<PAGE> 1
[SCHWABFUNDS LOGO]
SCHWAB RETIREMENT MONEY FUND (TM)
SEMI-ANNUAL REPORT
JUNE 30, 1995
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<PAGE> 2
SCHWABFUNDS
DEAR SHAREHOLDER,
I'm pleased to report to you on the performance of the Schwab Retirement Money
Fund(TM) for the six-month period ended June 30, 1995. During the first half of
this year, the Fund continued to provide you with current income consistent with
preservation of capital.
Investor response to the Schwab Retirement Money Fund has been positive. The
Fund's net assets have significantly increased, more than tripling to over
$110.7 million during the six-month reporting period.
PERFORMANCE REVIEW
The table below presents 7-day average yields for the Schwab Retirement Money
Fund at the end of the reporting period. Bear in mind that, as with all money
market funds, past performance is no guarantee of future results. Also note
that although the Fund seeks to maintain a stable $1.00 share price, money
market funds are neither insured nor guaranteed by the U.S. Government, and
there can be no assurance that the Fund will be able to maintain a stable net
asset value.
================================================================================
7-DAY AVERAGE YIELDS
(As of 6/30/95)
<TABLE>
<CAPTION>
Current Compound
--------------------------------------------------------------------------------
<S> <C> <C>
Schwab Retirement Money Fund 5.39% 5.53%
================================================================================
</TABLE>
Enclosed you will find a complete listing of the Fund's holdings as of June 30,
1995.
We appreciate your trust in SchwabFunds, and look forward to continuing to help
you achieve your financial goals in the future.
Sincerely,
/s/ Charles R. Schwab
Charles R. Schwab
Chairman
The Charles Schwab Family of Funds
<PAGE> 3
SchwabFunds(R)
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SCHWAB RETIREMENT MONEY FUND(TM)
PORTFOLIO SUMMARY
(Unaudited)
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ASSET GROWTH
<TABLE>
<CAPTION>
Total Total Percentage
Net Assets Net Assets Growth Over
as of 6/30/95 as of 12/31/94 Reporting
(000s) (000s) Period
--------------------------------------------------------------------------------
<S> <C> <C>
$110,744 $31,415 253%
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</TABLE>
AVERAGE YIELDS FOR THE PERIODS ENDED ON
JUNE 30, 1995
<TABLE>
<CAPTION>
Last Last Last
Seven Days Three Months Twelve Months
--------------------------------------------------------------------------------
<S> <C> <C>
5.39% 5.47% 4.86%
--------------------------------------------------------------------------------
</TABLE>
MATURITY SCHEDULE
PERCENT OF TOTAL INVESTMENTS
<TABLE>
<CAPTION>
Maturity Range 9/30/94 12/31/94 3/31/95 6/30/95
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
0 - 15 Days 36.5% 13.9% 14.4% 13.2%
16 - 30 Days 11.7% 22.1% 22.2% 45.8%
31 - 60 Days 24.6% 48.2% 32.6% 18.2%
61 - 90 Days 11.7% 6.3% 29.1% 15.5%
91 - 120 Days 0.0% 6.4% 0.0% 3.7%
Over 120 Days 15.5% 3.1% 1.7% 3.6%
Weighted Average 45 Days 43 Days 44 Days 40 Days
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</TABLE>
PORTFOLIO QUALITY
<TABLE>
<CAPTION>
Percent of
SEC Tier Net Assets
Rating 6/30/95
---------------------------------------------
<S> <C>
Tier 1 100.0%
Tier 2 0.0%
---------------------------------------------
</TABLE>
<PAGE> 4
SchwabFunds(R) 1
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SCHWAB RETIREMENT MONEY FUND(TM)
Schedule of Investments (in thousands)
June 30, 1995
(Unaudited)
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<TABLE>
<CAPTION>
Par Value
--- -----
<S> <C> <C>
CORPORATE OBLIGATIONS--74.9%(a)
ASSET BACKED SECURITIES--11.5%
Apreco, Inc.
