Schwa in English shows a considerable amount of contextual variation, to the extent that previous work has proposed that it is acoustically targetless. Although the consensus of previous research seems to suggest that schwa is targeted, the sources of schwa’s contextual variation have yet to be fully explained. We explored a potential source of variation in English schwa, namely, whether schwa occurs in a content word (word-initial schwa, e.g., accompany) or is a function word (phrase-initial schwa, e.g., a company). We sought to determine whether English speakers distinguish word- and phrase-initial schwas in production, as well as whether word- and phrase-initial schwas differ in their level of targetedness. To elicit hyperarticulation of word- and phrase-initial schwas and thereby facilitate our ability to observe their targets, participants produced ambiguous and unambiguous word- and phrase-initial schwa pairs in neutral and biased sentence contexts. The first and second formant trajectories of the schwas were analyzed using growth curve analysis, allowing us to demonstrate that word-initial and phrase-initial schwas are both targeted and have different targets. Ultimately, our results suggest different underlying representations for schwas in function and content words.