Before you invest, you may want to review the
fund’s prospectus, which contains more information about the fund and its risks. You can find the fund’s prospectus, Statement of Additional Information (SAI) and other information about the fund online at
www.csimfunds.com/schwabfunds_prospectus. You can also obtain this information at no cost by calling 1-866-414-6349 or by sending an email request to orders@mysummaryprospectus.com. If you purchase or hold fund shares through a financial intermediary, the fund’s prospectus, SAI, and other information about the fund are available from your financial
intermediary.
The fund’s
prospectus and SAI, both dated April 30, 2015, 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.
Investment objective
The fund’s goal is to seek the highest
current income consistent with stability of capital and liquidity.
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
|
This example is intended to help you compare
the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those time periods. The
example also assumes that your investment has a 5% return each year and that the fund's operating expenses remain the same. The figures are based on total annual fund operating expenses. The expenses would be the same whether you stayed in the fund
or sold your shares at the end of each period. Your actual costs may be higher or lower.
Expenses on a $10,000 investment
1
year |
3
years |
5
years |
10
years |
$74
|
$230
|
$401
|
$894
|
Principal investment
strategies
To pursue its goal, the fund
invests in U.S. government securities, such as:
•U.S. Treasury bills
and notes
•other obligations
that are issued by the U.S. government, its
agencies or instrumentalities, including
obligations that are not fully guaranteed by the U.S. Treasury, such as those issued by Fannie Mae, Freddie Mac and the Federal Home Loan Banks
•repurchase
agreements
•obligations that are
issued by private issuers that are guaranteed as to principal or interest by the U.S. government, its agencies or instrumentalities
Under normal circumstances, the fund will
invest at least 80% of its net assets in U.S. government securities including repurchase agreements. The fund will notify its shareholders at least 60 days before changing this policy. Obligations that are issued by private issuers that are
guaranteed as to principal or interest by the U.S. government, its agencies or instrumentalities are considered U.S. government securities under the rules that govern money market funds.
In choosing securities, the fund’s
manager seeks to maximize current income within the limits of the fund’s investment objective and credit, maturity and diversification policies. Some of these policies may be stricter than the federal regulations that apply to all money
funds.
The investment adviser’s
credit research department analyzes and monitors the securities that the fund owns or is considering buying. The manager may adjust the fund’s holdings or its average maturity based on actual or anticipated changes in interest rates or credit
quality. To preserve its investors’ capital, the fund seeks to maintain a stable $1.00 share price.
Principal risks
The fund is subject to risks, any of which
could cause an investor to lose money. The fund's principal risks include:
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 fund’s yield will change over time. During periods when interest rates are low, the fund’s
yield (and total return) also will be low. Because interest rates in the United States are at, or near, historically low