# EDGAR Filing Document

**Accession Number:** 0000869365
**File Stem:** 0001193125-25-262690
**Filing Date:** 2025-11
**Character Count:** 1338083
**Document Hash:** 2d7d0237e84f1e099a118c117fbe5f82
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-262690.hdr.sgml**: 20251103

**ACCESSION NUMBER**: 0001193125-25-262690

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 43

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251103

**DATE AS OF CHANGE**: 20251103

**EFFECTIVENESS DATE**: 20251103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SCHWAB INVESTMENTS
- **CENTRAL INDEX KEY:** 0000869365

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06200
- **FILM NUMBER:** 251444809

**BUSINESS ADDRESS:**
- **STREET 1:** 211 MAIN STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105
- **BUSINESS PHONE:** 1-415-667-7000

**MAIL ADDRESS:**
- **STREET 1:** 211 MAIN STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105

## Series and Classes Contracts Data

### Schwab Tax-Free Bond Fund (Series ID: S000006815)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000018447 | Schwab Tax-Free Bond Fund | SWNTX           |

### Schwab California Tax-Free Bond Fund (Series ID: S000006818)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000018451 | Schwab California Tax-Free Bond Fund | SWCAX           |

### Schwab Treasury Inflation Protected Securities Index Fund (Series ID: S000006819)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000018453 | Schwab Treasury Inflation Protected Securities Index Fund | SWRSX           |

### Schwab U.S. Aggregate Bond Index Fund (Series ID: S000056207)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000176960 | Schwab U.S. Aggregate Bond Index Fund | SWAGX           |

### Schwab Short-Term Bond Index Fund (Series ID: S000056208)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000176961 | Schwab Short-Term Bond Index Fund | SWSBX           |

### Schwab Opportunistic Municipal Bond Fund (Series ID: S000068892)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000220131 | Schwab Opportunistic Municipal Bond Fund | SWHYX           |

?xml version='1.0' encoding='ASCII'? N-CSR

------

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

------

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-06200

------

Schwab Investments – Schwab Taxable Bond Funds

and Schwab Municipal Bond Funds

(Exact name of registrant as specified in charter)

------

211 Main Street, San Francisco, California 94105

(Address of principal executive offices) (Zip code)

------

Omar Aguilar

Schwab Investments – Schwab Taxable Bond Funds and Schwab Municipal Bond Funds

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: August 31

Date of reporting period: August 31, 2025

------

Item 1: Report(s) to Shareholders.

------

![](g42625g2imgb5de7c791.jpg)

**Annual Report \|** August 31, 2025

Schwab Treasury Inflation Protected Securities Index Fund

**Ticker Symbol: SWRSX**

------

This annual shareholder report contains important information about the fund for the period of September 1, 2024, to August 31, 2025. You can find additional information about the fund at **www.schwabassetmanagement.com/prospectus**. You can also request this information by calling **1-866-414-6349** or by sending an email request to **orders@mysummaryprospectus.com**. If you purchase or hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders and other information about the fund are available from your financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**FUND COSTS FOR THE LAST year ENDED August 31, 2025** *(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)*

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Treasury Inflation Protected Securities Index Fund | $5 | &nbsp;&nbsp;0.05% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended August 31, 2025, the fund returned 4.89%. The Bloomberg US Aggregate Bond Index, which serves as the fund's regulatory index and provides a broad measure of market performance, returned 3.14%. The fund generally invests in securities that are included in the Bloomberg US Treasury Inflation-Linked Bond Index (Series-L)<sup>SM</sup> which returned 4.89%. The fund does not seek to track the regulatory index.

■ Of the fund's return, more than two thirds came from coupon income generated by the fund's holdings, with the remainder coming from price appreciation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab Treasury Inflation Protected Securities Index Fund \| Annual Report

REG125428-01 00317425

------

**The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/prospectus.**

**Performance of Hypothetical $10,000 Investment (August 31, 2015 - August 31, 2025)**<sup>1</sup>

![](g42625g2lg_2m84.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Treasury Inflation Protected Securities Index Fund (03/31/2006)<sup>1</sup> <br>| 4.89% | &nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;2.82% |
| Bloomberg US Aggregate Bond Index<sup>2</sup> <br>| 3.14% | &nbsp;&nbsp;&nbsp;&nbsp;-0.68% | &nbsp;&nbsp;&nbsp;&nbsp;1.80% |
| Bloomberg US Treasury Inflation-Linked Bond Index (Series-L)<sup>SM</sup> | 4.89% | &nbsp;&nbsp;&nbsp;&nbsp;1.26% | &nbsp;&nbsp;&nbsp;&nbsp;2.90% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Index ownership — Bloomberg<sup>®</sup> and Bloomberg US Treasury Inflation-Linked Bond Index (Series-L)<sup>SM</sup> are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (BISL), the administrator of the indices (collectively, "Bloomberg"). Bloomberg is not affiliated with Charles Schwab Investment Management, Inc., dba Schwab Asset Management, and Bloomberg does not approve, endorse, review, or recommend Schwab Treasury Inflation Protected Securities Index Fund. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to Schwab Treasury Inflation Protected Securities Index Fund.

Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption of fund shares.

The Bloomberg US Aggregate Bond Index serves as the fund's regulatory index and provides a broad measure of market performance. The fund generally invests in securities that are included in the Bloomberg US Treasury Inflation-Linked Bond Index (Series-L)<sup>SM</sup>. The fund does not seek to track the regulatory index.

2Schwab Treasury Inflation Protected Securities Index Fund \| Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

---

| | |
|:---|:---|
| Net Assets (millions) | $2705 |
| Number of Holdings | 49 |
| Portfolio Turnover Rate | 31% |
| Advisory Fees Paid by the Fund | $1260253 |
| 30-Day SEC Yield | 5.55% |
| 12-Month Distribution Yield | 3.49% |
| Weighted Average Maturity<br>(Source: Aladdin)<br>| 7.2 Yrs |
| Weighted Average Duration<br>(Source: Aladdin)<br>| 6.4 Yrs |
| Business Interest Deduction (163j) | 99.93% |

---

Portfolio Composition By Security Type % of Investments

![](g42625g2img90d3ebb42.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Portfolio Composition By Credit Quality % of Investments**<sup>2,3</sup>

![](g42625g2img41ab51c73.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

The fund's yields, including the SEC Yield, are adjusted monthly based on changes in the rate of inflation and these changes can cause the yield to vary substantially from month to month. Exceptionally high yield is attributable to the rise in inflation rate and might not be repeated. Exceptionally low or negative yield is attributable to the fall in inflation rate and might not be repeated.

Includes the fund's position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.

Bloomberg Index Rating: Based on the middle rating of Moody's, S&P and Fitch; when a rating from only two agencies is available, the lower is used; when only one agency rates a bond, that rating is used. In cases where explicit bond level ratings may not be available, other sources may be used to classify securities by credit quality. Source: Bloomberg Index Service Ltd.

Excludes short-term investments.

Schwab Treasury Inflation Protected Securities Index Fund \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information, holdings, certain tax information, proxy voting information, and other information about the fund online at **www.schwabassetmanagement.com/prospectus**.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available without charge, upon request, by visiting the Schwab Funds' website at **www.schwabassetmanagement.com/prospectus**, the SEC's website at **www.sec.gov**, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available, without charge, by visiting the fund's website at **www.schwabassetmanagement.com/prospectus** or the SEC's website at **www.sec.gov**, by calling **1-866-414-6349**, or by sending an email request to **orders@mysummaryprospectus.com**.

4Schwab Treasury Inflation Protected Securities Index Fund \| Annual Report

------

![](g42625g3imgf142921a1.jpg)

**Annual Report \|** August 31, 2025

Schwab U.S. Aggregate Bond Index Fund

**Ticker Symbol: SWAGX**

------

This annual shareholder report contains important information about the fund for the period of September 1, 2024, to August 31, 2025. You can find additional information about the fund at **www.schwabassetmanagement.com/prospectus**. You can also request this information by calling **1-866-414-6349** or by sending an email request to **orders@mysummaryprospectus.com**. If you purchase or hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders and other information about the fund are available from your financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**FUND COSTS FOR THE LAST year ENDED August 31, 2025** *(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)*

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab U.S. Aggregate Bond Index Fund | $4 | &nbsp;&nbsp;0.04% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended August 31, 2025, the fund returned 3.17%. The Bloomberg US Aggregate Bond Index returned 3.14%.

■ Coupon income generated by the fund's holdings contributed to fund performance while negative price returns detracted from fund performance, albeit to a smaller degree

■ The fund held positions in TBAs, or "to-be-announced" securities, which are mortgage-backed bonds that settle on a forward date. The fund's average month-end position in these securities was 1.0%, with a minimum exposure of 0.5% and maximum exposure of 1.3% over the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab U.S. Aggregate Bond Index Fund \| Annual Report

REG125429-01 00317426

------

**The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/prospectus.**

**Performance of Hypothetical $10,000 Investment (February 23, 2017 - August 31, 2025)**<sup>1</sup>

![](g42625g3lg_2mr6.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | Since Inception |
| Fund: Schwab U.S. Aggregate Bond Index Fund (02/23/2017)<sup>1</sup> <br>| 3.17% | &nbsp;&nbsp;&nbsp;&nbsp;-0.76% | &nbsp;&nbsp;&nbsp;&nbsp;1.62% |
| Bloomberg US Aggregate Bond Index | 3.14% | &nbsp;&nbsp;&nbsp;&nbsp;-0.68% | &nbsp;&nbsp;&nbsp;&nbsp;1.73% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Index ownership — Bloomberg<sup>®</sup> and Bloomberg US Aggregate Bond Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (BISL), the administrator of the indices (collectively, "Bloomberg"). Bloomberg is not affiliated with Charles Schwab Investment Management, Inc., dba Schwab Asset Management, and Bloomberg does not approve, endorse, review, or recommend Schwab U.S. Aggregate Bond Index Fund. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to Schwab U.S. Aggregate Bond Index Fund.

Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption of fund shares.

2Schwab U.S. Aggregate Bond Index Fund \| Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

---

| | |
|:---|:---|
| Net Assets (millions) | $5332 |
| Number of Holdings | 10800 |
| Portfolio Turnover Rate | 42% |
| Advisory Fees Paid by the Fund | $2130868 |
| 30-Day SEC Yield | 4.18% |
| 12-Month Distribution Yield | 3.99% |
| Weighted Average Maturity<br>(Source: Aladdin)<br>| 8.0 Yrs |
| Weighted Average Duration<br>(Source: Aladdin)<br>| 5.8 Yrs |
| Business Interest Deduction (163j) | 99.79% |

---

Portfolio Composition By Security Type % of Investments

![](g42625g3imga94dfce12.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Portfolio Composition By Credit Quality % of Investments**<sup>2,3</sup>

![](g42625g3imgb7818a143.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Includes the fund's position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.

Bloomberg Index Rating: Based on the middle rating of Moody's, S&P and Fitch; when a rating from only two agencies is available, the lower is used; when only one agency rates a bond, that rating is used. In cases where explicit bond level ratings may not be available, other sources may be used to classify securities by credit quality. Source: Bloomberg Index Service Ltd.

Excludes short-term investments.

Less than 0.05%.

Schwab U.S. Aggregate Bond Index Fund \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information, holdings, certain tax information, proxy voting information, and other information about the fund online at **www.schwabassetmanagement.com/prospectus**.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available without charge, upon request, by visiting the Schwab Funds' website at **www.schwabassetmanagement.com/prospectus**, the SEC's website at **www.sec.gov**, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available, without charge, by visiting the fund's website at **www.schwabassetmanagement.com/prospectus** or the SEC's website at **www.sec.gov**, by calling **1-866-414-6349**, or by sending an email request to **orders@mysummaryprospectus.com**.

4Schwab U.S. Aggregate Bond Index Fund \| Annual Report

------

![](g42625g4imgb658e0371.jpg)

**Annual Report \|** August 31, 2025

Schwab Short-Term Bond Index Fund

**Ticker Symbol: SWSBX**

------

This annual shareholder report contains important information about the fund for the period of September 1, 2024, to August 31, 2025. You can find additional information about the fund at **www.schwabassetmanagement.com/prospectus**. You can also request this information by calling **1-866-414-6349** or by sending an email request to **orders@mysummaryprospectus.com**. If you purchase or hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders and other information about the fund are available from your financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**FUND COSTS FOR THE LAST year ENDED August 31, 2025** *(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)*

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Short-Term Bond Index Fund | $6 | &nbsp;&nbsp;0.06% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended August 31, 2025, the fund returned 4.81%. The Bloomberg US Aggregate Bond Index, which serves as the fund's regulatory index and provides a broad measure of market performance, returned 3.14%. The fund generally invests in securities that are included in the Bloomberg US Government/Credit 1-5 Year Index which returned 4.79%. The fund does not seek to track the regulatory index.

■ Of the fund's return, more than two thirds came from coupon income generated by the fund's holdings, with the remainder coming from price appreciation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab Short-Term Bond Index Fund \| Annual Report

REG125426-01 00317423

------

**The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/prospectus.**

**Performance of Hypothetical $10,000 Investment (February 23, 2017 - August 31, 2025)**<sup>1</sup>

![](g42625g4lg_2mr5.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | Since Inception |
| Fund: Schwab Short-Term Bond Index Fund (02/23/2017)<sup>1</sup> <br>| 4.81% | &nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;2.05% |
| Bloomberg US Aggregate Bond Index<sup>2</sup> <br>| 3.14% | &nbsp;&nbsp;&nbsp;&nbsp;-0.68% | &nbsp;&nbsp;&nbsp;&nbsp;1.73% |
| Bloomberg US Government/Credit 1-5 Year Index | 4.79% | &nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;2.14% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Index ownership — Bloomberg<sup>®</sup> and Bloomberg US Government/Credit 1-5 Year Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (BISL), the administrator of the indices (collectively, "Bloomberg"). Bloomberg is not affiliated with Charles Schwab Investment Management, Inc., dba Schwab Asset Management, and Bloomberg does not approve, endorse, review, or recommend Schwab Short-Term Bond Index Fund. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to Schwab Short-Term Bond Index Fund.

Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption of fund shares.

The Bloomberg US Aggregate Bond Index serves as the fund's regulatory index and provides a broad measure of market performance. The fund generally invests in securities that are included in the Bloomberg US Government/Credit 1-5 Year Index. The fund does not seek to track the regulatory index.

2Schwab Short-Term Bond Index Fund \| Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

---

| | |
|:---|:---|
| Net Assets (millions) | $1506 |
| Number of Holdings | 2797 |
| Portfolio Turnover Rate | 49% |
| Advisory Fees Paid by the Fund | $885673 |
| 30-Day SEC Yield | 3.86% |
| 12-Month Distribution Yield | 4.06% |
| Weighted Average Maturity<br>(Source: Aladdin)<br>| 2.8 Yrs |
| Weighted Average Duration<br>(Source: Aladdin)<br>| 2.6 Yrs |
| Business Interest Deduction (163j) | 99.86% |

---

Portfolio Composition By Security Type % of Investments

![](g42625g4img0e4b3ab92.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Portfolio Composition By Credit Quality % of Investments**<sup>2,3</sup>

![](g42625g4img65f7f1d83.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Includes the fund's position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.

Bloomberg Index Rating: Based on the middle rating of Moody's, S&P and Fitch; when a rating from only two agencies is available, the lower is used; when only one agency rates a bond, that rating is used. In cases where explicit bond level ratings may not be available, other sources may be used to classify securities by credit quality. Source: Bloomberg Index Service Ltd.

Excludes short-term investments.

Schwab Short-Term Bond Index Fund \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information, holdings, certain tax information, proxy voting information, and other information about the fund online at **www.schwabassetmanagement.com/prospectus**.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available without charge, upon request, by visiting the Schwab Funds' website at **www.schwabassetmanagement.com/prospectus**, the SEC's website at **www.sec.gov**, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available, without charge, by visiting the fund's website at **www.schwabassetmanagement.com/prospectus** or the SEC's website at **www.sec.gov**, by calling **1-866-414-6349**, or by sending an email request to **orders@mysummaryprospectus.com**.

4Schwab Short-Term Bond Index Fund \| Annual Report

------

![](g42625g5imgf078fa501.jpg)

Annual Report \| August 31, 2025

Schwab Tax-Free Bond Fund

Ticker Symbol: SWNTX

------

This annual shareholder report contains important information about the fund for the period of September 1, 2024, to August 31,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

or hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to

shareholders and other information about the fund are available from your financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST year ENDED August 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Tax-Free Bond Fund\* | $38 | &nbsp;&nbsp;0.38% |

---

\*

Expenses were reduced by a contractual fee waiver in effect for so long as the investment adviser serves as adviser to the fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended August 31, 2025, the fund returned 0.14%. The Bloomberg Municipal Bond Index, which

serves as the fund's regulatory index and provides a broad measure of market performance, returned 0.08%. The Bloomberg

Municipal 3-15 Year Blend Index which returned 2.08%, is the fund's additional index, and is more representative of the fund's

investment universe than the regulatory index.

■

The national municipal bond market experienced significant increase in new issue supply during 2024, hitting a new record level,

with the trend continuing through the end of the reporting period which drove municipal bond returns down

■

Curve steepening in the 10+ year portion of the yield curve detracted from relative performance as yields rose over the reporting

period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab Tax-Free Bond Fund \| Annual Report

REG125427-01 00317424

------

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

and principal value of an investment will fluctuate so that an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

Performance of Hypothetical $10,000 Investment (August 31, 2015 - August 31, 2025)

1,2

![](g42625g5lg_2m15.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Tax-Free Bond Fund (09/11/1992)<br>1,2<br>| 0.14% | &nbsp;&nbsp;&nbsp;&nbsp;0.33% | &nbsp;&nbsp;&nbsp;&nbsp;1.74% |
| Bloomberg Municipal Bond Index<br>3<br>| 0.08% | &nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;2.18% |
| Bloomberg Municipal 3-15 Year Blend Index | 2.08% | &nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;2.27% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower

performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption of fund shares.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the total return/yield may have been lower.

The Bloomberg Municipal Bond Index serves as the fund's regulatory index and provides a broad measure of market performance. The Bloomberg Municipal 3-15 Year Blend

Index is the fund's additional index and is more representative of the fund's investment universe than the regulatory index.

2Schwab Tax-Free Bond Fund \| Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (thousands) | $540656 |
| Number of Holdings | 396 |
| Portfolio Turnover Rate | 49% |
| Advisory Fees Paid by the Fund | $1097975 |
| 30-Day SEC Yield | 3.65% |
| 30-Day SEC Yield-No Waiver | 3.63% |
| 12-Month Distribution Yield | 3.60% |
| Weighted Average Maturity<br>(Source: Aladdin)<br>| 7.9 Yrs |
| Weighted Average Duration<br>(Source: Aladdin)<br>| 6.6 Yrs |
| Tax Exempt Income Distribution | 100.00% |

---

Portfolio Composition By Security Type % of Investments

![](g42625g5img70827c192.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio Composition By Credit Quality % of Investments

![](g42625g5imgb31051ac3.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the 30-Day SEC Yield and 12-Month Distribution Yield

may have been lower. The 30-Day SEC Yield-No Waiver is the yield if fund expenses had not been partially absorbed by the investment adviser and its affiliates.

Bloomberg Index Rating: Based on the middle rating of Moody's, S&P and Fitch; when a rating from only two agencies is available, the lower is used; when only one agency

rates a bond, that rating is used. In cases where explicit bond level ratings may not be available, other sources may be used to classify securities by credit quality. Source:

Bloomberg Index Service Ltd.

Schwab Tax-Free Bond Fund \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab Funds' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Tax-Free Bond Fund \| Annual Report

------

![](g42625g6imgab97a41b1.jpg)

**Annual Report \|** August 31, 2025

Schwab California Tax-Free Bond Fund

**Ticker Symbol: SWCAX**

------

This annual shareholder report contains important information about the fund for the period of September 1, 2024, to August 31, 2025. You can find additional information about the fund at **www.schwabassetmanagement.com/prospectus**. You can also request this information by calling **1-866-414-6349** or by sending an email request to **orders@mysummaryprospectus.com**. If you purchase or hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders and other information about the fund are available from your financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**FUND COSTS FOR THE LAST year ENDED August 31, 2025** *(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)*

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab California Tax-Free Bond Fund\* | $38 | &nbsp;&nbsp;0.38% |

---

\*

Expenses were reduced by a contractual fee waiver in effect for so long as the investment adviser serves as adviser to the fund.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended August 31, 2025, the fund returned 0.21%. The Bloomberg Municipal Bond Index, which serves as the fund's regulatory index and provides a broad measure of market performance, returned 0.08%. The Bloomberg California Municipal 3-15 Year Blend Index which returned 2.26%, is the fund's additional index, and is more representative of the fund's investment universe than the regulatory index.

