Charles Schwab has added two new funds to its short-term lineup. The Tax-Free YieldPlus Fund and the California Tax-Free YieldPlus Funds will invest at least 80 percent of holdings in municipal securities or municipal securities issued from California, respectively.

"For the tax-aware investor, the Schwab Tax-Free YieldPlus and California Tax-Free YieldPlus funds provide an opportunity to bridge the gap between existing money market and longer-duration tax-free funds," stated Evelyn Dilsaver, president and CEO of Charles Schwab Investment Management (CSIM).

CSIM managers Kim Daifotis and Joanne Larkin will co-manage the fund. 

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