On January 11, 2011, the SEC instituted settled administrative and cease-and-desist proceedings against Charles Schwab Investment Management ("CSIM"), Charles Schwab & Co., Inc. ("CS&Co."), and Schwab Investments. According to the SEC: "These proceedings arise out of the offer, sale, and management of the Schwab YieldPlus Fund (the 'Fund' or 'YieldPlus Fund'), a fixed-income mutual fund managed by Charles Schwab Investment Management and marketed and distributed by Charles Schwab & Co., Inc., which suffered a significant decline during the credit crisis of 2007-2008. Respondents: (1) offered and sold the Fund as a cash alternative without adequately disclosing the differences between the Fund and the cash investments with which it was compared, which misled investors; (2) deviated from the Fund's concentration policy when it invested more than 25% of Fund assets in non-agency mortgage-backed securities without obtaining a shareholder vote as required by statute; (3) made inaccurate statements concerning the Fund while its NAV declined; and (4) failed to establish and implement internal controls reasonably designed to prevent the misuse of material nonpublic information."