■ The national municipal bond market experienced significant increase in new issue supply during 2024, hitting a new record level, with the trend continuing through the end of the reporting period which drove municipal bond returns down

■ New issue supply in the California municipal bond market was also above historical averages but below prior record levels

■ Curve steepening in the 10+ year portion of the yield curve detracted from relative performance as yields rose over the reporting period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab California Tax-Free Bond Fund \| Annual Report

REG125411-01 00317408

------

**The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/prospectus.**

**Performance of Hypothetical $10,000 Investment (August 31, 2015 - August 31, 2025)**<sup>1,2</sup>

![](g42625g6lg_2m13.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab California Tax-Free Bond Fund (02/24/1992)<sup>1,2</sup> <br>| 0.21% | &nbsp;&nbsp;&nbsp;&nbsp;0.23% | &nbsp;&nbsp;&nbsp;&nbsp;1.67% |
| Bloomberg Municipal Bond Index<sup>3</sup> <br>| 0.08% | &nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;2.18% |
| Bloomberg California Municipal 3-15 Year Blend Index<sup>4</sup> <br>| 2.26% | &nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;N/A <br>5<br>|
| S&P California AMT-Free Municipal Bond Index | -0.02% | &nbsp;&nbsp;&nbsp;&nbsp;0.19% | &nbsp;&nbsp;&nbsp;&nbsp;2.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption of fund shares.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the total return/yield may have been lower.

The Bloomberg Municipal Bond Index serves as the fund's regulatory index and provides a broad measure of market performance. The Bloomberg California Municipal 3-15 Year Blend Index is the fund's additional index and is more representative of the fund's investment universe than the regulatory index.

The Bloomberg California Municipal 3-15 Year Blend Index was established effective January 1, 2020. Performance shown prior to January 1, 2020 is based on a subset of securities included in the Bloomberg Municipal 3-15 Year Blend Index.

Information not available to the fund.

2Schwab California Tax-Free Bond Fund \| Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $468247 |
| Number of Holdings | 374 |
| Portfolio Turnover Rate | 35% |
| Advisory Fees Paid by the Fund | $864129 |
| 30-Day SEC Yield | 3.30% |
| 30-Day SEC Yield-No Waiver | 3.28% |
| 12-Month Distribution Yield | 3.26% |
| Weighted Average Maturity<br>(Source: Aladdin)<br>| 7.3 Yrs |
| Weighted Average Duration<br>(Source: Aladdin)<br>| 6.2 Yrs |
| Tax Exempt Income Distribution | 99.99% |

---

Portfolio Composition By Security Type % of Investments

![](g42625g6img3ff55b4f2.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Portfolio Composition By Credit Quality % of Investments**<sup>1</sup>

![](g42625g6img33ffffc13.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the 30-Day SEC Yield and 12-Month Distribution Yield may have been lower. The 30-Day SEC Yield-No Waiver is the yield if fund expenses had not been partially absorbed by the investment adviser and its affiliates.

Bloomberg Index Rating: Based on the middle rating of Moody's, S&P and Fitch; when a rating from only two agencies is available, the lower is used; when only one agency rates a bond, that rating is used. In cases where explicit bond level ratings may not be available, other sources may be used to classify securities by credit quality. Source: Bloomberg Index Service Ltd.

Schwab California Tax-Free Bond Fund \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information, holdings, certain tax information, proxy voting information, and other information about the fund online at **www.schwabassetmanagement.com/prospectus**.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available without charge, upon request, by visiting the Schwab Funds' website at **www.schwabassetmanagement.com/prospectus**, the SEC's website at **www.sec.gov**, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available, without charge, by visiting the fund's website at **www.schwabassetmanagement.com/prospectus** or the SEC's website at **www.sec.gov**, by calling **1-866-414-6349**, or by sending an email request to **orders@mysummaryprospectus.com**.

4Schwab California Tax-Free Bond Fund \| Annual Report

------

![](g42625g7img8ceceebc1.jpg)

**Annual Report \|** August 31, 2025

Schwab Opportunistic Municipal Bond Fund

**Ticker Symbol: SWHYX**

------

This annual shareholder report contains important information about the fund for the period of September 1, 2024, to August 31, 2025. You can find additional information about the fund at **www.schwabassetmanagement.com/prospectus**. You can also request this information by calling **1-866-414-6349** or by sending an email request to **orders@mysummaryprospectus.com**. If you purchase or hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders and other information about the fund are available from your financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**FUND COSTS FOR THE LAST year ENDED August 31, 2025** *(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)*

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Opportunistic Municipal Bond Fund\* | $50 | &nbsp;&nbsp;0.50% |

---

\*

Expenses were reduced by a contractual fee waiver in effect for so long as the investment adviser serves as adviser to the fund.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended August 31, 2025, the fund returned -1.98%. The Bloomberg Municipal Bond Index returned 0.08%.

■ The national municipal bond market experienced significant increase in new issue supply during 2024, hitting a new record level, with the trend continuing through the end of the reporting period which drove municipal bond returns down

■ Curve steepening in the 10+ year portion of the yield curve detracted from relative performance as yields rose over the reporting period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab Opportunistic Municipal Bond Fund \| Annual Report

REG125425-01 00317422

------

**The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted. To obtain performance information current to the most recent month end, please visit www.schwabassetmanagement.com/prospectus.**

**Performance of Hypothetical $10,000 Investment (August 31, 2015 - August 31, 2025)**<sup>1,2,3</sup>

![](g42625g7lg_2mr7.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Opportunistic Municipal Bond Fund (03/31/2014)<sup>1,2,3,4</sup> <br>| -1.98% | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;2.02% |
| Bloomberg Municipal Bond Index | 0.08% | &nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;2.18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption of fund shares.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the total return/yield may have been lower.

Effective August 10, 2020, the Wasmer Schroeder High Yield Municipal Fund (the predecessor fund) was reorganized into the Schwab Opportunistic Municipal Bond Fund. The performance and financial history prior to August 10, 2020 are that of the predecessor fund.

Inception date is that of the predecessor fund.

2Schwab Opportunistic Municipal Bond Fund \| Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $72883 |
| Number of Holdings | 266 |
| Portfolio Turnover Rate | 39% |
| Advisory Fees Paid by the Fund | $220945 |
| 30-Day SEC Yield | 3.94% |
| 30-Day SEC Yield-No Waiver | 3.84% |
| 12-Month Distribution Yield | 4.26% |
| Weighted Average Maturity<br>(Source: Aladdin)<br>| 12.0 Yrs |
| Weighted Average Duration<br>(Source: Aladdin)<br>| 9.2 Yrs |
| Tax Exempt Income Distribution | 98.94% |

---

Portfolio Composition By Security Type % of Investments

![](g42625g7img213acb742.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Portfolio Composition By Credit Quality % of Investments**<sup>1</sup>

![](g42625g7img80b136913.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the 30-Day SEC Yield and 12-Month Distribution Yield may have been lower. The 30-Day SEC Yield-No Waiver is the yield if fund expenses had not been partially absorbed by the investment adviser and its affiliates.

Bloomberg Index Rating: Based on the middle rating of Moody's, S&P and Fitch; when a rating from only two agencies is available, the lower is used; when only one agency rates a bond, that rating is used. In cases where explicit bond level ratings may not be available, other sources may be used to classify securities by credit quality. Source: Bloomberg Index Service Ltd.

Schwab Opportunistic Municipal Bond Fund \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information, holdings, certain tax information, proxy voting information, and other information about the fund online at **www.schwabassetmanagement.com/prospectus**.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available without charge, upon request, by visiting the Schwab Funds' website at **www.schwabassetmanagement.com/prospectus**, the SEC's website at **www.sec.gov**, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available, without charge, by visiting the fund's website at **www.schwabassetmanagement.com/prospectus** or the SEC's website at **www.sec.gov**, by calling **1-866-414-6349**, or by sending an email request to **orders@mysummaryprospectus.com**.

4Schwab Opportunistic Municipal Bond Fund \| Annual Report

------

#### Item 2: Code of Ethics.
(a) Registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, and any other persons who perform a similar function, regardless of whether these individuals are employed by Registrant or a third party.

(c) During the period covered by the report, no amendments were made to the provisions of this code of ethics.

(d) During the period covered by the report, Registrant did not grant any waivers, including implicit waivers, from the provisions of this code of ethics.

(f)(1) Registrant has filed this code of ethics as an exhibit pursuant to Item 19(a)(1) of Form N-CSR.

#### Item 3: Audit Committee Financial Expert.
Registrant's Board of Trustees has determined that Kimberly S. Patmore, Michael J. Beer and J. Derek Penn, each currently serving on its audit, compliance and valuation committee, are each an "audit committee financial expert," as such term is defined in Item 3 of Form N-CSR. Each member of Registrant's audit, compliance and valuation committee is "independent" under the standards set forth in Item 3 of Form N-CSR.

The designation of each of Ms. Patmore, Mr. Beer and Mr. Penn as an "audit committee financial expert" pursuant to Item 3 of Form N-CSR does not (i) impose upon such individual any duties, obligations, or liability that are greater than the duties, obligations and liability imposed upon such individual as a member of Registrant's audit, compliance and valuation committee or Board of Trustees in the absence of such designation; and (ii) affect the duties, obligations or liability of any other member of Registrant's audit, compliance and valuation committee or Board of Trustees.

#### Item 4: Principal Accountant Fees and Services.
Registrant is composed of eight operational series. Six series have a fiscal year-end of August 31, whose annual financial statements are reported in Item 1, one series has a fiscal year-end of October 31, and one series has a fiscal year-end of the last day of February. Principal accountant fees disclosed in Items 4(a)-(d) and 4(g) include fees billed for services rendered to each of the eight operational series during 2025/2026 and 2024/2025, based on their respective 2025/2026 and 2024/2025 fiscal years, as applicable.

The following table presents fees billed by the principal accountant in each of the last two fiscal years for the services rendered to the Funds:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (a) Audit Fees<sup>1</sup> | (a) Audit Fees<sup>1</sup> | (b) Audit-Related Fees | (b) Audit-Related Fees | (c) Tax Fees<sup>2</sup> | (c) Tax Fees<sup>2</sup> | (d) All Other Fees | (d) All Other Fees |
| Fiscal Year<br>2025/2026 | Fiscal Year<br>2024/2025 | Fiscal Year<br>2025/2026 | Fiscal Year<br>2024/2025 | Fiscal Year<br>2025/2026 | Fiscal Year<br>2024/2025 | Fiscal Year<br>2025/2026 | Fiscal Year<br>2024/2025 |
| $283400 | $283400 | $0 | $0 | $26280 | $26280 | $0 | $0 |

---

<sup>1</sup> The nature of the services includes audit of the registrant's annual financial statements and normally provided services in connection with regulatory filings for those fiscal years.

<sup>2</sup> The tax fees consist of professional services relating to tax compliance, tax advice, tax planning, and the preparation of the Registrant's tax returns.

------

**(e)(1)** Registrant's audit, compliance and valuation committee does not have pre-approval policies and procedures as described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

**(2)** There were no services described in each of paragraphs (b) through (d) above (including services required to be approved by Registrant's audit, compliance and valuation committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X) that were approved by Registrant's audit, compliance and valuation committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

**(f)** Not applicable.

**(g)** Below are the aggregate non-audit fees billed in each of the last two fiscal years by Registrant's principal accountant for services rendered to Registrant, to Registrant's investment adviser, and to any entity controlling, controlled by, or under common control with Registrant's investment adviser that provides ongoing services to Registrant.

---

| | |
|:---|:---|
| 2025/2026: $2,515,513 | 2024/2025: $2,757,348 |

---

**(h)** During the past fiscal year, all non-audit services provided by Registrant's principal accountant to either Registrant's investment adviser or to any entity controlling, controlled by, or under common control with Registrant's investment adviser that provides ongoing services to Registrant were pre-approved. Included in the audit, compliance and valuation committee's pre-approval was the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant's independence.

**(i)** Not applicable.

**(j)** Not applicable.

#### Item 5: Audit Committee of Listed Registrants.
Not applicable.

#### Item 6: Schedule of Investments.
The schedules of investments are included under Item 7 of this Form.

#### Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g24236img02f1681d1.jpg)

**Annual Holdings and Financial Statements** \| August 31, 2025

Schwab Taxable Bond Funds

------

Schwab Treasury Inflation

Protected Securities Index Fund

Schwab U.S. Aggregate

Bond Index Fund

Schwab Short-Term

Bond Index Fund

------

**In This Report**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 - Financial Statements and Financial Highlights for Open-End](#xx_5e975349-323c-4770-85f5-4754728127e4_1)**<br> **[Management Investment Companies](#xx_5e975349-323c-4770-85f5-4754728127e4_1)** <br>|  |
| [Financial Statements and Portfolio Holdings](#xx_5e975349-323c-4770-85f5-4754728127e4_1) <br>|  |
| [Schwab Treasury Inflation Protected Securities Index Fund](#xx_5e975349-323c-4770-85f5-4754728127e4_1) | 2 |
| [Schwab U.S.](#xx_1e23c44f-59d9-49e1-80ef-c6d356309950_1)[Aggregate Bond Index Fund](#xx_1e23c44f-59d9-49e1-80ef-c6d356309950_1) | 7 |
| [Schwab Short-Term Bond Index Fund](#xx_14b3b680-f098-4a80-b2c5-7bd6fba0292e_1) | 93 |
| [Financial Notes](#xx_27c8f06f-f81c-4976-a270-95e1cca5772b_1) | 129 |
| [Report of Independent Registered Public Accounting Firm](#xx_0b590676-f2b9-4f93-807b-27da247858ca_1) | 138 |
| **[Item 8 – Changes in and Disagreements with Accountants for Open-End](#xx_ee8e4dc5-ee3e-4ee5-bc35-4b6700cff9f9_1)**<br> **[Management Investment Companies](#xx_ee8e4dc5-ee3e-4ee5-bc35-4b6700cff9f9_1)**<br>| 139 |
| **[Item 9 – Proxy Disclosures for Open-End Management Investment](#xx_85e39d1c-e940-456b-92e3-164ab776bcd8_1)**<br> **[Companies](#xx_85e39d1c-e940-456b-92e3-164ab776bcd8_1)**<br>| 140 |
| **[Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End](#xx_326be9b0-adeb-4c11-8237-56d2957f53dc_1)**<br> **[Management Investment Companies](#xx_326be9b0-adeb-4c11-8237-56d2957f53dc_1)**<br>| 141 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory](#xx_9424ffb7-43ca-4fd7-842c-89bc654aa3bc_1)**<br> **[Contract](#xx_9424ffb7-43ca-4fd7-842c-89bc654aa3bc_1)** <br>|  |
| [Investment Advisory Agreement Approval](#xx_9424ffb7-43ca-4fd7-842c-89bc654aa3bc_1) | 142  |

---

Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset Management<sup>®</sup>

Distributor: Charles Schwab & Co., Inc. (Schwab)

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**1**

------

Schwab Treasury Inflation Protected Securities Index Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 9/1/24– <br>8/31/25<br>| 9/1/23– <br>8/31/24<br>| 9/1/22– <br>8/31/23<br>| 9/1/21– <br>8/31/22<br>| 9/1/20– <br>8/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $10.39 | &nbsp;&nbsp; $10.17 | &nbsp;&nbsp; $11.27 | &nbsp;&nbsp; $12.70 | &nbsp;&nbsp; $12.33 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.39 | 0.37 | 0.30 | 0.90 | 0.59 |
| Net realized and unrealized gains (losses) | 0.11 | 0.23 | &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (1.64)<br>| 0.07 |
| Total from investment operations | 0.50 | 0.60 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.74)<br>| 0.66 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.28)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.01)<br>|
| Total distributions | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.29)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $10.52 | &nbsp;&nbsp; $10.39 | &nbsp;&nbsp; $10.17 | &nbsp;&nbsp; $11.27 | &nbsp;&nbsp; $12.70 |
| Total return | 4.89<br> %<br>| 6.07<br> %<br>| &nbsp;&nbsp; (3.67<br> %)<br>| &nbsp;&nbsp; (6.04<br> %)<br>| 5.48<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.05<br> %<br>| 0.05<br> %<br>| 0.05 %<sup>2</sup><br>| 0.05 %<sup>2</sup><br>| 0.05<br> %<br>|
| Net investment income (loss) | 3.77<br> %<br>| 3.68<br> %<br>| 2.92<br> %<br>| 7.50<br> %<br>| 4.83<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp; 25<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $2705 | &nbsp;&nbsp; $2479 | &nbsp;&nbsp; $2590 | &nbsp;&nbsp; $2750 | &nbsp;&nbsp; $2397 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**2**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Treasury Inflation Protected Securities Index Fund

Portfolio Holdings as of August 31, 2025

------

For fixed-rate securities, the rate shown is the interest rate (the rate established when the security was issued). The maturity date shown for all the securities is the final legal maturity. Inflation-protected securities are fixed-income securities whose principal value is periodically adjusted by the rate of inflation. The interest rate on these instruments is generally lower at issuance than typical bonds or notes. Over the life of an inflation-indexed instrument interest will be paid based on a principal value, which is adjusted for any inflation or deflation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **TREASURIES** 99.7% OF NET ASSETS | **TREASURIES** 99.7% OF NET ASSETS | **TREASURIES** 99.7% OF NET ASSETS |
| **U.S. Treasury Inflation Protected Securities** | **U.S. Treasury Inflation Protected Securities** | **U.S. Treasury Inflation Protected Securities** |
| 0.13%, 10/15/26  | 80982700 | 80527172 |
| 0.38%, 01/15/27  | 66363883 | 65915409 |
| 2.38%, 01/15/27  | 32938299 | 33606715 |
| 0.13%, 04/15/27  | 82845999 | 81757027 |
| 0.38%, 07/15/27  | 73642605 | 73288775 |
| 1.63%, 10/15/27  | 83073919 | 84698078 |
| 0.50%, 01/15/28  | 74987640 | 74321246 |
| 1.75%, 01/15/28  | 31025671 | 31657697 |
| 1.25%, 04/15/28  | 81977622 | 82626078 |
| 3.63%, 04/15/28  | 31692414 | 33900979 |
| 0.75%, 07/15/28  | 65133104 | 65100028 |
| 2.38%, 10/15/28  | 84393257 | 88383806 |
| 0.88%, 01/15/29  | 56220956 | 56069423 |
| 2.50%, 01/15/29  | 28772155 | 30235489 |
| 2.13%, 04/15/29  | 86811554 | 90148373 |
| 3.88%, 04/15/29  | 36468551 | 40151020 |
| 0.25%, 07/15/29  | 66301701 | 64616964 |
| 1.63%, 10/15/29  | 89576039 | 91874924 |
| 0.13%, 01/15/30  | 74888579 | 71837455 |
| 1.63%, 04/15/30  | 92829280 | 94794650 |
| 0.13%, 07/15/30  | 82459560 | 78774648 |
| 0.13%, 01/15/31  | 85045775 | 80203814 |
| 0.13%, 07/15/31  | 86667470 | 81247368 |
| 0.13%, 01/15/32  | 94220466 | 86991989 |
| 3.38%, 04/15/32  | 13344227 | 15033888 |
| 0.63%, 07/15/32  | 98465044 | 93468712 |
| 1.13%, 01/15/33  | 96593866 | 93799813 |
| 1.38%, 07/15/33  | 94628436 | 93297724 |
| 1.75%, 01/15/34  | 100035806 | 100532078 |
| 1.88%, 07/15/34  | 103853542 | 105253131 |
| 2.13%, 01/15/35  | 109208631 | 112222534 |
| 1.88%, 07/15/35  | 40263381 | 40489076 |
| 2.13%, 02/15/40  | 16899120 | 16828157 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.13%, 02/15/41  | 25247265 | 24833545 |
| 0.75%, 02/15/42  | 39717135 | 30921962 |
| 0.63%, 02/15/43  | 31970479 | 23767429 |
| 1.38%, 02/15/44  | 43856517 | 36663020 |
| 0.75%, 02/15/45  | 48478793 | 35162275 |
| 1.00%, 02/15/46  | 24884294 | 18658846 |
| 0.88%, 02/15/47  | 30371541 | 21777344 |
| 1.00%, 02/15/48  | 22007253 | 15987925 |
| 1.00%, 02/15/49  | 20015578 | 14298628 |
| 0.25%, 02/15/50  | 31173786 | 17744095 |
| 0.13%, 02/15/51  | 30632242 | 16329618 |
| 0.13%, 02/15/52  | 36776492 | 19134550 |
| 1.50%, 02/15/53  | 33553830 | 25956378 |
| 2.13%, 02/15/54  | 34057884 | 30451873 |
| 2.38%, 02/15/55  | 33168881 | 31366619 |
| **Total Treasuries** <br>**(Cost $2,785,761,815)** | **Total Treasuries** <br>**(Cost $2,785,761,815)** | **2696708347** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Short-Term Investments** 0.1% OF NET ASSETS | **Short-Term Investments** 0.1% OF NET ASSETS | **Short-Term Investments** 0.1% OF NET ASSETS |
| **Money Market Funds 0.1%** | **Money Market Funds 0.1%** | **Money Market Funds 0.1%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.23% *(a)*<br>| 2649743 | 2649743 |
| **Total Short-Term Investments** <br>**(Cost $2,649,743)** | **Total Short-Term Investments** <br>**(Cost $2,649,743)** | **2649743** |
| **Total Investments in Securities** <br>**(Cost $2,788,411,558)** | **Total Investments in Securities** <br>**(Cost $2,788,411,558)** | **2699358090** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* The rate shown is the annualized 7-day yield.

