAPAI CNTY IDA | ||||||
TAXABLE RB (DRAKE CEMENT) SERIES 2015 (LOC: BANK OF NOVA SCOTIA) | (a)(d) | 0.16% | 01/07/22 | 21,375,000 | 21,375,000 | |
Total Variable Rate Demand Notes (Cost $863,390,000) | 863,390,000 | |||||
OTHER INSTRUMENTS 0.3% OF NET ASSETS | ||||||
BANK OF AMERICA NA | ||||||
(EFFR + 0.06%) | (a) | 0.14% | 01/03/22 | 05/04/22 | 245,000,000 | 245,000,000 |
Total Other Instruments (Cost $245,000,000) | 245,000,000 | |||||
OTHER MUNICIPAL SECURITIES 0.0% OF NET ASSETS | ||||||
Nevada Dept of Business & Industry | ||||||
RB (BRIGHTLINE WEST PASSENGER RAIL) SERIES 2020A (ESCROW) | 0.25% | 02/01/22 | 7,500,000 | 7,500,000 | ||
Total Other Municipal Securities (Cost $7,500,000) | 7,500,000 |
ISSUER | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | MATURITY AMOUNT ($) | VALUE ($) |
REPURCHASE AGREEMENTS 38.1% OF NET ASSETS | ||||||
U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS* 6.9% | ||||||
BANK OF MONTREAL | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 246,001,025 | 246,000,000 | ||
(Collateralized by U.S. Government Agency Securities valued at $253,381,056, 1.50% - 6.37%, due 12/01/26 - 01/01/52) |
ISSUER | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | MATURITY AMOUNT ($) | VALUE ($) |
BOFA SECURITIES INC | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 400,001,667 | 400,000,000 | ||
(Collateralized by U.S. Government Agency Securities valued at $412,000,000, 2.00% - 5.00%, due 01/01/37 - 10/01/50) | ||||||
DAIWA CAPITAL MARKETS AMERICA INC | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 310,001,292 | 310,000,000 | ||
(Collateralized by U.S. Treasury and U.S. Government Agency Securities valued at $321,509,208, 0.00% - 5.00%, due 01/11/22 - 12/20/51) | ||||||
DEUTSCHE BANK AG (NEW YORK BRANCH) | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 300,001,250 | 300,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $306,001,278, 3.00% - 4.63%, due 08/15/39 - 11/15/45) | ||||||
JP MORGAN SECURITIES LLC | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 1,150,004,792 | 1,150,000,000 | ||
(Collateralized by U.S. Government Agency Securities valued at $1,184,500,000, 1.50% - 8.00%, due 07/20/24 - 11/15/63) | ||||||
MIZUHO SECURITIES USA LLC | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 193,000,804 | 193,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $196,860,074, 0.00%, due 05/12/22 - 12/29/22) | ||||||
RBC DOMINION SECURITIES INC | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 600,002,500 | 600,000,000 | ||
(Collateralized by U.S. Treasury and U.S. Government Agency Securities valued at $615,330,113, 0.13% - 5.50%, due 02/28/22 - 12/01/51) | ||||||
ROYAL BANK OF CANADA | ||||||
Issued 10/07/21, repurchase date 01/05/22 | 0.06% | 01/05/22 | 677,101,550 | 677,000,000 | ||
(Collateralized by U.S. Government Agency Securities valued at $697,414,597, 1.00% - 7.25%, due 06/15/24 - 01/01/52) | ||||||
Issued 07/13/21, repurchase date 02/08/22 | 0.06% | 01/07/22 | 971,288,063 | 971,000,000 | ||
(Collateralized by U.S. Government Agency Securities valued at $1,000,480,046, 1.50% - 7.50%, due 01/01/24 - 01/20/63) | ||||||
Issued 11/01/21, repurchase date 02/01/22 | 0.06% | 01/07/22 | 364,040,647 | 364,000,000 | ||
(Collateralized by U.S. Government Agency Securities valued at $374,977,488, 1.50% - 6.91%, due 09/25/27 - 11/01/51) | ||||||
5,211,000,000 | ||||||
U.S. TREASURY REPURCHASE AGREEMENTS 24.3% | ||||||
BARCLAYS BANK PLC | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 500,002,083 | 500,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $510,002,209, 0.00% - 6.13%, due 01/15/22 - 08/15/29) |
ISSUER | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | MATURITY AMOUNT ($) | VALUE ($) |
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 21,657,492 | 21,657,402 | ||
(Collateralized by U.S. Treasury Securities valued at $22,090,647, 1.75% - 2.75%, due 06/30/22 - 08/31/25) | ||||||
BNP PARIBAS SA | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 250,001,042 | 250,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $255,001,068, 0.13% - 3.00%, due 03/31/22 - 02/15/51) | ||||||
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK SA | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 250,001,042 | 250,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $255,001,101, 0.50% - 1.00%, due 08/31/27 - 07/31/28) | ||||||
CREDIT SUISSE AG (NEW YORK BRANCH) | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 80,000,333 | 80,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $81,600,398, 0.12% - 0.13%, due 10/31/23 - 04/15/25) | ||||||
FEDERAL RESERVE BANK OF NEW YORK | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 15,074,062,808 | 15,074,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $15,074,062,907, 0.13% - 2.63%, due 07/31/22 - 05/31/24) | ||||||
FICC - BANK OF NEW YORK | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.06% | 01/03/22 | 1,522,007,610 | 1,522,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $1,552,440,001, 0.13% - 1.38%, due 08/31/27 - 01/15/31) | ||||||
NOMURA SECURITIES INTERNATIONAL INC | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 300,001,250 | 300,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $306,000,104, 1.88% - 2.50%, due 05/15/24 - 11/15/51) | ||||||
RBC DOMINION SECURITIES INC | ||||||
Issued 10/28/21, repurchase date 01/24/22 | 0.06% | 01/07/22 | 205,024,258 | 205,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $209,128,149, 0.00% - 6.25%, due 03/22/22 - 11/15/50) | ||||||
Issued 11/26/21, repurchase date 03/01/22 | 0.07% | 01/07/22 | 106,008,657 | 106,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $108,140,042, 0.25% - 6.13%, due 02/15/23 - 02/15/50) | ||||||
18,308,657,402 | ||||||
OTHER REPURCHASE AGREEMENTS** 6.9% | ||||||
BMO CAPITAL MARKETS CORP | ||||||
Issued 12/29/21, repurchase date 01/05/22 | 0.16% | 01/05/22 | 169,005,258 | 169,000,000 | ||
(Collateralized by U.S. Treasury Securities, U.S. Government Agency Securities and common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations valued at $177,435,068, 0.00% - 9.46%, due 02/08/22 - 12/31/00) |
ISSUER | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | MATURITY AMOUNT ($) | VALUE ($) |
BNP PARIBAS SA | ||||||
Issued 12/28/21, repurchase date 01/04/22 | 0.16% | 01/04/22 | 283,008,804 | 283,000,000 | ||
(Collateralized by U.S. Government Agency Securities and common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations valued at $313,248,401, 0.33% - 8.21%, due 02/07/22 - 12/31/00) | ||||||
Issued 12/28/21, repurchase date 01/04/22 | 0.22% | 01/04/22 | 193,008,256 | 193,000,000 | ||
(Collateralized by common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations valued at $221,959,495, 0.34% - 9.11%, due 01/16/26 - 07/25/46) | ||||||
Issued 10/22/21, repurchase date 01/20/22 | 0.30% | 01/20/22 | 241,180,750 | 241,000,000 | ||
(Collateralized by common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations valued at $277,357,863, 0.16% - 5.95%, due 12/25/32 - 04/25/47) | ||||||
Issued 12/21/21, repurchase date 01/21/22 | 0.23% | 01/21/22 | 75,014,854 | 75,000,000 | ||
(Collateralized by common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations valued at $79,661,458, 0.00% - 5.55%, due 02/17/22 - 05/10/46) | ||||||
Issued 10/29/21, repurchase date 01/27/22 | 0.30% | 01/27/22 | 373,279,750 | 373,000,000 | ||
(Collateralized by common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations valued at $429,271,604, 0.34% - 12.00%, due 03/22/22 - 12/31/00) | ||||||
BOFA SECURITIES INC | ||||||
Issued 12/28/21, repurchase date 03/28/22 | 0.25% | 02/04/22 | 146,038,528 | 146,000,000 | ||
(Collateralized by common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations valued at $153,301,005, 0.38% - 8.50%, due 06/01/22 - 12/31/00) | ||||||
Issued 12/01/21, repurchase date 03/01/22 | 0.37% | 02/04/22 | 427,285,260 | 427,000,000 | ||
(Collateralized by common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations valued at $491,050,000, 0.00% - 10.85%, due 07/25/25 - 07/15/69) | ||||||
Issued 12/17/21, repurchase date 04/18/22 | 0.34% | 03/31/22 | 241,236,716 | 241,000,000 | ||
(Collateralized by common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations valued at $260,280,000, 0.00%, due 01/01/49 - 12/31/00) | ||||||
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK SA | ||||||
Issued 12/27/21, repurchase date 01/03/22 | 0.13% | 01/03/22 | 375,009,479 | 375,000,000 | ||
(Collateralized by common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations valued at $394,771,509, 0.45% - 10.25%, due 04/15/22 - 08/15/51) | ||||||
Issued 12/29/21, repurchase date 01/05/22 | 0.13% | 01/05/22 | 373,009,429 | 373,000,000 | ||
(Collateralized by common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations valued at $392,038,971, 0.86% - 10.25%, due 02/15/23 - 12/31/00) |
ISSUER | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | MATURITY AMOUNT ($) | VALUE ($) |
JP MORGAN SECURITIES LLC | ||||||
Issued 10/20/21, repurchase date 04/18/22 | 0.38% | 03/31/22 | 509,870,390 | 509,000,000 | ||
(Collateralized by common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations valued at $585,794,866, 0.00% - 13.13%, due 01/15/22 - 12/31/00) | ||||||
Issued 10/27/21, repurchase date 04/25/22 | 0.38% | 03/31/22 | 314,513,739 | 314,000,000 | ||
(Collateralized by common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations valued at $361,347,755, 0.00% - 11.00%, due 01/15/22 - 12/31/00) | ||||||
Issued 12/31/21, repurchase date 07/29/22 | 0.43% | 06/29/22 | 378,812,700 | 378,000,000 | ||
(Collateralized by common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations valued at $408,240,001, 0.00%, due 02/22/26 - 12/31/00) | ||||||
MIZUHO SECURITIES USA LLC | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.17% | 01/03/22 | 49,000,694 | 49,000,000 | ||
(Collateralized by common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations valued at $52,920,020, 0.00%, due 12/31/00) | ||||||
RBC CAPITAL MARKETS LLC | ||||||
Issued 12/28/21, repurchase date 01/04/22 | 0.17% | 01/04/22 | 315,010,413 | 315,000,000 | ||
(Collateralized by U.S. Treasury Securities and common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations valued at $330,782,692, 0.00% - 13.00%, due 01/12/22 - 12/31/00) | ||||||
Issued 12/15/21, repurchase date 03/15/22 | 0.22% | 02/04/22 | 223,069,502 | 223,000,000 | ||
(Collateralized by U.S. Treasury Securities and common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations valued at $234,070,224, 0.13% - 8.00%, due 01/15/22 - 12/31/00) | ||||||
WELLS FARGO SECURITIES LLC | ||||||
Issued 10/25/21, repurchase date 04/25/22 | 0.59% | 04/05/22 | 305,809,775 | 305,000,000 | ||
(Collateralized by common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations valued at $351,796,971, 0.00% - 8.19%, due 07/20/22 - 03/25/65) |
ISSUER | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | MATURITY AMOUNT ($) | VALUE ($) |
Issued 12/07/21, repurchase date 06/06/22 | 0.65% | 04/05/22 | 165,354,521 | 165,000,000 | ||
(Collateralized by common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations valued at $190,370,114, 0.00% - 6.51%, due 01/17/24 - 09/29/60) | ||||||
5,154,000,000 | ||||||
Total Repurchase Agreements (Cost $28,673,657,402) | 28,673,657,402 | |||||
Total Investments in Securities (Cost $75,070,876,354) | 75,070,876,354 |
* | Collateralized via U.S. Government Agency Securities or less frequently by higher rated U.S. Treasury Securities. |
** | Collateralized via common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations or less frequently by higher rated U.S. Government Agency Securities and/ or U.S. Treasury Securities. Securities without a stated maturity date, such as common stocks, ETFs, American depositary receipts and perpetual bonds, are represented by 12/31/00. |
(a) | Variable rate security; rate shown is effective rate at period end. |
(b) | Credit-enhanced or liquidity-enhanced. |
(c) | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers. At the period end, the value of these amounted to $19,223,733,802 or 25.5% of net assets. |
(d) | VRDN is a municipal security which allows holders to sell their security through a put or tender feature, at par value plus accrued interest. The interest rate resets on a periodic basis, the majority of which are weekly but may be daily or monthly. Unless a reference rate and spread is shown parenthetically, the Remarketing Agent, generally a dealer, determines the interest rate for the security at each interest rate reset date. The rate is typically based on the SIFMA Municipal Swap Index. |
AUTH — | Authority |
BSBY — | Bloomberg Short-Term Bank Yield Index |
CNTY — | County |
CP — | Commercial paper |
EFFR — | Effective Federal Funds Rate is published daily by the Federal Reserve Bank of New York and is based on the interest rate financial institutions charge each other for overnight funds. |
ETF — | Exchange traded fund |
FICC — | Fixed Income Clearing Corp |
GO — | General obligation |
HFA — | Housing finance agency/authority |
IDA — | Industrial development agency/authority |
LIBOR — | London Interbank Offered Rate is the interest rate banks charge each other for short-term loans. |
LIQ — | Liquidity agreement |
LOC — | Letter of credit |
M/F — | Multi-family |
RB — | Revenue bond |
SIFMA — | Securities Industry and Financial Markets Association. The SIFMA Municipal Swap Index is a market index comprised of high-grade 7-day tax-exempt Variable Rate Demand Obligations with certain characteristics. |
SOFR — | Secured Overnight Financing Rate is published daily by the Federal Reserve Bank of New York and is based on the cost of borrowing cash overnight collateralized by U.S. Treasury securities. |
VRDN — | Variable rate demand note |
Assets | ||
Investments in securities, at cost and value - unaffiliated (Note 2a) | $46,397,218,952 | |
Repurchase agreements, at cost and value — unaffiliated (Note 2a) | 28,673,657,402 | |
Cash | 50,400 | |
Receivables: | ||
Fund shares sold | 354,666,293 | |
Interest | 9,829,776 | |
Prepaid expenses | + | 589,891 |
Total assets | 75,436,012,714 | |
Liabilities | ||
Payables: | ||
Fund shares redeemed | 101,905,912 | |
Investment adviser and administrator fees | 7,356,568 | |
Distributions to shareholders | 1,374,273 | |
Independent trustees’ fees | 765 | |
Accrued expenses | + | 2,098,482 |
Total liabilities | 112,736,000 | |
Net assets | $75,323,276,714 | |
Net Assets by Source | ||
Capital received from investors | $75,323,273,081 | |
Total distributable earnings | + | 3,633 |
Net assets | $75,323,276,714 |
Net Asset Value (NAV) by Share Class | |||||
Share Class | Net Assets | ÷ | Shares Outstanding | = | NAV |
Investor Shares | $42,245,328,076 | 42,243,641,320 | $1.00 | ||
Ultra Shares | $33,077,948,638 | 33,076,750,776 | $1.00 | ||
For the period January 1, 2021 through December 31, 2021 | ||
Investment Income | ||
Interest received from securities - unaffiliated | $121,773,540 | |
Expenses | ||
Investment adviser and administrator fees | 154,441,769 | |
Shareholder service fees: | ||
Investor Shares | 71,144,141 | |
Custodian fees | 1,429,567 | |
Registration fees | 1,057,317 | |
Portfolio accounting fees | 989,832 | |
Shareholder reports | 732,897 | |
Professional fees | 266,621 | |
Transfer agent fees | 234,582 | |
Independent trustees’ fees | 189,183 | |
Other expenses | + | 903,449 |
Total expenses | 231,389,358 | |
Expense reduction by investment adviser and its affiliates | – | 139,276,986 |
Net expenses | – | 92,112,372 |
Net investment income | 29,661,168 | |
REALIZED GAINS (LOSSES) | ||
Net realized gains on sales of securities - unaffiliated | 9,276 | |
Increase in net assets resulting from operations | $29,670,444 |
OPERATIONS | |||
1/1/21-12/31/21 | 1/1/20-12/31/20 | ||
Net investment income | $29,661,168 | $560,130,793 | |
Net realized gains | + | 9,276 | 1,493,351 |
Increase in net assets from operations | $29,670,444 | $561,624,144 | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Investor Shares | ($17,251,715) | ($315,482,113) | |
Ultra Shares | + | (12,414,827) | (245,419,009) |
Total distributions | ($29,666,542) | ($560,901,122) | |
TRANSACTIONS IN FUND SHARES* | |||
Shares Sold | |||
Investor Shares | 16,073,464,443 | 59,504,647,997 | |
Ultra Shares | + | 23,051,474,291 | 51,710,517,078 |
Total shares sold | 39,124,938,734 | 111,215,165,075 | |
Shares issued in connection with reorganization1 | |||
Investor Shares | + | — | 842,101,929 |
Total shares issued in connection with reorganization | — | 842,101,929 | |
Shares Reinvested | |||
Investor Shares | 14,038,849 | 267,184,204 | |
Ultra Shares | + | 10,043,474 | 208,224,282 |
Total shares reinvested | 24,082,323 | 475,408,486 | |
Shares Redeemed | |||
Investor Shares | (30,261,185,452) | (79,166,878,998) | |
Ultra Shares | + | (27,865,832,468) | (61,533,811,535) |
Total shares redeemed | (58,127,017,920) | (140,700,690,533) | |
Net transactions in fund shares | (18,977,996,863) | (28,168,015,043) | |
NET ASSETS | |||
Beginning of period | $94,301,269,675 | $122,468,561,696 | |
Total decrease | + | (18,977,992,961) | (28,167,292,021) |
End of period | $75,323,276,714 | $94,301,269,675 |
* | Transactions took place at $1.00 per share; figures for share quantities are the same as for dollars. |
1 | Effective February 24, 2020, all the assets and liabilities of the Schwab Retirement Advantage Money Fund and Schwab Investor Money Fund totaling a net value of $842,178,185 were transferred to the Schwab Value Advantage Money Fund. (See financial note 8) |
THE CHARLES SCHWAB FAMILY OF FUNDS (ORGANIZED OCTOBER 20, 1989) | |
Schwab Government Money Fund | Schwab Retirement Government Money Fund |
Schwab U.S. Treasury Money Fund | Schwab Municipal Money Fund |
Schwab Treasury Obligations Money Fund | Schwab AMT Tax-Free Money Fund |
Schwab Value Advantage Money Fund | Schwab California Municipal Money Fund |
Schwab Variable Share Price Money Fund | Schwab New York Municipal Money Fund |
4. Affiliates and Affiliated Transactions: |
SHAREHOLDER SERVICING FEE | |
Investor Shares | 0.15% |
Ultra Shares | n/a |
Investor Shares | 0.34% |
Ultra Shares | 0.19% |
UNDISTRIBUTED ORDINARY INCOME | TOTAL |
$3,633 | $3,633 |
CURRENT FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS |
ORDINARY INCOME | ORDINARY INCOME |
$29,666,542 | $560,901,122 |
BEFORE REORGANIZATION | AFTER REORGANIZATION | |||
SCHWAB VALUE ADVANTAGE MONEY FUND | SCHWAB RETIREMENT ADVANTAGE MONEY FUND | SCHWAB INVESTOR MONEY FUND | SCHWAB VALUE ADVANTAGE MONEY FUND | |
Shares: | ||||
Investor Shares | 75,525,909,298 | 198,958,986 | 643,142,943 | 76,368,011,227 |
Ultra Shares | 50,310,908,264 | — | — | 50,310,908,264 |
Net Assets: | ||||
Investor Shares | $75,527,152,916 | $198,952,517 | $643,225,668 | $76,369,331,101 |
Ultra Shares | $50,311,700,098 | — | — | $50,311,700,098 |
Net Asset Value: | ||||
Investor Shares | $1.00 | $1.00 | $1.00 | $1.00 |
Ultra Shares | $1.00 | — | — | $1.00 |
Net unrealized appreciation (depreciation) | — | — | — | — |
Value of investments | $125,835,721,325 | $198,802,512 | $642,855,708 | $126,677,379,545 |
Cost of investments | $125,835,721,325 | $198,802,512 | $642,855,708 | $126,677,379,545 |
Denver, Colorado
February 17, 2022
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 |
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 (Jan. 2009 – present). Formerly, Managing Director, Pacific Investment Management Company, LLC (PIMCO) (investment management firm) and President, PIMCO Funds. | 103 | 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. President and Chairman (2014 – 2016), TIAA Charitable (financial services); Senior Managing Director (2003 – 2016), TIAA (financial services). | 103 | 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. | 103 | 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). | 103 | None |
Kiran M. Patel 1948 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) | Retired. Executive Vice President and General Manager of Small Business Group (Dec. 2008 – Sept. 2013), Intuit, Inc. (financial software and services firm for consumers and small businesses). | 103 | Director (2008 – present), KLA-Tencor Corporation |
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). | 103 | 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). | 103 | 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) | Director and Chief Executive Officer (Oct. 2008 – present) and President (Oct. 2008 – 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) and President and Chief Executive Officer (Aug. 2017 – present), Schwab Holdings, Inc.; Director (Oct. 2020 – present), TD Ameritrade Holding Corporation; Director (July 2016 – Oct. 2021), Charles Schwab Investment Management, Inc. | 103 | Director (2008 – present), The Charles Schwab Corporation |
Joseph R. Martinetto2 1962 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) | Chief Operating Officer (Feb. 2018 – present) and Senior Executive Vice President (July 2015 – Feb. 2018), The Charles Schwab Corporation; Senior Executive Vice President (July 2015 – present), Charles Schwab & Co., Inc.; Chief Financial Officer (July 2015 – Aug. 2017) and Executive Vice President and Chief Financial Officer (May 2007 – July 2015), The Charles Schwab Corporation and Charles Schwab & Co., Inc.; Director (May 2007 – present), Charles Schwab & Co., Inc.; Director (Apr. 2010 – present) and Chief Executive Officer (July 2013 – Apr. 2015), Charles Schwab Bank, SSB; Director (Nov. 2017 – present), Charles Schwab Premier Bank, SSB; Director (May 2007 – present), Chief Financial Officer (May 2007 – Aug. 2017), Senior Executive Vice President (Feb. 2016 – present), and Executive Vice President (May 2007 – Feb. 2016), Schwab Holdings, Inc.; Director (Oct. 2020 – present), TD Ameritrade Holding Corporation. | 103 | 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. 2020 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab Investment Management, Inc.; Senior Vice President (June 2020 – present) and Chief Operating Officer (Jan. 2020 – present), 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; Director (Apr. 2019 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Senior Vice President (Apr. 2019 – present), Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), and Vice President (Jan. 2009 – Dec. 2013), Charles Schwab & Co., Inc. |
Mark Fischer 1970 Treasurer, Chief Financial Officer and 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) | Treasurer and Chief Financial Officer (Jan. 2016 – present) and Chief Operating Officer (Dec. 2020 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Assistant Treasurer (Dec. 2013 – Dec. 2015), Schwab Funds and Laudus Trust; Assistant Treasurer (Nov. 2013 – Dec. 2015), Schwab ETFs; Chief Financial Officer (Mar. 2020 – present) and Vice President (Oct. 2013 – present), Charles Schwab Investment Management, Inc.; Executive Director (Apr. 2011 – Sept. 2013), J.P. Morgan Investor Services; Assistant Treasurer (May 2005 – Mar. 2011), Massachusetts Financial Service Investment Management. |
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) and Chief Investment Officer (Apr. 2011 – present), Senior Vice President (Apr. 2011 – Dec. 2021), Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Head of the Portfolio Management Group and Vice President of Portfolio Management (May 2009 – Apr. 2011), Financial Engines, Inc. (investment management firm); Head of Quantitative Equity (July 2004 – Jan. 2009), ING Investment Management. |
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; Senior Managing Director and Global Head of Active Fixed-Income Strategies (Jan. 2008 – Oct. 2010), State Street Global Advisors; Director of Alpha Strategies (Apr. 2006 – Jan. 2008), Loomis, Sayles & Company (investment management firm). |
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) | Vice President (July 2005 – present), Charles Schwab & Co., Inc.; Vice President (Sept. 2005 – present), Charles Schwab Investment Management, 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. |
1 | Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed. The retirement policy requires that each independent trustee retire by December 31 of the year in which the Trustee turns 74 or the Trustee’s twentieth year of service as an independent trustee on any trust in the Fund Complex, whichever occurs first. |
2 | Mr. Bettinger and Mr. Martinetto are Interested Trustees. Mr. Bettinger is an Interested Trustee because he owns stock of The Charles Schwab Corporation (CSC), the parent company of Charles Schwab Investment Management, Inc., the investment adviser for the trusts in the Fund Complex, and is an employee of Charles Schwab & Co., Inc. (Schwab), the principal underwriter for The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust. Mr. Martinetto is an Interested Trustee because he owns stock of CSC and is an employee and director of Schwab. |
3 | The President, Treasurer and Secretary/Clerk hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board. |
Schwab Funds
Member SIPC®
Printed on recycled paper.
¹ | State, local, and the Federal Alternative Minimum Tax may apply. Capital gains are not exempt from Federal Taxation. |
² | You could lose money by investing in the Schwab Money Funds. All Schwab Money Funds with the exception of Schwab Variable Share Price Money Fund seek to preserve the value of your investment at $1.00 per share, but cannot guarantee they will do so. Because the share price of Schwab Variable Share Price Money Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. All Schwab Money Funds with the exception of Schwab Government Money Fund, Schwab Retirement Government Money Fund, Schwab U.S. Treasury Money Fund, Schwab Treasury Obligations Money Fund and Schwab Government Money Market Portfolio may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Schwab Money Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Schwab Money Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time. |
Money Fund
Money Fund
Money Fund
President of Schwab Asset
Management and the funds
covered in this report.
Linda Klingman, Managing Director and Head of Money Market Strategies for Schwab Asset Management, leads the portfolio management teams for taxable and tax-exempt Schwab Money Funds, and has overall responsibility for all aspects of the management of the funds. Prior to joining Schwab in 1990, she was a senior money market trader with AIM Management, Inc. for five years. She has managed money market funds since 1988. |
Lynn Paschen, Senior Portfolio Manager, is responsible for the day-to-day co-management of the funds. Prior to joining Schwab in 2011, Ms. Paschen held a number of positions at American Century Investments. She was most recently a portfolio manager and, from 2000 to 2003, worked as a fixed-income trader. She has managed money market funds since 2003. |
Nicole Perret-Gentil, Portfolio Manager, is responsible for the day-to-day co-management of the funds. Prior to joining Schwab in 2016, Ms. Perret-Gentil worked at Freddie Mac for 15 years, most recently as a senior portfolio manager where she managed and executed trades for a fixed-income strategy. Prior to that role, she served as a portfolio manager performing fixed-income analysis, a senior research analyst for investor and dealer relations, a senior securities operations analyst in loan and securities operations, and a lead mortgage securities operations specialist. She also worked at Merrill Lynch for a year as a senior specialist in fixed-income global banking and investments. |
Weighted Average Maturity2 | 34 Days |
1 | Maturity shown is the date the security matures, the date the interest rate on those securities is reset, or the date those securities can be redeemed through demand. |
2 | Money funds must maintain a dollar-weighted average maturity of no longer than 60 days and cannot invest in any security whose effective maturity is longer than 397 days (approximately 13 months). |
3 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
Schwab Government Money Fund | |||
Sweep Shares | Investor Shares | Ultra Shares | |
Ticker Symbol | SWGXX | SNVXX | SGUXX |
Minimum Initial Investment2 | * | None | $1,000,000 |
Seven-Day Yield (with waivers)3 | 0.01% | 0.01% | 0.01% |
Seven-Day Yield (without waivers)3 | -0.37% | -0.27% | -0.12% |
Seven-Day Effective Yield (with waivers)3 | 0.01% | 0.01% | 0.01% |
* | Subject to the eligibility terms and conditions of your Schwab account agreement. |
1 | Due to a special distribution of ordinary income to shareholders of Schwab Money Funds, the fund’s stated yields temporarily increased. Because this increase was temporary, investors should not rely on these yields for making investment decisions. |
2 | Please see prospectus for further detail and eligibility requirements. |
3 | The Seven-Day Yield (with waivers) is the average income paid out over the previous seven days assuming interest income is not reinvested and it reflects the effect of any applicable waivers. Absent such waivers, the fund’s yield would have been lower. The Seven-Day Yield (without waivers) is the yield without the effect of any applicable waivers. The Seven-Day Effective Yield is the yield with waivers assuming that all interest income is reinvested in additional shares of the fund. For additional details, see financial note 4. |
Weighted Average Maturity2 | 53 Days |
1 | Maturity shown is the date the security matures, the date the interest rate on those securities is reset, or the date those securities can be redeemed through demand. |
2 | Money funds must maintain a dollar-weighted average maturity of no longer than 60 days and cannot invest in any security whose effective maturity is longer than 397 days (approximately 13 months). |
3 | The fund may elect to invest up to 20% of its net assets in (i) obligations that are issued by the U.S. government, its agencies or instrumentalities, including obligations that are not fully guaranteed by the U.S. Treasury and (ii) obligations that are issued by private issuers that are guaranteed as to principal or interest by the U.S. government, its agencies or instrumentalities. Please refer to the fund prospectus for further details on investment objectives, risks, charges, tax implications and expenses. |
4 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
Schwab U.S. Treasury Money Fund | ||
Investor Shares | Ultra Shares | |
Ticker Symbol | SNSXX | SUTXX |
Minimum Initial Investment2 | None | $1,000,000 |
Seven-Day Yield (with waivers)3 | 0.01% | 0.01% |
Seven-Day Yield (without waivers)3 | -0.29% | -0.14% |
Seven-Day Effective Yield (with waivers)3 | 0.01% | 0.01% |
1 | Due to a special distribution of ordinary income to shareholders of Schwab Money Funds, the fund’s stated yields temporarily increased. Because this increase was temporary, investors should not rely on these yields for making investment decisions. |
2 | Please see prospectus for further detail and eligibility requirements. |
3 | The Seven-Day Yield (with waivers) is the average income paid out over the previous seven days assuming interest income is not reinvested and it reflects the effect of any applicable waivers. Absent such waivers, the fund’s yield would have been lower. The Seven-Day Yield (without waivers) is the yield without the effect of any applicable waivers. The Seven-Day Effective Yield is the yield with waivers assuming that all interest income is reinvested in additional shares of the fund. For additional details, see financial note 4. |
Weighted Average Maturity2 | 39 Days |
1 | Maturity shown is the date the security matures, the date the interest rate on those securities is reset, or the date those securities can be redeemed through demand. |
2 | Money funds must maintain a dollar-weighted average maturity of no longer than 60 days and cannot invest in any security whose effective maturity is longer than 397 days (approximately 13 months). |
3 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
Schwab Treasury Obligations Money Fund | ||
Investor Shares | Ultra Shares | |
Ticker Symbol | SNOXX | SCOXX |
Minimum Initial Investment2 | None | $1,000,000 |
Seven-Day Yield (with waivers)3 | 0.01% | 0.01% |
Seven-Day Yield (without waivers)3 | -0.27% | -0.12% |
Seven-Day Effective Yield (with waivers)3 | 0.01% | 0.01% |
1 | Due to a special distribution of ordinary income to shareholders of Schwab Money Funds, the fund’s stated yields temporarily increased. Because this increase was temporary, investors should not rely on these yields for making investment decisions. |
2 | Please see prospectus for further detail and eligibility requirements. |
3 | The Seven-Day Yield (with waivers) is the average income paid out over the previous seven days assuming interest income is not reinvested and it reflects the effect of any applicable waivers. Absent such waivers, the fund’s yield would have been lower. The Seven-Day Yield (without waivers) is the yield without the effect of any applicable waivers. The Seven-Day Effective Yield is the yield with waivers assuming that all interest income is reinvested in additional shares of the fund. For additional details, see financial note 4. |
EXPENSE RATIO (ANNUALIZED)1,2 | BEGINNING ACCOUNT VALUE AT 7/1/21 | ENDING ACCOUNT VALUE (NET OF EXPENSES) AT 12/31/21 | EXPENSES PAID DURING PERIOD 7/1/21-12/31/213 | |
Schwab Government Money Fund | ||||
Sweep Shares | ||||
Actual Return | 0.06% | $1,000.00 | $1,000.20 | $0.30 |
Hypothetical 5% Return | 0.06% | $1,000.00 | $1,024.90 | $0.31 |
Investor Shares | ||||
Actual Return | 0.06% | $1,000.00 | $1,000.20 | $0.30 |
Hypothetical 5% Return | 0.06% | $1,000.00 | $1,024.90 | $0.31 |
Ultra Shares | ||||
Actual Return | 0.06% | $1,000.00 | $1,000.20 | $0.30 |
Hypothetical 5% Return | 0.06% | $1,000.00 | $1,024.90 | $0.31 |
Schwab U.S. Treasury Money Fund | ||||
Investor Shares | ||||
Actual Return | 0.04% | $1,000.00 | $1,000.20 | $0.20 |
Hypothetical 5% Return | 0.04% | $1,000.00 | $1,025.00 | $0.20 |
Ultra Shares | ||||
Actual Return | 0.04% | $1,000.00 | $1,000.20 | $0.20 |
Hypothetical 5% Return | 0.04% | $1,000.00 | $1,025.00 | $0.20 |
Schwab Treasury Obligations Money Fund | ||||
Investor Shares | ||||
Actual Return | 0.06% | $1,000.00 | $1,000.10 | $0.30 |
Hypothetical 5% Return | 0.06% | $1,000.00 | $1,024.90 | $0.31 |
Ultra Shares | ||||
Actual Return | 0.06% | $1,000.00 | $1,000.10 | $0.30 |
Hypothetical 5% Return | 0.06% | $1,000.00 | $1,024.90 | $0.31 |
1 | Based on the most recent six-month expense ratio; may differ from the expense ratio provided in the Financial Highlights. |
2 | Expense ratio (annualized) reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation. (See financial note 4) |
3 | Expenses for each fund are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 days of the period, and divided by 365 days of the fiscal year. |
Sweep Shares | 1/1/21– 12/31/21 | 1/1/20– 12/31/20 | 1/1/19– 12/31/19 | 1/1/18– 12/31/18 | 1/1/17– 12/31/17 | |
Per-Share Data | ||||||
Net asset value at beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.00 2 | 0.00 2 | 0.02 | 0.01 | 0.00 2 | |
Net realized and unrealized gains (losses) | 0.00 2 | 0.00 2 | — | 0.00 2 | 0.00 2 | |
Total from investment operations | 0.00 2 | 0.00 2 | 0.02 | 0.01 | 0.00 2 | |
Less distributions: | ||||||
Distributions from net investment income | (0.00) 2,3 | (0.00) 2 | (0.02) | (0.01) | (0.00) 2 | |
Distributions from net realized gains | (0.00) 2 | (0.00) 2 | — | (0.00) 2 | (0.00) 2 | |
Total distributions | (0.00) 2 | (0.00) 2 | (0.02) | (0.01) | (0.00) 2 | |
Net asset value at end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | |
Total return | 0.02% 3 | 0.23% | 1.65% | 1.23% | 0.26% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.06% 4 | 0.30% 4,5 | 0.59% | 0.62% | 0.63% 4,6 | |
Gross operating expenses | 0.45% | 0.52% | 0.59% | 0.62% | 0.68% | |
Net investment income ( loss) | 0.02% | 0.18% | 1.64% | 1.12% | 0.25% | |
Net assets, end of period (x 1,000,000) | $24,159 | $20,119 | $12,450 | $11,325 | $25,324 |
1 | Calculated based on the average shares outstanding during the period. |
2 | Per-share amount was less than $0.005. |
3 | These amounts include a non-recurring special distribution. The effect on the distributions from net investment income was less than $0.005 and the effect on the total return was 0.01%. |
4 | Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation. (See financial note 4) |
5 | Effective September 24, 2020, the contractual expense limitation changed. The ratio presented for period ended December 31, 2020 is a blended ratio. |
6 | Effective October 3, 2017, the contractual expense limitation changed. The ratio presented for period ended December 31, 2017 is a blended ratio. |
Investor Shares | 1/1/21– 12/31/21 | 1/1/20– 12/31/20 | 1/1/19– 12/31/19 | 1/1/18– 12/31/18 | 1/1/17– 12/31/171 | |
Per-Share Data | ||||||
Net asset value at beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)2 | 0.00 3 | 0.00 3 | 0.02 | 0.02 | 0.00 3 | |
Net realized and unrealized gains (losses) | 0.00 3 | 0.00 3 | — | 0.00 3 | 0.00 3 | |
Total from investment operations | 0.00 3 | 0.00 3 | 0.02 | 0.02 | 0.00 3 | |
Less distributions: | ||||||
Distributions from net investment income | (0.00) 3,4 | (0.00) 3 | (0.02) | (0.02) | (0.00) 3 | |
Distributions from net realized gains | (0.00) 3 | (0.00) 3 | — | (0.00) 3 | (0.00) 3 | |
Total distributions | (0.00) 3 | (0.00) 3 | (0.02) | (0.02) | (0.00) 3 | |
Net asset value at end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | |
Total return | 0.02% 4 | 0.30% | 1.90% | 1.51% | 0.50% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.06% 5 | 0.27% 5,6 | 0.35% | 0.35% | 0.40% 5,7 | |
Gross operating expenses | 0.35% | 0.43% | 0.47% | 0.48% | 0.53% | |
Net investment income (loss) | 0.02% | 0.28% | 1.84% | 1.66% | 0.51% | |
Net assets, end of period (x 1,000,000) | $6,782 | $11,980 | $13,436 | $7,871 | $1,362 |
1 | Effective October 3, 2017, the share class name of Purchased Shares was changed to Investor Shares. |
2 | Calculated based on the average shares outstanding during the period. |
3 | Per-share amount was less than $0.005. |
4 | These amounts include a non-recurring special distribution. The effect on the distributions from net investment income was less than $0.005 and the effect on the total return was 0.01%. |
5 | Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation. (See financial note 4) |
6 | Effective September 24, 2020, the contractual expense limitation changed. The ratio presented for period ended December 31, 2020 is a blended ratio. |
7 | Effective October 3, 2017, the contractual expense limitation changed. The ratio presented for period ended December 31, 2017 is a blended ratio. |
Ultra Shares | 1/1/21– 12/31/21 | 9/24/20 1– 12/31/20 | ||||
Per-Share Data | ||||||
Net asset value at beginning of period | $1.00 | $1.00 | ||||
Income (loss) from investment operations: | ||||||
Net investment income (loss)2 | 0.00 3 | 0.00 3 | ||||
Net realized and unrealized gains (losses) | 0.00 3 | 0.00 3 | ||||
Total from investment operations | 0.00 3 | 0.00 3 | ||||
Less distributions: | ||||||
Distributions from net investment income | (0.00) 3,4 | (0.00) 3 | ||||
Distributions from net realized gains | (0.00) 3 | (0.00) 3 | ||||
Total distributions | (0.00) 3 | (0.00) 3 | ||||
Net asset value at end of period | $1.00 | $1.00 | ||||
Total return | 0.02% 4 | 0.00% 5,6 | ||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.06% 7 | 0.13% 7,8 | ||||
Gross operating expenses | 0.20% | 0.20% 8 | ||||
Net investment income (loss) | 0.03% | 0.01% 8 | ||||
Net assets, end of period (x 1,000,000) | $4,726 | $1,647 |
1 | Commencement of operations. |
2 | Calculated based on the average shares outstanding during the period. |
3 | Per-share amount was less than $0.005. |
4 | These amounts include a non-recurring special distribution. The effect on the distributions from net investment income was less than $0.005 and the effect on the total return was 0.01%. |
5 | Not annualized. |
6 | Percentage was less than 0.005%. |
7 | Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation. (See financial note 4) |
8 | Annualized. |
Issuer | Footnotes | Rate | Effective Maturity | Maturity Date | Face Amount ($) | Value ($) |
U.S. GOVERNMENT AGENCY DEBT 9.6% OF NET ASSETS | ||||||
FEDERAL FARM CREDIT BANKS FUNDING CORP | ||||||
(SOFR + 0.08%) | (a) | 0.13% | 01/03/22 | 03/10/22 | 66,400,000 | 66,400,000 |
1.92% | 05/02/22 | 1,000,000 | 1,006,040 | |||
0.08% | 05/09/22 | 23,600,000 | 23,599,237 | |||
0.06% | 05/17/22 | 117,800,000 | 117,798,767 | |||
0.25% | 06/02/22 | 3,205,000 | 3,207,357 | |||
0.08% | 06/03/22 | 9,400,000 | 9,396,846 | |||
2.20% | 06/03/22 | 13,955,000 | 14,077,804 | |||
0.07% | 07/06/22 | 23,600,000 | 23,591,556 | |||
(SOFR + 0.04%) | (a) | 0.09% | 01/03/22 | 07/08/22 | 94,500,000 | 94,497,560 |
0.07% | 07/19/22 | 56,600,000 | 56,578,319 | |||
(SOFR + 0.09%) | (a) | 0.14% | 01/03/22 | 07/25/22 | 58,200,000 | 58,198,359 |
1.85% | 08/05/22 | 5,100,000 | 5,152,707 | |||
0.07% | 08/10/22 | 5,390,000 | 5,389,804 | |||
0.09% | 08/18/22 | 37,800,000 | 37,778,548 | |||
0.11% | 08/31/22 | 34,000,000 | 33,975,067 | |||
(EFFR - 0.02%) | (a) | 0.06% | 01/03/22 | 09/08/22 | 188,500,000 | 188,500,000 |
1.70% | 09/19/22 | 4,000,000 | 4,044,517 | |||
(SOFR + 0.06%) | (a) | 0.11% | 01/03/22 | 10/21/22 | 118,000,000 | 118,000,000 |
0.15% | 11/16/22 | 94,600,000 | 94,581,713 | |||
(3 mo. US TBILL + 0.02%) | (a) | 0.11% | 01/03/22 | 05/01/23 | 117,800,000 | 117,800,000 |
(3 mo. US TBILL + 0.03%) | (a) | 0.11% | 01/04/22 | 07/13/23 | 47,100,000 | 47,100,000 |
(EFFR - 0.01%) | (a) | 0.07% | 01/03/22 | 07/21/23 | 155,300,000 | 155,299,999 |
(SOFR + 0.06%) | (a) | 0.11% | 01/03/22 | 11/07/23 | 42,600,000 | 42,600,000 |
(EFFR + 0.03%) | (a) | 0.11% | 01/03/22 | 12/08/23 | 26,600,000 | 26,600,000 |
(SOFR + 0.12%) | (a) | 0.17% | 01/03/22 | 12/08/23 | 47,300,000 | 47,355,367 |
(SOFR + 0.06%) | (a) | 0.11% | 01/03/22 | 12/13/23 | 33,100,000 | 33,100,000 |
FEDERAL HOME LOAN BANKS | ||||||
(SOFR + 0.12%) | (a) | 0.17% | 01/03/22 | 02/28/22 | 119,000,000 | 119,000,000 |
2.50% | 03/11/22 | 5,000,000 | 5,022,302 | |||
2.13% | 06/10/22 | 1,575,000 | 1,588,867 | |||
0.21% | 12/02/22 | 118,100,000 | 118,100,000 | |||
FEDERAL HOME LOAN MORTGAGE CORPORATION | 2.38% | 01/13/22 | 175,707,000 | 175,818,113 | ||
(SOFR + 0.15%) | (a) | 0.20% | 01/03/22 | 03/04/22 | 150,300,000 | 150,299,134 |
Issuer | Footnotes | Rate | Effective Maturity | Maturity Date | Face Amount ($) | Value ($) |
(SOFR + 0.20%) | (a) | 0.25% | 01/03/22 | 03/11/22 | 36,800,000 | 36,800,000 |
(SOFR + 0.19%) | (a) | 0.24% | 01/03/22 | 06/02/22 | 187,000,000 | 187,000,000 |
0.25% | 06/08/22 | 5,150,000 | 5,153,941 | |||
(SOFR + 0.10%) | (a) | 0.15% | 01/03/22 | 08/19/22 | 230,900,000 | 230,900,000 |
(SOFR + 0.10%) | (a) | 0.15% | 01/03/22 | 09/09/22 | 131,700,000 | 131,700,000 |
FEDERAL NATIONAL MORTGAGE ASSOCIATION | 1.88% | 04/05/22 | 1,345,000 | 1,351,100 | ||
(SOFR + 0.35%) | (a) | 0.40% | 01/03/22 | 04/07/22 | 111,800,000 | 111,807,306 |
2.25% | 04/12/22 | 23,600,000 | 23,738,744 | |||
(SOFR + 0.39%) | (a) | 0.44% | 01/03/22 | 04/15/22 | 129,300,000 | 129,305,370 |
(SOFR + 0.24%) | (a) | 0.29% | 01/03/22 | 04/29/22 | 93,000,000 | 93,000,000 |
(SOFR + 0.20%) | (a) | 0.25% | 01/03/22 | 05/09/22 | 139,000,000 | 139,000,000 |
(SOFR + 0.19%) | (a) | 0.24% | 01/03/22 | 05/19/22 | 186,000,000 | 186,000,000 |
(SOFR + 0.19%) | (a) | 0.24% | 01/03/22 | 05/27/22 | 109,750,000 | 109,749,999 |
1.38% | 09/06/22 | 10,550,000 | 10,640,394 | |||
Total U.S. Government Agency Debt (Cost $3,391,604,837) | 3,391,604,837 | |||||
U.S. TREASURY DEBT 22.5% OF NET ASSETS | ||||||
UNITED STATES TREASURY | ||||||
(3 mo. US TBILL + 0.15%) | (a) | 0.24% | 01/03/22 | 01/31/22 | 274,750,000 | 274,761,878 |
1.38% | 01/31/22 | 59,200,000 | 59,259,152 | |||
1.50% | 01/31/22 | 377,100,000 | 377,505,503 | |||
2.50% | 02/15/22 | 151,000,000 | 151,429,935 | |||
1.88% | 02/28/22 | 393,100,000 | 394,188,233 | |||
2.38% | 03/15/22 | 342,400,000 | 343,933,433 | |||
1.75% | 03/31/22 | 325,100,000 | 326,382,213 | |||
1.88% | 03/31/22 | 133,500,000 | 134,074,322 | |||
2.25% | 04/15/22 | 146,800,000 | 147,689,482 | |||
0.11% | 04/26/22 | 376,100,000 | 375,976,044 | |||
0.13% | 04/30/22 | 40,000,000 | 40,005,284 | |||
(3 mo. US TBILL + 0.11%) | (a) | 0.20% | 01/03/22 | 04/30/22 | 395,600,000 | 395,672,837 |
1.88% | 04/30/22 | 147,000,000 | 147,838,466 | |||
0.13% | 05/03/22 | 316,000,000 | 315,868,386 | |||
2.13% | 05/15/22 | 48,635,000 | 48,990,087 | |||
0.13% | 05/31/22 | 128,300,000 | 128,313,194 | |||
1.75% | 05/31/22 | 95,000,000 | 95,640,520 | |||
1.88% | 05/31/22 | 233,000,000 | 234,655,519 | |||
0.11% | 06/09/22 | 39,000,000 | 38,982,056 | |||
1.75% | 06/15/22 | 74,293,000 | 74,834,505 | |||
0.13% | 06/30/22 | 31,200,000 | 31,196,784 | |||
1.75% | 06/30/22 | 38,200,000 | 38,512,984 | |||
0.09% | 07/14/22 | 168,300,000 | 168,219,216 | |||
0.13% | 07/31/22 | 116,000,000 | 116,033,351 | |||
(3 mo. US TBILL + 0.06%) | (a) | 0.14% | 01/03/22 | 07/31/22 | 233,400,000 | 233,397,603 |
1.88% | 07/31/22 | 123,000,000 | 124,269,892 | |||
2.00% | 07/31/22 | 140,000,000 | 141,545,532 | |||
0.11% | 08/11/22 | 107,200,000 | 107,131,213 | |||
1.50% | 08/15/22 | 450,749,800 | 454,696,051 | |||
0.13% | 08/31/22 | 346,500,000 | 346,607,486 |
Issuer | Footnotes | Rate | Effective Maturity | Maturity Date | Face Amount ($) | Value ($) |
1.63% | 08/31/22 | 261,900,000 | 264,451,260 | |||
1.88% | 08/31/22 | 105,400,000 | 106,645,608 | |||
1.50% | 09/15/22 | 382,700,000 | 386,481,878 | |||
0.13% | 09/30/22 | 251,500,000 | 251,569,308 | |||
1.75% | 09/30/22 | 153,000,000 | 154,878,969 | |||
1.88% | 09/30/22 | 104,300,000 | 105,635,762 | |||
(3 mo. US TBILL + 0.06%) | (a) | 0.14% | 01/03/22 | 10/31/22 | 100,000,000 | 99,995,827 |
(3 mo. US TBILL + 0.05%) | (a) | 0.13% | 01/03/22 | 01/31/23 | 447,500,000 | 447,632,149 |
(3 mo. US TBILL + 0.03%) | (a) | 0.12% | 01/03/22 | 04/30/23 | 115,200,000 | 115,213,871 |
(3 mo. US TBILL + 0.03%) | (a) | 0.11% | 01/03/22 | 07/31/23 | 95,000,000 | 95,002,269 |
(3 mo. US TBILL + 0.04%) | (a) | 0.12% | 01/03/22 | 10/31/23 | 76,800,000 | 76,798,581 |
Total U.S. Treasury Debt (Cost $7,971,916,643) | 7,971,916,643 | |||||
VARIABLE RATE DEMAND NOTES 2.0% OF NET ASSETS | ||||||
ABAG FINANCE AUTH | ||||||
M/F HOUSING RB (CROSSING APTS) SERIES 2002A (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.07% | 01/07/22 | 57,875,000 | 57,875,000 | |
ALABAMA HFA | ||||||
M/F HOUSING RB (CHAPEL RIDGE APTS) SERIES 2005E (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.20% | 01/07/22 | 10,100,000 | 10,100,000 | |
BRIDGE WF II PARKWAY CLUB LLC | ||||||
TAXABLE M/F HOUSING RB SERIES 2021A (LOC: FEDERAL HOME LOAN BANKS) | (a)(b) | 0.11% | 01/07/22 | 56,900,000 | 56,900,000 | |
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTH | ||||||
M/F HOUSING RB (BAY VISTA AT MEADOW PARK APTS) SERIES 2003NN-1 (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.07% | 01/07/22 | 26,230,000 | 26,230,000 | |
M/F HOUSING RB (CROSSINGS WEST APTS) SERIES 2009E (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.13% | 01/07/22 | 10,100,000 | 10,100,000 | |
M/F HOUSING RB (VARENNA ASSISTED LIVING APTS) SERIES 2006F (LOC: FEDERAL HOME LOAN BANKS) | (a)(b) | 0.13% | 01/07/22 | 10,685,000 | 10,685,000 | |
M/F HOUSING RB (WILSHIRE COURT APTS) SERIES 2003M (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.07% | 01/07/22 | 20,190,000 | 20,190,000 | |
CAPITAL AREA HOUSING FINANCE CORP | ||||||
M/F HOUSING RB (ENCINO POINTE APTS) SERIES 2009 (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.16% | 01/07/22 | 12,855,000 | 12,855,000 | |
EDEN PRAIRIE | ||||||
M/F HOUSING REFUNDING RB (PARK AT CITY WEST APTS) SERIES 2001 (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.14% | 01/07/22 | 13,605,000 | 13,605,000 | |
EMERYVILLE SUCCESSOR REDEVELOPMENT AGENCY | ||||||
M/F HOUSING RB (BAY ST APTS) SERIES 2002A (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.13% | 01/07/22 | 53,100,000 | 53,100,000 | |
FLORIDA HOUSING FINANCE CORP | ||||||
M/F MORTGAGE RB (MARINER’S CAY APTS) SERIES 2008M (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.10% | 01/07/22 | 2,160,000 | 2,160,000 | |
M/F MORTGAGE REFUNDING RB (GRAND RESERVE AT LEE VISTA) SERIES 2004L (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.16% | 01/07/22 | 11,200,000 | 11,200,000 |
Issuer | Footnotes | Rate | Effective Maturity | Maturity Date | Face Amount ($) | Value ($) |
HARRIS CNTY HOUSING FINANCE CORP | ||||||
M/F HOUSING RB (LAFAYETTE VILLAGE APTS) SERIES 2006 (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.07% | 01/07/22 | 11,515,000 | 11,515,000 | |
HILLSBOROUGH CNTY HFA | ||||||
M/F HOUSING RB (LAKE KATHY APTS) SERIES 2005 (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.16% | 01/07/22 | 16,990,000 | 16,990,000 | |
