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Investors should consider carefully information contained in the prospectus, including investment objectives, risks, charges and expenses. You can request a prospectus by calling 800-435-4000. Please read the prospectus carefully before investing.

Morningstar proprietary ratings reflect historical risk-adjusted performance as of 09/30/2009. The Schwab Core Equity Fund was ranked 4 stars overall in the Large-Cap Blend category as of 09/30/2009. It was rated 4 stars out of 1704 funds for the three-year period ending 09/30/2009. It was rated 4 stars out of 1352 funds for the five-year period ending 09/30/2009. It was rated 3 stars out of 678 funds for the 10 year period ending 09/30/2009. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The top 10% of the funds in an investment category receive 5 stars, 22.5% receive 4 stars, 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.

Approximately 2,100 funds participate in the Mutual Fund OneSource® service. Only these funds, including Schwab Affiliate Funds, are eligible for the Mutual Fund OneSource Select List. Schwab receives remuneration from fund companies, and/or their affiliates, in the Mutual Fund OneSource service for recordkeeping, shareholder services and other administrative services. Schwab and its affiliates also receive fees from the Schwab Affiliate Funds for investment advisory, administrative and transfer agency services, as well as shareholder and other fund services.

The S&P 500 Index is a capitalization-weighted index of the 500 largest companies from leading industries and treats dividends as reinvested. Indexes are unmanaged, do not incur management expenses and cannot be invested in directly.

1. Schwab and the investment adviser have agreed to limit the fund's "net operating expenses" as stated in the prospectus for each fund, 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. The limitation excludes interest, taxes, expenses for dividends and interest paid on securities sold short, and certain non-routine expenses, which may result in a fund incurring net operating expenses above the limitation.