------

The following is a summary of the inputs used to value the fund's investments as of August 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Treasuries<sup>1</sup> <br>| $— | &nbsp;&nbsp; $2696708347 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2696708347 |
| Short-Term Investments<sup>1</sup> <br>| 2649743 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2649743 |
| **Total** | **$2649743** | &nbsp;&nbsp; **$2696708347** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$2699358090** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings.

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**3**

------

Schwab Treasury Inflation Protected Securities Index Fund

Statement of Assets and Liabilities

------

As of August 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $2,788,411,558) |  | $2699358090 |
| Receivables: |  |  |
| Investments sold |  | 12210145 |
| Interest |  | 6842432 |
| Fund shares sold |  | 2835835 |
| Dividends | + | 6090 |
| **Total assets** |  | **2721252592** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 15775781 |
| Fund shares redeemed |  | 799663 |
| Investment adviser fees | + | 112703 |
| **Total liabilities** |  | **16688147** |
| **Net assets** |  | **$2704564445** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $3030593828 |
| Total distributable loss | + | (326029383)<br>|
| **Net assets** |  | **$2704564445** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $2704564445 |  | &nbsp;&nbsp;&nbsp;&nbsp; 257169900 |  | &nbsp;&nbsp;&nbsp;&nbsp; $10.52 |

---

*See financial notes*

**4**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Treasury Inflation Protected Securities Index Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period September 1, 2024 through August 31, 2025 | For the period September 1, 2024 through August 31, 2025 | For the period September 1, 2024 through August 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Interest received from securities - unaffiliated issuers |  | $96,285,519<br> \*<br>|
| Dividends received from securities - unaffiliated issuers  | + | 77425 |
| **Total investment income**  |  | **96362944** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 1260253 |
| **Total expenses** | – | **1260253** |
| **Net investment income** |  | **95102691** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| **Net realized losses on sales of securities - unaffiliated issuers**  |  | **(33131642)**<br>|
| **Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers** | + | **60704131** |
| **Net realized and unrealized gains** |  | **27572489** |
| **Increase in net assets resulting from operations** |  | **$122675180** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* See financial note 2(b), Inflation-Protected Securities, for additional information.

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**5**

------

Schwab Treasury Inflation Protected Securities Index Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 9/1/24-8/31/25 | 9/1/24-8/31/25 | 9/1/23-8/31/24 |
| Net investment income |  | $95102691 | &nbsp;&nbsp;&nbsp; $93805940 |
| Net realized losses |  | (33131642)<br>| &nbsp;&nbsp;&nbsp; (78387983)<br>|
| Net change in unrealized appreciation (depreciation) | + | 60704131 | &nbsp;&nbsp;&nbsp; 133387530 |
| **Increase in net assets resulting from operations** |  | **$122675180** | &nbsp;&nbsp;&nbsp; **$148805487** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($88811994)**<br>| &nbsp;&nbsp;&nbsp; **($93949390)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 9/1/24-8/31/25 | 9/1/24-8/31/25 | 9/1/24-8/31/25 | 9/1/23-8/31/24 | 9/1/23-8/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 78947813 | &nbsp;&nbsp;&nbsp; $814265769 | &nbsp;&nbsp;&nbsp; 56164369 | &nbsp;&nbsp;&nbsp; $569420370 |
| Shares reinvested |  | 6363252 | &nbsp;&nbsp;&nbsp; 65844986 | &nbsp;&nbsp;&nbsp; 6919433 | &nbsp;&nbsp;&nbsp; 69791244 |
| Shares redeemed | + | (66681471)<br>| &nbsp;&nbsp;&nbsp; (688137106)<br>| &nbsp;&nbsp;&nbsp; (79288776)<br>| &nbsp;&nbsp;&nbsp; (805036545)<br>|
| **Net transactions in fund shares**  |  | **18629594** | &nbsp;&nbsp;&nbsp; **$191973649** | &nbsp;&nbsp;&nbsp; **(16204974)**<br>| &nbsp;&nbsp;&nbsp; **($165824931)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 9/1/24-8/31/25 | 9/1/24-8/31/25 | 9/1/24-8/31/25 | 9/1/23-8/31/24 | 9/1/23-8/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 238540306 | &nbsp;&nbsp;&nbsp; $2478727610 | &nbsp;&nbsp;&nbsp; 254745280 | &nbsp;&nbsp;&nbsp; $2589696444 |
| Total increase (decrease) | + | 18629594 | &nbsp;&nbsp;&nbsp; 225836835 | &nbsp;&nbsp;&nbsp; (16204974)<br>| &nbsp;&nbsp;&nbsp; (110968834)<br>|
| **End of period** |  | **257169900** | &nbsp;&nbsp;&nbsp; **$2704564445** | &nbsp;&nbsp;&nbsp; **238540306** | &nbsp;&nbsp;&nbsp; **$2478727610** |

---

*See financial notes*

**6**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 9/1/24– <br>8/31/25<br>| 9/1/23– <br>8/31/24<br>| 9/1/22– <br>8/31/23<br>| 9/1/21– <br>8/31/22<br>| 9/1/20– <br>8/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $9.05 | &nbsp;&nbsp; $8.76 | &nbsp;&nbsp; $9.15 | &nbsp;&nbsp; $10.57 | &nbsp;&nbsp; $10.84 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.35 | 0.32 | 0.26 | 0.19 | 0.18 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (0.07)<br>| 0.30 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp; (0.22)<br>|
| Total from investment operations | 0.28 | 0.62 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (0.04)<br>|
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.22)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Total distributions | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.23)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $8.97 | &nbsp;&nbsp; $9.05 | &nbsp;&nbsp; $8.76 | &nbsp;&nbsp; $9.15 | &nbsp;&nbsp; $10.57 |
| Total return | 3.17<br> %<br>| 7.23<br> %<br>| &nbsp;&nbsp; (1.34<br> %)<br>| &nbsp;&nbsp; (11.51<br> %)<br>| &nbsp;&nbsp; (0.30<br> %)<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.04<br> %<br>| 0.04<br> %<br>| 0.04 %<sup>2</sup><br>| 0.04 %<sup>2</sup><br>| 0.04<br> %<br>|
| Net investment income (loss) | 3.97<br> %<br>| 3.67<br> %<br>| 2.91<br> %<br>| 1.93<br> %<br>| 1.66<br> %<br>|
| Portfolio turnover rate<sup>3</sup> <br>| &nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp; 60<br> %<br>| &nbsp;&nbsp; 71<br> %<br>| &nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp; 56<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $5332 | &nbsp;&nbsp; $5144 | &nbsp;&nbsp; $4521 | &nbsp;&nbsp; $4440 | &nbsp;&nbsp; $5510 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>3</sup> Portfolio turnover rate includes to-be-announced (TBA) transactions (if any) (see financial note 2 for additional information).

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**7**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025

------

Generally, for fixed rate securities, the rate shown is the interest rate that was established when the security was issued and when a security is purchased with a zero coupon rate, the effective yield at the time of purchase is shown. In some cases, for securitized products, the fixed interest rate can change but remains index eligible as a fixed rate coupon. All securities are currently in a fixed rate coupon period based on index eligibility requirements and the fund's investment objective. Variable rate securities are subject to index requirements and will be removed from the index and fund prior to converting from a fixed rate coupon to a variable rate coupon. The maturity date shown for all the securities is the final legal maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **CORPORATES** 23.6% OF NET ASSETS | **CORPORATES** 23.6% OF NET ASSETS | **CORPORATES** 23.6% OF NET ASSETS |
| **Financial Institutions 7.9%** | **Financial Institutions 7.9%** | **Financial Institutions 7.9%** |
| ***Banking 5.4%***  | ***Banking 5.4%***  | ***Banking 5.4%***  |
| **Ally Financial, Inc.** | **Ally Financial, Inc.** | **Ally Financial, Inc.** |
| 4.75%, 06/09/27 *(a)* | 150000 | 150752 |
| 7.10%, 11/15/27 *(a)* | 150000 | 158249 |
| 2.20%, 11/02/28 *(a)* | 100000 | 93348 |
| 5.74%, 05/15/29 *(a)(b)* | 100000 | 102629 |
| 6.99%, 06/13/29 *(a)(b)* | 150000 | 158831 |
| 6.85%, 01/03/30 *(a)(b)* | 150000 | 159309 |
| 5.54%, 01/17/31 *(a)(b)* | 150000 | 153578 |
| 8.00%, 11/01/31  | 450000 | 514682 |
| 6.18%, 07/26/35 *(a)(b)* | 150000 | 154445 |
| **American Express Co.** | **American Express Co.** | **American Express Co.** |
| 1.65%, 11/04/26 *(a)* | 250000 | 243073 |
| 2.55%, 03/04/27 *(a)* | 350000 | 342345 |
| 3.30%, 05/03/27 *(a)* | 300000 | 296580 |
| 5.85%, 11/05/27 *(a)* | 250000 | 259435 |
| 5.10%, 02/16/28 *(a)(b)* | 350000 | 354280 |
| 5.04%, 07/26/28 *(a)(b)* | 200000 | 203254 |
| 4.73%, 04/25/29 *(a)(b)* | 250000 | 254005 |
| 4.05%, 05/03/29 *(a)* | 150000 | 150464 |
| 4.35%, 07/20/29 *(a)(b)* | 270000 | 271428 |
| 5.28%, 07/27/29 *(a)(b)* | 250000 | 257977 |
| 5.53%, 04/25/30 *(a)(b)* | 250000 | 261152 |
| 5.09%, 01/30/31 *(a)(b)* | 250000 | 257680 |
| 5.02%, 04/25/31 *(a)(b)* | 250000 | 256930 |
| 6.49%, 10/30/31 *(a)(b)* | 250000 | 273790 |
| 4.99%, 05/26/33 *(a)(b)* | 100000 | 100849 |
| 4.92%, 07/20/33 *(a)(b)* | 310000 | 314011 |
| 4.42%, 08/03/33 *(a)(b)* | 250000 | 245860 |
| 5.04%, 05/01/34 *(a)(b)* | 200000 | 203238 |
| 5.63%, 07/28/34 *(a)(b)* | 100000 | 103501 |
| 5.92%, 04/25/35 *(a)(b)* | 100000 | 105488 |
| 5.28%, 07/26/35 *(a)(b)* | 300000 | 306093 |
| 5.44%, 01/30/36 *(a)(b)* | 250000 | 257175 |
| 5.67%, 04/25/36 *(a)(b)* | 250000 | 261247 |
| 4.05%, 12/03/42  | 150000 | 127106 |
| **American Express Credit Corp.** | **American Express Credit Corp.** | **American Express Credit Corp.** |
| 3.30%, 05/03/27 *(a)* | 100000 | 98969 |
| **Associated Banc-Corp.** | **Associated Banc-Corp.** | **Associated Banc-Corp.** |
| 6.46%, 08/29/30 *(a)(b)* | 75000 | 77992 |
| **Australia & New Zealand Banking Group Ltd.** | **Australia & New Zealand Banking Group Ltd.** | **Australia & New Zealand Banking Group Ltd.** |
| 4.75%, 01/18/27  | 250000 | 252608 |
| 4.90%, 07/16/27  | 250000 | 254445 |
| 3.92%, 09/30/27  | 250000 | 249875 |
| **Banco Bilbao Vizcaya Argentaria SA** | **Banco Bilbao Vizcaya Argentaria SA** | **Banco Bilbao Vizcaya Argentaria SA** |
| 5.38%, 03/13/29  | 200000 | 207094 |
| 7.88%, 11/15/34 *(a)(b)* | 200000 | 230268 |
| 6.03%, 03/13/35 *(a)(b)* | 200000 | 210010 |
| **Banco Santander SA** | **Banco Santander SA** | **Banco Santander SA** |
| 4.25%, 04/11/27  | 200000 | 200148 |
| 5.29%, 08/18/27  | 400000 | 407400 |
| 1.72%, 09/14/27 *(a)(b)* | 200000 | 194552 |
| 6.53%, 11/07/27 *(a)(b)* | 200000 | 204970 |
| 3.80%, 02/23/28  | 200000 | 197998 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.55%, 03/14/28 *(a)(b)* | 200000 | 203640 |
| 4.18%, 03/24/28 *(a)(b)* | 200000 | 199676 |
| 4.38%, 04/12/28  | 200000 | 200896 |
| 5.37%, 07/15/28 *(a)(b)* | 200000 | 204112 |
| 5.59%, 08/08/28  | 400000 | 416096 |
| 6.61%, 11/07/28  | 200000 | 214122 |
| 3.31%, 06/27/29  | 200000 | 193256 |
| 5.57%, 01/17/30  | 200000 | 208874 |
| 5.54%, 03/14/30 *(a)(b)* | 200000 | 207556 |
| 3.49%, 05/28/30  | 200000 | 192330 |
| 2.75%, 12/03/30  | 200000 | 180370 |
| 2.96%, 03/25/31  | 200000 | 184898 |
| 5.44%, 07/15/31  | 200000 | 209604 |
| 3.23%, 11/22/32 *(a)(b)* | 200000 | 181672 |
| 6.92%, 08/08/33  | 400000 | 440556 |
| 6.94%, 11/07/33  | 200000 | 227104 |
| 6.35%, 03/14/34  | 200000 | 212176 |
| 6.03%, 01/17/35  | 200000 | 212454 |
| **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** |
| 6.22%, 09/15/26  | 50000 | 50982 |
| 4.25%, 10/22/26  | 350000 | 350035 |
| 5.93%, 09/15/27 *(a)(b)* | 300000 | 304878 |
| 3.25%, 10/21/27 *(a)* | 500000 | 492570 |
| 4.18%, 11/25/27 *(a)* | 350000 | 349874 |
| 3.82%, 01/20/28 *(a)(b)* | 500000 | 497160 |
| 2.55%, 02/04/28 *(a)(b)* | 425000 | 415182 |
| 3.71%, 04/24/28 *(a)(b)* | 350000 | 347186 |
| 4.38%, 04/27/28 *(a)(b)* | 400000 | 401000 |
| 3.59%, 07/21/28 *(a)(b)* | 400000 | 395712 |
| 4.95%, 07/22/28 *(a)(b)* | 500000 | 506785 |
| 6.20%, 11/10/28 *(a)(b)* | 400000 | 416904 |
| 3.42%, 12/20/28 *(a)(b)* | 1100000 | 1080838 |
| 4.98%, 01/24/29 *(a)(b)* | 500000 | 508875 |
| 3.97%, 03/05/29 *(a)(b)* | 500000 | 497175 |
| 5.20%, 04/25/29 *(a)(b)* | 600000 | 615300 |
| 4.62%, 05/09/29 *(a)(b)* | 400000 | 404576 |
| 2.09%, 06/14/29 *(a)(b)* | 500000 | 472530 |
| 4.27%, 07/23/29 *(a)(b)* | 550000 | 551490 |
| 5.82%, 09/15/29 *(a)(b)* | 550000 | 575113 |
| 3.97%, 02/07/30 *(a)(b)* | 575000 | 570314 |
| 3.19%, 07/23/30 *(a)(b)* | 450000 | 432346 |
| 2.88%, 10/22/30 *(a)(b)* | 350000 | 331215 |
| 5.16%, 01/24/31 *(a)(b)* | 500000 | 516215 |
| 2.50%, 02/13/31 *(a)(b)* | 650000 | 600463 |
| 2.59%, 04/29/31 *(a)(b)* | 400000 | 370080 |
| 1.90%, 07/23/31 *(a)(b)* | 525000 | 467003 |
| 1.92%, 10/24/31 *(a)(b)* | 450000 | 397512 |
| 2.65%, 03/11/32 *(a)(b)* | 400000 | 363676 |
| 2.69%, 04/22/32 *(a)(b)* | 800000 | 725976 |
| 2.30%, 07/21/32 *(a)(b)* | 650000 | 574054 |
| 2.57%, 10/20/32 *(a)(b)* | 600000 | 535674 |
| 2.97%, 02/04/33 *(a)(b)* | 650000 | 587411 |
| 4.57%, 04/27/33 *(a)(b)* | 600000 | 594234 |
| 5.02%, 07/22/33 *(a)(b)* | 900000 | 914481 |
| 5.29%, 04/25/34 *(a)(b)* | 950000 | 974776 |
| 5.87%, 09/15/34 *(a)(b)* | 700000 | 743064 |
| 5.47%, 01/23/35 *(a)(b)* | 900000 | 929934 |
| 5.43%, 08/15/35 *(a)(b)* | 450000 | 453298 |
| 5.52%, 10/25/35 *(a)(b)* | 600000 | 605412 |
| 5.51%, 01/24/36 *(a)(b)* | 600000 | 618420 |

