SCHWAB INTRODUCES NEW MUTUAL FUND
SCHWAB INTRODUCES NEW MUTUAL FUND SAN FRANCISCO, Nov. 7 -- The Charles Schwab Corp. (NYSE: SCH)
today announced the introduction of its first bond mutual fund to its Charles Schwab group of funds. The Schwab U.S. Government Bond Fund (Short/Intermediate Term), combines the flexibility of short term bonds with the higher yield advantages of intermediate maturities - without as much interest rate risk as longer term bonds. Charles Schwab Investment Management, Inc. now acts as investment manager and distributor for six mutual funds.
"I am pleased to add this fund to the Charles Schwab group of funds," stated Charles R. Schwab, Chairman of The Charles Schwab Corp. "I've watched short term interest rates fall from 7 percent to 5 percent over the past year, bringing them to their lowest level since January 1975. Our new bond fund provides clients with the opportunity of achieving yields that are higher than current short- term rates together with the safety that comes with investing in high quality U.S. Government securities. Also, by combining short and intermediate term maturities in one fund, we've provided an efficient way to seek increased yields with minimal price fluctuations." "Like the other Schwab group of funds, there are no transaction fees," he confirmed. "These funds are designed to complement the funds available in our Mutual Fund Marketplace( where investors can buy and sell over 500 no-load and low-load funds and pay a modest transaction fee." In April of this year, the Schwab group of funds began offering its first equity fund, The Schwab 1000 Fund, an indexed portfolio that invests in approximately the 1,000 largest (by market capitalization) publicly-traded U.S. stocks. The Fund has already attracted over $153 million in client assets. The Charles Schwab Family of Funds offer four money market funds which include the Schwab Money Market Fund, Schwab Government Securities Fund, Schwab Tax-Exempt Fund and the Schwab California Tax- Free Money Fund. The uninvested cash in a client's brokerage account can be automatically swept into the fund of their choice. Over $8 billion in client assets are invested in these funds. For more information about any of Schwab's funds, send for a prospectus from Schwab. Read it carefully before you invest. The Charles Schwab Corp., through its operating subsidiary Charles Schwab & Co., Inc., is one of the nation's largest discount brokerages with 150 offices in 44 states. -0- 11/7/91 /CONTACT: Tom Taggart of the Charles Schwab Corp., 415-627-8947/ (SCH) CO: Charles Schwab Corp. ST: California IN: FIN SU: PDT RM -- SF005 -- 2447 11/07/91 18:03 EST
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|Date:||Nov 7, 1991|
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