JACKSONVILLE HFA | ||||||
M/F HOUSING RB (HARTWOOD APTS) SERIES 2006 (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.13% | 01/07/22 | 3,000,000 | 3,000,000 | |
LENAWEE CNTY ECONOMIC DEVELOPMENT CORP | ||||||
REFUNDING RB (SIENA HEIGHTS UNIV) SERIES 2009 (LOC: FEDERAL HOME LOAN BANKS) | (a)(b) | 0.13% | 01/07/22 | 3,890,000 | 3,890,000 | |
LISLE | ||||||
M/F HOUSING RB (ASHLEY OF LISLE) SERIES 1985 (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.13% | 01/07/22 | 24,900,000 | 24,900,000 | |
MARIETTA HOUSING AUTH | ||||||
M/F HOUSING RB (WALTON VILLAGE APTS) SERIES 2005 (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.19% | 01/07/22 | 13,200,000 | 13,200,000 | |
NEW YORK STATE HFA | ||||||
HOUSING RB (316 11TH AVE) SERIES 2007A (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.10% | 01/07/22 | 1,005,000 | 1,005,000 | |
HOUSING RB (THEATRE ROW TOWER) SERIES 2000A (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.10% | 01/07/22 | 11,600,000 | 11,600,000 | |
HOUSING RB SERIES 2005A (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.10% | 01/07/22 | 19,800,000 | 19,800,000 | |
ORANGE CNTY HFA | ||||||
M/F HOUSING RB (LANDINGS ON MILLENIA BLVD APTS) SERIES 2002A (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.15% | 01/07/22 | 9,895,000 | 9,895,000 | |
M/F HOUSING RB (LEE VISTA CLUB APTS) SERIES 2004A (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.15% | 01/07/22 | 10,080,000 | 10,080,000 | |
OREGON FACILITIES AUTH | ||||||
RB (QUATAMA HOUSING LP) SERIES 2005A (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.14% | 01/07/22 | 6,600,000 | 6,600,000 | |
PANHANDLE REGIONAL HOUSING FINANCIAL CORP | ||||||
M/F HOUSING RB (JASON AVE APTS) SERIES 2008 (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.16% | 01/07/22 | 12,205,000 | 12,205,000 | |
RIVERSIDE HOME LENDING | ||||||
TAXABLE S/F RENTAL HOUSING RB SERIES 2021A (LOC: FEDERAL HOME LOAN BANKS) | (a)(b) | 0.11% | 01/07/22 | 77,300,000 | 77,300,000 | |
SACRAMENTO CNTY HOUSING AUTH | ||||||
M/F HOUSING RB (LOGAN PARK APTS) SERIES 2007E (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.14% | 01/07/22 | 42,300,000 | 42,300,000 | |
SACRAMENTO HOUSING AUTH | ||||||
M/F HOUSING RB (VALENCIA POINT APTS) SERIES 2006I (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.07% | 01/07/22 | 9,250,000 | 9,250,000 | |
SAN ANTONIO HOUSING FINANCE CORP | ||||||
M/F HOUSING MORTGAGE RB (ARTISAN) SERIES 2008 (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.16% | 01/07/22 | 12,200,000 | 12,200,000 |
Issuer | Footnotes | Rate | Effective Maturity | Maturity Date | Face Amount ($) | Value ($) |
SAN FRANCISCO REDEVELOPMENT AGENCY | ||||||
M/F HOUSING RB (3RD & MISSION) SERIES 1999C (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.07% | 01/07/22 | 17,150,000 | 17,150,000 | |
SAN JOSE | ||||||
M/F HOUSING RB (CINNABAR COMMONS) SERIES 2003C (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.07% | 01/07/22 | 13,340,000 | 13,340,000 | |
ST. LOUIS PARK | ||||||
M/F HOUSING REFUNDING RB (KNOLLWOOD PLACE APTS) SERIES 2005 (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.18% | 01/07/22 | 11,400,000 | 11,400,000 | |
TEXAS DEPT OF HOUSING & COMMUNITY AFFAIRS | ||||||
M/F HOUSING RB (COSTA IBIZA APTS) SERIES 2008 (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.16% | 01/07/22 | 10,960,000 | 10,960,000 | |
M/F HOUSING RB (TOWER RIDGE APTS) SERIES 2005 (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.20% | 01/07/22 | 13,800,000 | 13,800,000 | |
M/F HOUSING RB (WINDSHIRE APTS) SERIES 2007 (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.07% | 01/07/22 | 12,200,000 | 12,200,000 | |
M/F HOUSING RB (WOODMONT APTS) SERIES 2009 (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.16% | 01/07/22 | 12,245,000 | 12,245,000 | |
M/F HOUSING REFUNDING RB (ALTA CULLEN APTS) SERIES 2008 (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.16% | 01/07/22 | 9,940,000 | 9,940,000 | |
WASHINGTON STATE HOUSING FINANCE COMMISSION | ||||||
M/F HOUSING RB (RAINIER COURT APTS) SERIES 2003A (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.07% | 01/07/22 | 12,750,000 | 12,750,000 | |
Total Variable Rate Demand Notes (Cost $684,515,000) | 684,515,000 |
ISSUER | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | MATURITY AMOUNT ($) | VALUE ($) |
REPURCHASE AGREEMENTS 67.4% OF NET ASSETS | ||||||
U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS* 34.8% | ||||||
BANK OF MONTREAL | ||||||
Issued 11/04/21, repurchase date 01/27/22 | 0.06% | 01/07/22 | 236,025,173 | 236,000,000 | ||
(Collateralized by U.S. Treasury and U.S. Government Agency Securities valued at $243,104,417, 1.25% - 6.00%, due 11/30/26 - 01/15/62) | ||||||
Issued 12/15/21, repurchase date 01/14/22 | 0.06% | 01/07/22 | 237,009,085 | 237,000,000 | ||
(Collateralized by U.S. Treasury and U.S. Government Agency Securities valued at $244,055,974, 1.25% - 6.50%, due 11/30/26 - 12/20/51) | ||||||
BOFA SECURITIES INC | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 2,970,012,375 | 2,970,000,000 | ||
(Collateralized by U.S. Government Agency Securities valued at $3,059,100,000, 1.04% - 6.15%, due 05/01/23 - 12/01/51) | ||||||
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK SA | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 1,025,004,271 | 1,025,000,000 | ||
(Collateralized by U.S. Government Agency Securities valued at $1,055,754,399, 2.00% - 4.50%, due 07/20/43 - 12/20/51) |
ISSUER | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | MATURITY AMOUNT ($) | VALUE ($) |
DAIWA CAPITAL MARKETS AMERICA INC | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 332,001,383 | 332,000,000 | ||
(Collateralized by U.S. Treasury and U.S. Government Agency Securities valued at $338,927,645, 0.13% - 5.00%, due 01/31/22 - 01/01/52) | ||||||
DEUTSCHE BANK AG (NEW YORK BRANCH) | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 352,001,467 | 352,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $359,041,512, 0.13% - 4.38%, due 04/15/29 - 02/15/51) | ||||||
GOLDMAN SACHS & CO LLC | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 350,001,458 | 350,000,000 | ||
(Collateralized by U.S. Government Agency Securities valued at $357,000,000, 2.00% - 7.00%, due 06/01/24 - 12/01/51) | ||||||
Issued 12/28/21, repurchase date 01/04/22 | 0.06% | 01/04/22 | 538,006,277 | 538,000,000 | ||
(Collateralized by U.S. Government Agency Securities valued at $548,760,000, 1.50% - 8.50%, due 04/01/25 - 08/01/56) | ||||||
Issued 12/29/21, repurchase date 01/05/22 | 0.06% | 01/05/22 | 534,006,230 | 534,000,000 | ||
(Collateralized by U.S. Government Agency Securities valued at $544,680,000, 2.00% - 6.50%, due 10/01/30 - 06/15/60) | ||||||
JP MORGAN SECURITIES LLC | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 1,000,004,167 | 1,000,000,000 | ||
(Collateralized by U.S. Government Agency Securities valued at $1,030,000,000, 2.00% - 8.00%, due 10/20/27 - 01/01/52) | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 250,001,042 | 250,000,000 | ||
(Collateralized by U.S. Government Agency Securities valued at $257,500,000, 1.50% - 8.50%, due 11/15/26 - 12/20/51) | ||||||
Issued 11/15/21, repurchase date 05/13/22 | (a) | 0.20% | 01/03/22 | 04/05/22 | 474,371,300 | 474,000,000 |
(Collateralized by U.S. Government Agency Securities valued at $488,344,632, 0.00% - 7.00%, due 04/25/26 - 10/16/63) (SOFR + 0.15%) | ||||||
Issued 11/23/21, repurchase date 05/27/22 | (a) | 0.20% | 01/03/22 | 04/05/22 | 474,350,233 | 474,000,000 |
(Collateralized by U.S. Government Agency Securities valued at $488,322,933, 0.30% - 7.50%, due 09/25/24 - 10/16/62) (SOFR + 0.15%) | ||||||
MIZUHO SECURITIES USA LLC | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 91,000,379 | 91,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $92,820,029, 0.25% - 2.13%, due 10/31/22 - 08/15/29) | ||||||
RBC DOMINION SECURITIES INC | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 328,001,367 | 328,000,000 | ||
(Collateralized by U.S. Treasury and U.S. Government Agency Securities valued at $336,942,618, 0.13% - 6.50%, due 05/31/23 - 12/01/51) |
ISSUER | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | MATURITY AMOUNT ($) | VALUE ($) |
ROYAL BANK OF CANADA | �� | |||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 642,002,675 | 642,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $654,842,770, 0.13% - 2.38%, due 04/15/22 - 02/15/48) | ||||||
Issued 10/07/21, repurchase date 01/05/22 | 0.06% | 01/05/22 | 285,042,750 | 285,000,000 | ||
(Collateralized by U.S. Government Agency Securities valued at $293,594,033, 2.00% - 6.91%, due 11/01/28 - 11/20/51) | ||||||
Issued 07/13/21, repurchase date 02/08/22 | 0.06% | 01/07/22 | 941,279,163 | 941,000,000 | ||
(Collateralized by U.S. Government Agency Securities valued at $969,569,230, 1.25% - 5.50%, due 12/01/22 - 01/01/60) | ||||||
Issued 11/01/21, repurchase date 02/01/22 | 0.06% | 01/07/22 | 304,033,947 | 304,000,000 | ||
(Collateralized by U.S. Government Agency Securities valued at $313,168,012, 1.31% - 7.25%, due 01/01/24 - 12/20/51) | ||||||
Issued 12/17/21, repurchase date 02/24/22 | 0.06% | 01/07/22 | 474,016,590 | 474,000,000 | ||
(Collateralized by U.S. Government Agency Securities valued at $488,276,145, 1.25% - 6.50%, due 07/15/28 - 07/01/55) | ||||||
Issued 04/05/21, repurchase date 02/03/22 | 0.07% | 01/07/22 | 474,255,302 | 474,000,000 | ||
(Collateralized by U.S. Government Agency Securities valued at $488,508,592, 1.25% - 9.00%, due 04/01/24 - 02/01/57) | ||||||
12,311,000,000 | ||||||
U.S. TREASURY REPURCHASE AGREEMENTS 32.6% | ||||||
BARCLAYS BANK PLC | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 21,068,268 | 21,068,180 | ||
(Collateralized by U.S. Treasury Securities valued at $21,489,656, 2.75%, due 08/31/25) | ||||||
BARCLAYS CAPITAL INC | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 100,000,417 | 100,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $102,000,059, 0.00% - 7.25%, due 01/11/22 - 11/15/51) | ||||||
FEDERAL RESERVE BANK OF NEW YORK | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 9,217,038,404 | 9,217,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $9,217,038,502, 1.13% - 2.00%, due 05/31/24 - 02/15/31) | ||||||
FICC - BANK OF NEW YORK | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.06% | 01/03/22 | 717,003,585 | 717,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $731,340,081, 0.25% - 1.25%, due 06/15/24 - 08/15/31) | ||||||
Issued 12/30/21, repurchase date 01/06/22 | 0.06% | 01/06/22 | 83,000,968 | 83,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $85,316,716, 0.25% - 1.00%, due 12/15/24 - 05/31/25) | ||||||
JP MORGAN SECURITIES LLC | ||||||
Issued 12/29/21, repurchase date 01/05/22 | 0.05% | 01/05/22 | 555,005,396 | 555,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $566,101,584, 0.00% - 2.50%, due 02/15/22 - 10/31/22) |
ISSUER | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | MATURITY AMOUNT ($) | VALUE ($) |
Issued 12/30/21, repurchase date 01/06/22 | 0.05% | 01/06/22 | 655,006,368 | 655,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $668,100,969, 0.00% - 2.00%, due 04/15/22 - 10/31/22) | ||||||
RBC DOMINION SECURITIES INC | ||||||
Issued 10/28/21, repurchase date 01/24/22 | 0.06% | 01/07/22 | 135,015,975 | 135,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $137,718,545, 0.00% - 6.50%, due 01/20/22 - 11/15/50) | ||||||
Issued 11/26/21, repurchase date 03/01/22 | 0.07% | 01/07/22 | 69,005,635 | 69,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $70,393,001, 0.13% - 6.25%, due 02/28/22 - 08/15/51) | ||||||
11,552,068,180 | ||||||
Total Repurchase Agreements (Cost $23,863,068,180) | 23,863,068,180 | |||||
Total Investments in Securities (Cost $35,911,104,660) | 35,911,104,660 |
* | Collateralized via U.S. Government Agency Securities or less frequently by higher rated U.S. Treasury Securities. |
(a) | Variable rate security; rate shown is effective rate at period end. |
(b) | VRDN is a municipal security which allows holders to sell their security through a put or tender feature, at par value plus accrued interest. The interest rate resets on a periodic basis, the majority of which are weekly but may be daily or monthly. Unless a reference rate and spread is shown parenthetically, the Remarketing Agent, generally a dealer, determines the interest rate for the security at each interest rate reset date. The rate is typically based on the SIFMA Municipal Swap Index. |
EFFR — | Effective Federal Funds Rate is published daily by the Federal Reserve Bank of New York and is based on the interest rate financial institutions charge each other for overnight funds. |
FICC — | Fixed Income Clearing Corp |
HFA — | Housing finance agency/authority |
LOC — | Letter of credit |
M/F — | Multi-family |
RB — | Revenue bond |
S/F — | Single-family |
SIFMA — | Securities Industry and Financial Markets Association. The SIFMA Municipal Swap Index is a market index comprised of high-grade 7-day tax-exempt Variable Rate Demand Obligations with certain characteristics. |
SOFR — | Secured Overnight Financing Rate is published daily by the Federal Reserve Bank of New York and is based on the cost of borrowing cash overnight collateralized by U.S. Treasury securities. |
US TBILL — | The reference rate is the weekly auction stop for the U.S. Treasury Bill. |
VRDN — | Variable rate demand note |
Assets | ||
Investments in securities, at cost and value - unaffiliated (Note 2a) | $12,048,036,480 | |
Repurchase agreements, at cost and value — unaffiliated (Note 2a) | 23,863,068,180 | |
Receivables: | ||
Fund shares sold | 60,981,007 | |
Interest | 28,029,128 | |
Prepaid expenses | + | 546,581 |
Total assets | 36,000,661,376 | |
Liabilities | ||
Payables: | ||
Investments bought | 315,868,386 | |
Fund shares redeemed | 14,713,842 | |
Investment adviser and administrator fees | 1,802,649 | |
Distributions to shareholders | 159,753 | |
Shareholder service fees | 50,833 | |
Independent trustees’ fees | 443 | |
Accrued expenses | + | 736,964 |
Total liabilities | 333,332,870 | |
Net assets | $35,667,328,506 | |
Net Assets by Source | ||
Capital received from investors | $35,667,328,506 | |
Net assets | $35,667,328,506 |
Net Asset Value (NAV) by Share Class | |||||
Share Class | Net Assets | ÷ | Shares Outstanding | = | NAV |
Sweep Shares | $24,159,220,292 | 24,159,075,635 | $1.00 | ||
Investor Shares | $6,781,876,508 | 6,781,752,270 | $1.00 | ||
Ultra Shares | $4,726,231,706 | 4,726,238,856 | $1.00 | ||
For the period January 1, 2021 through December 31, 2021 | ||
Investment Income | ||
Interest received from securities - unaffiliated | $28,773,481 | |
Expenses | ||
Investment adviser and administrator fees | 61,651,820 | |
Shareholder service fees: | ||
Sweep Shares | 52,171,410 | |
Investor Shares | 13,419,888 | |
Registration fees | 821,326 | |
Custodian fees | 419,345 | |
Portfolio accounting fees | 414,720 | |
Shareholder reports | 401,939 | |
Professional fees | 137,838 | |
Transfer agent fees | 97,590 | |
Independent trustees’ fees | 89,021 | |
Other expenses | + | 318,039 |
Total expenses | 129,942,936 | |
Expense reduction by investment adviser and its affiliates | – | 108,897,025 |
Net expenses | – | 21,045,911 |
Net investment income | 7,727,570 | |
REALIZED GAINS (LOSSES) | ||
Net realized gains on sales of securities - unaffiliated | 117,866 | |
Increase in net assets resulting from operations | $7,845,436 |
OPERATIONS | |||
1/1/21-12/31/21 | 1/1/20-12/31/20 | ||
Net investment income | $7,727,570 | $71,392,255 | |
Net realized gains | + | 117,866 | 5,375 |
Increase in net assets from operations | $7,845,436 | $71,397,630 | |
DISTRIBUTIONS TO SHAREHOLDERS1 | |||
Sweep Shares | ($5,121,566) | ($29,441,697) | |
Investor Shares | (1,852,305) | (41,930,643) | |
Ultra Shares | + | (860,246) | (22,585) |
Total distributions | ($7,834,117) | ($71,394,925) | |
TRANSACTIONS IN FUND SHARES*,1 | |||
Shares Sold | |||
Sweep Shares | 36,238,466,978 | 85,957,904,791 | |
Investor Shares | 5,161,189,251 | 23,334,546,656 | |
Ultra Shares | + | 7,375,013,859 | 2,223,298,968 |
Total shares sold | 48,774,670,088 | 111,515,750,415 | |
Shares Reinvested | |||
Sweep Shares | 5,049,524 | 29,440,336 | |
Investor Shares | 1,408,653 | 34,089,502 | |
Ultra Shares | + | 737,509 | 14,496 |
Total shares reinvested | 7,195,686 | 63,544,334 | |
Shares Redeemed | |||
Sweep Shares | (32,203,488,522) | (78,318,071,859) | |
Investor Shares | (10,361,209,799) | (24,824,251,174) | |
Ultra Shares | + | (4,296,794,714) | (576,031,262) |
Total shares redeemed | (46,861,493,035) | (103,718,354,295) | |
Net transactions in fund shares | 1,920,372,739 | 7,860,940,454 | |
NET ASSETS | |||
Beginning of period | $33,746,944,448 | $25,886,001,289 | |
Total increase | + | 1,920,384,058 | 7,860,943,159 |
End of period | $35,667,328,506 | $33,746,944,448 |
* | Transactions took place at $1.00 per share; figures for share quantities are the same as for dollars. |
1 | Ultra Shares commenced operations on September 24, 2020. |
Investor Shares | 1/1/21– 12/31/21 | 1/1/20– 12/31/20 | 1/1/19– 12/31/19 | 1/17/18 1– 12/31/18 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | ||
Income (loss) from investment operations: | ||||||
Net investment income (loss)2 | 0.00 3 | 0.00 3 | 0.02 | 0.02 | ||
Net realized and unrealized gains (losses) | 0.00 3 | 0.00 3 | 0.00 3 | (0.01) 4 | ||
Total from investment operations | 0.00 3 | 0.00 3 | 0.02 | 0.01 | ||
Less distributions: | ||||||
Distributions from net investment income | (0.00) 3,5 | (0.00) 3 | (0.02) | (0.01) | ||
Distributions from net realized gains | (0.00) 3 | (0.00) 3 | (0.00) 3 | (0.00) 3 | ||
Total distributions | (0.00) 3 | (0.00) 3 | (0.02) | (0.01) | ||
Net asset value at end of period | $1.00 | $1.00 | $1.00 | $1.00 | ||
Total return | 0.02% 5 | 0.27% | 1.84% | 1.40% 6 | ||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.05% 7 | 0.23% 7,8 | 0.35% | 0.35% 9 | ||
Gross operating expenses | 0.35% | 0.45% | 0.49% | 0.49% 9 | ||
Net investment income (loss) | 0.02% | 0.15% | 1.77% | 1.64% 9 | ||
Net assets, end of period (x 1,000,000) | $7,468 | $11,297 | $7,517 | $3,414 |
1 | Commencement of operations. |
2 | Calculated based on the average shares outstanding during the period. |
3 | Per-share amount was less than $0.005. |
4 | The per share amount does not accord with the change in aggregate gains and losses in securities during the period because of the timing of fund transactions in relation to fluctuating market values. |
5 | These amounts include a non-recurring special distribution. The effect on the distributions from net investment income was less than $0.005 and the effect on the total return was 0.01%. |
6 | Not annualized. |
7 | Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation. (See financial note 4) |
8 | Effective September 24, 2020, the contractual expense limitation changed. The ratio presented for period ended December 31, 2020 is a blended ratio. |
9 | Annualized. |
Ultra Shares | 1/1/21– 12/31/21 | 9/24/20 1– 12/31/20 | ||||
Per-Share Data | ||||||
Net asset value at beginning of period | $1.00 | $1.00 | ||||
Income (loss) from investment operations: | ||||||
Net investment income (loss)2 | 0.00 3 | 0.00 3 | ||||
Net realized and unrealized gains (losses) | 0.00 3 | 0.00 3 | ||||
Total from investment operations | 0.00 3 | 0.00 3 | ||||
Less distributions: | ||||||
Distributions from net investment income | (0.00) 3,4 | (0.00) 3 | ||||
Distributions from net realized gains | (0.00) 3 | (0.00) 3 | ||||
Total distributions | (0.00) 3 | (0.00) 3 | ||||
Net asset value at end of period | $1.00 | $1.00 | ||||
Total return | 0.02% 4 | 0.00% 5,6 | ||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.05% 7 | 0.12% 7,8 | ||||
Gross operating expenses | 0.20% | 0.21% 8 | ||||
Net investment income (loss) | 0.02% | 0.01% 8 | ||||
Net assets, end of period (x 1,000,000) | $3,850 | $2,260 |
1 | Commencement of operations. |
2 | Calculated based on the average shares outstanding during the period. |
3 | Per-share amount was less than $0.005. |
4 | These amounts include a non-recurring special distribution. The effect on the distributions from net investment income was less than $0.005 and the effect on the total return was 0.01%. |
5 | Not annualized. |
6 | Percentage was less than 0.005%. |
7 | Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation. (See financial note 4) |
8 | Annualized. |
Issuer | Footnotes | Rate | Effective Maturity | Maturity Date | Face Amount ($) | Value ($) |
U.S. GOVERNMENT AGENCY DEBT 10.2% OF NET ASSETS | ||||||
FEDERAL FARM CREDIT BANKS FUNDING CORP | 0.00% | 01/05/22 | 51,835,000 | 51,834,997 | ||
0.01% | 01/19/22 | 25,000,000 | 24,999,889 | |||
FEDERAL HOME LOAN BANKS | 0.01% | 01/21/22 | 350,000,000 | 349,999,125 | ||
0.00% | 01/26/22 | 500,000,000 | 499,998,403 | |||
0.01% | 01/28/22 | 25,000,000 | 24,999,826 | |||
0.02% | 02/25/22 | 199,600,000 | 199,594,123 | |||
Total U.S. Government Agency Debt (Cost $1,151,426,363) | 1,151,426,363 | |||||
U.S. TREASURY DEBT 89.7% OF NET ASSETS | ||||||
UNITED STATES TREASURY | 0.00% | 01/11/22 | 150,000,000 | 149,999,967 | ||
0.00% | 01/13/22 | 24,000,000 | 24,000,000 | |||
0.03% | 01/13/22 | 379,934,000 | 379,930,834 | |||
0.05% | 01/13/22 | 150,000,000 | 149,997,979 | |||
2.50% | 01/15/22 | 27,911,000 | 27,933,096 | |||
0.00% | 01/18/22 | 69,000,000 | 69,000,000 | |||
0.00% | 01/25/22 | 250,000,000 | 250,000,000 | |||
0.01% | 01/25/22 | 24,000,000 | 23,999,927 | |||
0.00% | 01/27/22 | 84,000,000 | 84,000,000 | |||
(3 mo. US TBILL + 0.15%) | (a) | 0.24% | 01/03/22 | 01/31/22 | 162,600,000 | 162,602,330 |
1.38% | 01/31/22 | 97,600,000 | 97,697,663 | |||
0.03% | 02/01/22 | 250,000,000 | 249,994,965 | |||
0.04% | 02/01/22 | 620,000,000 | 619,981,110 | |||
0.01% | 02/03/22 | 415,000,000 | 414,998,213 | |||
0.04% | 02/03/22 | 1,298,991,000 | 1,298,947,161 | |||
0.05% | 02/03/22 | 125,000,000 | 124,994,618 | |||
0.00% | 02/08/22 | 350,000,000 | 350,000,000 | |||
0.01% | 02/10/22 | 350,000,000 | 349,996,306 | |||
0.04% | 02/10/22 | 250,000,000 | 249,989,444 | |||
0.01% | 02/15/22 | 201,000,000 | 200,998,800 | |||
2.00% | 02/15/22 | 100,000,000 | 100,227,664 | |||
2.50% | 02/15/22 | 213,000,000 | 213,608,189 | |||
0.04% | 02/17/22 | 250,000,000 | 249,987,344 | |||
0.05% | 02/17/22 | 325,000,000 | 324,981,719 | |||
0.01% | 02/22/22 | 139,917,000 | 139,915,613 |
Issuer | Footnotes | Rate | Effective Maturity | Maturity Date | Face Amount ($) | Value ($) |
0.02% | 02/22/22 | 150,000,000 | 149,996,458 | |||
1.13% | 02/28/22 | 71,000,000 | 71,117,792 | |||
1.75% | 02/28/22 | 150,000,000 | 150,393,918 | |||
1.88% | 02/28/22 | 212,900,000 | 213,494,327 | |||
0.06% | 03/01/22 | 200,000,000 | 199,982,583 | |||
2.38% | 03/15/22 | 96,200,000 | 96,631,596 | |||
0.04% | 03/31/22 | 250,000,000 | 249,975,833 | |||
0.38% | 03/31/22 | 67,629,000 | 67,679,809 | |||
1.75% | 03/31/22 | 115,400,000 | 115,855,120 | |||
1.88% | 03/31/22 | 48,300,000 | 48,507,788 | |||
0.06% | 04/12/22 | 20,096,000 | 20,092,933 | |||
2.25% | 04/15/22 | 338,800,000 | 340,861,118 | |||
0.11% | 04/26/22 | 60,000,000 | 59,980,225 | |||
0.13% | 04/30/22 | 45,522,000 | 45,527,999 | |||
(3 mo. US TBILL + 0.11%) | (a) | 0.20% | 01/03/22 | 04/30/22 | 117,100,000 | 117,118,126 |
1.75% | 04/30/22 | 70,000,000 | 70,377,298 | |||
0.13% | 05/03/22 | 100,000,000 | 99,958,350 | |||
1.75% | 06/15/22 | 48,618,000 | 48,984,154 | |||
0.09% | 07/14/22 | 57,000,000 | 56,972,640 | |||
(3 mo. US TBILL + 0.06%) | (a) | 0.14% | 01/03/22 | 07/31/22 | 43,000,000 | 43,006,237 |
1.88% | 07/31/22 | 158,600,000 | 160,240,241 | |||
2.00% | 07/31/22 | 50,000,000 | 50,551,962 | |||
0.11% | 08/11/22 | 36,300,000 | 36,276,708 | |||
1.50% | 08/15/22 | 62,700,000 | 63,249,834 | |||
1.63% | 08/15/22 | 88,400,000 | 89,225,452 | |||
0.13% | 08/31/22 | 90,000,000 | 90,028,920 | |||
1.63% | 08/31/22 | 34,000,000 | 34,345,884 | |||
1.88% | 08/31/22 | 100,000,000 | 101,181,791 | |||
1.50% | 09/15/22 | 30,000,000 | 30,297,148 | |||
0.13% | 09/30/22 | 30,000,000 | 30,008,608 | |||
1.88% | 09/30/22 | 15,000,000 | 15,192,104 | |||
(3 mo. US TBILL + 0.06%) | (a) | 0.14% | 01/03/22 | 10/31/22 | 283,500,000 | 283,496,847 |
(3 mo. US TBILL + 0.05%) | (a) | 0.13% | 01/03/22 | 01/31/23 | 115,400,000 | 115,430,175 |
(3 mo. US TBILL + 0.03%) | (a) | 0.11% | 01/03/22 | 07/31/23 | 159,000,000 | 159,003,798 |
(3 mo. US TBILL + 0.04%) | (a) | 0.12% | 01/03/22 | 10/31/23 | 325,000,000 | 325,045,268 |
Total U.S. Treasury Debt (Cost $10,157,871,986) | 10,157,871,986 | |||||
Total Investments in Securities (Cost $11,309,298,349) | 11,309,298,349 |
(a) | Variable rate security; rate shown is effective rate at period end. |
US TBILL — | The reference rate is the weekly auction stop for the U.S. Treasury Bill. |
Assets | ||
Investments in securities, at cost and value - unaffiliated (Note 2a) | $11,309,298,349 | |
Receivables: | ||
Fund shares sold | 105,605,003 | |
Interest | 13,683,821 | |
Prepaid expenses | + | 113,589 |
Total assets | 11,428,700,762 | |
Liabilities | ||
Payables: | ||
Investments bought | 99,958,350 | |
Fund shares redeemed | 10,291,018 | |
Investment adviser and administrator fees | 372,598 | |
Distributions to shareholders | 107,706 | |
Independent trustees’ fees | 235 | |
Accrued expenses | + | 280,830 |
Total liabilities | 111,010,737 | |
Net assets | $11,317,690,025 | |
Net Assets by Source | ||
Capital received from investors | $11,317,690,025 | |
Net assets | $11,317,690,025 |
Net Asset Value (NAV) by Share Class | |||||
Share Class | Net Assets | ÷ | Shares Outstanding | = | NAV |
Investor Shares | $7,467,951,901 | 7,467,406,002 | $1.00 | ||
Ultra Shares | $3,849,738,124 | 3,849,380,754 | $1.00 | ||
For the period January 1, 2021 through December 31, 2021 | ||
Investment Income | ||
Interest received from securities - unaffiliated | $8,431,013 | |
Expenses | ||
Investment adviser and administrator fees | 21,748,946 | |
Shareholder service fees: | ||
Investor Shares | 12,974,236 | |
Registration fees | 707,677 | |
Portfolio accounting fees | 152,365 | |
Custodian fees | 120,853 | |
Professional fees | 68,675 | |
Shareholder reports | 55,857 | |
Independent trustees’ fees | 52,010 | |
Transfer agent fees | 33,189 | |
Other expenses | + | 136,661 |
Total expenses | 36,050,469 | |
Expense reduction by investment adviser and its affiliates | – | 30,061,621 |
Net expenses | – | 5,988,848 |
Net investment income | 2,442,165 | |
REALIZED GAINS (LOSSES) | ||
Net realized gains on sales of securities - unaffiliated | 36,463 | |
Increase in net assets resulting from operations | $2,478,628 |
OPERATIONS | |||
1/1/21-12/31/21 | 1/1/20-12/31/20 | ||
Net investment income | $2,442,165 | $22,517,821 | |
Net realized gains | + | 36,463 | 57,156 |
Increase in net assets from operations | $2,478,628 | $22,574,977 | |
DISTRIBUTIONS TO SHAREHOLDERS1 | |||
Investor Shares | ($1,801,826) | ($22,517,362) | |
Ultra Shares | + | (662,132) | (31,600) |
Total distributions | ($2,463,958) | ($22,548,962) | |
TRANSACTIONS IN FUND SHARES*,1 | |||
Shares Sold | |||
Investor Shares | 3,352,593,664 | 29,346,089,219 | |
Ultra Shares | + | 7,366,011,332 | 2,973,597,958 |
Total shares sold | 10,718,604,996 | 32,319,687,177 | |
Shares Reinvested | |||
Investor Shares | 1,270,465 | 18,040,784 | |
Ultra Shares | + | 471,471 | 13,520 |
Total shares reinvested | 1,741,936 | 18,054,304 | |
Shares Redeemed | |||
Investor Shares | (7,183,136,807) | (25,583,897,686) | |
Ultra Shares | + | (5,776,830,785) | (713,882,742) |
Total shares redeemed | (12,959,967,592) | (26,297,780,428) | |
Net transactions in fund shares | (2,239,620,660) | 6,039,961,053 | |
NET ASSETS | |||
Beginning of period | $13,557,296,015 | $7,517,308,947 | |
Total increase (decrease) | + | (2,239,605,990) | 6,039,987,068 |
End of period | $11,317,690,025 | $13,557,296,015 |
* | Transactions took place at $1.00 per share; figures for share quantities are the same as for dollars. |
1 | Ultra Shares commenced operations on September 24, 2020. |
Investor Shares | 1/1/21– 12/31/21 | 1/1/20– 12/31/20 | 1/1/19– 12/31/19 | 1/1/18– 12/31/18 | 1/1/17– 12/31/171 | |
Per-Share Data | ||||||
Net asset value at beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)2 | 0.00 3 | 0.00 3 | 0.02 | 0.02 | 0.01 | |
Net realized and unrealized gains (losses) | 0.00 3 | 0.00 3 | 0.00 3 | (0.01) 4 | 0.00 3 | |
Total from investment operations | 0.00 3 | 0.00 3 | 0.02 | 0.01 | 0.01 | |
Less distributions: | ||||||
Distributions from net investment income | (0.00) 3 | (0.00) 3 | (0.02) | (0.01) | (0.01) | |
Distributions from net realized gains | (0.00) 3 | (0.00) 3 | (0.00) 3 | — | (0.00) 3 | |
Total distributions | (0.00) 3 | (0.00) 3 | (0.02) | (0.01) | (0.01) | |
Net asset value at end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | |
Total return | 0.01% | 0.27% | 1.89% | 1.51% | 0.58% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.06% 5 | 0.30% 5,6 | 0.35% | 0.35% | 0.33% 5,7 | |
Gross operating expenses | 0.35% | 0.46% | 0.48% | 0.49% | 0.54% | |
Net investment income (loss) | 0.01% | 0.27% | 1.86% | 1.57% | 0.65% | |
Net assets, end of period (x 1,000,000) | $5,632 | $7,573 | $10,820 | $7,545 | $3,125 |
1 | Effective October 3, 2017, the share class name of Value Advantage Shares was changed to Investor Shares. |
2 | Calculated based on the average shares outstanding during the period. |
3 | Per-share amount was less than $0.005. |
4 | The per share amount does not accord with the change in aggregate gains and losses in securities during the period because of the timing of fund transactions in relation to fluctuating market values. |
5 | Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation. (See financial note 4) |
6 | Effective September 24, 2020, the contractual expense limitation changed. The ratio presented for period ended December 31, 2020 is a blended ratio. |
7 | Effective October 3, 2017, the contractual expense limitation changed. The ratio presented for period ended December 31, 2017 is a blended ratio. |
Ultra Shares | 1/1/21– 12/31/21 | 9/24/20 1– 12/31/20 | ||||
Per-Share Data | ||||||
Net asset value at beginning of period | $1.00 | $1.00 | ||||
Income (loss) from investment operations: | ||||||
Net investment income (loss)2 | 0.00 3 | 0.00 3 | ||||
Net realized and unrealized gains (losses) | 0.00 3 | 0.00 3 | ||||
Total from investment operations | 0.00 3 | 0.00 3 | ||||
Less distributions: | ||||||
Distributions from net investment income | (0.00) 3 | (0.00) 3 | ||||
Distributions from net realized gains | (0.00) 3 | (0.00) 3 | ||||
Total distributions | (0.00) 3 | (0.00) 3 | ||||
Net asset value at end of period | $1.00 | $1.00 | ||||
Total return | 0.01% | 0.00% 4,5 | ||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.06% 6 | 0.16% 6,7 | ||||
Gross operating expenses | 0.20% | 0.21% 7 | ||||
Net investment income (loss) | 0.01% | 0.01% 7 | ||||
Net assets, end of period (x 1,000,000) | $2,244 | $1,754 |
1 | Commencement of operations. |
2 | Calculated based on the average shares outstanding during the period. |
3 | Per-share amount was less than $0.005. |
4 | Not annualized. |
5 | Percentage was less than 0.005%. |
6 | Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation. (See financial note 4) |
7 | Annualized. |
Issuer | Footnotes | Rate | Effective Maturity | Maturity Date | Face Amount ($) | Value ($) |
U.S. TREASURY DEBT 36.0% OF NET ASSETS | ||||||
UNITED STATES TREASURY | ||||||
(3 mo. US TBILL + 0.15%) | (a)(b) | 0.24% | 01/03/22 | 01/31/22 | 315,300,000 | 315,309,906 |
1.38% | 01/31/22 | 79,800,000 | 79,879,861 | |||
1.50% | 01/31/22 | 100,800,000 | 100,908,392 | |||
2.50% | 02/15/22 | 40,000,000 | 40,113,890 | |||
1.88% | 02/28/22 | 111,400,000 | 111,708,562 | |||
2.38% | 03/15/22 | 91,700,000 | 92,110,668 | |||
1.75% | 03/31/22 | 85,600,000 | 85,937,591 | |||
1.88% | 03/31/22 | 34,900,000 | 35,050,141 | |||
2.25% | 04/15/22 | 40,500,000 | 40,745,395 | |||
0.11% | 04/26/22 | 99,500,000 | 99,467,207 | |||
0.13% | 04/30/22 | 10,000,000 | 10,001,321 | |||
(3 mo. US TBILL + 0.11%) | (b) | 0.20% | 01/03/22 | 04/30/22 | 64,200,000 | 64,204,526 |
1.88% | 04/30/22 | 24,000,000 | 24,136,450 | |||
0.13% | 05/03/22 | 68,000,000 | 67,971,678 | |||
0.13% | 05/31/22 | 65,000,000 | 65,006,618 | |||
1.75% | 05/31/22 | 20,000,000 | 20,134,846 | |||
1.88% | 05/31/22 | 54,000,000 | 54,383,683 | |||
0.11% | 06/09/22 | 9,000,000 | 8,995,859 | |||
0.13% | 06/09/22 | 50,000,000 | 49,972,634 | |||
1.75% | 06/15/22 | 86,000,000 | 86,634,038 | |||
0.13% | 06/30/22 | 7,100,000 | 7,099,268 | |||
1.75% | 06/30/22 | 9,500,000 | 9,577,836 | |||
0.09% | 07/14/22 | 39,800,000 | 39,780,896 | |||
0.13% | 07/31/22 | 29,200,000 | 29,208,394 | |||
(3 mo. US TBILL + 0.06%) | (b) | 0.14% | 01/03/22 | 07/31/22 | 182,500,000 | 182,502,538 |
1.88% | 07/31/22 | 41,400,000 | 41,827,379 | |||
0.11% | 08/11/22 | 25,300,000 | 25,283,766 | |||
1.50% | 08/15/22 | 110,700,000 | 111,669,096 | |||
1.63% | 08/15/22 | 61,600,000 | 62,175,202 | |||
0.13% | 08/31/22 | 94,000,000 | 94,029,241 | |||
1.63% | 08/31/22 | 59,700,000 | 60,281,462 | |||
1.88% | 08/31/22 | 26,000,000 | 26,307,266 | |||
1.50% | 09/15/22 | 113,700,000 | 114,824,048 | |||
0.13% | 09/30/22 | 55,900,000 | 55,915,334 | |||
1.75% | 09/30/22 | 38,000,000 | 38,466,672 |
Issuer | Footnotes | Rate | Effective Maturity | Maturity Date | Face Amount ($) | Value ($) |
1.88% | 09/30/22 | 24,600,000 | 24,915,050 | |||
(3 mo. US TBILL + 0.06%) | (b) | 0.14% | 01/03/22 | 10/31/22 | 91,000,000 | 90,999,520 |
(3 mo. US TBILL + 0.05%) | (b) | 0.13% | 01/03/22 | 01/31/23 | 54,900,000 | 54,911,015 |
(3 mo. US TBILL + 0.03%) | (b) | 0.12% | 01/03/22 | 04/30/23 | 28,000,000 | 28,003,371 |
(3 mo. US TBILL + 0.03%) | (b) | 0.11% | 01/03/22 | 07/31/23 | 216,000,000 | 216,004,563 |
(3 mo. US TBILL + 0.04%) | (b) | 0.12% | 01/03/22 | 10/31/23 | 68,700,000 | 68,712,589 |
Total U.S. Treasury Debt (Cost $2,835,167,772) | 2,835,167,772 |
ISSUER | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | MATURITY AMOUNT ($) | VALUE ($) |
REPURCHASE AGREEMENTS 63.0% OF NET ASSETS | ||||||
U.S. TREASURY REPURCHASE AGREEMENTS 63.0% | ||||||
BANK OF NOVA SCOTIA | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 100,000,417 | 100,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $102,000,469, 0.00% - 2.88%, due 03/29/22 - 08/15/28) | ||||||
BARCLAYS BANK PLC | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 623,722 | 623,719 | ||
(Collateralized by U.S. Treasury Securities valued at $636,283, 2.75%, due 08/31/25) | ||||||
BNP PARIBAS SA | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 350,001,458 | 350,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $357,001,600, 0.75% - 5.50%, due 06/30/28 - 09/30/28) | ||||||
DEUTSCHE BANK AG (NEW YORK BRANCH) | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 50,000,208 | 50,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $51,000,255, 0.13% - 1.13%, due 02/28/23 - 02/28/27) | ||||||
FEDERAL RESERVE BANK OF NEW YORK | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 2,776,011,567 | 2,776,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $2,776,011,655, 1.50% - 2.38%, due 05/15/29 - 02/15/30) | ||||||
FICC - BANK OF NEW YORK | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.06% | 01/03/22 | 670,003,350 | 670,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $683,400,106, 2.88% - 4.75%, due 02/15/41 - 11/15/46) | ||||||
Issued 12/30/21, repurchase date 01/06/22 | 0.06% | 01/06/22 | 103,501,208 | 103,500,000 | ||
(Collateralized by U.S. Treasury Securities valued at $106,218,383, 1.00%, due 12/15/24) | ||||||
JP MORGAN SECURITIES LLC | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 200,000,833 | 200,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $204,000,001, 0.00% - 6.00%, due 04/21/22 - 05/15/27) | ||||||
Issued 12/29/21, repurchase date 01/05/22 | 0.05% | 01/05/22 | 204,001,983 | 204,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $208,080,764, 2.50%, due 01/15/22 - 02/15/22) |
ISSUER | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | MATURITY AMOUNT ($) | VALUE ($) |
Issued 12/30/21, repurchase date 01/06/22 | 0.05% | 01/06/22 | 300,002,917 | 300,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $306,000,451, 0.00% - 2.50%, due 02/15/22 - 11/30/23) | ||||||
RBC DOMINION SECURITIES INC | ||||||
Issued 10/28/21, repurchase date 01/24/22 | 0.06% | 01/07/22 | 142,016,803 | 142,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $144,859,475, 0.00% - 6.25%, due 03/22/22 - 05/15/51) | ||||||
Issued 11/26/21, repurchase date 03/01/22 | 0.07% | 01/07/22 | 66,005,390 | 66,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $67,332,496, 0.13% - 6.00%, due 02/15/23 - 11/15/51) | ||||||
4,962,123,719 | ||||||
Total Repurchase Agreements (Cost $4,962,123,719) | 4,962,123,719 | |||||
Total Investments in Securities (Cost $7,797,291,491) | 7,797,291,491 |
(a) | All or a portion of this security is held as collateral for delayed-delivery securities. |
(b) | Variable rate security; rate shown is effective rate at period end. |
FICC — | Fixed Income Clearing Corp |
US TBILL — | The reference rate is the weekly auction stop for the U.S. Treasury Bill. |
Assets | ||
Investments in securities, at cost and value - unaffiliated (Note 2a) | $2,835,167,772 | |
Repurchase agreements, at cost and value — unaffiliated (Note 2a) | 4,962,123,719 | |
Receivables: | ||
Fund shares sold | 155,885,176 | |
Interest | 6,960,152 | |
Prepaid expenses | + | 75,147 |
Total assets | 7,960,211,966 | |
Liabilities | ||
Payables: | ||
Investments bought | 67,971,678 | |
Fund shares redeemed | 15,821,870 | |
Investment adviser and administrator fees | 358,609 | |
Distributions to shareholders | 94,561 | |
Independent trustees’ fees | 198 | |
Accrued expenses | + | 224,205 |
Total liabilities | 84,471,121 | |
Net assets | $7,875,740,845 | |
Net Assets by Source | ||
Capital received from investors | $7,875,740,845 | |
Net assets | $7,875,740,845 |
Net Asset Value (NAV) by Share Class | |||||
Share Class | Net Assets | ÷ | Shares Outstanding | = | NAV |
Investor Shares | $5,631,617,936 | 5,631,574,940 | $1.00 | ||
Ultra Shares | $2,244,122,909 | 2,244,122,044 | $1.00 | ||
For the period January 1, 2021 through December 31, 2021 | ||
Investment Income | ||
Interest received from securities - unaffiliated | $5,977,007 | |
Expenses | ||
Investment adviser and administrator fees | 15,860,238 | |
Shareholder service fees: | ||
Investor Shares | 9,159,769 | |
Registration fees | 380,841 | |
Portfolio accounting fees | 145,548 | |
Custodian fees | 86,232 | |
Professional fees | 57,720 | |
Independent trustees’ fees | 45,879 | |
Shareholder reports | 40,124 | |
Transfer agent fees | 26,121 | |
Other expenses | + | 101,808 |
Total expenses | 25,904,280 | |
Expense reduction by investment adviser and its affiliates | – | 20,947,809 |
Net expenses | – | 4,956,471 |
Net investment income | 1,020,536 | |
REALIZED GAINS (LOSSES) | ||
Net realized gains on sales of securities - unaffiliated | 141,307 | |
Increase in net assets resulting from operations | $1,161,843 |
OPERATIONS | |||
1/1/21-12/31/21 | 1/1/20-12/31/20 | ||
Net investment income | $1,020,536 | $30,300,226 | |
Net realized gains | + | 141,307 | 8,789 |
Increase in net assets from operations | $1,161,843 | $30,309,015 | |
DISTRIBUTIONS TO SHAREHOLDERS1 | |||
Investor Shares | ($830,558) | ($30,263,364) | |
Ultra Shares | + | (312,394) | (41,584) |
Total distributions | ($1,142,952) | ($30,304,948) | |
TRANSACTIONS IN FUND SHARES*,1 | |||
Shares Sold | |||
Investor Shares | 4,104,127,424 | 17,426,820,437 | |
Ultra Shares | + | 5,204,907,250 | 2,394,046,136 |
Total shares sold | 9,309,034,674 | 19,820,866,573 | |
Shares Reinvested | |||
Investor Shares | 612,767 | 23,948,502 | |
Ultra Shares | + | 247,243 | 31,929 |
Total shares reinvested | 860,010 | 23,980,431 | |
Shares Redeemed | |||
Investor Shares | (6,045,832,432) | (20,698,011,339) | |
Ultra Shares | + | (4,714,777,107) | (640,333,407) |
Total shares redeemed | (10,760,609,539) | (21,338,344,746) | |
Net transactions in fund shares | (1,450,714,855) | (1,493,497,742) | |
NET ASSETS | |||
Beginning of period | $9,326,436,809 | $10,819,930,484 | |
Total decrease | + | (1,450,695,964) | (1,493,493,675) |
End of period | $7,875,740,845 | $9,326,436,809 |
* | Transactions took place at $1.00 per share; figures for share quantities are the same as for dollars. |
1 | Ultra Shares commenced operations on September 24, 2020. |
THE CHARLES SCHWAB FAMILY OF FUNDS (ORGANIZED OCTOBER 20, 1989) | |
Schwab Government Money Fund | Schwab Retirement Government Money Fund |
Schwab U.S. Treasury Money Fund | Schwab Municipal Money Fund |
Schwab Treasury Obligations Money Fund | Schwab AMT Tax-Free Money Fund |
Schwab Value Advantage Money Fund® | Schwab California Municipal Money Fund |
Schwab Variable Share Price Money Fund | Schwab New York Municipal Money Fund |
Schwab Government Money Fund | $23,863,068,180 |
Schwab Treasury Obligations Money Fund | 4,962,123,719 |
SHAREHOLDER SERVICING FEE | SWEEP ADMINISTRATION FEE | |
Schwab Government Money Fund | ||
Sweep Shares | 0.15% | 0.10% |
Investor Shares | 0.15% | n/a |
Ultra Shares | n/a | n/a |
Schwab U.S. Treasury Money Fund | ||
Investor Shares | 0.15% | n/a |
Ultra Shares | n/a | n/a |
Schwab Treasury Obligations Money Fund | ||
Investor Shares | 0.15% | n/a |
Ultra Shares | n/a | n/a |
Schwab Government Money Fund | |
Sweep Shares | 0.44% |
Investor Shares | 0.34% |
Ultra Shares | 0.19% |
Schwab U.S. Treasury Money Fund | |
Investor Shares | 0.34% |
Ultra Shares | 0.19% |
Schwab Treasury Obligations Money Fund | |
Investor Shares | 0.34% |
Ultra Shares | 0.19% |
CONTRACTUAL EXPENSE LIMITATION WAIVED AMOUNT | VOLUNTARY YIELD WAIVER/ REIMBURSEMENT AMOUNT | TOTAL WAIVED AMOUNT | |
Schwab Government Money Fund | $2,684,204 | $106,212,821 | $108,897,025 |
Schwab U.S. Treasury Money Fund | 1,313,841 | 28,747,780 | 30,061,621 |
Schwab Treasury Obligations Money Fund | 873,036 | 20,074,773 | 20,947,809 |
TOTAL AGGREGATE TRANSACTIONS | REALIZED GAINS (LOSSES) | |
Schwab Government Money Fund | $177,920,583 | $— |
Schwab U.S. Treasury Money Fund | — | — |
Schwab Treasury Obligations Money Fund | — | — |
5. Board of Trustees: |
TAX COST | |
Schwab Government Money Fund | $35,911,104,660 |
Schwab U.S. Treasury Money Fund | 11,309,298,349 |
Schwab Treasury Obligations Money Fund | 7,797,291,491 |
CURRENT FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS | |||
ORDINARY INCOME | LONG-TERM CAPITAL GAINS | ORDINARY INCOME | LONG-TERM CAPITAL GAINS | |
Schwab Government Money Fund | $7,827,838 | $6,279 | $71,394,925 | $— |
Schwab U.S. Treasury Money Fund | 2,442,165 | 21,793 | 22,548,962 | — |
Schwab Treasury Obligations Money Fund | 1,040,488 | 102,464 | 30,304,948 | — |
Denver, Colorado
February 17, 2022
Schwab Government Money Fund | 84.13% |
Schwab U.S. Treasury Money Fund | 84.61% |
Schwab Treasury Obligations Money Fund | 96.57% |
Schwab Government Money Fund | $17,598 |
Schwab U.S. Treasury Money Fund | 36,463 |
Schwab Treasury Obligations Money Fund | 121,355 |
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 |
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 (Jan. 2009 – present). Formerly, Managing Director, Pacific Investment Management Company, LLC (PIMCO) (investment management firm) and President, PIMCO Funds. | 103 | 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. President and Chairman (2014 – 2016), TIAA Charitable (financial services); Senior Managing Director (2003 – 2016), TIAA (financial services). | 103 | 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. | 103 | 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). | 103 | None |
Kiran M. Patel 1948 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) | Retired. Executive Vice President and General Manager of Small Business Group (Dec. 2008 – Sept. 2013), Intuit, Inc. (financial software and services firm for consumers and small businesses). | 103 | Director (2008 – present), KLA-Tencor Corporation |
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). | 103 | 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). | 103 | 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) | Director and Chief Executive Officer (Oct. 2008 – present) and President (Oct. 2008 – 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) and President and Chief Executive Officer (Aug. 2017 – present), Schwab Holdings, Inc.; Director (Oct. 2020 – present), TD Ameritrade Holding Corporation; Director (July 2016 – Oct. 2021), Charles Schwab Investment Management, Inc. | 103 | Director (2008 – present), The Charles Schwab Corporation |
Joseph R. Martinetto2 1962 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) | Chief Operating Officer (Feb. 2018 – present) and Senior Executive Vice President (July 2015 – Feb. 2018), The Charles Schwab Corporation; Senior Executive Vice President (July 2015 – present), Charles Schwab & Co., Inc.; Chief Financial Officer (July 2015 – Aug. 2017) and Executive Vice President and Chief Financial Officer (May 2007 – July 2015), The Charles Schwab Corporation and Charles Schwab & Co., Inc.; Director (May 2007 – present), Charles Schwab & Co., Inc.; Director (Apr. 2010 – present) and Chief Executive Officer (July 2013 – Apr. 2015), Charles Schwab Bank, SSB; Director (Nov. 2017 – present), Charles Schwab Premier Bank, SSB; Director (May 2007 – present), Chief Financial Officer (May 2007 – Aug. 2017), Senior Executive Vice President (Feb. 2016 – present), and Executive Vice President (May 2007 – Feb. 2016), Schwab Holdings, Inc.; Director (Oct. 2020 – present), TD Ameritrade Holding Corporation. | 103 | 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. 2020 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab Investment Management, Inc.; Senior Vice President (June 2020 – present) and Chief Operating Officer (Jan. 2020 – present), 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; Director (Apr. 2019 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Senior Vice President (Apr. 2019 – present), Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), and Vice President (Jan. 2009 – Dec. 2013), Charles Schwab & Co., Inc. |
Mark Fischer 1970 Treasurer, Chief Financial Officer and 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) | Treasurer and Chief Financial Officer (Jan. 2016 – present) and Chief Operating Officer (Dec. 2020 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Assistant Treasurer (Dec. 2013 – Dec. 2015), Schwab Funds and Laudus Trust; Assistant Treasurer (Nov. 2013 – Dec. 2015), Schwab ETFs; Chief Financial Officer (Mar. 2020 – present) and Vice President (Oct. 2013 – present), Charles Schwab Investment Management, Inc.; Executive Director (Apr. 2011 – Sept. 2013), J.P. Morgan Investor Services; Assistant Treasurer (May 2005 – Mar. 2011), Massachusetts Financial Service Investment Management. |
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) and Chief Investment Officer (Apr. 2011 – present), Senior Vice President (Apr. 2011 – Dec. 2021), Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Head of the Portfolio Management Group and Vice President of Portfolio Management (May 2009 – Apr. 2011), Financial Engines, Inc. (investment management firm); Head of Quantitative Equity (July 2004 – Jan. 2009), ING Investment Management. |
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; Senior Managing Director and Global Head of Active Fixed-Income Strategies (Jan. 2008 – Oct. 2010), State Street Global Advisors; Director of Alpha Strategies (Apr. 2006 – Jan. 2008), Loomis, Sayles & Company (investment management firm). |
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) | Vice President (July 2005 – present), Charles Schwab & Co., Inc.; Vice President (Sept. 2005 – present), Charles Schwab Investment Management, 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. |
1 | Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed. The retirement policy requires that each independent trustee retire by December 31 of the year in which the Trustee turns 74 or the Trustee’s twentieth year of service as an independent trustee on any trust in the Fund Complex, whichever occurs first. |
2 | Mr. Bettinger and Mr. Martinetto are Interested Trustees. Mr. Bettinger is an Interested Trustee because he owns stock of The Charles Schwab Corporation (CSC), the parent company of Charles Schwab Investment Management, Inc., the investment adviser for the trusts in the Fund Complex, and is an employee of Charles Schwab & Co., Inc. (Schwab), the principal underwriter for The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust. Mr. Martinetto is an Interested Trustee because he owns stock of CSC and is an employee and director of Schwab. |
3 | The President, Treasurer and Secretary/Clerk hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board. |
Schwab Funds
Member SIPC®
Printed on recycled paper.
