# Issued February 17, 2017 > Briefs, arguments, decisions, and more. URL: https://www.frixlaw.com/law-library/documents/agency%3Asec%3A282bae81ef5fae74 ## Record - **Collection:** Agency decision - **Document type:** Agency decision ## Text Money Market Fund Statistics Data as of January 31, 2017 Issued February 17, 2017 U.S. Securities and Exchange Commission Division of Investment Management This is a report of the Staff of the Division of Investment Management of the U.S. Securities and Exchange Commission. The Commission has expressed no view regarding this report or the information contained in it. Page |2 Table of Contents TOPIC 1/31/2017 Change 12/31/2016 Page 411 -2 413 3 Total Money Market Funds $2,917.2 -$41.1 $2,958.3 4 Prime Funds $562.1 $11.7 $550.4 Government & Treasury Funds $2,219.7 -$53.8 $2,273.5 Tax Exempt Funds $135.4 $0.9 $134.5 Prime Funds 0.91% 0.04% 0.87% Government & Treasury Funds 0.60% 0.04% 0.56% Tax Exempt Funds 0.72% -0.05% 0.77% Gross 0.91% 0.04% 0.87% Net 0.67% 0.05% 0.62% Expense Ratio 0.24% -0.01% 0.25% Prime Funds 60.4 days -1.1 days 61.5 days Government & Treasury Funds 96.2 days 0.1 days 96.1 days Tax Exempt Funds 26.9 days -1.6 days 28.5 days Prime Funds 30.8 days -0.5 days 31.3 days Government & Treasury Funds 43.5 days -2.1 days 45.6 days Tax Exempt Funds 24.5 days -1.9 days 26.4 days Daily Liquidity 33.6% -2.0% 35.6% Weekly Liquidity 50.0% -1.2% 51.2% Number of Money Market Funds Reporting (Not Including Feeder Funds) Assets (in billions) 7-Day Yields Gross 7-Day Yields Prime Funds Weighted Average Life (WAL), Weighted by Fund Assets Weighted Average Maturity (WAM), Weighted by Fund Assets Liquidity of Prime Funds, As a Percent of Total Amortized Cost Prime Funds' Bank Holdings Prime Funds' Portfolio Composition (in billions) Non-Government Securities MMF Repo with the Fed (in billions) Longer-Maturity Securities 5 6 7 8 9 Holdings by Country 10 Change in Holdings by Country 11 Holdings by Major Region 12 Certificates of Deposit $232.3 (41.5%) $40.8 $191.5 (35.1%) $104.0 (18.6%) -$0.5 $104.5 (19.2%) $105.9 (18.9%) -$32.2 $138.1 (25.3%) Financial Co. Commercial Paper (CP) $86.9 (15.5%) $8.2 $78.7 (14.4%) Asset Backed Commercial Paper (ABCP) $31.3 (5.6%) -$1.2 $32.5 (6.0%) 16.8% $165.2 38.1% 6.9% 1.8% -$238.2 0.7% - 15.0% $403.4 37.4% 6.9% Non-Financial Co. Commercial Paper (CP) & Other Short Term Instruments Government & Treasury (Direct and Repo) All Taxable Funds 60 Days and Over 180 Days and Over 13 14 15 16 Information presented in this report is based upon data reported by filers for the period ending January 31, 2017, except where specifically noted that a chart incorporates staff judgments. The presented information does reflect data from amended filings submitted after the required reporting deadline. Some calculations in the change column in the above table of contents and in the tables below may not appear to total as expected due to rounding. If staff identifies data in this report that requires corrections, an amended