Charles Schwab's mutual fund assets totaled $280 billion at the end of the first quarter, down from $283 billion at the end of the fourth quarter but up four percent from $268 billion at the same period last year.

Third-party OneSource mutual fund assets fell from $128 billion at the end of the fourth quarter to $122 billion at the first quarter, a drop of five percent.

Proprietary Schwab mutual fund assets, on the other hand, increased two percent quarter over quarter, from $155 billion at the end of the fourth quarter to $158 billion at the end of the first quarter.

Assets in Schwab's high-net worth U.S. Trust business dropped slightly quarter over quarter. Total client assets in U.S. Trust were $139 billion at the end of the first quarter, down from $141 billion at the end of the year. Client referrals from Schwab to U.S. Trust were 310 this quarter with $147 million in assets, compared to 280 last quarter.  

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