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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-06200

Schwab Investments — Schwab Global Real Estate Fund

(Exact name of registrant as specified in charter)

211 Main Street, San Francisco, California 94105

(Address of principal executive offices) (Zip code)

Marie Chandoha
Schwab Investments
211 Main Street, San Francisco, California 94105
(Name and address of agent for service)

Registrant’s telephone number, including area code: (415) 636-7000

Date of fiscal year end: February 28

Date of reporting period: September 1, 2011 — November 30, 2011

Item 1. Schedule of Investments.

Schwab Investments
Schwab Global Real Estate Fund™

Portfolio Holdings as of November 30, 2011 (Unaudited)

The following are the portfolio holdings as of the report date. For more information, please refer to the fund’s semiannual or annual shareholder reports.

Cost

Value

Holdings by Category

($)

.9%

Common Stock

175,096,551

180,418,207

.5%

Short-Term Investments

8,466,057

100

.4%

Total Investments

183,562,608

188,884,264

.4)%

Other Assets and Liabilities, Net

(670,176

)

100

.0%

Net Assets

188,214,088


	Number		Value
Security	of Shares		($)

Common Stock 95.9% of net assets

Asia Pacific and Other 33.9%


Australia 8.7%
Abacus Property Group		713,000		1,494,250
CFS Retail Property Trust		1,019,690		1,970,635
Commonwealth Property Office Fund		1,000,000		1,001,968
Dexus Property Group		1,169,583		1,058,050
Stockland		782,932		2,806,468
Westfield Group		485,934		4,196,951
Westfield Retail Trust		1,463,934		3,910,856

				16,439,178


Brazil 3.6%
Brookfield Incorporacoes S.A.		286,612		941,452
Iguatemi Empresa de Shopping Centers S.A.		51,500		941,801
Multiplan Empreendimentos Imobiliarios S.A.		95,750		1,916,747
PDG Realty S.A. Empreendimentos e Participacoes		509,900		1,894,837
Rossi Residencial S.A.		178,500		984,126

				6,678,963


China 0.5%
Agile Property Holdings Ltd.		1,182,000		956,656


Hong Kong 10.2%
Champion Real Estate Investment Trust		2,155,000		848,703
Hang Lung Properties Ltd.		1,200,000		3,640,571
Henderson Land Development Co., Ltd.		188,000		935,310
Hongkong Land Holdings Ltd.		392,000		1,824,031
Hysan Development Co., Ltd.		420,069		1,355,059
New World Development Co., Ltd.		2,684,731		2,295,731
Soho China Ltd.		2,061,000		1,402,566
Sun Hung Kai Properties Ltd.		278,454		3,460,311
The Hongkong & Shanghai Hotels Ltd.		1,720,968		1,860,964
The Link REIT		411,218		1,481,308

				19,104,554


Japan 6.0%
Advance Residence Investment Corp.		502		936,610
Mitsubishi Estate Co., Ltd.		227,000		3,789,372
Mitsui Fudosan Co., Ltd.		205,500		3,332,869
Mori Trust Sogo Reit, Inc.		104		860,043
Sumitomo Realty & Development Co., Ltd.		119,500		2,370,327

				11,289,221


Singapore 4.9%
Ascendas REIT		615,000		990,538
CapitaCommercial Trust		1,094,000		930,081
CDL Hospitality Trusts		769,000		902,354
Global Logistic Properties Ltd. *		2,835,000		4,122,123
Mapletree Logistics Trust		2,089,200		1,366,994
Suntec Real Estate Investment Trust		1,005,000		901,887

				9,213,977

				63,682,549

Europe 10.8%


Austria 0.4%
Conwert Immobilien Invest SE		71,300		831,299


Finland 0.5%
Technopolis Ojy		193,505		864,115


France 3.3%
Gecina S.A.		16,953		1,464,247
Unibail-Rodamco SE		25,326		4,721,075

				6,185,322


Germany 1.1%
Deutsche Wohnen AG		85,000		1,190,480
GSW Immobilien AG *		30,800		985,368