¹ | State, local, and the Federal Alternative Minimum Tax may apply. Capital gains are not exempt from Federal Taxation. |
² | You could lose money by investing in the Schwab Money Funds. All Schwab Money Funds with the exception of Schwab Variable Share Price Money Fund seek to preserve the value of your investment at $1.00 per share, but cannot guarantee they will do so. Because the share price of Schwab Variable Share Price Money Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. All Schwab Money Funds with the exception of Schwab Government Money Fund, Schwab Retirement Government Money Fund, Schwab U.S. Treasury Money Fund, Schwab Treasury Obligations Money Fund and Schwab Government Money Market Portfolio may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Schwab Money Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Schwab Money Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time. |
Schwab AMT Tax-Free Money Fund
President of Schwab Asset
Management and the funds
covered in this report.
Linda Klingman, Managing Director and Head of Money Market Strategies for Schwab Asset Management, leads the portfolio management teams for taxable and tax-exempt Schwab Money Funds, and has overall responsibility for all aspects of the management of the funds. Prior to joining Schwab in 1990, she was a senior money market trader with AIM Management, Inc. for five years. She has managed money market funds since 1988. |
Kevin Shaughnessy, CFA, Senior Portfolio Manager, is responsible for the day-to-day co-management of the funds. Prior to joining Schwab in 2000, Mr. Shaughnessy spent four years as a portfolio manager with Wells Capital Management, where he was responsible for managing the firm’s California municipal money fund, as well as short duration, private client assets. |
Cameron Ullyatt, CFA, Senior Portfolio Manager, is responsible for the day-to-day co-management of the funds. Prior to joining Schwab in 2008, Mr. Ullyatt was a vice president and portfolio manager at OppenheimerFunds, where he was responsible for managing the firm’s municipal money fund assets. From 1999 to 2006, Mr. Ullyatt also worked as a credit analyst in OppenheimerFunds’ municipal bond and money market departments. |
Weighted Average Maturity2 | 33 Days |
1 | Maturity shown is the date the security matures, the date the interest rate on those securities is reset, or the date those securities can be redeemed through demand. |
2 | Money funds must maintain a dollar-weighted average maturity of no longer than 60 days and cannot invest in any security whose effective maturity is longer than 397 days (approximately 13 months). |
3 | Portfolio Composition is calculated using the Par Value (Face Value) of Investments and excludes cash. |
4 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
Schwab Municipal Money Fund | ||
Investor Shares | Ultra Shares | |
Ticker Symbol | SWTXX | SWOXX |
Minimum Initial Investment2 | None | $1,000,000 |
Seven-Day Yield (with waivers)3 | 0.01% | 0.01% |
Seven-Day Yield (without waivers)3 | -0.19% | -0.04% |
Seven-Day Effective Yield (with waivers)3 | 0.01% | 0.01% |
Seven-Day Taxable Equivalent Effective Yield3,4 | 0.02% | 0.02% |
1 | Due to a special distribution of ordinary income to shareholders of Schwab Money Funds, the fund’s stated yields temporarily increased. Because this increase was temporary, investors should not rely on these yields for making investment decisions. |
2 | Please see prospectus for further detail and eligibility requirements. |
3 | The Seven-Day Yield (with waivers) is the average income paid out over the previous seven days assuming interest income is not reinvested and it reflects the effect of any applicable waivers. Absent such waivers, the fund’s yield would have been lower. The Seven-Day Yield (without waivers) is the yield without the effect of any applicable waivers. The Seven-Day Effective Yield is the yield with waivers assuming that all interest income is reinvested in additional shares of the fund. For additional details, see financial note 5. |
4 | Taxable equivalent effective yield assumes a federal regular income tax rate of 40.80%, which includes a Medicare surcharge rate of 3.80%. Your tax rate may be different. |
Weighted Average Maturity2 | 27 Days |
1 | Maturity shown is the date the security matures, the date the interest rate on those securities is reset, or the date those securities can be redeemed through demand. |
2 | Money funds must maintain a dollar-weighted average maturity of no longer than 60 days and cannot invest in any security whose effective maturity is longer than 397 days (approximately 13 months). |
3 | Portfolio Composition is calculated using the Par Value (Face Value) of Investments and excludes cash. |
4 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
Schwab AMT Tax-Free Money Fund | ||
Investor Shares | Ultra Shares | |
Ticker Symbol | SWWXX | SCTXX |
Minimum Initial Investment2 | None | $1,000,000 |
Seven-Day Yield (with waivers)3 | 0.01% | 0.01% |
Seven-Day Yield (without waivers)3 | -0.22% | -0.07% |
Seven-Day Effective Yield (with waivers)3 | 0.01% | 0.01% |
Seven-Day Taxable Equivalent Effective Yield3,4 | 0.02% | 0.02% |
1 | Due to a special distribution of ordinary income to shareholders of Schwab Money Funds, the fund’s stated yields temporarily increased. Because this increase was temporary, investors should not rely on these yields for making investment decisions. |
2 | Please see prospectus for further detail and eligibility requirements. |
3 | The Seven-Day Yield (with waivers) is the average income paid out over the previous seven days assuming interest income is not reinvested and it reflects the effect of any applicable waivers. Absent such waivers, the fund’s yield would have been lower. The Seven-Day Yield (without waivers) is the yield without the effect of any applicable waivers. The Seven-Day Effective Yield is the yield with waivers assuming that all interest income is reinvested in additional shares of the fund. For additional details, see financial note 5. |
4 | Taxable equivalent effective yield assumes a federal regular income tax rate of 40.80%, which includes a Medicare surcharge rate of 3.80%. Your tax rate may be different. |
EXPENSE RATIO (ANNUALIZED)1,2 | BEGINNING ACCOUNT VALUE AT 7/1/21 | ENDING ACCOUNT VALUE (NET OF EXPENSES) AT 12/31/21 | EXPENSES PAID DURING PERIOD 7/1/21-12/31/213 | |
Schwab Municipal Money Fund | ||||
Investor Shares | ||||
Actual Return | 0.09% | $1,000.00 | $1,000.20 | $0.45 |
Hypothetical 5% Return | 0.09% | $1,000.00 | $1,024.75 | $0.46 |
Ultra Shares | ||||
Actual Return | 0.09% | $1,000.00 | $1,000.20 | $0.45 |
Hypothetical 5% Return | 0.09% | $1,000.00 | $1,024.75 | $0.46 |
Schwab AMT Tax-Free Money Fund | ||||
Investor Shares | ||||
Actual Return | 0.09% | $1,000.00 | $1,000.20 | $0.45 |
Hypothetical 5% Return | 0.09% | $1,000.00 | $1,024.75 | $0.46 |
Ultra Shares | ||||
Actual Return | 0.09% | $1,000.00 | $1,000.20 | $0.45 |
Hypothetical 5% Return | 0.09% | $1,000.00 | $1,024.75 | $0.46 |
1 | Based on the most recent six-month expense ratio; may differ from the expense ratio provided in the Financial Highlights. |
2 | Expense ratio (annualized) reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation. (See financial note 5) |
3 | Expenses for each fund are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 days of the period, and divided by 365 days of the fiscal year. |
Investor Shares | 1/1/21– 12/31/21 | 1/1/20– 12/31/20 | 1/1/19– 12/31/19 | 1/1/18– 12/31/18 | 1/1/17– 12/31/171 | |
Per-Share Data | ||||||
Net asset value at beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)2 | 0.00 3 | 0.00 3 | 0.01 | 0.01 | 0.00 3 | |
Net realized and unrealized gains (losses) | 0.00 3 | 0.00 3 | 0.00 3 | (0.00) 3 | 0.00 3 | |
Total from investment operations | 0.00 3 | 0.00 3 | 0.01 | 0.01 | 0.00 3 | |
Less distributions: | ||||||
Distributions from net investment income | (0.00) 3 | (0.00) 3 | (0.01) | (0.01) | (0.00) 3 | |
Distributions from net realized gains | (0.00) 3 | — | — | — | — | |
Total distributions | (0.00) 3 | (0.00) 3 | (0.01) | (0.01) | (0.00) 3 | |
Net asset value at end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | |
Total return | 0.02% | 0.35% | 1.20% | 1.15% | 0.48% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.11% 4 | 0.29% 4,5 | 0.34% | 0.34% | 0.42% 6 | |
Gross operating expenses | 0.35% | 0.45% | 0.48% | 0.48% | 0.53% | |
Net investment income (loss) | 0.01% | 0.35% | 1.19% | 1.17% | 0.50% | |
Net assets, end of period (x 1,000,000) | $1,597 | $2,041 | $2,674 | $2,735 | $822 |
1 | Effective October 3, 2017, the share class name of Value Advantage Shares was changed to Investor Shares. |
2 | Calculated based on the average shares outstanding during the period. |
3 | Per-share amount was less than $0.005. |
4 | Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation. (See financial note 5) |
5 | Effective September 24, 2020, the contractual expense limitation changed. The ratio presented for period ended December 31, 2020 is a blended ratio. |
6 | Effective October 3, 2017, the contractual expense limitation changed. The ratio presented for period ended December 31, 2017 is a blended ratio. |
Ultra Shares | 1/1/21– 12/31/21 | 1/1/20– 12/31/20 | 1/1/19– 12/31/19 | 1/1/18– 12/31/18 | 1/1/17– 12/31/171,2 | |
Per-Share Data | ||||||
Net asset value at beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)3 | 0.00 4 | 0.00 4 | 0.01 | 0.01 | 0.01 | |
Net realized and unrealized gains (losses) | 0.00 4 | 0.00 4 | 0.00 4 | (0.00) 4 | 0.00 4 | |
Total from investment operations | 0.00 4 | 0.00 4 | 0.01 | 0.01 | 0.01 | |
Less distributions: | ||||||
Distributions from net investment income | (0.00) 4 | (0.00) 4 | (0.01) | (0.01) | (0.01) | |
Distributions from net realized gains | (0.00) 4 | — | — | — | — | |
Total distributions | (0.00) 4 | (0.00) 4 | (0.01) | (0.01) | (0.01) | |
Net asset value at end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | |
Total return | 0.02% | 0.44% | 1.35% | 1.30% | 0.67% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.11% 5 | 0.19% 5,6 | 0.19% | 0.19% | 0.22% 7 | |
Gross operating expenses | 0.20% | 0.30% | 0.33% | 0.33% | 0.47% | |
Net investment income (loss) | 0.01% | 0.45% | 1.33% | 1.31% | 0.71% | |
Net assets, end of period (x 1,000,000) | $6,405 | $9,948 | $13,010 | $12,748 | $5,832 |
1 | Effective October 3, 2017, the share class name of Premier Shares was changed to Ultra Shares. |
2 | Effective November 17, 2017, the Select Shares merged into Ultra Shares. |
3 | Calculated based on the average shares outstanding during the period. |
4 | Per-share amount was less than $0.005. |
5 | Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation. (See financial note 5) |
6 | Effective September 24, 2020, the contractual expense limitation changed. The ratio presented for period ended December 31, 2020 is a blended ratio. |
7 | Effective October 3, 2017, the contractual expense limitation changed. The ratio presented for period ended December 31, 2017 is a blended ratio. |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
MUNICIPAL SECURITIES 99.9% OF NET ASSETS | ||||||
ALABAMA 2.4% | ||||||
Alabama HFA | ||||||
M/F Housing Refunding RB (Hunter Ridge Apts) Series 2005F (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.20% | 01/07/22 | 10,550,000 | 10,550,000 | |
Alabama Special Care Facility Financing Auth | ||||||
RB (Ascension Health) Series 2016B (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 2,390,000 | 2,390,000 | |
Birmingham IDB | ||||||
RB (Culton Properties) Series 2009A (LOC: FEDERAL HOME LOAN BANKS) | (a)(b) | 0.20% | 01/07/22 | 1,825,000 | 1,825,000 | |
Birmingham Water Works Board | ||||||
Water Refunding RB Series 2015A (ESCROW) (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.15% | 01/06/22 | 01/07/22 | 22,500,000 | 22,500,000 |
Black Belt Energy Gas District | ||||||
Gas Prepay RB Series 2018B1 (LOC: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.16% | 01/06/22 | 01/07/22 | 12,855,000 | 12,855,000 |
Homewood | ||||||
GO Bonds Series 2016 (LOC: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/07/22 | 4,000,000 | 4,000,000 | |
Huntsville Health Care Auth | ||||||
CP | 0.12% | 02/08/22 | 23,500,000 | 23,500,000 | ||
RB Series 2020B (LOC: BANK OF AMERICA NA) | (a)(c)(d) | 0.14% | 01/07/22 | 5,300,000 | 5,300,000 | |
Millport IDA | ||||||
IDRB (Steel Dust Recycling) Series 2007 (LOC: COMERICA BANK) | (a)(b) | 0.16% | 01/07/22 | 2,885,000 | 2,885,000 | |
IDRB (Steel Dust Recycling) Series 2011 (LOC: COMERICA BANK) | (a)(b) | 0.16% | 01/07/22 | 10,000,000 | 10,000,000 | |
Mobile Cnty IDA | ||||||
Gulf Opportunity Zone RB (SSAB Alabama) Series 2010B (LOC: SWEDBANK AB) | (a)(b) | 0.16% | 01/07/22 | 35,000,000 | 35,000,000 | |
Gulf Opportunity Zone RB (SSAB Alabama) Series 2011 (LOC: NORDEA BANK ABP) | (a)(b) | 0.15% | 01/07/22 | 10,000,000 | 10,000,000 | |
Recovery Zone Facility RB (SSAB Alabama) Series 2010A (LOC: SWEDBANK AB) | (a)(b) | 0.16% | 01/07/22 | 27,640,000 | 27,640,000 | |
Mobile Solid Waste Auth | ||||||
RB (Waste Management/Chastang) Series 2003 (LOC: WELLS FARGO BANK NA) | (a)(b) | 0.14% | 01/07/22 | 4,175,000 | 4,175,000 | |
Montgomery Downtown Redevelopment Auth | ||||||
RB (Southern Poverty Law Center) Series 2013 | (a)(b) | 0.15% | 01/07/22 | 15,000,000 | 15,000,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Troy Health Care Auth | ||||||
Lease RB (Southeast AL Rural Health Assoc) Series 2003 (LOC: FEDERAL HOME LOAN BANKS) | (a)(b) | 0.13% | 01/07/22 | 1,325,000 | 1,325,000 | |
188,945,000 | ||||||
ALASKA 0.0% | ||||||
Alaska Housing Finance Corp | ||||||
General Mortgage RB II Series 2018A | 2.15% | 06/01/22 | 140,000 | 141,006 | ||
Housing RB Series 2019B | 5.00% | 06/01/22 | 125,000 | 127,441 | ||
RB Series 2014A | 5.00% | 06/01/22 | 235,000 | 239,624 | ||
RB Series 2015B | 5.00% | 06/01/22 | 100,000 | 101,957 | ||
State Bonds II Series 2017A | 5.00% | 06/01/22 | 835,000 | 851,340 | ||
State Capital RB Series 2013A | 5.00% | 06/01/22 | 290,000 | 295,724 | ||
1,757,092 | ||||||
ARIZONA 0.5% | ||||||
Arizona IDA | ||||||
Hospital Refunding RB (Phoenix Children’s Hospital) Series 2019A (LOC: JPMORGAN CHASE BANK NA) | (a)(b) | 0.08% | 01/03/22 | 1,575,000 | 1,575,000 | |
Maricopa Cnty IDA | ||||||
RB (Banner Health) Series 2017D (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 1,670,000 | 1,670,000 | |
RB (Banner Health) Series 2019E 2019D 2019F (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 20,400,000 | 20,400,000 | |
Solid Waste Disposal RB (Michael Pylman Dairy) Series 2005 (LOC: COBANK ACB) | (a)(b) | 0.16% | 01/07/22 | 6,750,000 | 6,750,000 | |
Phoenix Civic Improvement Corp | ||||||
Jr Lien Water System RB Series 2020A (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 6,000,000 | 6,000,000 | |
Yavapai Cnty IDA | ||||||
RB (Skanon Investments Drake Cement) Series 2010A (LOC: BANK OF NOVA SCOTIA) | (a)(b) | 0.13% | 01/07/22 | 7,215,000 | 7,215,000 | |
43,610,000 | ||||||
CALIFORNIA 6.3% | ||||||
Alameda Cnty IDA | ||||||
RB (Golden West Paper Converting Corp) Series 2008A (LOC: BANK OF THE WEST) | (a)(b) | 0.21% | 01/07/22 | 2,545,000 | 2,545,000 | |
California | ||||||
GO CP Series A1 (LOC: WELLS FARGO BANK NA) | 0.11% | 01/27/22 | 11,000,000 | 11,000,000 | ||
GO CP Series A3 (LOC: UBS AG) | 0.09% | 01/05/22 | 4,930,000 | 4,930,000 | ||
GO CP Series A4 (LOC: TORONTO-DOMINION BANK/THE) | 0.11% | 02/01/22 | 2,000,000 | 2,000,000 | ||
GO CP Series A7 (LOC: STATE STREET BANK AND TRUST COMPANY) | 0.11% | 02/09/22 | 21,000,000 | 21,000,000 | ||
GO Refunding Bonds | 5.00% | 03/01/22 | 270,000 | 272,058 | ||
California Educational Facilities Auth | ||||||
CP Notes (Stanford Univ) Series S4 | 0.12% | 05/04/22 | 28,000,000 | 28,000,000 | ||
California Health Facilities Financing Auth | ||||||
RB (Kaiser Permanente) Series 2006E | 0.10% | 02/10/22 | 28,165,000 | 28,165,000 | ||
RB (Kaiser Permanente) Series 2006E | 0.12% | 03/02/22 | 8,320,000 | 8,320,000 | ||
RB (Kaiser Permanente) Series 2006E | 0.17% | 06/02/22 | 10,000,000 | 10,000,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
California Infrastructure & Economic Development Bank | ||||||
IDRB (Kruger & Sons) Series 2002 (LOC: BANK OF THE WEST) | (a)(b) | 0.16% | 01/07/22 | 1,320,000 | 1,320,000 | |
RB (Brightline West Passenger Rail) Series 2020A (ESCROW) | 0.20% | 02/01/22 | 8,755,000 | 8,755,000 | ||
California Statewide Communities Development Auth | ||||||
RB (Kaiser Permanente) Series 2004E | 0.10% | 02/10/22 | 14,000,000 | 14,000,000 | ||
RB (Kaiser Permanente) Series 2004E | 0.20% | 07/12/22 | 5,455,000 | 5,455,000 | ||
RB (Kaiser Permanente) Series 2004E | 0.21% | 07/13/22 | 710,000 | 710,000 | ||
RB (Kaiser Permanente) Series 2004I | 0.10% | 02/10/22 | 10,350,000 | 10,350,000 | ||
RB (Kaiser Permanente) Series 2004I | 0.12% | 03/10/22 | 4,700,000 | 4,700,000 | ||
RB (Kaiser Permanente) Series 2004K | 0.12% | 03/10/22 | 28,290,000 | 28,290,000 | ||
RB (Kaiser Permanente) Series 2004K | 0.20% | 07/06/22 | 15,120,000 | 15,120,000 | ||
RB (Kaiser Permanente) Series 2004K | 0.21% | 07/13/22 | 15,600,000 | 15,600,000 | ||
RB (Kaiser Permanente) Series 2006D | 0.17% | 06/14/22 | 6,500,000 | 6,500,000 | ||
RB (Kaiser Permanente) Series 2008B | 0.16% | 06/08/22 | 17,000,000 | 17,000,000 | ||
RB (Kaiser Permanente) Series 2008C | 0.12% | 03/03/22 | 10,000,000 | 10,000,000 | ||
RB (Kaiser Permanente) Series 2008C | 0.20% | 07/12/22 | 5,000,000 | 5,000,000 | ||
RB (Kaiser Permanente) Series 2009B1 | 0.11% | 01/19/22 | 10,260,000 | 10,260,000 | ||
RB (Kaiser Permanente) Series 2009B3 | 0.11% | 01/19/22 | 5,000,000 | 5,000,000 | ||
RB (Kaiser Permanente) Series 2009B3 | 0.17% | 06/14/22 | 18,500,000 | 18,500,000 | ||
RB (Kaiser Permanente) Series 2009B4 | 0.14% | 05/03/22 | 4,500,000 | 4,500,000 | ||
RB (Kaiser Permanente) Series 2009B5 | 0.12% | 03/03/22 | 20,000,000 | 20,000,000 | ||
RB (Kaiser Permanente) Series 2009B5 | 0.20% | 07/12/22 | 300,000 | 300,000 | ||
RB (Kaiser Permanente) Series 2009B6 | 0.16% | 05/11/22 | 36,700,000 | 36,700,000 | ||
Golden Gate Bridge & Highway District | ||||||
CP Series A (LIQ: JPMORGAN CHASE BANK NA) | 0.14% | 03/16/22 | 11,500,000 | 11,500,000 | ||
Jurupa USD | ||||||
GO Bonds Series 2017B (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 3,205,000 | 3,205,000 | |
Livermore Valley Joint USD | ||||||
GO Bonds Series 2019 (LIQ: CREDIT SUISSE AG) | (a)(c)(d) | 0.13% | 01/07/22 | 1,600,000 | 1,600,000 | |
Lodi USD | ||||||
GO Bonds Series 2021 (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/07/22 | 10,425,000 | 10,425,000 | |
Long Beach USD | ||||||
GO Bonds Series 2016B | 5.00% | 08/01/22 | 620,000 | 636,955 | ||
Los Angeles | ||||||
Wastewater System Refunding RB Series 2015C & D (LIQ: ROYAL BANK OF CANADA) (SIFMA Municipal Swap Index + 0.15%) | (a)(c)(d) | 0.25% | 01/06/22 | 06/01/22 | 7,475,000 | 7,475,000 |
Los Angeles Cnty Capital Asset Leasing Corp | ||||||
Lease Revenue CP Series A (LOC: BANK OF THE WEST) | 0.12% | 02/16/22 | 14,000,000 | 14,000,000 | ||
Lease Revenue CP Series B (LOC: US BANK NATIONAL ASSOCIATION) | 0.12% | 02/16/22 | 21,200,000 | 21,200,000 | ||
Los Angeles Dept of Airports | ||||||
Sub RB Series 2016A, 2017A, 2018A, 2018C, 2019F (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.16% | 01/07/22 | 1,030,000 | 1,030,000 | |
Sub RB Series 2021D (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.14% | 01/07/22 | 5,000,000 | 5,000,000 | |
Los Angeles Dept of Water & Power | ||||||
Water System RB Series 2014A (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 2,000,000 | 2,000,000 |
Los Angeles USD | ||||||
GO Refunding Bonds Series 2017A | 5.00% | 07/01/22 | 150,000 | 153,509 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Nuveen California Quality Municipal Income Fund | ||||||
Variable Rate Demand Preferred Shares Series 1 (LOC: SOCIETE GENERALE SA) | (a)(b)(c) | 0.19% | 01/07/22 | 5,000,000 | 5,000,000 | |
Variable Rate Demand Preferred Shares Series 4 (LOC: ROYAL BANK OF CANADA) | (a)(b)(c) | 0.17% | 01/07/22 | 3,000,000 | 3,000,000 | |
Variable Rate Demand Preferred Shares Series 6 (LOC: JPMORGAN CHASE BANK NA) | (a)(b)(c) | 0.19% | 01/07/22 | 700,000 | 700,000 | |
Variable Rate Demand Preferred Shares Series 7 (LOC: ROYAL BANK OF CANADA) | (a)(b)(c) | 0.17% | 01/07/22 | 9,000,000 | 9,000,000 | |
San Diego Cnty Regional Airport Auth | ||||||
Sub Airport RB Series 2021B (LOC: BANK OF AMERICA NA) | (a)(c)(d) | 0.17% | 01/07/22 | 2,280,000 | 2,280,000 | |
San Diego Cnty Water Auth | ||||||
CP Series 10 (LIQ: BANK OF THE WEST) | 0.10% | 02/02/22 | 8,600,000 | 8,600,000 | ||
CP Series 9 (LIQ: BANK OF AMERICA NA) | 0.11% | 01/12/22 | 10,000,000 | 10,000,000 | ||
San Diego Public Facilities Financing Auth | ||||||
Sub Water Revenue CP Series A (LOC: BANK OF AMERICA NA) | 0.22% | 07/14/22 | 15,000,000 | 15,000,000 | ||
San Francisco Bay Area Rapid Transit District | ||||||
GO BondsSeries 2019F-1 | 4.00% | 08/01/22 | 140,000 | 143,032 | ||
Sales Tax RB Series 2019A (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 5,800,000 | 5,800,000 | |
San Francisco Public Utilities Commission | ||||||
Wastewater CP Series A1 (LOC: SUMITOMO MITSUI BANKING CORPORATION) | 0.12% | 02/16/22 | 8,002,000 | 8,002,000 | ||
Water RB 2011 & 2012A (ESCROW) (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 2,250,000 | 2,250,000 |
Santa Clara Cnty | ||||||
Lease RB Series 2019A (LIQ: CITIBANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 2,540,000 | 2,540,000 | |
Univ of California | ||||||
General RB Series 2014AM (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 950,000 | 950,000 |
505,782,554 | ||||||
COLORADO 1.9% | ||||||
Boulder Valley SD | ||||||
GO Bonds Series 2015 (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/07/22 | 6,570,000 | 6,570,000 | |
Broomfield Urban Renewal Auth | ||||||
Tax Increment RB Series 2005 (LOC: BNP PARIBAS SA) | (a)(b) | 0.14% | 01/07/22 | 29,000,000 | 29,000,000 | |
Colorado | ||||||
TRAN 2021A | 4.00% | 06/29/22 | 715,000 | 728,138 | ||
Colorado Agricultural Development Auth | ||||||
RB (Hunter Ridge Dairy) Series 2013 (LOC: COBANK ACB) | (a)(b) | 0.19% | 01/07/22 | 4,330,000 | 4,330,000 | |
Colorado Educational & Cultural Facilities Auth | ||||||
RB (The Presentation School) Series 2006 (LOC: MUFG UNION BANK NA) | (a)(b) | 0.14% | 01/07/22 | 5,750,000 | 5,750,000 | |
Colorado Health Facilities Auth | ||||||
Hospital RB (Advent Health) Series 2021A (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 10,645,000 | 10,645,000 | |
Hospital RB (AdventHealth) Series 2019A (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 9,560,000 | 9,560,000 | |
RB (Children’s Hospital Colorado) Series 2016B (LOC: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/03/22 | 17,585,000 | 17,585,000 | |
RB (CommonSpirit Health) Series 2019A2 (LOC: BANK OF AMERICA NA) | (a)(c)(d) | 0.15% | 01/07/22 | 2,250,000 | 2,250,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
RB (CommonSpirit Health) Series 2019A2 (LOC: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 13,410,000 | 13,410,000 | |
RB (Sisters of Charity of Leavenworth Health) Series 2013A (LIQ: CITIBANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 10,175,000 | 10,175,000 | |
RB (Sisters of Charity of Leavenworth Health) Series 2013A (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 16,500,000 | 16,500,000 | |
Colorado Housing & Finance Auth | ||||||
M/F Housing RB (Terrace Park Apartments) Series 2007 (LOC: US BANK NATIONAL ASSOCIATION) | (a)(b) | 0.12% | 01/07/22 | 6,985,000 | 6,985,000 | |
Colorado State Univ | ||||||
System Enterprise RB Series 2015D (LOC: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/07/22 | 10,000,000 | 10,000,000 | |
Denver | ||||||
Airport Sub RB Series 2018A (LOC: ROYAL BANK OF CANADA) (SIFMA Municipal Swap Index + 0.25%) | (a)(c)(d) | 0.35% | 01/06/22 | 06/01/22 | 4,000,000 | 4,000,000 |
Wastewater Enterprise RB Series 2016 (LIQ: US BANK NATIONAL ASSOCIATION) | (a)(c)(d) | 0.09% | 01/03/22 | 2,375,000 | 2,375,000 | |
Denver SD #1 | ||||||
GO Bonds Series 2017 | 5.00% | 12/01/22 | 160,000 | 166,823 | ||
Weld Cnty SD #4 | ||||||
GO Bonds Series 2016 (LOC: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/07/22 | 5,000,000 | 5,000,000 | |
155,029,961 | ||||||
CONNECTICUT 0.3% | ||||||
Connecticut Health & Educational Facilities Auth | ||||||
RB (Trinity Health) Series 2016CT (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.14% | 01/07/22 | 3,750,000 | 3,750,000 | |
Connecticut HFA | ||||||
Housing Mortgage Finance Bonds Series 2018C4 (LIQ: TD BANK NA) | (a)(b) | 0.13% | 01/07/22 | 21,950,000 | 21,950,000 | |
25,700,000 | ||||||
DELAWARE 0.2% | ||||||
Delaware Health Facilities Auth | ||||||
Refunding RB (Christiana Care Health Services) Series 2020A (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.14% | 01/07/22 | 12,550,000 | 12,550,000 | |
DISTRICT OF COLUMBIA 1.9% | ||||||
District of Columbia | ||||||
GO Bonds Series 2017B (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 42,000,000 | 42,000,000 |
GO Refunding Bonds Series 2017A | 5.00% | 06/01/22 | 300,000 | 305,898 | ||
GO Refunding Bonds Series 2017C (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 29,425,000 | 29,425,000 |
Income Tax Secured RB Series 2012C (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 12,465,000 | 12,465,000 |
District of Columbia HFA | ||||||
M/F Housing RB (Pentacle Apts) Series 2008 (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.14% | 01/07/22 | 8,565,000 | 8,565,000 | |
District of Columbia Water & Sewer Auth | ||||||
Extendible CP Series A | 0.12% | 01/05/22 | 07/01/22 | 38,000,000 | 38,000,000 | |
Public Utility Sr Lien RB Series 2017A (LIQ: US BANK NATIONAL ASSOCIATION) | (a)(c)(d) | 0.09% | 01/03/22 | 9,700,000 | 9,700,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Metropolitan Washington Airports Auth | ||||||
Airport System Refunding RB Series 2019A (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.18% | 01/07/22 | 8,000,000 | 8,000,000 | |
148,460,898 | ||||||
FLORIDA 4.4% | ||||||
Brevard Cnty HFA | ||||||
M/F Housing RB (Timber Trace Apts) Series 2007 (LOC: CITIBANK NA) | (a)(b) | 0.14% | 01/07/22 | 9,290,000 | 9,289,915 | |
Broward Cnty | ||||||
Port Facilities RB Series 2019B (LOC: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.17% | 01/07/22 | 10,720,000 | 10,720,000 | |
Port Facilities RB Series 2019B (LOC: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.19% | 01/07/22 | 815,000 | 815,000 | |
Broward Cnty HFA | ||||||
M/F Housing RB (Palms of Deerfield Beach Apts) Series 2006 (LOC: CITIBANK NA) | (a)(b) | 0.14% | 01/07/22 | 3,140,000 | 3,140,000 | |
M/F Housing RB (Sailboat Bend Artist Lofts) Series 2006 (LOC: CITIBANK NA) | (a)(b) | 0.13% | 01/07/22 | 1,200,000 | 1,200,000 | |
Collier Cnty Health Facilities Auth | ||||||
RB (Cleveland Clinic) Series 2003C1 | 0.13% | 03/03/22 | 41,905,000 | 41,905,000 | ||
Florida | ||||||
Bridge Construction GO Bonds Series 2018A (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.15% | 01/07/22 | 4,075,000 | 4,075,000 | |
Public Education Capital Outlay Refunding Bonds Series 2017C | 5.00% | 06/01/22 | 150,000 | 152,963 | ||
Florida Development Finance Corp | ||||||
RB (Brightline Florida Passenger Rail) Series 2021A (ESCROW) | 0.30% | 07/01/22 | 68,000,000 | 68,000,000 | ||
Florida Housing Finance Corp | ||||||
Housing RB (Brentwood Club of Millenia Blvd Apts) Series 2002A1 (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.15% | 01/07/22 | 9,020,000 | 9,020,000 | |
M/F Housing RB (Hudson Ridge Apts) Series 2008L (LOC: JPMORGAN CHASE BANK NA) | (a)(b) | 0.15% | 01/07/22 | 1,165,000 | 1,165,000 | |
M/F Mortgage RB (Clear Harbor Apts) Series 2007H (LOC: CITIBANK NA) | (a)(b) | 0.17% | 01/07/22 | 2,995,000 | 2,995,000 | |
M/F Mortgage RB (Lakeshore Apts) Series 2004H (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.16% | 01/07/22 | 7,200,000 | 7,200,000 | |
M/F Mortgage RB (Spring Haven Apts) Series 2004F (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.16% | 01/07/22 | 5,300,000 | 5,300,000 | |
M/F Mortgage RB (Spring Haven Apts) Series 2006G (LOC: CITIBANK NA) | (a)(b) | 0.17% | 01/07/22 | 3,155,000 | 3,155,000 | |
M/F Mortgage RB (St. Andrews Pointe Apts) Series 2003E1 (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.15% | 01/07/22 | 5,730,000 | 5,730,000 | |
M/F Mortgage Refunding RB (Grand Reserve at Maitland Park) Series 2004M (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.16% | 01/07/22 | 4,200,000 | 4,200,000 | |
Florida Local Government Finance Commission | ||||||
CP Series A1 (LOC: JPMORGAN CHASE BANK NA) | 0.10% | 01/04/22 | 16,413,000 | 16,413,000 | ||
Florida State Board of Education | ||||||
Public Education Capital Outlay Refunding Bonds Series 2016B (GTY: FLORIDA (STATE OF)) | 5.00% | 06/01/22 | 205,000 | 209,001 | ||
Public Education Capital Outlay Refunding Bonds Series 2017B (LIQ: US BANK NATIONAL ASSOCIATION) | (a)(c)(d) | 0.09% | 01/03/22 | 3,630,000 | 3,630,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Hillsborough Cnty | ||||||
Solid Waste & Recovery Refunding RB Series 2016B (LOC: ROYAL BANK OF CANADA) (SIFMA Municipal Swap Index + 0.20%) | (a)(c)(d) | 0.30% | 01/06/22 | 03/01/22 | 1,400,000 | 1,400,000 |
Hillsborough Cnty HFA | ||||||
M/F Housing RB (Meridian Pointe Apts) Series 2005 (LOC: CITIBANK NA) | (a)(b) | 0.14% | 01/07/22 | 5,700,000 | 5,700,000 | |
Kissimmee Utility Auth | ||||||
CP Notes Series B (LIQ: JPMORGAN CHASE BANK NA) | 0.11% | 01/05/22 | 15,000,000 | 15,000,000 | ||
Martin Cnty Health Facilities Auth | ||||||
Hospital RB (Cleveland Clinic Health System) Series 2019A (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.13% | 01/07/22 | 3,750,000 | 3,750,000 | |
Miami Dade Cnty Aviation | ||||||
CP Notes Series 2021 (LOC: BANK OF AMERICA NA) | 0.12% | 01/06/22 | 2,915,000 | 2,915,000 | ||
CP Notes Series 2021 (LOC: BANK OF AMERICA NA) | 0.14% | 02/04/22 | 2,000,000 | 2,000,000 | ||
Miami-Dade Cnty | ||||||
GO Bonds Series 2016A (LOC: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.17% | 01/07/22 | 15,370,000 | 15,370,000 | |
Orange Cnty HFA | ||||||
M/F Housing RB (Lakeside Pointe Apts) Series 2005B (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.15% | 01/07/22 | 5,430,000 | 5,430,000 | |
M/F Housing RB (The Cove At Lady Lake Apts) Series 2005A (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.15% | 01/07/22 | 7,285,000 | 7,285,000 | |
Orange Cnty IDA | ||||||
RB (Foundation Academy of Winter Garden) Series 2007 (LOC: FEDERAL HOME LOAN BANKS) | (a)(b) | 0.26% | 01/07/22 | 6,685,000 | 6,685,000 | |
Palm Beach Cnty HFA | ||||||
M/F Housing RB (Palm Gardens Apts) Series 2007 (LOC: CITIBANK NA) | (a)(b) | 0.15% | 01/07/22 | 2,610,000 | 2,610,000 | |
Sarasota Cnty | ||||||
RB (Planned Parenthood) Series 2007 (LOC: BMO HARRIS BANK NA) | (a)(b) | 0.16% | 01/07/22 | 760,000 | 760,000 | |
South Broward Hospital District | ||||||
Hospital RB Series 2021A (LIQ: WELLS FARGO BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 9,470,000 | 9,470,000 | |
Sunshine State Governmental Financing Commission | ||||||
CP Series H (LIQ: JPMORGAN CHASE BANK NA) | 0.14% | 02/08/22 | 43,702,000 | 43,702,000 | ||
CP Series H (LIQ: JPMORGAN CHASE BANK NA) | 0.12% | 02/09/22 | 27,000,000 | 27,000,000 | ||
Tampa Bay Water | ||||||
Utility System RB Series 2013 (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 5,000,000 | 5,000,000 | |
352,391,879 | ||||||
GEORGIA 4.1% | ||||||
Atlanta | ||||||
GO Bonds Series 2015 (LOC: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/07/22 | 7,800,000 | 7,800,000 | |
Water & Wastewater Refunding RB Series 2015 (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 12,500,000 | 12,500,000 |
Water & Wastewater Refunding RB Series 2017A (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 4,660,000 | 4,660,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Atlanta Airport | ||||||
2nd Lien PFC & 3rd Lien General Revenue CP Series J2 (LOC: BANK OF AMERICA NA) | 0.12% | 02/04/22 | 45,906,000 | 45,906,000 | ||
2nd Lien PFC & 3rd Lien General Revenue CP Series J2 (LOC: BANK OF AMERICA NA) | 0.13% | 02/04/22 | 1,877,000 | 1,877,000 | ||
2nd Lien PFC & 3rd Lien General Revenue CP Series K1 (LOC: PNC BANK NATIONAL ASSOCIATION) | 0.11% | 01/06/22 | 13,403,000 | 13,403,000 | ||
2nd Lien PFC & 3rd Lien General Revenue CP Series K2 (LOC: PNC BANK NATIONAL ASSOCIATION) | 0.14% | 01/06/22 | 114,874,000 | 114,874,000 | ||
2nd Lien PFC & 3rd Lien General Revenue CP Series L1 (LOC: JPMORGAN CHASE BANK NA) | 0.12% | 02/02/22 | 1,162,000 | 1,162,000 | ||
2nd Lien PFC & 3rd Lien General Revenue CP Series L2 (LOC: JPMORGAN CHASE BANK NA) | 0.14% | 02/02/22 | 1,510,000 | 1,509,987 | ||
2nd Lien PFC & 3rd Lien General Revenue CP Series L2 (LOC: JPMORGAN CHASE BANK NA) | 0.15% | 02/02/22 | 72,527,000 | 72,527,000 | ||
General RB Series 2019B (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.16% | 01/07/22 | 5,000,000 | 5,000,000 | |
Brookhaven Development Auth | ||||||
RB (Children’s Healthcare of Atlanta) Series 2019A (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.13% | 01/07/22 | 3,750,000 | 3,750,000 | |
Metropolitan Atlanta Rapid Transit Auth | ||||||
CP Series 2021B (LIQ: JPMORGAN CHASE BANK NA) | 0.13% | 02/16/22 | 324,000 | 324,000 | ||
Sales Tax Refunding RB Series 2017C (LIQ: US BANK NATIONAL ASSOCIATION) | (a)(c)(d) | 0.09% | 01/03/22 | 11,980,000 | 11,980,000 | |
Paulding Cnty | ||||||
GO Bonds Series 2017 (LIQ: US BANK NATIONAL ASSOCIATION) | (a)(c)(d) | 0.10% | 01/03/22 | 15,000,000 | 15,000,000 | |
Savannah Economic Development Auth | ||||||
Exempt Facility RB (Home Depot) Series 1995B (LOC: TRUIST BANK) | (a)(b) | 0.17% | 01/07/22 | 12,750,000 | 12,750,000 | |
Winder-Barrow Cnty Jt Development Auth | ||||||
IDRB (Price Companies) Series 2007 (LOC: BANK OF AMERICA NA) | (a)(b) | 0.18% | 01/07/22 | 2,230,000 | 2,230,000 | |
327,252,987 | ||||||
HAWAII 0.2% | ||||||
Hawaii | ||||||
GO Bonds Series 2015ET (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/07/22 | 4,750,000 | 4,750,000 | |
Honolulu | ||||||
GO Bonds Series 2015A (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/07/22 | 7,000,000 | 7,000,000 | |
GO Bonds Series 2016A (LIQ: US BANK NATIONAL ASSOCIATION) | (a)(c)(d) | 0.09% | 01/03/22 | 6,940,000 | 6,940,000 | |
18,690,000 | ||||||
IDAHO 0.1% | ||||||
Cassia Cnty IDC | ||||||
IDRB (Oak Valley Heifers) Series 2007 (LOC: COOPERATIEVE RABOBANK UA) | (a)(b) | 0.16% | 01/07/22 | 1,100,000 | 1,100,000 | |
Idaho Health Facilities Auth | ||||||
Hospital RB (Trinity Health) Series 2013ID | 0.10% | 02/01/22 | 8,250,000 | 8,250,000 | ||
9,350,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
ILLINOIS 5.2% | ||||||
Chicago | ||||||
M/F Housing RB (Churchview Supportive Living Facility) Series 2003 (LOC: BMO HARRIS BANK NA) | (a)(b) | 0.14% | 01/07/22 | 4,690,000 | 4,690,000 | |
M/F Housing RB (Lincoln Village Sr Apts) Series 2006 (LOC: BMO HARRIS BANK NA) | (a)(b) | 0.18% | 01/07/22 | 4,097,000 | 4,097,000 | |
M/F Housing RB (Renaissance Place Apts) Series 2007 (LOC: BMO HARRIS BANK NA) | (a)(b) | 0.14% | 01/07/22 | 1,015,000 | 1,015,000 | |
M/F Housing RB (Renaissance St Luke) Series 2008 (LOC: BMO HARRIS BANK NA) | (a)(b) | 0.14% | 01/07/22 | 7,670,000 | 7,670,000 | |
Midway Airport 2nd Lien RB Series 2004C1 (LOC: BANK OF MONTREAL) | (a)(b) | 0.14% | 01/07/22 | 20,000,000 | 20,000,000 | |
Midway Airport CP Series 2020A (LOC: JPMORGAN CHASE BANK NA) | 0.16% | 03/15/22 | 8,000,000 | 8,000,000 | ||
OHare General Airport Sr Lien RB Series 2017D (LOC: BANK OF AMERICA NA) | (a)(c)(d) | 0.18% | 01/07/22 | 4,680,000 | 4,680,000 | |
OHare General Airport Sr Lien Refunding RB Series 2018A (LOC: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.14% | 01/07/22 | 12,670,000 | 12,670,000 | |
Illinois Finance Auth | ||||||
Pooled Program CP (LOC: JPMORGAN CHASE BANK NA) | 0.12% | 02/02/22 | 12,500,000 | 12,500,000 | ||
Pooled Program CP (LOC: JPMORGAN CHASE BANK NA) | 0.13% | 03/02/22 | 10,417,000 | 10,417,000 | ||
RB (Lake Forest College) Series 2008 (LOC: NORTHERN TRUST COMPANY (THE)) | (a)(b) | 0.17% | 01/07/22 | 2,500,000 | 2,500,000 | |
RB (NorthShore Univ Health System) Series 2020A (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.15% | 01/07/22 | 9,910,000 | 9,910,000 | |
RB (Northwestern Memorial Hospital) Series 2013 (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 19,080,000 | 19,080,000 | |
RB (Univ of Chicago Medical Center) Series 2016B (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.13% | 01/07/22 | 59,595,000 | 59,595,000 | |
RB (Univ of Chicago) Series 2015A (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.13% | 01/07/22 | 34,600,000 | 34,600,000 | |
RB (Univ of Chicago) Series 2018A (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.13% | 01/07/22 | 25,600,000 | 25,600,000 | |
Illinois Regional Transportation Auth | ||||||
GO Bonds Series 2018B (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 11,470,000 | 11,470,000 | |
GO Bonds Series 2018B (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 16,000,000 | 16,000,000 | |
Illinois Toll Highway Auth | ||||||
Sr RB Series 2013A (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 20,300,000 | 20,300,000 |
Sr RB Series 2014B (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.13% | 01/07/22 | 8,000,000 | 8,000,000 | |
Sr RB Series 2014C (LIQ: CITIBANK NA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 6,665,000 | 6,665,000 |
Sr RB Series 2014C (LIQ: CITIBANK NA) | (a)(c)(d) | 0.14% | 01/06/22 | 01/07/22 | 3,165,000 | 3,165,000 |
Sr RB Series 2015A (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 20,435,000 | 20,435,000 | |
Sr RB Series 2015B (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 1,665,000 | 1,665,000 | |
Sr RB Series 2015B (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.15% | 01/07/22 | 5,675,000 | 5,675,000 | |
Sr RB Series 2021A (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 4,200,000 | 4,200,000 | |
Metropolitan Water Reclamation District of Greater Chicago | ||||||
ULT GO Bonds Series 2014A&B (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.15% | 01/06/22 | 01/07/22 | 1,300,000 | 1,300,000 |
ULT GO Bonds Series 2014A&C (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 39,530,000 | 39,530,000 |
ULT GO Bonds Series 2016C (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.14% | 01/07/22 | 16,500,000 | 16,500,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Palatine | ||||||
Special Facility RB (Little City for Community Development) Series 1998 (LOC: FEDERAL HOME LOAN BANKS) | (a)(b) | 0.14% | 01/07/22 | 5,000,000 | 5,000,000 | |
St. Clair Cnty | ||||||
IDRB (Winchester Apts) Series 1994 (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.15% | 01/07/22 | 12,750,000 | 12,750,000 | |
Will Cnty | ||||||
RB (ExxonMobil) Series 2001 | (a)(b) | 0.11% | 01/03/22 | 8,195,000 | 8,195,000 | |
417,874,000 | ||||||
INDIANA 1.2% | ||||||
Indiana Finance Auth | ||||||
Economic Development RB (Cargill) Series 2011 | (a)(b) | 0.15% | 01/07/22 | 4,000,000 | 4,000,000 | |
Environmental RB Series 2021 (ESCROW) | 0.28% | 11/15/22 | 81,500,000 | 81,500,000 | ||
Health System RB (Franciscan Alliance) Series 2016 (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.15% | 01/07/22 | 2,500,000 | 2,500,000 | |
Noblesville | ||||||
RB (GreyStone Apts) Series 2006A (LOC: BANK OF AMERICA NA) | (a)(b) | 0.19% | 01/07/22 | 9,385,000 | 9,385,000 | |
97,385,000 | ||||||
IOWA 2.5% | ||||||
Iowa Board of Regents | ||||||
RB (Univ of Iowa Hospitals) Series 2012 (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 6,965,000 | 6,965,000 |
Iowa Finance Auth | ||||||
M/F Housing RB (Country Club Village) Series 2006 (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.16% | 01/07/22 | 8,215,000 | 8,215,000 | |
Midwestern Disaster Area RB (Cargill) Series 2009B | (a)(b) | 0.15% | 01/07/22 | 65,947,000 | 65,947,000 | |
Midwestern Disaster Area RB (Cargill) Series 2012 | (a)(b) | 0.15% | 01/07/22 | 31,500,000 | 31,500,000 | |
Midwestern Disaster Area RB (Cargill) Series 2012A | (a)(b) | 0.15% | 01/07/22 | 73,200,000 | 73,200,000 | |
Midwestern Disaster Area RB (Farmers Cooperative) Series 2010 (LOC: COBANK ACB) | (a)(b) | 0.15% | 01/07/22 | 5,940,000 | 5,940,000 | |
Sewage and Solid Waste Disposal RB (Cargill) Series 2021 | (a)(b) | 0.17% | 01/07/22 | 10,000,000 | 10,000,000 | |
201,767,000 | ||||||
KANSAS 0.4% | ||||||
Meade Cnty | ||||||
Solid Waste Disposal RB (High Plains Ponderosa Dairy) Series 2021 (LOC: AGRIBANK FCB) | (a)(b) | 0.16% | 01/07/22 | 7,000,000 | 7,000,000 | |
Wichita | ||||||
Industrial RB (Cargill) Series VII-A 2018 | (a)(b) | 0.16% | 01/07/22 | 25,800,000 | 25,800,000 | |
32,800,000 | ||||||
KENTUCKY 1.3% | ||||||
Hancock Cnty | ||||||
Solid Waste Disposal Facilities RB (NSA Ltd) Series 1998 (LOC: WELLS FARGO BANK NA) | (a)(b) | 0.26% | 01/07/22 | 7,815,000 | 7,815,000 | |
Hopkinsville | ||||||
IDRB (Riken Elastomers Corp) Series 2007A (LOC: MUFG BANK LTD) | (a)(b) | 0.14% | 01/07/22 | 5,500,000 | 5,500,000 | |
IDRB (Riken Elastomers Corp) Series 2013A (LOC: MUFG BANK LTD) | (a)(b) | 0.14% | 01/07/22 | 5,000,000 | 5,000,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Kentucky Housing Corp | ||||||
M/F Housing RB (Highlands Court Apts) Series 2007 (LOC: PNC BANK NATIONAL ASSOCIATION) | (a)(b) | 0.17% | 01/07/22 | 3,100,000 | 3,100,000 | |
Louisville & Jefferson Cnty Metro Government | ||||||
RB (Norton Healthcare) Series 2020A (LOC: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.15% | 01/07/22 | 16,875,000 | 16,875,000 | |
Louisville & Jefferson Cnty Metro Sewer District | ||||||
CP Series 2018A1 (LIQ: BANK OF AMERICA NA) | 0.11% | 01/20/22 | 2,000,000 | 2,000,000 | ||
CP Series 2018A1 (LIQ: BANK OF AMERICA NA) | 0.10% | 01/24/22 | 18,000,000 | 18,000,000 | ||
CP Series 2018A1 (LIQ: BANK OF AMERICA NA) | 0.11% | 02/07/22 | 2,500,000 | 2,500,000 | ||
CP Series 2018A1 (LIQ: BANK OF AMERICA NA) | 0.12% | 02/17/22 | 5,000,000 | 5,000,000 | ||
CP Series 2018A1 (LIQ: BANK OF AMERICA NA) | 0.12% | 03/11/22 | 7,500,000 | 7,500,000 | ||
CP Series 2018A1 (LIQ: BANK OF AMERICA NA) | 0.13% | 03/14/22 | 5,000,000 | 5,000,000 | ||
CP Series 2018A2 (LIQ: JPMORGAN CHASE BANK NA) | 0.12% | 01/26/22 | 9,400,000 | 9,400,000 | ||
CP Series 2018A2 (LIQ: JPMORGAN CHASE BANK NA) | 0.13% | 03/09/22 | 14,745,000 | 14,745,000 | ||
102,435,000 | ||||||
LOUISIANA 0.8% | ||||||
Calcasieu Parish IDB | ||||||
Refunding RB (Hydroserve Westlake) Series 1999 (LOC: JPMORGAN CHASE BANK NA) | (a)(b) | 0.17% | 01/07/22 | 2,700,000 | 2,700,000 | |
Louisiana HFA | ||||||
M/F Housing RB (Jefferson Lakes Apts) Series 2007 (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.20% | 01/07/22 | 12,180,000 | 12,180,000 | |
M/F Housing RB (Lapalco Court Apts) Series 2007 (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.20% | 01/07/22 | 6,400,000 | 6,400,000 | |
M/F Housing RB (Palmetto Apts) Series 2004 (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.13% | 01/07/22 | 2,440,000 | 2,440,000 | |
Louisiana Local Government Environmental Facilities & Community Development Auth | ||||||
RB (American Biocarbon) Series 2021 (ESCROW) | 0.25% | 06/01/22 | 12,500,000 | 12,500,000 | ||
Louisiana Public Facilities Auth | ||||||
RB (Ochsner Clinic Foundation) Series 2020A (LOC: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.15% | 01/07/22 | 4,370,000 | 4,370,000 | |
Plaquemines Port, Harbor & Terminal District | ||||||
Port Facilities Refunding RB Series 1984A (LOC: WELLS FARGO BANK NA) | 0.35% | 03/15/22 | 7,000,000 | 7,000,000 | ||
Port Facilities Refunding RB Series 1984B (LOC: WELLS FARGO BANK NA) | 0.35% | 03/15/22 | 20,000,000 | 20,000,000 | ||
67,590,000 | ||||||
MAINE 0.1% | ||||||
Dover-Foxcroft | ||||||
Revenue Obligation (Pleasant River Lumber) Series 2005 (LOC: WELLS FARGO BANK NA) | (a)(b) | 0.18% | 01/07/22 | 245,000 | 245,000 | |
Maine State Housing Auth | ||||||
Mortgage Purchase Bonds Series 2015E3 (LIQ: BANK OF AMERICA NA) | (a)(b) | 0.14% | 01/07/22 | 9,000,000 | 9,000,000 | |
9,245,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
MARYLAND 0.6% | ||||||
Baltimore Cnty | ||||||
GO Bonds Series 2017 (LIQ: US BANK NATIONAL ASSOCIATION) | (a)(c)(d) | 0.13% | 01/07/22 | 9,915,000 | 9,915,000 | |
GO Bonds Series 2018 (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.15% | 01/07/22 | 2,570,000 | 2,570,000 | |
Maryland Community Development Administration | ||||||
Residential RB Series 2021B (LIQ: BANK OF AMERICA NA) | (a)(c)(d) | 0.13% | 01/07/22 | 3,465,000 | 3,465,000 | |
Maryland Health & Higher Educational Facilities Auth | ||||||
RB (Univ of Maryland Medical System) Series 2017D (LOC: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.14% | 01/07/22 | 7,390,000 | 7,390,000 | |
RB Series 2021A (LOC: BANK OF AMERICA NA) | (a)(c)(d) | 0.13% | 01/07/22 | 4,350,000 | 4,350,000 | |
Maryland IDA | ||||||
Economic Development RB (Paul Reed Smith Guitars) Series 2008 (LOC: PNC BANK NATIONAL ASSOCIATION) | (a)(b) | 0.14% | 01/07/22 | 6,380,000 | 6,380,000 | |
Montgomery Cnty | ||||||
RB (Trinity Health) Series 2016MD (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.13% | 01/07/22 | 7,500,000 | 7,500,000 | |