---

*See financial notes*

**8**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.74%, 02/12/36 *(a)(b)* | 450000 | 461416 |
| 5.46%, 05/09/36 *(a)(b)* | 350000 | 359681 |
| 2.48%, 09/21/36 *(a)(b)* | 400000 | 345844 |
| 6.11%, 01/29/37  | 350000 | 372204 |
| 3.85%, 03/08/37 *(a)(b)* | 425000 | 392594 |
| 4.24%, 04/24/38 *(a)(b)* | 350000 | 320596 |
| 7.75%, 05/14/38  | 320000 | 384979 |
| 4.08%, 04/23/40 *(a)(b)* | 250000 | 218868 |
| 2.68%, 06/19/41 *(a)(b)* | 900000 | 648999 |
| 5.88%, 02/07/42  | 275000 | 287317 |
| 3.31%, 04/22/42 *(a)(b)* | 600000 | 462162 |
| 5.00%, 01/21/44  | 350000 | 331733 |
| 4.88%, 04/01/44  | 100000 | 92766 |
| 4.75%, 04/21/45  | 100000 | 88452 |
| 4.44%, 01/20/48 *(a)(b)* | 325000 | 277147 |
| 3.95%, 01/23/49 *(a)(b)* | 200000 | 156948 |
| 4.33%, 03/15/50 *(a)(b)* | 500000 | 411895 |
| 4.08%, 03/20/51 *(a)(b)* | 1000000 | 787690 |
| 2.83%, 10/24/51 *(a)(b)* | 150000 | 93384 |
| 3.48%, 03/13/52 *(a)(b)* | 200000 | 142084 |
| 2.97%, 07/21/52 *(a)(b)* | 350000 | 224886 |
| **Bank of America NA** | **Bank of America NA** | **Bank of America NA** |
| 6.00%, 10/15/36  | 168000 | 179693 |
| **Bank of Montreal** | **Bank of Montreal** | **Bank of Montreal** |
| 1.25%, 09/15/26  | 250000 | 242785 |
| 5.27%, 12/11/26  | 200000 | 202784 |
| 2.65%, 03/08/27  | 250000 | 245188 |
| 5.37%, 06/04/27  | 150000 | 153350 |
| 4.57%, 09/10/27 *(a)(b)* | 200000 | 200584 |
| 4.70%, 09/14/27 *(a)* | 200000 | 202406 |
| 5.20%, 02/01/28 *(a)* | 250000 | 256577 |
| 5.72%, 09/25/28 *(a)* | 200000 | 209240 |
| 5.00%, 01/27/29 *(a)(b)* | 100000 | 102033 |
| 4.64%, 09/10/30 *(a)(b)* | 150000 | 152151 |
| 5.51%, 06/04/31 *(a)* | 150000 | 157784 |
| 3.80%, 12/15/32 *(a)(b)* | 200000 | 196038 |
| 3.09%, 01/10/37 *(a)(b)* | 200000 | 176480 |
| **Bank of New York Mellon** | **Bank of New York Mellon** | **Bank of New York Mellon** |
| 4.73%, 04/20/29 *(a)(b)* | 250000 | 254202 |
| **Bank of New York Mellon Corp.** | **Bank of New York Mellon Corp.** | **Bank of New York Mellon Corp.** |
| 1.05%, 10/15/26 *(a)* | 100000 | 96797 |
| 3.25%, 05/16/27 *(a)* | 250000 | 247400 |
| 3.40%, 01/29/28 *(a)* | 200000 | 197746 |
| 3.44%, 02/07/28 *(a)(b)* | 150000 | 148785 |
| 4.44%, 06/09/28 *(a)(b)* | 140000 | 140883 |
| 5.80%, 10/25/28 *(a)(b)* | 250000 | 259060 |
| 3.00%, 10/30/28 *(a)* | 150000 | 145245 |
| 1.90%, 01/25/29 *(a)* | 100000 | 93469 |
| 4.54%, 02/01/29 *(a)(b)* | 150000 | 151848 |
| 3.85%, 04/26/29 *(a)* | 100000 | 99782 |
| 3.30%, 08/23/29 *(a)* | 150000 | 145329 |
| 6.32%, 10/25/29 *(a)(b)* | 200000 | 213144 |
| 4.98%, 03/14/30 *(a)(b)* | 150000 | 154215 |
| 4.94%, 02/11/31 *(a)(b)* | 250000 | 256987 |
| 1.80%, 07/28/31 *(a)* | 100000 | 87930 |
| 2.50%, 01/26/32 *(a)* | 100000 | 89354 |
| 5.06%, 07/22/32 *(a)(b)* | 200000 | 206150 |
| 4.29%, 06/13/33 *(a)(b)* | 200000 | 195612 |
| 5.83%, 10/25/33 *(a)(b)* | 250000 | 267367 |
| 4.71%, 02/01/34 *(a)(b)* | 150000 | 149589 |
| 4.97%, 04/26/34 *(a)(b)* | 200000 | 202366 |
| 6.47%, 10/25/34 *(a)(b)* | 100000 | 110654 |
| 5.19%, 03/14/35 *(a)(b)* | 200000 | 203918 |
| 5.23%, 11/20/35 *(a)(b)* | 150000 | 153215 |
| 5.32%, 06/06/36 *(a)(b)* | 140000 | 143500 |
| 5.61%, 07/21/39 *(a)(b)* | 100000 | 103456 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Bank of Nova Scotia** | **Bank of Nova Scotia** | **Bank of Nova Scotia** |
| 1.30%, 09/15/26  | 250000 | 242970 |
| 5.35%, 12/07/26  | 200000 | 202898 |
| 1.95%, 02/02/27  | 150000 | 145980 |
| 2.95%, 03/11/27  | 150000 | 147651 |
| 5.40%, 06/04/27  | 150000 | 153551 |
| 5.25%, 06/12/28  | 150000 | 155042 |
| 4.40%, 09/08/28 *(a)(b)* | 200000 | 201020 |
| 4.93%, 02/14/29 *(a)(b)* | 200000 | 203434 |
| 5.45%, 08/01/29  | 125000 | 130493 |
| 4.85%, 02/01/30  | 200000 | 204664 |
| 5.13%, 02/14/31 *(a)(b)* | 150000 | 154352 |
| 2.15%, 08/01/31  | 150000 | 132692 |
| 2.45%, 02/02/32  | 150000 | 131868 |
| 4.74%, 11/10/32 *(a)(b)* | 150000 | 151617 |
| 5.65%, 02/01/34  | 150000 | 158232 |
| 4.59%, 05/04/37 *(a)(b)* | 200000 | 191956 |
| **Bank OZK** | **Bank OZK** | **Bank OZK** |
| 2.75%, 10/01/31 *(a)(b)* | 100000 | 91343 |
| **BankUnited, Inc.** | **BankUnited, Inc.** | **BankUnited, Inc.** |
| 5.13%, 06/11/30 *(a)* | 75000 | 75128 |
| **Barclays PLC** | **Barclays PLC** | **Barclays PLC** |
| 6.50%, 09/13/27 *(a)(b)* | 200000 | 204202 |
| 2.28%, 11/24/27 *(a)(b)* | 400000 | 390176 |
| 4.34%, 01/10/28 *(a)* | 200000 | 200126 |
| 5.67%, 03/12/28 *(a)(b)* | 200000 | 203890 |
| 4.84%, 05/09/28 *(a)* | 250000 | 251155 |
| 5.50%, 08/09/28 *(a)(b)* | 300000 | 306471 |
| 4.84%, 09/10/28 *(a)(b)* | 200000 | 202088 |
| 7.39%, 11/02/28 *(a)(b)* | 250000 | 265505 |
| 5.09%, 02/25/29 *(a)(b)* | 250000 | 254362 |
| 4.97%, 05/16/29 *(a)(b)* | 250000 | 253768 |
| 6.49%, 09/13/29 *(a)(b)* | 200000 | 212094 |
| 4.48%, 11/11/29 *(a)(b)* | 300000 | 300642 |
| 5.69%, 03/12/30 *(a)(b)* | 350000 | 364213 |
| 5.09%, 06/20/30 *(a)(b)* | 300000 | 304359 |
| 4.94%, 09/10/30 *(a)(b)* | 250000 | 254027 |
| 5.37%, 02/25/31 *(a)(b)* | 350000 | 361158 |
| 2.65%, 06/24/31 *(a)(b)* | 100000 | 91689 |
| 2.67%, 03/10/32 *(a)(b)* | 200000 | 180302 |
| 2.89%, 11/24/32 *(a)(b)* | 250000 | 223913 |
| 5.75%, 08/09/33 *(a)(b)* | 200000 | 209120 |
| 7.44%, 11/02/33 *(a)(b)* | 350000 | 399822 |
| 6.22%, 05/09/34 *(a)(b)* | 400000 | 427260 |
| 7.12%, 06/27/34 *(a)(b)* | 250000 | 276447 |
| 6.69%, 09/13/34 *(a)(b)* | 250000 | 274312 |
| 5.34%, 09/10/35 *(a)(b)* | 400000 | 400752 |
| 3.56%, 09/23/35 *(a)(b)* | 150000 | 140126 |
| 5.79%, 02/25/36 *(a)(b)* | 350000 | 361007 |
| 3.81%, 03/10/42 *(a)(b)* | 200000 | 156356 |
| 3.33%, 11/24/42 *(a)(b)* | 200000 | 149548 |
| 5.25%, 08/17/45  | 200000 | 187198 |
| 5.86%, 08/11/46 *(a)(b)* | 250000 | 248288 |
| 4.95%, 01/10/47  | 200000 | 179482 |
| 6.04%, 03/12/55 *(a)(b)* | 200000 | 204340 |
| **BPCE SA** | **BPCE SA** | **BPCE SA** |
| 3.38%, 12/02/26  | 250000 | 247810 |
| **Canadian Imperial Bank of Commerce** | **Canadian Imperial Bank of Commerce** | **Canadian Imperial Bank of Commerce** |
| 5.93%, 10/02/26  | 200000 | 203708 |
| 3.45%, 04/07/27 *(a)* | 200000 | 198302 |
| 5.24%, 06/28/27  | 200000 | 203966 |
| 4.51%, 09/11/27 *(a)(b)* | 150000 | 150372 |
| 4.86%, 01/13/28 *(a)(b)* | 200000 | 201732 |
| 5.00%, 04/28/28 *(a)* | 250000 | 255805 |
| 4.86%, 03/30/29 *(a)(b)* | 250000 | 253765 |
| 5.26%, 04/08/29 *(a)* | 200000 | 207070 |
| 4.63%, 09/11/30 *(a)(b)* | 200000 | 202246 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**9**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.25%, 01/13/31 *(a)(b)* | 200000 | 206524 |
| 3.60%, 04/07/32 *(a)* | 200000 | 188258 |
| 6.09%, 10/03/33 *(a)* | 250000 | 269977 |
| **Capital One Financial Corp.** | **Capital One Financial Corp.** | **Capital One Financial Corp.** |
| 4.10%, 02/09/27 *(a)* | 150000 | 149730 |
| 3.75%, 03/09/27 *(a)* | 300000 | 298095 |
| 3.65%, 05/11/27 *(a)* | 250000 | 247895 |
| 1.88%, 11/02/27 *(a)(b)* | 225000 | 218671 |
| 3.80%, 01/31/28 *(a)* | 200000 | 198244 |
| 4.93%, 05/10/28 *(a)(b)* | 300000 | 303135 |
| 5.47%, 02/01/29 *(a)(b)* | 200000 | 205374 |
| 6.31%, 06/08/29 *(a)(b)* | 300000 | 315003 |
| 5.70%, 02/01/30 *(a)(b)* | 200000 | 207734 |
| 3.27%, 03/01/30 *(a)(b)* | 200000 | 192822 |
| 5.25%, 07/26/30 *(a)(b)* | 200000 | 205684 |
| 5.46%, 07/26/30 *(a)(b)* | 200000 | 207168 |
| 7.62%, 10/30/31 *(a)(b)* | 300000 | 340518 |
| 2.36%, 07/29/32 *(a)(b)* | 150000 | 129258 |
| 2.62%, 11/02/32 *(a)(b)* | 200000 | 177692 |
| 6.70%, 11/29/32 *(a)* | 150000 | 165140 |
| 5.27%, 05/10/33 *(a)(b)* | 200000 | 203656 |
| 5.82%, 02/01/34 *(a)(b)* | 250000 | 260310 |
| 6.38%, 06/08/34 *(a)(b)* | 300000 | 322476 |
| 7.96%, 11/02/34 *(a)(b)* | 150000 | 175617 |
| 6.05%, 02/01/35 *(a)(b)* | 200000 | 210912 |
| 5.88%, 07/26/35 *(a)(b)* | 200000 | 208200 |
| 6.18%, 01/30/36 *(a)(b)* | 300000 | 309705 |
| **Capital One NA** | **Capital One NA** | **Capital One NA** |
| 4.65%, 09/13/28 *(a)* | 250000 | 253038 |
| **Citibank NA** | **Citibank NA** | **Citibank NA** |
| 5.49%, 12/04/26 *(a)* | 250000 | 254030 |
| 4.58%, 05/29/27 *(a)* | 400000 | 403304 |
| 4.88%, 11/19/27 *(a)(b)* | 400000 | 403072 |
| 5.80%, 09/29/28 *(a)* | 400000 | 419504 |
| 4.84%, 08/06/29 *(a)* | 250000 | 256450 |
| 4.91%, 05/29/30 *(a)* | 500000 | 513370 |
| 5.57%, 04/30/34 *(a)* | 300000 | 314169 |
| **Citigroup, Inc.** | **Citigroup, Inc.** | **Citigroup, Inc.** |
| 3.20%, 10/21/26 *(a)* | 600000 | 593364 |
| 4.30%, 11/20/26  | 150000 | 150192 |
| 4.45%, 09/29/27  | 680000 | 682101 |
| 3.89%, 01/10/28 *(a)(b)* | 500000 | 497220 |
| 6.63%, 01/15/28  | 100000 | 106104 |
| 3.07%, 02/24/28 *(a)(b)* | 500000 | 491155 |
| 4.64%, 05/07/28 *(a)(b)* | 400000 | 402180 |
| 4.66%, 05/24/28 *(a)(b)* | 300000 | 301872 |
| 3.67%, 07/24/28 *(a)(b)* | 400000 | 395592 |
| 4.13%, 07/25/28  | 350000 | 349527 |
| 3.52%, 10/27/28 *(a)(b)* | 400000 | 393976 |
| 4.79%, 03/04/29 *(a)(b)* | 400000 | 405276 |
| 4.08%, 04/23/29 *(a)(b)* | 300000 | 298863 |
| 5.17%, 02/13/30 *(a)(b)* | 500000 | 513250 |
| 3.98%, 03/20/30 *(a)(b)* | 450000 | 444510 |
| 4.54%, 09/19/30 *(a)(b)* | 550000 | 552711 |
| 2.98%, 11/05/30 *(a)(b)* | 400000 | 378144 |
| 2.67%, 01/29/31 *(a)(b)* | 400000 | 371200 |
| 4.41%, 03/31/31 *(a)(b)* | 700000 | 698558 |
| 4.95%, 05/07/31 *(a)(b)* | 400000 | 407728 |
| 2.57%, 06/03/31 *(a)(b)* | 650000 | 596921 |
| 2.56%, 05/01/32 *(a)(b)* | 500000 | 449270 |
| 6.63%, 06/15/32  | 200000 | 220644 |
| 2.52%, 11/03/32 *(a)(b)* | 300000 | 265746 |
| 3.06%, 01/25/33 *(a)(b)* | 550000 | 497134 |
| 5.88%, 02/22/33  | 100000 | 105324 |
| 3.79%, 03/17/33 *(a)(b)* | 575000 | 541063 |
| 4.91%, 05/24/33 *(a)(b)* | 475000 | 477228 |
| 6.00%, 10/31/33  | 150000 | 159915 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 6.27%, 11/17/33 *(a)(b)* | 500000 | 542235 |
| 6.17%, 05/25/34 *(a)(b)* | 600000 | 632016 |
| 5.59%, 11/19/34 *(a)(b)* | 200000 | 204388 |
| 5.83%, 02/13/35 *(a)(b)* | 300000 | 307989 |
| 5.45%, 06/11/35 *(a)(b)* | 450000 | 462388 |
| 6.02%, 01/24/36 *(a)(b)* | 550000 | 567930 |
| 5.33%, 03/27/36 *(a)(b)* | 400000 | 404412 |
| 6.13%, 08/25/36  | 100000 | 105096 |
| 3.88%, 01/24/39 *(a)(b)* | 200000 | 173318 |
| 8.13%, 07/15/39  | 345000 | 435104 |
| 5.41%, 09/19/39 *(a)(b)* | 200000 | 198056 |
| 5.32%, 03/26/41 *(a)(b)* | 300000 | 293829 |
| 5.88%, 01/30/42  | 205000 | 212603 |
| 2.90%, 11/03/42 *(a)(b)* | 200000 | 142392 |
| 6.68%, 09/13/43  | 200000 | 221388 |
| 5.30%, 05/06/44  | 150000 | 142508 |
| 4.65%, 07/30/45  | 180000 | 157685 |
| 4.75%, 05/18/46  | 330000 | 286684 |
| 4.28%, 04/24/48 *(a)(b)* | 150000 | 123635 |
| 4.65%, 07/23/48 *(a)* | 450000 | 390028 |
| 5.61%, 03/04/56 *(a)(b)* | 300000 | 292362 |
| **Citizens Financial Group, Inc.** | **Citizens Financial Group, Inc.** | **Citizens Financial Group, Inc.** |
| 5.84%, 01/23/30 *(a)(b)* | 250000 | 260185 |
| 3.25%, 04/30/30 *(a)* | 150000 | 141888 |
| 5.25%, 03/05/31 *(a)(b)* | 200000 | 204606 |
| 5.72%, 07/23/32 *(a)(b)* | 200000 | 208902 |
| 2.64%, 09/30/32 *(a)* | 100000 | 84689 |
| 6.65%, 04/25/35 *(a)(b)* | 150000 | 163254 |
| 5.64%, 05/21/37 *(a)(b)* | 100000 | 100567 |
| **Comerica, Inc.** | **Comerica, Inc.** | **Comerica, Inc.** |
| 4.00%, 02/01/29 *(a)* | 250000 | 246860 |
| 5.98%, 01/30/30 *(a)(b)* | 250000 | 259422 |
| **Commonwealth Bank of Australia** | **Commonwealth Bank of Australia** | **Commonwealth Bank of Australia** |
| 4.58%, 11/27/26  | 250000 | 251850 |
| **Cooperatieve Rabobank UA** | **Cooperatieve Rabobank UA** | **Cooperatieve Rabobank UA** |
| 5.50%, 10/05/26  | 250000 | 253873 |
| 5.04%, 03/05/27  | 250000 | 253840 |
| 4.88%, 01/21/28  | 250000 | 255507 |
| 5.25%, 05/24/41  | 200000 | 197454 |
| 5.75%, 12/01/43  | 250000 | 250395 |
| 5.25%, 08/04/45  | 250000 | 233440 |
| **Credit Suisse USA LLC** | **Credit Suisse USA LLC** | **Credit Suisse USA LLC** |
| 7.13%, 07/15/32  | 150000 | 171522 |
| **Deutsche Bank AG** | **Deutsche Bank AG** | **Deutsche Bank AG** |
| 5.37%, 09/09/27  | 150000 | 153740 |
| 2.31%, 11/16/27 *(a)(b)* | 250000 | 243895 |
| 2.55%, 01/07/28 *(a)(b)* | 250000 | 244230 |
| 5.71%, 02/08/28 *(a)(b)* | 200000 | 203726 |
| 5.37%, 01/10/29 *(a)(b)* | 150000 | 153335 |
| 6.72%, 01/18/29 *(a)(b)* | 300000 | 315705 |
| 5.41%, 05/10/29  | 150000 | 156287 |
| 6.82%, 11/20/29 *(a)(b)* | 250000 | 268127 |
| 5.00%, 09/11/30 *(a)(b)* | 200000 | 203438 |
| 5.30%, 05/09/31 *(a)(b)* | 300000 | 307500 |
| 5.88%, 07/08/31 *(a)(b)* | 200000 | 207226 |
| 4.95%, 08/04/31 *(a)(b)* | 300000 | 302538 |
| 3.55%, 09/18/31 *(a)(b)* | 350000 | 332160 |
| 3.73%, 01/14/32 *(a)(b)* | 200000 | 187388 |
| 3.04%, 05/28/32 *(a)(b)* | 150000 | 136922 |
| 4.88%, 12/01/32 *(a)(b)* | 200000 | 199322 |
| 3.74%, 01/07/33 *(a)(b)* | 200000 | 183234 |
| 7.08%, 02/10/34 *(a)(b)* | 200000 | 217354 |
| 5.40%, 09/11/35 *(a)(b)* | 250000 | 251728 |
| **Fifth Third Bancorp** | **Fifth Third Bancorp** | **Fifth Third Bancorp** |
| 2.55%, 05/05/27 *(a)* | 150000 | 146283 |
| 3.95%, 03/14/28 *(a)* | 150000 | 149270 |