6.05%, 08/01/95 $ 3,000 $ 2,984
6.04%, 08/08/95 2,000 1,987
Budget Funding Corp.
6.11%, 07/19/95 1,300 1,296
Corporate Receivables Corp.
6.11%, 07/20/95 1,000 997
Preferred Receivables Corp.
6.07%, 07/18/95 1,328 1,324
Receivables Capital Corp.
6.11%, 07/27/95 3,000 2,987
WCP Funding Inc.
6.11%, 07/19/95 1,000 997
--------
12,572
--------
AUTOMOTIVE--11.1%
Ford Motor Credit Co.
6.18%, 07/21/95 1,000 997
General Motors Acceptance Corp.
6.11%, 07/25/95 4,000 3,984
6.12%, 09/20/95 1,000 987
Hertz Corp.
6.00%, 07/20/95 2,000 1,994
Renault Credit International SA Banque
6.08%, 07/26/95 3,000 2,987
5.83%, 09/01/95 1,000 990
--------
11,939
--------
BANKING--AUSTRALIA--1.8%
National Australia Funding (Delaware) Inc.
5.76%, 12/15/95 1,000 974
SBNSW Delaware, Inc.
6.01%, 07/10/95 1,000 999
--------
1,973
--------
</TABLE>
<PAGE> 5
SchwabFunds(R) 2
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SCHWAB RETIREMENT MONEY FUND(TM)
Schedule of Investments (in thousands)
June 30, 1995
(Unaudited)
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<TABLE>
<CAPTION>
Par Value
--- -----
<S> <C> <C>
CORPORATE OBLIGATIONS (continued)
BANKING--BELGIUM--1.8%
Generale Bank, Inc.
6.39%, 09/27/95 $ 1,000 $ 985
6.05%, 10/18/95 1,000 982
--------
1,967
--------
BANKING--CANADA--0.9%
Bank of Nova Scotia
6.02%, 08/11/95 1,000 993
--------
BANKING--DENMARK--1.8%
Den Danske Corp.
6.12%, 07/20/95 1,000 997
6.00%, 07/26/95 1,000 996
--------
1,993
--------
BANKING--DOMESTIC BANK HOLDING COMPANY--1.8%
NationsBank Corp.
6.37%, 10/04/95 2,000 1,967
--------
BANKING--GERMANY--0.9%
Commerzbank, AG
5.82%, 12/14/95 1,000 974
--------
BANKING--JAPAN--2.7%
DIC Americas, Inc. / (Mitsubishi Bank LOC)
6.06%, 08/14/95 2,000 1,985
Tri-Lateral Capital (U.S.A.), Inc. / (Industrial
Bank of Japan LOC)
6.12%, 07/17/95 1,000 997
--------
2,982
--------
BANKING--NETHERLANDS--1.8%
Internationale Nederlanden (U.S.) Funding
6.11%, 07/17/95 2,000 1,995
--------
</TABLE>
<PAGE> 6
SchwabFunds(R) 3
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SCHWAB RETIREMENT MONEY FUND(TM)
Schedule of Investments (in thousands)
June 30, 1995
(Unaudited)
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<TABLE>
<CAPTION>
Par Value
--- -----
<S> <C> <C>
CORPORATE OBLIGATIONS (continued)
BANKING--SPAIN--1.8%
Central Hispano N.A. Capital Corp.
6.12%, 07/18/95 $ 1,000 $ 997
5.96%, 09/06/95 1,000 989
--------
1,986
--------
BANKING--UNITED KINGDOM--5.5%
Abbey National N.A. Corp.
6.09%, 07/31/95 2,000 1,990
Banco Nacional de Mexico S.A. / (Barclays Bank
PLC LOC)
5.89%, 09/05/95 2,000 1,979
Cheltenham & Gloucester Building Society
6.04%, 08/18/95 1,000 992
Hanson Finance (UK) PLC
6.05%, 08/10/95 1,000 993
--------
5,954
--------
COMPUTER AND OFFICE EQUIPMENT--2.3%
CSC Enterprises
6.14%, 07/18/95 2,500 2,493
--------
FINANCE (CONSUMER)--2.8%
American Express Credit Corp.