Univ System of Maryland | ||||||
Auxiliary Facility & Tuition RB Series 2017A (LIQ: US BANK NATIONAL ASSOCIATION) | (a)(c)(d) | 0.09% | 01/03/22 | 6,600,000 | 6,600,000 | |
48,170,000 | ||||||
MASSACHUSETTS 2.6% | ||||||
Billerica | ||||||
ULT GO Series 70B (LIQ: US BANK NATIONAL ASSOCIATION) | (a)(c)(d) | 0.09% | 01/03/22 | 4,200,000 | 4,200,000 | |
Massachusetts | ||||||
GO Bonds Series 2016A (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.14% | 01/06/22 | 01/07/22 | 4,380,000 | 4,380,000 |
GO Bonds Series 2016B (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/07/22 | 20,540,000 | 20,540,000 | |
GO Bonds Series 2021B (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 8,000,000 | 8,000,000 | |
GO Refunding Bonds Series 2018B | 5.00% | 07/01/22 | 125,000 | 127,929 | ||
Special Obligation Dedicated Tax Refunding RBs Series 2005 (GTY: BERKSHIRE HATHAWAY ASSURANCE CORP) (LOC: ROYAL BANK OF CANADA) (SIFMA Municipal Swap Index + 0.18%) | (a)(c)(d) | 0.28% | 01/06/22 | 07/01/22 | 4,000,000 | 4,000,000 |
Massachusetts Bay Transportation Auth | ||||||
Sr Sales Tax Bonds Series 2006B | 5.25% | 07/01/22 | 115,000 | 117,862 | ||
Massachusetts Development Finance Agency | ||||||
RB (Chelsea Jewish Lifecare Inc) Series 2019 (LOC: MANUFACTURERS AND TRADERS TRUST CO) | (a)(b)(c) | 0.20% | 01/07/22 | 27,255,000 | 27,255,000 | |
RB (CIL Realty) Series 2011 (LOC: MANUFACTURERS AND TRADERS TRUST CO) | (a)(b) | 0.20% | 01/07/22 | 2,935,000 | 2,935,000 | |
RB (CIL Realty) Series 2016 (LOC: MANUFACTURERS AND TRADERS TRUST CO) | (a)(b) | 0.20% | 01/07/22 | 13,160,000 | 13,160,000 | |
RB (College of the Holy Cross) Series 2002 (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.13% | 01/07/22 | 5,050,000 | 5,050,000 | |
RB (Harvard Univ) Series 2016A (LIQ: WELLS FARGO BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 7,500,000 | 7,500,000 | |
RB (Partners HealthCare) Series T2 (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/07/22 | 10,000,000 | 10,000,000 | |
Massachusetts Health & Educational Facilities Auth | ||||||
RB (Partners HealthCare)Series 2008H2 | 0.12% | 02/07/22 | 12,385,000 | 12,385,000 | ||
RB (Partners HealthCare)Series 2008H2 | 0.14% | 05/10/22 | 14,040,000 | 14,040,000 | ||
Massachusetts HFA | ||||||
Housing RB Series 2017A (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 2,830,000 | 2,830,000 |
S/F Housing Notes Series 2021 | 0.25% | 12/01/22 | 5,305,000 | 5,305,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Massachusetts Water Resources Auth | ||||||
CP Series 1999 (LOC: STATE STREET BANK AND TRUST COMPANY) | 0.10% | 01/18/22 | 25,000,000 | 25,000,000 | ||
RB Series 2002J | 5.50% | 08/01/22 | 130,000 | 133,914 | ||
Refunding RB Series 2019C | 5.00% | 08/01/22 | 115,000 | 118,129 | ||
Univ of Massachusetts Building Auth | ||||||
CP Notes Series 2013A-1 (LIQ: STATE STREET BANK AND TRUST COMPANY) | 0.12% | 01/19/22 | 9,810,000 | 9,810,000 | ||
CP Notes Series 2013A-1 (LIQ: STATE STREET BANK AND TRUST COMPANY) | 0.12% | 03/03/22 | 20,000,000 | 20,000,000 | ||
Refunding RB Sr Series 2013-3 (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 8,325,000 | 8,325,000 |
205,212,834 | ||||||
MICHIGAN 4.3% | ||||||
Michigan | ||||||
RB Series 2020B (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 11,800,000 | 11,800,000 | |
Michigan Finance Auth | ||||||
Hospital RB (CHE Trinity Health) Series 2013MI3 (LOC: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 28,700,000 | 28,700,000 |
Hospital Refunding RB (Trinity Health) Series 2019A (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 4,065,000 | 4,065,000 | |
Hospital Refunding RB (Trinity Health) Series A 2017MI (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/07/22 | 2,125,000 | 2,125,000 | |
Hospital Refunding RB (Trinity Health) Series A 2019MI (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 6,430,000 | 6,430,000 | |
Michigan Housing Development Auth | ||||||
RB Series 2016E (LIQ: UBS AG) | (a)(b) | 0.13% | 01/07/22 | 11,805,000 | 11,805,000 | |
Rental Housing RB Series 2008C (LIQ: PNC BANK NATIONAL ASSOCIATION) | (a)(b) | 0.13% | 01/07/22 | 2,555,000 | 2,555,000 | |
Rental Housing RB Series 2018A (LIQ: BANK OF AMERICA NA) | (a)(c)(d) | 0.13% | 01/07/22 | 7,500,000 | 7,500,000 | |
Rental Housing RB Series 2018A (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.13% | 01/07/22 | 1,700,000 | 1,700,000 | |
S/F Mortgage RB Series 2017A (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.13% | 01/07/22 | 42,745,000 | 42,745,000 | |
S/F Mortgage RB Series 2018B (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.13% | 01/07/22 | 47,495,000 | 47,495,000 | |
S/F Mortgage RB Series 2018D (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.13% | 01/07/22 | 47,495,000 | 47,495,000 | |
Michigan State Univ | ||||||
General RB Series 2000A1 (LIQ: PNC BANK NATIONAL ASSOCIATION) | (a)(b) | 0.09% | 01/07/22 | 42,320,000 | 42,320,000 | |
Michigan Strategic Fund | ||||||
Limited Obligation RB (Kroger) Series 2010 (LOC: BANK OF NOVA SCOTIA) | (a)(b) | 0.14% | 01/07/22 | 36,335,000 | 36,335,000 | |
Limited Obligation RB (Mibelloon Dairy) Series 2006 (LOC: WELLS FARGO BANK NA) | (a)(b) | 0.16% | 01/07/22 | 1,425,000 | 1,425,000 | |
Limited Obligation RB (Tubelite) Series 2012 (LOC: WELLS FARGO BANK NA) | (a)(b) | 0.15% | 01/07/22 | 10,000,000 | 10,000,000 | |
LT GO Bonds (Greenville Venture Partners) Series 2018 (LOC: COBANK ACB) | (a)(b) | 0.16% | 01/07/22 | 5,250,000 | 5,250,000 | |
Univ of Michigan | ||||||
Extendible CP Notes Series L2 | 0.11% | 01/06/22 | 07/29/22 | 8,025,000 | 8,025,000 | |
Extendible CP Notes Series L2 | 0.13% | 02/03/22 | 08/29/22 | 23,280,000 | 23,280,000 | |
General RB Series 2015 (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.15% | 01/07/22 | 4,000,000 | 4,000,000 | |
345,050,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
MINNESOTA 1.5% | ||||||
Bloomington | ||||||
M/F Housing Refunding RB (Norlan Partners) Series 2002A1 (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.21% | 01/07/22 | 3,990,000 | 3,990,000 | |
East Grand Forks | ||||||
Solid Waste Disposal RB (American Crystal Sugar) Series 2019 (LOC: COBANK ACB) | (a)(b) | 0.16% | 01/07/22 | 8,000,000 | 8,000,000 | |
Edina | ||||||
M/F Housing Refunding RB (Vernon Terrace Apts) Series 2004 (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.18% | 01/07/22 | 5,705,000 | 5,705,000 | |
Grant Cnty | ||||||
IDRB (Riverview) Series 2020 (LOC: AGRIBANK FCB) | (a)(b) | 0.16% | 01/07/22 | 20,000,000 | 20,000,000 | |
Moorehead | ||||||
Refunding RBs (American Crystal Sugar Comp) Series 2020 (LOC: COBANK ACB) | (a)(b) | 0.15% | 01/07/22 | 7,500,000 | 7,500,000 | |
Rochester | ||||||
Health Care Facilities RB (Mayo Clinic) Series 2014 | 0.11% | 01/06/22 | 56,000,000 | 56,000,000 | ||
St. Louis Park | ||||||
M/F Housing Refunding RB (Westwind Apts) Series 2003 (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.18% | 01/07/22 | 5,565,000 | 5,565,000 | |
Swift Cnty | ||||||
IDRB (Riverview LLP) Series 2018 (LOC: AGRIBANK FCB) | (a)(b) | 0.16% | 01/07/22 | 10,000,000 | 10,000,000 | |
116,760,000 | ||||||
MISSISSIPPI 0.5% | ||||||
Jackson Cnty | ||||||
Water System GO Refunding Bonds Series 1994 | 0.10% | 02/01/22 | 12,840,000 | 12,840,000 | ||
Mississippi Development Bank | ||||||
Special Obligation Bonds Series (Marshall Cnty IDA) 2012 (ESCROW) (LIQ: CREDIT SUISSE AG) | (a)(c)(d) | 0.13% | 01/01/22 | 13,200,000 | 13,200,000 | |
Mississippi Home Corp | ||||||
M/F Housing RB (Edgewood Manor Apts) Series 20082 (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.20% | 01/07/22 | 5,000,000 | 5,000,000 | |
M/F Housing RB (William Bell Apts) Series 20081 (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.20% | 01/07/22 | 5,360,000 | 5,360,000 | |
Mississippi State Univ Educational Building Corp | ||||||
Refunding RB (Mississippi State Univ) Series 2017A (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 3,250,000 | 3,250,000 | |
39,650,000 | ||||||
MISSOURI 1.0% | ||||||
Greene Cnty IDA | ||||||
Housing RB (Strasbourg Estates) Series 2006 (LOC: US BANK NATIONAL ASSOCIATION) | (a)(b) | 0.16% | 01/07/22 | 2,160,000 | 2,160,000 | |
Kansas City IDA | ||||||
M/F Housing RB (Clay Terrace Apts) Series 2006 (LOC: BANK OF AMERICA NA) | (a)(b) | 0.17% | 01/07/22 | 8,915,000 | 8,915,000 | |
Metropolitan St Louis Sewer District | ||||||
Wastewater System RB Series 2016C (LIQ: US BANK NATIONAL ASSOCIATION) | (a)(c)(d) | 0.09% | 01/03/22 | 10,595,000 | 10,595,000 | |
Wastewater System Refunding & RB Series 2017A (LIQ: WELLS FARGO BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 7,500,000 | 7,500,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Missouri Health & Educational Facilities Auth | ||||||
Health Facilities RB (Mercy Health) Series 2020 (LOC: BANK OF AMERICA NA) | (a)(c)(d) | 0.14% | 01/07/22 | 7,500,000 | 7,500,000 | |
Health Facilities RB (SSM Health) Series 2019A (LOC: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.15% | 01/07/22 | 17,500,000 | 17,500,000 | |
North Kansas City SD | ||||||
GO Bonds Series 2016B (LIQ: US BANK NATIONAL ASSOCIATION) | (a)(c)(d) | 0.09% | 01/03/22 | 7,815,000 | 7,815,000 | |
St. Louis Cnty IDA | ||||||
IDRB (Kessler Container) Series 1997A (LOC: BANK OF AMERICA NA) | (a)(b) | 0.19% | 01/07/22 | 600,000 | 600,000 | |
M/F Housing RB (Southwest Crossing) Series 2001 (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.16% | 01/07/22 | 6,760,000 | 6,760,000 | |
M/F Housing RB (Whispering Lakes Apts) Series 1995 (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.15% | 01/07/22 | 6,135,000 | 6,135,000 | |
Taney Cnty IDA | ||||||
RB (Keeter Heights) Series 2006 (LOC: US BANK NATIONAL ASSOCIATION) | (a)(b) | 0.40% | 01/07/22 | 1,525,000 | 1,525,000 | |
Washington IDA | ||||||
IDRB (Missourian Publishing) Series 2006A (LOC: US BANK NATIONAL ASSOCIATION) | (a)(b) | 0.16% | 01/07/22 | 3,740,000 | 3,740,000 | |
80,745,000 | ||||||
NEBRASKA 0.6% | ||||||
Nebraska Investment Finance Auth | ||||||
M/F Housing RB (Irvington Heights Apts) Series 2007A (LOC: CITIBANK NA) | (a)(b) | 0.12% | 01/07/22 | 9,215,000 | 9,215,000 | |
Washington Cnty | ||||||
IDRB (Cargill) Series 2010 | (a)(b) | 0.15% | 01/07/22 | 3,880,000 | 3,880,000 | |
RB (Cargill) Series 2019 | (a)(b) | 0.16% | 01/07/22 | 32,000,000 | 32,000,000 | |
45,095,000 | ||||||
NEVADA 0.6% | ||||||
Clark Cnty | ||||||
LT GO Refunding Bonds Series 2016B (LIQ: CITIBANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 7,805,000 | 7,805,000 | |
LT GO Refunding Bonds Series 2017 (LIQ: US BANK NATIONAL ASSOCIATION) | (a)(c)(d) | 0.09% | 01/03/22 | 8,615,000 | 8,615,000 | |
Las Vegas Valley Water District | ||||||
LT GO Water Refunding Bonds Series 2015 (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/07/22 | 13,750,000 | 13,750,000 | |
Nevada Dept of Business & Industry | ||||||
RB (Brightline West Passenger Rail) Series 2020A (ESCROW) | 0.25% | 02/01/22 | 8,000,000 | 8,000,215 | ||
Nevada Housing Division | ||||||
Housing RB (Vista Creek Apts) Series 2007 (LOC: FEDERAL HOME LOAN BANKS) | (a)(b) | 0.15% | 01/07/22 | 5,900,000 | 5,900,000 | |
44,070,215 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
NEW HAMPSHIRE 1.2% | ||||||
New Hampshire Business Finance Auth | ||||||
Solid Waste Disposal RB (Lonza Biologics) Series 2003 (LOC: LANDESBANK HESSEN THUERINGEN GIROZENTRALE) | (a)(b) | 0.16% | 01/07/22 | 30,000,000 | 30,000,000 | |
Solid Waste Disposal RB (Lonza Biologics) Series 2005 (LOC: LANDESBANK HESSEN THUERINGEN GIROZENTRALE) | (a)(b) | 0.16% | 01/07/22 | 19,500,000 | 19,500,000 | |
Solid Waste Disposal RB (Lonza Biologics) Series 2017 (LOC: LANDESBANK HESSEN THUERINGEN GIROZENTRALE) | (a)(b)(c) | 0.16% | 01/07/22 | 45,000,000 | 45,000,000 | |
94,500,000 | ||||||
NEW JERSEY 1.0% | ||||||
Garfield | ||||||
BAN 2021B | 1.00% | 08/05/22 | 8,203,000 | 8,242,835 | ||
New Jersey Transportation Trust Fund Auth | ||||||
Transportation System Bonds Series 2009A (LOC: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.13% | 01/07/22 | 5,440,000 | 5,440,000 | |
Union Cnty | ||||||
BAN | 1.00% | 06/17/22 | 28,000,000 | 28,100,063 | ||
Wildwood | ||||||
BAN 2021 | 1.50% | 10/13/22 | 39,108,000 | 39,501,142 | ||
81,284,040 | ||||||
NEW YORK 15.1% | ||||||
Albany City SD | ||||||
BAN 2021B | 1.00% | 07/29/22 | 27,000,000 | 27,119,521 | ||
Ballston Spa CSD | ||||||
GO BAN 2021A | 1.25% | 06/24/22 | 8,000,000 | 8,040,262 | ||
Battery Park City Auth | ||||||
Jr RB Series 2019E (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/07/22 | 7,145,000 | 7,145,000 | |
Blackrock MuniYield New York Quality Fund Inc | ||||||
Variable Rate Demand Preferred Shares Series W7 (LOC: TORONTO-DOMINION BANK/THE) | (a)(b)(c) | 0.20% | 01/07/22 | 40,000,000 | 40,000,000 | |
Central Square CSD | ||||||
BAN 2021 | 1.50% | 06/17/22 | 5,295,000 | 5,323,902 | ||
Cheektowaga-Maryvale UFSD | ||||||
BAN 2021 | 1.50% | 06/28/22 | 16,719,342 | 16,823,886 | ||
Clarence CSD | ||||||
BAN 2021B | 1.25% | 07/27/22 | 10,193,000 | 10,255,859 | ||
Cold Springs Harbor CSD | ||||||
TAN 2021-2022 | 1.00% | 06/24/22 | 9,000,000 | 9,033,937 | ||
Colonie | ||||||
GO BAN 2021 | 1.50% | 03/11/22 | 5,275,000 | 5,287,045 | ||
Cortlandt | ||||||
BAN 2021 | 1.50% | 10/07/22 | 10,900,000 | 11,005,634 | ||
East Rochester Hsg Auth | ||||||
Housing RB (Park Ridge Nursing Home) Series 2008 (LOC: MANUFACTURERS AND TRADERS TRUST CO) | (a)(b) | 0.20% | 01/07/22 | 3,450,000 | 3,450,000 | |
East Rockaway UFSD | ||||||
BAN 2021 | 1.00% | 06/17/22 | 10,350,000 | 10,388,272 | ||
Elwood UFSD | ||||||
TAN 2021-2022 | 1.25% | 06/24/22 | 10,500,000 | 10,553,504 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Fayetteville-Manlius CSD | ||||||
BAN 2021 | 1.00% | 06/29/22 | 20,746,061 | 20,830,850 | ||
Hyde Park CSD | ||||||
BAN 2021 | 1.25% | 06/17/22 | 17,756,813 | 17,843,743 | ||
Irondequoit | ||||||
BAN 2021A | 1.50% | 04/15/22 | 4,880,000 | 4,897,756 | ||
Kinderhook CSD | ||||||
BAN 2021 | 1.00% | 06/28/22 | 18,000,000 | 18,071,839 | ||
Kings Park CSD | ||||||
TAN 2021-2022 | 1.25% | 06/24/22 | 14,500,000 | 14,573,144 | ||
Kingston | ||||||
BAN 2021B | 1.25% | 08/19/22 | 9,000,000 | 9,061,166 | ||
La Grange | ||||||
BAN 2021A | 1.25% | 05/12/22 | 2,718,561 | 2,728,717 | ||
Marlboro CSD | ||||||
BAN 2021 | 1.25% | 06/29/22 | 8,000,000 | 8,041,433 | ||
Metropolitan Transportation Auth | ||||||
Dedicated Tax Fund Refunding Bonds Series 2012A (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.18% | 01/06/22 | 01/07/22 | 7,500,000 | 7,500,000 |
Monroe Cnty IDA | ||||||
Civic Facility RB (Margaret Woodbury Strong Museum) Series 2005 (LOC: MANUFACTURERS AND TRADERS TRUST CO) | (a)(b) | 0.20% | 01/07/22 | 14,310,000 | 14,310,000 | |
Monticello CSD | ||||||
GO BAN 2021 | 1.25% | 06/29/22 | 21,308,500 | 21,420,408 | ||
New Rochelle IDA | ||||||
IDRB (West End Phase I) Series 2006 (LOC: CITIBANK NA) | (a)(b) | 0.19% | 01/07/22 | 3,410,000 | 3,410,000 | |
New York City | ||||||
GO Bonds Fiscal 2006 Series I5 (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/07/22 | 22,500,000 | 22,500,000 | |
GO Bonds Fiscal 2012 Series A5 (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 14,165,000 | 14,165,000 |
GO Bonds Fiscal 2012 Series G1 | 5.00% | 04/01/22 | 140,000 | 141,626 | ||
GO Bonds Fiscal 2013 Series A1 | 5.00% | 10/01/22 | 150,000 | 155,239 | ||
GO Bonds Fiscal 2013 Series A3 (LOC: MIZUHO BANK LTD) | (a)(b) | 0.07% | 01/03/22 | 5,420,000 | 5,420,000 | |
GO Bonds Fiscal 2013 Series D | 5.00% | 08/01/22 | 250,000 | 256,894 | ||
GO Bonds Fiscal 2013 Series E | 5.00% | 08/01/22 | 165,000 | 169,540 | ||
GO Bonds Fiscal 2014 Series B | 5.00% | 08/01/22 | 100,000 | 102,721 | ||
GO Bonds Fiscal 2014 Series G | 5.00% | 08/01/22 | 125,000 | 128,422 | ||
GO Bonds Fiscal 2014 Series I1 | 5.00% | 03/01/22 | 100,000 | 100,762 | ||
GO Bonds Fiscal 2014 Series I1 (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 2,500,000 | 2,500,000 |
GO Bonds Fiscal 2015 Series F1 (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/07/22 | 5,000,000 | 5,000,000 | |
GO Bonds Fiscal 2016 Series A (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/07/22 | 5,000,000 | 5,000,000 | |
GO Bonds Fiscal 2016 Series E | 5.00% | 08/01/22 | 325,000 | 333,944 | ||
GO Bonds Fiscal 2018 Series A | 5.00% | 08/01/22 | 705,000 | 724,391 | ||
GO Bonds Fiscal 2018 Series C | 5.00% | 08/01/22 | 175,000 | 179,783 | ||
GO Bonds Fiscal 2018 Series E1 | 5.00% | 03/01/22 | 295,000 | 297,193 | ||
GO Bonds Fiscal 2018 Series E1 (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 3,935,000 | 3,935,000 | |
GO Bonds Fiscal 2018 Series F | 5.00% | 04/01/22 | 365,000 | 369,236 | ||
GO Bonds Fiscal 2021 Series A (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 8,750,000 | 8,750,000 | |
GO Bonds Fiscal 2021 Series A1 (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 4,815,000 | 4,815,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
GO Bonds Fiscal 2021 Series F1 (LIQ: BANK OF AMERICA NA) | (a)(c)(d) | 0.13% | 01/07/22 | 3,040,000 | 3,040,000 | |
GO Bonds Fiscal 2022 Series A-1 (LIQ: WELLS FARGO BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 1,115,000 | 1,115,000 | |
New York City Housing Development Corp | ||||||
M/F Housing RB Series 2017G1 (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/07/22 | 8,250,000 | 8,250,000 | |
M/F Housing RB Series 2018C1A (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.13% | 01/07/22 | 3,335,000 | 3,335,000 | |
M/F Housing RB Series 2018K (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 3,800,000 | 3,800,000 | |
M/F Housing RB Series 2019 (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 2,500,000 | 2,500,000 | |
M/F Housing RB Series 2019A1 (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 8,330,000 | 8,330,000 | |
M/F Housing RB Series 2021H | 0.12% | 03/15/22 | 9,995,000 | 9,994,998 | ||
New York City IDA | ||||||
Empowerment Zone RB (Tiago Holdings) Series 2007 (LOC: TD BANK NA) | (a)(b) | 0.10% | 01/07/22 | 15,595,000 | 15,595,000 | |
New York City Municipal Water Finance Auth | ||||||
Water & Sewer System 2nd General Resolution RB Fiscal 2012 Series FF (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.14% | 01/07/22 | 11,500,000 | 11,500,000 | |
Water & Sewer System 2nd General Resolution RB Fiscal 2019 Series CC (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 54,100,000 | 54,100,000 |
Water & Sewer System 2nd Resolution RB Fiscal 2013 Series BB (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 175,000 | 175,000 |
Water & Sewer System 2nd Resolution RB Fiscal 2013 Series CC (ESCROW) (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 40,100,000 | 40,100,000 |
Water & Sewer System 2nd Resolution RB Fiscal 2016 Series BB1 (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/07/22 | 10,130,000 | 10,130,000 | |
Water & Sewer System 2nd Resolution RB Fiscal 2020 Series GG-1 (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 3,470,000 | 3,470,000 | |
Water & Sewer System 2nd Resolution RB Fiscal 2021 Series EE2 (LIQ: STATE STREET BANK AND TRUST COMPANY) | (a)(b) | 0.07% | 01/03/22 | 3,000,000 | 3,000,000 | |
Water & Sewer System 2nd Resolution RB Fiscal 2022 Series AA (LIQ: UBS AG) | (a)(c)(d) | 0.14% | 01/07/22 | 2,775,000 | 2,775,000 | |
New York City Transitional Finance Auth | ||||||
Building Aid RB Fiscal 2013 Series S1 (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 6,250,000 | 6,250,000 |
Building Aid RB Fiscal 2015 Series S1 (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.15% | 01/06/22 | 01/07/22 | 4,000,000 | 4,000,000 |
Future Tax Sec Sub Bonds Fiscal Series 2018C3 & 2020B1 & 2021C1 (LIQ: BANK OF AMERICA NA) | (a)(c)(d) | 0.13% | 01/07/22 | 51,120,000 | 51,120,000 | |
Future Tax Secured Bonds Fiscal 1998 Series C (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 2,600,000 | 2,600,000 |
Future Tax Secured Sub Bonds Fiscal 2012 Series E1 (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 4,880,000 | 4,880,000 |
Future Tax Secured Sub Bonds Fiscal 2015 Series E | 5.00% | 02/01/22 | 105,000 | 105,400 | ||
Future Tax Secured Sub Bonds Fiscal 2016 Series A-5 (LOC: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.11% | 01/03/22 | 700,000 | 700,000 | |
Future Tax Secured Sub Bonds Fiscal 2017 Series B1 (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 4,000,000 | 4,000,000 | |
Future Tax Secured Sub Bonds Fiscal 2018 Series A1 | 5.00% | 08/01/22 | 300,000 | 308,270 | ||
Future Tax Secured Sub Bonds Fiscal 2018 Series B1 | 5.00% | 08/01/22 | 125,000 | 128,437 | ||
Future Tax Secured Sub Bonds Fiscal 2018 Series C | 5.00% | 05/01/22 | 100,000 | 101,574 | ||
Future Tax Secured Sub Bonds Fiscal 2020 Series A1 | 5.00% | 05/01/22 | 730,000 | 741,396 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Future Tax Secured Sub Bonds Fiscal 2020 Series B1 (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 3,330,000 | 3,330,000 | |
Future Tax Secured Sub Bonds Fiscal 2020 Series B1 (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 8,335,000 | 8,335,000 | |
Future Tax Secured Sub Bonds Fiscal 2020 Series C1 | 5.00% | 05/01/22 | 115,000 | 116,801 | ||
Future Tax Secured Sub Bonds Fiscal 2020 Series C2 (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 3,945,000 | 3,945,000 | |
Future Tax Secured Sub Bonds Fiscal 2021 Series C1 (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 20,000,000 | 20,000,000 | |
Future Tax Secured Sub RB Fiscal 2012 Series F1 (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 1,500,000 | 1,500,000 |
Future Tax Secured Sub RB Fiscal 2013 Series B (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 9,375,000 | 9,375,000 |
Future Tax Secured Sub RB Fiscal 2021 Series D1 (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.13% | 01/07/22 | 6,740,000 | 6,740,000 | |
RB Fiscal 2013 Series S-1 | 4.00% | 07/15/22 | 100,000 | 102,002 | ||
New York City Trust for Cultural Resources | ||||||
Refunding RB (American Museum of Natural History) Series 2014B2 (SIFMA Municipal Swap Index + 0.04%) | (a) | 0.14% | 01/06/22 | 08/29/22 | 18,000,000 | 18,000,000 |
New York Liberty Development Corp | ||||||
Liberty Refunding RB (4WTC) Series 2021A (LOC: BANK OF AMERICA NA) | (a)(c)(d) | 0.14% | 01/07/22 | 1,835,000 | 1,835,000 | |
New York State | ||||||
GO Bonds Series 2013C | 5.00% | 04/15/22 | 200,000 | 202,693 | ||
GO Bonds Series 2015A | 5.00% | 03/15/22 | 225,000 | 227,107 | ||
New York State Dormitory Auth | ||||||
NYC Court Facilities Lease RB Series 2005B (LOC: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/07/22 | 14,000,000 | 14,000,000 | |
RB (Columbia Univ) Series 2018B (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 8,400,000 | 8,400,000 | |
RB (State Univ Educational Facilities) Series 2012A | 4.00% | 05/15/22 | 100,000 | 101,395 | ||
RB (State Univ Educational Facilities) Series 2012A | 5.00% | 05/15/22 | 325,000 | 330,693 | ||
RB Series 2003 (LOC: MANUFACTURERS AND TRADERS TRUST CO) | (a)(b) | 0.20% | 01/07/22 | 11,695,000 | 11,695,000 | |
State Personal Income Tax RB Series 2013A (ESCROW) (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 6,000,000 | 6,000,000 |
State Personal Income Tax RB Series 2014C | 5.00% | 03/15/22 | 305,000 | 307,884 | ||
State Personal Income Tax RB Series 2015A | 5.00% | 03/15/22 | 955,000 | 964,052 | ||
State Personal Income Tax RB Series 2015E | 4.00% | 03/15/22 | 400,000 | 402,967 | ||
State Personal Income Tax RB Series 2016A (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.14% | 01/07/22 | 5,665,000 | 5,665,000 | |
State Personal Income Tax RB series 2016D | 5.00% | 02/15/22 | 125,000 | 125,701 | ||
State Personal Income Tax RB Series 2017A | 5.00% | 02/15/22 | 480,000 | 482,695 | ||
State Personal Income Tax RB Series 2018A | 5.00% | 03/15/22 | 250,000 | 252,362 | ||
State Personal Income Tax RB Series 2018A (LIQ: BANK OF AMERICA NA) | (a)(c)(d) | 0.13% | 01/07/22 | 1,500,000 | 1,500,000 | |
State Personal Income Tax RB Series 2019D | 4.00% | 02/15/22 | 465,000 | 467,061 | ||
State Personal Income Tax RB Series 2019D (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 600,000 | 600,000 | |
State Personal Income Tax RB Series 2020A | 5.00% | 03/15/22 | 350,000 | 353,314 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
State Personal Income Tax RB Series 2020A (LIQ: BANK OF AMERICA NA) | (a)(c)(d) | 0.13% | 01/07/22 | 5,000,000 | 5,000,000 | |
State Personal Income Tax RB Series 2020A (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.13% | 01/07/22 | 6,030,000 | 6,030,000 | |
State Personal Income Tax RB Series 2020A (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 3,330,000 | 3,330,000 | |
State Personal Income Tax RB Series 2020A & 2021A (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 30,170,000 | 30,170,000 | |
State Personal Income Tax Refunding RB Series 2005B | 5.50% | 03/15/22 | 100,000 | 101,040 | ||
State Sales Tax RB Series 2013A | 5.00% | 03/15/22 | 815,000 | 822,622 | ||
State Sales Tax RB Series 2014A (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 3,300,000 | 3,300,000 |
State Sales Tax RB Series 2015A | 4.00% | 03/15/22 | 150,000 | 151,128 | ||
State Sales Tax RB Series 2015A | 5.00% | 03/15/22 | 870,000 | 878,220 | ||
State Sales Tax RB Series 2015B (LIQ: WELLS FARGO BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 10,905,000 | 10,905,000 | |
State Sales Tax RB Series 2016A | 5.00% | 03/15/22 | 600,000 | 605,683 | ||
State Sales Tax RB Series 2018A | 5.00% | 03/15/22 | 150,000 | 151,417 | ||
State Sales Tax RB Series 2018C | 5.00% | 03/15/22 | 500,000 | 504,706 | ||
State Sales Tax RB Series 2018C (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 1,000,000 | 1,000,000 | |
State Sales Tax RB Series 2018E | 5.00% | 03/15/22 | 505,000 | 509,775 | ||
New York State Environmental Facilities Corp | ||||||
State Clean Water & Drinking Water Revolving Funds RB Series 2012D | 5.00% | 06/15/22 | 105,000 | 107,229 | ||
State Clean Water & Drinking Water Revolving Funds RB Series 2021A | 5.00% | 06/15/22 | 130,000 | 132,778 | ||
State Clean Water & Drinking Water Revolving Funds Sub RB Series 2017E (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 4,250,000 | 4,250,000 | |
State Revolving Funds RB Series 2015B | 5.00% | 03/15/22 | 175,000 | 176,634 | ||
New York State HFA | ||||||
Housing RB (750 6th Ave) Series 1998A (LOC: LANDESBANK HESSEN THUERINGEN GIROZENTRALE) | (a)(b) | 0.12% | 01/07/22 | 7,810,000 | 7,810,000 | |
New York State Power Auth | ||||||
CP Series 1 | 0.10% | 01/06/22 | 9,662,000 | 9,662,000 | ||
CP Series 2 | 0.18% | 05/12/22 | 74,816,000 | 74,816,000 | ||
RB Series 2020A (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 720,000 | 720,000 | |
RB Series 2020A (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.13% | 01/07/22 | 700,000 | 700,000 | |
New York State Thruway Auth | ||||||
State Personal Income Tax RB Series 2021A1 (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 9,340,000 | 9,340,000 | |
State Personal Income Tax RB Series 2021A1 (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 7,030,000 | 7,030,000 | |
New York State Urban Development Corp | ||||||
State Personal Income Tax RB Series 2004A-2 | 5.50% | 03/15/22 | 100,000 | 101,048 | ||
State Personal Income Tax RB Series 2013A1 (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 4,700,000 | 4,700,000 |
State Personal Income Tax RB Series 2013D | 5.00% | 03/15/22 | 2,030,000 | 2,049,144 | ||
State Personal Income Tax RB Series 2014A | 5.00% | 03/15/22 | 310,000 | 312,930 | ||
State Personal Income Tax RB Series 2016A | 5.00% | 03/15/22 | 380,000 | 383,551 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
State Personal Income Tax RB Series 2020E (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 4,605,000 | 4,605,000 | |
State Sales Tax RB Series 2019A | 5.00% | 03/15/22 | 1,070,000 | 1,080,120 | ||
State Sales Tax RB Series 2019A 2021A (LIQ: BANK OF AMERICA NA) | (a)(c)(d) | 0.13% | 01/07/22 | 34,140,000 | 34,140,000 | |
State Sales Tax RB Series 2021A (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 7,500,000 | 7,500,000 | |
Niagara-Wheatfield CSD | ||||||
BAN 2021 | 1.25% | 06/28/22 | 12,000,000 | 12,062,955 | ||
Nuveen New York AMT-Free Quality Municipal Income Fund | ||||||
Variable Rate Demand Preferred Shares Series 3 (LOC: SUMITOMO MITSUI BANKING CORPORATION) | (a)(b)(c) | 0.15% | 01/07/22 | 10,300,000 | 10,300,000 | |
Patchogue-Medford UFSD | ||||||
TAN 2021-2022 | 1.50% | 06/24/22 | 9,000,000 | 9,053,574 | ||
Port Auth of New York & New Jersey | ||||||
Consolidated Bonds 172nd Series (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.14% | 01/07/22 | 3,080,000 | 3,080,000 | |
Consolidated Bonds 178th Series (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.14% | 01/07/22 | 1,660,000 | 1,660,000 | |
Consolidated Bonds 206th Series (LIQ: CITIBANK NA) | (a)(c)(d) | 0.15% | 01/07/22 | 2,500,000 | 2,500,000 | |
Consolidated Bonds 206th Series (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.14% | 01/07/22 | 4,790,000 | 4,790,000 | |
Consolidated Bonds 207th Series (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.14% | 01/07/22 | 19,475,000 | 19,475,000 | |
Consolidated Bonds 214th Series (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.20% | 01/07/22 | 2,605,000 | 2,605,000 | |
Consolidated Bonds 218th & 220th Series (LIQ: BANK OF AMERICA NA) | (a)(c)(d) | 0.19% | 01/07/22 | 11,550,000 | 11,550,000 | |
Consolidated Bonds 218th Series (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.14% | 01/07/22 | 10,845,000 | 10,845,000 | |
Consolidated Bonds 218th Series (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 2,860,000 | 2,860,000 | |
Consolidated Bonds 221st & 223rd Series (LIQ: BANK OF AMERICA NA) | (a)(c)(d) | 0.19% | 01/07/22 | 9,335,000 | 9,335,000 | |
Consolidated Bonds 221st Series (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.14% | 01/07/22 | 9,690,000 | 9,690,000 | |
Ravena-Coeymans-Selkirk CSD | ||||||
BAN 2021 | 1.50% | 08/12/22 | 4,100,000 | 4,131,698 | ||
Rockland Cnty IDA | ||||||
RB (Northern Riverview) Series 1999 (LOC: MANUFACTURERS AND TRADERS TRUST CO) | (a)(b) | 0.20% | 01/07/22 | 5,265,000 | 5,265,000 | |
Sales Tax Asset Receivable Corp | ||||||
Sales Tax Asset RB Fiscal 2015 Series A (ESCROW) (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 9,580,000 | 9,580,000 |
Saratoga Springs SD | ||||||
BAN 2021 | 1.25% | 06/30/22 | 8,597,000 | 8,642,195 | ||
Sewanhaka Central HSD | ||||||
TAN 2021-2022 | 1.50% | 06/20/22 | 11,000,000 | 11,068,411 | ||
Sweet Home CSD | ||||||
BAN 2021A | 1.25% | 07/07/22 | 8,785,218 | 8,832,101 | ||
Tompkins Cnty | ||||||
BAN 2021A | 1.50% | 02/18/22 | 13,000,000 | 13,021,086 | ||
Ulster Cnty | ||||||
GO BAN Series 2021 | 1.50% | 11/17/22 | 31,453,925 | 31,789,894 | ||
Warren & Washington Cnty IDA | ||||||
Civic Facility RB (Glen at Hiland Meadows) Series 2000 (LOC: MANUFACTURERS AND TRADERS TRUST CO) | (a)(b) | 0.21% | 01/07/22 | 2,735,000 | 2,735,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
West Hempstead UFSD | ||||||
BAN 2021 | 1.25% | 06/10/22 | 5,500,000 | 5,525,665 | ||
1,207,136,035 | ||||||
NORTH CAROLINA 0.4% | ||||||
North Carolina | ||||||
Limited Obligation Refunding Bonds Series 2014C (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 2,800,000 | 2,800,000 |
Limited Obligation Refunding Bonds Series 2017B (LIQ: BANK OF AMERICA NA) | (a)(c)(d) | 0.14% | 01/07/22 | 4,800,000 | 4,800,000 | |
North Carolina Capital Facilities Finance Agency | ||||||
RB (Duke Univ) Series 2015B (ESCROW) (LIQ: BANK OF AMERICA NA) | (a)(c)(d) | 0.13% | 01/07/22 | 8,000,000 | 8,000,000 | |
RB (Duke Univ) Series 2015B (ESCROW) (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 4,499,000 | 4,499,000 | |
North Carolina Medical Care Commission | ||||||
Health Care Facilities Refunding RB (Rex Healthcare) Series 2020A (LOC: BANK OF AMERICA NA) | (a)(c)(d) | 0.15% | 01/07/22 | 7,305,000 | 7,305,000 | |
North Carolina Ports Auth | ||||||
Exempt Facilities RB (Wilmington Bulk) Series 2001A (LOC: TRUIST BANK) | (a)(b) | 0.23% | 01/06/22 | 01/07/22 | 295,000 | 295,000 |
Univ of North Carolina Hospitals | ||||||
RB Series 2019 (LIQ: BANK OF AMERICA NA) | (a)(c)(d) | 0.15% | 01/07/22 | 645,000 | 645,000 | |
Yancey Cnty Industrial Facilities & Pollution Control Financing Auth | ||||||
IDRB (Altec Industries) Series 2007 (LOC: TRUIST BANK) | (a)(b) | 0.23% | 01/07/22 | 7,000,000 | 7,000,000 | |
35,344,000 | ||||||
NORTH DAKOTA 0.1% | ||||||
Richland Cnty | ||||||
RB (Minn-Dak Farmers Coop) Series 2010B (LOC: COBANK ACB) | (a)(b) | 0.16% | 01/07/22 | 7,000,000 | 7,000,000 | |
RB (Minn-Dak Farmers Coop) Series 2010C (LOC: COBANK ACB) | (a)(b) | 0.16% | 01/07/22 | 4,765,000 | 4,765,000 | |
11,765,000 | ||||||
OHIO 2.0% | ||||||
Allen Cnty | ||||||
Hospital Facilities RB (Bon Secours Mercy Health) Series 2010D (LOC: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/07/22 | 29,620,000 | 29,620,000 | |
Berea SD | ||||||
ULT GO Bonds Series 2017 (LOC: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/07/22 | 4,000,000 | 4,000,000 | |
Columbus Regional Airport Auth | ||||||
Airport Development RB (FlightSafety) Series 2015B | (a)(b) | 0.13% | 01/07/22 | 15,040,000 | 15,040,000 | |
Forrest Hills SD | ||||||
ULT GO Bonds Series 2015 (LOC: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/07/22 | 5,300,000 | 5,300,000 | |
Franklin Cnty | ||||||
Hospital Facilities RB (OhioHealth) Series 2015 (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.14% | 01/07/22 | 2,665,000 | 2,665,000 | |
RB (St George Commons Apts) Series 2007 (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.16% | 01/07/22 | 3,100,000 | 3,100,000 | |
RB (Trinity Health) Series 2013OH | 0.10% | 02/01/22 | 12,500,000 | 12,500,000 | ||
Marion Cnty | ||||||
M/F Housing RB (Avalon Lakes) Series 2006 (LOC: FEDERAL HOME LOAN BANKS) | (a)(b) | 0.16% | 01/07/22 | 7,425,000 | 7,425,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Montgomery Cnty | ||||||
Hospital Facililties Refunding RB (Kettering Health) Series 2011B (LOC: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/07/22 | 10,575,000 | 10,575,000 | |
Hospital Facilities Refunding RB (Kettering Health) Series 2011A (LOC: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 1,595,000 | 1,595,000 |
Northeast Ohio Regional Sewer District | ||||||
Wastewater Refunding RB Series 2017 (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.15% | 01/07/22 | 3,165,000 | 3,165,000 | |
Ohio | ||||||
Hospital RB Series 2021A (LOC: BANK OF AMERICA NA) | (a)(c)(d) | 0.15% | 01/07/22 | 1,250,000 | 1,250,000 | |
Ohio HFA | ||||||
Residential Mortgage RB Series 2017C (LIQ: JPMORGAN CHASE BANK NA) | (a)(b) | 0.13% | 01/07/22 | 2,900,000 | 2,900,000 | |
Ohio Higher Educational Facility Commission | ||||||
Hospital RB (Cleveland Clinic Health System) Series 2008B6 | 0.10% | 01/03/22 | 23,190,000 | 23,190,000 | ||
Ohio State Air Quality Development Auth | ||||||
Exempt Facilities RB (Cargill) Series 2021 | (a)(b) | 0.16% | 01/07/22 | 36,000,000 | 36,000,000 | |
Ohio Univ | ||||||
General RB Series 2017A (LOC: ROYAL BANK OF CANADA) (SIFMA Municipal Swap Index + 0.20%) | (a)(c)(d) | 0.30% | 01/06/22 | 06/01/22 | 5,000,000 | 5,000,000 |
163,325,000 | ||||||
OREGON 2.8% | ||||||
Gresham-Barlow SD #10Jt | ||||||
GO Bonds Series 2017A (GTY: OREGON (STATE OF)) | 0.22% | 06/15/22 | 505,000 | 504,499 | ||
Multnomah Cnty SD #1 | ||||||
GO Bonds Series 2020 (GTY: OREGON (STATE OF)) | 5.00% | 06/15/22 | 125,000 | 127,678 | ||
Oregon Facilities Auth | ||||||
RB (Quatama Housing LP) Series 2005A (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.14% | 01/07/22 | 7,160,000 | 7,160,000 | |
Oregon Health, Housing, Educational & Cultural Facilities Auth | ||||||
RB (Assumption Village) Series 2001A (LOC: MUFG UNION BANK NA) | (a)(b) | 0.14% | 01/07/22 | 2,150,000 | 2,150,000 | |
Port of Portland Airport | ||||||
Portland International Airport 3rd Lien CP Series B (LOC: BANK OF AMERICA NA) | 0.11% | 01/27/22 | 194,100,000 | 194,100,000 | ||
Portland | ||||||
M/F Refunding RB (Village of Lovejoy Fountain) Series 2009 (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.16% | 01/07/22 | 13,050,000 | 13,050,000 | |
Portland CCD | ||||||
GO Bonds Series 2013 (ESCROW) (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.15% | 01/07/22 | 6,835,000 | 6,835,000 | |
Stanfield SD #61 | ||||||
GO Bonds Series 2019 (GTY: OREGON (STATE OF)) | 4.00% | 06/15/22 | 100,000 | 101,642 | ||
224,028,819 | ||||||
PENNSYLVANIA 3.1% | ||||||
Allegheny Cnty Hospital Development Auth | ||||||
RB (Concordia Lutheran Obligated Group) Series 2016A (LOC: TRUIST BANK) | (a)(b) | 0.19% | 01/07/22 | 10,000,000 | 10,000,000 | |
RB (Univ of Pittsburgh Medical Center) Series 2017D2 (LOC: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.11% | 01/03/22 | 79,035,000 | 79,035,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Butler Cnty Industrial Development Auth | ||||||
Refunding RB (Concordia Lutheran Health & Human Care) Series 2008A (LOC: TRUIST BANK) | (a)(b) | 0.19% | 01/07/22 | 6,495,000 | 6,495,000 | |
Central Bradford Progress Auth | ||||||
RB Series 2021B (LOC: BANK OF AMERICA NA) | (a)(c)(d) | 0.14% | 01/07/22 | 3,150,000 | 3,150,000 | |
Chester Cnty Health & Ed | ||||||
RB (Tel Hai Retirement Community) Series 2020 (LOC: MANUFACTURERS AND TRADERS TRUST CO) | (a)(b) | 0.20% | 01/07/22 | 13,000,000 | 13,000,000 | |
Cumberland Cnty Municipal Auth | ||||||
RB (SpiriTrust Lutheran) Series 2019 (LOC: MANUFACTURERS AND TRADERS TRUST CO) | (a)(b) | 0.20% | 01/07/22 | 67,000,000 | 67,000,000 | |
Delaware Valley Regional Finance Auth | ||||||
Local Gov’t RB Series 2020D (LOC: TD BANK NA) | (a)(b) | 0.10% | 01/07/22 | 3,100,000 | 3,100,000 | |
Lancaster Cnty Hospital Auth | ||||||
Sr Living Facility RB (Quarryville Presbyterian Retirement Community) Series 2000 (LOC: MANUFACTURERS AND TRADERS TRUST CO) | (a)(b) | 0.14% | 01/07/22 | 3,020,000 | 3,020,000 | |
Lycoming Cnty Auth | ||||||
RB (Lycoming College) Series 2013S1 (LOC: MANUFACTURERS AND TRADERS TRUST CO) | (a)(b) | 0.17% | 01/07/22 | 4,915,000 | 4,915,000 | |
Montgomery Cnty IDA | ||||||
Environmental Facilities RB (Lonza Inc) Series 2000 (LOC: LANDESBANK HESSEN THUERINGEN GIROZENTRALE) | (a)(b) | 0.16% | 01/06/22 | 01/07/22 | 7,000,000 | 7,000,000 |
Montgomery Cnty Redevelopment Auth | ||||||
M/F Housing RB (Forge Gate Apts) Series 2001A (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.14% | 01/07/22 | 4,665,000 | 4,665,000 | |
M/F Housing RB (Kingswood Apts) Series 2001A (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.16% | 01/07/22 | 8,210,000 | 8,210,000 | |
Northampton Cnty | ||||||
RB (Binney & Smith) Series 1997A (LOC: JPMORGAN CHASE BANK NA) | (a)(b) | 0.26% | 01/05/22 | 01/07/22 | 1,165,000 | 1,165,000 |
Pennsylvania Economic Development Financing Auth | ||||||
Economic Development RB Series 2005B2 (LOC: PNC BANK NATIONAL ASSOCIATION) | (a)(b) | 0.14% | 01/07/22 | 1,400,000 | 1,400,000 | |
Exempt Facilities Refunding RB (PPL Energy Supply) Series 2009C (LOC: MUFG BANK LTD) | (a)(b) | 0.17% | 01/07/22 | 14,000,000 | 14,000,000 | |
RB (Salem Rd) Series 2007D1 (LOC: PNC BANK NATIONAL ASSOCIATION) | (a)(b) | 0.14% | 01/07/22 | 1,000,000 | 1,000,000 | |
Pennsylvania HFA | ||||||
S/F Mortgage RB Series 2015-118A | 2.60% | 10/01/22 | 250,000 | 254,129 | ||
S/F Mortgage RB Series 2017-112 | 2.25% | 04/01/22 | 265,000 | 266,293 | ||
S/F Mortgage RB Series 2017-123A | 2.25% | 10/01/22 | 160,000 | 162,175 | ||
S/F Mortgage RB Series 2017-125A (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.14% | 01/07/22 | 9,480,000 | 9,480,000 | |
S/F Mortgage RB Series 2019-129 (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.13% | 01/07/22 | 3,330,000 | 3,330,000 | |
S/F Mortgage RB Series 2020-132A (LIQ: WELLS FARGO BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 1,620,000 | 1,620,000 | |
Pennsylvania Higher Educational Facilities Auth | ||||||
RB (Assoc of Indep Colleges & Univs of PA) Series 2001I1 (LOC: MANUFACTURERS AND TRADERS TRUST CO) | (a)(b) | 0.17% | 01/07/22 | 3,400,000 | 3,400,000 | |
Pennsylvania State Univ | ||||||
RB Series 2018 (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 3,000,000 | 3,000,000 | |
248,667,597 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
RHODE ISLAND 0.1% | ||||||
Rhode Island Health & Educational Building Corp | ||||||
Educational Facilities RB (Brown Univ) 2017A (LIQ: WELLS FARGO BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 9,450,000 | 9,450,000 | |
SOUTH CAROLINA 0.5% | ||||||
Charleston Educational Excellence Financing Corp | ||||||
Installment Purchase Refunding RB Series 2013B (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.15% | 01/06/22 | 01/07/22 | 3,100,000 | 3,100,000 |
Patriots Energy Group Financing Agency | ||||||
Gas Supply RB Series 2018 (LOC: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.15% | 01/06/22 | 01/07/22 | 7,045,000 | 7,045,000 |
South Carolina Jobs Economic Development Auth | ||||||
RB (Holcim) Series 2003 (LOC: COMERICA BANK) | (a)(b) | 0.15% | 01/07/22 | 25,000,000 | 25,000,000 | |
South Carolina Transportation Infrastructure Bank | ||||||
Refunding RB Series 2017A (LOC: ROYAL BANK OF CANADA) (SIFMA Municipal Swap Index + 0.20%) | (a)(c)(d) | 0.30% | 01/06/22 | 04/01/22 | 3,000,000 | 3,000,000 |
38,145,000 | ||||||
SOUTH DAKOTA 0.4% | ||||||
South Dakota Economic Development Finance Auth | ||||||
Solid Waste Disposal RB (Riverview) Series 2021 (LOC: AGRIBANK FCB) | (a)(b) | 0.16% | 01/07/22 | 22,500,000 | 22,500,000 | |
Variable Rate Demand RB Series 2021 (LOC: AGRIBANK FCB) | (a)(b) | 0.16% | 01/07/22 | 11,250,000 | 11,250,000 | |
33,750,000 | ||||||
TENNESSEE 0.3% | ||||||
Blount Cnty Public Building Auth | ||||||
Public Improvement Bonds Series E6A (LOC: TRUIST BANK) | (a)(b) | 0.19% | 01/07/22 | 5,235,000 | 5,235,000 | |
Greeneville Health & Educational Facilities Board | ||||||
Hospital RB (Ballad Health) Series 2018A (LOC: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.14% | 01/07/22 | 1,700,000 | 1,700,000 | |
Memphis | ||||||
GO Refunding Bond Series 2015C (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 2,250,000 | 2,250,000 |
Metro Government of Nashville & Davidson Cnty | ||||||
GO CP Series 2021 (LIQ: BANK OF AMERICA NA) | 0.11% | 01/06/22 | 12,500,000 | 12,500,000 | ||
21,685,000 | ||||||
TEXAS 13.9% | ||||||
Abilene ISD | ||||||
ULT GO Bonds Series 2019 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 325,000 | 326,828 | ||
Alamo CCD | ||||||
LT GO Refunding Bonds Series 2012 (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 7,500,000 | 7,500,000 |
Alamo Heights ISD | ||||||
ULT GO Refunding Bonds Series 2013 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/01/22 | 300,000 | 301,134 | ||
Aldine ISD | ||||||
ULT GO Refunding Bonds Series 2017A (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 555,000 | 558,128 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Alief ISD | ||||||
ULT GO Refunding Bonds Series 2021 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 150,000 | 150,845 | ||
Allen ISD | ||||||
ULT GO Bonds Series 2021 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 1,005,000 | 1,010,672 | ||
ULT GO Refunding Bonds Series 2017A (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 350,000 | 351,968 | ||
Alvin ISD | ||||||
ULT GO Refunding Bonds Series 2014C (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 375,000 | 377,103 | ||
Arlington Higher Education Finance Corp | ||||||
Education RB (Riverwalk Education Foundation) Series 2019 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 2,225,000 | 2,225,000 | |
Arlington ISD | ||||||
ULT GO Bonds Series 2015 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 365,000 | 367,043 | ||
Barbers Hill ISD | ||||||
ULT GO Bonds Series 2019 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 400,000 | 402,254 | ||
Beaumont ISD | ||||||
ULT GO Refunding Bonds Series 2017 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 355,000 | 357,018 | ||
Bexar Cnty Housing Finance Corp | ||||||
M/F Housing RB Series 1996 (LOC: NORTHERN TRUST COMPANY (THE)) | (a)(b) | 0.17% | 01/07/22 | 10,375,000 | 10,375,000 | |
Birdville ISD | ||||||
ULT GO Bonds Series 2015A (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 320,000 | 321,799 | ||
Brownsville | ||||||
Utilities System CP Series A (LOC: BANK OF AMERICA NA) | 0.16% | 04/14/22 | 2,300,000 | 2,300,000 | ||
Bryan ISD | ||||||
GO Refunding Bonds Series 2015B (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 2.00% | 02/15/22 | 250,000 | 250,534 | ||
ULT GO Refunding Bonds Series 2017 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 3.25% | 02/15/22 | 485,000 | 486,732 | ||
Calallen ISD | ||||||
ULT GO Bonds Series 2018 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 200,000 | 201,114 | ||
Calhoun Cnty Navigation IDA | ||||||
Port RB (Formosa Plastics) Series 2011C (LOC: SUMITOMO MITSUI BANKING CORPORATION) | (a)(b)(c) | 0.11% | 01/07/22 | 12,500,000 | 12,500,000 | |
Calhoun Port Auth | ||||||
Environmental Facilities RB (Formosa Plastics) Series 2008 (LOC: BANK OF AMERICA NA) | (a)(b) | 0.14% | 01/07/22 | 10,000,000 | 10,000,000 | |