---

*See financial notes*

**10**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 6.36%, 10/27/28 *(a)(b)* | 200000 | 208904 |
| 6.34%, 07/27/29 *(a)(b)* | 200000 | 211192 |
| 4.77%, 07/28/30 *(a)(b)* | 200000 | 202550 |
| 5.63%, 01/29/32 *(a)(b)* | 200000 | 209494 |
| 8.25%, 03/01/38  | 200000 | 245262 |
| **Fifth Third Bank NA** | **Fifth Third Bank NA** | **Fifth Third Bank NA** |
| 2.25%, 02/01/27 *(a)* | 250000 | 243495 |
| 4.97%, 01/28/28 *(a)(b)* | 250000 | 252598 |
| **First Citizens BancShares, Inc.** | **First Citizens BancShares, Inc.** | **First Citizens BancShares, Inc.** |
| 5.23%, 03/12/31 *(a)(b)* | 100000 | 101493 |
| 6.25%, 03/12/40 *(a)(b)* | 100000 | 100670 |
| **First Horizon Bank** | **First Horizon Bank** | **First Horizon Bank** |
| 5.75%, 05/01/30 *(a)* | 250000 | 257180 |
| **First-Citizens Bank & Trust Co.** | **First-Citizens Bank & Trust Co.** | **First-Citizens Bank & Trust Co.** |
| 6.13%, 03/09/28  | 100000 | 103869 |
| **FNB Corp.** | **FNB Corp.** | **FNB Corp.** |
| 5.72%, 12/11/30 *(a)(b)* | 100000 | 101891 |
| **Goldman Sachs Capital I** | **Goldman Sachs Capital I** | **Goldman Sachs Capital I** |
| 6.35%, 02/15/34  | 150000 | 159473 |
| **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** |
| 3.50%, 11/16/26 *(a)* | 450000 | 446364 |
| 5.95%, 01/15/27  | 157000 | 160878 |
| 3.85%, 01/26/27 *(a)* | 600000 | 597396 |
| 1.54%, 09/10/27 *(a)(b)* | 500000 | 486010 |
| 1.95%, 10/21/27 *(a)(b)* | 750000 | 730192 |
| 2.64%, 02/24/28 *(a)(b)* | 600000 | 585774 |
| 3.62%, 03/15/28 *(a)(b)* | 400000 | 395936 |
| 4.94%, 04/23/28 *(a)(b)* | 450000 | 454716 |
| 3.69%, 06/05/28 *(a)(b)* | 500000 | 495360 |
| 4.48%, 08/23/28 *(a)(b)* | 450000 | 452115 |
| 3.81%, 04/23/29 *(a)(b)* | 450000 | 445468 |
| 4.22%, 05/01/29 *(a)(b)* | 625000 | 625394 |
| 6.48%, 10/24/29 *(a)(b)* | 500000 | 532170 |
| 2.60%, 02/07/30 *(a)* | 350000 | 327260 |
| 3.80%, 03/15/30 *(a)* | 475000 | 467039 |
| 5.73%, 04/25/30 *(a)(b)* | 500000 | 523470 |
| 5.05%, 07/23/30 *(a)(b)* | 450000 | 460840 |
| 4.69%, 10/23/30 *(a)(b)* | 350000 | 354004 |
| 5.21%, 01/28/31 *(a)(b)* | 400000 | 412304 |
| 5.22%, 04/23/31 *(a)(b)* | 500000 | 516430 |
| 1.99%, 01/27/32 *(a)(b)* | 500000 | 439425 |
| 2.62%, 04/22/32 *(a)(b)* | 675000 | 609505 |
| 2.38%, 07/21/32 *(a)(b)* | 700000 | 620515 |
| 2.65%, 10/21/32 *(a)(b)* | 600000 | 536394 |
| 6.13%, 02/15/33  | 175000 | 191825 |
| 3.10%, 02/24/33 *(a)(b)* | 700000 | 636979 |
| 6.56%, 10/24/34 *(a)(b)* | 250000 | 277627 |
| 5.85%, 04/25/35 *(a)(b)* | 500000 | 527905 |
| 5.33%, 07/23/35 *(a)(b)* | 575000 | 585597 |
| 5.02%, 10/23/35 *(a)(b)* | 500000 | 497150 |
| 5.54%, 01/28/36 *(a)(b)* | 600000 | 619116 |
| 6.45%, 05/01/36  | 100000 | 109012 |
| 6.75%, 10/01/37  | 1000000 | 1110590 |
| 4.02%, 10/31/38 *(a)(b)* | 475000 | 418119 |
| 4.41%, 04/23/39 *(a)(b)* | 300000 | 272889 |
| 6.25%, 02/01/41  | 450000 | 483462 |
| 3.21%, 04/22/42 *(a)(b)* | 400000 | 301084 |
| 2.91%, 07/21/42 *(a)(b)* | 250000 | 179780 |
| 3.44%, 02/24/43 *(a)(b)* | 375000 | 287497 |
| 4.80%, 07/08/44 *(a)* | 350000 | 315252 |
| 5.15%, 05/22/45  | 350000 | 319217 |
| 4.75%, 10/21/45 *(a)* | 300000 | 266607 |
| 5.56%, 11/19/45 *(a)(b)* | 550000 | 543174 |
| 5.73%, 01/28/56 *(a)(b)* | 300000 | 299589 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **HSBC Bank USA NA** | **HSBC Bank USA NA** | **HSBC Bank USA NA** |
| 5.88%, 11/01/34  | 250000 | 266125 |
| 7.00%, 01/15/39  | 250000 | 292637 |
| **HSBC Holdings PLC** | **HSBC Holdings PLC** | **HSBC Holdings PLC** |
| 4.38%, 11/23/26  | 200000 | 200274 |
| 2.25%, 11/22/27 *(a)(b)* | 200000 | 195088 |
| 4.04%, 03/13/28 *(a)(b)* | 400000 | 398588 |
| 5.60%, 05/17/28 *(a)(b)* | 300000 | 306321 |
| 4.76%, 06/09/28 *(a)(b)* | 450000 | 453478 |
| 5.21%, 08/11/28 *(a)(b)* | 400000 | 406516 |
| 2.01%, 09/22/28 *(a)(b)* | 350000 | 334204 |
| 7.39%, 11/03/28 *(a)(b)* | 400000 | 425216 |
| 5.13%, 11/19/28 *(a)(b)* | 300000 | 304920 |
| 4.90%, 03/03/29 *(a)(b)* | 200000 | 202808 |
| 6.16%, 03/09/29 *(a)(b)* | 450000 | 469620 |
| 4.58%, 06/19/29 *(a)(b)* | 600000 | 604218 |
| 2.21%, 08/17/29 *(a)(b)* | 400000 | 376924 |
| 5.55%, 03/04/30 *(a)(b)* | 250000 | 259445 |
| 4.95%, 03/31/30  | 400000 | 409952 |
| 3.97%, 05/22/30 *(a)(b)* | 450000 | 442948 |
| 5.29%, 11/19/30 *(a)(b)* | 400000 | 412408 |
| 5.13%, 03/03/31 *(a)(b)* | 200000 | 204906 |
| 5.24%, 05/13/31 *(a)(b)* | 400000 | 411332 |
| 2.85%, 06/04/31 *(a)(b)* | 250000 | 231933 |
| 2.36%, 08/18/31 *(a)(b)* | 250000 | 225718 |
| 5.73%, 05/17/32 *(a)(b)* | 250000 | 262490 |
| 2.80%, 05/24/32 *(a)(b)* | 500000 | 451855 |
| 2.87%, 11/22/32 *(a)(b)* | 350000 | 314909 |
| 4.76%, 03/29/33 *(a)(b)* | 200000 | 197458 |
| 5.40%, 08/11/33 *(a)(b)* | 450000 | 464616 |
| 8.11%, 11/03/33 *(a)(b)* | 400000 | 465712 |
| 6.25%, 03/09/34 *(a)(b)* | 400000 | 432300 |
| 6.55%, 06/20/34 *(a)(b)* | 300000 | 321360 |
| 7.40%, 11/13/34 *(a)(b)* | 200000 | 225464 |
| 5.72%, 03/04/35 *(a)(b)* | 200000 | 209656 |
| 5.87%, 11/18/35 *(a)(b)* | 200000 | 205236 |
| 5.45%, 03/03/36 *(a)(b)* | 400000 | 406656 |
| 6.50%, 05/02/36  | 400000 | 431832 |
| 5.79%, 05/13/36 *(a)(b)* | 400000 | 416264 |
| 6.50%, 09/15/37  | 405000 | 432943 |
| 6.80%, 06/01/38  | 400000 | 442084 |
| 6.10%, 01/14/42  | 200000 | 213300 |
| 6.33%, 03/09/44 *(a)(b)* | 500000 | 537175 |
| 5.25%, 03/14/44  | 200000 | 188950 |
| **HSBC USA, Inc.** | **HSBC USA, Inc.** | **HSBC USA, Inc.** |
| 5.29%, 03/04/27  | 200000 | 203614 |
| 4.65%, 06/03/28  | 200000 | 202856 |
| **Huntington Bancshares, Inc.** | **Huntington Bancshares, Inc.** | **Huntington Bancshares, Inc.** |
| 4.44%, 08/04/28 *(a)(b)* | 200000 | 200682 |
| 6.21%, 08/21/29 *(a)(b)* | 100000 | 105411 |
| 2.55%, 02/04/30 *(a)* | 150000 | 138852 |
| 5.27%, 01/15/31 *(a)(b)* | 200000 | 206296 |
| 5.71%, 02/02/35 *(a)(b)* | 200000 | 206904 |
| 2.49%, 08/15/36 *(a)(b)* | 150000 | 127872 |
| 6.14%, 11/18/39 *(a)(b)* | 100000 | 103097 |
| **Huntington National Bank** | **Huntington National Bank** | **Huntington National Bank** |
| 4.87%, 04/12/28 *(a)(b)* | 250000 | 252403 |
| 5.65%, 01/10/30 *(a)* | 250000 | 261752 |
| **ING Groep NV** | **ING Groep NV** | **ING Groep NV** |
| 3.95%, 03/29/27  | 200000 | 199226 |
| 6.08%, 09/11/27 *(a)(b)* | 200000 | 203458 |
| 4.02%, 03/28/28 *(a)(b)* | 250000 | 249123 |
| 4.55%, 10/02/28  | 300000 | 303207 |
| 4.86%, 03/25/29 *(a)(b)* | 200000 | 202830 |
| 4.05%, 04/09/29  | 200000 | 198680 |
| 5.34%, 03/19/30 *(a)(b)* | 200000 | 206518 |
| 5.07%, 03/25/31 *(a)(b)* | 200000 | 204946 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**11**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.73%, 04/01/32 *(a)(b)* | 200000 | 182626 |
| 4.25%, 03/28/33 *(a)(b)* | 200000 | 194260 |
| 6.11%, 09/11/34 *(a)(b)* | 200000 | 214052 |
| 5.55%, 03/19/35 *(a)(b)* | 200000 | 206064 |
| 5.53%, 03/25/36 *(a)(b)* | 200000 | 204834 |
| **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** |
| 2.95%, 10/01/26 *(a)* | 550000 | 543933 |
| 7.63%, 10/15/26  | 150000 | 155975 |
| 4.13%, 12/15/26  | 350000 | 350154 |
| 8.00%, 04/29/27  | 150000 | 159441 |
| 1.47%, 09/22/27 *(a)(b)* | 250000 | 242883 |
| 4.25%, 10/01/27  | 250000 | 251683 |
| 6.07%, 10/22/27 *(a)(b)* | 300000 | 305931 |
| 3.63%, 12/01/27 *(a)* | 150000 | 148646 |
| 5.04%, 01/23/28 *(a)(b)* | 450000 | 454860 |
| 3.78%, 02/01/28 *(a)(b)* | 500000 | 497075 |
| 2.95%, 02/24/28 *(a)(b)* | 350000 | 343703 |
| 5.57%, 04/22/28 *(a)(b)* | 500000 | 510770 |
| 4.32%, 04/26/28 *(a)(b)* | 600000 | 600846 |
| 3.54%, 05/01/28 *(a)(b)* | 450000 | 445162 |
| 2.18%, 06/01/28 *(a)(b)* | 300000 | 290205 |
| 4.98%, 07/22/28 *(a)(b)* | 350000 | 355190 |
| 4.85%, 07/25/28 *(a)(b)* | 650000 | 658053 |
| 4.51%, 10/22/28 *(a)(b)* | 350000 | 352415 |
| 3.51%, 01/23/29 *(a)(b)* | 450000 | 443407 |
| 4.92%, 01/24/29 *(a)(b)* | 400000 | 407124 |
| 4.01%, 04/23/29 *(a)(b)* | 400000 | 398432 |
| 2.07%, 06/01/29 *(a)(b)* | 350000 | 331096 |
| 4.20%, 07/23/29 *(a)(b)* | 450000 | 450558 |
| 5.30%, 07/24/29 *(a)(b)* | 500000 | 515105 |
| 6.09%, 10/23/29 *(a)(b)* | 400000 | 421944 |
| 4.45%, 12/05/29 *(a)(b)* | 450000 | 453550 |
| 5.01%, 01/23/30 *(a)(b)* | 425000 | 435327 |
| 5.58%, 04/22/30 *(a)(b)* | 500000 | 522255 |
| 3.70%, 05/06/30 *(a)(b)* | 450000 | 441472 |
| 4.57%, 06/14/30 *(a)(b)* | 400000 | 404344 |
| 5.00%, 07/22/30 *(a)(b)* | 500000 | 512970 |
| 8.75%, 09/01/30  | 150000 | 179015 |
| 2.74%, 10/15/30 *(a)(b)* | 650000 | 612781 |
| 4.60%, 10/22/30 *(a)(b)* | 450000 | 454990 |
| 5.14%, 01/24/31 *(a)(b)* | 500000 | 515815 |
| 4.49%, 03/24/31 *(a)(b)* | 550000 | 554323 |
| 2.52%, 04/22/31 *(a)(b)* | 500000 | 462125 |
| 5.10%, 04/22/31 *(a)(b)* | 350000 | 361168 |
| 2.96%, 05/13/31 *(a)(b)* | 575000 | 536699 |
| 1.76%, 11/19/31 *(a)(b)* | 250000 | 219685 |
| 1.95%, 02/04/32 *(a)(b)* | 550000 | 484016 |
| 2.58%, 04/22/32 *(a)(b)* | 675000 | 610996 |
| 2.55%, 11/08/32 *(a)(b)* | 300000 | 267591 |
| 2.96%, 01/25/33 *(a)(b)* | 500000 | 453880 |
| 4.59%, 04/26/33 *(a)(b)* | 450000 | 448101 |
| 4.91%, 07/25/33 *(a)(b)* | 800000 | 811536 |
| 5.72%, 09/14/33 *(a)(b)* | 600000 | 628626 |
| 5.35%, 06/01/34 *(a)(b)* | 800000 | 826992 |
| 6.25%, 10/23/34 *(a)(b)* | 550000 | 601260 |
| 5.34%, 01/23/35 *(a)(b)* | 550000 | 565301 |
| 5.77%, 04/22/35 *(a)(b)* | 575000 | 607666 |
| 5.29%, 07/22/35 *(a)(b)* | 650000 | 663624 |
| 4.95%, 10/22/35 *(a)(b)* | 550000 | 547294 |
| 5.50%, 01/24/36 *(a)(b)* | 500000 | 516560 |
| 5.57%, 04/22/36 *(a)(b)* | 600000 | 624210 |
| 5.58%, 07/23/36 *(a)(b)* | 720000 | 735170 |
| 6.40%, 05/15/38  | 450000 | 502722 |
| 3.88%, 07/24/38 *(a)(b)* | 475000 | 420399 |
| 5.50%, 10/15/40  | 230000 | 234655 |
| 3.11%, 04/22/41 *(a)(b)* | 250000 | 192910 |
| 5.60%, 07/15/41  | 275000 | 281900 |
| 2.53%, 11/19/41 *(a)(b)* | 300000 | 212502 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.40%, 01/06/42  | 250000 | 249843 |
| 3.16%, 04/22/42 *(a)(b)* | 375000 | 284291 |
| 5.63%, 08/16/43  | 250000 | 252210 |
| 4.85%, 02/01/44  | 200000 | 185334 |
| 4.95%, 06/01/45  | 300000 | 274548 |
| 5.53%, 11/29/45 *(a)(b)* | 450000 | 451300 |
| 4.26%, 02/22/48 *(a)(b)* | 350000 | 293086 |
| 4.03%, 07/24/48 *(a)(b)* | 250000 | 200883 |
| 3.96%, 11/15/48 *(a)(b)* | 600000 | 478026 |
| 3.90%, 01/23/49 *(a)(b)* | 300000 | 236154 |
| 3.11%, 04/22/51 *(a)(b)* | 400000 | 267848 |
| 3.33%, 04/22/52 *(a)(b)* | 600000 | 415656 |
| **JPMorgan Chase Bank NA** | **JPMorgan Chase Bank NA** | **JPMorgan Chase Bank NA** |
| 5.11%, 12/08/26 *(a)* | 350000 | 354560 |
| **KeyBank NA** | **KeyBank NA** | **KeyBank NA** |
| 4.39%, 12/14/27  | 250000 | 250935 |
| 4.90%, 08/08/32  | 250000 | 245538 |
| 5.00%, 01/26/33 *(a)* | 250000 | 249565 |
| **KeyCorp** | **KeyCorp** | **KeyCorp** |
| 2.25%, 04/06/27  | 150000 | 145364 |
| 4.10%, 04/30/28  | 100000 | 99819 |
| 2.55%, 10/01/29  | 100000 | 93587 |
| 4.79%, 06/01/33 *(a)(b)* | 100000 | 99048 |
| 6.40%, 03/06/35 *(a)(b)* | 150000 | 161252 |
| **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** |
| 3.75%, 01/11/27  | 200000 | 198948 |
| 5.46%, 01/05/28 *(a)(b)* | 250000 | 253670 |
| 3.75%, 03/18/28 *(a)(b)* | 200000 | 198366 |
| 4.38%, 03/22/28  | 300000 | 301326 |
| 4.55%, 08/16/28  | 200000 | 202122 |
| 3.57%, 11/07/28 *(a)(b)* | 400000 | 394008 |
| 5.09%, 11/26/28 *(a)(b)* | 200000 | 203442 |
| 5.87%, 03/06/29 *(a)(b)* | 200000 | 207716 |
| 4.82%, 06/13/29 *(a)(b)* | 230000 | 233250 |
| 5.72%, 06/05/30 *(a)(b)* | 300000 | 314034 |
| 4.98%, 08/11/33 *(a)(b)* | 200000 | 200566 |
| 7.95%, 11/15/33 *(a)(b)* | 200000 | 230928 |
| 5.68%, 01/05/35 *(a)(b)* | 250000 | 259432 |
| 5.59%, 11/26/35 *(a)(b)* | 200000 | 205488 |
| 6.07%, 06/13/36 *(a)(b)* | 230000 | 238036 |
| 5.30%, 12/01/45  | 200000 | 187388 |
| 3.37%, 12/14/46 *(a)(b)* | 200000 | 145834 |
| 4.34%, 01/09/48  | 300000 | 241788 |
| **M&T Bank Corp.** | **M&T Bank Corp.** | **M&T Bank Corp.** |
| 4.83%, 01/16/29 *(a)(b)* | 100000 | 101183 |
| 7.41%, 10/30/29 *(a)(b)* | 200000 | 217770 |
| 5.18%, 07/08/31 *(a)(b)* | 140000 | 143216 |
| 6.08%, 03/13/32 *(a)(b)* | 200000 | 212710 |
| 5.05%, 01/27/34 *(a)(b)* | 250000 | 248288 |
| 5.40%, 07/30/35 *(a)(b)* | 220000 | 221769 |
| 5.39%, 01/16/36 *(a)(b)* | 200000 | 200630 |
| **Manufacturers & Traders Trust Co.** | **Manufacturers & Traders Trust Co.** | **Manufacturers & Traders Trust Co.** |
| 4.70%, 01/27/28 *(a)* | 250000 | 253095 |
| **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** |
| 2.76%, 09/13/26  | 200000 | 197166 |
| 3.68%, 02/22/27  | 200000 | 198940 |
| 3.29%, 07/25/27  | 250000 | 246718 |
| 1.64%, 10/13/27 *(a)(b)* | 250000 | 242845 |
| 2.34%, 01/19/28 *(a)(b)* | 200000 | 194878 |
| 3.96%, 03/02/28  | 250000 | 249578 |
| 4.08%, 04/19/28 *(a)(b)* | 200000 | 199592 |
| 5.02%, 07/20/28 *(a)(b)* | 200000 | 203128 |
| 4.05%, 09/11/28  | 250000 | 250478 |
| 5.35%, 09/13/28 *(a)(b)* | 200000 | 204554 |
| 5.42%, 02/22/29 *(a)(b)* | 200000 | 205820 |
| 3.74%, 03/07/29  | 300000 | 296709 |

