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<PAGE> PAGE 8
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
074 Y000500 11794
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024 000600 N
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<PAGE> PAGE 24
038 000600 0
039 000600 N
040 000600 N
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048 I020600 0.000
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059 000600 Y
060 A000600 N
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061 000600 1000
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<PAGE> PAGE 25
062 R000600 0.1
063 A000600 0
063 B000600 3.7
064 A000600 Y
064 B000600 N
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067 000600 N
068 A000600 N
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069 000600 N
070 A010600 Y
070 A020600 N
070 B010600 N
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 Y
070 L010600 N
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 N
070 O020600 N
070 P010600 Y
070 P020600 Y
070 Q010600 N
070 Q020600 N
070 R010600 N
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<PAGE> PAGE 26
072 B000600 4895
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<PAGE> PAGE 27
074 P000600 10
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024 000700 Y
025 A000701 MERRILL LYNCH & CO., INC.
025 B000701 13-5674085
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025 A000702 LEHMAN BROTHERS, INC.
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<PAGE> PAGE 28
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<PAGE> PAGE 29
060 A000700 Y
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
076 000800 0.00
SIGNATURE MARY JANE MALONEY
TITLE MANAGER
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<TABLE> <S> <C>
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<NAME> SCHWAB INVESTMENTS
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<NAME> SCHWAB LONG TERM TAX-FREE BOND FUND
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<EXPENSES-NET> 1328
<NET-INVESTMENT-INCOME> 21311
<REALIZED-GAINS-CURRENT> (9470)
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<MULTIPLIER> 1000
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</TABLE>
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<MULTIPLIER> 1000
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</TABLE>
EXHIBIT INDEX
Exhibit A: Attachment to item 77B:
Accountants report on internal control
- -------------------------------------------------------
Exhibit A:
To the Board of Trustees and Shareholders of
Schwab Investments
In planning and performing our audits of the financial
statements of Schwab Short/Intermediate Tax- Free Bond Fund,
Schwab Long-Term Tax-Free Bond Fund, Schwab California
Short/Intermediate Tax-Free Bond Fund, Schwab California Long-
Term Tax-Free Bond Fund, Schwab Short-Term Bond Market Index
Fund, and Schwab Total Bond Index Fund (six portfolios of
Schwab Investments) (collectively the "Funds") for the year
ended August 31, 1999, we considered their internal control,
including control activities for safeguarding securities, in
order to determine our auditing procedures for the purpose of
expressing our opinions on the financial statements and to
comply with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of the Funds is responsible for establishing and
maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
fraud may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to
the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weakness
is a condition in which the design or operation of one or more
of the internal control components does not reduce to a
relatively low level the risk that misstatements caused by
error or fraud in amounts that would be material in relation to
the financial statements being audited may occur and not be
detected within a timely period by employees in the normal
course of performing their assigned functions. However, we
noted no matters involving internal control and its operation,
including controls for safeguarding securities, that we
consider to be material weaknesses as defined above as of
August 31, 1999.
This report is intended solely for the information and use of
management and the Board of Trustees of Schwab Investments and
the Securities and Exchange Commission.
PricewaterhouseCoopers LLP
San Francisco, CA
October 5, 1999