Environmental Facilities RB (Formosa Plastics) Series 2011B (LOC: SUMITOMO MITSUI BANKING CORPORATION) | (a)(b)(c) | 0.11% | 01/07/22 | 35,000,000 | 35,000,000 | |
Port RB (Formosa Plastics) Series 2007A (LOC: PNC BANK NATIONAL ASSOCIATION) | (a)(b) | 0.14% | 01/07/22 | 27,000,000 | 27,000,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Clear Creek ISD | ||||||
ULT GO Bonds Series 2019 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 575,000 | 578,228 | ||
ULT GO Refunding Bonds Series 2012A (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 3.00% | 02/15/22 | 200,000 | 200,657 | ||
College Station ISD | ||||||
ULT GO Refunding Bonds Series 2015 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 3.00% | 08/15/22 | 150,000 | 152,545 | ||
Comal ISD | ||||||
ULT GO Refunding Bonds Series 2005A (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 0.13% | 02/01/22 | 135,000 | 134,986 | ||
Conroe ISD | ||||||
ULT GO Refunding Bonds Series 2016A (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 150,000 | 150,842 | ||
Cypress-Fairbanks ISD | ||||||
ULT GO Bonds Series 2014A (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 610,000 | 613,469 | ||
ULT GO Bonds Series 2019A (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 250,000 | 251,407 | ||
ULT GO Refunding Bonds Series 2013 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 170,000 | 170,955 | ||
ULT GO Refunding Bonds Series 2015A (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 530,000 | 532,996 | ||
ULT GO Refunding Bonds Series 2016 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) (LIQ: US BANK NATIONAL ASSOCIATION) | (a)(c)(d) | 0.09% | 01/03/22 | 28,400,000 | 28,400,000 | |
ULT GO Refunding Bonds Series 2019 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 430,000 | 432,414 | ||
Dallam Cnty IDC | ||||||
Economic Development RB (Hillmar Cheese) Series 2010 (LOC: BANK OF AMERICA NA) | (a)(b) | 0.15% | 01/07/22 | 20,000,000 | 20,000,000 | |
Economic Development Refunding RB (Hilmar Cheese) Series 2009 (LOC: WELLS FARGO BANK NA) | (a)(b) | 0.15% | 01/07/22 | 24,500,000 | 24,500,000 | |
IDRB (Dalhart Jersey Ranch) Series 2006 (LOC: COBANK ACB) | (a)(b) | 0.16% | 01/07/22 | 1,065,000 | 1,065,000 | |
IDRB (Morning Star Dairy) Series 2015 (LOC: FARM CREDIT BANK OF TEXAS) | (a)(b) | 0.16% | 01/07/22 | 5,350,000 | 5,350,000 | |
IDRB (Morning Star Dairy) Series 2018 (LOC: FARM CREDIT BANK OF TEXAS) | (a)(b) | 0.16% | 01/07/22 | 10,000,000 | 10,000,000 | |
Dallas | ||||||
GO Refunding Bonds Series 2014 | 5.00% | 02/15/22 | 615,000 | 618,485 | ||
Dallas Area Rapid Transit | ||||||
Sr Lien Sales Tax Refunding RB Series 2007 (LIQ: CREDIT SUISSE AG) | (a)(c)(d) | 0.13% | 01/07/22 | 2,500,000 | 2,500,000 | |
Sr Lien Sales Tax Refunding RB Series 2016A (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 6,520,000 | 6,520,000 | |
Sr Sub Lien Sales Tax Revenue CP Series IIA (LIQ: JPMORGAN CHASE BANK NA) | 0.11% | 01/12/22 | 22,000,000 | 22,000,000 | ||
Sr Sub Lien Sales Tax Revenue CP Series III | 0.12% | 01/03/22 | 07/01/22 | 5,000,000 | 5,000,000 | |
Sr. Lien Sales Tax Refunding RB Series 2021B (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 3,375,000 | 3,375,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Dallas ISD | ||||||
ULT GO Bonds Series 2019B (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 240,000 | 241,361 | ||
ULT GO Refunding Bonds Series 2021A (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 4.00% | 02/15/22 | 520,000 | 522,321 | ||
Eagle Mountain-Saginaw ISD | ||||||
ULT GO Bonds Series 2020A (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 08/15/22 | 125,000 | 128,670 | ||
Fort Bend Cnty | ||||||
LT Refunding Bonds 2015B (LOC: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/07/22 | 7,790,000 | 7,790,000 | |
Fort Bend ISD | ||||||
ULT GO CP Notes Series A (LIQ: JPMORGAN CHASE BANK NA) | 0.13% | 02/23/22 | 5,000,000 | 5,000,000 | ||
ULT GO Refunding Bonds Series 2015C (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 400,000 | 402,278 | ||
ULT GO Refunding Bonds Series 2016A (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 08/15/22 | 125,000 | 128,665 | ||
Frisco ISD | ||||||
ULT GO Refunding Bonds Series 2002 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 0.27% | 08/15/22 | 615,000 | 613,978 | ||
Garland ISD | ||||||
ULT GO Refunding Bonds Series 2020 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 500,000 | 502,850 | ||
Goose Creek ISD | ||||||
ULT GO Refunding Bonds Series 2016A (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 4.00% | 02/15/22 | 100,000 | 100,446 | ||
Grand Parkway Transportation Corp | ||||||
1st Tier Toll Refunding RB Series 2020C (LOC: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.15% | 01/07/22 | 8,080,000 | 8,080,000 | |
Sub Tier Toll RB Series 2018A (LIQ: BANK OF AMERICA NA) | (a)(c)(d) | 0.14% | 01/07/22 | 19,765,000 | 19,765,000 | |
Gregory Portland ISD | ||||||
ULT GO Bonds Series 2018A (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 4.00% | 02/15/22 | 195,000 | 195,858 | ||
Gulf Coast Waste Disposal Auth | ||||||
RB (ExxonMobil) Series 2000 | (a)(b) | 0.11% | 01/03/22 | 1,665,000 | 1,665,000 | |
Hale Cnty IDC | ||||||
Economic Development RB (Silverado TX) Series 2008 (LOC: COOPERATIEVE RABOBANK UA) | (a)(b) | 0.16% | 01/07/22 | 5,400,000 | 5,400,000 | |
IDRB (Struikmans Ramona) Series 2003 (LOC: COOPERATIEVE RABOBANK UA) | (a)(b) | 0.16% | 01/07/22 | 3,000,000 | 3,000,000 | |
Harris Cnty | ||||||
GO CP Series C | 0.10% | 01/06/22 | 250,000 | 250,000 | ||
GO CP Series C | 0.11% | 01/06/22 | 5,760,000 | 5,760,000 | ||
GO Refunding Bonds Series 2015A (LOC: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/07/22 | 8,785,000 | 8,785,000 | |
Toll Road Sr Lien Refunding RB Series 2018A (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 3,905,000 | 3,905,000 | |
Harris Cnty Cultural Education Facilities Finance Corp | ||||||
Hospital RB (Texas Children’s Hospital) Series 2021D (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/07/22 | 20,370,000 | 20,370,000 | |
Refunding RB (Methodist Hospital) Series 2009C1 | 0.08% | 01/04/22 | 46,000,000 | 46,000,000 | ||
Harris Cnty Housing Finance Corp | ||||||
M/F Housing RB (Baypointe Apts) Series 2006 (LOC: CITIBANK NA) | (a)(b) | 0.12% | 01/07/22 | 10,090,000 | 10,090,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Houston | ||||||
Airport System Sr Lien CP Series A (LOC: SUMITOMO MITSUI BANKING CORPORATION) | 0.14% | 02/10/22 | 6,000,000 | 6,000,000 | ||
Airport System Sr Lien CP Series A (LOC: SUMITOMO MITSUI BANKING CORPORATION) | 0.15% | 02/17/22 | 8,000,000 | 8,000,000 | ||
GO Refunding Bonds Series 2016A (LOC: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/07/22 | 12,400,000 | 12,400,000 | |
GO Refunding Bonds Series 2019C | 5.00% | 03/01/22 | 120,000 | 120,890 | ||
Refunding Bonds Series 2014A | 5.00% | 03/01/22 | 620,000 | 624,697 | ||
Houston ISD | ||||||
LT GO Refunding Bonds Series 2013A (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 245,000 | 246,379 | ||
LT GO Refunding Bonds Series 2017 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 300,000 | 301,688 | ||
Irving ISD | ||||||
ULT GO Bonds Series 2012 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 4.00% | 02/15/22 | 255,000 | 256,149 | ||
ULT GO Refunding Bonds Series 2015A (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 100,000 | 100,564 | ||
Katy ISD | ||||||
ULT GO Refunding Bonds Series 2019B (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 225,000 | 226,276 | ||
Klein ISD | ||||||
ULT GO Bonds Series 2017 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 08/01/22 | 325,000 | 334,003 | ||
Lake Dallas Tex ISD | ||||||
ULT GO Refunding Bonds Series 2021 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 3.00% | 08/15/22 | 705,000 | 717,120 | ||
Lake Travis ISD | ||||||
ULT GO Bonds Series 2013 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 220,000 | 221,234 | ||
Lamar Consolidated ISD | ||||||
ULT GO Refunding Bonds Series 2012B (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 505,000 | 507,847 | ||
ULT GO Refunding Bonds Series 2015 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/07/22 | 5,000,000 | 5,000,000 | |
Lampasas ISD | ||||||
LT GO Refunding Bonds Series 2013 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 100,000 | 100,569 | ||
Laredo ISD | ||||||
ULT GO Bonds Series 2014 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 08/01/22 | 400,000 | 411,114 | ||
Leander ISD | ||||||
ULT GO Bonds Series 2018A (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 08/15/22 | 190,000 | 195,558 | ||
ULT GO Refunding Bonds Series 2015A (GTY: TEXAS PERMANENT SCHOOL FUND PROG) (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/07/22 | 7,000,000 | 7,000,000 | |
ULT GO Refunding Bonds Series 2016A (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 0.33% | 08/16/22 | 100,000 | 99,796 | ||
ULT GO Refunding Bonds Series 2017A (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 08/15/22 | 100,000 | 102,907 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Lower Colorado River Auth | ||||||
CP Series B (LOC: STATE STREET BANK AND TRUST COMPANY) | 0.12% | 02/17/22 | 1,892,000 | 1,892,000 | ||
CP Series B (LOC: STATE STREET BANK AND TRUST COMPANY) | 0.11% | 03/03/22 | 1,340,000 | 1,340,000 | ||
CP Series B (LOC: STATE STREET BANK AND TRUST COMPANY) | 0.12% | 03/03/22 | 20,000,000 | 20,000,000 | ||
CP Series B (LOC: STATE STREET BANK AND TRUST COMPANY) | 0.13% | 03/24/22 | 27,400,000 | 27,400,000 | ||
Transmission Contract Revenue CP (LOC: STATE STREET BANK AND TRUST COMPANY; JPMORGAN CHASE BANK NA) | 0.11% | 01/05/22 | 12,175,000 | 12,175,000 | ||
Transmission Contract Revenue CP (LOC: STATE STREET BANK AND TRUST COMPANY; JPMORGAN CHASE BANK NA) | 0.12% | 01/05/22 | 3,900,000 | 3,900,000 | ||
Transmission Contract Revenue CP (LOC: STATE STREET BANK AND TRUST COMPANY; JPMORGAN CHASE BANK NA) | 0.13% | 03/23/22 | 16,530,000 | 16,530,000 | ||
Lower Neches Valley Auth | ||||||
Exempt Facilities Refunding RB (ExxonMobil) Series 2001B | (a)(b) | 0.11% | 01/03/22 | 61,565,000 | 61,565,000 | |
Lubbock Cooper ISD | ||||||
ULT GO Bonds Series 2017 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 200,000 | 201,140 | ||
Mansfield ISD | ||||||
ULT GO Refunding Bonds Series 2013B (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 100,000 | 100,562 | ||
McCamey ISD | ||||||
ULT GO Bonds Series 2015 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 3.00% | 02/15/22 | 110,000 | 110,364 | ||
McKinney ISD | ||||||
ULT GO Refunding Bonds Series 2012 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 175,000 | 175,979 | ||
ULT GO Refunding Bonds Series 2015A (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 215,000 | 216,218 | ||
Mesquite ISD | ||||||
ULT GO Refunding 2014B (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 08/15/22 | 200,000 | 205,931 | ||
Midlothian ISD | ||||||
ULT GO Bonds Series 2018 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) (LIQ: CITIBANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 7,500,000 | 7,500,000 | |
Midway ISD | ||||||
ULT GO Bonds Series 2020 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 08/15/22 | 160,000 | 164,681 | ||
Montgomery ISD | ||||||
ULT GO Refunding Bonds Series 2015 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/07/22 | 4,500,000 | 4,500,000 | |
Muleshoe ISD | ||||||
ULT Refunding Bonds Series 2020 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 240,000 | 241,361 | ||
Needville ISD | ||||||
ULT GO Refunding Bonds Series 2014 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 3.00% | 08/15/22 | 150,000 | 152,599 | ||
New Braunfels ISD | ||||||
ULT GO Bonds Series 2021 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 4.00% | 02/01/22 | 250,000 | 250,758 | ||
North East ISD | ||||||
ULT CP Series 2017A (LIQ: JPMORGAN CHASE BANK NA) | 0.16% | 03/16/22 | 43,900,000 | 43,900,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Northwest ISD | ||||||
ULT GO Bonds Series 2015 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 100,000 | 100,567 | ||
ULT GO Refunding Bonds Series 2020 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 3,935,000 | 3,935,000 | |
Parker Cnty | ||||||
ULT GO Road Bonds Series 2017 (LOC: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/07/22 | 7,990,000 | 7,990,000 | |
Pearland ISD | ||||||
ULT GO Refunding Bonds Series 2020 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 695,000 | 698,919 | ||
Pecos Barstow Toyah ISD | ||||||
ULT GO Bonds Series 2021 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 340,000 | 341,937 | ||
Pflugerville ISD | ||||||
ULT GO Bonds Series 2014 (ESCROW) (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 2,500,000 | 2,500,000 |
Plano ISD | ||||||
ULT GO Refunding Bonds Series 2016A (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 5,000,000 | 5,028,363 | ||
Port Neches-Groves ISD | ||||||
ULT GO Refunding Bonds Series 2016 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 4.00% | 02/15/22 | 150,000 | 150,679 | ||
Port of Port Arthur Navigation District | ||||||
Exempt Facilities RB (Total Petrochemicals USA) Series 2010 | (a)(b) | 0.16% | 01/07/22 | 20,000,000 | 20,000,000 | |
Exempt Facilities RB (Total USA) Series 2011 | (a)(b) | 0.16% | 01/07/22 | 48,685,000 | 48,685,000 | |
Exempt Facilities RB (Total USA) Series 2012A | (a)(b) | 0.16% | 01/07/22 | 74,200,000 | 74,200,000 | |
Exempt Facilities RB (Total USA) Series 2012B | (a)(b) | 0.16% | 01/07/22 | 30,000,000 | 30,000,000 | |
RB (ATOFINA Petrochemicals) Series 2003B | (a)(b) | 0.18% | 01/07/22 | 10,000,000 | 10,000,000 | |
RB (TOTAL Petrochemicals USA) Series 2008 | (a)(b) | 0.17% | 01/07/22 | 50,000,000 | 50,000,000 | |
San Angelo ISD | ||||||
ULT GO Refunding Bonds Series 2015A (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 200,000 | 201,124 | ||
San Antonio | ||||||
Electric & Gas Systems Refunding RB Series 2012 | 5.00% | 02/01/22 | 1,150,000 | 1,154,333 | ||
Refunding Bonds Series 2014 | 5.00% | 02/01/22 | 100,000 | 100,374 | ||
Water System CP Series A (LIQ: JPMORGAN CHASE BANK NA) | 0.14% | 03/31/22 | 5,000,000 | 5,000,000 | ||
Water System Jr Lien Refunding & RB Series 2016C (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.14% | 01/07/22 | 1,755,000 | 1,755,000 | |
Water System Jr Lien Refunding RB Series 2015B | 5.00% | 05/15/22 | 160,000 | 162,786 | ||
San Antonio ISD | ||||||
ULT GO Refunding Bonds Series 2015 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 520,000 | 522,934 | ||
San Antonio Public Facilities Corp | ||||||
Improvement and Refunding Lease RB Series 2012 (LIQ: BANK OF AMERICA NA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 18,535,000 | 18,535,000 |
Schertz-Cibolo-Universal City ISD | ||||||
ULT GO Refunding Bonds Series 2014A (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 0.22% | 02/01/22 | 175,000 | 174,970 | ||
Southeast Housing Finance Corp | ||||||
M/F Housing RB (Mansions at Moses Lake Apts) Series 2008 (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.16% | 01/07/22 | 10,200,000 | 10,200,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Southwest ISD | ||||||
ULT GO Refunding Bonds Series 2014 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/01/22 | 185,000 | 185,695 | ||
Spring ISD | ||||||
ULT GO Refunding Bonds Series 2015 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 08/15/22 | 800,000 | 823,336 | ||
Tarrant Cnty Cultural Education Facilities Finance Corp | ||||||
Hospital Refunding RB (Baylor Scott & White Health) Series 2019B (LOC: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/07/22 | 1,300,000 | 1,300,000 | |
RB (Texas Health Resources) Series 2016A (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 8,815,000 | 8,815,000 | |
Texas | ||||||
GO Bonds Series 2002 (LIQ: STATE STREET BANK AND TRUST COMPANY) | (a)(b) | 0.14% | 01/07/22 | 4,500,000 | 4,500,000 | |
GO Bonds Series 2021B | 4.00% | 08/01/22 | 370,000 | 377,917 | ||
GO Refunding Bonds Series 2014A (ESCROW) (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 13,390,000 | 13,390,000 | |
RB series 2017A (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.15% | 01/07/22 | 5,305,000 | 5,305,000 | |
Texas A&M Univ | ||||||
RB Series 2017A | 5.00% | 07/01/22 | 300,000 | 307,025 | ||
Texas Dept of Housing & Community Affairs | ||||||
M/F Housing RB (Costa Mariposa Apts) Series 2009 (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.16% | 01/07/22 | 5,675,000 | 5,675,000 | |
S/F Mortgage RB Series 2020A (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.14% | 01/07/22 | 4,675,000 | 4,675,000 | |
Texas Public Finance Auth | ||||||
CP Series 2019A | 0.12% | 02/17/22 | 7,900,000 | 7,900,000 | ||
Texas State Univ System | ||||||
Revenue & Refunding Bonds Series 2015A | 5.00% | 03/15/22 | 125,000 | 126,156 | ||
Revenue & Refunding Bonds Series 2021A | 5.00% | 03/15/22 | 225,000 | 227,070 | ||
Texas Transportation Commission | ||||||
GO Bonds Series 2016A (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/07/22 | 5,960,000 | 5,960,000 | |
GO Refunding Bonds Series 2014 (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.15% | 01/06/22 | 01/07/22 | 4,000,000 | 4,000,000 |
State Highway Fund 1st Tier RB Series 2016B (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 8,000,000 | 8,000,000 | |
State Highway Fund 1st Tier Refunding RB Series 2014A (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.15% | 01/06/22 | 01/07/22 | 16,000,000 | 16,000,000 |
Texas Veterans Housing Assistance Program | ||||||
GO Bonds Fund II Series 2002A2 (LIQ: STATE STREET BANK AND TRUST COMPANY) | (a)(b) | 0.14% | 01/07/22 | 1,765,000 | 1,765,000 | |
GO Bonds Fund II Series 2003B (LIQ: STATE STREET BANK AND TRUST COMPANY) | (a)(b) | 0.14% | 01/07/22 | 16,785,000 | 16,785,000 | |
GO Bonds Fund II Series 2004B (LIQ: STATE STREET BANK AND TRUST COMPANY) | (a)(b) | 0.14% | 01/07/22 | 15,740,000 | 15,740,000 | |
GO Bonds Fund II Series 2006A (LIQ: STATE STREET BANK AND TRUST COMPANY) | (a)(b) | 0.14% | 01/07/22 | 13,090,000 | 13,090,000 | |
Texas Water Development Board | ||||||
State Water Implementation Fund RB Series 2019A (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 8,940,000 | 8,940,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Univ of Texas | ||||||
CP Notes Series A | 0.12% | 02/16/22 | 22,300,000 | 22,300,000 | ||
Financing System RB Series 2016D | 5.00% | 08/15/22 | 115,000 | 118,389 | ||
RB Series 2016A | 5.00% | 07/01/22 | 320,000 | 327,509 | ||
Revenue Financing System Bonds Series 2012B (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 7,300,000 | 7,300,000 |
Revenue Financing System Refunding Bonds Series 2017C | 5.00% | 08/15/22 | 200,000 | 205,821 | ||
Waco ISD | ||||||
ULT GO Refunding Bonds Series 2016 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 08/15/22 | 150,000 | 154,355 | ||
Waxahachie ISD | ||||||
ULT GO Bonds Series 2018 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 100,000 | 100,560 | ||
West OSO Texas ISD | ||||||
ULT GO Refunding Bonds Series 2017 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 3.00% | 08/15/22 | 100,000 | 101,677 | ||
Whitehouse ISD | ||||||
ULT GO Bonds Series 2017 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/07/22 | 4,750,000 | 4,750,000 | |
ULT GO Refunding Bonds Series 2016 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 250,000 | 251,405 | ||
Ysleta ISD | ||||||
ULT GO Bonds Series 2020 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 08/15/22 | 200,000 | 205,796 | ||
1,110,234,664 | ||||||
UTAH 0.5% | ||||||
Intermountain Power Agency | ||||||
Sub Power RB Series 2019 A1 (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 14,750,000 | 14,750,000 |
Logan City | ||||||
IDRB (Scientific Technology) Series 2001 (LOC: BANK OF THE WEST) | (a)(b) | 0.19% | 01/07/22 | 900,000 | 900,000 | |
Utah Housing Corp | ||||||
M/F Housing RB (Florentine Villas Apts) Series 2009A (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.14% | 01/07/22 | 18,880,000 | 18,880,000 | |
Utah Water Finance Agency | ||||||
RB Series 2008B-1 (LIQ: JPMORGAN CHASE BANK NA) | (a)(b) | 0.13% | 01/07/22 | 2,175,000 | 2,175,000 | |
36,705,000 | ||||||
VIRGINIA 1.1% | ||||||
Fairfax Cnty Economic Development Auth | ||||||
Metrorail Parking System RB Series 2017 (LIQ: BANK OF AMERICA NA) | (a)(c)(d) | 0.13% | 01/07/22 | 7,500,000 | 7,500,000 | |
Fairfax Cnty IDA | ||||||
Health Care RB (Inova Health) Series 2012D (LIQ: CREDIT SUISSE AG) | (a)(c)(d) | 0.13% | 01/07/22 | 6,980,000 | 6,980,000 | |
Hampton Roads Transportation Accountability Commission | ||||||
Sr Lien RB Series 2018A (LIQ: WELLS FARGO BANK NA) | (a)(c)(d) | 0.16% | 01/07/22 | 5,535,000 | 5,535,000 | |
Transportation Fund Sr Lien RB Series 2020A (LIQ: BANK OF AMERICA NA) | (a)(c)(d) | 0.13% | 01/07/22 | 2,825,000 | 2,825,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Metropolitan Washington Airports Auth | ||||||
Airport System Refunding RB Series 2012A (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.15% | 01/06/22 | 01/07/22 | 7,500,000 | 7,500,000 |
Airport System Refunding RB Series 2016A (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.20% | 01/07/22 | 7,100,000 | 7,100,000 | |
Airport System Refunding RB Series 2017A (LIQ: CITIBANK NA) | (a)(c)(d) | 0.14% | 01/07/22 | 5,000,000 | 5,000,000 | |
Norfolk Economic Development Auth | ||||||
Hospital Facilities Refunding RB (Sentara Healthcare) Series 2018B (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.13% | 01/07/22 | 19,295,000 | 19,295,000 | |
Univ of Virginia | ||||||
General RB Series 2018B (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 5,625,000 | 5,625,000 | |
General Refunding RB Series 2017A (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 6,750,000 | 6,750,000 | |
Virginia Small Business Financing Auth | ||||||
Hospital RB (Carilion Clinic) Series 2008A (LOC: PNC BANK NATIONAL ASSOCIATION) | (a)(b) | 0.10% | 01/07/22 | 11,550,000 | 11,550,000 | |
85,660,000 | ||||||
WASHINGTON 3.4% | ||||||
Franklin Pierce SD #402 | ||||||
ULT GO Bonds Series 2016 (GTY: WASHINGTON (STATE OF)) (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/07/22 | 6,430,000 | 6,430,000 | |
Granite Falls SD #332 | ||||||
ULT GO Refunding Bonds Series 2015A (GTY: WASHINGTON (STATE OF)) | 5.00% | 12/01/22 | 190,000 | 198,102 | ||
Highline SD #401 | ||||||
ULT GO Bonds Series 2017 (GTY: WASHINGTON (STATE OF)) (LIQ: US BANK NATIONAL ASSOCIATION) | (a)(c)(d) | 0.09% | 01/03/22 | 5,645,000 | 5,645,000 | |
ULT GO Refunding Bonds Series 2015 (GTY: WASHINGTON (STATE OF)) (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/07/22 | 2,250,000 | 2,250,000 | |
King Cnty Housing Auth | ||||||
RB (Salmon Creek Apts) Series 2007 (LOC: BANK OF AMERICA NA) | (a)(b) | 0.16% | 01/07/22 | 3,620,000 | 3,620,000 | |
King Cnty Sewer System | ||||||
LT GO CP Series A | 0.10% | 01/19/22 | 18,000,000 | 18,000,000 | ||
LT GO CP Series A | 0.12% | 01/25/22 | 13,355,000 | 13,355,000 | ||
LT GO CP Series A | 0.12% | 02/03/22 | 1,350,000 | 1,350,000 | ||
LT GO CP Series A | 0.12% | 02/23/22 | 4,500,000 | 4,500,000 | ||
Metropolitan Washington Airports Auth | ||||||
Airport System Refunding RB Series 2021A (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.15% | 01/07/22 | 5,110,000 | 5,110,000 | |
Northshore SD #417 | ||||||
ULT GO Bonds Series 2018 (GTY: WASHINGTON (STATE OF)) | 5.00% | 12/01/22 | 145,000 | 151,183 | ||
Port Bellingham IDA | ||||||
IDRB (Hempler Foods) Series 2006 (LOC: BANK OF MONTREAL) | (a)(b) | 0.14% | 01/07/22 | 6,125,000 | 6,125,000 | |
Port of Seattle | ||||||
1st Lien Refunding RB Series 2016B (LIQ: TORONTO-DOMINION BANK/THE) | (a)(c)(d) | 0.16% | 01/07/22 | 3,600,000 | 3,600,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Seattle | ||||||
Drainage and Wastewater System Refunding RB 2017 (LIQ: US BANK NATIONAL ASSOCIATION) | (a)(c)(d) | 0.09% | 01/03/22 | 8,435,000 | 8,435,000 | |
Light & Power RB Series 2015A (LIQ: US BANK NATIONAL ASSOCIATION) | (a)(c)(d) | 0.09% | 01/03/22 | 5,900,000 | 5,900,000 | |
Light & Power RB Series 2018A (LIQ: WELLS FARGO BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 9,840,000 | 9,840,000 | |
LT GO Bonds Series 2017A (LIQ: US BANK NATIONAL ASSOCIATION) | (a)(c)(d) | 0.10% | 01/03/22 | 8,255,000 | 8,255,000 | |
Water System Refunding RB Series 2017 (LIQ: US BANK NATIONAL ASSOCIATION) | (a)(c)(d) | 0.09% | 01/03/22 | 7,650,000 | 7,650,000 | |
Snohomish Cnty Housing Auth | ||||||
RB (Olympic View & Sound View Apts) Series 2007 (LOC: BANK OF AMERICA NA) | (a)(b) | 0.16% | 01/07/22 | 4,265,000 | 4,265,000 | |
Snoqualmie Valley SD #410 | ||||||
ULT GO Refunding Bonds Series 2018 (GTY: WASHINGTON (STATE OF)) (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/07/22 | 9,500,000 | 9,500,000 | |
Washington | ||||||
COP Series 2017A | 5.00% | 07/01/22 | 130,000 | 133,041 | ||
GO Bonds Series 2003C (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 10,605,000 | 10,605,000 | |
GO Bonds Series 2012D | 5.00% | 02/01/22 | 400,000 | 401,521 | ||
GO Bonds Series 2014D (LIQ: CITIBANK NA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 4,700,000 | 4,700,000 |
GO Bonds Series 2017D (LIQ: WELLS FARGO BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 11,250,000 | 11,250,000 | |
GO Bonds Series 2020D | 5.00% | 06/01/22 | 135,000 | 137,642 | ||
GO Bonds Series R-2012D (LIQ: CITIBANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 8,000,000 | 8,000,000 | |
GO Refunding Bonds Series R-2013C (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 7,500,000 | 7,500,000 |
GO Refunding Bonds Series R-2017A | 5.00% | 08/01/22 | 175,000 | 179,808 | ||
GO Refunding Bonds Series R-2021D | 5.00% | 07/01/22 | 490,000 | 501,475 | ||
Motor Vehicle Fuel Tax GO Bonds Series 2005C | 0.23% | 06/01/22 | 100,000 | 99,907 | ||
Motor Vehicle Fuel Tax GO Bonds Series 2017E | 5.00% | 02/01/22 | 200,000 | 200,760 | ||
Washington Economic Development Finance Auth | ||||||
Environmental Facilities Revenue Bonds Series 2021 (ESCROW) | 0.33% | 12/08/22 | 10,000,000 | 10,000,000 | ||
Washington Health Care Facilities Auth | ||||||
RB (CommonSpirit Health) Series 2019A (LOC: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 2,325,000 | 2,325,000 | |
RB (MultiCare Health System) Series 2009A (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 15,730,000 | 15,730,000 |
RB (MultiCare Health System) Series 2015B (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 3,540,000 | 3,540,000 | |
RB (MultiCare Health) RB Series 2015A (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.13% | 01/07/22 | 7,875,000 | 7,875,000 | |
RB (Providence Health & Services) Series 2014C&2014D (ESCROW) (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 14,395,000 | 14,395,000 |
RB (Providence Health & Services) Series 2014D (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 6,665,000 | 6,665,000 |
RB (Seattle Children’s Hospital) Series 2017A (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 6,545,000 | 6,545,000 | |
Refunding RB (Seattle Children’s Hospital) Series 2015A&B (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 8,625,000 | 8,625,000 |
Refunding RB (Seattle Children’s Hospital) Series 2015B (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 18,860,000 | 18,860,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Washington State Housing Finance Commission | ||||||
M/F Housing RB (Clark Island) Series 2007 (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.15% | 01/07/22 | 5,560,000 | 5,560,000 | |
M/F Housing RB (Parkview Apts) Series 2008 (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.15% | 01/07/22 | 3,060,000 | 3,060,000 | |
271,068,439 | ||||||
WISCONSIN 1.4% | ||||||
Green Bay Redevelopment Auth | ||||||
Exempt Facility RB (Green Bay Packaging Inc) Series 2019 (LOC: WELLS FARGO BANK NA) | (a)(b) | 0.16% | 01/07/22 | 70,470,000 | 70,470,000 | |
Wisconsin | ||||||
GO Bonds Series 2019A | 5.00% | 05/01/22 | 100,000 | 101,574 | ||
GO Bonds Series 2020B | 5.00% | 05/01/22 | 205,000 | 208,201 | ||
GO CP Notes (LIQ: PNC BANK NATIONAL ASSOCIATION) | 0.08% | 01/04/22 | 6,787,000 | 6,787,000 | ||
Wisconsin Health & Educational Facilities Auth | ||||||
RB (Ascension Health) Series 2016A (LIQ: MORGAN STANLEY BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 7,725,000 | 7,725,000 | |
RB (Children’s Hospital of Wisconsin) Series 2017 (LIQ: BANK OF AMERICA NA) | (a)(c)(d) | 0.14% | 01/07/22 | 4,000,000 | 4,000,000 | |
RB (Froedtert & Community Health) Series 2009C (LIQ: JPMORGAN CHASE BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 5,900,000 | 5,900,000 | |
RB (Froedtert Health) Series 2012A (LIQ: ROYAL BANK OF CANADA) | (a)(c)(d) | 0.13% | 01/06/22 | 01/07/22 | 5,275,000 | 5,275,000 |
RB (ThedaCare Inc) Series 2019 (LOC: BANK OF AMERICA NA) | (a)(c)(d) | 0.15% | 01/07/22 | 1,880,000 | 1,880,000 | |
Wisconsin Housing & Economic Development Auth | ||||||
Housing RB Series 2018A (LIQ: BARCLAYS BANK PLC) | (a)(c)(d) | 0.13% | 01/07/22 | 2,000,000 | 2,000,000 | |
Housing RB Series 2018A (LIQ: WELLS FARGO BANK NA) | (a)(c)(d) | 0.13% | 01/07/22 | 4,500,000 | 4,500,000 | |
M/F Housing Bonds Series 2007A (LIQ: FEDERAL HOME LOAN BANKS) | (a)(b) | 0.13% | 01/07/22 | 2,155,000 | 2,155,000 | |
111,001,775 | ||||||
WYOMING 0.5% | ||||||
Lincoln Cnty | ||||||
Pollution Control Refunding RB (ExxonMobil) Series 2014 | (a)(b) | 0.11% | 01/03/22 | 5,800,000 | 5,800,000 | |
Sweetwater Cnty | ||||||
RB (Simplot Phosphates) Series 2007 (LOC: COOPERATIEVE RABOBANK UA) | (a)(b) | 0.20% | 01/07/22 | 32,700,000 | 32,700,000 | |
38,500,000 | ||||||
MULTIPLE STATES 6.6% | ||||||
Blackrock Muni Yield Quality Fund III | ||||||
Variable Rate Demand Preferred Shares Series W7 (LOC: TORONTO-DOMINION BANK/THE) | (a)(b)(c) | 0.21% | 01/07/22 | 97,000,000 | 97,000,000 | |
Nuveen AMT-Free Municipal Credit Income Fund | ||||||
Variable Rate Demand Preferred Shares Series 5 (LOC: SOCIETE GENERALE SA) | (a)(b)(c) | 0.15% | 01/07/22 | 19,100,000 | 19,100,000 | |
Nuveen AMT-Free Quality Municipal Income Fund | ||||||
Variable Rate Demand Preferred Shares Series 5 (LOC: SUMITOMO MITSUI BANKING CORPORATION) | (a)(b)(c) | 0.15% | 01/07/22 | 25,000,000 | 25,000,000 | |
Variable Rate Demand Preferred Shares Series C (LOC: SOCIETE GENERALE SA) | (a)(b)(c) | 0.16% | 01/07/22 | 25,000,000 | 25,000,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Nuveen Municipal Credit Opportunities Fund | ||||||
Variable Rate Demand Preferred Shares Series A (LOC: SUMITOMO MITSUI BANKING CORPORATION) | (a)(b)(c) | 0.21% | 01/07/22 | 20,000,000 | 20,000,000 | |
Nuveen Quality Municipal Income Fund | ||||||
Variable Rate Demand Preferred Shares Series 1 (LOC: BARCLAYS BANK PLC) | (a)(b)(c) | 0.19% | 01/07/22 | 137,400,000 | 137,400,000 | |
Variable Rate Demand Preferred Shares Series 2 (LOC: BARCLAYS BANK PLC) | (a)(b)(c) | 0.19% | 01/07/22 | 48,200,000 | 48,200,000 | |
Variable Rate Demand Preferred Shares Series 3 (LOC: BARCLAYS BANK PLC) | (a)(b)(c) | 0.19% | 01/07/22 | 41,500,000 | 41,500,000 | |
Western Asset Intermediate Municipal Fund | ||||||
Variable Rate Demand Preferred Shares Series 1 (LOC: TORONTO-DOMINION BANK/THE) | (a)(b)(c) | 0.21% | 01/07/22 | 29,200,000 | 29,200,000 | |
Western Asset Managed Municipals Fund | ||||||
Variable Rate Demand Preferred Shares Series 1 (LOC: TORONTO-DOMINION BANK/THE) | (a)(b)(c) | 0.21% | 01/07/22 | 71,000,000 | 71,000,000 | |
Western Asset Municipal Partners Fund | ||||||
Variable Rate Demand Preferred Shares Series 1 (LOC: TORONTO-DOMINION BANK/THE) | (a)(b)(c) | 0.21% | 01/07/22 | 12,600,000 | 12,600,000 | |
526,000,000 | ||||||
Total Municipal Securities (Cost $7,991,619,789) | 7,991,619,789 | |||||
Total Investments in Securities (Cost $7,991,619,789) | 7,991,619,789 |
(a) | Variable rate security; rate shown is effective rate at period end. |
(b) | VRDN is a municipal security which allows holders to sell their security through a put or tender feature, at par value plus accrued interest. The interest rate resets on a periodic basis, the majority of which are weekly but may be daily or monthly. Unless a reference rate and spread is shown parenthetically, the Remarketing Agent, generally a dealer, determines the interest rate for the security at each interest rate reset date. The rate is typically based on the SIFMA Municipal Swap Index. |
(c) | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers. At the period end, the value of these amounted to $3,410,129,000 or 42.6% of net assets. |
(d) | TOB is a synthetically created VRDN where the owner of a long-term bond places the bond in a trust in combination with a liquidity facility. The trust then sells certificates which mirror the VRDN sold directly by a municipal issuer. VRDN is a municipal security which allows holders to sell their security through a put or tender feature, at par value plus accrued interest. The interest rate resets on a periodic basis, the majority of which are weekly but may be daily or monthly. Unless a reference rate and spread is shown parenthetically, the Remarketing Agent, generally a dealer, determines the interest rate for the security at each interest rate reset date. The rate is typically based on the SIFMA Municipal Swap Index. |
AUTH — | Authority |
BAN — | Bond anticipation note |
CCD — | Community college district |
CNTY — | County |
COP — | Certificate of participation |
CP — | Commercial paper |
CSD — | Central school district |
GO — | General obligation |
GTY — | Guaranty agreement |
HFA — | Housing finance agency/authority |
HSD — | High school district |
IDA — | Industrial development agency/authority |
IDB — | Industrial development bond |
IDC — | Industrial development corporation |
IDRB — | Industrial development revenue bond |
ISD — | Independent school district |
LIQ — | Liquidity agreement |
LOC — | Letter of credit |
LT — | Limited tax |
M/F — | Multi-family |
PFC — | Passenger facility charge |
RB — | Revenue bond |
S/F — | Single-family |
SD — | School district |
SIFMA — | Securities Industry and Financial Markets Association. The SIFMA Municipal Swap Index is a market index comprised of high-grade 7-day tax-exempt Variable Rate Demand Obligations with certain characteristics. |
TAN — | Tax anticipation note |
TOB — | Tender option bond |
TRAN — | Tax and revenue anticipation note |
UFSD — | Union free school district |
ULT — | Unlimited tax |
USD — | Unified school district |
VRDN — | Variable rate demand note |
Assets | ||
Investments in securities, at cost and value - unaffiliated (Note 2a) | $7,991,619,789 | |
Cash | 4,794 | |
Receivables: | ||
Fund shares sold | 14,539,219 | |
Interest | 4,460,340 | |
Prepaid expenses | + | 87,319 |
Total assets | 8,010,711,461 | |
Liabilities | ||
Payables: | ||
Fund shares redeemed | 5,905,810 | |
Investments bought | 2,155,000 | |
Investment adviser and administrator fees | 836,996 | |
Distributions to shareholders | 213,032 | |
Independent trustees’ fees | 202 | |
Accrued expenses | + | 375,606 |
Total liabilities | 9,486,646 | |
Net assets | $8,001,224,815 | |
Net Assets by Source | ||
Capital received from investors | $8,001,224,134 | |
Total distributable earnings | + | 681 |
Net assets | $8,001,224,815 |
Net Asset Value (NAV) by Share Class | |||||
Share Class | Net Assets | ÷ | Shares Outstanding | = | NAV |
Investor Shares | $1,596,632,029 | 1,595,856,415 | $1.00 | ||
Ultra Shares | $6,404,592,786 | 6,401,362,782 | $1.00 | ||
For the period January 1, 2021 through December 31, 2021 | ||
Investment Income | ||
Interest received from securities - unaffiliated | $11,689,557 | |
Expenses | ||
Investment adviser and administrator fees | 17,920,053 | |
Shareholder service fees: | ||
Investor Shares | 2,591,871 | |
Registration fees | 293,332 | |
Portfolio accounting fees | 260,846 | |
Custodian fees | 115,368 | |
Shareholder reports | 101,436 | |
Professional fees | 69,278 | |
Independent trustees’ fees | 49,029 | |
Transfer agent fees | 30,905 | |
Other expenses | + | 107,784 |
Total expenses | 21,539,902 | |
Expense reduction by investment adviser and its affiliates | – | 10,961,195 |
Net expenses | – | 10,578,707 |
Net investment income | 1,110,850 | |
REALIZED GAINS (LOSSES) | ||
Net realized gains on sales of securities - unaffiliated | 867,999 | |
Increase in net assets resulting from operations | $1,978,849 |
OPERATIONS | |||
1/1/21-12/31/21 | 1/1/20-12/31/20 | ||
Net investment income | $1,110,850 | $61,001,629 | |
Net realized gains | + | 867,999 | 465,707 |
Increase in net assets from operations | $1,978,849 | $61,467,336 | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Investor Shares | ($337,344) | ($8,608,031) | |
Ultra Shares | + | (1,432,384) | (52,393,598) |
Total distributions | ($1,769,728) | ($61,001,629) | |
TRANSACTIONS IN FUND SHARES* | |||
Shares Sold | |||
Investor Shares | 632,432,879 | 3,203,788,916 | |
Ultra Shares | + | 3,037,633,946 | 15,607,098,841 |
Total shares sold | 3,670,066,825 | 18,810,887,757 | |
Shares Reinvested | |||
Investor Shares | 249,034 | 6,628,072 | |
Ultra Shares | + | 1,099,749 | 41,299,686 |
Total shares reinvested | 1,348,783 | 47,927,758 | |
Shares Redeemed | |||
Investor Shares | (1,077,283,104) | (3,843,833,825) | |
Ultra Shares | + | (6,582,409,468) | (18,710,938,123) |
Total shares redeemed | (7,659,692,572) | (22,554,771,948) | |
Net transactions in fund shares | (3,988,276,964) | (3,695,956,433) | |
NET ASSETS | |||
Beginning of period | $11,989,292,658 | $15,684,783,384 | |
Total decrease | + | (3,988,067,843) | (3,695,490,726) |
End of period | $8,001,224,815 | $11,989,292,658 |
* | Transactions took place at $1.00 per share; figures for share quantities are the same as for dollars. |
Investor Shares | 1/1/21– 12/31/21 | 1/1/20– 12/31/20 | 1/1/19– 12/31/19 | 1/1/18– 12/31/18 | 1/1/17– 12/31/171 | |
Per-Share Data | ||||||
Net asset value at beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)2 | 0.00 3 | 0.00 3 | 0.01 | 0.01 | 0.00 3 | |
Net realized and unrealized gains (losses) | 0.00 3 | 0.00 3 | 0.00 3 | (0.00) 3 | 0.00 3 | |
Total from investment operations | 0.00 3 | 0.00 3 | 0.01 | 0.01 | 0.00 3 | |
Less distributions: | ||||||
Distributions from net investment income | (0.00) 3 | (0.00) 3 | (0.01) | (0.01) 4 | (0.00) 3 | |
Distributions from net realized gains | (0.00) 3 | — | — | — | (0.00) 3 | |
Total distributions | (0.00) 3 | (0.00) 3 | (0.01) | (0.01) 4 | (0.00) 3 | |
Net asset value at end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | |
Total return | 0.02% | 0.34% | 1.19% | 1.20% 4 | 0.48% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.11% 5 | 0.31% 5,6 | 0.35% | 0.35% | 0.42% 7 | |
Gross operating expenses | 0.37% | 0.49% | 0.52% | 0.51% | 0.55% | |
Net investment income (loss) | 0.01% | 0.38% | 1.17% | 1.14% | 0.48% | |
Net assets, end of period (x 1,000,000) | $644 | $835 | $1,273 | $1,128 | $632 |
1 | Effective October 3, 2017, the share class name of Value Advantage Shares was changed to Investor Shares. |
2 | Calculated based on the average shares outstanding during the period. |
3 | Per-share amount was less than $0.005. |
4 | These amounts include a non-recurring special distribution. The effect on the distributions from net investment income was less than $0.005 and the effect on the total return was 0.07%. |
5 | Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation. (See financial note 5) |
6 | Effective September 24, 2020, the contractual expense limitation changed. The ratio presented for period ended December 31, 2020 is a blended ratio. |
7 | Effective October 3, 2017, the contractual expense limitation changed. The ratio presented for period ended December 31, 2017 is a blended ratio. |
Ultra Shares | 1/1/21– 12/31/21 | 9/24/20 1– 12/31/20 | ||||
Per-Share Data | ||||||
Net asset value at beginning of period | $1.00 | $1.00 | ||||
Income (loss) from investment operations: | ||||||
Net investment income (loss)2 | 0.00 3 | 0.00 3 | ||||
Net realized and unrealized gains (losses) | 0.00 3 | 0.00 3 | ||||
Total from investment operations | 0.00 3 | 0.00 3 | ||||
Less distributions: | ||||||
Distributions from net investment income | (0.00) 3 | (0.00) 3 | ||||
Distributions from net realized gains | (0.00) 3 | — | ||||
Total distributions | (0.00) 3 | (0.00) 3 | ||||
Net asset value at end of period | $1.00 | $1.00 | ||||
Total return | 0.02% | 0.01% 4 | ||||
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.11% 5 | 0.19% 5,6 | ||||
Gross operating expenses | 0.22% | 0.22% 6 | ||||
Net investment income (loss) | 0.01% | 0.02% 6 | ||||
Net assets, end of period (x 1,000,000) | $161 | $229 |
1 | Commencement of operations. |
2 | Calculated based on the average shares outstanding during the period. |
3 | Per-share amount was less than $0.005. |
4 | Not annualized. |
5 | Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation. (See financial note 5) |
6 | Annualized. |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
MUNICIPAL SECURITIES 99.4% OF NET ASSETS | ||||||
ALABAMA 3.7% | ||||||
Huntsville Health Care Auth | ||||||
CP | 0.12% | 02/08/22 | 1,500,000 | 1,500,000 | ||
RB Series 2020B (LOC: BANK OF AMERICA NA) | (a)(b)(c) | 0.14% | 01/07/22 | 835,000 | 835,000 | |
Mobile Cnty IDA | ||||||
Gulf Opportunity Zone RB (SSAB Alabama) Series 2010B (LOC: SWEDBANK AB) | (b)(d) | 0.16% | 01/07/22 | 7,000,000 | 7,000,000 | |
Gulf Opportunity Zone RB (SSAB Alabama) Series 2011 (LOC: NORDEA BANK ABP) | (b)(d) | 0.15% | 01/07/22 | 20,000,000 | 20,000,000 | |
29,335,000 | ||||||
ALASKA 0.0% | ||||||
Alaska Housing Finance Corp | ||||||
State Capital Project Bonds II Series 2014A | 5.00% | 12/01/22 | 100,000 | 104,233 | ||
ARIZONA 1.0% | ||||||
Arizona IDA | ||||||
Hospital Refunding RB (Phoenix Children’s Hospital) Series 2019A (LOC: JPMORGAN CHASE BANK NA) | (b)(d) | 0.08% | 01/03/22 | 965,000 | 965,000 | |
Maricopa Cnty IDA | ||||||
Hospital RB (HonorHealth) Series 2021C (LOC: ROYAL BANK OF CANADA) | (a)(b)(c) | 0.13% | 01/07/22 | 2,000,000 | 2,000,000 | |
Phoenix Civic Improvement Corp | ||||||
Jr Lien Water System RB Series 2020A (LIQ: MORGAN STANLEY BANK NA) | (a)(b)(c) | 0.13% | 01/07/22 | 1,975,000 | 1,975,000 | |
Yavapai Cnty IDA | ||||||
RB (Skanon Investments Drake Cement) Series 2010A (LOC: BANK OF NOVA SCOTIA) | (b)(d) | 0.13% | 01/07/22 | 2,785,000 | 2,785,000 | |
7,725,000 | ||||||
CALIFORNIA 4.9% | ||||||
California | ||||||
GO CP Series A4 (LOC: TORONTO-DOMINION BANK/THE) | 0.11% | 02/01/22 | 4,000,000 | 4,000,000 | ||
California Educational Facilities Auth | ||||||
CP Notes (Stanford Univ) Series S4 | 0.12% | 05/04/22 | 4,800,000 | 4,800,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
California Statewide Communities Development Auth | ||||||
RB (Kaiser Permanente) Series 2004E | 0.20% | 07/12/22 | 1,100,000 | 1,100,000 | ||
RB (Kaiser Permanente) Series 2004K | 0.12% | 03/10/22 | 600,000 | 600,000 | ||
RB (Kaiser Permanente) Series 2004K | 0.20% | 07/06/22 | 7,300,000 | 7,300,000 | ||
RB (Kaiser Permanente) Series 2008C | 0.20% | 07/12/22 | 5,000,000 | 5,000,000 | ||
RB (Kaiser Permanente) Series 2009B1 | 0.12% | 02/02/22 | 6,000,000 | 6,000,000 | ||
RB (Kaiser Permanente) Series 2009B4 | 0.14% | 05/03/22 | 2,200,000 | 2,200,000 | ||
RB (Kaiser Permanente) Series 2009B5 | 0.11% | 01/11/22 | 7,000,000 | 7,000,000 | ||
Sanger USD | ||||||
GO Bonds Series C & A (LOC: BANK OF AMERICA NA) | (a)(b)(c) | 0.13% | 01/07/22 | 1,585,000 | 1,585,000 | |
39,585,000 | ||||||
COLORADO 2.1% | ||||||
Colorado | ||||||
TRAN 2021A | 4.00% | 06/29/22 | 1,365,000 | 1,390,092 | ||
Colorado Health Facilities Auth | ||||||
Hospital RB (Advent Health) Series 2021A (LIQ: JPMORGAN CHASE BANK NA) | (a)(b)(c) | 0.13% | 01/07/22 | 2,850,000 | 2,850,000 | |
RB (CommonSpirit Health) Series 2019A2 (LOC: JPMORGAN CHASE BANK NA) | (a)(b)(c) | 0.13% | 01/07/22 | 2,500,000 | 2,500,000 | |
Colorado Springs | ||||||
Utilities System RB Series 2013B1&B2 (LIQ: BARCLAYS BANK PLC) | (a)(b)(c) | 0.13% | 01/06/22 | 01/07/22 | 10,310,000 | 10,310,000 |
17,050,092 | ||||||
CONNECTICUT 1.2% | ||||||
Connecticut Development Auth | ||||||
Refunding RB (Bradley Airport Hotel) Series 2006A (LOC: TD BANK NA) | (b)(d) | 0.20% | 01/07/22 | 9,430,000 | 9,430,000 | |
DISTRICT OF COLUMBIA 2.8% | ||||||
District of Columbia | ||||||
GO Bonds Series 2016A | 5.00% | 06/01/22 | 250,000 | 254,917 | ||
GO Bonds Series 2016D | 5.00% | 06/01/22 | 150,000 | 152,919 | ||
GO Refunding Bonds Series 2017A (LIQ: US BANK NATIONAL ASSOCIATION) | (a)(b)(c) | 0.15% | 01/07/22 | 975,000 | 975,000 | |
Income Tax Secured RB Series 2020C (LIQ: ROYAL BANK OF CANADA) | (a)(b)(c) | 0.13% | 01/07/22 | 2,000,000 | 2,000,000 | |
Income Tax Secured Refunding RB Series 2019C | 5.00% | 10/01/22 | 100,000 | 103,471 | ||
District of Columbia Water & Sewer Auth | ||||||
Extendible CP Series A | 0.12% | 01/05/22 | 07/01/22 | 12,000,000 | 12,000,000 | |
Public Utility Sub Lien RB Series 2013A (ESCROW) (LIQ: JPMORGAN CHASE BANK NA) | (a)(b)(c) | 0.13% | 01/07/22 | 5,000,000 | 5,000,000 | |
Metropolitan Washington Airports Auth | ||||||
Airport System RB Series 2009D1 (LOC: TD BANK NA) | (b)(d) | 0.10% | 01/07/22 | 1,170,000 | 1,170,000 | |
Airport System RB Series 2009D2 (LOC: TD BANK NA) | (b)(d) | 0.07% | 01/03/22 | 700,000 | 700,000 | |