---

*See financial notes*

**12**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.20%, 07/18/29  | 200000 | 192506 |
| 2.56%, 02/25/30  | 200000 | 185948 |
| 5.26%, 04/17/30 *(a)(b)* | 200000 | 206572 |
| 2.05%, 07/17/30  | 250000 | 225018 |
| 5.20%, 01/16/31 *(a)(b)* | 200000 | 206568 |
| 5.16%, 04/24/31 *(a)(b)* | 200000 | 206576 |
| 2.31%, 07/20/32 *(a)(b)* | 200000 | 177048 |
| 2.49%, 10/13/32 *(a)(b)* | 200000 | 178060 |
| 2.85%, 01/19/33 *(a)(b)* | 200000 | 179550 |
| 4.32%, 04/19/33 *(a)(b)* | 200000 | 195016 |
| 5.13%, 07/20/33 *(a)(b)* | 300000 | 306480 |
| 5.47%, 09/13/33 *(a)(b)* | 200000 | 208392 |
| 5.44%, 02/22/34 *(a)(b)* | 200000 | 208488 |
| 5.41%, 04/19/34 *(a)(b)(c)* | 200000 | 208466 |
| 5.43%, 04/17/35 *(a)(b)* | 250000 | 258155 |
| 5.57%, 01/16/36 *(a)(b)* | 200000 | 208092 |
| 5.62%, 04/24/36 *(a)(b)* | 250000 | 260830 |
| 4.29%, 07/26/38  | 100000 | 94452 |
| 4.15%, 03/07/39  | 100000 | 93081 |
| 3.75%, 07/18/39  | 200000 | 173740 |
| **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** |
| 2.84%, 09/13/26  | 200000 | 197306 |
| 3.66%, 02/28/27  | 200000 | 198714 |
| 3.17%, 09/11/27  | 300000 | 294744 |
| 4.02%, 03/05/28  | 200000 | 199932 |
| 5.41%, 09/13/28 *(a)(b)* | 200000 | 204774 |
| 5.78%, 07/06/29 *(a)(b)* | 300000 | 312546 |
| 5.38%, 05/26/30 *(a)(b)* | 200000 | 206984 |
| 3.15%, 07/16/30 *(a)(b)* | 200000 | 191482 |
| 5.10%, 05/13/31 *(a)(b)* | 200000 | 205462 |
| 5.74%, 05/27/31 *(a)(b)* | 200000 | 210862 |
| 2.20%, 07/10/31 *(a)(b)* | 250000 | 225343 |
| 1.98%, 09/08/31 *(a)(b)* | 250000 | 222033 |
| 2.56%, 09/13/31  | 200000 | 177114 |
| 2.26%, 07/09/32 *(a)(b)* | 200000 | 176050 |
| 5.67%, 09/13/33 *(a)(b)* | 200000 | 210068 |
| 5.75%, 05/27/34 *(a)(b)* | 200000 | 210840 |
| 5.75%, 07/06/34 *(a)(b)* | 200000 | 210876 |
| 5.58%, 05/26/35 *(a)(b)* | 200000 | 208078 |
| 5.42%, 05/13/36 *(a)(b)* | 200000 | 205542 |
| 5.32%, 07/08/36 *(a)(b)* | 200000 | 203682 |
| **Morgan Stanley** | **Morgan Stanley** | **Morgan Stanley** |
| 3.63%, 01/20/27  | 550000 | 547250 |
| 3.95%, 04/23/27  | 350000 | 348834 |
| 2.48%, 01/21/28 *(a)(b)* | 400000 | 390512 |
| 5.65%, 04/13/28 *(a)(b)* | 300000 | 306543 |
| 4.21%, 04/20/28 *(a)(b)* | 475000 | 475028 |
| 3.59%, 07/22/28 *(a)(b)* | 400000 | 395204 |
| 6.30%, 10/18/28 *(a)(b)* | 400000 | 417028 |
| 3.77%, 01/24/29 *(a)(b)* | 550000 | 544516 |
| 5.12%, 02/01/29 *(a)(b)* | 500000 | 510715 |
| 4.99%, 04/12/29 *(a)(b)* | 200000 | 203774 |
| 5.16%, 04/20/29 *(a)(b)* | 500000 | 511365 |
| 5.45%, 07/20/29 *(a)(b)* | 400000 | 413092 |
| 6.41%, 11/01/29 *(a)(b)* | 400000 | 425168 |
| 5.17%, 01/16/30 *(a)(b)* | 400000 | 411240 |
| 4.43%, 01/23/30 *(a)(b)* | 575000 | 577743 |
| 5.66%, 04/18/30 *(a)(b)* | 500000 | 522125 |
| 5.04%, 07/19/30 *(a)(b)* | 400000 | 409908 |
| 4.65%, 10/18/30 *(a)(b)* | 550000 | 555549 |
| 5.23%, 01/15/31 *(a)(b)* | 500000 | 516225 |
| 2.70%, 01/22/31 *(a)(b)* | 650000 | 605897 |
| 3.62%, 04/01/31 *(a)(b)* | 600000 | 580596 |
| 5.19%, 04/17/31 *(a)(b)* | 450000 | 464094 |
| 1.79%, 02/13/32 *(a)(b)* | 500000 | 433975 |
| 7.25%, 04/01/32  | 180000 | 207515 |
| 1.93%, 04/28/32 *(a)(b)* | 450000 | 390910 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.24%, 07/21/32 *(a)(b)* | 650000 | 571311 |
| 2.51%, 10/20/32 *(a)(b)* | 450000 | 399510 |
| 2.94%, 01/21/33 *(a)(b)* | 500000 | 450935 |
| 4.89%, 07/20/33 *(a)(b)* | 400000 | 403832 |
| 6.34%, 10/18/33 *(a)(b)* | 550000 | 601403 |
| 5.25%, 04/21/34 *(a)(b)* | 550000 | 562314 |
| 5.42%, 07/21/34 *(a)(b)* | 475000 | 490760 |
| 6.63%, 11/01/34 *(a)(b)* | 300000 | 333069 |
| 5.47%, 01/18/35 *(a)(b)* | 450000 | 464476 |
| 5.83%, 04/19/35 *(a)(b)* | 575000 | 606884 |
| 5.32%, 07/19/35 *(a)(b)* | 600000 | 611574 |
| 5.59%, 01/18/36 *(a)(b)* | 450000 | 465583 |
| 5.66%, 04/17/36 *(a)(b)* | 500000 | 520595 |
| 2.48%, 09/16/36 *(a)(b)* | 575000 | 498306 |
| 5.30%, 04/20/37 *(a)(b)* | 350000 | 352341 |
| 5.95%, 01/19/38 *(a)(b)* | 400000 | 415864 |
| 3.97%, 07/22/38 *(a)(b)* | 400000 | 353760 |
| 5.94%, 02/07/39 *(a)(b)* | 250000 | 259837 |
| 4.46%, 04/22/39 *(a)(b)* | 200000 | 186538 |
| 3.22%, 04/22/42 *(a)(b)* | 350000 | 266630 |
| 6.38%, 07/24/42  | 375000 | 412384 |
| 4.30%, 01/27/45  | 280000 | 239358 |
| 4.38%, 01/22/47  | 400000 | 340612 |
| 5.60%, 03/24/51 *(a)(b)* | 350000 | 345537 |
| 2.80%, 01/25/52 *(a)(b)* | 350000 | 215957 |
| 5.52%, 11/19/55 *(a)(b)* | 550000 | 536453 |
| **Morgan Stanley Bank NA** | **Morgan Stanley Bank NA** | **Morgan Stanley Bank NA** |
| 5.88%, 10/30/26 *(a)* | 250000 | 254947 |
| 4.45%, 10/15/27 *(a)(b)* | 300000 | 300348 |
| 4.95%, 01/14/28 *(a)(b)* | 250000 | 252328 |
| 5.50%, 05/26/28 *(a)(b)* | 350000 | 357801 |
| 4.97%, 07/14/28 *(a)(b)* | 250000 | 253500 |
| 5.02%, 01/12/29 *(a)(b)* | 400000 | 407224 |
| **Morgan Stanley Private Bank NA** | **Morgan Stanley Private Bank NA** | **Morgan Stanley Private Bank NA** |
| 4.47%, 07/06/28 *(a)(b)* | 360000 | 361573 |
| 4.73%, 07/18/31 *(a)(b)* | 540000 | 547765 |
| **National Australia Bank Ltd.** | **National Australia Bank Ltd.** | **National Australia Bank Ltd.** |
| 3.91%, 06/09/27  | 250000 | 249920 |
| 5.09%, 06/11/27  | 250000 | 254937 |
| 4.94%, 01/12/28  | 250000 | 255760 |
| 4.31%, 06/13/28  | 250000 | 252495 |
| 4.90%, 06/13/28  | 250000 | 256457 |
| 4.79%, 01/10/29  | 250000 | 256325 |
| **National Bank of Canada** | **National Bank of Canada** | **National Bank of Canada** |
| 4.95%, 02/01/28 *(a)(b)* | 250000 | 252535 |
| 5.60%, 12/18/28  | 250000 | 260645 |
| **NatWest Group PLC** | **NatWest Group PLC** | **NatWest Group PLC** |
| 5.58%, 03/01/28 *(a)(b)* | 200000 | 203770 |
| 3.07%, 05/22/28 *(a)(b)* | 200000 | 196256 |
| 5.52%, 09/30/28 *(a)(b)* | 200000 | 205018 |
| 4.89%, 05/18/29 *(a)(b)* | 300000 | 304878 |
| 5.81%, 09/13/29 *(a)(b)* | 200000 | 208988 |
| 5.08%, 01/27/30 *(a)(b)* | 200000 | 204450 |
| 4.45%, 05/08/30 *(a)(b)* | 200000 | 200648 |
| 4.96%, 08/15/30 *(a)(b)* | 250000 | 255330 |
| 5.12%, 05/23/31 *(a)(b)* | 200000 | 204994 |
| 6.02%, 03/02/34 *(a)(b)* | 200000 | 213208 |
| 6.48%, 06/01/34 *(a)(b)* | 200000 | 210162 |
| 5.78%, 03/01/35 *(a)(b)* | 200000 | 209220 |
| 3.03%, 11/28/35 *(a)(b)* | 250000 | 227693 |
| **Northern Trust Corp.** | **Northern Trust Corp.** | **Northern Trust Corp.** |
| 4.00%, 05/10/27 *(a)* | 100000 | 100070 |
| 3.65%, 08/03/28 *(a)* | 100000 | 99348 |
| 3.15%, 05/03/29 *(a)* | 100000 | 97107 |
| 1.95%, 05/01/30 *(a)* | 200000 | 181898 |
| 6.13%, 11/02/32 *(a)* | 200000 | 217894 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**13**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **PNC Bank NA** | **PNC Bank NA** | **PNC Bank NA** |
| 3.10%, 10/25/27 *(a)* | 250000 | 245425 |
| 3.25%, 01/22/28 *(a)* | 250000 | 246183 |
| 4.05%, 07/26/28  | 250000 | 249343 |
| 2.70%, 10/22/29  | 250000 | 235225 |
| **PNC Financial Services Group, Inc.** | **PNC Financial Services Group, Inc.** | **PNC Financial Services Group, Inc.** |
| 3.15%, 05/19/27 *(a)* | 200000 | 197022 |
| 6.62%, 10/20/27 *(a)(b)* | 250000 | 256340 |
| 5.30%, 01/21/28 *(a)(b)* | 200000 | 203060 |
| 5.35%, 12/02/28 *(a)(b)* | 250000 | 256362 |
| 3.45%, 04/23/29 *(a)* | 250000 | 244755 |
| 5.58%, 06/12/29 *(a)(b)* | 400000 | 415024 |
| 2.55%, 01/22/30 *(a)* | 300000 | 280344 |
| 5.49%, 05/14/30 *(a)(b)* | 300000 | 312471 |
| 5.22%, 01/29/31 *(a)(b)* | 200000 | 206736 |
| 4.90%, 05/13/31 *(a)(b)* | 200000 | 204098 |
| 2.31%, 04/23/32 *(a)(b)* | 200000 | 178006 |
| 4.81%, 10/21/32 *(a)(b)* | 250000 | 252865 |
| 4.63%, 06/06/33 *(a)(b)* | 150000 | 147696 |
| 6.04%, 10/28/33 *(a)(b)* | 250000 | 268037 |
| 5.07%, 01/24/34 *(a)(b)* | 250000 | 253005 |
| 5.94%, 08/18/34 *(a)(b)* | 150000 | 159648 |
| 6.88%, 10/20/34 *(a)(b)* | 400000 | 449480 |
| 5.68%, 01/22/35 *(a)(b)* | 250000 | 260935 |
| 5.40%, 07/23/35 *(a)(b)* | 250000 | 255695 |
| 5.58%, 01/29/36 *(a)(b)* | 300000 | 309732 |
| 5.37%, 07/21/36 *(a)(b)* | 270000 | 274401 |
| **Regions Financial Corp.** | **Regions Financial Corp.** | **Regions Financial Corp.** |
| 5.72%, 06/06/30 *(a)(b)* | 250000 | 260347 |
| 5.50%, 09/06/35 *(a)(b)* | 200000 | 203178 |
| 7.38%, 12/10/37  | 100000 | 113988 |
| **Royal Bank of Canada** | **Royal Bank of Canada** | **Royal Bank of Canada** |
| 1.40%, 11/02/26  | 200000 | 194068 |
| 4.88%, 01/19/27  | 200000 | 202328 |
| 2.05%, 01/21/27  | 100000 | 97344 |
| 3.63%, 05/04/27  | 200000 | 198868 |
| 4.24%, 08/03/27  | 250000 | 251263 |
| 4.51%, 10/18/27 *(a)(b)* | 125000 | 125378 |
| 6.00%, 11/01/27  | 250000 | 260032 |
| 4.90%, 01/12/28  | 150000 | 153125 |
| 4.72%, 03/27/28 *(a)(b)* | 200000 | 201798 |
| 5.20%, 08/01/28  | 200000 | 206616 |
| 4.52%, 10/18/28 *(a)(b)* | 150000 | 151143 |
| 4.97%, 01/24/29 *(a)(b)* | 300000 | 305490 |
| 4.95%, 02/01/29  | 200000 | 205904 |
| 4.50%, 08/06/29 *(a)(b)* | 200000 | 201876 |
| 4.97%, 08/02/30 *(a)(b)* | 300000 | 306612 |
| 4.65%, 10/18/30 *(a)(b)* | 350000 | 353321 |
| 5.15%, 02/04/31 *(a)(b)* | 300000 | 309042 |
| 4.97%, 05/02/31 *(a)(b)* | 175000 | 179293 |
| 4.70%, 08/06/31 *(a)(b)* | 200000 | 202096 |
| 2.30%, 11/03/31  | 250000 | 222618 |
| 5.00%, 02/01/33  | 300000 | 307599 |
| 5.00%, 05/02/33  | 150000 | 153513 |
| 5.15%, 02/01/34  | 200000 | 206828 |
| **Santander Holdings USA, Inc.** | **Santander Holdings USA, Inc.** | **Santander Holdings USA, Inc.** |
| 3.24%, 10/05/26 *(a)(d)* | 150000 | 148239 |
| 4.40%, 07/13/27 *(a)* | 150000 | 150329 |
| 2.49%, 01/06/28 *(a)(b)* | 150000 | 146189 |
| 6.50%, 03/09/29 *(a)(b)* | 200000 | 209536 |
| 5.47%, 03/20/29 *(a)(b)* | 150000 | 153554 |
| 6.57%, 06/12/29 *(a)(b)* | 100000 | 105216 |
| 6.17%, 01/09/30 *(a)(b)* | 200000 | 209874 |
| 5.35%, 09/06/30 *(a)(b)* | 200000 | 205584 |
| 5.74%, 03/20/31 *(a)(b)* | 150000 | 155957 |
| 7.66%, 11/09/31 *(a)(b)* | 100000 | 112738 |
| 6.34%, 05/31/35 *(a)(b)* | 150000 | 159647 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Santander U.K. Group Holdings PLC** | **Santander U.K. Group Holdings PLC** | **Santander U.K. Group Holdings PLC** |
| 2.47%, 01/11/28 *(a)(b)* | 200000 | 194922 |
| 3.82%, 11/03/28 *(a)(b)* | 250000 | 247040 |
| 6.53%, 01/10/29 *(a)(b)* | 200000 | 209570 |
| 5.69%, 04/15/31 *(a)(b)* | 200000 | 208908 |
| 2.90%, 03/15/32 *(a)(b)* | 200000 | 182450 |
| **SouthState Corp.** | **SouthState Corp.** | **SouthState Corp.** |
| 7.00%, 06/13/35 *(a)(b)* | 70000 | 72412 |
| **State Street Bank & Trust Co.** | **State Street Bank & Trust Co.** | **State Street Bank & Trust Co.** |
| 4.59%, 11/25/26  | 250000 | 251958 |
| 4.78%, 11/23/29  | 250000 | 256845 |
| **State Street Corp.** | **State Street Corp.** | **State Street Corp.** |
| 4.99%, 03/18/27 *(a)* | 150000 | 152363 |
| 4.33%, 10/22/27 *(a)* | 200000 | 201722 |
| 1.68%, 11/18/27 *(a)(b)* | 100000 | 97010 |
| 2.20%, 02/07/28 *(a)(b)* | 100000 | 97332 |
| 4.54%, 02/28/28 *(a)* | 250000 | 253565 |
| 5.82%, 11/04/28 *(a)(b)* | 100000 | 103615 |
| 4.53%, 02/20/29 *(a)(b)* | 150000 | 151622 |
| 5.68%, 11/21/29 *(a)(b)* | 250000 | 262357 |
| 4.14%, 12/03/29 *(a)(b)* | 100000 | 100429 |
| 2.40%, 01/24/30  | 100000 | 93839 |
| 4.83%, 04/24/30 *(a)* | 200000 | 205370 |
| 2.20%, 03/03/31  | 200000 | 178416 |
| 3.15%, 03/30/31 *(a)(b)* | 100000 | 95931 |
| 4.68%, 10/22/32 *(a)(b)* | 150000 | 151886 |
| 2.62%, 02/07/33 *(a)(b)* | 100000 | 89314 |
| 4.42%, 05/13/33 *(a)(b)* | 100000 | 99104 |
| 4.16%, 08/04/33 *(a)(b)* | 100000 | 97017 |
| 4.82%, 01/26/34 *(a)(b)* | 150000 | 150626 |
| 5.16%, 05/18/34 *(a)(b)* | 200000 | 205488 |
| 3.03%, 11/01/34 *(a)(b)* | 100000 | 93832 |
| 6.12%, 11/21/34 *(a)(b)* | 100000 | 107510 |
| 5.15%, 02/28/36 *(a)(b)* | 150000 | 151980 |
| **Sumitomo Mitsui Financial Group, Inc.** | **Sumitomo Mitsui Financial Group, Inc.** | **Sumitomo Mitsui Financial Group, Inc.** |
| 1.40%, 09/17/26  | 250000 | 242990 |
| 3.01%, 10/19/26  | 250000 | 246878 |
| 3.45%, 01/11/27  | 200000 | 198276 |
| 2.17%, 01/14/27  | 200000 | 194892 |
| 3.36%, 07/12/27  | 200000 | 197700 |
| 3.35%, 10/18/27  | 250000 | 246645 |
| 5.52%, 01/13/28  | 250000 | 258207 |
| 5.80%, 07/13/28  | 200000 | 209218 |
| 3.94%, 07/19/28  | 250000 | 249488 |
| 5.72%, 09/14/28  | 200000 | 208962 |
| 1.90%, 09/17/28  | 200000 | 187308 |
| 4.31%, 10/16/28  | 100000 | 100668 |
| 2.47%, 01/14/29  | 200000 | 189420 |
| 5.32%, 07/09/29  | 200000 | 207366 |
| 3.04%, 07/16/29  | 200000 | 191114 |
| 2.72%, 09/27/29  | 200000 | 188872 |
| 5.71%, 01/13/30  | 200000 | 211018 |
| 2.75%, 01/15/30  | 200000 | 187570 |
| 5.24%, 04/15/30  | 200000 | 207498 |
| 2.13%, 07/08/30  | 300000 | 270984 |
| 5.85%, 07/13/30  | 200000 | 212946 |
| 2.14%, 09/23/30  | 150000 | 134568 |
| 1.71%, 01/12/31  | 200000 | 174392 |
| 5.42%, 07/09/31  | 200000 | 209668 |
| 2.22%, 09/17/31  | 200000 | 176494 |
| 5.77%, 01/13/33  | 250000 | 265567 |
| 5.78%, 07/13/33  | 200000 | 213064 |
| 5.81%, 09/14/33  | 200000 | 213688 |
| 5.56%, 07/09/34  | 250000 | 261207 |
| 5.63%, 01/15/35  | 200000 | 209970 |
| 2.93%, 09/17/41  | 150000 | 108743 |
| 3.05%, 01/14/42  | 200000 | 150746 |