report will be published with the corrected information. Page |3 Trend in Number of Money Market Funds 600 550 500 450 400 350 Does not include feeder funds 300 1/31/2015 2/28/2015 3/31/2015 4/30/2015 5/31/2015 6/30/2015 7/31/2015 8/31/2015 9/30/2015 10/31/2015 11/30/2015 12/31/2015 1/31/2016 2/29/2016 3/31/2016 4/30/2016 5/31/2016 6/30/2016 7/31/2016 8/31/2016 9/30/2016 10/31/2016 11/30/2016 12/31/2016 1/31/2017 Number of Funds 544 543 542 542 539 537 531 523 521 518 516 502 497 496 490 473 466 464 453 443 433 420 415 413 411 Page |4 Millions Trend in Money Market Fund Assets, by Type of Fund Prime Govt & Treas Tax Exempt Prime $1,768,941 $1,780,289 $1,746,223 $1,704,160 $1,731,143 $1,706,487 $1,727,069 $1,749,739 $1,748,329 $1,790,928 $1,723,586 $1,572,045 $1,565,516 $1,586,685 $1,518,186 $1,470,199 $1,403,324 $1,278,835 $1,234,360 $1,033,094 $739,867 $562,381 $565,854 $550,357 $562,085 (Millions) Govt & Treas $1,019,407 $999,774 $996,224 $979,416 $983,871 $1,007,042 $1,023,972 $1,019,963 $1,022,731 $1,041,095 $1,099,809 $1,249,542 $1,242,416 $1,287,371 $1,311,754 $1,339,469 $1,391,993 $1,512,031 $1,589,074 $1,801,109 $2,069,321 $2,217,459 $2,273,710 $2,273,496 $2,219,739 Tax Exempt $268,414 $268,181 $266,924 $252,164 $253,268 $250,954 $254,370 $256,591 $252,663 $253,986 $255,994 $263,850 $255,942 $248,437 $242,462 $223,440 $217,892 $201,606 $190,302 $159,116 $135,611 $134,973 $135,301 $134,470 $135,356 2,500,000 2,000,000 1,500,000 1,000,000 500,000 0 1/31/2015 2/28/2015 3/31/2015 4/30/2015 5/31/2015 6/30/2015 7/31/2015 8/31/2015 9/30/2015 10/31/2015 11/30/2015 12/31/2015 1/31/2016 2/29/2016 3/31/2016 4/30/2016 5/31/2016 6/30/2016 7/31/2016 8/31/2016 9/30/2016 10/31/2016 11/30/2016 12/31/2016 1/31/2017 Total $3,056,762 $3,048,244 $3,009,372 $2,935,740 $2,968,283 $2,964,483 $3,005,411 $3,026,294 $3,023,724 $3,086,010 $3,079,388 $3,085,437 $3,063,874 $3,122,493 $3,072,401 $3,033,109 $3,013,209 $2,992,473 $3,013,735 $2,993,318 $2,944,800 $2,914,812 $2,974,864 $2,958,323 $2,917,180 Page |5 Trend in Weighted Average 7-Day Gross Yield, by Type of Fund 7-Day Gross Yield, Annualized Wtd Avg Gross Prime Wtd Avg Gross Govt & Treas Wtd Avg Gross Tax Exempt 1.00% 0.90% 0.80% 0.70% 0.60% 0.50% 0.40% 0.30% 0.20% 0.10% 0.00% 1/31/2015 2/28/2015 3/31/2015 Wtd Avg Gross Prime 0.21% 0.21% 0.22% Wtd Avg Gross Govt & Treas 0.09% 0.08% 0.10% Wtd Avg Gross Tax Exempt 0.06% 0.06% 0.06% 4/30/2015 5/31/2015 6/30/2015 7/31/2015 8/31/2015 9/30/2015 10/31/2015 11/30/2015 12/31/2015 1/31/2016 2/29/2016 3/31/2016 4/30/2016 5/31/2016 6/30/2016 7/31/2016 8/31/2016 9/30/2016 10/31/2016 11/30/2016 12/31/2016 1/31/2017 0.22% 0.22% 0.23% 0.24% 0.25% 0.26% 0.26% 0.27% 0.41% 0.49% 0.53% 0.55% 0.55% 0.56% 0.57% 0.55% 0.57% 0.63% 0.71% 0.73% 0.87% 0.91% 0.10% 0.10% 0.10% 0.11% 0.12% 0.12% 0.12% 0.15% 0.28% 0.34% 0.37% 0.39% 0.39% 0.39% 0.43% 0.41% 0.41% 0.42% 0.42% 0.44% 0.56% 0.60% 0.12% 0.13% 0.10% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.08% 0.33% 0.41% 0.42% 0.46% 0.47% 0.60% 0.81% 0.69% 0.62% 