Schwab Small-Cap Equity Fund™

The Schwab Small-Cap Equity Fund is part of the suite of actively managed Schwab Funds®, each with a disciplined investment approach. Schwab Funds reflects our unwavering commitment to offer the right selection of funds to meet your long-term financial needs.

Investors should consider carefully information contained in the prospectus, including investment objectives, risks, charges and expenses. You can view, download and print a prospectus by clicking on Prospectuses & Reports. Please read the prospectus carefully before investing.

Small cap investments are subject to greater volatility than those in other asset categories. The advertised performance is attributable in part to unusually favorable market conditions and being a new fund during this favorable period. These conditions may not be repeated in the future.

Trades in no-load mutual funds available through Mutual Funds OneSource service (including SchwabFunds) as well as certain other funds, are available without transaction fees when placed through schwab.com or our automated phone channels. For each of these trade orders placed through a broker, a $25 service charge applies. Schwab reserves the right to change the funds we make available without transaction fees and to reinstate fees on any funds. Funds are also subject to management fees and expenses.

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.