22,356,307 | ||||||
FLORIDA 0.9% | ||||||
Florida | ||||||
Public Education Capital Outlay Refunding Bonds Series 2019C | 5.00% | 06/01/22 | 100,000 | 101,947 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Florida Housing Finance Corp | ||||||
M/F Housing RB (Hudson Ridge Apts) Series 2008L (LOC: JPMORGAN CHASE BANK NA) | (b)(d) | 0.15% | 01/07/22 | 2,240,000 | 2,240,000 | |
Florida Local Government Finance Commission | ||||||
CP Series A1 (LOC: JPMORGAN CHASE BANK NA) | 0.10% | 01/04/22 | 3,051,000 | 3,051,000 | ||
Miami-Dade Cnty | ||||||
GO Bonds Series 2016A (LOC: ROYAL BANK OF CANADA) | (a)(b)(c) | 0.17% | 01/07/22 | 2,000,000 | 2,000,000 | |
7,392,947 | ||||||
GEORGIA 3.7% | ||||||
Atlanta | ||||||
Water & Wastewater Refunding RB Series 2015&2017A (LIQ: BARCLAYS BANK PLC) | (a)(b)(c) | 0.13% | 01/07/22 | 12,150,000 | 12,150,000 | |
Atlanta Airport | ||||||
2nd Lien PFC & 3rd Lien General Revenue CP Series K1 (LOC: PNC BANK NATIONAL ASSOCIATION) | 0.11% | 01/06/22 | 17,758,000 | 17,758,000 | ||
29,908,000 | ||||||
IDAHO 0.1% | ||||||
Idaho Health Facilities Auth | ||||||
Hospital RB (Trinity Health) Series 2013ID | 0.10% | 02/01/22 | 1,000,000 | 1,000,000 | ||
ILLINOIS 5.9% | ||||||
Illinois Finance Auth | ||||||
Pooled Program CP (LOC: JPMORGAN CHASE BANK NA) | 0.13% | 03/02/22 | 6,000,000 | 6,000,000 | ||
RB (Lake Forest College) Series 2008 (LOC: NORTHERN TRUST COMPANY (THE)) | (b)(d) | 0.17% | 01/07/22 | 3,500,000 | 3,500,000 | |
RB (NorthShore Univ Health System) Series 2020A (LIQ: TORONTO-DOMINION BANK/THE) | (a)(b)(c) | 0.15% | 01/07/22 | 7,580,000 | 7,580,000 | |
RB (NorthShore Univ Health System) Series 2020B (LIQ: JPMORGAN CHASE BANK NA) | (b)(d) | 0.05% | 01/03/22 | 1,000,000 | 1,000,000 | |
Illinois Regional Transportation Auth | ||||||
GO Bonds Series 2000A (LIQ: BANK OF AMERICA NA) | (a)(b)(c) | 0.14% | 01/06/22 | 01/07/22 | 6,665,000 | 6,665,000 |
Illinois Toll Highway Auth | ||||||
Sr RB Series 2014C (LIQ: CITIBANK NA) | (a)(b)(c) | 0.13% | 01/06/22 | 01/07/22 | 6,770,000 | 6,770,000 |
Sr RB Series 2015B (LIQ: ROYAL BANK OF CANADA) | (a)(b)(c) | 0.16% | 01/07/22 | 3,100,000 | 3,100,000 | |
Sr RB Series 2019A (LIQ: JPMORGAN CHASE BANK NA) | (a)(b)(c) | 0.13% | 01/07/22 | 3,200,000 | 3,200,000 | |
Metropolitan Water Reclamation District of Greater Chicago | ||||||
GO Bonds Series 2021A (LIQ: JPMORGAN CHASE BANK NA) | (a)(b)(c) | 0.14% | 01/07/22 | 1,635,000 | 1,635,000 | |
ULT GO Bonds Series 2014A&C (LIQ: MORGAN STANLEY BANK NA) | (a)(b)(c) | 0.13% | 01/06/22 | 01/07/22 | 8,320,000 | 8,320,000 |
47,770,000 | ||||||
INDIANA 5.0% | ||||||
Indiana Finance Auth | ||||||
Economic Development RB (AC Grain) Series 2012 (LOC: COBANK ACB) | (b)(d) | 0.16% | 01/07/22 | 28,500,000 | 28,500,000 | |
Economic Development RB (Cargill) Series 2011 | (b)(d) | 0.15% | 01/07/22 | 11,000,000 | 11,000,000 | |
Indiana Housing & Community Development Agency | ||||||
S/F Mortgage RB Series 2017B-3 (LIQ: TD BANK NA) | (b)(d) | 0.08% | 01/03/22 | 635,000 | 635,000 | |
40,135,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
IOWA 3.6% | ||||||
Iowa Board of Regents | ||||||
RB (Univ of Iowa Hospitals) Series 2012 (LIQ: ROYAL BANK OF CANADA) | (a)(b)(c) | 0.13% | 01/06/22 | 01/07/22 | 14,035,000 | 14,035,000 |
Iowa Finance Auth | ||||||
Midwestern Disaster Area RB (Cargill) Series 2009B | (b)(d) | 0.15% | 01/07/22 | 1,390,000 | 1,390,000 | |
Midwestern Disaster Area RB (Cargill) Series 2012 | (b)(d) | 0.15% | 01/07/22 | 7,000,000 | 7,000,000 | |
Midwestern Disaster Area RB (Farmers Cooperative) Series 2010 (LOC: COBANK ACB) | (b)(d) | 0.15% | 01/07/22 | 4,060,000 | 4,060,000 | |
RB (UnityPoint Health) Series 2018E (LOC: JPMORGAN CHASE BANK NA) | (b)(d) | 0.07% | 01/03/22 | 2,480,000 | 2,480,000 | |
28,965,000 | ||||||
KENTUCKY 1.0% | ||||||
Louisville & Jefferson Cnty Metro Government | ||||||
RB (Norton Healthcare) Series 2011B (LOC: PNC BANK NATIONAL ASSOCIATION) | (b)(d) | 0.10% | 01/03/22 | 1,000,000 | 1,000,000 | |
Louisville & Jefferson Cnty Metro Sewer District | ||||||
CP Series 2018A1 (LIQ: BANK OF AMERICA NA) | 0.10% | 01/24/22 | 2,000,000 | 2,000,000 | ||
CP Series 2018A2 (LIQ: JPMORGAN CHASE BANK NA) | 0.13% | 03/01/22 | 5,000,000 | 5,000,000 | ||
8,000,000 | ||||||
LOUISIANA 0.7% | ||||||
Plaquemines Port, Harbor & Terminal District | ||||||
Port Facilities Refunding RB Series 1984A (LOC: WELLS FARGO BANK NA) | 0.35% | 03/15/22 | 5,500,000 | 5,500,000 | ||
MARYLAND 2.1% | ||||||
Baltimore Cnty | ||||||
GO Bonds Series 2017 (LIQ: US BANK NATIONAL ASSOCIATION) | (a)(b)(c) | 0.13% | 01/07/22 | 3,675,000 | 3,675,000 | |
Howard Cnty | ||||||
Recovery Zone Facility RB (Lorien at Elkridge) Series 2010 (LOC: MANUFACTURERS AND TRADERS TRUST CO) | (b)(d) | 0.20% | 01/07/22 | 6,720,000 | 6,720,000 | |
Recovery Zone Facility RB (Meadowridge) Series 2010 (LOC: MANUFACTURERS AND TRADERS TRUST CO) | (b)(d) | 0.20% | 01/07/22 | 6,825,000 | 6,825,000 | |
17,220,000 | ||||||
MASSACHUSETTS 1.2% | ||||||
Massachusetts | ||||||
GO Bonds Series 2016B (LIQ: ROYAL BANK OF CANADA) | (a)(b)(c) | 0.13% | 01/07/22 | 2,460,000 | 2,460,000 | |
GO Refunding Bond Series 2006B | 5.25% | 09/01/22 | 155,000 | 160,073 | ||
GO Refunding Bonds Series 2016B | 5.00% | 07/01/22 | 325,000 | 332,586 | ||
Massachusetts Bay Transportation Auth | ||||||
Sr Sales Tax Bonds Series 2006A | 5.25% | 07/01/22 | 100,000 | 102,463 | ||
Sr Sales Tax RB Series 2003C | 5.25% | 07/01/22 | 230,000 | 235,718 | ||
Sr Sales Tax RB Series 2016A | 0.16% | 07/01/22 | 100,000 | 99,921 | ||
Sub Sales Tax Bonds Series 2020B1 | 5.00% | 07/01/22 | 150,000 | 153,538 | ||
Massachusetts Health & Educational Facilities Auth | ||||||
RB (Partners HealthCare)Series 2008H2 | 0.12% | 02/07/22 | 5,000,000 | 5,000,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Univ of Massachusetts Building Auth | ||||||
CP Notes Series 2013A-1 (LIQ: STATE STREET BANK AND TRUST COMPANY) | 0.12% | 01/19/22 | 890,000 | 890,000 | ||
9,434,299 | ||||||
MICHIGAN 1.1% | ||||||
Michigan Finance Auth | ||||||
Hospital Refunding RB (Trinity Health) Series A 2017 MI & 2013 MI-2 (ESCROW) (LIQ: BANK OF AMERICA NA) | (a)(b)(c) | 0.13% | 01/07/22 | 4,075,000 | 4,075,000 | |
Michigan State Univ | ||||||
General RB Series 2019B (LIQ: BANK OF AMERICA NA) | (a)(b)(c) | 0.15% | 01/07/22 | 1,915,000 | 1,915,000 | |
Univ of Michigan | ||||||
General RB Series 2015 (LIQ: MORGAN STANLEY BANK NA) | (a)(b)(c) | 0.13% | 01/07/22 | 2,983,500 | 2,983,500 | |
8,973,500 | ||||||
MINNESOTA 0.5% | ||||||
Rochester | ||||||
Health Care Facilities RB (Mayo Clinic) Series 2014 | 0.11% | 01/06/22 | 4,000,000 | 4,000,000 | ||
MISSOURI 0.8% | ||||||
Missouri Health & Educational Facilities Auth | ||||||
Health Facilities RB (BJC Health) Series 2021A (LIQ: ROYAL BANK OF CANADA) | (a)(b)(c) | 0.13% | 01/07/22 | 2,000,000 | 2,000,000 | |
Health Facilities RB (SSM Health) Series 2019A (LOC: ROYAL BANK OF CANADA) | (a)(b)(c) | 0.15% | 01/07/22 | 4,000,000 | 4,000,000 | |
6,000,000 | ||||||
NEW JERSEY 2.0% | ||||||
New Jersey Transportation Trust Fund Auth | ||||||
Transportation System Bonds Series 2009A (LOC: TORONTO-DOMINION BANK/THE) | (a)(b)(c) | 0.13% | 01/07/22 | 16,205,000 | 16,205,000 | |
NEW YORK 17.1% | ||||||
Albany City SD | ||||||
BAN 2021B | 1.00% | 07/29/22 | 3,500,000 | 3,515,494 | ||
Central Square CSD | ||||||
BAN 2021 | 1.50% | 06/17/22 | 1,000,000 | 1,005,458 | ||
Colonie | ||||||
GO BAN 2021 | 1.50% | 03/11/22 | 2,400,000 | 2,405,491 | ||
Kinderhook CSD | ||||||
BAN 2021 | 1.00% | 06/28/22 | 4,000,000 | 4,015,964 | ||
Kingston | ||||||
BAN 2021B | 1.25% | 08/19/22 | 4,977,507 | 5,011,335 | ||
Monticello CSD | ||||||
GO BAN 2021 | 1.25% | 06/29/22 | 5,000,000 | 5,026,259 | ||
New York City | ||||||
GO Bonds Fiscal 2006 Series I-8 (LIQ: STATE STREET BANK AND TRUST COMPANY) | (b)(d) | 0.07% | 01/03/22 | 1,350,000 | 1,350,000 | |
GO Bonds Fiscal 2013 Series A3 (LOC: MIZUHO BANK LTD) | (b)(d) | 0.07% | 01/03/22 | 1,595,000 | 1,595,000 | |
GO Bonds Fiscal 2013 Series J | 5.00% | 08/01/22 | 150,000 | 154,083 | ||
GO Bonds Fiscal 2015 Series C | 5.00% | 08/01/22 | 120,000 | 123,265 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
GO Bonds Fiscal 2015 SeriesA | 5.00% | 08/01/22 | 100,000 | 102,722 | ||
GO Bonds Fiscal 2016 Series C | 5.00% | 08/01/22 | 230,000 | 236,236 | ||
GO Bonds Fiscal 2017 Series C | 5.00% | 08/01/22 | 405,000 | 416,149 | ||
GO Bonds Fiscal 2020 Series C1 | 4.00% | 08/01/22 | 100,000 | 102,136 | ||
GO Bonds Fiscal 2021 Series F1 (LIQ: BANK OF AMERICA NA) | (a)(b)(c) | 0.13% | 01/07/22 | 4,000,000 | 4,000,000 | |
GO Bonds Fiscal 2022 Series A-1 (LIQ: WELLS FARGO BANK NA) | (a)(b)(c) | 0.13% | 01/07/22 | 885,000 | 885,000 | |
New York City Housing Development Corp | ||||||
M/F Housing RB Series 2021H | 0.12% | 03/15/22 | 3,805,000 | 3,805,000 | ||
New York City Municipal Water Finance Auth | ||||||
Water & Sewer System 2nd Resolution RB Fiscal 2008 Series BB3&BB4 (LIQ: ROYAL BANK OF CANADA) | (a)(b)(c) | 0.11% | 01/03/22 | 17,720,000 | 17,720,000 | |
Water & Sewer System 2nd Resolution RB Fiscal 2017 Series DD (LIQ: BARCLAYS BANK PLC) | (a)(b)(c) | 0.13% | 01/07/22 | 500,000 | 500,000 | |
Water & Sewer System 2nd Resolution RB Fiscal 2017 Series DD&EE (LIQ: BARCLAYS BANK PLC) | (a)(b)(c) | 0.13% | 01/07/22 | 900,000 | 900,000 | |
Water & Sewer System 2nd Resolution RB Fiscal 2019 Series EE2 (LIQ: BANK OF AMERICA NA) | (a)(b)(c) | 0.13% | 01/07/22 | 565,000 | 565,000 | |
Water & Sewer System 2nd Resolution RB Fiscal 2022 Series BB1 (LIQ: ROYAL BANK OF CANADA) | (a)(b)(c) | 0.13% | 01/07/22 | 2,000,000 | 2,000,000 | |
New York City Transitional Finance Auth | ||||||
Building Aid RB Fiscal 2021 Series S1 (LIQ: BARCLAYS BANK PLC) | (a)(b)(c) | 0.13% | 01/07/22 | 9,055,000 | 9,055,000 | |
Future Tax Sec Sub Bonds Fiscal Series 2018C3 & 2020B1 & 2021C1 (LIQ: BANK OF AMERICA NA) | (a)(b)(c) | 0.13% | 01/07/22 | 1,500,000 | 1,500,000 | |
Future Tax Secured Sub Bonds Fiscal 2018 Series C | 5.00% | 05/01/22 | 265,000 | 269,123 | ||
New York City Trust for Cultural Resources | ||||||
Refunding RB (American Museum of Natural History) Series 2014B1 (SIFMA Municipal Swap Index + 0.04%) | (b) | 0.14% | 01/06/22 | 05/13/22 | 3,850,000 | 3,850,000 |
Refunding RB (American Museum of Natural History) Series 2014B2 (SIFMA Municipal Swap Index + 0.04%) | (b) | 0.14% | 01/06/22 | 08/29/22 | 1,245,000 | 1,245,000 |
New York State | ||||||
GO Bonds Series 2018A | 5.00% | 02/15/22 | 200,000 | 201,129 | ||
GO Bonds Series 2019A | 5.00% | 03/01/22 | 300,000 | 302,254 | ||
New York State Dormitory Auth | ||||||
State Personal Income Tax RB Series 2012B | 5.00% | 03/15/22 | 1,325,000 | 1,337,514 | ||
State Personal Income Tax RB Series 2019D (LIQ: JPMORGAN CHASE BANK NA) | (a)(b)(c) | 0.13% | 01/07/22 | 535,000 | 535,000 | |
State Personal Income Tax RB Series 2020A (LIQ: BARCLAYS BANK PLC) | (a)(b)(c) | 0.13% | 01/07/22 | 1,000,000 | 1,000,000 | |
State Sales Tax RB Series 2014A | 5.00% | 03/15/22 | 120,000 | 121,137 | ||
State Sales Tax RB Series 2015B (LIQ: WELLS FARGO BANK NA) | (a)(b)(c) | 0.13% | 01/07/22 | 675,000 | 675,000 | |
State Sales Tax RB Series 2017A | 5.00% | 03/15/22 | 175,000 | 176,649 | ||
New York State Environmental Facilities Corp | ||||||
State Clean Water & Drinking Water Revolving Funds RB Series 2013A (LIQ: JPMORGAN CHASE BANK NA) | (a)(b)(c) | 0.13% | 01/06/22 | 01/07/22 | 5,000,000 | 5,000,000 |
State Clean Water & Drinking Water Revolving Funds Sub RB Series 2019B | 5.00% | 06/15/22 | 110,000 | 112,348 | ||
New York State Mortgage Agency | ||||||
Homeowner Mortgage RB Series 231 (LIQ: ROYAL BANK OF CANADA) | (a)(b)(c) | 0.13% | 01/07/22 | 3,600,000 | 3,600,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
New York State Power Auth | ||||||
CP Series 2 | 0.06% | 01/06/22 | 500,000 | 499,996 | ||
CP Series 2 | 0.18% | 05/12/22 | 3,000,000 | 3,000,000 | ||
RB Series 2020A (LIQ: JPMORGAN CHASE BANK NA) | (a)(b)(c) | 0.13% | 01/07/22 | 4,455,000 | 4,455,000 | |
RB Series 2020A (LIQ: TORONTO-DOMINION BANK/THE) | (a)(b)(c) | 0.13% | 01/07/22 | 400,000 | 400,000 | |
New York State Urban Development Corp | ||||||
State Personal Income Tax RB Series 2004A-2 | 5.50% | 03/15/22 | 115,000 | 116,205 | ||
State Personal Income Tax RB Series 2016A | 5.00% | 03/15/22 | 1,000,000 | 1,009,492 | ||
State Personal Income Tax RB Series 2020A & 2020E (LIQ: JPMORGAN CHASE BANK NA) | (a)(b)(c) | 0.13% | 01/07/22 | 4,000,000 | 4,000,000 | |
Niagara-Wheatfield CSD | ||||||
BAN 2021 | 1.25% | 06/28/22 | 2,085,000 | 2,095,938 | ||
Nuveen New York AMT-Free Quality Municipal Income Fund | ||||||
Variable Rate Demand Preferred Shares Series 1 (LOC: SOCIETE GENERALE SA) | (a)(b)(d) | 0.15% | 01/07/22 | 9,000,000 | 9,000,000 | |
Variable Rate Demand Preferred Shares Series 3 (LOC: SUMITOMO MITSUI BANKING CORPORATION) | (a)(b)(d) | 0.15% | 01/07/22 | 6,000,000 | 6,000,000 | |
Port Auth of New York & New Jersey | ||||||
Consolidated Bonds 198th Series (LIQ: JPMORGAN CHASE BANK NA) | (a)(b)(c) | 0.13% | 01/07/22 | 1,755,000 | 1,755,000 | |
Ramapo Housing Auth | ||||||
RB (Fountainview at College Road) Series 1998 (LOC: MANUFACTURERS AND TRADERS TRUST CO) | (b)(d) | 0.20% | 01/07/22 | 3,985,000 | 3,985,000 | |
Sewanhaka Central HSD | ||||||
TAN 2021-2022 | 1.50% | 06/20/22 | 3,000,000 | 3,018,658 | ||
Sweet Home CSD | ||||||
BAN 2021A | 1.25% | 07/07/22 | 5,000,000 | 5,026,683 | ||
Ulster Cnty | ||||||
GO BAN Series 2021 | 1.50% | 11/17/22 | 3,000,000 | 3,032,044 | ||
Warren & Washington Cnty IDA | ||||||
Civic Facility RB (Glen at Hiland Meadows) Series 2000 (LOC: MANUFACTURERS AND TRADERS TRUST CO) | (b)(d) | 0.21% | 01/07/22 | 2,965,000 | 2,965,000 | |
Williamsville CSD | ||||||
BAN 2021 | 1.00% | 06/08/22 | 2,782,263 | 2,792,109 | ||
137,565,871 | ||||||
NORTH CAROLINA 1.5% | ||||||
North Carolina Capital Facilities Finance Agency | ||||||
RB (Duke Univ) Series 2015B (ESCROW) (LIQ: MORGAN STANLEY BANK NA) | (a)(b)(c) | 0.13% | 01/07/22 | 500 | 500 | |
North Carolina HFA | ||||||
Refunding RB Series 45 | 0.30% | 07/01/22 | 245,000 | 245,060 | ||
North Carolina Medical Care Commission | ||||||
Health Care Facilities Refunding RB (Rex Healthcare) Series 2020A (LOC: BANK OF AMERICA NA) | (a)(b)(c) | 0.15% | 01/07/22 | 11,630,000 | 11,630,000 | |
11,875,560 | ||||||
OHIO 1.9% | ||||||
Akron, Bath & Copley Jt Township Hospital District | ||||||
RB (Concordia Lutheran Obligated Group) Series 2013A (LOC: TRUIST BANK) | (b)(d) | 0.19% | 01/07/22 | 5,000,000 | 5,000,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Allen Cnty | ||||||
Hospital Facilities RB (Bon Secours Mercy Health) Series 2010D (LOC: ROYAL BANK OF CANADA) | (a)(b)(c) | 0.13% | 01/07/22 | 2,810,000 | 2,810,000 | |
Franklin Cnty | ||||||
RB (Trinity Health) Series 2013OH | 0.10% | 02/01/22 | 2,000,000 | 2,000,000 | ||
Ohio Hospital Facilities | ||||||
Hospital Refunding RB Series 2017A | 5.00% | 01/01/22 | 515,000 | 515,000 | ||
Port of Greater Cincinnati Development Auth | ||||||
Special Obligation Development RB (Springdale) Series 2006 (LOC: US BANK NATIONAL ASSOCIATION) | 0.70% | 02/01/22 | 5,250,000 | 5,250,000 | ||
15,575,000 | ||||||
OREGON 0.6% | ||||||
Multnomah Cnty SD #1 | ||||||
GO Bonds Series 2013B (GTY: OREGON (STATE OF)) | 5.00% | 06/15/22 | 120,000 | 122,559 | ||
Oregon | ||||||
GO Bonds Series 2013K | 5.00% | 08/01/22 | 120,000 | 123,263 | ||
Oregon Health, Housing, Educational & Cultural Facilities Auth | ||||||
RB (Assumption Village) Series 2001A (LOC: MUFG UNION BANK NA) | (b)(d) | 0.14% | 01/07/22 | 4,260,000 | 4,260,000 | |
4,505,822 | ||||||
PENNSYLVANIA 3.5% | ||||||
Adams Cnty IDA | ||||||
RB (Gettysburg Fdn) Series 2006A (LOC: MANUFACTURERS AND TRADERS TRUST CO) | (b)(d) | 0.20% | 01/07/22 | 6,870,000 | 6,870,000 | |
Allegheny Cnty Hospital Development Auth | ||||||
RB (Univ of Pittsburgh Medical Center) Series 2017D2 (LOC: ROYAL BANK OF CANADA) | (a)(b)(c) | 0.11% | 01/03/22 | 9,800,000 | 9,800,000 | |
Chester Cnty Health & Ed | ||||||
RB (Tel Hai Retirement Community) Series 2020 (LOC: MANUFACTURERS AND TRADERS TRUST CO) | (b)(d) | 0.20% | 01/07/22 | 3,000,000 | 3,000,000 | |
Lancaster Cnty Hospital Auth | ||||||
Sr Living Facility RB (Quarryville Presbyterian Retirement Community) Series 2000 (LOC: MANUFACTURERS AND TRADERS TRUST CO) | (b)(d) | 0.14% | 01/07/22 | 1,580,000 | 1,580,000 | |
Lycoming Cnty Auth | ||||||
RB (Lycoming College) Series 2013S1 (LOC: MANUFACTURERS AND TRADERS TRUST CO) | (b)(d) | 0.17% | 01/07/22 | 630,000 | 630,000 | |
Montgomery Cnty Redevelopment Auth | ||||||
M/F Housing RB (Forge Gate Apts) Series 2001A (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (b)(d) | 0.14% | 01/07/22 | 5,000,000 | 5,000,000 | |
Pennsylvania Economic Development Financing Auth | ||||||
Exempt Facilities Refunding RB (PPL Energy Supply) Series 2009C (LOC: MUFG BANK LTD) | (b)(d) | 0.17% | 01/07/22 | 1,000,000 | 1,000,000 | |
27,880,000 | ||||||
SOUTH CAROLINA 0.4% | ||||||
Patriots Energy Group Financing Agency | ||||||
Gas Supply RB Series 2018 (LOC: ROYAL BANK OF CANADA) | (a)(b)(c) | 0.15% | 01/06/22 | 01/07/22 | 955,000 | 955,000 |
South Carolina Transportation Infrastructure Bank | ||||||
Refunding RB Series 2017A (LOC: ROYAL BANK OF CANADA) (SIFMA Municipal Swap Index + 0.20%) | (a)(b)(c) | 0.30% | 01/06/22 | 04/01/22 | 2,000,000 | 2,000,000 |
2,955,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
TENNESSEE 1.1% | ||||||
Chattanooga Health, Educational & Housing Facility Board | ||||||
RB (CommonSpirit Health) Series 2019A1&A2 (LOC: JPMORGAN CHASE BANK NA) | (a)(b)(c) | 0.13% | 01/07/22 | 1,685,000 | 1,685,000 | |
Greeneville Health & Educational Facilities Board | ||||||
Hospital RB (Ballad Health) Series 2018A (LOC: ROYAL BANK OF CANADA) | (a)(b)(c) | 0.14% | 01/07/22 | 7,000,000 | 7,000,000 | |
Metro Government of Nashville & Davidson Cnty | ||||||
GO Refunding Bonds Series 2012 | 5.00% | 07/01/22 | 250,000 | 255,832 | ||
8,940,832 | ||||||
TEXAS 16.8% | ||||||
Allen ISD | ||||||
ULT GO Refunding Bonds Series 2014 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 180,000 | 181,021 | ||
Argyle ISD | ||||||
ULT GO Bonds Series 2019 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 08/15/22 | 335,000 | 344,904 | ||
Austin ISD | ||||||
ULT GO Refunding Bonds Series 2019 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 08/01/22 | 230,000 | 236,260 | ||
Beeville ISD | ||||||
ULR GO Refunding Bonds Series 2015 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 3.00% | 08/15/22 | 150,000 | 152,599 | ||
Belton ISD | ||||||
ULT GO Bonds Series 2019 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 925,000 | 930,240 | ||
Benavides ISD | ||||||
ULT GO Refunding Bonds Series 2012 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 2.50% | 08/15/22 | 130,000 | 131,855 | ||
Big Spring ISD | ||||||
ULT GO Bonds Series 2017 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 08/15/22 | 215,000 | 221,341 | ||
Birdville ISD | ||||||
ULT GO Bonds Series 2016 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 2.00% | 02/15/22 | 100,000 | 100,212 | ||
Brazosport ISD | ||||||
ULT GO Bonds Series 2017A (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 615,000 | 618,446 | ||
Brownsville | ||||||
Utilities System CP Series A (LOC: BANK OF AMERICA NA) | 0.16% | 04/14/22 | 4,000,000 | 4,000,000 | ||
Celina ISD | ||||||
ULT GO Bonds Series 2019 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 08/15/22 | 140,000 | 144,141 | ||
ULT GO Refunding Bonds Series 2016 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 08/15/22 | 250,000 | 257,392 | ||
Clifton Higher Ed Finance Corp | ||||||
Education RB Series 2021 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) (LIQ: JPMORGAN CHASE BANK NA) | (a)(b)(c) | 0.13% | 01/07/22 | 2,945,000 | 2,945,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Comal ISD | ||||||
ULT GO Bonds Series 2015B (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/01/22 | 565,000 | 567,170 | ||
ULT GO Refunding Bonds Series 2015A (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/01/22 | 280,000 | 281,067 | ||
Conroe ISD | ||||||
ULT GO Refunding Bonds Series 2015 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 3.50% | 02/15/22 | 215,000 | 215,833 | ||
ULT GO Refunding Bonds Series 2020A (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 4.00% | 02/15/22 | 150,000 | 150,680 | ||
Cypress-Fairbanks ISD | ||||||
ULT GO Refunding Bonds Series 2016 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 100,000 | 100,569 | ||
Dallas | ||||||
GO Refunding Bonds Series 2014 | 5.00% | 02/15/22 | 1,100,000 | 1,106,247 | ||
Dallas Area Rapid Transit | ||||||
Sr Sub Lien Sales Tax Revenue CP Series IIA (LIQ: JPMORGAN CHASE BANK NA) | 0.11% | 01/12/22 | 8,000,000 | 8,000,000 | ||
Dallas ISD | ||||||
ULT GO Bonds Series 2020 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 125,000 | 125,697 | ||
Deer Park ISD | ||||||
LT GO Refunding Bonds Series 2013 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 100,000 | 100,563 | ||
Eagle Pass ISD | ||||||
ULT GO Refunding Bonds Series 2015 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 3.00% | 08/15/22 | 150,000 | 152,606 | ||
Fort Bend ISD | ||||||
ULT GO CP Notes Series A (LIQ: JPMORGAN CHASE BANK NA) | 0.12% | 02/23/22 | 5,000,000 | 5,000,000 | ||
Fort Worth ISD | ||||||
ULT GO Bonds Series 2020 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 750,000 | 754,219 | ||
ULT GO Refunding Bonds Series 2015 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 100,000 | 100,559 | ||
ULT GO Refunding Bonds Series 2016 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 115,000 | 115,651 | ||
Gainesville ISD | ||||||
ULT GO Refunding Bonds Series 2015 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 3.00% | 02/15/22 | 100,000 | 100,327 | ||
Galena Park ISD | ||||||
ULT GO Refunding Bonds Series 2002 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 0.27% | 08/15/22 | 290,000 | 289,517 | ||
Garland ISD | ||||||
ULT GO Refunding Bonds Series 2019A (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 760,000 | 764,292 | ||
Gladewater ISD | ||||||
ULT GO Bonds Series 2014 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 3.00% | 08/15/22 | 100,000 | 101,710 | ||
Groesbeck ISD | ||||||
ULT GO Refunding Bonds Series 2018 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 290,000 | 291,644 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Harris Cnty Cultural Education Facilities Finance Corp | ||||||
Refunding RB (Methodist Hospital) Series 2009C1 | 0.08% | 01/04/22 | 14,000,000 | 14,000,000 | ||
Houston | ||||||
Water & Sewer System Jr Lien Refunding RB Series 2001B (ESCROW) (LIQ: BANK OF AMERICA NA) | (a)(b)(c) | 0.13% | 01/07/22 | 12,500,000 | 12,500,000 | |
Houston ISD | ||||||
LT GO Refunding Bonds Series 2017 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 3.00% | 02/15/22 | 715,000 | 717,362 | ||
LT GO Refunding Bonds Series 2017 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 370,000 | 372,064 | ||
Katy ISD | ||||||
ULT GO Refunding Bonds Series 2014A (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 440,000 | 442,501 | ||
Keller ISD | ||||||
ULT Refunding Bonds Series 2014A (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 08/15/22 | 170,000 | 174,933 | ||
Kermit ISD | ||||||
ULT GO Refunding Bonds Series 2014 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 800,000 | 804,515 | ||
La Porte ISD | ||||||
ULT GO Bonds Series 2015 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 465,000 | 467,608 | ||
Lamar Consolidated ISD | ||||||
ULT GO Refunding Bonds Series 2015 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 235,000 | 236,321 | ||
Longview ISD | ||||||
ULT Refunding GO Bonds Series 2016 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 125,000 | 125,697 | ||
LoveJoy ISD | ||||||
ULT GO Refunding Bonds Series 2021 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 0.25% | 02/15/22 | 1,365,000 | 1,364,598 | ||
Lower Colorado River Auth | ||||||
CP Series B (LOC: STATE STREET BANK AND TRUST COMPANY) | 0.13% | 03/03/22 | 1,915,000 | 1,915,000 | ||
Lubbock ISD | ||||||
ULT GO Bonds Series 2020 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 250,000 | 251,395 | ||
Magnolia ISD | ||||||
ULT GO Refunding Bonds Series 2016 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 08/15/22 | 150,000 | 154,439 | ||
Mansfield ISD | ||||||
ULT GO Refunding Bonds Series 2019B (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 200,000 | 201,125 | ||
McKinney ISD | ||||||
ULT GO RB Series 2021 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 1,155,000 | 1,161,496 | ||
ULT GO School Building Bonds Series 2017 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 250,000 | 251,420 | ||
North East ISD | ||||||
ULT CP Series 2017A (LIQ: JPMORGAN CHASE BANK NA) | 0.16% | 03/16/22 | 2,200,000 | 2,200,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Northwest ISD | ||||||
ULT GO Refunding Bonds Series 2015A (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 500,000 | 502,822 | ||
ULT GO Refunding Bonds Series 2015B (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 400,000 | 402,251 | ||
Pasadena ISD | ||||||
ULT GO Bonds Series 2018 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 100,000 | 100,563 | ||
Pearland ISD | ||||||
ULT GO Refunding Bonds Series 2020 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 200,000 | 201,117 | ||
Plano ISD | ||||||
ULT GO Refunding Bonds Series 2016A (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 1,615,000 | 1,624,145 | ||
Port Arthur ISD | ||||||
ULT GO Refunding Bonds Series 2016B (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 2.00% | 02/15/22 | 105,000 | 105,225 | ||
Port of Port Arthur Navigation District | ||||||
Exempt Facilities RB (Total USA) Series 2011 | (b)(d) | 0.16% | 01/07/22 | 18,315,000 | 18,315,000 | |
Exempt Facilities RB (Total USA) Series 2012A | (b)(d) | 0.16% | 01/07/22 | 10,000,000 | 10,000,000 | |
Exempt Facilities RB (Total USA) Series 2012B | (b)(d) | 0.16% | 01/07/22 | 4,000,000 | 4,000,000 | |
Roma ISD | ||||||
ULT GO Refunding Bonds Series 2012 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 3.00% | 02/15/22 | 150,000 | 150,499 | ||
Round Rock ISD | ||||||
ULT GO Refunding Bonds Series 2019A (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 08/01/22 | 150,000 | 154,168 | ||
San Antonio | ||||||
Water System Jr Lien Refunding RB Series 2014A | 5.00% | 05/15/22 | 115,000 | 117,002 | ||
Water System Jr Lien Refunding RB Series 2020A | 5.00% | 05/15/22 | 120,000 | 122,090 | ||
San Antonio Housing Finance Corp | ||||||
M/F Housing Mortgage RB (Artisan) Series 2008 (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (b)(d) | 0.16% | 01/07/22 | 1,800,000 | 1,800,000 | |
San Antonio Public Facilities Corp | ||||||
Improvement and Refunding Lease RB Series 2012 (LIQ: BANK OF AMERICA NA) | (a)(b)(c) | 0.13% | 01/06/22 | 01/07/22 | 13,970,000 | 13,970,000 |
San Antonio Water System | ||||||
Wastewater System Jr Lien Refunding RB Series 2013E | 5.00% | 05/15/22 | 150,000 | 152,637 | ||
Tarrant Cnty Cultural Education Facilities Finance Corp | ||||||
Hospital Refunding RB (Baylor Scott & White Health) Series 2019B (LOC: ROYAL BANK OF CANADA) | (a)(b)(c) | 0.13% | 01/07/22 | 6,000,000 | 6,000,000 | |
RB (Texas Health Resources) Series 2016A (LIQ: CREDIT SUISSE AG) | (a)(b)(c) | 0.14% | 01/07/22 | 4,585,000 | 4,585,000 | |
RB (Texas Health Resources) Series 2016A (LIQ: MORGAN STANLEY BANK NA) | (a)(b)(c) | 0.13% | 01/07/22 | 3,685,000 | 3,685,000 | |
Texas | ||||||
GO Bonds Series 2015D | 5.00% | 05/15/22 | 100,000 | 101,738 | ||
Texas Dept of Housing & Community Affairs | ||||||
M/F Housing RB (Costa Mariposa Apts) Series 2009 (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (b)(d) | 0.16% | 01/07/22 | 3,320,000 | 3,320,000 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
Waller ISD | ||||||
ULT GO Refunding Bonds Series 2016 (GTY: TEXAS PERMANENT SCHOOL FUND PROG) | 5.00% | 02/15/22 | 150,000 | 150,854 | ||
135,482,347 | ||||||
UTAH 0.2% | ||||||
Utah Cnty | ||||||
Hospital RB (IHC Health Services) Series 2016B (LIQ: WELLS FARGO BANK NA) | (a)(b)(c) | 0.13% | 01/06/22 | 01/07/22 | 1,920,000 | 1,920,000 |
VIRGINIA 1.4% | ||||||
Fairfax Cnty IDA | ||||||
Hospital Refunding RB (Inova Health) Series 1993A (LIQ: TORONTO-DOMINION BANK/THE) | (a)(b)(c) | 0.15% | 01/06/22 | 01/07/22 | 1,745,000 | 1,745,000 |
Loudoun Cnty | ||||||
GO Bonds Series 2017A (LIQ: US BANK NATIONAL ASSOCIATION) | (a)(b)(c) | 0.15% | 01/07/22 | 2,000,000 | 2,000,000 | |
Norfolk | ||||||
Water Refunding RB Series 2017 (LIQ: MORGAN STANLEY BANK NA) | (a)(b)(c) | 0.13% | 01/07/22 | 7,500,000 | 7,500,000 | |
11,245,000 | ||||||
WASHINGTON 5.5% | ||||||
Highline SD #401 | ||||||
ULT GO Bonds Series 2017 (GTY: WASHINGTON (STATE OF)) (LIQ: US BANK NATIONAL ASSOCIATION) | (a)(b)(c) | 0.09% | 01/03/22 | 2,885,000 | 2,885,000 | |
King Cnty Sewer System | ||||||
LT GO CP Series A | 0.12% | 02/03/22 | 16,350,000 | 16,350,000 | ||
Pierce Cnty Economic Development Corp | ||||||
IDRB (Frederico Enterprises I) Series 2010 (LOC: ROYAL BANK OF CANADA) | (b)(d) | 0.15% | 01/07/22 | 2,340,000 | 2,340,000 | |
Pierce Cnty SD #3 Puyallup | ||||||
GO Bonds Series 2017 (GTY: WASHINGTON (STATE OF)) | 5.00% | 12/01/22 | 270,000 | 281,453 | ||
Seattle | ||||||
Water System Refunding RB Series 2017 (LIQ: US BANK NATIONAL ASSOCIATION) | (a)(b)(c) | 0.09% | 01/03/22 | 3,940,000 | 3,940,000 | |
Snohomish Cnty Public Utility District #1 | ||||||
Generation System RB Series 2015 (LIQ: MORGAN STANLEY BANK NA) | (a)(b)(c) | 0.13% | 01/07/22 | 6,670,000 | 6,670,000 | |
Washington | ||||||
COP Series 2019B | 5.00% | 07/01/22 | 1,050,000 | 1,074,577 | ||
COP Series 2019D | 5.00% | 07/01/22 | 570,000 | 583,366 | ||
COP Series 2020A | 5.00% | 01/01/22 | 225,000 | 225,000 | ||
GO Bonds Series 2018C | 5.00% | 02/01/22 | 200,000 | 200,758 | ||
GO Bonds Series 2021C | 5.00% | 02/01/22 | 190,000 | 190,722 | ||
GO Refunding Bonds Series R-2012D | 5.00% | 07/01/22 | 150,000 | 153,551 | ||
GO Refunding Bonds Series R-2015A | 5.00% | 07/01/22 | 100,000 | 102,340 | ||
Washington Health Care Facilities Auth | ||||||
RB (Providence Heath & Services) Series 2014C (LIQ: BANK OF AMERICA NA) | (a)(b)(c) | 0.13% | 01/06/22 | 01/07/22 | 7,475,000 | 7,475,000 |
Washington Higher Education Facilities Auth | ||||||
RB (Gonzaga Univ) Series 2019A (LOC: BANK OF AMERICA NA) | (a)(b)(c) | 0.15% | 01/07/22 | 2,000,000 | 2,000,000 | |
44,471,767 |
ISSUER TYPE OF SECURITY, SERIES | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | FACE AMOUNT ($) | VALUE ($) |
WISCONSIN 0.9% | ||||||
Wisconsin Health & Educational Facilities Auth | ||||||
RB (Children’s Hospital of Wisconsin) Series 2017 (LIQ: BANK OF AMERICA NA) | (a)(b)(c) | 0.14% | 01/07/22 | 4,000,000 | 4,000,000 | |
Refunding RB (Froedtert Health) Series 2021A (LIQ: JPMORGAN CHASE BANK NA) | (b)(d) | 0.07% | 01/03/22 | 3,500,000 | 3,500,000 | |
7,500,000 | ||||||
MULTIPLE STATES 4.2% | ||||||
Nuveen AMT-Free Municipal Credit Income Fund | ||||||
Variable Rate Demand Preferred Shares Series 5 (LOC: SOCIETE GENERALE SA) | (a)(b)(d) | 0.15% | 01/07/22 | 33,800,000 | 33,800,000 | |
Total Municipal Securities (Cost $799,806,577) | 799,806,577 | |||||
Total Investments in Securities (Cost $799,806,577) | 799,806,577 |
(a) | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers. At the period end, the value of these amounted to $359,844,000 or 44.7% of net assets. |
(b) | Variable rate security; rate shown is effective rate at period end. |
(c) | TOB is a synthetically created VRDN where the owner of a long-term bond places the bond in a trust in combination with a liquidity facility. The trust then sells certificates which mirror the VRDN sold directly by a municipal issuer. VRDN is a municipal security which allows holders to sell their security through a put or tender feature, at par value plus accrued interest. The interest rate resets on a periodic basis, the majority of which are weekly but may be daily or monthly. Unless a reference rate and spread is shown parenthetically, the Remarketing Agent, generally a dealer, determines the interest rate for the security at each interest rate reset date. The rate is typically based on the SIFMA Municipal Swap Index. |
(d) | VRDN is a municipal security which allows holders to sell their security through a put or tender feature, at par value plus accrued interest. The interest rate resets on a periodic basis, the majority of which are weekly but may be daily or monthly. Unless a reference rate and spread is shown parenthetically, the Remarketing Agent, generally a dealer, determines the interest rate for the security at each interest rate reset date. The rate is typically based on the SIFMA Municipal Swap Index. |
AUTH — | Authority |
BAN — | Bond anticipation note |
CNTY — | County |
COP — | Certificate of participation |
CP — | Commercial paper |
CSD — | Central school district |
GO — | General obligation |
GTY — | Guaranty agreement |
HFA — | Housing finance agency/authority |
HSD — | High school district |
IDA — | Industrial development agency/authority |
IDRB — | Industrial development revenue bond |
ISD — | Independent school district |
LIQ — | Liquidity agreement |
LOC — | Letter of credit |
LT — | Limited tax |
M/F — | Multi-family |
PFC — | Passenger facility charge |
RB — | Revenue bond |
S/F — | Single-family |
SD — | School district |
SIFMA — | Securities Industry and Financial Markets Association. The SIFMA Municipal Swap Index is a market index comprised of high-grade 7-day tax-exempt Variable Rate Demand Obligations with certain characteristics. |
TAN — | Tax anticipation note |
TOB — | Tender option bond |
TRAN — | Tax and revenue anticipation note |
ULT — | Unlimited tax |
USD — | Unified school district |
VRDN — | Variable rate demand note |
Assets | ||
Investments in securities, at cost and value - unaffiliated (Note 2a) | $799,806,577 | |
Cash | 47,566 | |
Receivables: | ||
Fund shares sold | 4,946,048 | |
Interest | 887,549 | |
Prepaid expenses | + | 31,945 |
Total assets | 805,719,685 | |
Liabilities | ||
Payables: | ||
Fund shares redeemed | 731,049 | |
Investments bought | 141,525 | |
Investment adviser and administrator fees | 63,555 | |
Distributions to shareholders | 22,331 | |
Independent trustees’ fees | 137 | |
Accrued expenses | + | 122,348 |
Total liabilities | 1,080,945 | |
Net assets | $804,638,740 | |
Net Assets by Source | ||
Capital received from investors | $804,638,740 | |
Net assets | $804,638,740 |
Net Asset Value (NAV) by Share Class | |||||
Share Class | Net Assets | ÷ | Shares Outstanding | = | NAV |
Investor Shares | $643,595,410 | 643,127,828 | $1.00 | ||
Ultra Shares | $161,043,330 | 160,936,416 | $1.00 | ||
For the period January 1, 2021 through December 31, 2021 | ||
Investment Income | ||
Interest received from securities - unaffiliated | $1,110,178 | |
Expenses | ||
Investment adviser and administrator fees | 1,714,039 | |
Shareholder service fees: | ||
Investor Shares | 1,082,433 | |
Portfolio accounting fees | 101,771 | |
Registration fees | 88,914 | |
Professional fees | 32,751 | |
Independent trustees’ fees | 31,356 | |
Custodian fees | 12,636 | |
Shareholder reports | 9,404 | |
Transfer agent fees | 4,177 | |
Other expenses | + | 11,917 |
Total expenses | 3,089,398 | |
Expense reduction by investment adviser and its affiliates | – | 2,085,187 |
Net expenses | – | 1,004,211 |
Net investment income | 105,967 | |
REALIZED GAINS (LOSSES) | ||
Net realized gains on sales of securities - unaffiliated | 107,183 | |
Increase in net assets resulting from operations | $213,150 |
OPERATIONS | |||
1/1/21-12/31/21 | 1/1/20-12/31/20 | ||
Net investment income | $105,967 | $4,308,964 | |
Net realized gains | + | 107,183 | 83,604 |
Increase in net assets from operations | $213,150 | $4,392,568 | |
DISTRIBUTIONS TO SHAREHOLDERS1 | |||
Investor Shares | ($146,977) | ($4,297,627) | |
Ultra Shares | + | (36,356) | (11,337) |
Total distributions | ($183,333) | ($4,308,964) | |
TRANSACTIONS IN FUND SHARES*,1 | |||
Shares Sold | |||
Investor Shares | 210,378,357 | 1,260,789,614 | |
Ultra Shares | + | 167,728,749 | 382,869,587 |
Total shares sold | 378,107,106 | 1,643,659,201 | |
Shares Reinvested | |||
Investor Shares | 113,037 | 3,421,333 | |
Ultra Shares | + | 31,327 | 8,609 |
Total shares reinvested | 144,364 | 3,429,942 | |
Shares Redeemed | |||
Investor Shares | (401,555,196) | (1,702,302,435) | |
Ultra Shares | + | (235,678,356) | (154,023,500) |
Total shares redeemed | (637,233,552) | (1,856,325,935) | |
Net transactions in fund shares | (258,982,082) | (209,236,792) | |
NET ASSETS | |||
Beginning of period | $1,063,591,005 | $1,272,744,193 | |
Total decrease | + | (258,952,265) | (209,153,188) |
End of period | $804,638,740 | $1,063,591,005 |
* | Transactions took place at $1.00 per share; figures for share quantities are the same as for dollars. |
1 | Ultra Shares commenced operations on September 24, 2020. |
THE CHARLES SCHWAB FAMILY OF FUNDS (ORGANIZED OCTOBER 20, 1989) | |
Schwab Government Money Fund | Schwab Retirement Government Money Fund |
Schwab U.S. Treasury Money Fund | Schwab Municipal Money Fund |
Schwab Treasury Obligations Money Fund | Schwab AMT Tax-Free Money Fund |
Schwab Value Advantage Money Fund® | Schwab California Municipal Money Fund |
Schwab Variable Share Price Money Fund | Schwab New York Municipal Money Fund |
SCHWAB MUNICIPAL MONEY FUND | SCHWAB AMT TAX-FREE MONEY FUND | |
% of total assets in securities with credit enhancements or liquidity enhancements | 74% | 74% |
% of total assets in securities with credit enhancements or liquidity enhancements 10% or greater from a single institution | 11% | 11% |
(JPMorgan Chase Bank NA) | (Royal Bank of Canada) |
SHAREHOLDER SERVICING FEE | |
Investor Shares | 0.15% |
Ultra Shares | n/a |
SCHWAB MUNICIPAL MONEY FUND | SCHWAB AMT TAX-FREE MONEY FUND | |
Investor Shares | 0.34% | 0.34% |
Ultra Shares | 0.19% | 0.19% |
CONTRACTUAL EXPENSE LIMITATION WAIVED AMOUNT | VOLUNTARY YIELD WAIVER/ REIMBURSEMENT AMOUNT | TOTAL WAIVED AMOUNT | |
Schwab Municipal Money Fund | $1,070,065 | $9,891,130 | $10,961,195 |
Schwab AMT Tax-Free Money Fund | 292,572 | 1,792,615 | 2,085,187 |
TOTAL AGGREGATE TRANSACTIONS | REALIZED GAINS (LOSSES) | |
Schwab Municipal Money Fund | $372,679,511 | $— |
Schwab AMT Tax-Free Money Fund | 51,069,902 | — |
6. Board of Trustees: |
TAX COST | |
Schwab Municipal Money Fund | $7,991,619,789 |
Schwab AMT Tax-Free Money Fund | 799,806,577 |
UNDISTRIBUTED TAX-EXEMPT INCOME | TOTAL | |
Schwab Municipal Money Fund | $681 | $681 |
Schwab AMT Tax-Free Money Fund | — | — |
CAPITAL LOSS CARRYFORWARDS UTILIZED | |
Schwab Municipal Money Fund | $81,477 |
Schwab AMT Tax-Free Money Fund | 16,057 |
CURRENT FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS | |||||
TAX-EXEMPT INCOME | ORDINARY INCOME | LONG-TERM CAPITAL GAINS | TAX-EXEMPT INCOME | ORDINARY INCOME | LONG-TERM CAPITAL GAINS | |
Schwab Municipal Money Fund | $1,014,553 | $95,616 | $659,559 | $60,874,770 | $126,859 | $— |
Schwab AMT Tax-Free Money Fund | 95,179 | 16,795 | 71,359 | 4,299,107 | 9,857 | — |
Denver, Colorado
February 17, 2022
Schwab Municipal Money Fund | 91.39% |
Schwab AMT Tax-Free Money Fund | 89.82% |
Schwab Municipal Money Fund | $786,522 |
Schwab AMT Tax-Free Money Fund | 85,119 |
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 |
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 (Jan. 2009 – present). Formerly, Managing Director, Pacific Investment Management Company, LLC (PIMCO) (investment management firm) and President, PIMCO Funds. | 103 | 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. President and Chairman (2014 – 2016), TIAA Charitable (financial services); Senior Managing Director (2003 – 2016), TIAA (financial services). | 103 | 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. | 103 | 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). | 103 | None |
Kiran M. Patel 1948 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) | Retired. Executive Vice President and General Manager of Small Business Group (Dec. 2008 – Sept. 2013), Intuit, Inc. (financial software and services firm for consumers and small businesses). | 103 | Director (2008 – present), KLA-Tencor Corporation |
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). | 103 | 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). | 103 | 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) | Director and Chief Executive Officer (Oct. 2008 – present) and President (Oct. 2008 – 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) and President and Chief Executive Officer (Aug. 2017 – present), Schwab Holdings, Inc.; Director (Oct. 2020 – present), TD Ameritrade Holding Corporation; Director (July 2016 – Oct. 2021), Charles Schwab Investment Management, Inc. | 103 | Director (2008 – present), The Charles Schwab Corporation |
Joseph R. Martinetto2 1962 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) | Chief Operating Officer (Feb. 2018 – present) and Senior Executive Vice President (July 2015 – Feb. 2018), The Charles Schwab Corporation; Senior Executive Vice President (July 2015 – present), Charles Schwab & Co., Inc.; Chief Financial Officer (July 2015 – Aug. 2017) and Executive Vice President and Chief Financial Officer (May 2007 – July 2015), The Charles Schwab Corporation and Charles Schwab & Co., Inc.; Director (May 2007 – present), Charles Schwab & Co., Inc.; Director (Apr. 2010 – present) and Chief Executive Officer (July 2013 – Apr. 2015), Charles Schwab Bank, SSB; Director (Nov. 2017 – present), Charles Schwab Premier Bank, SSB; Director (May 2007 – present), Chief Financial Officer (May 2007 – Aug. 2017), Senior Executive Vice President (Feb. 2016 – present), and Executive Vice President (May 2007 – Feb. 2016), Schwab Holdings, Inc.; Director (Oct. 2020 – present), TD Ameritrade Holding Corporation. | 103 | 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. 2020 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab Investment Management, Inc.; Senior Vice President (June 2020 – present) and Chief Operating Officer (Jan. 2020 – present), 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; Director (Apr. 2019 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Senior Vice President (Apr. 2019 – present), Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), and Vice President (Jan. 2009 – Dec. 2013), Charles Schwab & Co., Inc. |
Mark Fischer 1970 Treasurer, Chief Financial Officer and 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) | Treasurer and Chief Financial Officer (Jan. 2016 – present) and Chief Operating Officer (Dec. 2020 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Assistant Treasurer (Dec. 2013 – Dec. 2015), Schwab Funds and Laudus Trust; Assistant Treasurer (Nov. 2013 – Dec. 2015), Schwab ETFs; Chief Financial Officer (Mar. 2020 – present) and Vice President (Oct. 2013 – present), Charles Schwab Investment Management, Inc.; Executive Director (Apr. 2011 – Sept. 2013), J.P. Morgan Investor Services; Assistant Treasurer (May 2005 – Mar. 2011), Massachusetts Financial Service Investment Management. |
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) and Chief Investment Officer (Apr. 2011 – present), Senior Vice President (Apr. 2011 – Dec. 2021), Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Head of the Portfolio Management Group and Vice President of Portfolio Management (May 2009 – Apr. 2011), Financial Engines, Inc. (investment management firm); Head of Quantitative Equity (July 2004 – Jan. 2009), ING Investment Management. |
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; Senior Managing Director and Global Head of Active Fixed-Income Strategies (Jan. 2008 – Oct. 2010), State Street Global Advisors; Director of Alpha Strategies (Apr. 2006 – Jan. 2008), Loomis, Sayles & Company (investment management firm). |
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) | Vice President (July 2005 – present), Charles Schwab & Co., Inc.; Vice President (Sept. 2005 – present), Charles Schwab Investment Management, 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. |
1 | Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed. The retirement policy requires that each independent trustee retire by December 31 of the year in which the Trustee turns 74 or the Trustee’s twentieth year of service as an independent trustee on any trust in the Fund Complex, whichever occurs first. |
2 | Mr. Bettinger and Mr. Martinetto are Interested Trustees. Mr. Bettinger is an Interested Trustee because he owns stock of The Charles Schwab Corporation (CSC), the parent company of Charles Schwab Investment Management, Inc., the investment adviser for the trusts in the Fund Complex, and is an employee of Charles Schwab & Co., Inc. (Schwab), the principal underwriter for The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust. Mr. Martinetto is an Interested Trustee because he owns stock of CSC and is an employee and director of Schwab. |
3 | The President, Treasurer and Secretary/Clerk hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board. |
Schwab Funds
Member SIPC®
Printed on recycled paper.