6.11%, 07/17/95 1,000 997
6.06%, 09/01/95 1,100 1,089
Sears Roebuck Acceptance Corp.
6.20%, 07/07/95 1,000 999
--------
3,085
--------
FINANCE (COMMERCIAL)--5.4%
CIT Group Holdings, Inc.
6.07%, 08/10/95 1,000 993
</TABLE>
<PAGE> 7
SchwabFunds(R) 4
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SCHWAB RETIREMENT MONEY FUND(TM)
Schedule of Investments (in thousands)
June 30, 1995
(Unaudited)
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<TABLE>
<CAPTION>
Par Value
--- -----
<S> <C> <C>
CORPORATE OBLIGATIONS (continued)
National Rural Utilities Cooperative Financing
Corp.
5.99%, 09/25/95 $ 5,000 $ 4,930
--------
5,923
--------
MORTGAGE BANKING--4.6%
Fleet Mortgage Group, Inc.
6.01%, 07/19/95 1,000 997
6.12%, 07/21/95 3,000 2,990
5.97%, 07/24/95 1,000 996
--------
4,983
--------
PHARMACEUTICALS--1.8%
Warner-Lambert Co.
6.04%, 08/21/95 2,000 1,983
--------
SECURITIES BROKERAGE-DEALER--14.6%
BT Securities Corp.
5.99%, 09/18/95 1,000 987
Bear Stearns Companies Inc.
6.05%, 08/01/95 3,000 2,984
Goldman Sachs Group, LP
6.00%, 08/09/95 1,000 994
6.01%, 09/08/95 1,000 989
Lehman Brothers Holdings Inc.
6.26%, 07/05/95 3,000 2,998
Nomura Holdings America, Inc.
5.96%, 09/07/95 1,000 989
5.99%, 09/12/95 1,000 988
Paine Webber Group Inc.
6.20%, 07/19/95 1,000 997
6.12%, 07/27/95 1,000 996
</TABLE>
<PAGE> 8
SchwabFunds(R) 5
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SCHWAB RETIREMENT MONEY FUND(TM)
Schedule of Investments (in thousands)
June 30, 1995
(Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Par Value
--- -----
<S> <C> <C>
CORPORATE OBLIGATIONS (continued)
Paine Webber Group Inc.
6.08%, 07/28/95 $ 3,000 $ 2,986
--------
15,908
--------
TOTAL CORPORATE OBLIGATIONS
(Cost $81,670) 81,670
--------
BANKER'S ACCEPTANCES--11.9%
BANKING--JAPAN--11.9%
Dai-Ichi Kangyo Bank, Ltd.
6.08%, 07/21/95 5,000 4,983
Fuji Bank, Ltd.
6.08%, 07/24/95 5,000 4,981
Sumitomo Bank, Ltd.
6.07%, 07/11/95 3,000 2,995
--------
TOTAL BANKER'S ACCEPTANCES
(Cost $12,959) 12,959
--------
BANK NOTES--1.8%
BANKING--DOMESTIC--1.8%
NationsBank of Texas, NA
5.83%, 12/11/95 1,000 1,000
PNC Bank, N.A.
6.09%, 11/08/95 1,000 1,000
--------
TOTAL BANK NOTES
(Cost $2,000) 2,000
--------
CERTIFICATES OF DEPOSIT--6.4%
BANKING--DOMESTIC--0.9%
MBNA America Bank N.A.
6.06%, 10/16/95 1,000 1,000
--------
BANKING--JAPAN--5.5%
Sanwa Bank, Ltd.
6.04%, 07/05/95 1,000 1,000
</TABLE>
<PAGE> 9
SchwabFunds(R) 6
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SCHWAB RETIREMENT MONEY FUND(TM)
Schedule of Investments (in thousands)
June 30, 1995
(Unaudited)
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<TABLE>
<CAPTION>
Par Value
--- -----
<S> <C> <C>
CERTIFICATES OF DEPOSIT (continued)
Sanwa Bank, Ltd.