0.77% 0.72% Page |6 Trend in Prime MMF Weighted Average 7-Day Gross and Net Yield, and Expense Ratio 7-Day Yield, Annualized Wtd Avg Gross Prime Wtd Avg Prime Expense Ratio Wtd Avg Net Prime 1.00% 0.90% 0.80% 0.70% 0.60% 0.50% 0.40% 0.30% 0.20% 0.10% 0.00% 1/31/2015 2/28/2015 3/31/2015 Wtd Avg Gross Prime 0.21% 0.21% 0.22% Wtd Avg Prime Expense Ratio 0.15% 0.15% 0.16% Wtd Avg Net Prime 0.05% 0.06% 0.06% 4/30/2015 5/31/2015 6/30/2015 7/31/2015 8/31/2015 9/30/2015 10/31/2015 11/30/2015 12/31/2015 1/31/2016 2/29/2016 3/31/2016 4/30/2016 5/31/2016 6/30/2016 7/31/2016 8/31/2016 9/30/2016 10/31/2016 11/30/2016 12/31/2016 1/31/2017 0.22% 0.22% 0.23% 0.24% 0.25% 0.26% 0.26% 0.27% 0.41% 0.49% 0.53% 0.55% 0.55% 0.56% 0.57% 0.55% 0.57% 0.63% 0.71% 0.73% 0.87% 0.91% 0.16% 0.16% 0.16% 0.16% 0.17% 0.17% 0.16% 0.17% 0.19% 0.20% 0.21% 0.21% 0.21% 0.22% 0.22% 0.21% 0.22% 0.23% 0.24% 0.23% 0.25% 0.24% 0.06% 0.07% 0.07% 0.08% 0.08% 0.09% 0.09% 0.11% 0.22% 0.29% 0.32% 0.34% 0.34% 0.34% 0.36% 0.34% 0.35% 0.40% 0.48% 0.49% 0.62% 0.67% Page |7 Trend in WAL, Weighted by Fund Assets, by Type of Fund Prime Funds Govt & Treas Funds Tax Exempt Funds 120 100 Days 80 60 40 20 0 1/31/2015 2/28/2015 3/31/2015 4/30/2015 5/31/2015 6/30/2015 7/31/2015 8/31/2015 9/30/2015 10/31/2015 11/30/2015 12/31/2015 1/31/2016 2/29/2016 3/31/2016 4/30/2016 5/31/2016 6/30/2016 7/31/2016 8/31/2016 9/30/2016 10/31/2016 11/30/2016 12/31/2016 1/31/2017 Prime Funds 77.8 77.5 77.5 76.3 74.4 72.9 72.6 67.7 67.0 70.1 66.7 57.6 60.0 58.5 55.5 51.7 46.8 45.1 39.8 36.5 42.9 58.7 62.3 61.5 60.4 (Days) Govt & Treas Funds 79.7 80.1 81.9 82.2 78.2 75.4 76.8 78.4 82.8 88.8 84.5 85.2 88.9 92.6 95.5 95.1 95.0 99.2 98.8 98.2 94.6 94.5 94.6 96.1 96.2 Tax Exempt Funds 34.0 32.4 32.1 30.8 28.3 33.6 34.3 33.6 34.0 34.3 31.7 29.4 28.1 26.4 27.4 23.4 21.1 25.3 26.7 29.0 27.5 25.9 27.2 28.5 26.9 Page |8 Trend in WAM, Weighted by Fund Assets, by Type of Fund Days Govt & Treas Funds Prime Funds Tax Exempt Funds 50 45 40 35 30 25 20 15 10 5 0 1/31/2015 2/28/2015 3/31/2015 4/30/2015 5/31/2015 6/30/2015 7/31/2015 8/31/2015 9/30/2015 10/31/2015 11/30/2015 12/31/2015 1/31/2016 2/29/2016 3/31/2016 4/30/2016 5/31/2016 6/30/2016 7/31/2016 8/31/2016 9/30/2016 10/31/2016 11/30/2016 12/31/2016 1/31/2017 Prime Funds 43.5 43.4 41.6 39.6 38.5 36.8 36.6 32.3 32.0 35.8 32.8 30.6 34.5 35.2 35.1 33.4 30.5 29.0 24.8 21.8 25.8 35.2 34.6 31.3 30.8 (Days) Govt & Treas Funds 43.7 42.9 44.2 42.8 40.9 39.5 40.6 38.6 38.0 40.4 38.3 40.3 39.4 41.5 41.9 40.8 39.0 40.7 40.5 41.2 42.2 43.1 43.3 45.6 43.5 Tax Exempt Funds 33.0 31.1 30.6 29.1 26.7 31.6 32.2 31.2 31.8 32.1 29.2 27.4 26.1 23.8 23.4 21.2 18.4 23.3 24.9 26.6 24.9 23.7 24.9 26.4 24.5 Page |9 Trend in Daily and Weekly Liquidity of Prime Money Market Funds Percent Total Prime Security Value Total Weekly Liquidity Total Daily Liquidity 75% 65% 55% 45% 35% 25% 15% 1/31/2015 2/28/2015 3/31/2015 4/30/2015 5/31/2015 6/30/2015 7/31/2015 8/31/2015 9/30/2015 10/31/2015 11/30/2015 12/31/2015 1/31/2016 2/29/2016 3/31/2016 4/30/2016 