Wednesday, September 30, 2009

Schwab congratulates itself

From the semi-annual report by Schwab money market funds---

"Despite the economic backdrop, Schwab's money funds provided shareholders with safety and liquidity and maintained a stable $1 Net Asset Value during the period. The funds also maintained a positive net yield. However, a low interest rate environment both for taxable and tax-free investments, as well as continued demand for government securities has translated into relatively low yields."
Randell W. Mark, President and CEO of Schwab Investment Management.

So congratulations, you didn't "break the buck" and you paid 0.01% on both taxable and tax free money market funds, the lowest in the industry, while having one of the highest expense ratios in the business. Thanks Chuck.

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