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Fund Times

Schwab YieldPlus Goes From Hero to Zero

Schwab also cuts fund fees; two prominent managers get set to launch a fund.

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Schwab plans to liquidate  Schwab YieldPlus (SWYSX) as part of an ongoing effort to clean up its fixed-income lineup.

YieldPlus, once the largest fund in the ultrashort-bond category, will liquidate before the end of August. In mid-2007, the fund had more than $12 billion in assets and had been a top performer for several consecutive years. At the time, Schwab touted the fund as a higher-yielding alternative to cash.

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Ryan Leggio does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.