SNVXX yield: 3.62% as filed, and what it keeps after tax

What the filings say about SNVXX

Schwab Government Money Fund holds what a government fund may hold under rule 2a-7, and the mix in its latest filing leans heavily on repurchase agreements: 42% of the portfolio was repo backed by agency mortgage securities and 11% repo backed by Treasuries. Treasuries held directly were 14%, Federal Home Loan Bank and Farm Credit debt 24%, and there was 8% in Fannie Mae, Freddie Mac and similar agency paper, whose interest states tax. The result for state tax is stark. The share that counts for the California, Connecticut and New York test was 28.8% at June 30 and 29.2% at September 30, well under 50%, so residents of those states pay tax on the whole dividend. The filed 7-day yield was 3.62%, a hair above the Treasury fund SNSXX at 3.61%.

SNVXX 7-day yield as filed, June 1, 2026 to October 30, 2026

A fund reports these yields once a month, within five business days of month end. Between two reports the figure here ages: by the time the October 2026 report is replaced, it is up to five weeks old. The fund’s own site shows today’s figure.

What SNVXX held on October 31, 2026

Share of the portfolio in U.S. government debt whose interest states cannot tax: 38.0%. This is the figure the calculator above uses as the state-tax-free part of the dividend. It is an estimate from the holdings on one day; the fund’s year-end tax statement gives the share of the year’s dividends, which is the figure for a tax return.

SNVXX and the 50% quarter-end test

In California, Connecticut and New York, the part of a dividend earned on U.S. government debt is state-tax-free only if the fund kept at least half its money in that debt at every quarter end. These quarter-end figures only decide pass or fail; the 38% above is the part the calculator treats as tax-free. SNVXX fell below half at one or more quarter ends in the data, so residents of the three states pay state tax on the whole dividend for the year. The law looks at the close of each quarter of the fund’s own tax year, which is not always the calendar quarter; calendar quarter-end reports are a close proxy, and the fund’s year-end letter says whether it qualified. How the rule works.

SNVXX at a glance

Where SNVXX ranks after tax

Among the 283 share classes in the data, for a single filer with $120,000 of taxable income and $50,000 in the fund:

The rank compares SNVXX with every other fund for a resident of that state. In a state with no income tax, such as Texas, funds whose dividends are taxed by states catch up, so the rank can be lower even though you keep more. In California, the fund ranked first kept $309 a year more than SNVXX on $50,000.

A rank of past yields, not a recommendation, and this site does not say which fund to hold. Moving cash to another fund can involve a minimum or a fee set by your brokerage. Rank every fund for your situation.

What to watch in SNVXX

This class reported $31.6 billion; a Sweep share class of the same fund carries a large part of the rest. Expense drag on the filed figures: about 0.34%.