				2,175,848


Sweden 0.7%
Fabege AB		166,200		1,299,023


United Kingdom 4.8%
Capital & Counties Properties plc		692,000		1,977,526
Great Portland Estates plc		327,178		1,815,957
Land Securities Group plc		264,688		2,862,376
Shaftesbury plc		178,000		1,404,866
Unite Group plc		340,000		952,330

				9,013,055

				20,368,662

Schwab Global Real Estate Fund

Portfolio Holdings (Unaudited) continued


	Number		Value
Security	of Shares		($)

North America 51.2%


Canada 7.4%
Allied Properties Real Estate Investment Trust		40,390		947,616
Boardwalk Real Estate Investment Trust		29,793		1,518,057
Brookfield Office Properties Canada		43,235		981,306
Brookfield Properties, Inc.		123,000		1,817,354
Calloway Real Estate Investment Trust		37,142		994,884
Canadian Apartment Properties Real Estate Investment Trust		70,904		1,462,650
Canadian Real Estate Investment Trust		27,097		959,080
Dundee Real Estate Investment Trust		31,370		1,005,437
Killam Properties, Inc.		91,074		966,149
Primaris Retail Real Estate Investment Trust		71,089		1,411,387
RioCan Real Estate Investment Trust		75,361		1,884,844

				13,948,764


United States 43.8%
Acadia Realty Trust		48,000		939,840
Alexandria Real Estate Equities, Inc.		50,586		3,316,418
AvalonBay Communities, Inc.		18,931		2,363,535
Boston Properties, Inc.		59,945		5,717,554
Duke Realty Corp.		207,873		2,411,327
Entertainment Properties Trust		34,200		1,528,740
Equity Residential		34,000		1,876,460
Essex Property Trust, Inc.		14,227		1,890,057
Federal Realty Investment Trust		19,489		1,723,412
HCP, Inc.		86,800		3,354,820
Home Properties, Inc.		49,950		2,745,752
Host Hotels & Resorts, Inc.		277,736		3,929,965
Hudson Pacific Properties, Inc.		75,000		963,000
Kilroy Realty Corp.		27,000		974,430
Kimco Realty Corp.		239,603		3,778,539
LaSalle Hotel Properties		66,560		1,558,170
Lennar Corp., Class A		51,300		944,433
Pebblebrook Hotel Trust		51,000		944,520
ProLogis, Inc.		202,271		5,627,179
Public Storage		35,638		4,700,652
Simon Property Group, Inc.		60,748		7,553,406
SL Green Realty Corp.		28,600		1,883,024
Starwood Hotels & Resorts Worldwide, Inc.		69,203		3,299,599
The Macerich Co.		77,000		3,857,700
The Ryland Group, Inc.		71,000		1,067,840
UDR, Inc.		78,000		1,833,000
Ventas, Inc.		106,613		5,624,902
Vornado Realty Trust		62,522		4,654,763
Weingarten Realty Investors		65,500		1,355,195

				82,418,232

				96,366,996

Total Common Stock
(Cost $175,096,551)				180,418,207



Security	Face Amount		Value
Rate, Maturity Date	Local Currency		($)

Short-Term Investments 4.5% of net assets

Time Deposits 4.5%
Bank of America
US Dollar
0.03%, 12/01/11		2,837,679		2,837,679
Brown Brothers Harriman
Euro
0.10%, 12/01/11		86,633		116,408
Japanese Yen
0.01%, 12/01/11		21,906,697		282,448
Norwegian Krone
0.70%, 12/01/11		1,000,000		173,138
Pound Sterling
0.10%, 12/01/11		243,429		381,916
Singapore Dollar
0.01%, 12/01/11		502,320		391,932
Swedish Krona
0.81%, 12/01/11		984,618		145,502
Swiss Franc
0.01%, 12/01/11		190,393		208,399
US Dollar
0.03%, 12/01/11		474		474
Citibank
Euro
0.10%, 12/01/11		465,222		625,118
Hong Kong Dollar
0.01%, 12/01/11		8,340,600		1,073,609
Japanese Yen
0.01%, 12/01/11		66,213,494		853,707
JPMorgan Chase
Australian Dollar
3.53%, 12/01/11		614,184		631,626
Canadian Dollar
0.25%, 12/01/11		121,356		118,983
Euro
0.10%, 12/01/11		465,222		625,118

Total Short-Term Investments
(Cost $8,466,057)				8,466,057



End of Investments.