6.13%, 07/18/95 $ 3,000 $ 3,000
Sumitomo Bank, Ltd.
6.03%, 08/02/95 1,000 1,000
6.02%, 08/30/95 1,000 1,000
--------
6,000
--------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $7,000) 7,000
--------
REMARKETED CERTIFICATES--0.9%
ASSET BACKED SECURITIES--0.9%
Black & Decker RECOP Trust
6.00%, 09/19/95 1,000 1,000
--------
TOTAL REMARKETED CERTIFICATES
(Cost $1,000) 1,000
--------
<CAPTION>
Maturity
--------
<S> <C> <C>
REPURCHASE AGREEMENT--4.1%
BA Securities, Inc. 6.15%
Issue Date 06/30/95
Due 07/03/95
Collateralized by:
FNMA: $4,555 Par;
0.00% Due 09/21/95 4,402 4,400
--------
TOTAL REPURCHASE AGREEMENT
(Cost $4,400) 4,400
--------
TOTAL INVESTMENTS--100.0%
(Cost $109,029) $109,029
========
</TABLE>
<PAGE> 10
SchwabFunds(R)
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SCHWAB RETIREMENT MONEY FUND(TM)
Schedule of Investments (in thousands)
June 30, 1995
(Unaudited)
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NOTES TO SCHEDULE OF INVESTMENTS
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Yields shown are effective yields at the time of purchase. Yields for each type
of security are stated according to the market convention for that security
type. For each security, cost (for financial reporting and federal income tax
purposes) and carrying value are the same.
(a) Certain securities purchased by the Fund are private placement
securities exempt from registration by Section 4(2) of the Securities Act of
1933. These securities generally are sold to institutional investors, such as
the Schwab Retirement Money Fund. Any resale by the Fund must be in an exempt
transaction, normally to a qualified institutional buyer. At June 30, 1995, the
aggregate value of private placement securities held by the Fund was $4,983,000,
which represented 4.50% of net assets. Of this total, $3,983,000 or 3.60% of
net assets, was determined by the Investment Manager to be liquid in accordance
with a resolution adopted by the Board of Trustees relating to Rule 144A,
promulgated under the Securities Act of 1933.
Abbreviations
FNMA Federal National Mortgage Association
RECOP Remarketed Certificates of Participation
LOC Letter of Credit
See accompanying Notes to Financial Statements.
<PAGE> 11
SchwabFunds(R)
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SCHWAB RETIREMENT MONEY FUND(TM)
STATEMENT OF ASSETS AND LIABILITIES (in thousands)
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
ASSETS
Investments, at value (Cost: $109,029) $109,029
Interest receivable 54
Receivable for fund shares sold 2,413
Deferred organization costs 41
Prepaid expenses 11
--------
Total assets 111,548
--------
LIABILITIES
Payable for:
Dividends 43
Fund shares redeemed 647
Investment advisory and administration fee 22
Transfer agency and shareholder service fees 4
Deferred organization costs 57
Other 31
--------
Total liabilities 804
--------
Net assets applicable to outstanding shares $110,744
========
NET ASSETS CONSIST OF:
Capital paid in $110,744
Accumulated net realized gain (loss) on investments sold --
--------
$110,744
========
THE PRICING OF SHARES
Outstanding shares, $0.00001 par value (unlimited shares authorized) 110,744
Net asset value, offering and redemption price per share $ 1.00
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE> 12
SchwabFunds(R)
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SCHWAB RETIREMENT MONEY FUND(TM)
STATEMENT OF OPERATIONS (in thousands)
For the six months ended June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
Interest income $1,658
------
Expenses:
Investment advisory and administration fee 124
Transfer agency and shareholder service fees 67
Custodian fees 22
Registration fees 24
Professional fees 10
Shareholder reports 3
Amortization of deferred organization costs 6
Insurance and other expenses 3
------
259
Less expenses reduced (62)
------
Total expenses incurred by Fund 197
------
Net investment income 1,461
Net realized gain (loss) on investments sold --
------
Increase in net assets resulting from operations $1,461
======
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE> 13
SchwabFunds(R)
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SCHWAB RETIREMENT MONEY FUND(TM)
