Schwab Tax-Free Money Market Funds
 
Investment Team & Strategy>Money Funds>Tax-Free Money Market Funds

Schwab Tax-Free Money Market Fund line-up includes funds whose interest is exempt from the Alternative Minimum Tax (AMT), as well as funds for investors seeking income exempt from state taxes in California and Pennsylvania. Schwab Funds offers state-specific AMT Tax-Free Money Market Funds for California, Massachusetts, New Jersey and New York.

Schwab Funds offers both Sweep and Purchased Money Market Funds. Sweep Money Market Funds are available for Schwab accounts that meet certain asset levels. For Schwab accounts with a Sweep Money Market Fund, uninvested cash balances are automatically swept into the Sweep Money Market Fund, and the positions in the Sweep Money Market Fund appear in the account the morning of the next business day. Redemptions for transactions in Sweep Money Market Funds also occur automatically.  Clients must, however, actively buy or sell Purchased Money Market Funds.

Schwab Municipal and AMT Tax-Free Money Market Funds
Sweep Purchased
Schwab Municipal Money Fund - Sweep Shares (SWXXX) Schwab Municipal Money Fund - Value Advantage Shares (SWTXX)
Schwab CA Municipal Money Fund - Sweep Shares (SWCXX) Schwab Municipal Money Fund - Select Shares (SWLXX)
Schwab PA Municipal Money Fund (SWEXX) Schwab Municipal Money Fund - Institutional Shares (SWOXX)
Schwab AMT Tax-Free Money Fund - Sweep Shares (SWFXX) Schwab CA Municipal Money Fund - Value Advantage Shares (SWKXX)
Schwab MA AMT Tax-Free Money Fund (SWDXX) Schwab AMT Tax-Free Money Fund - Value Advantage Shares (SWWXX)
Schwab NJ AMT Tax-Free Money Fund (SWJXX) Schwab CA AMT Tax-Free Money Fund - Value Advantage Shares (SNKXX)
Schwab NY AMT Tax-Free Money Fund - Sweep Shares (SWNXX) Schwab NY AMT Tax-Free Money Fund - Value Advantage Shares (SWYXX)

Investment Strategy

To achieve their investment objectives, Schwab’s Tax-Free Money Market Funds invest in short-term municipal money market securities issued by states, local governments and other municipal agencies around the country and from U.S. territories and possessions. Schwab applies rigorous internal practices in the management of our Tax-Free Money Market Funds with an emphasis on safety, quality and liquidity.  Our funds are managed using a stringent credit review process and closely monitored limits.

CSIM employs a team of dedicated credit analysts who focus on municipal securities.  The CSIM municipal credit team performs its independent credit research on each security that the funds purchase, in addition to considering the credit ratings published by independent third-party rating agencies.  Each security must be approved for purchase by CSIM’s municipal credit committee. After purchase, each fund’s credit analyst continues to monitor each security for changes in its underlying credit fundamentals that could affect its credit worthiness. CSIM maintains this credit review process regardless of market conditions.

Investment Management Team

Kenneth Salinger, CFA

Managing Director and Head of Tax Exempt Strategies
Full Bio>
 
Investment Management Bio

Kenneth Salinger, CFA

Managing Director and Head of Tax Exempt Strategies

Ken Salinger joined Schwab in March 2008 as a Managing Director and Portfolio Manager, leading the team responsible for daily trading and management of all national and state-specific tax-free bond funds. He is also responsible for overseeing the management of the Municipal Money Market Funds. Prior to joining Schwab, Ken was a Senior Portfolio Manager for Wells Capital Management, working on a team that managed over $5 billion in municipal bond assets. From 1992 until 2006, Ken worked at American Century, where he was a Vice President and Senior Portfolio Manager with responsibility for daily management of a number of national and state specific municipal bond funds. Ken holds a B.A. from the University of California at San Diego and has been a Chartered Financial Analyst since 1997.

 

Kevin Shaughnessy

Managing Director and Senior Portfolio Manager of the Schwab Municipal and AMT Tax-Free Money Market Funds
Full Bio>
 
Investment Management Bio

Kevin Shaughnessy

Managing Director and Senior Portfolio Manager of the Schwab Municipal and AMT Tax-Free Money Market Funds

Kevin Shaughnessy is a Managing Director and Senior Portfolio Manager for Charles Schwab Investment Management, Inc. (CSIM). He is responsible for the day-to-day co-management of Schwab’s national and state-specific municipal money funds. Prior to joining CSIM in 2000, Mr. Shaughnessy spent four years as a portfolio manager at Wells Capital Management, where he was responsible for managing the firm’s California municipal money fund assets, as well as short duration, private client assets.  

Mr. Shaughnessy earned an MBA in Finance, and a BS in Business Administration from the California State University, Hayward. He is a CFA charterholder, and a member of the CFA Society of San Francisco and the CFA Institute.

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Cameron Ullyatt

Managing Director and Senior Portfolio Manager of the Schwab Municipal and AMT Tax-Free Money Market Funds
Full Bio>
 
Investment Management Bio

Cameron Ullyatt

Managing Director and Senior Portfolio Manager of the Schwab Municipal and AMT Tax-Free Money Market Funds

Cameron Ullyatt is a Managing Director and Senior Portfolio Manager for Charles Schwab Investment Management, Inc. (CSIM). He is responsible for the day-to-day co-management of Schwab’s national and state-specific municipal money funds. Prior to joining CSIM in 2008, Mr. Ullyatt was a vice president and portfolio manager at Oppenheimer Funds, 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 Oppenheimer Funds' municipal bond and money market departments.

Mr. Ullyatt earned an International MBA, and a BS in Business Administration from the University of Denver. He is a CFA charterholder, and a member of the CFA Society of Colorado and the CFA Institute.


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