Back-to-Back: Schwab California Tax-Free Bond Fund Honored as Best in Category for Second Consecutive Year
Public Company Information:
SAN FRANCISCO--(BUSINESS WIRE)--Charles Schwab Investment Management, Inc. (CSIM), the asset management arm of The Charles Schwab Corporation, a leading provider of bond and equity mutual funds, announced today that the Schwab California Tax-Free Bond Fund (SWCAX) was awarded “Best California Intermediate Municipal Debt Fund over Ten Years” out of 21 qualified funds, marking the second straight year Schwab’s bond fund has been recognized.
“Investors have experienced a challenging market cycle, and we are proud to once more be honored by The Lipper Fund Awards for consistent total return performance -- a testament of our income management team’s resolute focus on behalf of investors,” said Jeff Mortimer, Senior Vice President and Chief Investment Officer of CSIM. “We feel this award highlights Schwab’s fixed income expertise, demonstrates the strength of our investment process, and exemplifies our commitment to providing value to our shareholders.”
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 of three to ten years.
Lipper, Inc., a subsidiary of Reuters, is a global mutual fund research company. The Lipper Fund Awards program highlights funds that have excelled in delivering consistently strong total return performance, relative to peers. Lipper designates award-winning funds in most individual classifications for the three-, five-, and ten-year periods. Open-end funds, closed-end funds and variable insurance products are considered for awards.
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.
Jeff Mortimer is Senior Vice President and Chief Investment Officer—Charles Schwab Investment Management, Inc. (CSIM). Jeff has overall responsibility for Schwab Funds and managed accounts. He joined CSIM in October 1997.Prior to joining CSIM, Jeff was Chief Investment Officer at Higgins Associates, Inc. Prior to joining Higgins, he was employed by Gannett, Welsh & Kotler, a money management firm in Boston. Jeff has over 15 years experience in asset allocation analysis and mutual fund selection. Jeff earned an MBA degree, with an emphasis in finance, from the University of Chicago Graduate School of Business, in 1992; and a BS degree from Babson College, in 1986. He is a Chartered Financial Analyst (CFA) and a member of the Security Analyst Society of San Francisco.
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 Charles Schwab Investment Management, Inc (CSIM). He 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, John was an associate in Schwab’s management training program. John received a B.A. in Finance and a Minor in Economics from Morehouse College. John is a member of the Association for Investment Management and Research, the California Society of Municipal Analyst and the Security Analysts of San Francisco. John also holds the CFA (Certified Financial Analyst) designation.
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 approximately $204 billion in assets under management as of December 31, 2009. 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 Funds, CSIM is investment adviser for the institutional-style, sub-advised Laudus Fund family. CSIM currently manages 81 mutual funds, including 33 actively-managed funds, in addition to six ETFs 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 7.8 million client brokerage accounts, 1.5 million corporate retirement plan participants, 753,000 banking accounts, and $1.4 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. Named "Highest in Investor Satisfaction with Self-Directed Services" by J.D. Power and Associates in 2009, 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 its 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. (0310-1849)