STATEMENT OF CHANGES IN NET ASSETS (in thousands)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the period
March 2, 1994
For the six (commencement
months ended of operations) to
June 30, 1995 December 31,
(Unaudited) 1994
------------- -----------------
<S> <C> <C>
Operations:
Net investment income $ 1,461 $ 842
Net realized gain (loss) on investments sold -- --
-------- --------
Increase in net assets resulting from operations 1,461 842
-------- --------
Dividends to shareholders from net investment income (1,461) (842)
-------- --------
Capital Share Transactions (dollar amounts and
number of shares are the same):
Proceeds from shares sold 127,963 84,340
Net asset value of shares issued in reinvestment of dividends 1,591 661
Less payments for shares redeemed (50,225) (53,586)
-------- --------
Increase in net assets from capital share transactions 79,329 31,415
-------- --------
Total increase in net assets 79,329 31,415
Net Assets:
Beginning of period 31,415 --
-------- --------
End of period $110,744 $ 31,415
======== ========
</TABLE>
See accompanying Notes to Financial Statements.
<PAGE> 14
SchwabFunds(R)
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SCHWAB RETIREMENT MONEY FUND(TM)
NOTES TO FINANCIAL STATEMENTS
For the six months ended June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
1. DESCRIPTION OF THE FUND
The Schwab Retirement Money Fund (the "Fund") is a series of The Charles Schwab
Family of Funds (the "Trust"), an open-end, management investment company
organized as a Massachusetts business trust on October 20, 1989 and registered
under the Investment Company Act of 1940, as amended.
In addition to the Fund, the Trust also offers -- the Schwab Money Market Fund,
the Schwab Government Money Fund, the Schwab U.S. Treasury Money Fund, the
Schwab Tax-Exempt Money Fund, the Schwab California Tax-Exempt Money Fund, the
Schwab New York Tax-Exempt Money Fund, the Schwab Value Advantage Money Fund(R)
and the Schwab Institutional Advantage Money Fund(TM). The assets of each
series are segregated and accounted for separately.
The Schwab Retirement Money Fund invests primarily in a diversified portfolio of
short-term obligations of major banks and corporations.
2. SIGNIFICANT ACCOUNTING POLICIES
Security valuation - Investments are stated at amortized cost which approximates
market value.
Security transactions and interest income - Security transactions, in the
accompanying financial statements, are accounted for on a trade date basis (date
the order to buy or sell is executed). Interest income is recorded on the
accrual basis and includes amortization of premium and accretion of discount on
investments. Realized gains and losses from security transactions are
determined on an identified cost basis.
Repurchase agreements - Repurchase agreements are fully collateralized by U.S.
Treasury or Government agency securities. All collateral is held by the Fund's
custodian and is monitored daily to ensure that its market value at least equals
the repurchase price under the agreement.
Dividends to shareholders - The Fund declares a daily dividend, equal to its net
investment income for that day, payable monthly.
Deferred organization costs - Costs incurred in connection with the organization
of the Fund, its initial registration with the Securities and Exchange
Commission and with various states are amortized on a straight-line basis over a
five year period from the Fund's commencement of operations.
<PAGE> 15
SchwabFunds(R)
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SCHWAB RETIREMENT MONEY FUND(TM)
NOTES TO FINANCIAL STATEMENTS
For the six months ended June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
Expenses - Expenses arising in connection with the Fund are charged directly to
the Fund. Expenses common to all series of the Trust are allocated to each
series in proportion to their relative net assets.
Federal income taxes - It is the Fund's policy to meet the requirements of the
Internal Revenue Code applicable to regulated investment companies and to
distribute all of its net investment income and realized net capital gains, if
any, to shareholders. Therefore, no federal income tax provision is required.
The Fund is considered a separate entity for tax purposes.
