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Rating:Schwab Puts YieldPlus Down Not Rated 1.0 Email Routing List Email & Route  Print Print
Friday, June 24, 2011

Schwab Puts YieldPlus Down

Reported by Neil Anderson, Managing Editor

Fundsters may not be surprised by the latest mutual fund news coming out of Schwab [see profile]. On Wednesday the San Francisco-based brokerage giant filed to liquidate the now-infamous Schwab YieldPlus Fund, as well as the Tax-Free YieldPlus and the California Tax-Free YieldPlus funds, on August 22 or shortly thereafter [see filing].

Ryan Leggio reported on the news in Morningstar's Fund Times column.

YieldPlus holds $138.1 million, Tax-Free YieldPlus holds $17.9 million and California Tax-Free YieldPlus holds $47.4 million. Morningstar gives all three funds one star.

Thanks to its investments in various asset-backed and mortgage-backed securities, the once-popular YieldPlus fund fell from grace in 2007. Since then, Schwab has shelled out hundreds of millions of dollars in settlements with various regulators and fund shareholders. 

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