5/31/2016 6/30/2016 7/31/2016 8/31/2016 9/30/2016 10/31/2016 11/30/2016 12/31/2016 1/31/2017 Total Daily Liquidity 25.7% 26.0% 25.1% 24.6% 25.7% 26.2% 26.4% 27.7% 24.3% 27.5% 30.1% 32.3% 27.9% 30.7% 31.0% 32.5% 32.5% 30.5% 34.6% 38.6% 43.0% 36.4% 32.1% 35.6% 33.6% Total Weekly Liquidity 40.3% 39.6% 38.8% 39.8% 39.8% 41.0% 39.9% 41.5% 42.2% 41.7% 43.0% 45.3% 42.6% 42.9% 44.7% 45.7% 47.9% 48.8% 53.6% 62.2% 63.0% 52.5% 51.1% 51.2% 50.0% P a g e | 10 Millions Prime MMF Holdings of Bank Related Securities, by Country, January 2017 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 Country Canada US France Japan Sweden Aust/NZ Germany UK Netherlands Switzerland Belgium Norway Singapore Other China Spain Grand Total Prime MMF (Millions) $64,246 $58,027 $55,054 $43,610 $38,868 $33,000 $25,345 $24,091 $16,778 $11,769 $8,915 $7,928 $6,610 $3,269 $2,425 $1,005 $400,943 SEC staff had to make judgments in some limited cases as to whether certain securities held in prime money market funds were issued by a specific bank. The banks were then grouped by country based on location of their global headquarters. In general, the calculations include Asset Backed CP sponsored by a bank and all repos with that bank as counterparty. If identifiable with a specific bank, money market tranches of ABS are included in the calculation. Securities guaranteed, but not issued by, bank-related entities are not included. P a g e | 11 Change in Prime MMF Bank Related Securities, by Country, December 2016 to January 2017 Millions $20,000 $15,000 $10,000 $5,000 $-$5,000 -$10,000 Country Sweden France UK Belgium Germany Netherlands Norway Switzerland Other China Spain Singapore US Japan Aust/NZ Canada Change (Millions) $15,471 $13,405 $10,511 $5,966 $5,477 $4,428 $3,152 $482 $261 $236 $187 $157 -$477 -$1,153 -$1,540 -$6,326 SEC staff had to make judgments in some limited cases as to whether certain securities held in prime money market funds were issued by a specific bank. The banks were then grouped by country based on location of their global headquarters. In general, the calculations include Asset Backed CP sponsored by a bank and all repos with that bank as counterparty. If identifiable with a specific bank, money market tranches of ABS are included in the calculation. Securities guaranteed, but not issued by, bank-related entities are not included. P a g e | 12 Trend in Prime MMF Holdings of Bank Related Securities by Major Region Millions Europe Eurozone Americas Asia_Pacific $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 1/31/2015 2/28/2015 3/31/2015 4/30/2015 5/31/2015 6/30/2015 7/31/2015 8/31/2015 9/30/2015 10/31/2015 11/30/2015 12/31/2015 1/31/2016 2/29/2016 3/31/2016 4/30/2016 5/31/2016 6/30/2016 7/31/2016 8/31/2016 9/30/2016 10/31/2016 11/30/2016 12/31/2016 1/31/2017 Europe $626,255 $626,683 $468,103 $586,490 $598,836 $436,893 $597,194 $607,487 $425,643 $586,639 $549,831 $339,225 $564,923 $584,937 $454,696 $571,371 $545,708 $391,986 $478,183 $414,665 $218,682 $189,513 $189,359 $132,221 $191,920 (Millions) Eurozone $315,503 $315,451 $248,768 $286,551 $287,718 $219,682 $300,041 $306,772 $226,840 $302,055 $284,337 $186,618 $291,871 $304,889 $242,342 $297,202 $281,622 $202,039 $256,238 $227,798 $110,519 $102,615 $108,089 $78,415 $107,601 Americas $407,167 $404,817 $405,484 $404,892 $405,107 $410,292 $429,735 $428,203 $392,801 $377,774 $390,909 $373,179 $361,687 $374,941 $343,981 $312,756 $292,670 $282,694 $241,710 $201,494 $154,312 $112,168 $113,771 $129,778 $122,868 Asia Pacific $303,528 $312,152 $301,992 $290,789 $298,475 $307,195 $297,824 $288,633 $279,030 $294,191 $285,591 $279,261 $272,201 $262,077 $257,902 $255,496 $250,898 $241,802 $219,437 $161,803 $98,569 $84,255 $80,532 $88,706 $86,155 Euro-zone is a subset of Europe and Euro-zone values are also included in totals for Europe. SEC staff had to make judgments in some limited cases as to whether certain securities held in prime money market funds were issued by a specific bank. The banks were then grouped by country based on location of their global headquarters. In general, the calculations include Asset Backed CP sponsored by a bank and all repos with that bank as counterparty. If identifiable with a specific bank, money market tranches of ABS are included in the calculation. Securities guaranteed, but not issued by, bank-related entities are not included. P a g e | 13 Trend in Prime MMF Portfolio Composition Millions CD Govt (Direct & Repo) ABCP Non-Financial CP and Other Short Term Securities Financial Co. CP $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 1/31/2015 2/28/2015 3/31/2015 4/30/2015 5/31/2015 6/30/2015 7/31/2015 8/31/2015 9/30/2015 10/31/2015 11/30/2015 12/31/2015 1/31/2016 2/29/2016 3/31/2016 4/30/2016* 5/31/2016 6/30/2016 7/31/2016 8/31/2016 9/30/2016 10/31/2016 11/30/2016 12/31/2016 1/31/2017 CD $611,275 $610,002 $565,628 $564,264 $576,506 $540,883 $572,594 $573,424 $518,770 $536,390 $508,976 $448,039 $502,491 $509,330 $470,149 $633,856 $610,881 $493,649 $528,712 $458,565 $260,280 $212,463 $211,101 $191,495 $232,349 Non-Financial CP and Other Short Term Securities $425,141 $445,535 $338,371 $439,606 $452,667 $357,401 $459,559 $461,532 $318,150 $423,476 $408,991 $284,518 $393,273 $413,816 $301,876 $214,119 $211,359 $188,373 $177,183 $159,002 $129,102 $106,548 $112,738 $104,516 $104,006 (Millions) Govt (Direct & Repo) $371,869 $356,369 $495,605 $350,540 $344,860 $451,851 $338,105 $366,240 $567,599 $482,490 $475,131 $511,341 $338,219 $338,413 $409,466 $296,958 $283,012 $315,884 $276,786 $220,096 $222,935 $125,909 $125,233 $138,081 $105,944 Financial Co. CP $264,084 $269,795 $241,224 $258,376 $259,069 $244,854 $261,556 $252,335 $231,523 $244,734 $232,774 $212,028 $233,403 $229,720 $223,813 $228,874 $219,174 $191,981 $179,301 $141,475 $86,118 $86,686 $86,079 $78,677 $86,938 ABCP $98,207 $93,218 $96,541 $90,277 $91,551 $92,747 $95,776 $99,382 $98,308 $97,867 $98,101 $100,001 $97,175 $99,442 $99,407 $93,903 $88,388 $82,300 $70,826 $50,509 $32,234 $31,214 $32,613 $32,515 $31,280 