<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000869365
<NAME> SCHWAB INVESTMENTS
<SERIES>
<NUMBER> 03
<NAME> SCHWAB CALIFORNIA L/T TAX-FREE BOND FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-2000
<PERIOD-END> AUG-31-2000
<INVESTMENTS-AT-COST> 172803
<INVESTMENTS-AT-VALUE> 176611
<RECEIVABLES> 2596
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 179208
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 326
<TOTAL-LIABILITIES> 326
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 179768
<SHARES-COMMON-STOCK> 16169
<SHARES-COMMON-PRIOR> 18634
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (33)
<ACCUMULATED-NET-GAINS> (4661)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3808
<NET-ASSETS> 178882
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9947
<OTHER-INCOME> 0
<EXPENSES-NET> (867)
<NET-INVESTMENT-INCOME> 9080
<REALIZED-GAINS-CURRENT> (4312)
<APPREC-INCREASE-CURRENT> 7046
<NET-CHANGE-FROM-OPS> 11814
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9070)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3649
<NUMBER-OF-SHARES-REDEEMED> (6659)
<SHARES-REINVESTED> 545
<NET-CHANGE-IN-ASSETS> (22800)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (266)
<OVERDISTRIB-NII-PRIOR> (65)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 568
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1203
<AVERAGE-NET-ASSETS> 174840
<PER-SHARE-NAV-BEGIN> 10.82
<PER-SHARE-NII> .55
<PER-SHARE-GAIN-APPREC> .24
<PER-SHARE-DIVIDEND> (.55)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.06
<EXPENSE-RATIO> .49<F1>
<FN>
<F1>Would have been 0.50% if certain non-routine expenses
(proxy fees) had been included.
</FN>
</TABLE>
