*Schwab reserves the right to act as principal on any fixed income transaction, public offering or securities transaction. When Schwab acts as principal, the bond price includes our transaction fee (outlined above) and may also include a markup that reflects the bid-ask spread and is not subject to a minimum or maximum. When trading as principal, Schwab may also be holding the security in its own account prior to selling it to you and, therefore, may make (or lose) money depending on whether the price of the security has risen or fallen while Schwab has held it. When Schwab acts as agent, a commission will be charged on the transaction.

Fixed income securities are subject to increased loss of principal during periods of rising interest rates.

Fixed-income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications and other factors.

Trading prices apply across all accounts except for certain foreign stock, large block, restricted stock transactions and special promotional offers. Costs related to trading on foreign exchanges can be found in disclosure 11 below. Please see our Pricing Guide for full details.