Charles Schwab Investment Management, Inc. (CSIM) announced that effective today, the Wasmer Schroeder High Yield Municipal Fund (WSHYX) has been reorganized into the new Schwab High Yield Municipal Bond Fund (SWHYX). This reorganization was approved by the shareholders of WSHYX and follows the successful completion of The Charles Schwab Corporation’s asset acquisition of Wasmer, Schroeder & Company, LLC in July 2020.

SWHYX has substantially the same investment objective and investment strategies that WSHYX employed. It seeks to generate interest income that is not subject to federal income tax and will focus on medium- to higher-credit quality municipal securities, investing at least 60% of its assets in investment grade municipal securities (Baa3 or higher by Moody’s Investor Services).

As a result of the reorganization, the Fund’s net operating expenses will be capped at 0.60%1, a reduction of 0.13%.

Additional information about SWHYX is here.

About Charles Schwab Investment Management, Inc.

As of June 30, 2020, Charles Schwab Investment Management managed approximately $524.7 billion on a discretionary basis and approximately $16.9 billion on a non-discretionary basis.

More information is available at www.schwabfunds.com.

About Charles Schwab

The Charles Schwab Corporation (NYSE: SCHW) is a leading provider of financial services, with more than 360 offices and 14.1 million active brokerage accounts, 1.7 million corporate retirement plan participants, 1.5 million banking accounts, and $4.11 trillion in client assets as of June 30, 2020. Through its operating subsidiaries, the company provides a full range of wealth management, securities brokerage, banking, asset management, custody, and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC, www.sipc.org), and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through Schwab Advisor Services. Its banking subsidiary, Charles Schwab Bank (member FDIC and an Equal Housing Lender), provides banking and lending services and products. More information is available at www.schwab.com and www.aboutschwab.com. Follow us on Twitter, Facebook, YouTube and LinkedIn.

Disclosures:

Investors should consider carefully information contained in the prospectus, or if available, the summary prospectus, including investment objectives, risks, charges, and expenses. You can view and download a prospectus by visiting schwabfunds.com/prospectus. Please read the prospectus carefully before investing.

Charles Schwab Investment Management, Inc. (CSIM), the investment advisor for Schwab Funds, and Charles Schwab & Co., Inc. (Schwab), Member SIPC, the distributor for Schwab Funds, are separate but affiliated companies and subsidiaries of The Charles Schwab Corporation.

©2020 Charles Schwab Investment Management, Inc. All rights reserved.

(0820-01JW)

1 Gross Expense Ratio 0.73%. The investment adviser and its affiliates have agreed to limit the total annual fund operating expenses (excluding interest, taxes and certain non-routine expenses) of the fund to 0.60% for so long as the investment adviser serves as the adviser to the fund. This agreement may only be amended or terminated with the approval of the fund’s Board of Trustees.

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