¹ | State, local, and the Federal Alternative Minimum Tax may apply. Capital gains are not exempt from Federal Taxation. |
² | You could lose money by investing in the Schwab Money Funds. All Schwab Money Funds with the exception of Schwab Variable Share Price Money Fund seek to preserve the value of your investment at $1.00 per share, but cannot guarantee they will do so. Because the share price of Schwab Variable Share Price Money Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. All Schwab Money Funds with the exception of Schwab Government Money Fund, Schwab Retirement Government Money Fund, Schwab U.S. Treasury Money Fund, Schwab Treasury Obligations Money Fund and Schwab Government Money Market Portfolio may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Schwab Money Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Schwab Money Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time. |
President of Schwab Asset
Management and the fund
covered in this report.
Linda Klingman, Managing Director and Head of Money Market Strategies for Schwab Asset Management, leads the portfolio management teams for taxable and tax-exempt Schwab Money Funds, and has overall responsibility for all aspects of the management of the fund. Prior to joining Schwab in 1990, she was a senior money market trader with AIM Management, Inc. for five years. She has managed money market funds since 1988. |
Lynn Paschen, Senior Portfolio Manager, is responsible for the day-to-day co-management of the fund. Prior to joining Schwab in 2011, Ms. Paschen held a number of positions at American Century Investments. She was most recently a portfolio manager and, from 2000 to 2003, worked as a fixed-income trader. She has managed money market funds since 2003. |
Nicole Perret-Gentil, Portfolio Manager, is responsible for the day-to-day co-management of the fund. Prior to joining Schwab in 2016, Ms. Perret-Gentil worked at Freddie Mac for 15 years, most recently as a senior portfolio manager where she managed and executed trades for a fixed-income strategy. Prior to that role, she served as a portfolio manager performing fixed-income analysis, a senior research analyst for investor and dealer relations, a senior securities operations analyst in loan and securities operations, and a lead mortgage securities operations specialist. She also worked at Merrill Lynch for a year as a senior specialist in fixed-income global banking and investments. |
Weighted Average Maturity2 | 39 Days |
1 | Maturity shown is the date the security matures, the date the interest rate on those securities is reset, or the date those securities can be redeemed through demand. |
2 | Money funds must maintain a dollar-weighted average maturity of no longer than 60 days and cannot invest in any security whose effective maturity is longer than 397 days (approximately 13 months). |
3 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
Schwab Retirement Government Money Fund | |
Ticker Symbol | SNRXX |
Minimum Initial Investment2 | $1,000,000 |
Seven-Day Yield (with waivers)3 | 0.01% |
Seven-Day Yield (without waivers)3 | -0.12% |
Seven-Day Effective Yield (with waivers)3 | 0.01% |
1 | Due to a special distribution of ordinary income to shareholders of Schwab Money Funds, the fund’s stated yields temporarily increased. Because this increase was temporary, investors should not rely on these yields for making investment decisions. |
2 | Please see prospectus for further detail and eligibility requirements. |
3 | The Seven-Day Yield (with waivers) is the average income paid out over the previous seven days assuming interest income is not reinvested and it reflects the effect of any applicable waivers. Absent such waivers, the fund’s yield would have been lower. The Seven-Day Yield (without waivers) is the yield without the effect of any applicable waivers. The Seven-Day Effective Yield is the yield with waivers assuming that all interest income is reinvested in additional shares of the fund. For additional details, see financial note 4. |
EXPENSE RATIO (ANNUALIZED) 1,2 | BEGINNING ACCOUNT VALUE AT 7/1/21 | ENDING ACCOUNT VALUE (NET OF EXPENSES) AT 12/31/21 | EXPENSES PAID DURING PERIOD 7/1/21-12/31/213 | |
Schwab Retirement Government Money Fund | ||||
Actual Return | 0.07% | $1,000.00 | $1,000.10 | $0.35 |
Hypothetical 5% Return | 0.07% | $1,000.00 | $1,024.85 | $0.36 |
1 | Based on the most recent six-month expense ratio; may differ from the expense ratio provided in the Financial Highlights. |
2 | Expense ratio (annualized) reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation. (See financial note 4) |
3 | Expenses for the fund are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 days of the period, and divided by the 365 days of the fiscal year. |
1/1/21– 12/31/21 | 1/1/20– 12/31/20 | 1/1/19– 12/31/19 | 1/1/18– 12/31/18 | 1/1/17– 12/31/17 | ||
Per-Share Data | ||||||
Net asset value at beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.00 2 | 0.00 2 | 0.02 | 0.02 | 0.01 | |
Net realized and unrealized gains (losses) | 0.00 2 | 0.00 2 | — | 0.00 2 | 0.00 2 | |
Total from investment operations | 0.00 2 | 0.00 2 | 0.02 | 0.02 | 0.01 | |
Less distributions: | ||||||
Distributions from net investment income | (0.00) 2 | (0.00) 2 | (0.02) | (0.02) | (0.01) | |
Distributions from net realized gains | (0.00) 2 | (0.00) 2 | — | (0.00) 2 | — | |
Total distributions | (0.00) 2 | (0.00) 2 | (0.02) | (0.02) | (0.01) | |
Net asset value at end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | |
Total return | 0.01% | 0.40% | 2.07% | 1.69% | 0.70% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.07% 3 | 0.18% 3 | 0.19% | 0.19% | 0.20% 4 | |
Gross operating expenses | 0.21% | 0.31% | 0.35% | 0.38% | 0.37% | |
Net investment income (loss) | 0.01% | 0.38% | 2.01% | 1.68% | 0.72% | |
Net assets, end of period (x 1,000,000) | $1,610 | $1,804 | $2,072 | $1,019 | $876 |
1 | Calculated based on the average shares outstanding during the period. |
2 | Per-share amount was less than $0.005. |
3 | Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation. (See financial note 4) |
4 | Effective October 3, 2017, the contractual expense limitation changed. The ratio presented for period ended December 31, 2017 is a blended ratio. |
Issuer | Footnotes | Rate | Effective Maturity | Maturity Date | Face Amount ($) | Value ($) |
U.S. GOVERNMENT AGENCY DEBT 14.5% OF NET ASSETS | ||||||
FEDERAL FARM CREDIT BANKS FUNDING CORP | ||||||
(SOFR + 0.08%) | (a) | 0.13% | 01/03/22 | 03/10/22 | 5,200,000 | 5,200,000 |
0.25% | 05/06/22 | 940,000 | 940,534 | |||
0.08% | 05/09/22 | 1,300,000 | 1,299,958 | |||
0.06% | 05/17/22 | 6,500,000 | 6,499,932 | |||
0.25% | 06/02/22 | 2,700,000 | 2,701,758 | |||
0.08% | 06/03/22 | 500,000 | 499,832 | |||
2.20% | 06/03/22 | 800,000 | 807,040 | |||
0.07% | 07/06/22 | 1,300,000 | 1,299,535 | |||
(SOFR + 0.04%) | (a) | 0.09% | 01/03/22 | 07/08/22 | 5,000,000 | 4,999,871 |
0.20% | 07/13/22 | 8,800,000 | 8,805,470 | |||
0.07% | 07/19/22 | 3,100,000 | 3,098,812 | |||
(SOFR + 0.09%) | (a) | 0.14% | 01/03/22 | 07/25/22 | 4,500,000 | 4,499,873 |
0.10% | 08/02/22 | 3,600,000 | 3,600,284 | |||
0.09% | 08/18/22 | 2,000,000 | 1,998,865 | |||
0.11% | 08/31/22 | 1,800,000 | 1,798,680 | |||
(EFFR - 0.02%) | (a) | 0.06% | 01/03/22 | 09/08/22 | 10,400,000 | 10,400,000 |
1.70% | 09/19/22 | 400,000 | 404,452 | |||
0.19% | 10/13/22 | 900,000 | 900,000 | |||
(SOFR + 0.06%) | (a) | 0.11% | 01/03/22 | 10/21/22 | 6,400,000 | 6,400,000 |
0.15% | 11/16/22 | 4,900,000 | 4,899,053 | |||
(3 mo. US TBILL + 0.02%) | (a) | 0.11% | 01/03/22 | 05/01/23 | 6,500,000 | 6,500,000 |
(3 mo. US TBILL + 0.03%) | (a) | 0.11% | 01/04/22 | 07/13/23 | 2,600,000 | 2,600,000 |
(EFFR - 0.01%) | (a) | 0.07% | 01/03/22 | 07/21/23 | 8,800,000 | 8,800,000 |
(SOFR + 0.06%) | (a) | 0.11% | 01/03/22 | 11/07/23 | 2,200,000 | 2,200,000 |
(EFFR + 0.03%) | (a) | 0.11% | 01/03/22 | 12/08/23 | 1,300,000 | 1,300,000 |
(SOFR + 0.12%) | (a) | 0.17% | 01/03/22 | 12/08/23 | 2,400,000 | 2,402,809 |
(SOFR + 0.06%) | (a) | 0.11% | 01/03/22 | 12/13/23 | 1,700,000 | 1,700,000 |
FEDERAL HOME LOAN BANKS | ||||||
(SOFR + 0.12%) | (a) | 0.17% | 01/03/22 | 02/28/22 | 10,300,000 | 10,300,000 |
0.13% | 08/12/22 | 2,220,000 | 2,220,383 | |||
3.13% | 09/09/22 | 1,200,000 | 1,224,808 | |||
0.21% | 12/02/22 | 6,200,000 | 6,200,000 | |||
FEDERAL HOME LOAN MORTGAGE CORPORATION | 2.38% | 01/13/22 | 9,300,000 | 9,305,881 | ||
(SOFR + 0.15%) | (a) | 0.20% | 01/03/22 | 03/04/22 | 11,800,000 | 11,800,000 |
Issuer | Footnotes | Rate | Effective Maturity | Maturity Date | Face Amount ($) | Value ($) |
(SOFR + 0.20%) | (a) | 0.25% | 01/03/22 | 03/11/22 | 3,000,000 | 3,000,000 |
(SOFR + 0.19%) | (a) | 0.24% | 01/03/22 | 06/02/22 | 12,500,000 | 12,500,000 |
(SOFR + 0.10%) | (a) | 0.15% | 01/03/22 | 08/19/22 | 17,800,000 | 17,800,000 |
(SOFR + 0.10%) | (a) | 0.15% | 01/03/22 | 09/09/22 | 17,500,000 | 17,500,000 |
FEDERAL NATIONAL MORTGAGE ASSOCIATION | ||||||
(SOFR + 0.35%) | (a) | 0.40% | 01/03/22 | 04/07/22 | 7,500,000 | 7,500,469 |
2.25% | 04/12/22 | 1,300,000 | 1,307,643 | |||
(SOFR + 0.39%) | (a) | 0.44% | 01/03/22 | 04/15/22 | 5,000,000 | 5,000,000 |
(SOFR + 0.24%) | (a) | 0.29% | 01/03/22 | 04/29/22 | 6,500,000 | 6,500,000 |
(SOFR + 0.20%) | (a) | 0.25% | 01/03/22 | 05/09/22 | 10,200,000 | 10,200,000 |
(SOFR + 0.19%) | (a) | 0.24% | 01/03/22 | 05/19/22 | 12,800,000 | 12,800,000 |
2.00% | 08/26/22 | 950,000 | 961,676 | |||
1.38% | 09/06/22 | 600,000 | 605,141 | |||
Total U.S. Government Agency Debt (Cost $233,282,759) | 233,282,759 | |||||
U.S. TREASURY DEBT 22.2% OF NET ASSETS | ||||||
UNITED STATES TREASURY | ||||||
(3 mo. US TBILL + 0.15%) | (a) | 0.24% | 01/03/22 | 01/31/22 | 9,100,000 | 9,099,948 |
1.38% | 01/31/22 | 16,700,000 | 16,716,713 | |||
1.50% | 01/31/22 | 20,000,000 | 20,021,506 | |||
2.50% | 02/15/22 | 8,200,000 | 8,223,348 | |||
1.88% | 02/28/22 | 23,100,000 | 23,164,021 | |||
2.38% | 03/15/22 | 14,800,000 | 14,866,401 | |||
1.75% | 03/31/22 | 16,800,000 | 16,866,256 | |||
1.88% | 03/31/22 | 7,500,000 | 7,532,265 | |||
2.25% | 04/15/22 | 8,000,000 | 8,048,473 | |||
0.11% | 04/26/22 | 13,000,000 | 12,995,715 | |||
(3 mo. US TBILL + 0.11%) | (a) | 0.20% | 01/03/22 | 04/30/22 | 14,700,000 | 14,703,766 |
1.88% | 04/30/22 | 7,200,000 | 7,241,116 | |||
0.13% | 05/03/22 | 14,400,000 | 14,394,002 | |||
0.13% | 05/31/22 | 6,000,000 | 6,000,656 | |||
1.75% | 05/31/22 | 4,500,000 | 4,530,340 | |||
1.88% | 05/31/22 | 11,700,000 | 11,783,131 | |||
0.11% | 06/09/22 | 1,800,000 | 1,799,172 | |||
0.13% | 06/30/22 | 1,500,000 | 1,499,845 | |||
1.75% | 06/30/22 | 2,100,000 | 2,117,206 | |||
0.09% | 07/14/22 | 8,900,000 | 8,895,728 | |||
0.13% | 07/31/22 | 4,300,000 | 4,301,201 | |||
1.88% | 07/31/22 | 6,300,000 | 6,365,043 | |||
2.00% | 07/31/22 | 4,500,000 | 4,549,678 | |||
0.11% | 08/11/22 | 5,600,000 | 5,596,407 | |||
1.50% | 08/15/22 | 25,000,000 | 25,218,859 | |||
0.13% | 08/31/22 | 13,100,000 | 13,104,209 | |||
1.63% | 08/31/22 | 11,200,000 | 11,308,299 | |||
1.88% | 08/31/22 | 6,000,000 | 6,070,908 | |||
1.50% | 09/15/22 | 21,300,000 | 21,510,488 | |||
0.13% | 09/30/22 | 11,100,000 | 11,103,032 | |||
1.75% | 09/30/22 | 8,100,000 | 8,199,475 |
Issuer | Footnotes | Rate | Effective Maturity | Maturity Date | Face Amount ($) | Value ($) |
1.88% | 09/30/22 | 5,500,000 | 5,570,438 | |||
(3 mo. US TBILL + 0.05%) | (a) | 0.13% | 01/03/22 | 01/31/23 | 10,700,000 | 10,702,147 |
(3 mo. US TBILL + 0.03%) | (a) | 0.12% | 01/03/22 | 04/30/23 | 6,100,000 | 6,100,735 |
(3 mo. US TBILL + 0.03%) | (a) | 0.11% | 01/03/22 | 07/31/23 | 4,500,000 | 4,500,108 |
(3 mo. US TBILL + 0.04%) | (a) | 0.12% | 01/03/22 | 10/31/23 | 4,100,000 | 4,099,924 |
Total U.S. Treasury Debt (Cost $358,800,559) | 358,800,559 | |||||
VARIABLE RATE DEMAND NOTES 2.9% OF NET ASSETS | ||||||
ABAG FINANCE AUTH | ||||||
M/F HOUSING RB (CROSSING APTS) SERIES 2002A (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.07% | 01/07/22 | 3,175,000 | 3,175,000 | |
ALABAMA HFA | ||||||
M/F HOUSING RB (CHAPEL RIDGE APTS) SERIES 2005E (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.20% | 01/07/22 | 800,000 | 800,000 | |
BRIDGE WF II PARKWAY CLUB LLC | ||||||
TAXABLE M/F HOUSING RB SERIES 2021A (LOC: FEDERAL HOME LOAN BANKS) | (a)(b) | 0.11% | 01/07/22 | 3,100,000 | 3,100,000 | |
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTH | ||||||
M/F HOUSING RB (BAY VISTA AT MEADOW PARK APTS) SERIES 2003NN-1 (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.07% | 01/07/22 | 1,490,000 | 1,490,000 | |
M/F HOUSING RB (CROSSINGS WEST APTS) SERIES 2009E (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.13% | 01/07/22 | 600,000 | 600,000 | |
M/F HOUSING RB (VARENNA ASSISTED LIVING APTS) SERIES 2006F (LOC: FEDERAL HOME LOAN BANKS) | (a)(b) | 0.13% | 01/07/22 | 600,000 | 600,000 | |
CAPITAL AREA HOUSING FINANCE CORP | ||||||
M/F HOUSING RB (ENCINO POINTE APTS) SERIES 2009 (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.16% | 01/07/22 | 1,060,000 | 1,060,000 | |
EDEN PRAIRIE | ||||||
M/F HOUSING REFUNDING RB (PARK AT CITY WEST APTS) SERIES 2001 (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.14% | 01/07/22 | 1,200,000 | 1,200,000 | |
EMERYVILLE SUCCESSOR REDEVELOPMENT AGENCY | ||||||
M/F HOUSING RB (BAY ST APTS) SERIES 2002A (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.13% | 01/07/22 | 4,315,000 | 4,315,000 | |
FLORIDA HOUSING FINANCE CORP | ||||||
M/F MORTGAGE REFUNDING RB (GRAND RESERVE AT LEE VISTA) SERIES 2004L (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.16% | 01/07/22 | 910,000 | 910,000 | |
HILLSBOROUGH CNTY HFA | ||||||
M/F HOUSING RB (LAKE KATHY APTS) SERIES 2005 (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.16% | 01/07/22 | 1,450,000 | 1,450,000 | |
LENAWEE CNTY ECONOMIC DEVELOPMENT CORP | ||||||
REFUNDING RB (SIENA HEIGHTS UNIV) SERIES 2009 (LOC: FEDERAL HOME LOAN BANKS) | (a)(b) | 0.13% | 01/07/22 | 200,000 | 200,000 | |
LISLE | ||||||
M/F HOUSING RB (ASHLEY OF LISLE) SERIES 1985 (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.13% | 01/07/22 | 2,100,000 | 2,100,000 |
Issuer | Footnotes | Rate | Effective Maturity | Maturity Date | Face Amount ($) | Value ($) |
LOUISIANA LOCAL GOVERNMENT ENVIRONMENTAL FACILITIES & COMMUNITY DEVELOPMENT AUTH | ||||||
RB (LOUISE S. MCGEHEE SCHOOL) SERIES 2010 (LOC: FEDERAL HOME LOAN BANKS) | (a)(b) | 0.15% | 01/07/22 | 3,510,000 | 3,510,000 | |
MARIETTA HOUSING AUTH | ||||||
M/F HOUSING RB (WALTON VILLAGE APTS) SERIES 2005 (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.19% | 01/07/22 | 1,100,000 | 1,100,000 | |
ORANGE CNTY HFA | ||||||
M/F HOUSING RB (LANDINGS ON MILLENIA BLVD APTS) SERIES 2002A (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.15% | 01/07/22 | 835,000 | 835,000 | |
M/F HOUSING RB (LEE VISTA CLUB APTS) SERIES 2004A (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.15% | 01/07/22 | 820,000 | 820,000 | |
OREGON FACILITIES AUTH | ||||||
RB (QUATAMA HOUSING LP) SERIES 2005A (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.14% | 01/07/22 | 565,000 | 565,000 | |
PANHANDLE REGIONAL HOUSING FINANCIAL CORP | ||||||
M/F HOUSING RB (JASON AVE APTS) SERIES 2008 (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.16% | 01/07/22 | 980,000 | 980,000 | |
RIVERSIDE HOME LENDING | ||||||
TAXABLE S/F RENTAL HOUSING RB SERIES 2021A (LOC: FEDERAL HOME LOAN BANKS) | (a)(b) | 0.11% | 01/07/22 | 4,200,000 | 4,200,000 | |
SACRAMENTO CNTY HOUSING AUTH | ||||||
M/F HOUSING RB (LOGAN PARK APTS) SERIES 2007E (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.14% | 01/07/22 | 3,490,000 | 3,490,000 | |
SACRAMENTO HOUSING AUTH | ||||||
M/F HOUSING RB (VALENCIA POINT APTS) SERIES 2006I (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.07% | 01/07/22 | 800,000 | 800,000 | |
SAN ANTONIO HOUSING FINANCE CORP | ||||||
M/F HOUSING MORTGAGE RB (ARTISAN) SERIES 2008 (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.16% | 01/07/22 | 1,000,000 | 1,000,000 | |
SAN JOSE | ||||||
M/F HOUSING RB (CINNABAR COMMONS) SERIES 2003C (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.07% | 01/07/22 | 995,000 | 995,000 | |
ST. LOUIS PARK | ||||||
M/F HOUSING REFUNDING RB (KNOLLWOOD PLACE APTS) SERIES 2005 (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.18% | 01/07/22 | 900,000 | 900,000 | |
ST. TAMMANY PARISH DEVELOPMENT DISTRICT | ||||||
RB (BCS DEVELOPMENT) SERIES 2008 (LOC: FEDERAL HOME LOAN BANKS) | (a)(b) | 0.15% | 01/07/22 | 2,545,000 | 2,545,000 | |
TEXAS DEPT OF HOUSING & COMMUNITY AFFAIRS | ||||||
M/F HOUSING RB (COSTA IBIZA APTS) SERIES 2008 (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.16% | 01/07/22 | 860,000 | 860,000 | |
M/F HOUSING RB (TOWER RIDGE APTS) SERIES 2005 (LOC: FEDERAL NATIONAL MORTGAGE ASSOCIATION) | (a)(b) | 0.20% | 01/07/22 | 1,100,000 | 1,100,000 | |
M/F HOUSING RB (WOODMONT APTS) SERIES 2009 (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.16% | 01/07/22 | 970,000 | 970,000 |
Issuer | Footnotes | Rate | Effective Maturity | Maturity Date | Face Amount ($) | Value ($) |
M/F HOUSING REFUNDING RB (ALTA CULLEN APTS) SERIES 2008 (LOC: FEDERAL HOME LOAN MORTGAGE CORPORATION) | (a)(b) | 0.16% | 01/07/22 | 760,000 | 760,000 | |
Total Variable Rate Demand Notes (Cost $46,430,000) | 46,430,000 |
ISSUER | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | MATURITY AMOUNT ($) | VALUE ($) |
REPURCHASE AGREEMENTS 63.2% OF NET ASSETS | ||||||
U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS* 54.8% | ||||||
BANK OF MONTREAL | ||||||
Issued 11/04/21, repurchase date 01/27/22 | 0.06% | 01/07/22 | 14,001,493 | 14,000,000 | ||
(Collateralized by U.S. Government Agency Securities valued at $14,422,019, 1.13% - 4.70%, due 02/01/31 - 03/20/71) | ||||||
Issued 12/15/21, repurchase date 01/14/22 | 0.06% | 01/07/22 | 13,000,498 | 13,000,000 | ||
(Collateralized by U.S. Treasury and U.S. Government Agency Securities valued at $13,390,622, 1.25% - 2.50%, due 11/30/26 - 01/15/57) | ||||||
BOFA SECURITIES INC | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 160,000,667 | 160,000,000 | ||
(Collateralized by U.S. Government Agency Securities valued at $164,800,000, 1.50% - 2.50%, due 02/01/36 - 12/01/51) | ||||||
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK SA | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 110,000,458 | 110,000,000 | ||
(Collateralized by U.S. Government Agency Securities valued at $113,300,472, 2.00%, due 01/20/51) | ||||||
DAIWA CAPITAL MARKETS AMERICA INC | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 80,000,333 | 80,000,000 | ||
(Collateralized by U.S. Treasury and U.S. Government Agency Securities valued at $82,960,092, 0.38% - 5.00%, due 08/15/24 - 11/01/51) | ||||||
DEUTSCHE BANK AG (NEW YORK BRANCH) | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 80,000,333 | 80,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $81,600,370, 0.13% - 2.88%, due 04/15/22 - 05/15/30) | ||||||
GOLDMAN SACHS & CO LLC | ||||||
Issued 12/28/21, repurchase date 01/04/22 | 0.06% | 01/04/22 | 59,000,688 | 59,000,000 | ||
(Collateralized by U.S. Government Agency Securities valued at $60,180,000, 1.93% - 6.00%, due 03/01/23 - 11/15/56) | ||||||
Issued 12/29/21, repurchase date 01/05/22 | 0.06% | 01/05/22 | 64,000,747 | 64,000,000 | ||
(Collateralized by U.S. Government Agency Securities valued at $65,280,000, 1.50% - 7.50%, due 04/01/24 - 12/01/51) | ||||||
JP MORGAN SECURITIES LLC | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 50,000,208 | 50,000,000 | ||
(Collateralized by U.S. Government Agency Securities valued at $51,500,013, 2.50%, due 06/20/51) |
ISSUER | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | MATURITY AMOUNT ($) | VALUE ($) |
Issued 11/15/21, repurchase date 05/13/22 | (a) | 0.20% | 01/03/22 | 04/05/22 | 26,020,367 | 26,000,000 |
(Collateralized by U.S. Government Agency Securities valued at $26,780,000, 0.85% - 5.50%, due 03/20/33 - 11/20/51) (SOFR + 0.15%) | ||||||
Issued 11/23/21, repurchase date 05/27/22 | (a) | 0.20% | 01/03/22 | 04/05/22 | 26,019,211 | 26,000,000 |
(Collateralized by U.S. Government Agency Securities valued at $26,780,000, 0.00% - 6.00%, due 09/25/35 - 06/20/51) (SOFR + 0.15%) | ||||||
MIZUHO SECURITIES USA LLC | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 4,000,017 | 4,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $4,080,021, 1.25%, due 12/31/26) | ||||||
RBC DOMINION SECURITIES INC | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 60,000,250 | 60,000,000 | ||
(Collateralized by U.S. Treasury and U.S. Government Agency Securities valued at $61,778,472, 0.25% - 5.00%, due 07/15/22 - 12/01/51) | ||||||
ROYAL BANK OF CANADA | ||||||
Issued 10/07/21, repurchase date 01/05/22 | 0.06% | 01/05/22 | 15,002,250 | 15,000,000 | ||
(Collateralized by U.S. Government Agency Securities valued at $15,452,318, 1.31% - 4.50%, due 02/01/31 - 12/20/51) | ||||||
Issued 07/13/21, repurchase date 02/08/22 | 0.06% | 01/07/22 | 53,015,723 | 53,000,000 | ||
(Collateralized by U.S. Government Agency Securities valued at $54,609,107, 2.00% - 6.52%, due 09/15/38 - 12/20/51) | ||||||
Issued 11/01/21, repurchase date 02/01/22 | 0.06% | 01/07/22 | 16,001,787 | 16,000,000 | ||
(Collateralized by U.S. Government Agency Securities valued at $16,482,527, 2.00% - 6.91%, due 07/20/40 - 11/01/51) | ||||||
Issued 12/17/21, repurchase date 02/24/22 | 0.06% | 01/07/22 | 26,000,910 | 26,000,000 | ||
(Collateralized by U.S. Government Agency Securities valued at $26,783,080, 1.75% - 4.50%, due 05/01/31 - 12/25/51) | ||||||
Issued 04/05/21, repurchase date 02/03/22 | 0.07% | 01/07/22 | 26,014,004 | 26,000,000 | ||
(Collateralized by U.S. Government Agency Securities valued at $26,795,830, 1.25% - 4.96%, due 04/01/24 - 11/01/51) | ||||||
882,000,000 | ||||||
U.S. TREASURY REPURCHASE AGREEMENTS 8.4% | ||||||
BARCLAYS BANK PLC | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 1,677,823 | 1,677,816 | ||
(Collateralized by U.S. Treasury Securities valued at $1,711,412, 2.75%, due 08/31/25) | ||||||
FICC - BANK OF NEW YORK | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.06% | 01/03/22 | 33,000,165 | 33,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $33,660,017, 0.13%, due 05/31/22) | ||||||
Issued 12/30/21, repurchase date 01/06/22 | 0.06% | 01/06/22 | 4,000,047 | 4,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $4,677,999, 1.00%, due 12/15/24) |
ISSUER | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | MATURITY AMOUNT ($) | VALUE ($) |
JP MORGAN SECURITIES LLC | ||||||
Issued 12/29/21, repurchase date 01/05/22 | 0.05% | 01/05/22 | 41,000,399 | 41,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $41,820,003, 0.00% - 6.75%, due 04/05/22 - 08/15/26) | ||||||
Issued 12/30/21, repurchase date 01/06/22 | 0.05% | 01/06/22 | 42,000,408 | 42,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $42,840,061, 0.00%, due 02/17/22 - 12/29/22) | ||||||
RBC DOMINION SECURITIES INC | ||||||
Issued 10/28/21, repurchase date 01/24/22 | 0.06% | 01/07/22 | 10,001,183 | 10,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $10,201,403, 0.00% - 5.50%, due 03/22/22 - 02/15/47) | ||||||
Issued 11/26/21, repurchase date 03/01/22 | 0.07% | 01/07/22 | 4,000,327 | 4,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $4,080,808, 0.13% - 2.50%, due 05/31/23 - 02/15/47) | ||||||
135,677,816 | ||||||
Total Repurchase Agreements (Cost $1,017,677,816) | 1,017,677,816 | |||||
Total Investments in Securities (Cost $1,656,191,134) | 1,656,191,134 |
* | Collateralized via U.S. Government Agency Securities or less frequently by higher rated U.S. Treasury Securities. |
(a) | Variable rate security; rate shown is effective rate at period end. |
(b) | VRDN is a municipal security which allows holders to sell their security through a put or tender feature, at par value plus accrued interest. The interest rate resets on a periodic basis, the majority of which are weekly but may be daily or monthly. Unless a reference rate and spread is shown parenthetically, the Remarketing Agent, generally a dealer, determines the interest rate for the security at each interest rate reset date. The rate is typically based on the SIFMA Municipal Swap Index. |
EFFR — | Effective Federal Funds Rate is published daily by the Federal Reserve Bank of New York and is based on the interest rate financial institutions charge each other for overnight funds. |
FICC — | Fixed Income Clearing Corp |
HFA — | Housing finance agency/authority |
LOC — | Letter of credit |
M/F — | Multi-family |
RB — | Revenue bond |
S/F — | Single-family |
SIFMA — | Securities Industry and Financial Markets Association. The SIFMA Municipal Swap Index is a market index comprised of high-grade 7-day tax-exempt Variable Rate Demand Obligations with certain characteristics. |
SOFR — | Secured Overnight Financing Rate is published daily by the Federal Reserve Bank of New York and is based on the cost of borrowing cash overnight collateralized by U.S. Treasury securities. |
US TBILL — | The reference rate is the weekly auction stop for the U.S. Treasury Bill. |
VRDN — | Variable rate demand note |
Assets | ||
Investments in securities, at cost and value - unaffiliated (Note 2a) | $638,513,318 | |
Repurchase agreements, at cost and value — unaffiliated (Note 2a) | 1,017,677,816 | |
Receivables: | ||
Interest | 1,536,918 | |
Fund shares sold | 818,298 | |
Prepaid expenses | + | 13,477 |
Total assets | 1,658,559,827 | |
Liabilities | ||
Payables: | ||
Fund shares redeemed | 33,424,236 | |
Investments bought | 14,394,002 | |
Investment adviser and administrator fees | 88,775 | |
Distributions to shareholders | 39,950 | |
Independent trustees’ fees | 147 | |
Accrued expenses | + | 133,751 |
Total liabilities | 48,080,861 | |
Net assets | $1,610,478,966 | |
Net Assets by Source | ||
Capital received from investors | $1,610,478,966 | |
Net assets | $1,610,478,966 |
Net Asset Value (NAV) | ||||
Net Assets | ÷ | Shares Outstanding | = | NAV |
$1,610,478,966 | 1,610,477,776 | $1.00 | ||
For the period January 1, 2021 through December 31, 2021 | ||
Investment Income | ||
Interest received from securities - unaffiliated | $1,430,996 | |
Expenses | ||
Investment adviser and administrator fees | 3,315,377 | |
Portfolio accounting fees | 102,657 | |
Professional fees | 42,505 | |
Custodian fees | 35,167 | |
Independent trustees’ fees | 33,166 | |
Registration fees | 27,673 | |
Shareholder reports | 19,248 | |
Transfer agent fees | 6,094 | |
Other expenses | + | 23,387 |
Total expenses | 3,605,274 | |
Expense reduction by investment adviser and its affiliates | – | 2,406,924 |
Net expenses | – | 1,198,350 |
Net investment income | 232,646 | |
REALIZED GAINS (LOSSES) | ||
Net realized gains on sales of securities - unaffiliated | 11,218 | |
Increase in net assets resulting from operations | $243,864 |
OPERATIONS | |||
1/1/21-12/31/21 | 1/1/20-12/31/20 | ||
Net investment income | $232,646 | $8,993,209 | |
Net realized gains | + | 11,218 | 11,631 |
Increase in net assets from operations | $243,864 | $9,004,840 | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Total distributions | ($243,337) | ($9,004,851) | |
TRANSACTIONS IN FUND SHARES* | |||
Shares sold | 419,182,435 | 1,414,188,767 | |
Shares reinvested | 105,475 | 6,031,931 | |
Shares redeemed | + | (612,316,209) | (1,688,700,492) |
Net transactions in fund shares | (193,028,299) | (268,479,794) | |
NET ASSETS | |||
Beginning of period | $1,803,506,738 | $2,071,986,543 | |
Total decrease | + | (193,027,772) | (268,479,805) |
End of period | $1,610,478,966 | $1,803,506,738 |
* | Transactions took place at $1.00 per share; figures for share quantities are the same as for dollars. |
THE CHARLES SCHWAB FAMILY OF FUNDS (ORGANIZED OCTOBER 20, 1989) | |
Schwab Government Money Fund | Schwab Retirement Government Money Fund |
Schwab U.S. Treasury Money Fund | Schwab Municipal Money Fund |
Schwab Treasury Obligations Money Fund | Schwab AMT Tax-Free Money Fund |
Schwab Value Advantage Money Fund® | Schwab California Municipal Money Fund |
Schwab Variable Share Price Money Fund | Schwab New York Municipal Money Fund |
Governmental and quasi-governmental authorities and regulators throughout the world have in the past often responded to serious economic disruptions with a variety of significant fiscal and monetary policy changes which could have an unexpected impact on financial markets and the fund’s investments. As with any investment whose performance is tied to these markets, the value of an investment in the fund will fluctuate, which means that an investor could lose money over short or long periods.
4. Affiliates and Affiliated Transactions: |
CURRENT FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS | ||
ORDINARY INCOME | LONG-TERM CAPITAL GAINS | ORDINARY INCOME | LONG-TERM CAPITAL GAINS |
$240,780 | $2,557 | $9,004,851 | $— |
Denver, Colorado
February 17, 2022
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 |
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 (Jan. 2009 – present). Formerly, Managing Director, Pacific Investment Management Company, LLC (PIMCO) (investment management firm) and President, PIMCO Funds. | 103 | 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. President and Chairman (2014 – 2016), TIAA Charitable (financial services); Senior Managing Director (2003 – 2016), TIAA (financial services). | 103 | 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. | 103 | 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). | 103 | None |
Kiran M. Patel 1948 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) | Retired. Executive Vice President and General Manager of Small Business Group (Dec. 2008 – Sept. 2013), Intuit, Inc. (financial software and services firm for consumers and small businesses). | 103 | Director (2008 – present), KLA-Tencor Corporation |
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). | 103 | 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). | 103 | 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) | Director and Chief Executive Officer (Oct. 2008 – present) and President (Oct. 2008 – 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) and President and Chief Executive Officer (Aug. 2017 – present), Schwab Holdings, Inc.; Director (Oct. 2020 – present), TD Ameritrade Holding Corporation; Director (July 2016 – Oct. 2021), Charles Schwab Investment Management, Inc. | 103 | Director (2008 – present), The Charles Schwab Corporation |
Joseph R. Martinetto2 1962 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) | Chief Operating Officer (Feb. 2018 – present) and Senior Executive Vice President (July 2015 – Feb. 2018), The Charles Schwab Corporation; Senior Executive Vice President (July 2015 – present), Charles Schwab & Co., Inc.; Chief Financial Officer (July 2015 – Aug. 2017) and Executive Vice President and Chief Financial Officer (May 2007 – July 2015), The Charles Schwab Corporation and Charles Schwab & Co., Inc.; Director (May 2007 – present), Charles Schwab & Co., Inc.; Director (Apr. 2010 – present) and Chief Executive Officer (July 2013 – Apr. 2015), Charles Schwab Bank, SSB; Director (Nov. 2017 – present), Charles Schwab Premier Bank, SSB; Director (May 2007 – present), Chief Financial Officer (May 2007 – Aug. 2017), Senior Executive Vice President (Feb. 2016 – present), and Executive Vice President (May 2007 – Feb. 2016), Schwab Holdings, Inc.; Director (Oct. 2020 – present), TD Ameritrade Holding Corporation. | 103 | 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. 2020 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab Investment Management, Inc.; Senior Vice President (June 2020 – present) and Chief Operating Officer (Jan. 2020 – present), 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; Director (Apr. 2019 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Senior Vice President (Apr. 2019 – present), Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), and Vice President (Jan. 2009 – Dec. 2013), Charles Schwab & Co., Inc. |
Mark Fischer 1970 Treasurer, Chief Financial Officer and 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) | Treasurer and Chief Financial Officer (Jan. 2016 – present) and Chief Operating Officer (Dec. 2020 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Assistant Treasurer (Dec. 2013 – Dec. 2015), Schwab Funds and Laudus Trust; Assistant Treasurer (Nov. 2013 – Dec. 2015), Schwab ETFs; Chief Financial Officer (Mar. 2020 – present) and Vice President (Oct. 2013 – present), Charles Schwab Investment Management, Inc.; Executive Director (Apr. 2011 – Sept. 2013), J.P. Morgan Investor Services; Assistant Treasurer (May 2005 – Mar. 2011), Massachusetts Financial Service Investment Management. |
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) and Chief Investment Officer (Apr. 2011 – present), Senior Vice President (Apr. 2011 – Dec. 2021), Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Head of the Portfolio Management Group and Vice President of Portfolio Management (May 2009 – Apr. 2011), Financial Engines, Inc. (investment management firm); Head of Quantitative Equity (July 2004 – Jan. 2009), ING Investment Management. |
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; Senior Managing Director and Global Head of Active Fixed-Income Strategies (Jan. 2008 – Oct. 2010), State Street Global Advisors; Director of Alpha Strategies (Apr. 2006 – Jan. 2008), Loomis, Sayles & Company (investment management firm). |
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) | Vice President (July 2005 – present), Charles Schwab & Co., Inc.; Vice President (Sept. 2005 – present), Charles Schwab Investment Management, 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. |
1 | Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed. The retirement policy requires that each independent trustee retire by December 31 of the year in which the Trustee turns 74 or the Trustee’s twentieth year of service as an independent trustee on any trust in the Fund Complex, whichever occurs first. |
2 | Mr. Bettinger and Mr. Martinetto are Interested Trustees. Mr. Bettinger is an Interested Trustee because he owns stock of The Charles Schwab Corporation (CSC), the parent company of Charles Schwab Investment Management, Inc., the investment adviser for the trusts in the Fund Complex, and is an employee of Charles Schwab & Co., Inc. (Schwab), the principal underwriter for The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust. Mr. Martinetto is an Interested Trustee because he owns stock of CSC and is an employee and director of Schwab. |
3 | The President, Treasurer and Secretary/Clerk hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board. |
Schwab Funds
Member SIPC®
Printed on recycled paper.
¹ | State, local, and the Federal Alternative Minimum Tax may apply. Capital gains are not exempt from Federal Taxation. |
² | You could lose money by investing in the Schwab Money Funds. All Schwab Money Funds with the exception of Schwab Variable Share Price Money Fund seek to preserve the value of your investment at $1.00 per share, but cannot guarantee they will do so. Because the share price of Schwab Variable Share Price Money Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. All Schwab Money Funds with the exception of Schwab Government Money Fund, Schwab Retirement Government Money Fund, Schwab U.S. Treasury Money Fund, Schwab Treasury Obligations Money Fund and Schwab Government Money Market Portfolio may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Schwab Money Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Schwab Money Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time. |
President of Schwab Asset
Management and the fund
covered in this report.