At 11/30/11, the tax basis cost of the fund’s investments was $189,496,805 and the unrealized appreciation and depreciation were $12,197,135 and ($12,809,676), respectively, with a net unrealized depreciation of ($612,541).

As of 11/30/11, the values of certain foreign securities held by the fund aggregating $77,372,248 were adjusted from their

Schwab Global Real Estate Fund

Portfolio Holdings (Unaudited) continued

closing market values in accordance with international fair valuation procedures approved by the fund’s Board of Trustees.


*		Non-income producing security.

Various inputs are used in determining the value of the fund’s investments. The fair value measurements and disclosures establish a three-tier hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. These inputs are summarized in the three broad levels listed below:


	•	Level 1 — quoted prices in active markets for identical securities — Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 prices, include active listed equities and futures contracts. The fund does not adjust the quoted price for such investments, even in situations where the fund holds a large position and a sale could reasonably impact the quoted price.

	•	Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations. In addition, international securities whose markets close hours before the funds value their holdings may require fair valuations due to significant movement in the U.S. markets occurring after the daily close of the foreign markets. The Board of Trustees has approved a vendor that calculates fair valuations of international equity securities based on a number of factors that appear to correlate to the movements in the U.S. markets. As investments whose values are classified as Level 2 prices include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

	•	Level 3 — significant unobservable inputs (including the funds own assumption in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not available for these securities, the fund uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the fund in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the fund in the absence of market information. Assumptions used by the fund due to the lack of observable inputs may significantly impact the resulting fair value and therefore the funds results of operations.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the fund’s investments as of November 30, 2011:


	Quoted Prices in				Significant
	Active Markets for		Significant Other		Unobservable
	Identical Assets		Observable Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total*

Common Stock
Asia Pacific and Other(a)		$6,678,963		$—		$—		$6,678,963
Australia		—		16,439,178		—		16,439,178
China		—		956,656		—		956,656
Hong Kong		—		19,104,554		—		19,104,554
Japan		—		11,289,221		—		11,289,221
Singapore		—		9,213,977		—		9,213,977
Europe(a)		—		20,368,662		—		20,368,662
North America(a)		96,366,996		—		—		96,366,996
Short-Term Investments(a)		—		8,466,057		—		8,466,057

Total		$103,045,959		$85,838,305		$—		$188,884,264

Schwab Global Real Estate Fund

Portfolio Holdings (Unaudited) continued

The fund’s policy is to recognize transfers between Level 1, Level 2 and Level 3 as of the beginning of the fiscal year. There were no significant transfers between Level 1, Level 2 and Level 3 for the period ended November 30, 2011.

REG406025NOV11

Item 2. Controls and Procedures.

(a)		Based on their evaluation of Registrant’s disclosure controls and procedures, as of a date within 90 days of the filing date, Registrant’s Chief Executive Officer, Marie Chandoha and Registrant’s Principal Financial Officer, George Pereira, have concluded that Registrant’s disclosure controls and procedures are: (i) reasonably designed to ensure that information required to be disclosed in this report is appropriately communicated to Registrant’s officers to allow timely decisions regarding disclosures required in this report; (ii) reasonably designed to ensure that information required to be disclosed in this report is recorded, processed, summarized and reported in a timely manner; and (iii) are effective in achieving the goals described in (i) and (ii) above.

(b)		During Registrant’s last fiscal quarter, there have been no changes in Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that the above officers believe to have materially affected, or to be reasonably likely to materially affect, Registrant’s internal control over financial reporting.

Item 3. Exhibits.

Separate certifications for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), are attached.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Schwab Investments


By:		/s/ Marie Chandoha
		Marie Chandoha Chief Executive Officer

Date:		01/26/2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Marie Chandoha
		Marie Chandoha Chief Executive Officer

Date:		01/26/2012

By:		/s/ George Pereira
		George Pereira Principal Financial Officer

Date:		01/26/2012