Schwab Funds® | Summary Prospectus March 18, 2011 |
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 | 0.29 | |
Distribution (12b-1) fees | None | |
Other expenses* | 0.03 | |
Total annual fund operating expenses | 0.32 | |
Less expense reduction** | (0.11) | |
Total annual fund operating expenses after expense reduction** | 0.21 | |
* | Restated to reflect current fees and expenses. |
** | 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 Institutional Prime Shares to 0.21% through 4/29/12. This agreement may only be amended or terminated with the approval of the funds 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 Institutional Prime Shares 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 positive net yield for the Institutional Prime Shares. |
1 year | 3 years | 5 years | 10 years | |||
$22
|
$80 | $157 | $384 |
| commercial paper, including asset-backed commercial paper | |
| promissory notes | |
| certificates of deposit and time deposits | |
| variable- and floating-rate debt securities | |
| bank notes | |
| repurchase agreements | |
| obligations that are issued by the U.S. government, its agencies or instrumentalities, including obligations that are not guaranteed by the U.S. Treasury, such as those issued by Fannie Mae and Freddie Mac (U.S. government securities) |
| Investment Risk. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. |
| Interest Rate Risk. Interest rates rise and fall over time. As with any investment whose yield reflects current interest rates, the funds yield will change over time. During periods when interest rates are low, the funds yield (and total return) also will be low. In addition, to the extent the Institutional Prime Shares make any reimbursement payments to the investment adviser and/or its affiliates, the Institutional Prime Sharess yield would be lower. |
| Credit Risk. The fund is subject to the risk that a decline in the credit quality of a portfolio investment could cause the fund to lose money or underperform. The fund could lose money if the issuer or guarantor of a portfolio investment fails to make timely principal or interest payments or otherwise honor its obligations. The negative perceptions of an issuers ability to make such payments could also cause the price of that investment to decline. The credit quality of the funds portfolio holdings can change rapidly in certain market environments and any default on the part of a single portfolio investment could cause the funds share price or yield to fall. The additional risks of foreign investments are due to reasons ranging from a lack of issuer information to the risk of political uncertainties. |
| Management Risk. Any actively managed mutual fund is subject to the risk that its investment adviser will make poor security selections. The funds investment adviser applies its own investment techniques and risk analyses in making investment decisions for the fund, but there can be no guarantee that they will produce the desired results. The investment advisers maturity decisions will also affect the funds yield, and in unusual circumstances potentially could affect its share price. To the extent that the investment adviser anticipates interest rate trends imprecisely, the funds yield at times could lag those of other money market funds. |
| Liquidity Risk. Liquidity risk exists when particular investments are difficult to purchase or sell. The market for certain investments may become illiquid due to specific adverse changes in the conditions of a particular issuer or under adverse market or economic conditions independent of the issuer. The funds investments in illiquid securities may reduce the returns of the fund because it may be unable to sell the illiquid securities at an advantageous time or price. Further, transactions in illiquid securities may entail transaction costs that are higher than those for transactions in liquid securities. |
| Redemption Risk. The fund may experience periods of heavy redemptions that could cause the fund to liquidate its assets at inopportune times or at a loss or depressed value, particularly during periods of declining or illiquid markets. Redemptions by a few large investors in the fund may have a significant adverse effect on the funds ability to maintain a stable $1.00 share price. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the fund, could face a market-wide risk of increased redemption pressures, potentially jeopardizing the stability of their $1.00 share prices. |
| Money Market Risk. The fund is not designed to offer capital appreciation. In exchange for their emphasis on stability and liquidity, money market investments may offer lower long-term performance than stock or bond investments. |
Summary Prospectus March 18, 2011 | 2 of 4 | Schwab Value Advantage Money Fund® |
Since inception |
||||||||
1 year | (10/05/06) | |||||||
Institutional Prime Shares
|
0.42 | 2.98 |
| by telephone at 1-800-407-0256; or | |
| by mail in writing at Boston Financial Data Services, Attn: Schwab Funds, P.O. Box 8283, Boston, MA 02266-8323. |
Minimum initial |
Minimum
additional |
Minimum |
||||||||||
investment | investment | balance | ||||||||||
Direct orders
|
$ | 10,000,000 | $ | 1 | None | |||||||
Intermediary orders
|
$ | 10,000,000 | $ | 1 | $ | 10,000,000 |
Summary Prospectus March 18, 2011 | 3 of 4 | Schwab Value Advantage Money Fund® |
Summary Prospectus March 18, 2011 | 4 of 4 | Schwab Value Advantage Money Fund® |
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