THE CHARLES SCHWAB FAMILY OF FUNDS
Schwab U.S. Treasury Money Fund
(the “fund”)

Supplement dated November 22, 2011 to the
Prospectus dated April 30, 2011

Currently, the investment adviser and its affiliates may waive or reimburse fund fees and expenses in order to maintain a positive net yield for the fund. The investment adviser, based on its view of market conditions for U.S. Treasury securities, may in the future, but not sooner than December 22, 2011, waive or reimburse fund fees and expenses to maintain a non-negative net yield for the fund, with the result being that the fund may have a zero net yield. Accordingly, the following changes are made to the Prospectus:

1.     The “Fund fees and expenses” Section on Page 8 is deleted and replaced in its entirety with the following:

Fund fees and expenses

This table describes the fees and expenses you may pay if you buy and hold shares of the fund.

Shareholder fees (fees paid directly from your investment)
	None
Annual fund operating expenses (expenses that you pay each year as a % of the value of your investment)
Management fees	0.31
Distribution (12b-1) fees	None
Other expenses	0.41
Total annual fund operating expenses	0.72
Less expense reduction	(0.12	)
Total annual fund operating expenses after expense reduction1	0.60

¹  The investment adviser and its affiliates have agreed to limit the total annual fund operating expenses (excluding interest, taxes and certain non-routine expenses) of the fund to 0.60% for so long as the investment adviser serves as the adviser to the fund. This agreement may only be amended or terminated with the approval of the fund’s Board of Trustees. “Non-routine expenses” that are not subject to the foregoing contractual operating expense limitation include, but are not limited to, any reimbursement payments made by the fund to the investment adviser and/or its affiliates of fund fees and expenses that were previously waived or reimbursed by the investment adviser and/or its affiliates in order to maintain a non-negative net yield for the fund.

2.      The third and fourth sentences of the third paragraph of the “Fund management” Section on Page 20 are deleted and replaced in their entirety with the following:

In addition to any contractual expense limitation for Schwab Money Market Fund, Schwab Government Money Fund and Schwab Cash Reserves, the investment adviser and/or its affiliates also may voluntarily waive and/or reimburse expenses in excess of their current fee waiver and reimbursement commitment to the extent necessary to maintain a positive net yield for each fund. In addition to any contractual expense limitation for Schwab U.S. Treasury Money Fund, the investment adviser and/or its affiliates also may voluntarily waive and/or reimburse expenses in excess of their current fee waiver and reimbursement commitment to the extent necessary to maintain a non-negative net yield for the fund.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

REG65141 - 00 (11/11) ^© 2011 All Rights Reserved

THE CHARLES SCHWAB FAMILY OF FUNDS

Schwab U.S. Treasury Money Fund
(the “fund”)

Supplement dated November 22, 2011 to the
Summary Prospectus dated April 30, 2011

Currently, the investment adviser and its affiliates may waive or reimburse fund fees and expenses in order to maintain a positive net yield for the fund. The investment adviser, based on its view of market conditions for U.S. Treasury securities, may in the future, but not sooner than December 22, 2011, waive or reimburse fund fees and expenses to maintain a non-negative net yield for the fund, with the result being that the fund may have a zero net yield. Accordingly, the following changes are made to the Summary Prospectus:

1.  The second paragraph on Page 1 is deleted and replaced in its entirety with the following:

The fund’s prospectus and SAI, each dated April 30, 2011, as supplemented November 22, 2011, include a more detailed discussion of fund investment policies and the risks associated with various fund investments. The prospectus and SAI are incorporated by reference into the summary prospectus, making them legally a part of the summary prospectus.

2.  The “Fund fees and expenses” Section on Page 1 is deleted and replaced in its entirety with the following:

Fund fees and expenses

This table describes the fees and expenses you may pay if you buy and hold shares of the fund.

Shareholder fees (fees paid directly from your investment)
	None
Annual fund operating expenses (expenses that you pay each year as a % of the value of your investment)
Management fees	0.31
Distribution (12b-1) fees	None
Other expenses	0.41
Total annual fund operating expenses	0.72
Less expense reduction	(0.12	)
Total annual fund operating expenses after expense reduction1	0.60

¹  The investment adviser and its affiliates have agreed to limit the total annual fund operating expenses (excluding interest, taxes and certain non-routine expenses) of the fund to 0.60% for so long as the investment adviser serves as the adviser to the fund. This agreement may only be amended or terminated with the approval of the fund’s Board of Trustees. “Non-routine expenses” that are not subject to the foregoing contractual operating expense limitation include, but are not limited to, any reimbursement payments made by the fund to the investment adviser and/or its affiliates of fund fees and expenses that were previously waived or reimbursed by the investment adviser and/or its affiliates in order to maintain a non-negative net yield for the fund.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

REG65150-00 (11/11) ^© 2011 All Rights Reserved

THE CHARLES SCHWAB FAMILY OF FUNDS
Schwab U.S. Treasury Money Fund
(the “fund”)

Supplement dated November 22, 2011 to the
Statement of Additional Information dated April 30, 2011

Currently, the investment adviser and its affiliates may waive or reimburse fund fees and expenses in order to maintain a positive net yield for the fund. The investment adviser, based on its view of market conditions for U.S. Treasury securities, may in the future, but not sooner than December 22, 2011, waive or reimburse fund fees and expenses to maintain a non-negative net yield for the fund, with the result being that the fund may have a zero net yield. Accordingly, the first sentence in of the seventh paragraph on Page 29 of the Statement of Additional Information is deleted and replaced in its entirety with the following:

In addition to any contractual expense limitation for Schwab Money Market Fund, Schwab Government Money Fund and Schwab Cash Reserves, the investment adviser and/or its affiliates also may voluntarily waive and/or reimburse expenses in excess of their current fee waiver and reimbursement commitment to the extent necessary to maintain a positive net yield for each fund. In addition to any contractual expense limitation for Schwab U.S. Treasury Money Fund, the investment adviser and/or its affiliates also may voluntarily waive and/or reimburse expenses in excess of their current fee waiver and reimbursement commitment to the extent necessary to maintain a non-negative net yield for the fund.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

REG65151-00 (11/11) ^© 2011 All Rights Reserved