Total Market Value $1,770,575 $1,774,919 $1,737,369 $1,703,063 $1,724,653 $1,687,736 $1,727,591 $1,752,914 $1,734,350 $1,784,957 $1,723,973 $1,555,928 $1,564,562 $1,590,720 $1,504,711 $1,467,709 $1,412,814 $1,272,187 $1,232,809 $1,029,647 $730,669 $562,821 $567,763 $545,285 $560,516 *Revisions to Form N-MFP, effective for April 2016, made certain changes to the classification of portfolio securities; the staff grouped data reported under the new classifications into the summary categories contained in these charts. Because of the classification changes, however, the types of securities included in the categories beginning in April 2016 may differ somewhat from prior periods. P a g e | 14 Proportion of Non-Government Securities in all Taxable Funds, Security Value 60% 50% 40% 30% 20% 10% 0% 1/31/2015 2/28/2015 3/31/2015 4/30/2015 5/31/2015 6/30/2015 7/31/2015 8/31/2015 9/30/2015 10/31/2015 11/30/2015 12/31/2015 1/31/2016 2/29/2016 3/31/2016 4/30/2016 5/31/2016 6/30/2016 7/31/2016 8/31/2016 9/30/2016 10/31/2016 11/30/2016 12/31/2016 1/31/2017 Proportion of Non-Government Securities in all Taxable Funds, Security Value 50.5% 51.5% 45.3% 50.7% 51.4% 45.9% 50.8% 49.8% 42.4% 46.3% 44.3% 37.4% 44.0% 43.5% 39.0% 42.3% 40.5% 34.9% 34.6% 28.5% 18.7% 16.2% 15.8% 15.0% 16.8% P a g e | 15 All MMF Repo with Federal Reserve Billions $450 $400 $350 $300 $250 $200 $150 $100 $50 $0 1/31/2015 2/28/2015 3/31/2015 4/30/2015 5/31/2015 6/30/2015 7/31/2015 8/31/2015 9/30/2015 10/31/2015 11/30/2015 12/31/2015 1/31/2016 2/29/2016 3/31/2016 4/30/2016 5/31/2016 6/30/2016 7/31/2016 8/31/2016 9/30/2016 10/31/2016 11/30/2016 12/31/2016 1/31/2017 All MMF Total Federal Reserve Repo (Billions) $173.2 $184.4 $345.3 $121.2 $148.6 $372.2 $129.4 $143.9 $414.4 $188.4 $133.9 $424.0 $104.0 $79.4 $267.7 $60.0 $90.9 $242.8 $84.8 $149.9 $384.3 $198.1 $177.3 $403.4 $165.2 P a g e | 16 Trend in Longer-Maturity Securities in Prime MMFs Percent of Total Security Value Maturities 60 days and over Maturities 180 days and over 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 1/31/2015 2/28/2015 3/31/2015 4/30/2015 5/31/2015 6/30/2015 7/31/2015 8/31/2015 9/30/2015 10/31/2015 11/30/2015 12/31/2015 1/31/2016 2/29/2016 3/31/2016 4/30/2016 5/31/2016 6/30/2016 7/31/2016 8/31/2016 9/30/2016 10/31/2016 11/30/2016 12/31/2016 1/31/2017 Maturities 60 days and over 42.4% 44.0% 44.0% 42.2% 40.7% 41.7% 41.4% 36.9% 38.3% 42.6% 40.9% 35.4% 37.3% 37.6% 37.2% 32.4% 28.8% 26.0% 21.1% 20.9% 24.9% 38.3% 38.2% 37.4% 38.1% Maturities 180 days and over 11.6% 11.6% 11.4% 11.2% 10.0% 10.6% 10.9% 9.6% 8.8% 8.6% 7.5% 5.2% 5.2% 4.7% 4.6% 4.5% 3.5% 3.6% 3.5% 3.0% 3.6% 6.2% 6.2% 6.9% 6.9% P a g e | 17 If you have any questions or comments about Money Market Fund Statistics, please contact Sharon Pichler and Isaac Kuznits, in the Risk and Examinations Office (REO) of the Division of Investment Management, at Form-NMFP@sec.gov. --- Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/agency%3Asec%3A282bae81ef5fae74. Public record. Not legal advice.