---

*See financial notes*

**14**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 6.18%, 07/13/43  | 200000 | 214826 |
| 5.84%, 07/09/44  | 200000 | 203896 |
| 5.80%, 07/08/46 *(a)(b)* | 180000 | 178996 |
| **Synchrony Financial** | **Synchrony Financial** | **Synchrony Financial** |
| 3.95%, 12/01/27 *(a)* | 200000 | 197378 |
| 5.15%, 03/19/29 *(a)* | 150000 | 151922 |
| 5.02%, 07/29/29 *(a)(b)* | 90000 | 90642 |
| 5.94%, 08/02/30 *(a)(b)* | 125000 | 129545 |
| 5.45%, 03/06/31 *(a)(b)* | 100000 | 101982 |
| 2.88%, 10/28/31 *(a)* | 100000 | 88695 |
| 6.00%, 07/29/36 *(a)(b)* | 90000 | 91037 |
| **Synovus Bank** | **Synovus Bank** | **Synovus Bank** |
| 5.63%, 02/15/28 *(a)* | 250000 | 255275 |
| **Toronto-Dominion Bank** | **Toronto-Dominion Bank** | **Toronto-Dominion Bank** |
| 1.25%, 09/10/26  | 300000 | 291486 |
| 5.26%, 12/11/26  | 100000 | 101420 |
| 4.57%, 12/17/26  | 250000 | 251308 |
| 1.95%, 01/12/27  | 100000 | 97263 |
| 2.80%, 03/10/27  | 250000 | 245415 |
| 4.98%, 04/05/27  | 150000 | 151991 |
| 4.11%, 06/08/27  | 275000 | 275278 |
| 4.69%, 09/15/27  | 300000 | 303564 |
| 5.16%, 01/10/28  | 250000 | 255940 |
| 4.86%, 01/31/28  | 200000 | 203454 |
| 4.57%, 06/02/28  | 200000 | 202496 |
| 5.52%, 07/17/28  | 200000 | 207578 |
| 4.99%, 04/05/29  | 200000 | 205160 |
| 4.78%, 12/17/29  | 200000 | 204342 |
| 4.81%, 06/03/30  | 150000 | 153219 |
| 2.00%, 09/10/31  | 150000 | 132528 |
| 3.63%, 09/15/31 *(a)(b)* | 300000 | 297111 |
| 2.45%, 01/12/32  | 100000 | 88566 |
| 5.30%, 01/30/32  | 150000 | 156002 |
| 3.20%, 03/10/32  | 250000 | 229973 |
| 4.46%, 06/08/32  | 125000 | 123909 |
| 5.15%, 09/10/34 *(a)(b)* | 200000 | 202874 |
| **Truist Bank** | **Truist Bank** | **Truist Bank** |
| 4.42%, 07/24/28 *(a)(b)* | 270000 | 270840 |
| 2.25%, 03/11/30 *(a)* | 250000 | 227775 |
| **Truist Financial Corp.** | **Truist Financial Corp.** | **Truist Financial Corp.** |
| 4.12%, 06/06/28 *(a)(b)* | 150000 | 150045 |
| 4.87%, 01/26/29 *(a)(b)* | 250000 | 253863 |
| 3.88%, 03/19/29 *(a)* | 100000 | 98480 |
| 1.89%, 06/07/29 *(a)(b)* | 250000 | 235163 |
| 7.16%, 10/30/29 *(a)(b)* | 300000 | 325704 |
| 5.44%, 01/24/30 *(a)(b)* | 350000 | 362768 |
| 1.95%, 06/05/30 *(a)* | 100000 | 89974 |
| 5.07%, 05/20/31 *(a)(b)* | 200000 | 204904 |
| 5.15%, 08/05/32 *(a)(b)* | 200000 | 205898 |
| 4.92%, 07/28/33 *(a)(b)* | 200000 | 197290 |
| 6.12%, 10/28/33 *(a)(b)* | 150000 | 160433 |
| 5.12%, 01/26/34 *(a)(b)* | 350000 | 352835 |
| 5.87%, 06/08/34 *(a)(b)* | 300000 | 315582 |
| 5.71%, 01/24/35 *(a)(b)* | 350000 | 364672 |
| **U.S. Bancorp** | **U.S. Bancorp** | **U.S. Bancorp** |
| 3.15%, 04/27/27 *(a)* | 300000 | 296019 |
| 6.79%, 10/26/27 *(a)(b)* | 200000 | 205620 |
| 2.22%, 01/27/28 *(a)(b)* | 250000 | 243135 |
| 3.90%, 04/26/28 *(a)* | 150000 | 149831 |
| 4.55%, 07/22/28 *(a)(b)* | 250000 | 251753 |
| 4.65%, 02/01/29 *(a)(b)* | 300000 | 303507 |
| 5.78%, 06/12/29 *(a)(b)* | 300000 | 312585 |
| 3.00%, 07/30/29 *(a)* | 150000 | 143373 |
| 5.38%, 01/23/30 *(a)(b)* | 250000 | 258742 |
| 1.38%, 07/22/30 *(a)* | 250000 | 218580 |
| 5.10%, 07/23/30 *(a)(b)* | 200000 | 205786 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.05%, 02/12/31 *(a)(b)* | 300000 | 307791 |
| 5.08%, 05/15/31 *(a)(b)* | 200000 | 205678 |
| 2.68%, 01/27/33 *(a)(b)* | 150000 | 132816 |
| 4.97%, 07/22/33 *(a)(b)* | 200000 | 198744 |
| 5.85%, 10/21/33 *(a)(b)* | 250000 | 264497 |
| 4.84%, 02/01/34 *(a)(b)* | 350000 | 348159 |
| 5.84%, 06/12/34 *(a)(b)* | 300000 | 316842 |
| 5.68%, 01/23/35 *(a)(b)* | 400000 | 417240 |
| 5.42%, 02/12/36 *(a)(b)* | 200000 | 204854 |
| 2.49%, 11/03/36 *(a)(b)* | 250000 | 215155 |
| **U.S. Bank NA** | **U.S. Bank NA** | **U.S. Bank NA** |
| 4.51%, 10/22/27 *(a)(b)* | 250000 | 250758 |
| 4.73%, 05/15/28 *(a)(b)* | 250000 | 252290 |
| **UBS AG** | **UBS AG** | **UBS AG** |
| 5.00%, 07/09/27  | 250000 | 254245 |
| 4.86%, 01/10/28 *(a)(b)* | 250000 | 252335 |
| 7.50%, 02/15/28  | 400000 | 431708 |
| 5.65%, 09/11/28  | 250000 | 261307 |
| 4.50%, 06/26/48  | 200000 | 173444 |
| **UBS Group AG** | **UBS Group AG** | **UBS Group AG** |
| 4.88%, 05/15/45  | 250000 | 227975 |
| **Wachovia Corp.** | **Wachovia Corp.** | **Wachovia Corp.** |
| 5.50%, 08/01/35  | 130000 | 132673 |
| **Webster Financial Corp.** | **Webster Financial Corp.** | **Webster Financial Corp.** |
| 4.10%, 03/25/29 *(a)* | 50000 | 49216 |
| **Wells Fargo & Co.** | **Wells Fargo & Co.** | **Wells Fargo & Co.** |
| 3.00%, 10/23/26  | 650000 | 641576 |
| 4.30%, 07/22/27  | 480000 | 481502 |
| 4.90%, 01/24/28 *(a)(b)* | 400000 | 403516 |
| 3.53%, 03/24/28 *(a)(b)* | 725000 | 717416 |
| 5.71%, 04/22/28 *(a)(b)* | 600000 | 613782 |
| 3.58%, 05/22/28 *(a)(b)* | 500000 | 494685 |
| 2.39%, 06/02/28 *(a)(b)* | 650000 | 630305 |
| 4.81%, 07/25/28 *(a)(b)* | 400000 | 404424 |
| 4.15%, 01/24/29 *(a)* | 475000 | 474876 |
| 4.97%, 04/23/29 *(a)(b)* | 400000 | 407636 |
| 5.57%, 07/25/29 *(a)(b)* | 750000 | 777660 |
| 6.30%, 10/23/29 *(a)(b)* | 550000 | 583154 |
| 7.95%, 11/15/29  | 100000 | 112103 |
| 5.20%, 01/23/30 *(a)(b)* | 500000 | 514690 |
| 2.88%, 10/30/30 *(a)(b)* | 600000 | 566850 |
| 5.24%, 01/24/31 *(a)(b)* | 600000 | 619986 |
| 2.57%, 02/11/31 *(a)(b)* | 550000 | 509580 |
| 4.48%, 04/04/31 *(a)(b)* | 475000 | 476867 |
| 5.15%, 04/23/31 *(a)(b)* | 600000 | 618288 |
| 3.35%, 03/02/33 *(a)(b)* | 700000 | 645834 |
| 4.90%, 07/25/33 *(a)(b)* | 750000 | 754875 |
| 5.39%, 04/24/34 *(a)(b)* | 700000 | 720832 |
| 5.56%, 07/25/34 *(a)(b)* | 550000 | 571543 |
| 6.49%, 10/23/34 *(a)(b)* | 600000 | 660042 |
| 5.50%, 01/23/35 *(a)(b)* | 575000 | 593555 |
| 5.38%, 02/07/35  | 100000 | 105453 |
| 5.21%, 12/03/35 *(a)(b)* | 500000 | 504950 |
| 5.61%, 04/23/36 *(a)(b)* | 500000 | 519010 |
| 5.95%, 12/01/36  | 150000 | 154842 |
| 3.07%, 04/30/41 *(a)(b)* | 700000 | 533386 |
| 5.38%, 11/02/43  | 300000 | 286185 |
| 5.61%, 01/15/44  | 450000 | 439848 |
| 4.65%, 11/04/44  | 300000 | 260025 |
| 3.90%, 05/01/45  | 330000 | 263073 |
| 4.90%, 11/17/45  | 350000 | 310261 |
| 4.40%, 06/14/46  | 400000 | 328972 |
| 4.75%, 12/07/46  | 300000 | 259356 |
| 5.01%, 04/04/51 *(a)(b)* | 1000000 | 904860 |
| 4.61%, 04/25/53 *(a)(b)* | 600000 | 509304 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**15**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Wells Fargo Bank NA** | **Wells Fargo Bank NA** | **Wells Fargo Bank NA** |
| 5.25%, 12/11/26 *(a)* | 350000 | 354956 |
| 5.85%, 02/01/37  | 250000 | 262140 |
| 6.60%, 01/15/38  | 250000 | 280112 |
| **Westpac Banking Corp.** | **Westpac Banking Corp.** | **Westpac Banking Corp.** |
| 4.60%, 10/20/26  | 150000 | 151026 |
| 3.35%, 03/08/27  | 150000 | 148776 |
| 4.04%, 08/26/27  | 200000 | 200502 |
| 5.46%, 11/18/27  | 200000 | 206448 |
| 3.40%, 01/25/28  | 150000 | 148403 |
| 5.54%, 11/17/28  | 250000 | 262142 |
| 1.95%, 11/20/28  | 200000 | 188202 |
| 5.05%, 04/16/29  | 150000 | 155339 |
| 2.65%, 01/16/30  | 100000 | 94497 |
| 4.35%, 07/01/30  | 150000 | 151713 |
| 2.15%, 06/03/31  | 250000 | 224798 |
| 4.32%, 11/23/31 *(a)(b)* | 250000 | 249083 |
| 5.41%, 08/10/33 *(a)(b)* | 150000 | 153348 |
| 6.82%, 11/17/33  | 150000 | 166662 |
| 4.11%, 07/24/34 *(a)(b)* | 250000 | 244613 |
| 2.67%, 11/15/35 *(a)(b)* | 250000 | 224198 |
| 5.62%, 11/20/35 *(a)(b)* | 250000 | 254895 |
| 3.02%, 11/18/36 *(a)(b)* | 200000 | 178274 |
| 4.42%, 07/24/39  | 200000 | 182546 |
| 2.96%, 11/16/40  | 200000 | 151014 |
| 3.13%, 11/18/41  | 200000 | 147978 |
| **Zions Bancorp NA** | **Zions Bancorp NA** | **Zions Bancorp NA** |
| 3.25%, 10/29/29 *(a)* | 250000 | 232498 |
|  |  | **286418015** |
| ***Brokerage/Asset Managers/Exchanges 0.4%***  | ***Brokerage/Asset Managers/Exchanges 0.4%***  | ***Brokerage/Asset Managers/Exchanges 0.4%***  |
| **Affiliated Managers Group, Inc.** | **Affiliated Managers Group, Inc.** | **Affiliated Managers Group, Inc.** |
| 3.30%, 06/15/30 *(a)* | 150000 | 142625 |
| 5.50%, 08/20/34 *(a)* | 75000 | 76214 |
| **Ameriprise Financial, Inc.** | **Ameriprise Financial, Inc.** | **Ameriprise Financial, Inc.** |
| 2.88%, 09/15/26 *(a)* | 200000 | 197522 |
| 5.70%, 12/15/28 *(a)* | 150000 | 157264 |
| 4.50%, 05/13/32 *(a)* | 100000 | 99917 |
| 5.15%, 05/15/33 *(a)* | 150000 | 154347 |
| **Apollo Global Management, Inc.** | **Apollo Global Management, Inc.** | **Apollo Global Management, Inc.** |
| 6.38%, 11/15/33 *(a)* | 100000 | 109870 |
| 5.15%, 08/12/35 *(a)* | 150000 | 149402 |
| 5.80%, 05/21/54 *(a)* | 150000 | 147675 |
| 6.00%, 12/15/54 *(a)(b)* | 75000 | 74684 |
| **ARES Management Corp.** | **ARES Management Corp.** | **ARES Management Corp.** |
| 6.38%, 11/10/28 *(a)* | 100000 | 106120 |
| 5.60%, 10/11/54 *(a)* | 125000 | 117413 |
| **BGC Group, Inc.** | **BGC Group, Inc.** | **BGC Group, Inc.** |
| 8.00%, 05/25/28 *(a)* | 75000 | 80221 |
| 6.60%, 06/10/29 *(a)* | 100000 | 104394 |
| **BlackRock Funding, Inc.** | **BlackRock Funding, Inc.** | **BlackRock Funding, Inc.** |
| 4.60%, 07/26/27 *(a)* | 150000 | 151944 |
| 4.70%, 03/14/29 *(a)* | 100000 | 102568 |
| 5.00%, 03/14/34 *(a)* | 200000 | 205596 |
| 4.90%, 01/08/35 *(a)* | 100000 | 101710 |
| 5.25%, 03/14/54 *(a)* | 100000 | 95021 |
| 5.35%, 01/08/55 *(a)* | 200000 | 192876 |
| **BlackRock, Inc.** | **BlackRock, Inc.** | **BlackRock, Inc.** |
| 3.20%, 03/15/27  | 100000 | 99062 |
| 3.25%, 04/30/29 *(a)* | 250000 | 244702 |
| 2.40%, 04/30/30 *(a)* | 200000 | 185854 |
| 1.90%, 01/28/31 *(a)* | 250000 | 222707 |
| 2.10%, 02/25/32 *(a)* | 200000 | 174466 |
| 4.75%, 05/25/33 *(a)* | 200000 | 203026 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Blackstone Reg Finance Co. LLC** | **Blackstone Reg Finance Co. LLC** | **Blackstone Reg Finance Co. LLC** |
| 5.00%, 12/06/34 *(a)* | 150000 | 149921 |
| **Blue Owl Finance LLC** | **Blue Owl Finance LLC** | **Blue Owl Finance LLC** |
| 3.13%, 06/10/31 *(a)* | 125000 | 113438 |
| 4.38%, 02/15/32 *(a)* | 75000 | 71456 |
| 6.25%, 04/18/34 *(a)* | 200000 | 208878 |
| 4.13%, 10/07/51 *(a)* | 75000 | 52947 |
| **Brookfield Asset Management Ltd.** | **Brookfield Asset Management Ltd.** | **Brookfield Asset Management Ltd.** |
| 5.80%, 04/24/35 *(a)* | 100000 | 103620 |
| **Brookfield Capital Finance LLC** | **Brookfield Capital Finance LLC** | **Brookfield Capital Finance LLC** |
| 6.09%, 06/14/33 *(a)* | 75000 | 80027 |
| **Brookfield Finance I U.K. PLC/Brookfield Finance, Inc.** | **Brookfield Finance I U.K. PLC/Brookfield Finance, Inc.** | **Brookfield Finance I U.K. PLC/Brookfield Finance, Inc.** |
| 2.34%, 01/30/32 *(a)* | 125000 | 108318 |
| **Brookfield Finance LLC/Brookfield Finance, Inc.** | **Brookfield Finance LLC/Brookfield Finance, Inc.** | **Brookfield Finance LLC/Brookfield Finance, Inc.** |
| 3.45%, 04/15/50 *(a)* | 100000 | 67899 |
| **Brookfield Finance, Inc.** | **Brookfield Finance, Inc.** | **Brookfield Finance, Inc.** |
| 3.90%, 01/25/28 *(a)* | 200000 | 198598 |
| 4.85%, 03/29/29 *(a)* | 150000 | 152622 |
| 4.35%, 04/15/30 *(a)* | 150000 | 149784 |
| 2.72%, 04/15/31 *(a)* | 100000 | 91391 |
| 6.35%, 01/05/34 *(a)* | 200000 | 216502 |
| 5.68%, 01/15/35 *(a)* | 75000 | 77526 |
| 5.33%, 01/15/36 *(a)* | 190000 | 188881 |
| 4.70%, 09/20/47 *(a)* | 175000 | 150675 |
| 3.50%, 03/30/51 *(a)* | 150000 | 103197 |
| 3.63%, 02/15/52 *(a)* | 100000 | 69476 |
| 5.97%, 03/04/54 *(a)* | 150000 | 150390 |
| 5.81%, 03/03/55 *(a)* | 75000 | 73787 |
| **Cboe Global Markets, Inc.** | **Cboe Global Markets, Inc.** | **Cboe Global Markets, Inc.** |
| 3.65%, 01/12/27 *(a)* | 100000 | 99415 |
| 1.63%, 12/15/30 *(a)* | 200000 | 175908 |
| **Charles Schwab Corp.** | **Charles Schwab Corp.** | **Charles Schwab Corp.** |
| 3.20%, 03/02/27 *(a)(e)* | 100000 | 98763 |
| 2.45%, 03/03/27 *(a)(e)* | 240000 | 234535 |
| 3.30%, 04/01/27 *(a)(e)* | 100000 | 98933 |
| 3.20%, 01/25/28 *(a)(e)* | 100000 | 98163 |
| 2.00%, 03/20/28 *(a)(e)* | 200000 | 190762 |
| 4.00%, 02/01/29 *(a)(e)* | 75000 | 74998 |
| 5.64%, 05/19/29 *(a)(b)(e)* | 190000 | 197686 |
| 3.25%, 05/22/29 *(a)(e)* | 75000 | 72995 |
| 2.75%, 10/01/29 *(a)(e)* | 50000 | 47547 |
| 6.20%, 11/17/29 *(a)(b)(e)* | 200000 | 212882 |
| 4.63%, 03/22/30 *(a)(e)* | 50000 | 51116 |
| 1.65%, 03/11/31 *(a)(e)* | 100000 | 86815 |
| 2.30%, 05/13/31 *(a)(e)* | 100000 | 89992 |
| 1.95%, 12/01/31 *(a)(e)* | 125000 | 108296 |
| 2.90%, 03/03/32 *(a)(e)* | 150000 | 135969 |
| 5.85%, 05/19/34 *(a)(b)(e)* | 225000 | 239913 |
| 6.14%, 08/24/34 *(a)(b)(e)* | 225000 | 244483 |
| **CI Financial Corp.** | **CI Financial Corp.** | **CI Financial Corp.** |
| 3.20%, 12/17/30 *(a)* | 200000 | 179918 |
| 4.10%, 06/15/51 *(a)* | 75000 | 53745 |
| **CME Group, Inc.** | **CME Group, Inc.** | **CME Group, Inc.** |
| 3.75%, 06/15/28 *(a)* | 100000 | 99688 |
| 2.65%, 03/15/32 *(a)* | 200000 | 180484 |
| 5.30%, 09/15/43 *(a)* | 200000 | 200222 |
| 4.15%, 06/15/48 *(a)* | 100000 | 83455 |
| **Eaton Vance Corp.** | **Eaton Vance Corp.** | **Eaton Vance Corp.** |
| 3.50%, 04/06/27 *(a)* | 50000 | 49566 |
| **Franklin Resources, Inc.** | **Franklin Resources, Inc.** | **Franklin Resources, Inc.** |
| 1.60%, 10/30/30 *(a)* | 150000 | 131610 |
| 2.95%, 08/12/51 *(a)* | 100000 | 61483 |
| **Intercontinental Exchange, Inc.** | **Intercontinental Exchange, Inc.** | **Intercontinental Exchange, Inc.** |
| 3.10%, 09/15/27 *(a)* | 100000 | 98179 |
| 4.00%, 09/15/27 *(a)* | 300000 | 299793 |

