SCHWAB INVESTMENTS, 497, 1997-12-23

SCHWAB INVESTMENTS
497, 1997-12-23

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<PAGE>   1
                       Supplement Dated December 15, 1997
         to the Statement of Additional Information Dated May 19, 1997
                                      For
                               SCHWAB INVESTMENTS

This Statement of Additional Information (SAI) no longer contains information
on the Schwab Short/Intermediate Government Bond Fund and the Schwab Long-Term
Government Bond Fund. These Funds have been renamed the Schwab Short-Term Bond 
Market Index Fund and the Schwab Total Bond Market Index Fund, respectively, and
their complete SAI, dated November 1, 1997, may be obtained by calling
1-800-435-4000. (TDD users please dial 1-800-345-2550.)

Additionally, this SAI no longer contains information on the Schwab
Short/Intermediate Tax Free Bond Fund, the Schwab Long-Term Tax Free Bond Fund,
the Schwab California Short/Intermediate Tax Free Bond Fund, and the Schwab
California Long-Term Tax Free Bond Fund. Their complete SAI, dated December 15,
1997, may be obtained by calling the number(s) above.