Schwab Fund Wins 2011 Lipper Award for Consistent Performance for Third Year in a Row
Three-Peat Winner: Schwab California Tax-Free Bond Fund Honored as Best in Category
Public Company Information:
SAN FRANCISCO--(BUSINESS WIRE)--Charles Schwab Investment Management, Inc. (CSIM), the asset management arm of The Charles Schwab Corporation, announced today that the Schwab California Tax-Free Bond Fund (SWCAX) was awarded “Best California Intermediate Municipal Debt Fund over Ten Years” by The Lipper Fund Awards out of 19 qualified funds, for the third year in a row.
“It is truly an honor to be recognized a third time by The Lipper Fund Awards for our consistent performance,” said Marie Chandoha, President and Chief Executive Officer of CSIM, which oversees more than $200 billion in assets under management. “We are thrilled that Lipper continues to applaud Schwab’s fixed income expertise and investment process, and the value we strive to provide to our investors.”
Launched in 1992, the Schwab California Tax-Free Bond Fund seeks high current income exempt from federal and California personal income tax and federal alternative minimum tax (AMT), consistent with capital preservation. It invests primarily in investment-grade municipal securities from California issuers, with an average maturity in its portfolio of between three to ten years.
Lipper, a Thomson Reuters company, is a global mutual fund research company. The Lipper Fund Awards program highlights funds that have excelled in delivering consistently strong risk-adjusted performance, relative to peers. Lipper uses its proprietary fund rating methodology to designate award-winning funds in most individual classifications for the three-, five-, and ten-year periods.
Past performance is no guarantee of future results. Investment value will fluctuate, and shares when redeemed, may be worth more or less than original cost.
Before investing, please read carefully and consider information contained in the prospectus, including investment objectives, risks, charges and expenses. Request a prospectus at schwabfunds.com or by calling 1-877-824-5615.
Marie A. Chandoha leads the portfolio management group as President and Chief Executive Officer of CSIM. Prior to joining Schwab in 2010, Marie was the global head of the fixed income business at BlackRock, formerly Barclays Global Investors. Before joining BGI in 2007, she was co-head and senior portfolio manager in charge of the Montgomery fixed income division at Wells Capital, a senior bond strategist at Goldman Sachs, and managing director responsible for the global fixed income research and economics department at Credit Suisse First Boston. Previously, Marie was a mortgage securities research analyst at Morgan Stanley and an economist at the Federal Reserve Bank of New York. She earned a Bachelor of Arts degree in economics from Harvard University.
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, he was 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 Bachelor of Arts degree from the University of California at San Diego and has been a Chartered Financial Analyst since 1997.
John Shelton is a Portfolio Manager with CSIM and has day-to-day responsibility for the management of the Schwab Municipal Money and Municipal Bond Funds. John joined the Municipal Portfolio Management team in August of 2000. Prior to joining the Portfolio Management Team, he was an associate in Schwab’s management training program. John is a member of the CFA Institute, the California Society of Municipal Analysts and the Security Analysts of San Francisco. He received his B.A. in Finance and a Minor in Economics from Morehouse College, and also holds the CFA (Certified Financial Analyst) designation.
About The Lipper Fund Awards
The Lipper Fund Awards are part of the Thomson Reuters Awards for Excellence, a global family of awards that celebrate exceptional performance throughout the professional investment community. The Thomson Reuters Awards for Excellence recognize the world's top funds, fund management firms, sell-side firms, research analysts, and investor relations teams. The Thomson Reuters Awards for Excellence also include the Extel Survey Awards, the StarMine Analyst Awards, and the StarMine Broker Rankings. For more information, please contact email@example.com or visit excellence.thomsonreuters.com.
About Charles Schwab Investment Management
Founded in 1989, Charles Schwab Investment Management, Inc., a subsidiary of The Charles Schwab Corporation, is one of the nation's largest asset management companies with $200 billion in assets under management as of December 31, 2010. It is among the country's largest money market fund managers and is the third-largest provider of retail index funds. In addition to managing Schwab ETFs™ and Schwab Funds®, CSIM is investment adviser for the institutional-style, sub-advised Laudus Fund family. CSIM currently manages 73 mutual funds, 13 exchange traded funds, and four separate account model portfolios.
About Charles Schwab
The Charles Schwab Corporation (NYSE:SCHW) is a leading provider of financial services, with more than 300 offices and 8.0 million client brokerage accounts, 1.4 million corporate retirement plan participants, 710,000 banking accounts, and $1.6 trillion in client assets. 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, www.sipc.org), 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; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through Schwab Advisor Services. Its banking subsidiary, Charles Schwab Bank (member FDIC and an Equal Housing Lender), provides banking and mortgage services and products. More information is available at www.schwab.com and www.aboutschwab.com. (0311-2104)