Linda Klingman, Managing Director and Head of Money Market Strategies for Schwab Asset Management, leads the portfolio management teams for taxable and tax-exempt Schwab Money Funds, and has overall responsibility for all aspects of the management of the fund. Prior to joining Schwab in 1990, she was a senior money market trader with AIM Management, Inc. for five years. She has managed money market funds since 1988. |
Michael Lin, Senior Portfolio Manager, is responsible for the day-to-day co-management of the fund. Mr. Lin has been a portfolio manager with Schwab Asset Management since 2006, and also worked in Schwab Asset Management’s fund administration group for nearly four years, where he focused on security pricing and valuation of the Schwab Funds. Prior to joining Schwab, he was a senior trader of the taxable money market funds at American Century Investments for three years. |
Jonathan Roman, Senior Portfolio Manager, is responsible for the day-to-day co-management of the fund. Mr. Roman has been a portfolio manager with Schwab Asset Management since 2010 and has held a number of positions at Schwab since beginning his tenure in 2005. In 2009, he joined the portfolio management group as a trader, and prior to that he worked in portfolio operations and analytics, providing trading support to the taxable money market desk. |
Jonathan Feske, CFA, Senior Portfolio Manager, is responsible for the day-to-day co-management of the fund. He previously was responsible for credit and investment research for global banks for the Schwab Taxable Bond Funds and Schwab Money Funds. Prior to joining Schwab in 2011, Mr. Feske was a high-yield bond analyst for more than two years at Miller Tabak Roberts Securities, a boutique corporate bond broker-dealer, which is now part of GMP Capital. He covered both U.S. and emerging market credits, focusing on distressed situations in various industrial sectors. Previously, Mr. Feske was employed in the securities industry as an equity trader for three years. |
Karim Menoufy, Portfolio Manager, is responsible for the day-to-day co-management of the fund. Mr. Menoufy has been a portfolio manager with Schwab Asset Management since 2013, when he started as an associate portfolio manager and was promoted to portfolio manager in 2020. He held several positions prior to that supporting the taxable and tax-exempt money funds during his tenure at the firm. Before joining Schwab in 2007, he spent several years as a mortgage specialist at JPMorgan Chase and an equity plan administrator for Delegata Corporation. |
Weighted Average Maturity2 | 39 Days |
1 | Maturity shown is the date the security matures, the date the interest rate on those securities is reset, or the date those securities can be redeemed through demand. |
2 | Money funds must maintain a dollar-weighted average maturity of no longer than 60 days and cannot invest in any security whose effective maturity is longer than 397 days (approximately 13 months). |
3 | The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets. |
4 | Less than 0.05%. |
Schwab Variable Share Price Money Fund | |
Ultra Shares | |
Ticker Symbol | SVUXX |
Minimum Initial Investment2 | $1,000,000 |
Seven-Day Yield (with waivers)3 | 0.03% |
Seven-Day Yield (without waivers)3 | -0.06% |
Seven-Day Effective Yield (with waivers)3 | 0.03% |
1 | Due to a special distribution of ordinary income to shareholders of Schwab Money Funds, the fund’s stated yields temporarily increased. Because this increase was temporary, investors should not rely on these yields for making investment decisions. |
2 | Please see prospectus for further detail and eligibility requirements. |
3 | The Seven-Day Yield (with waivers) is the average income paid out over the previous seven days assuming interest income is not reinvested and it reflects the effect of any applicable waivers. Absent such waivers, the fund’s yield would have been lower. The Seven-Day Yield (without waivers) is the yield without the effect of any applicable waivers. The Seven-Day Effective Yield is the yield with waivers assuming that all interest income is reinvested in additional shares of the fund. For additional details, see financial note 5. |
EXPENSE RATIO (ANNUALIZED) 1,2 | BEGINNING ACCOUNT VALUE AT 7/1/21 | ENDING ACCOUNT VALUE (NET OF EXPENSES) AT 12/31/21 | EXPENSES PAID DURING PERIOD 7/1/21-12/31/213 | |
Schwab Variable Share Price Money Fund | ||||
Ultra Shares | ||||
Actual Return | 0.10% | $1,000.00 | $1,000.10 | $0.50 |
Hypothetical 5% Return | 0.10% | $1,000.00 | $1,024.70 | $0.51 |
1 | Based on the most recent six-month expense ratio; may differ from the expense ratio provided in the Financial Highlights. |
2 | Expense ratio (annualized) reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation. (See financial note 5) |
3 | Expenses for each fund are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 days of the period, and divided by 365 days of the fiscal year. |
Ultra Shares | 1/1/21– 12/31/21 | 1/1/20– 12/31/20 | 1/1/19– 12/31/19 | 1/1/18– 12/31/18 | 1/1/17– 12/31/17 | |
Per-Share Data | ||||||
Net asset value at beginning of period | $1.0003 | $1.0004 | $1.0002 | $1.0001 | $1.0003 | |
Income (loss) from investment operations: | ||||||
Net investment income (loss)1 | 0.0003 | 0.0057 | 0.0217 | 0.0201 | 0.0103 | |
Net realized and unrealized gains (losses) | (0.0000) 2 | (0.0008) | 0.0005 | (0.0009) | (0.0006) | |
Total from investment operations | 0.0003 | 0.0049 | 0.0222 | 0.0192 | 0.0097 | |
Less distributions: | ||||||
Distributions from net investment income | (0.0003) | (0.0050) | (0.0220) | (0.0191) | (0.0099) | |
Distributions from net realized gains | — | — | (0.0000) 2 | — | — | |
Total distributions | (0.0003) | (0.0050) | (0.0220) | (0.0191) | (0.0099) | |
Net asset value at end of period | $1.0003 | $1.0003 | $1.0004 | $1.0002 | $1.0001 | |
Total return | 0.03% | 0.49% | 2.24% | 1.94% | 0.97% | |
Ratios/Supplemental Data | ||||||
Ratios to average net assets: | ||||||
Net operating expenses | 0.11% 3 | 0.18% 3 | 0.19% | 0.19% | 0.20% 4 | |
Gross operating expenses | 0.21% | 0.31% | 0.34% | 0.35% | 0.40% | |
Net investment income (loss) | 0.03% | 0.57% | 2.17% | 2.01% | 1.03% | |
Net assets, end of period (x 1,000,000) | $2,693 | $3,414 | $5,388 | $3,796 | $1,327 |
1 | Calculated based on the average shares outstanding during the period. |
2 | Per share amount was less than $0.00005. |
3 | Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation. (See financial note 5) |
4 | Effective October 3, 2017, the contractual expense limitation changed. The ratio presented for period ended December 31, 2017 is a blended ratio. |
Issuer | Footnotes | Rate | Effective Maturity | Maturity Date | Face Amount ($) | Value ($) |
CERTIFICATES OF DEPOSIT 18.4% OF NET ASSETS | ||||||
BANK OF MONTREAL (CHICAGO BRANCH) | 0.19% | 02/04/22 | 8,000,000 | 8,000,738 | ||
0.14% | 02/23/22 | 1,000,000 | 1,000,010 | |||
0.16% | 04/08/22 | 8,000,000 | 7,998,475 | |||
BANK OF NOVA SCOTIA (HOUSTON BRANCH) | 0.22% | 03/22/22 | 9,000,000 | 9,000,465 | ||
(SOFR + 0.11%) | (a) | 0.16% | 01/03/22 | 06/23/22 | 10,000,000 | 9,996,136 |
(SOFR + 0.11%) | (a) | 0.16% | 01/03/22 | 06/24/22 | 12,000,000 | 11,995,220 |
BARCLAYS BANK PLC (NEW YORK BRANCH) | ||||||
(SOFR + 0.12%) | (a) | 0.17% | 01/03/22 | 04/07/22 | 2,000,000 | 1,999,989 |
(SOFR + 0.12%) | (a) | 0.17% | 01/03/22 | 04/13/22 | 26,000,000 | 25,999,702 |
CANADIAN IMPERIAL BANK OF COMMERCE (NEW YORK BRANCH) | ||||||
(1 mo. BSBY + 0.10%) | (a) | 0.18% | 01/24/22 | 2,500,000 | 2,500,375 | |
0.26% | 06/02/22 | 5,000,000 | 4,999,956 | |||
0.35% | 11/04/22 | 10,000,000 | 9,990,178 | |||
COMMONWEALTH BANK OF AUSTRALIA (NEW YORK BRANCH) | 0.13% | 02/16/22 | 9,000,000 | 8,999,729 | ||
COOPERATIEVE RABOBANK UA (LONDON BRANCH) | ||||||
(SOFR + 0.13%) | (a) | 0.18% | 01/03/22 | 06/30/22 | 19,000,000 | 18,999,045 |
0.28% | 08/12/22 | 5,000,000 | 4,996,331 | |||
COOPERATIEVE RABOBANK UA (NEW YORK BRANCH) | 0.14% | 03/01/22 | 12,000,000 | 12,000,499 | ||
LANDESBANK BADEN WUERTTEMBERG (NEW YORK BRANCH) | 0.06% | 01/07/22 | 7,000,000 | 7,000,010 | ||
MITSUBISHI UFJ TRUST AND BANKING CORP (LONDON BRANCH) | 0.19% | 03/23/22 | 10,000,000 | 9,994,809 | ||
0.22% | 04/29/22 | 1,000,000 | 999,013 | |||
0.30% | 05/17/22 | 13,000,000 | 12,998,858 | |||
MITSUBISHI UFJ TRUST AND BANKING CORPORATION (NEW YORK BRANCH) | 0.15% | 03/17/22 | 14,000,000 | 13,998,757 | ||
MIZUHO BANK LTD (NEW YORK BRANCH) | 0.15% | 02/28/22 | 10,000,000 | 9,999,966 | ||
0.22% | 03/07/22 | 20,000,000 | 19,999,448 | |||
MUFG BANK LTD (LONDON BRANCH) | 0.15% | 01/10/22 | 40,000,000 | 40,000,555 | ||
MUFG BANK LTD (NEW YORK BRANCH) | 0.14% | 02/04/22 | 7,000,000 | 7,000,258 | ||
0.14% | 02/16/22 | 1,000,000 | 1,000,029 | |||
0.15% | 02/22/22 | 3,000,000 | 3,000,106 | |||
0.21% | 05/02/22 | 2,000,000 | 1,999,552 |
Issuer | Footnotes | Rate | Effective Maturity | Maturity Date | Face Amount ($) | Value ($) |
0.34% | 08/23/22 | 500,000 | 499,886 | |||
0.39% | 11/14/22 | 13,000,000 | 12,991,962 | |||
NATIONAL AUSTRALIA BANK LTD (LONDON BRANCH) | 0.16% | 03/03/22 | 20,000,000 | 20,001,306 | ||
NORDEA BANK ABP (NEW YORK BRANCH) | 0.13% | 02/25/22 | 20,000,000 | 20,001,181 | ||
OVERSEA CHINESE BANKING CORPORATION LTD (NEW YORK BRANCH) | ||||||
(3 mo. USD-LIBOR + 0.02%) | (a) | 0.14% | 01/24/22 | 16,000,000 | 16,000,760 | |
0.14% | 02/25/22 | 11,500,000 | 11,500,643 | |||
SKANDINAVISKA ENSKILDA BANKEN AB (NEW YORK BRANCH) | ||||||
(3 mo. USD-LIBOR + 0.01%) | (a) | 0.14% | 01/06/22 | 2,000,000 | 2,000,005 | |
0.19% | 02/22/22 | 15,000,000 | 15,001,255 | |||
SUMITOMO MITSUI BANKING CORP (NEW YORK BRANCH) | 0.16% | 01/26/22 | 5,000,000 | 5,000,224 | ||
0.14% | 02/07/22 | 14,000,000 | 14,000,398 | |||
SUMITOMO MITSUI TRUST BANK LTD (LONDON BRANCH) | 0.25% | 04/27/22 | 8,000,000 | 8,000,101 | ||
SUMITOMO MITSUI TRUST BANK LTD (NEW YORK BRANCH) | 0.15% | 02/07/22 | 42,000,000 | 42,001,639 | ||
SVENSKA HANDELSBANKEN AB (NEW YORK BRANCH) | 0.20% | 07/15/22 | 3,000,000 | 2,998,335 | ||
0.27% | 08/12/22 | 8,000,000 | 7,997,808 | |||
0.37% | 09/02/22 | 36,000,000 | 36,011,467 | |||
TORONTO-DOMINION BANK (NEW YORK BRANCH) | 0.25% | 04/13/22 | 3,000,000 | 3,000,360 | ||
(SOFR + 0.17%) | (a) | 0.22% | 01/03/22 | 05/25/22 | 9,000,000 | 9,000,978 |
WESTPAC BANKING CORPORATION (NEW YORK BRANCH) | 0.15% | 04/13/22 | 4,000,000 | 3,999,713 | ||
Total Certificates Of Deposit (Cost $496,495,481) | 496,476,230 | |||||
ASSET-BACKED COMMERCIAL PAPER 9.6% OF NET ASSETS | ||||||
ANTALIS SA (ILE-DE-FRANCE) | (b)(c) | 0.07% | 01/04/22 | 2,000,000 | 1,999,983 | |
ATLANTIC ASSET SECURITIZATION LLC | (b)(c) | 0.07% | 01/07/22 | 1,000,000 | 999,985 | |
BARTON CAPITAL SA | (b)(c) | 0.22% | 03/02/22 | 15,000,000 | 14,994,739 | |
(b)(c) | 0.26% | 03/02/22 | 2,000,000 | 1,999,299 | ||
BEDFORD ROW FUNDING CORP | ||||||
(EFFR + 0.10%) | (a)(b)(c) | 0.18% | 01/03/22 | 05/02/22 | 5,000,000 | 5,000,084 |
(b)(c) | 0.35% | 06/24/22 | 10,000,000 | 9,982,111 | ||
(EFFR + 0.11%) | (a)(b)(c) | 0.19% | 01/03/22 | 06/27/22 | 17,000,000 | 16,997,106 |
BENNINGTON STARK CAPITAL COMPANY LLC | (b)(c) | 0.13% | 01/06/22 | 1,691,000 | 1,690,976 | |
(b)(c) | 0.25% | 02/25/22 | 9,000,000 | 9,000,615 | ||
CHARIOT FUNDING LLC | (b)(c) | 0.14% | 03/07/22 | 10,000,000 | 9,996,242 | |
(b)(c) | 0.14% | 03/09/22 | 17,000,000 | 16,993,321 | ||
CHARTA LLC | (b)(c) | 0.29% | 06/01/22 | 3,000,000 | 2,996,200 | |
COLLATERALIZED COMMERCIAL PAPER V CO LLC | (b) | 0.16% | 01/21/22 | 4,000,000 | 3,999,802 | |
(b) | 0.15% | 03/01/22 | 7,000,000 | 6,997,725 | ||
(b) | 0.15% | 03/04/22 | 15,150,000 | 15,144,698 | ||
(b) | 0.16% | 03/24/22 | 14,000,000 | 13,992,479 | ||
(b) | 0.27% | 06/02/22 | 5,000,000 | 4,993,306 | ||
(b) | 0.33% | 06/16/22 | 13,000,000 | 12,978,169 | ||
CRC FUNDING LLC | (b)(c) | 0.29% | 06/01/22 | 29,000,000 | 28,963,266 |
Issuer | Footnotes | Rate | Effective Maturity | Maturity Date | Face Amount ($) | Value ($) |
CROWN POINT CAPITAL COMPANY LLC | (b)(c) | 0.06% | 01/03/22 | 1,000,000 | 999,994 | |
LMA AMERICAS LLC | (b)(c) | 0.06% | 01/03/22 | 9,000,000 | 8,999,944 | |
(b)(c) | 0.06% | 01/05/22 | 4,000,000 | 3,999,958 | ||
(b)(c) | 0.21% | 02/09/22 | 6,000,000 | 5,999,033 | ||
NIEUW AMSTERDAM RECEIVABLES CORPORATION BV | (b)(c) | 0.06% | 01/03/22 | 2,000,000 | 1,999,990 | |
OLD LINE FUNDING LLC | (b)(c) | 0.14% | 02/15/22 | 10,000,000 | 9,997,981 | |
(b)(c) | 0.34% | 06/08/22 | 3,000,000 | 2,995,773 | ||
PRICOA SHORT TERM FUNDING LLC | (b)(c) | 0.16% | 04/05/22 | 2,000,000 | 1,998,744 | |
(b)(c) | 0.29% | 06/02/22 | 1,000,000 | 998,755 | ||
(b)(c) | 0.30% | 06/15/22 | 1,000,000 | 998,488 | ||
RIDGEFIELD FUNDING COMPANY LLC | (b)(c) | 0.14% | 02/01/22 | 5,000,000 | 4,999,427 | |
(b)(c) | 0.35% | 06/09/22 | 7,000,000 | 6,989,982 | ||
STARBIRD FUNDING CORP | (b)(c) | 0.15% | 02/07/22 | 10,000,000 | 9,998,512 | |
(b)(c) | 0.30% | 06/08/22 | 11,500,000 | 11,483,797 | ||
VERSAILLES COMMERCIAL PAPER LLC | (b)(c) | 0.28% | 04/01/22 | 7,000,000 | 6,995,647 | |
Total Asset-Backed Commercial Paper (Cost $259,193,788) | 259,176,131 | |||||
FINANCIAL COMPANY COMMERCIAL PAPER 14.8% OF NET ASSETS | ||||||
AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD | (c) | 0.32% | 06/21/22 | 3,000,000 | 2,996,718 | |
BANK OF MONTREAL | 0.08% | 01/03/22 | 33,000,000 | 32,999,794 | ||
BANK OF NOVA SCOTIA | (c) | 0.18% | 02/22/22 | 5,000,000 | 4,999,072 | |
(c) | 0.22% | 03/11/22 | 6,000,000 | 5,998,075 | ||
(SOFR + 0.18%) | (a)(c) | 0.23% | 01/03/22 | 05/23/22 | 8,000,000 | 8,001,175 |
BARCLAYS BANK PLC | (c) | 0.18% | 04/22/22 | 2,000,000 | 1,998,152 | |
BARCLAYS BANK UK PLC | (c) | 0.07% | 01/05/22 | 7,000,000 | 6,999,927 | |
(c) | 0.07% | 01/06/22 | 9,000,000 | 8,999,887 | ||
(c) | 0.07% | 01/07/22 | 7,000,000 | 6,999,898 | ||
CANADIAN IMPERIAL BANK OF COMMERCE | (c) | 0.29% | 06/02/22 | 11,000,000 | 10,988,219 | |
CITIGROUP GLOBAL MARKETS INC | (c) | 0.22% | 05/17/22 | 5,000,000 | 4,995,205 | |
FEDERATION DES CAISSES DESJARDINS DU QUEBEC | (c) | 0.14% | 02/28/22 | 15,000,000 | 14,996,485 | |
ING US FUNDING LLC | (b) | 0.23% | 04/13/22 | 7,000,000 | 6,995,634 | |
JP MORGAN SECURITIES LLC | 0.17% | 04/11/22 | 23,000,000 | 22,982,836 | ||
MACQUARIE BANK LTD | (c) | 0.12% | 01/07/22 | 2,000,000 | 1,999,975 | |
(c) | 0.12% | 01/13/22 | 5,000,000 | 4,999,841 | ||
(c) | 0.13% | 01/18/22 | 2,700,000 | 2,699,872 | ||
MITSUBISHI UFJ TRUST AND BANKING CORP (SINGAPORE BRANCH) | (c) | 0.25% | 03/22/22 | 6,000,000 | 5,997,286 | |
MIZUHO BANK LTD (SINGAPORE BRANCH) | (c) | 0.14% | 01/14/22 | 12,000,000 | 11,999,515 | |
(c) | 0.26% | 03/03/22 | 10,000,000 | 9,996,556 | ||
NATIONAL AUSTRALIA BANK LTD | ||||||
(SOFR + 0.08%) | (a)(c) | 0.13% | 01/03/22 | 02/25/22 | 5,000,000 | 5,000,101 |
(c) | 0.22% | 03/07/22 | 33,000,000 | 32,991,469 |
Issuer | Footnotes | Rate | Effective Maturity | Maturity Date | Face Amount ($) | Value ($) |
NRW BANK | (c) | 0.13% | 03/16/22 | 8,000,000 | 7,998,417 | |
(c) | 0.13% | 03/28/22 | 20,000,000 | 19,994,635 | ||
ROYAL BANK OF CANADA | ||||||
(3 mo. USD-LIBOR + 0.01%) | (a)(c) | 0.14% | 01/04/22 | 41,000,000 | 41,000,000 | |
SKANDINAVISKA ENSKILDA BANKEN AB | (c) | 0.19% | 04/21/22 | 3,000,000 | 2,998,002 | |
(c) | 0.22% | 05/16/22 | 1,000,000 | 999,108 | ||
(c) | 0.26% | 05/23/22 | 3,800,000 | 3,796,377 | ||
(c) | 0.28% | 08/08/22 | 10,000,000 | 9,980,811 | ||
(c) | 0.28% | 08/12/22 | 2,000,000 | 1,996,030 | ||
SOCIETE GENERALE SA | (c) | 0.17% | 03/31/22 | 4,000,000 | 3,998,650 | |
SVENSKA HANDELSBANKEN AB | (c) | 0.17% | 03/18/22 | 11,000,000 | 10,996,659 | |
SWEDBANK AB | 0.15% | 03/24/22 | 28,000,000 | 27,990,575 | ||
TORONTO-DOMINION BANK/THE | (c) | 0.18% | 05/20/22 | 4,900,000 | 4,895,522 | |
UBS AG (LONDON BRANCH) | (c) | 0.24% | 03/30/22 | 2,000,000 | 1,998,705 | |
(c) | 0.26% | 05/16/22 | 6,000,000 | 5,993,064 | ||
UNITED OVERSEAS BANK LTD | (c) | 0.15% | 03/09/22 | 18,000,000 | 17,994,424 | |
WESTPAC BANKING CORP | (c) | 0.13% | 03/28/22 | 1,000,000 | 999,611 | |
(c) | 0.20% | 05/11/22 | 10,000,000 | 9,993,741 | ||
(c) | 0.30% | 06/09/22 | 8,000,000 | 7,992,355 | ||
Total Financial Company Commercial Paper (Cost $398,251,118) | 398,252,378 | |||||
NON-FINANCIAL COMPANY COMMERCIAL PAPER 1.8% OF NET ASSETS | ||||||
BROWNSVILLE | ||||||
CP SERIES A | (b) | 0.30% | 04/14/22 | 1,000,000 | 999,971 | |
SAN ANTONIO | ||||||
WATER SYSTEM CP SERIES A | (b) | 0.11% | 01/04/22 | 1,000,000 | 1,000,002 | |
TOTALENERGIES CAPITAL CANADA LTD | (b)(c) | 0.13% | 01/07/22 | 8,900,000 | 8,899,888 | |
(b)(c) | 0.13% | 02/01/22 | 8,000,000 | 7,999,367 | ||
TOYOTA CREDIT CANADA INC | 0.25% | 03/16/22 | 7,000,000 | 6,996,573 | ||
TOYOTA MOTOR CREDIT CORP | ||||||
(3 mo. USD-LIBOR + 0.02%) | (a) | 0.14% | 01/13/22 | 20,000,000 | 20,000,229 | |
0.21% | 01/14/22 | 3,000,000 | 2,999,916 | |||
Total Non-Financial Company Commercial Paper (Cost $48,895,323) | 48,895,946 | |||||
NON-NEGOTIABLE TIME DEPOSITS 9.3% OF NET ASSETS | ||||||
ABN AMRO BANK NV | 0.08% | 01/04/22 | 7,000,000 | 7,000,000 | ||
0.08% | 01/06/22 | 7,000,000 | 7,000,000 | |||
AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD (LONDON BRANCH) | 0.08% | 01/05/22 | 18,000,000 | 18,000,000 | ||
0.08% | 01/06/22 | 58,000,000 | 58,000,000 | |||
CREDIT INDUSTRIEL ET COMMERCIAL | 0.10% | 01/04/22 | 26,000,000 | 26,000,000 | ||
ING BANK NV | 0.08% | 01/06/22 | 34,000,000 | 34,000,000 |
Issuer | Footnotes | Rate | Effective Maturity | Maturity Date | Face Amount ($) | Value ($) |
LANDESBANK HESSEN THUERINGEN GIROZENTRALE (NEW YORK BRANCH) | 0.08% | 01/05/22 | 4,000,000 | 4,000,000 | ||
0.08% | 01/06/22 | 6,000,000 | 6,000,000 | |||
SANTANDER UK PLC | 0.06% | 01/05/22 | 3,000,000 | 3,000,000 | ||
0.06% | 01/06/22 | 23,000,000 | 23,000,000 | |||
TORONTO-DOMINION BANK | 0.07% | 01/06/22 | 63,000,000 | 63,000,000 | ||
Total Non-Negotiable Time Deposits (Cost $249,000,000) | 249,000,000 | |||||
NON-U.S. SOVEREIGN, SUB-SOVEREIGN AND SUPRA-NATIONAL DEBT 3.4% OF NET ASSETS | ||||||
CAISSE AMORTISSEMENT DE LA DETTE SOCIALE | (c) | 0.14% | 02/08/22 | 9,000,000 | 8,998,996 | |
(c) | 0.14% | 02/28/22 | 3,000,000 | 2,999,204 | ||
(c) | 0.19% | 04/20/22 | 5,000,000 | 4,996,257 | ||
(c) | 0.27% | 04/26/22 | 15,000,000 | 14,987,868 | ||
ERSTE ABWICKLUNGSANSTALT | (c) | 0.13% | 01/12/22 | 2,000,000 | 1,999,959 | |
(c) | 0.13% | 01/18/22 | 13,000,000 | 12,999,578 | ||
(c) | 0.14% | 02/07/22 | 26,000,000 | 25,997,365 | ||
(c) | 0.14% | 02/11/22 | 1,000,000 | 999,875 | ||
FMS WERTMANAGEMENT AOER | (c) | 0.12% | 01/21/22 | 2,000,000 | 1,999,917 | |
KFW | (c) | 0.20% | 01/28/22 | 6,000,000 | 5,999,697 | |
(c) | 0.14% | 03/01/22 | 10,000,000 | 9,997,583 | ||
Total Non-U.S. Sovereign, Sub-Sovereign And Supra-National Debt (Cost $91,975,139) | 91,976,299 | |||||
VARIABLE RATE DEMAND NOTES 2.3% OF NET ASSETS | ||||||
BRECKENRIDGE TERRACE, LLC | ||||||
HOUSING FACILITIES REVENUE NOTES SERIES 1999B (LOC: BANK OF AMERICA NA) | (a)(d) | 0.20% | 01/07/22 | 1,000,000 | 1,000,000 | |
Calhoun Port Auth | ||||||
ENVIRONMENTAL FACILITIES RB (FORMOSA PLASTICS) SERIES 2008 (LOC: BANK OF AMERICA NA) | (a)(d) | 0.14% | 01/07/22 | 1,000,000 | 1,000,000 | |
CAROL ALLEN LIQUIDITY TRUST II | ||||||
TAXABLE VARIABLE RATE DEMAND NOTES SERIES 2021 (LOC: COMERICA BANK) | (a)(d) | 0.14% | 01/07/22 | 1,000,000 | 1,000,000 | |
CELLMARK, INC | ||||||
TAXABLE NOTES SERIES 2018A (LOC: SWEDBANK AB) | (a)(d) | 0.13% | 01/07/22 | 2,000,000 | 2,000,000 | |
Colorado Housing & Finance Auth | ||||||
M/F HOUSING RB (TERRACE PARK APARTMENTS) SERIES 2007 (LOC: US BANK NATIONAL ASSOCIATION) | (a)(d) | 0.12% | 01/07/22 | 4,000,000 | 4,000,000 | |
COOK CNTY | ||||||
TAXABLE GO BONDS SERIES 2004D (LOC: BARCLAYS BANK PLC) | (a)(d) | 0.08% | 01/07/22 | 1,000,000 | 1,000,000 | |
EDWARD-ELMHURST HEALTHCARE | ||||||
TAXABLE BONDS SERIES 2018 (LOC: BARCLAYS BANK PLC) | (a)(d) | 0.08% | 01/07/22 | 1,000,000 | 1,000,000 | |
HARTFORD HEALTHCARE CORP | ||||||
TAXABLE BONDS SERIES C (LOC: JPMORGAN CHASE BANK NA) | (a)(d) | 0.11% | 01/07/22 | 1,000,000 | 1,000,000 |
Issuer | Footnotes | Rate | Effective Maturity | Maturity Date | Face Amount ($) | Value ($) |
ILLINOIS HOUSING DEVELOPMENT AUTH | ||||||
HOUSING BONDS SERIES 2017A2 (LIQ: FEDERAL HOME LOAN BANKS) | (a)(d) | 0.11% | 01/07/22 | 1,000,000 | 1,000,000 | |
LABCON NORTH AMERICA | ||||||
TAXABLE BONDS SERIES 2010 (LOC: BANK OF THE WEST) | (a)(d) | 0.22% | 01/07/22 | 1,015,000 | 1,015,000 | |
MARICOPA CNTY IDA | ||||||
RB (BANNER HEALTH) SERIES 2021B1 | (a)(d) | 0.10% | 01/07/22 | 2,000,000 | 2,000,000 | |
RB (BANNER HEALTH) SERIES 2021B2 | (a)(d) | 0.09% | 01/07/22 | 1,000,000 | 1,000,000 | |
MEMPHIS HEALTH, EDUCATIONAL & HOUSING FACILITY BOARD | ||||||
M/F HOUSING RB (ASHLAND LAKE II APTS) SERIES 2008A (LOC: US BANK NATIONAL ASSOCIATION) | (a)(d) | 0.12% | 01/07/22 | 5,750,000 | 5,750,000 | |
NEW YORK CITY HOUSING DEVELOPMENT CORP | ||||||
M/F MORTGAGE RB (EAST CLARKE PLACE ASSOCIATES) SERIES 2005A (LOC: JPMORGAN CHASE BANK NA) | (a)(d) | 0.13% | 01/07/22 | 2,030,000 | 2,030,000 | |
M/F MORTGAGE RB (RELATED-UPPER EAST) SERIES 2003B (LOC: LANDESBANK BADEN-WUERTTEMBERG) | (a)(d) | 0.10% | 01/07/22 | 1,700,000 | 1,700,000 | |
New York City Transitional Finance Auth | ||||||
FUTURE TAX SECURED SUB BONDS FISCAL 2019 SERIES A4 (LIQ: JPMORGAN CHASE BANK NA) | (a)(d) | 0.08% | 01/03/22 | 4,355,000 | 4,355,000 | |
New York State HFA | ||||||
HOUSING RB (250 W 93RD ST) SERIES 2005A (LOC: LANDESBANK HESSEN THUERINGEN GIROZENTRALE) | (a)(d) | 0.12% | 01/07/22 | 16,350,000 | 16,350,000 | |
NUVEEN FLOATING RATE INCOME FUND | ||||||
VARIABLE RATE DEMAND PREFERRED SHARES SERIES A (LOC: SUMITOMO MITSUI BANKING CORPORATION) | (a)(c)(d) | 0.20% | 01/07/22 | 1,000,000 | 1,000,000 | |
NUVEEN SHORT DURATION CREDIT OPPORTUNITIES FUND | ||||||
VARIABLE RATE DEMAND PREFERRED SHARES SERIES A (LOC: BARCLAYS BANK PLC) | (a)(c)(d) | 0.20% | 01/07/22 | 5,000,000 | 5,000,000 | |
OSCEOLA | ||||||
SOLID WASTE DISPOSAL RB (PLUM POINT ENERGY) SERIES 2006 (LOC: GOLDMAN SACHS BANK USA) | (a)(d) | 0.11% | 01/07/22 | 2,145,000 | 2,145,000 | |
SAN FRANCISCO | ||||||
TAXABLE M/F HOUSING RB (1601 MARIPOSA APTS) SERIES 2017B (LOC: BANK OF AMERICA NA) | (a)(d) | 0.10% | 01/07/22 | 1,000,000 | 1,000,000 | |
SAN FRANCISCO AIRPORT COMMISSION | ||||||
REFUNDING RB SERIES 2010A1 (LOC: BANK OF AMERICA NA) | (a)(d) | 0.09% | 01/07/22 | 1,000,000 | 1,000,000 | |
REFUNDING RB SERIES 2010A2 (LOC: BANK OF AMERICA NA) | (a)(d) | 0.10% | 01/07/22 | 1,000,000 | 1,000,000 | |
SOUTHERN CALIFORNIA METROPOLITAN WATER DISTRICT | ||||||
SUB WATER REFUNDING RB SERIES 2021A (LIQ: BANK OF AMERICA NA) | (a)(d) | 0.10% | 01/07/22 | 2,000,000 | 2,000,000 | |
TRIBOROUGH BRIDGE & TUNNEL AUTH | ||||||
GENERAL REFUNDING RB SERIES 2018E (LOC: BANK OF AMERICA NA) | (a)(d) | 0.09% | 01/07/22 | 740,000 | 740,000 | |
YAVAPAI CNTY IDA | ||||||
TAXABLE RB (DRAKE CEMENT) SERIES 2015 (LOC: BANK OF NOVA SCOTIA) | (a)(d) | 0.16% | 01/07/22 | 1,000,000 | 1,000,000 | |
Total Variable Rate Demand Notes (Cost $62,085,000) | 62,085,000 | |||||
Issuer | Footnotes | Rate | Effective Maturity | Maturity Date | Face Amount ($) | Value ($) |
OTHER INSTRUMENTS 0.2% OF NET ASSETS | ||||||
BANK OF AMERICA NA | ||||||
(EFFR + 0.06%) | (a) | 0.14% | 01/03/22 | 05/04/22 | 5,000,000 | 4,999,575 |
Total Other Instruments (Cost $5,000,000) | 4,999,575 | |||||
OTHER MUNICIPAL SECURITIES 0.0% OF NET ASSETS | ||||||
Nevada Dept of Business & Industry | ||||||
RB (BRIGHTLINE WEST PASSENGER RAIL) SERIES 2020A (ESCROW) | 0.25% | 02/01/22 | 1,000,000 | 1,000,036 | ||
Total Other Municipal Securities (Cost $1,000,000) | 1,000,036 |
ISSUER | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | MATURITY AMOUNT ($) | VALUE ($) |
REPURCHASE AGREEMENTS 40.1% OF NET ASSETS | ||||||
U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS* 7.9% | ||||||
BOFA SECURITIES INC | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 50,000,208 | 50,000,000 | ||
(Collateralized by U.S. Government Agency Securities valued at $51,500,000, 2.00% - 3.00%, due 01/01/37 - 11/01/51) | ||||||
DAIWA CAPITAL MARKETS AMERICA INC | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 20,000,083 | 20,000,000 | ||
(Collateralized by U.S. Treasury and U.S. Government Agency Securities valued at $20,600,474, 0.00% - 5.00%, due 01/25/22 - 01/01/51) | ||||||
DEUTSCHE BANK AG (NEW YORK BRANCH) | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 10,000,042 | 10,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $10,200,119, 2.88%, due 05/15/28) | ||||||
JP MORGAN SECURITIES LLC | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 40,000,167 | 40,000,000 | ||
(Collateralized by U.S. Government Agency Securities valued at $41,200,000, 1.98% - 8.00%, due 03/01/25 - 01/01/52) | ||||||
MIZUHO SECURITIES USA LLC | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 7,000,029 | 7,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $7,140,036, 1.25%, due 12/31/26) | ||||||
RBC DOMINION SECURITIES INC | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 10,000,042 | 10,000,000 | ||
(Collateralized by U.S. Government Agency Securities valued at $10,300,043, 2.50% - 3.50%, due 06/01/49 - 11/20/51) | ||||||
ROYAL BANK OF CANADA | ||||||
Issued 10/07/21, repurchase date 01/05/22 | 0.06% | 01/05/22 | 23,003,450 | 23,000,000 | ||
(Collateralized by U.S. Government Agency Securities valued at $23,693,554, 1.31% - 4.50%, due 02/01/31 - 12/20/51) |
ISSUER | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | MATURITY AMOUNT ($) | VALUE ($) |
Issued 07/13/21, repurchase date 02/08/22 | 0.06% | 01/07/22 | 35,010,383 | 35,000,000 | ||
(Collateralized by U.S. Government Agency Securities valued at $36,062,618, 1.31% - 6.91%, due 01/25/29 - 12/20/51) | ||||||
Issued 11/01/21, repurchase date 02/01/22 | 0.06% | 01/07/22 | 16,001,787 | 16,000,000 | ||
(Collateralized by U.S. Government Agency Securities valued at $16,482,527, 1.31% - 4.50%, due 02/01/31 - 12/20/51) | ||||||
211,000,000 | ||||||
U.S. TREASURY REPURCHASE AGREEMENTS 25.7% | ||||||
BARCLAYS BANK PLC | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 2,038,467 | 2,038,459 | ||
(Collateralized by U.S. Treasury Securities valued at $2,079,286, 2.75%, due 08/31/25) | ||||||
FEDERAL RESERVE BANK OF NEW YORK | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.05% | 01/03/22 | 623,002,596 | 623,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $623,002,638, 1.50% - 1.75%, due 05/15/23 - 02/15/30) | ||||||
FICC - BANK OF NEW YORK | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.06% | 01/03/22 | 54,000,270 | 54,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $55,080,055, 3.13%, due 11/15/28) | ||||||
RBC DOMINION SECURITIES INC | ||||||
Issued 10/28/21, repurchase date 01/24/22 | 0.06% | 01/07/22 | 8,000,947 | 8,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $8,161,100, 0.13% - 3.38%, due 10/15/25 - 08/15/49) | ||||||
Issued 11/26/21, repurchase date 03/01/22 | 0.07% | 01/07/22 | 5,000,408 | 5,000,000 | ||
(Collateralized by U.S. Treasury Securities valued at $5,100,994, 0.00% - 3.00%, due 03/22/22 - 02/15/50) | ||||||
692,038,459 | ||||||
OTHER REPURCHASE AGREEMENTS** 6.5% | ||||||
BMO CAPITAL MARKETS CORP | ||||||
Issued 12/29/21, repurchase date 01/05/22 | 0.16% | 01/05/22 | 6,000,187 | 6,000,034 | ||
(Collateralized by U.S. Treasury Securities and common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations valued at $6,203,678, 0.38% - 6.40%, due 07/15/23 - 12/31/00) | ||||||
BNP PARIBAS SA | ||||||
Issued 12/28/21, repurchase date 01/04/22 | 0.16% | 01/04/22 | 7,000,218 | 7,000,029 | ||
(Collateralized by common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations valued at $8,050,251, 2.10% - 4.20%, due 04/25/24 - 04/26/49) | ||||||
Issued 12/28/21, repurchase date 01/04/22 | 0.22% | 01/04/22 | 7,000,299 | 6,999,982 | ||
(Collateralized by common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations valued at $8,051,294, 0.50%, due 12/01/28) |
ISSUER | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | MATURITY AMOUNT ($) | VALUE ($) |
Issued 10/22/21, repurchase date 01/20/22 | 0.30% | 01/20/22 | 9,006,750 | 8,999,022 | ||
(Collateralized by common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations valued at $10,358,327, 0.50%, due 12/01/28) | ||||||
Issued 10/29/21, repurchase date 01/27/22 | 0.30% | 01/27/22 | 27,020,250 | 26,995,059 | ||
(Collateralized by common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations valued at $31,073,288, 1.00% - 4.75%, due 02/27/26 - 09/27/60) | ||||||
BOFA SECURITIES INC | ||||||
Issued 12/28/21, repurchase date 03/28/22 | 0.25% | 02/04/22 | 4,001,056 | 4,001,204 | ||
(Collateralized by common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations valued at $4,200,293, 3.50%, due 02/12/35) | ||||||
Issued 12/01/21, repurchase date 03/01/22 | 0.37% | 02/04/22 | 6,004,008 | 5,998,666 | ||
(Collateralized by U.S. Treasury Securities valued at $6,120,007, 0.75%, due 12/31/23) | ||||||
Issued 12/17/21, repurchase date 04/18/22 | 0.34% | 03/31/22 | 9,008,840 | 8,999,488 | ||
(Collateralized by common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations valued at $9,720,000, 0.00%, due 12/31/49 - 12/31/00) | ||||||
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK SA | ||||||
Issued 12/27/21, repurchase date 01/03/22 | 0.13% | 01/03/22 | 15,000,379 | 15,000,021 | ||
(Collateralized by common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations valued at $15,759,676, 0.60% - 6.13%, due 10/10/22 - 06/04/51) | ||||||
Issued 12/29/21, repurchase date 01/05/22 | 0.13% | 01/05/22 | 11,000,278 | 11,000,035 | ||
(Collateralized by common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations valued at $11,559,012, 1.14% - 3.26%, due 05/13/25 - 01/20/51) | ||||||
JP MORGAN SECURITIES LLC | ||||||
Issued 10/20/21, repurchase date 04/18/22 | 0.38% | 03/31/22 | 16,027,360 | 15,987,659 | ||
(Collateralized by common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations valued at $18,413,984, 0.00% - 9.50%, due 05/01/25 - 12/31/99) | ||||||
Issued 10/27/21, repurchase date 04/25/22 | 0.38% | 03/31/22 | 11,017,997 | 10,990,968 | ||
(Collateralized by common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations valued at $12,658,685, 3.30% - 12.00%, due 01/15/24 - 05/25/52) | ||||||
Issued 12/31/21, repurchase date 07/29/22 | 0.43% | 06/29/22 | 1,002,150 | 1,000,000 | ||
(Collateralized by common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations valued at $1,080,000, 0.00%, due 12/31/00) |
ISSUER | FOOTNOTES | RATE | EFFECTIVE MATURITY | MATURITY DATE | MATURITY AMOUNT ($) | VALUE ($) |
MIZUHO SECURITIES USA LLC | ||||||
Issued 12/31/21, repurchase date 01/03/22 | 0.17% | 01/03/22 | 1,000,014 | 1,000,000 | ||
(Collateralized by common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations valued at $1,080,003, 0.00%, due 12/31/00) | ||||||
RBC CAPITAL MARKETS LLC | ||||||
Issued 12/28/21, repurchase date 01/04/22 | 0.17% | 01/04/22 | 10,000,331 | 10,000,047 | ||
(Collateralized by common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations valued at $10,500,764, 2.15% - 4.40%, due 03/05/29 - 06/15/52) | ||||||
Issued 12/15/21, repurchase date 03/15/22 | 0.22% | 02/04/22 | 16,004,987 | 16,003,254 | ||
(Collateralized by U.S. Treasury Securities and common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations valued at $16,753,325, 0.00% - 8.00%, due 07/15/22 - 12/10/61) | ||||||
WELLS FARGO SECURITIES LLC | ||||||
Issued 10/25/21, repurchase date 04/25/22 | 0.59% | 04/05/22 | 10,026,550 | 9,996,828 | ||
(Collateralized by common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations valued at $11,534,302, 2.92% - 6.05%, due 12/25/33 - 12/15/62) | ||||||
Issued 12/07/21, repurchase date 06/06/22 | 0.65% | 04/05/22 | 10,021,486 | 9,995,259 | ||
(Collateralized by common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations valued at $11,537,583, 4.20% - 4.71%, due 07/15/32 - 08/17/49) | ||||||
175,967,555 | ||||||
Total Repurchase Agreements (Cost $1,079,038,459) | 1,079,006,014 | |||||
Total Investments in Securities (Cost $2,690,934,308) | 2,690,867,609 |
* | Collateralized via U.S. Government Agency Securities or less frequently by higher rated U.S. Treasury Securities. |
** | Collateralized via common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations or less frequently by higher rated U.S. Government Agency Securities and/ or U.S. Treasury Securities. Securities without a stated maturity date, such as common stocks, ETFs, American depositary receipts and perpetual bonds, are represented by 12/31/00. |
(a) | Variable rate security; rate shown is effective rate at period end. |
(b) | Credit-enhanced or liquidity-enhanced. |
(c) | Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers. At the period end, the value of these amounted to $623,229,045 or 23.1% of net assets. |
(d) | VRDN is a municipal security which allows holders to sell their security through a put or tender feature, at par value plus accrued interest. The interest rate resets on a periodic basis, the majority of which are weekly but may be daily or monthly. Unless a reference rate and spread is shown parenthetically, the Remarketing Agent, generally a dealer, determines the interest rate for the security at each interest rate reset date. The rate is typically based on the SIFMA Municipal Swap Index. |
AUTH — | Authority |
BSBY — | Bloomberg Short-Term Bank Yield Index |
CNTY — | County |
CP — | Commercial paper |
EFFR — | Effective Federal Funds Rate is published daily by the Federal Reserve Bank of New York and is based on the interest rate financial institutions charge each other for overnight funds. |
ETF — | Exchange traded fund |
FICC — | Fixed Income Clearing Corp |
GO — | General obligation |
HFA — | Housing finance agency/authority |
IDA — | Industrial development agency/authority |
LIBOR — | London Interbank Offered Rate is the interest rate banks charge each other for short-term loans. |
LIQ — | Liquidity agreement |
LOC — | Letter of credit |
M/F — | Multi-family |
RB — | Revenue bond |
SIFMA — | Securities Industry and Financial Markets Association. The SIFMA Municipal Swap Index is a market index comprised of high-grade 7-day tax-exempt Variable Rate Demand Obligations with certain characteristics. |
SOFR — | Secured Overnight Financing Rate is published daily by the Federal Reserve Bank of New York and is based on the cost of borrowing cash overnight collateralized by U.S. Treasury securities. |
VRDN — | Variable rate demand note |
Assets | ||
Investments in securities, at value - unaffiliated (cost $1,611,895,849) | $1,611,861,595 | |
Repurchase agreements, at value - unaffiliated (cost $1,079,038,459) | 1,079,006,014 | |
Cash | 2,940 | |
Receivables: | ||
Fund shares sold | 5,008,925 | |
Interest | 314,603 | |
Prepaid expenses | + | 28,671 |
Total assets | 2,696,222,748 | |
Liabilities | ||
Payables: | ||
Fund shares redeemed | 2,602,400 | |
Investment adviser and administrator fees | 247,636 | |
Distributions to shareholders | 31,883 | |
Independent trustees’ fees | 154 | |
Accrued expenses | + | 197,107 |
Total liabilities | 3,079,180 | |
Net assets | $2,693,143,568 | |
Net Assets by Source | ||
Capital received from investors | $2,693,428,371 | |
Total distributable loss | + | (284,803) |
Net assets | $2,693,143,568 |
Net Asset Value (NAV) by Share Class | |||||
Share Class | Net Assets | ÷ | Shares Outstanding | = | NAV |
Ultra Shares | $2,693,143,568 | 2,692,371,843 | $1.0003 | ||
For the period January 1, 2021 through December 31, 2021 | ||
Investment Income | ||
Interest received from securities - unaffiliated | $4,050,423 | |
Expenses | ||
Investment adviser and administrator fees | 5,511,956 | |
Portfolio accounting fees | 141,965 | |
Registration fees | 120,055 | |
Custodian fees | 76,377 | |
Professional fees | 45,461 | |
Independent trustees’ fees | 35,564 | |
Shareholder reports | 24,592 | |
Transfer agent fees | 8,102 | |
Other expenses | + | 38,238 |
Total expenses | 6,002,310 | |
Expense reduction by investment adviser and its affiliates | – | 2,878,591 |
Net expenses | – | 3,123,719 |
Net investment income | 926,704 | |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Net change in unrealized appreciation (depreciation) on securities - unaffiliated | + | (147,987) |
Increase in net assets resulting from operations | $778,717 |
OPERATIONS | |||
1/1/21-12/31/21 | 1/1/20-12/31/20 | ||
Net investment income | $926,704 | $25,336,769 | |
Net realized losses | — | (218,189) | |
Net change in unrealized appreciation (depreciation) | + | (147,987) | (330,708) |
Increase in net assets from operations | $778,717 | $24,787,872 | |
DISTRIBUTIONS TO SHAREHOLDERS | |||
Ultra Shares | ($926,619) | ($25,338,672) |
TRANSACTIONS IN FUND SHARES | |||||
1/1/21-12/31/21 | 1/1/20-12/31/20 | ||||
SHARES | VALUE | SHARES | VALUE | ||
Shares Sold | |||||
Ultra Shares | 2,658,354,756 | $2,659,273,403 | 6,236,367,663 | $6,239,237,354 | |
Shares Reinvested | |||||
Ultra Shares | 754,181 | 754,443 | 22,053,966 | 22,064,043 | |
Shares Redeemed | |||||
Ultra Shares | + | (3,379,601,026) | (3,380,780,910) | (8,231,758,002) | (8,234,862,074) |
Net transactions in fund shares | (720,492,089) | ($720,753,064) | (1,973,336,373) | ($1,973,560,677) | |
SHARES OUTSTANDING AND NET ASSETS | |||||
1/1/21-12/31/21 | 1/1/20-12/31/20 | ||||
SHARES | NET ASSETS | SHARES | NET ASSETS | ||
Beginning of period | 3,412,863,932 | $3,414,044,534 | 5,386,200,305 | $5,388,156,011 | |
Total decrease | + | (720,492,089) | (720,900,966) | (1,973,336,373) | (1,974,111,477) |
End of period | 2,692,371,843 | $2,693,143,568 | 3,412,863,932 | $3,414,044,534 |
THE CHARLES SCHWAB FAMILY OF FUNDS (ORGANIZED OCTOBER 20, 1989) | |
Schwab Government Money Fund | Schwab Retirement Government Money Fund |
Schwab U.S. Treasury Money Fund | Schwab Municipal Money Fund |
Schwab Treasury Obligations Money Fund | Schwab AMT Tax-Free Money Fund |
Schwab Value Advantage Money Fund® | Schwab California Municipal Money Fund |
Schwab Variable Share Price Money Fund | Schwab New York Municipal Money Fund |
3. Credit and Liquidity Enhancements: |
UNDERLYING FUND | |
Schwab Balanced Fund | 0.5% |
Schwab MarketTrack Balanced Portfolio | 0.6% |
Schwab MarketTrack Conservative Portfolio | 0.3% |
Schwab MarketTrack Growth Portfolio | 0.9% |
Schwab Monthly Income Fund - Enhanced Payout | 0.0%* |
Schwab Monthly Income Fund - Maximum Payout | 0.0%* |
Schwab Monthly Income Fund - Moderate Payout | 0.0%* |
Schwab Target 2010 Fund | 0.1% |
Schwab Target 2015 Fund | 0.1% |
Schwab Target 2020 Fund | 0.6% |
Schwab Target 2025 Fund | 0.5% |
Schwab Target 2030 Fund | 0.5% |
Schwab Target 2035 Fund | 0.2% |
Schwab Target 2040 Fund | 0.2% |
Schwab Target 2045 Fund | 0.0%* |
Schwab Target 2050 Fund | 0.0%* |
Schwab Target 2010 Index Fund | 0.1% |
Schwab Target 2015 Index Fund | 0.1% |
Schwab Target 2020 Index Fund | 0.3% |
Schwab Target 2025 Index Fund | 0.4% |
Schwab Target 2030 Index Fund | 0.3% |
Schwab Target 2035 Index Fund | 0.1% |
Schwab Target 2040 Index Fund | 0.1% |
Schwab Target 2045 Index Fund | 0.0%* |
Schwab Target 2050 Index Fund | 0.0%* |
Schwab Target 2055 Index Fund | 0.0%* |
Schwab VIT Balanced Portfolio | 0.1% |
Schwab VIT Balanced with Growth Portfolio | 0.2% |
Schwab VIT Growth Portfolio | 0.2% |
* | Less than 0.05% |
TAX COST | GROSS UNREALIZED APPRECIATION | GROSS UNREALIZED DEPRECIATION | NET UNREALIZED APPRECIATION (DEPRECIATION) |
$2,690,934,308 | $49,958 | ($116,657) | ($66,699) |
UNDISTRIBUTED ORDINARY INCOME | NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS | CAPITAL LOSS CARRYFORWARDS | TOTAL |
$85 | ($66,699) | ($218,189) | ($284,803) |
CURRENT FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS | |
ORDINARY INCOME | ORDINARY INCOME | |
$926,619 | $25,338,672 |
Denver, Colorado
February 17, 2022
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 |
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 (Jan. 2009 – present). Formerly, Managing Director, Pacific Investment Management Company, LLC (PIMCO) (investment management firm) and President, PIMCO Funds. | 103 | 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. President and Chairman (2014 – 2016), TIAA Charitable (financial services); Senior Managing Director (2003 – 2016), TIAA (financial services). | 103 | 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. | 103 | 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). | 103 | None |
Kiran M. Patel 1948 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) | Retired. Executive Vice President and General Manager of Small Business Group (Dec. 2008 – Sept. 2013), Intuit, Inc. (financial software and services firm for consumers and small businesses). | 103 | Director (2008 – present), KLA-Tencor Corporation |
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). | 103 | 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). | 103 | 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) | Director and Chief Executive Officer (Oct. 2008 – present) and President (Oct. 2008 – 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) and President and Chief Executive Officer (Aug. 2017 – present), Schwab Holdings, Inc.; Director (Oct. 2020 – present), TD Ameritrade Holding Corporation; Director (July 2016 – Oct. 2021), Charles Schwab Investment Management, Inc. | 103 | Director (2008 – present), The Charles Schwab Corporation |
Joseph R. Martinetto2 1962 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) | Chief Operating Officer (Feb. 2018 – present) and Senior Executive Vice President (July 2015 – Feb. 2018), The Charles Schwab Corporation; Senior Executive Vice President (July 2015 – present), Charles Schwab & Co., Inc.; Chief Financial Officer (July 2015 – Aug. 2017) and Executive Vice President and Chief Financial Officer (May 2007 – July 2015), The Charles Schwab Corporation and Charles Schwab & Co., Inc.; Director (May 2007 – present), Charles Schwab & Co., Inc.; Director (Apr. 2010 – present) and Chief Executive Officer (July 2013 – Apr. 2015), Charles Schwab Bank, SSB; Director (Nov. 2017 – present), Charles Schwab Premier Bank, SSB; Director (May 2007 – present), Chief Financial Officer (May 2007 – Aug. 2017), Senior Executive Vice President (Feb. 2016 – present), and Executive Vice President (May 2007 – Feb. 2016), Schwab Holdings, Inc.; Director (Oct. 2020 – present), TD Ameritrade Holding Corporation. | 103 | 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. 2020 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab Investment Management, Inc.; Senior Vice President (June 2020 – present) and Chief Operating Officer (Jan. 2020 – present), 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; Director (Apr. 2019 – present), Charles Schwab Worldwide Funds plc and Charles Schwab Asset Management (Ireland) Limited; Senior Vice President (Apr. 2019 – present), Senior Vice President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), and Vice President (Jan. 2009 – Dec. 2013), Charles Schwab & Co., Inc. |
Mark Fischer 1970 Treasurer, Chief Financial Officer and 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) | Treasurer and Chief Financial Officer (Jan. 2016 – present) and Chief Operating Officer (Dec. 2020 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Assistant Treasurer (Dec. 2013 – Dec. 2015), Schwab Funds and Laudus Trust; Assistant Treasurer (Nov. 2013 – Dec. 2015), Schwab ETFs; Chief Financial Officer (Mar. 2020 – present) and Vice President (Oct. 2013 – present), Charles Schwab Investment Management, Inc.; Executive Director (Apr. 2011 – Sept. 2013), J.P. Morgan Investor Services; Assistant Treasurer (May 2005 – Mar. 2011), Massachusetts Financial Service Investment Management. |
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) and Chief Investment Officer (Apr. 2011 – present), Senior Vice President (Apr. 2011 – Dec. 2021), Charles Schwab Investment Management, Inc.; Vice President and Chief Investment Officer (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Head of the Portfolio Management Group and Vice President of Portfolio Management (May 2009 – Apr. 2011), Financial Engines, Inc. (investment management firm); Head of Quantitative Equity (July 2004 – Jan. 2009), ING Investment Management. |
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; Senior Managing Director and Global Head of Active Fixed-Income Strategies (Jan. 2008 – Oct. 2010), State Street Global Advisors; Director of Alpha Strategies (Apr. 2006 – Jan. 2008), Loomis, Sayles & Company (investment management firm). |
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) | Vice President (July 2005 – present), Charles Schwab & Co., Inc.; Vice President (Sept. 2005 – present), Charles Schwab Investment Management, 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. |
1 | Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed. The retirement policy requires that each independent trustee retire by December 31 of the year in which the Trustee turns 74 or the Trustee’s twentieth year of service as an independent trustee on any trust in the Fund Complex, whichever occurs first. |
2 | Mr. Bettinger and Mr. Martinetto are Interested Trustees. Mr. Bettinger is an Interested Trustee because he owns stock of The Charles Schwab Corporation (CSC), the parent company of Charles Schwab Investment Management, Inc., the investment adviser for the trusts in the Fund Complex, and is an employee of Charles Schwab & Co., Inc. (Schwab), the principal underwriter for The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust. Mr. Martinetto is an Interested Trustee because he owns stock of CSC and is an employee and director of Schwab. |
3 | The President, Treasurer and Secretary/Clerk hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board. |
Schwab Funds
Member SIPC®
Printed on recycled paper.
¹ | State, local, and the Federal Alternative Minimum Tax may apply. Capital gains are not exempt from Federal Taxation. |
² | You could lose money by investing in the Schwab Money Funds. All Schwab Money Funds with the exception of Schwab Variable Share Price Money Fund seek to preserve the value of your investment at $1.00 per share, but cannot guarantee they will do so. Because the share price of Schwab Variable Share Price Money Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. All Schwab Money Funds with the exception of Schwab Government Money Fund, Schwab Retirement Government Money Fund, Schwab U.S. Treasury Money Fund, Schwab Treasury Obligations Money Fund and Schwab Government Money Market Portfolio may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Schwab Money Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Schwab Money Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time. |
Item 2: Code of Ethics.
(a) | Registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, and any other persons who perform a similar function, regardless of whether these individuals are employed by Registrant or a third party. |
(c) | During the period covered by the report, no amendments were made to the provisions of this code of ethics. |
(d) | During the period covered by the report, Registrant did not grant any waivers, including implicit waivers, from the provisions of this code of ethics. |
(f) (1) | Registrant has filed this code of ethics as an exhibit pursuant to Item 13(a)(1) of Form N-CSR. |
Item 3: Audit Committee Financial Expert.
Registrant’s Board of Trustees has determined that Kiran M. Patel, Kimberly S. Patmore and J. Derek Penn, each currently serving on its audit, compliance and valuation committee, are each an “audit committee financial expert,” as such term is defined in Item 3 of Form N-CSR. Each member of Registrant’s audit, compliance and valuation committee is “independent” under the standards set forth in Item 3 of Form N-CSR.
The designation of each of Mr. Patel, Ms. Patmore and Mr. Penn as an “audit committee financial expert” pursuant to Item 3 of Form N-CSR does not (i) impose upon such individual any duties, obligations, or liability that are greater than the duties, obligations and liability imposed upon such individual as a member of Registrant’s audit, compliance and valuation committee or Board of Trustees in the absence of such designation; and (ii) affect the duties, obligations or liability of any other member of Registrant’s audit, compliance and valuation committee or Board of Trustees.
Item 4: Principal Accountant Fees and Services.
(a) Below are the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of Registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements.
The following table presents fees billed by the principal accountant in each of the last two fiscal years for the services rendered to the Funds:
(a) Audit Fees | (b) Audit-Related Fees | (c) Tax Fees1 | (d) All Other Fees | |||||||||||||||||||||||||||
Fiscal Year 2021 | Fiscal Year 2020 | Fiscal Year 2021 | Fiscal Year 2020 | Fiscal Year 2021 | Fiscal Year 2020 | Fiscal Year 2021 | Fiscal Year 2020 | |||||||||||||||||||||||
$ 343,000 | $ | 343,000 | $ | 0 | $ | 0 | $ | 31,000 | $ | 31,000 | $ | 0 | $ | 0 |
1 | The nature of the services includes tax compliance, tax advice and tax planning. |
(e) (1) | Registrant’s audit, compliance and valuation committee does not have pre-approval policies and procedures as described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
(2) | There were no services described in each of paragraphs (b) through (d) above (including services required to be approved by Registrant’s audit, compliance and valuation committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X) that were approved by Registrant’s audit, compliance and valuation committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
(f) Not applicable.
(g) Below are the aggregate non-audit fees billed in each of the last two fiscal years by Registrant’s principal accountant for services rendered to Registrant, to Registrant’s investment adviser, and to any entity controlling, controlled by, or under common control with Registrant’s investment adviser that provides ongoing services to Registrant.
2021: $3,088,431 | 2020: $3,577,864 |
(h) During the past fiscal year, all non-audit services provided by Registrant’s principal accountant to either Registrant’s investment adviser or to any entity controlling, controlled by, or under common control with Registrant’s investment adviser that provides ongoing services to Registrant were pre-approved. Included in the audit, compliance and valuation committee’s pre-approval was the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.
Item 5: Audit Committee of Listed Registrants.
Not applicable.
Item 6: Schedule of Investments.
The schedules of investments are included as part of the report to shareholders filed under Item 1 of this Form.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9: Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11: Controls and Procedures.
(a) | Based on their evaluation of Registrant’s disclosure controls and procedures, as of a date within 90 days of the filing date, Registrant’s Chief Executive Officer, Jonathan de St. Paer and Registrant’s Chief Financial Officer, Mark Fischer, have concluded that Registrant’s disclosure controls and procedures are: (i) reasonably designed to ensure that information required to be disclosed in this report is appropriately communicated to Registrant’s officers to allow timely decisions regarding disclosures required in this report; (ii) reasonably designed to ensure that information required to be disclosed in this report is recorded, processed, summarized and reported in a timely manner; and (iii) are effective in achieving the goals described in (i) and (ii) above. |
(b) | During the period covered by this report, there have been no changes in Registrant’s internal control over financial reporting that the above officers believe to have materially affected, or to be reasonably likely to materially affect, Registrant’s internal control over financial reporting. |
Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13: Exhibits.
(b) |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) The Charles Schwab Family of Funds
By: | /s/ Jonathan de St. Paer | |
Jonathan de St. Paer Chief Executive Officer | ||
Date: | February 17, 2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Jonathan de St. Paer | |
Jonathan de St. Paer Chief Executive Officer | ||
Date: | February 17, 2022 | |
By: | /s/ Mark Fischer | |
Mark Fischer Chief Financial Officer | ||
Date: | February 17, 2022 |