Charles Schwab Investment Management, Inc. announced today that it will
begin posting the per-share market value for all of its domestic taxable
and tax-free money market funds on a daily basis, beginning later this
Marie Chandoha, President of Charles Schwab Investment Management. (Photo: Business Wire)
"As one of the largest retail providers of money market funds, we are
committed to providing transparency that helps fund shareholders
understand their investments," said Marie Chandoha, president, Charles
Schwab Investment Management. "While our decision to institute daily
reporting of per-share market value was not prompted by a significant
number of requests from our clients, we believe this more frequent
reporting can serve as an indicator of the stability of our money market
products for investors looking for near real-time information."
Chandoha continued, "We also believe it is incumbent upon us to give our
clients this information with the context to help them know what it
means and how it can be used, and will be developing education materials
that explain in straightforward language why these numbers are being
disclosed daily, how investors can read and use the data, and why
greater transparency benefits investors."
Schwab's money market funds are designed for both short-term investment
and longer-term cash investing needs. The funds invest exclusively in
U.S. dollar-denominated, high-quality, short-term instruments, including
but not limited to securities issued by the federal government,
corporations, municipalities, and banks.
The daily disclosure of per-share market values will not impact how
Schwab's money market funds are managed, nor will it change the funds'
objective to maintain $1.00 stable Net Asset Values (NAVs).
Schwab is the fifth largest manager of money funds in the nation.1
For more information about Schwab Money Market Funds, visit http://www.schwab.com/public/schwab/investing/accounts_products/investment/cds_money_markets/money_market_funds
or call 1-800-435-4000.
About Charles Schwab Investment Management
Founded in 1989, Charles Schwab Investment Management, Inc. (CSIM), a
subsidiary of The Charles Schwab Corporation, is one of the nation's
largest asset management companies with $219.3 billion in assets under
management as of December 31, 2012. It is among the country's largest
money market fund managers and is the third-largest provider of retail
index funds.2 In addition to managing Schwab's proprietary
funds, CSIM provides oversight for the institutional-style, sub-advised
Laudus Fund family. CSIM currently manages 76 mutual funds in addition
to two separate account model portfolios, and 15 ETFs.
About Charles Schwab
The Charles Schwab Corporation (NYSE:SCHW) is a leading provider of
financial services, with more than 300 offices and 8.7 million active
brokerage accounts, 1.6 million corporate retirement plan participants,
857,000 banking accounts, and $1.92 trillion in client assets. The
company was ranked 'Highest in Investor Satisfaction With Self-Directed
Services' in the 2012 US Self-Directed Investor Satisfaction StudySM
from J.D Power and Associates. Through its operating subsidiaries, the
company provides a full range of securities brokerage, banking, money
management and financial advisory services to individual investors and
independent investment advisors. Its broker-dealer subsidiary, Charles
Schwab & Co., Inc. (member SIPC,
and affiliates offer a complete range of investment services and
products including an extensive selection of mutual funds; financial
planning and investment advice; retirement plan and equity compensation
plan services; compliance and trade monitoring solutions; referrals to
independent fee-based investment advisors; and custodial, operational
and trading support for independent, fee-based investment advisors
through its Advisor Services division. Its banking subsidiary, Charles
Schwab Bank (member FDIC and an Equal Housing Lender), provides trust
and custody services, banking and lending services and products.
Investment products offered by Charles Schwab & Co., Inc. are not
insured by the FDIC, are not deposits or obligations of Charles Schwab
Bank, and are subject to investment risk, including the possible loss of
principal invested. More information is available at www.schwab.com
The Charles Schwab Corporation provides services to retirement and other
benefit plans and participants through its separate but affiliated
companies and subsidiaries: Charles Schwab Bank; Charles Schwab & Co.,
Inc.; Charles Schwab Investment Management, Inc.; Schwab Retirement Plan
Services, Inc; Schwab Retirement Plan Services Company; and Windhaven
Investment Management Inc. Trust and custody products and service are
offered by Charles Schwab Bank. Brokerage products and services are
offered by Charles Schwab & Co., Inc. (Member SIPC).
Schwab Retirement Plan Services, Inc. and Schwab Retirement Plan
Services Company provide recordkeeping and related services with respect
to retirement plans. Charles Schwab Investment Management, Inc. and
Windhaven Investment Management, Inc. are both registered with the
Securities and Exchange Commission.
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An investment in a money market fund is not insured or guaranteed by
the Federal Deposit Insurance Corporation or any other government
agency. Although money market mutual funds seek to preserve the value of
your investment at $1.00 per share, it is possible to lose money by
investing in such funds.
Investors should carefully consider information contained in the
prospectus, including investment objectives, risks, charges, and
expenses. Please read the prospectus carefully before investing.
You can request a prospectus by calling 800-435-4000.
Charles Schwab Investment Management, Inc. ('CSIM'), the investment
adviser for Schwab's proprietary funds, and Charles Schwab & Co., Inc.
('Schwab'), the distributor for Schwab Funds, are separate but
affiliated companies and subsidiaries of The Charles Schwab Corporation.
1 Crane Data LLC, December 31, 2012
2 Strategic Insight, November 2012
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Alison Wertheim, 415-667-0475
David Neibart, 718-875-4198