September 12, 2006
Xxxxxx Xxxxxxxx
President and Chief Executive Officer
Schwab Investments
000 Xxxxxxxxxx Xxxxxx
Xxx Xxxxxxxxx, XX 00000
Re: Schwab Managed Account Portfolios(TM)
Dear Xx. Xxxxxxxx:
This letter will confirm our agreement to limit net operating expenses of the
above-named fund, as noted in the table below and described in the fund's
registration statement filed with the Securities and Exchange Commission.
TO BE
PROPOSED OER CAP DISCLOSED
FUND AND EXPIRATION DATE EFFECTIVE
---- ------------------- ---------
SCHWAB MANAGED ACCOUNT PORTFOLIOS 0 bps* 9/15/06
Schwab Bond Shares
Schwab Municipal Bond Shares
*The waiver will be permanent for clients of separately managed accounts.
Sincerely,
/s/ Xxxxxx Xxxxxxx /s/ Xxxxxxx Xxxxxxx
------------------ -------------------
Xxxxxx Xxxxxxx Xxxxxxx Xxxxxxx
Senior Vice President and Vice President
Chief Financial Officer Product Strategy and Product Management
Xxxxxxx Xxxxxx Investment Management, Inc. Xxxxxxx Xxxxxx & Co., Inc.
cc:
Xxxxxxx, Xxxxxxx
Xxxxxx, Xxxx
Xxx, Xxxxxxx
Xxxxxx, Xxx
Xxxx, Xxxxxxx
Xxx, Xxxx
Xxxxxxx, Xxxxx
Xxxxxxx, Xxxxxx
Xxxxxxxxx, Xxxxxxxx
