Exhibit-(l)(xi)

                               PURCHASE AGREEMENT


      Schwab Investments (the "Trust"), a Massachusetts business trust, and
Charles Schwab & Co., Inc. ("Schwab"), a California corporation, hereby agree as
follows:

      1. The Trust hereby offers and Schwab hereby purchases one unit of
beneficial interest in the Investor Shares and two units of beneficial interest
in the Select Shares in Series M, of the Schwab Global Real Estate Fund (the
"Fund") at a price of $10.00 per Share (such units of beneficial interest being
hereafter collectively known as "Shares"). Schwab hereby acknowledges purchase
of the Shares and the Fund hereby acknowledges receipt from Schwab of funds in
the amount of $30.00 in full payment for the Shares. It is further agreed that
no certificate for the Shares will be issued by the Fund.

      2. Schwab represents and warrants to the Funds that the Shares are being
acquired for investment purposes and not with a view to the distribution
thereof.

      3. The names "Schwab Investments" and "Trustees of Schwab Investments"
refer, respectively to the Trust created and the Trustees as Trustees but not
individually or personally, acting from time to time under an Agreement and
Declaration of Trust dated as of October 26, 1990, to which reference is hereby
made and a copy of which is on file at the Office of the Secretary of State of
the Commonwealth of Massachusetts and elsewhere as required by law, and to any
and all amendments thereto so filed or hereafter filed. The obligations of
"Schwab Investments" entered into in the name or on behalf thereof by any of the
Trustees, representatives or agents are not made individually, but only in such
capacities, and are not binding upon any of the Trustees, Shareholders or
representatives of the Trust personally, but bind only the assets of the Trust,
and all persons dealing with any series of Shares of the Trust must look solely
to the assets of the Trust belonging to such series for the enforcement of any
claims against the Trust.

      IN WITNESS WHEREOF, the parties hereto have executed the Agreement as of
the 25th day of May 2007.






Attest:                                     SCHWAB INVESTMENTS


/s/ Steven Schantz                          By:      /s/ Kimon Daifotis
--------------------                                 -------------------------
Steven Schantz                              Name:    Kimon Daifotis
                                            Title:   Senior Vice President and
                                                     Chief Investment Officer


Attest:                                     CHARLES SCHWAB & CO., INC.


/s/ Steven Schantz                          By:      /s/ Fred Potts
---------------------                                ---------------------------
Steven Schantz                              Name:    Fred Potts
                                            Title:   Senior Vice President
                                                     Mutual Fund Client Services

Dated as of May 25, 2007