Exhibit (d)(xxv)

                      AMENDMENT TO SUB-ADVISORY AGREEMENT

         This amendment (the "Amendment") to the Sub-Advisory Agreement is made
as of March 24, 2003 by and between Charles Schwab Investment Management, Inc.
("CSIM") and TCW Investment Management Company (the "Sub-Adviser");

         WHEREAS, CSIM and the Sub-Adviser have entered into a Sub-Advisory
Agreement dated January 14, 2002; and

         WHEREAS, CSIM and the Sub-Adviser desire to amend certain provisions of
the Agreement to reflect amendments by the U.S. Securities and Exchange
Commission (the "SEC") to Rules 10f-3, 12d3-1 and 17e-1 and adoption of new Rule
17a-10 under the Investment Company Act of 1940.

         NOW THEREFORE, in consideration of the foregoing and the mutual
covenants herein contained, the parties agree as follows:

         Sub-section (a) of Section 2. "Duties of sub-adviser" is hereby deleted
and replaced with the following:

         (a) Subject to supervision of the Company, the Board of Trustees
         ("Trustees") and CSIM (collectively, "Fund Parties"), Sub-Adviser shall
         be responsible for managing the investment and reinvestment of the
         Managed Assets and determine in its discretion, the securities and
         other property to be purchased or sold and the portion of the Managed
         Assets to be retained in cash, and shall not be responsible for
         providing investment advice to any other portion of a Fund. In
         performance of its duties and obligations under this Agreement,
         Sub-Adviser shall not consult with any other sub-adviser to a Fund
         concerning the Managed Assets, except to the extent permitted under the
         1940 Act, or any rule, regulation or order thereunder. Sub-Adviser will
         use same skill and care in providing the Services to each Fund as it
         utilizes in providing investment advisory services to other fiduciary
         accounts for which it has investment responsibilities. Sub-Adviser will
         provide Fund Parties with records concerning Sub-Adviser's activities
         that Fund Parties are required to maintain, and regular reports
         concerning Sub-Adviser's performance of the Services.

         Except as expressly superseded or modified by this Amendment, the terms
and provisions of the Sub-Advisory Agreement shall continue to apply with full
force and effect.

                  IN WITNESS WHEREOF, the parties hereto have executed this
                  Amendment as of date first above written.

CHARLES SCHWAB INVESTMENT MANAGEMENT, INC.

/s/ Stephen B. Ward
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By:      Stephen B. Ward
Title:   SVP & CIO

TCW INVESTMENT MANAGEMENT COMPANY

/s/ Philip K. Holl
--------------------------------------------
By:      Philip K. Holl
Title:   Senior Vice President