Schwab announces participation in Treasury's Temporary Money Market Fund Guaranty Program
Schwab announces participation in Treasury's Temporary Money Market Fund Guaranty Program says a posting on the company's website. (Look to the right under "Special Money Funds Updates".) Schwab says, "The U.S. Department of the Treasury established the Temporary Guarantee Program for Money Market Funds. Under the Program, the Treasury guarantees the share price of a participating fund's shares outstanding as of September 19, 2008 at $1.00 per share if the fund's net assets value (NAV) falls below $0.995. Shareholders of record during a Guarantee Event who also held shares in the fund on September 19, 2008 may be eligible to receive a payment from the Treasury upon liquidation of the fund. On March 31, 2009, the Treasury announced an extension of the Program for the period from May 1 through September 18, 2009. All Schwab money funds, with the exception of the Schwab U.S. Treasury Money Fund (SWUXX) and the Schwab Government Money Fund (SWGXX), intend to participate in the extension of the program."