3. TRANSACTIONS WITH AFFILIATES
Investment advisory and administration agreements - The Trust has investment
advisory and administration agreements with Charles Schwab Investment
Management, Inc. (the "Investment Manager"). For advisory services and
facilites furnished, the Fund pays an annual fee, payable month, of .46% of the
first $2 billion of average daily net assets, .45% of such assets over $2
billion, and .40% of such assets in excess of $3 billion. Under these
agreements, the Fund incurred investment advisory and administration fees of
$124,000 during the six months ended June 30, 1995, before the Investment
Manager reduced its fee (see Note 4).
Transfer agency and shareholder service agreements - The Trust has transfer
agency and shareholder service agreements with Charles Schwab & Co., Inc.
("Schwab"). For services provided under these agreements, Schwab receives an
annual fee, payable monthly, of .25% of average daily net assets. For the six
months ended June 30, 1995, the Fund incurred transfer agency and shareholder
service fees of $67,000, before Schwab reduced its fees (see Note 4).
Officers and trustees - Certain officers and trustees of the Trust are also
officers or directors of the Investment Manager and/or Schwab. During the six
months ended June 30, 1995, the Trust made no direct payments to its officers or
trustees who are "interested persons" within the meaning of the Investment
Company Act of 1940, as amended. The Fund did not incur fees related to the
Trust's unaffiliated trustees.
4. EXPENSES REDUCED BY THE INVESTMENT MANAGER AND SCHWAB
The Investment Manager and Schwab reduced a portion of their fees in order to
limit the Fund's ratio of operating expenses to average net assets. For the six
months ended June 30, 1995, the total of such fees reduced by the Investment
Manager and Schwab was $5,000 and $57,000, respectively.
<PAGE> 16
SchwabFunds(R)
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SCHWAB RETIREMENT MONEY FUND(TM)
NOTES TO FINANCIAL STATEMENTS
For the six months ended June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
5. INVESTMENT TRANSACTIONS
Purchases, sales and maturities of investment securities for the six months
ended June 30, 1995, aggregated (in thousands) $783,250 and $705,978,
respectively.
6. FINANCIAL HIGHLIGHTS
Per share income and capital changes for a share outstanding throughout the
period:
<TABLE>
<CAPTION>
For the period
March 2, 1994
For the six (commencement
months ended of operations) to
June 30, 1995 December 31,
(Unaudited) 1994
------------- -----------------
<S> <C> <C>
Net asset value at beginning of period $ 1.00 $ 1.00
Income from Investment Operations
Net investment income .02 .03
Net realized and unrealized gain (loss) on investments -- --
-------- -------
Total from investment operations .02 .03
Less Distributions
Dividends from net investment income (.02) (.03)
Distributions from realized gain on investments -- --
-------- -------
Total distributions (.02) (.03)
-------- -------
Net asset value at end of period $ 1.00 $ 1.00
======== =======
Total return (%) 2.71 3.29
Ratios/Supplemental Data
Net assets, end of period (000s) $110,744 $31,415
Ratio of expenses to average net assets (%) .73* .73*
Ratio of net investment income to average net assets (%) 5.42* 4.04*
</TABLE>
The Investment Manager and Schwab have reduced a portion of their fees in order
to limit the Fund's ratio of operating expenses to average net assets. Had
these fees not been reduced the ratio of expenses to average net assets for the
periods ended June 30, 1995 and December 31, 1994 would have been .96%*, and
1.05%*, respectively, and the ratio of net investment income to average net
assets would have been 5.19%* and 3.72%*, respectively.
* Annualized
<PAGE> 17
SCHWABFUNDS
FAMILY (TM) [LOGO]
INVESTMENT ADVISER: Charles Schwab Investment Management, Inc., 101 Montgomery
Street, San Francisco, CA 94104
DISTRIBUTOR: Charles Schwab & Co., Inc., 101 Montgomery Street, San Francisco,
CA 94104
This report is not authorized for distribution to prospective investors unless
preceded or accompanied by a current prospectus.
TF3636 (8/95) CRS 3854