---

*See financial notes*

**16**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.63%, 09/01/28 *(a)* | 175000 | 172751 |
| 3.75%, 09/21/28 *(a)* | 100000 | 99131 |
| 4.35%, 06/15/29 *(a)* | 250000 | 252082 |
| 2.10%, 06/15/30 *(a)* | 250000 | 226990 |
| 5.25%, 06/15/31 *(a)* | 150000 | 157021 |
| 1.85%, 09/15/32 *(a)* | 250000 | 209630 |
| 4.60%, 03/15/33 *(a)* | 275000 | 275096 |
| 2.65%, 09/15/40 *(a)* | 250000 | 182827 |
| 4.25%, 09/21/48 *(a)* | 225000 | 185983 |
| 3.00%, 06/15/50 *(a)* | 225000 | 146477 |
| 4.95%, 06/15/52 *(a)* | 125000 | 112360 |
| 3.00%, 09/15/60 *(a)* | 250000 | 150218 |
| 5.20%, 06/15/62 *(a)* | 200000 | 183984 |
| **Invesco Finance PLC** | **Invesco Finance PLC** | **Invesco Finance PLC** |
| 5.38%, 11/30/43  | 100000 | 95802 |
| **Janus Henderson U.S. Holdings, Inc.** | **Janus Henderson U.S. Holdings, Inc.** | **Janus Henderson U.S. Holdings, Inc.** |
| 5.45%, 09/10/34 *(a)* | 100000 | 99796 |
| **Jefferies Financial Group, Inc.** | **Jefferies Financial Group, Inc.** | **Jefferies Financial Group, Inc.** |
| 4.85%, 01/15/27  | 150000 | 151118 |
| 6.45%, 06/08/27  | 100000 | 103479 |
| 5.88%, 07/21/28 *(a)* | 200000 | 208550 |
| 4.15%, 01/23/30  | 175000 | 172833 |
| 2.63%, 10/15/31 *(a)* | 200000 | 176988 |
| 2.75%, 10/15/32 *(a)* | 100000 | 85973 |
| 6.20%, 04/14/34 *(a)* | 250000 | 263852 |
| 6.25%, 01/15/36  | 100000 | 105239 |
| 6.50%, 01/20/43  | 50000 | 52218 |
| **KKR & Co., Inc.** | **KKR & Co., Inc.** | **KKR & Co., Inc.** |
| 5.10%, 08/07/35 *(a)* | 260000 | 258219 |
| **Lazard Group LLC** | **Lazard Group LLC** | **Lazard Group LLC** |
| 4.50%, 09/19/28 *(a)* | 150000 | 150903 |
| 4.38%, 03/11/29 *(a)* | 150000 | 149916 |
| **Legg Mason, Inc.** | **Legg Mason, Inc.** | **Legg Mason, Inc.** |
| 5.63%, 01/15/44  | 75000 | 73911 |
| **LPL Holdings, Inc.** | **LPL Holdings, Inc.** | **LPL Holdings, Inc.** |
| 5.70%, 05/20/27 *(a)* | 100000 | 101964 |
| 4.90%, 04/03/28 *(a)* | 75000 | 75937 |
| 6.75%, 11/17/28 *(a)* | 150000 | 160618 |
| 5.20%, 03/15/30 *(a)* | 150000 | 153424 |
| 5.15%, 06/15/30 *(a)* | 75000 | 76547 |
| 6.00%, 05/20/34 *(a)* | 100000 | 103554 |
| 5.65%, 03/15/35 *(a)* | 95000 | 96141 |
| 5.75%, 06/15/35 *(a)* | 75000 | 76289 |
| **Marex Group PLC** | **Marex Group PLC** | **Marex Group PLC** |
| 5.83%, 05/08/28 *(a)* | 100000 | 101405 |
| 6.40%, 11/04/29 *(a)* | 100000 | 103111 |
| **Nasdaq, Inc.** | **Nasdaq, Inc.** | **Nasdaq, Inc.** |
| 5.35%, 06/28/28 *(a)* | 175000 | 180605 |
| 1.65%, 01/15/31 *(a)* | 100000 | 87516 |
| 5.55%, 02/15/34 *(a)* | 200000 | 208688 |
| 2.50%, 12/21/40 *(a)* | 150000 | 104433 |
| 3.25%, 04/28/50 *(a)* | 100000 | 67484 |
| 3.95%, 03/07/52 *(a)* | 100000 | 74852 |
| 5.95%, 08/15/53 *(a)* | 125000 | 127324 |
| 6.10%, 06/28/63 *(a)* | 100000 | 102736 |
| **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** |
| 2.33%, 01/22/27  | 250000 | 243250 |
| 5.59%, 07/02/27  | 200000 | 204654 |
| 6.07%, 07/12/28  | 200000 | 209630 |
| 2.17%, 07/14/28  | 200000 | 188800 |
| 5.61%, 07/06/29  | 200000 | 208520 |
| 3.10%, 01/16/30  | 200000 | 188852 |
| 2.68%, 07/16/30  | 200000 | 183514 |
| 2.61%, 07/14/31  | 200000 | 179332 |
| 3.00%, 01/22/32  | 200000 | 179800 |
| 6.18%, 01/18/33  | 200000 | 215104 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 6.09%, 07/12/33  | 200000 | 214786 |
| 5.78%, 07/03/34  | 200000 | 209776 |
| **Raymond James Financial, Inc.** | **Raymond James Financial, Inc.** | **Raymond James Financial, Inc.** |
| 4.65%, 04/01/30 *(a)* | 100000 | 101923 |
| 4.95%, 07/15/46  | 150000 | 135987 |
| 3.75%, 04/01/51 *(a)* | 150000 | 110006 |
| **Stifel Financial Corp.** | **Stifel Financial Corp.** | **Stifel Financial Corp.** |
| 4.00%, 05/15/30 *(a)* | 100000 | 97988 |
| **TPG Operating Group II LP** | **TPG Operating Group II LP** | **TPG Operating Group II LP** |
| 5.88%, 03/05/34 *(a)* | 100000 | 104908 |
| 5.38%, 01/15/36 *(a)* | 150000 | 149310 |
|  |  | **19905962** |
| ***Finance Companies 0.3%***  | ***Finance Companies 0.3%***  | ***Finance Companies 0.3%***  |
| **AerCap Ireland Capital DAC/AerCap Global Aviation Trust** | **AerCap Ireland Capital DAC/AerCap Global Aviation Trust** | **AerCap Ireland Capital DAC/AerCap Global Aviation Trust** |
| 2.45%, 10/29/26 *(a)* | 600000 | 587664 |
| 6.10%, 01/15/27 *(a)* | 150000 | 153300 |
| 6.45%, 04/15/27 *(a)* | 200000 | 206500 |
| 3.65%, 07/21/27 *(a)* | 250000 | 247602 |
| 4.63%, 10/15/27 *(a)* | 150000 | 151075 |
| 3.88%, 01/23/28 *(a)* | 150000 | 148870 |
| 4.88%, 04/01/28 *(a)* | 100000 | 101544 |
| 5.75%, 06/06/28 *(a)* | 200000 | 207442 |
| 3.00%, 10/29/28 *(a)* | 600000 | 577242 |
| 5.10%, 01/19/29 *(a)* | 150000 | 153598 |
| 4.63%, 09/10/29 *(a)* | 200000 | 201740 |
| 6.15%, 09/30/30 *(a)* | 150000 | 160854 |
| 5.38%, 12/15/31 *(a)* | 250000 | 258415 |
| 3.30%, 01/30/32 *(a)* | 700000 | 640878 |
| 3.40%, 10/29/33 *(a)* | 300000 | 266925 |
| 5.30%, 01/19/34 *(a)* | 150000 | 152161 |
| 4.95%, 09/10/34 *(a)* | 200000 | 197338 |
| 3.85%, 10/29/41 *(a)* | 150000 | 120963 |
| 6.95%, 03/10/55 *(a)(b)* | 150000 | 157144 |
| 6.50%, 01/31/56 *(a)(b)* | 150000 | 154318 |
| **Air Lease Corp.** | **Air Lease Corp.** | **Air Lease Corp.** |
| 2.20%, 01/15/27 *(a)* | 150000 | 146012 |
| 3.63%, 04/01/27 *(a)* | 100000 | 99208 |
| 3.63%, 12/01/27 *(a)* | 150000 | 148230 |
| 5.85%, 12/15/27 *(a)* | 150000 | 155392 |
| 4.63%, 10/01/28 *(a)* | 100000 | 101083 |
| 5.10%, 03/01/29 *(a)* | 150000 | 154104 |
| 3.25%, 10/01/29 *(a)* | 100000 | 95848 |
| 3.00%, 02/01/30 *(a)* | 100000 | 94472 |
| 3.13%, 12/01/30 *(a)* | 150000 | 140294 |
| 5.20%, 07/15/31 *(a)* | 100000 | 102945 |
| 2.88%, 01/15/32 *(a)* | 150000 | 134600 |
| **Apollo Debt Solutions BDC** | **Apollo Debt Solutions BDC** | **Apollo Debt Solutions BDC** |
| 6.90%, 04/13/29 *(a)* | 125000 | 131463 |
| 5.88%, 08/30/30 *(a)(d)* | 70000 | 71056 |
| 6.70%, 07/29/31 *(a)* | 200000 | 211620 |
| 6.55%, 03/15/32 *(a)(d)* | 100000 | 104109 |
| **ARES Capital Corp.** | **ARES Capital Corp.** | **ARES Capital Corp.** |
| 7.00%, 01/15/27  | 200000 | 206128 |
| 2.88%, 06/15/27 *(a)* | 100000 | 97502 |
| 2.88%, 06/15/28 *(a)* | 200000 | 190946 |
| 5.88%, 03/01/29 *(a)* | 150000 | 154453 |
| 5.95%, 07/15/29 *(a)* | 150000 | 155158 |
| 5.50%, 09/01/30 *(a)* | 150000 | 151983 |
| 3.20%, 11/15/31 *(a)* | 150000 | 133719 |
| 5.80%, 03/08/32 *(a)* | 150000 | 152317 |
| **ARES Strategic Income Fund** | **ARES Strategic Income Fund** | **ARES Strategic Income Fund** |
| 5.70%, 03/15/28 *(a)* | 200000 | 202850 |
| 5.45%, 09/09/28 *(a)(d)* | 110000 | 110787 |
| 6.35%, 08/15/29 *(a)* | 125000 | 129406 |
| 5.60%, 02/15/30 *(a)* | 125000 | 126580 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**17**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.80%, 09/09/30 *(a)(d)* | 90000 | 91445 |
| 6.20%, 03/21/32 *(a)* | 100000 | 102844 |
| **Bain Capital Specialty Finance, Inc.** | **Bain Capital Specialty Finance, Inc.** | **Bain Capital Specialty Finance, Inc.** |
| 2.55%, 10/13/26 *(a)* | 100000 | 97527 |
| 5.95%, 03/15/30 *(a)* | 75000 | 75343 |
| **Barings BDC, Inc.** | **Barings BDC, Inc.** | **Barings BDC, Inc.** |
| 3.30%, 11/23/26 *(a)* | 100000 | 98252 |
| **Barings Private Credit Corp.** | **Barings Private Credit Corp.** | **Barings Private Credit Corp.** |
| 6.15%, 06/11/30 *(a)(d)* | 70000 | 69845 |
| **Blackstone Private Credit Fund** | **Blackstone Private Credit Fund** | **Blackstone Private Credit Fund** |
| 3.25%, 03/15/27 *(a)* | 200000 | 195832 |
| 4.95%, 09/26/27 *(a)* | 175000 | 176116 |
| 7.30%, 11/27/28 *(a)* | 150000 | 160437 |
| 4.00%, 01/15/29 *(a)* | 100000 | 97696 |
| 5.95%, 07/16/29 *(a)* | 100000 | 103159 |
| 5.60%, 11/22/29 *(a)* | 200000 | 203786 |
| 5.25%, 04/01/30 *(a)* | 75000 | 75349 |
| 6.00%, 11/22/34 *(a)* | 225000 | 226897 |
| **Blackstone Secured Lending Fund** | **Blackstone Secured Lending Fund** | **Blackstone Secured Lending Fund** |
| 2.75%, 09/16/26 *(a)* | 150000 | 147277 |
| 2.13%, 02/15/27 *(a)* | 100000 | 96473 |
| 5.88%, 11/15/27 *(a)* | 100000 | 102413 |
| 5.35%, 04/13/28 *(a)* | 100000 | 101452 |
| 2.85%, 09/30/28 *(a)* | 100000 | 94510 |
| 5.30%, 06/30/30 *(a)* | 75000 | 75631 |
| **Blue Owl Capital Corp.** | **Blue Owl Capital Corp.** | **Blue Owl Capital Corp.** |
| 8.45%, 11/15/26 *(a)* | 50000 | 51852 |
| 2.63%, 01/15/27 *(a)* | 100000 | 96980 |
| 3.13%, 04/13/27 *(a)* | 75000 | 72833 |
| 2.88%, 06/11/28 *(a)* | 150000 | 141761 |
| 5.95%, 03/15/29 *(a)* | 200000 | 203100 |
| 6.20%, 07/15/30 *(a)* | 100000 | 102635 |
| **Blue Owl Credit Income Corp.** | **Blue Owl Credit Income Corp.** | **Blue Owl Credit Income Corp.** |
| 3.13%, 09/23/26 *(a)* | 100000 | 98048 |
| 7.95%, 06/13/28 *(a)* | 125000 | 133900 |
| 7.75%, 01/15/29 *(a)* | 100000 | 107131 |
| 6.60%, 09/15/29 *(a)* | 175000 | 181965 |
| 5.80%, 03/15/30 *(a)* | 275000 | 278630 |
| 6.65%, 03/15/31 *(a)* | 150000 | 156787 |
| **Blue Owl Technology Finance Corp.** | **Blue Owl Technology Finance Corp.** | **Blue Owl Technology Finance Corp.** |
| 2.50%, 01/15/27 *(a)* | 100000 | 96605 |
| 6.10%, 03/15/28 *(a)(d)* | 100000 | 101345 |
| 6.75%, 04/04/29 *(a)* | 125000 | 129456 |
| **Carlyle Secured Lending, Inc.** | **Carlyle Secured Lending, Inc.** | **Carlyle Secured Lending, Inc.** |
| 6.75%, 02/18/30 *(a)* | 75000 | 77913 |
| **Franklin BSP Capital Corp.** | **Franklin BSP Capital Corp.** | **Franklin BSP Capital Corp.** |
| 7.20%, 06/15/29 *(a)* | 50000 | 51949 |
| **FS KKR Capital Corp.** | **FS KKR Capital Corp.** | **FS KKR Capital Corp.** |
| 2.63%, 01/15/27 *(a)* | 100000 | 96932 |
| 3.25%, 07/15/27 *(a)* | 75000 | 72313 |
| 3.13%, 10/12/28 *(a)* | 150000 | 137843 |
| 7.88%, 01/15/29 *(a)* | 100000 | 104887 |
| 6.88%, 08/15/29 *(a)* | 100000 | 102153 |
| 6.13%, 01/15/30 *(a)* | 125000 | 124204 |
| **GATX Corp.** | **GATX Corp.** | **GATX Corp.** |
| 3.25%, 09/15/26 *(a)* | 100000 | 98752 |
| 3.85%, 03/30/27 *(a)* | 50000 | 49617 |
| 3.50%, 03/15/28 *(a)* | 150000 | 147220 |
| 4.70%, 04/01/29 *(a)* | 150000 | 151723 |
| 4.00%, 06/30/30 *(a)* | 100000 | 98278 |
| 1.90%, 06/01/31 *(a)* | 100000 | 86680 |
| 3.50%, 06/01/32 *(a)* | 75000 | 69045 |
| 4.90%, 03/15/33 *(a)* | 75000 | 75077 |
| 6.05%, 03/15/34 *(a)* | 100000 | 106605 |
| 6.90%, 05/01/34 *(a)* | 100000 | 111667 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.50%, 06/15/35 *(a)* | 100000 | 101890 |
| 5.20%, 03/15/44 *(a)* | 75000 | 69634 |
| 3.10%, 06/01/51 *(a)* | 100000 | 62211 |
| 6.05%, 06/05/54 *(a)* | 75000 | 75359 |
| **Goldman Sachs BDC, Inc.** | **Goldman Sachs BDC, Inc.** | **Goldman Sachs BDC, Inc.** |
| 6.38%, 03/11/27  | 75000 | 76784 |
| **Goldman Sachs Private Credit Corp.** | **Goldman Sachs Private Credit Corp.** | **Goldman Sachs Private Credit Corp.** |
| 6.25%, 05/06/30 *(a)(d)* | 100000 | 102436 |
| **Golub Capital BDC, Inc.** | **Golub Capital BDC, Inc.** | **Golub Capital BDC, Inc.** |
| 7.05%, 12/05/28 *(a)* | 75000 | 79298 |
| 6.00%, 07/15/29 *(a)* | 100000 | 102447 |
| **Golub Capital Private Credit Fund** | **Golub Capital Private Credit Fund** | **Golub Capital Private Credit Fund** |
| 5.45%, 08/15/28 *(a)(d)* | 90000 | 90362 |
| 5.80%, 09/12/29 *(a)* | 90000 | 91029 |
| 5.88%, 05/01/30 *(a)* | 95000 | 96383 |
| **Hercules Capital, Inc.** | **Hercules Capital, Inc.** | **Hercules Capital, Inc.** |
| 3.38%, 01/20/27 *(a)* | 100000 | 97760 |
| 6.00%, 06/16/30 *(a)* | 60000 | 60935 |
| **HPS Corporate Lending Fund** | **HPS Corporate Lending Fund** | **HPS Corporate Lending Fund** |
| 5.30%, 06/05/27 *(d)* | 100000 | 100575 |
| 5.45%, 01/14/28 *(a)* | 100000 | 100966 |
| 6.75%, 01/30/29 *(a)* | 100000 | 104372 |
| 6.25%, 09/30/29 *(a)* | 75000 | 77643 |
| 5.85%, 06/05/30 *(a)(d)* | 100000 | 101670 |
| 5.95%, 04/14/32 *(a)* | 100000 | 101288 |
| **Main Street Capital Corp.** | **Main Street Capital Corp.** | **Main Street Capital Corp.** |
| 6.50%, 06/04/27 *(a)* | 50000 | 51139 |
| 5.40%, 08/15/28 *(a)* | 100000 | 100453 |
| 6.95%, 03/01/29 *(a)* | 75000 | 78626 |
| **Morgan Stanley Direct Lending Fund** | **Morgan Stanley Direct Lending Fund** | **Morgan Stanley Direct Lending Fund** |
| 4.50%, 02/11/27 *(a)* | 100000 | 99729 |
| 6.15%, 05/17/29 *(a)* | 75000 | 77510 |
| 6.00%, 05/19/30 *(a)* | 100000 | 102281 |
| **MSD Investment Corp.** | **MSD Investment Corp.** | **MSD Investment Corp.** |
| 6.25%, 05/31/30 *(a)(d)* | 100000 | 101504 |
| **New Mountain Finance Corp.** | **New Mountain Finance Corp.** | **New Mountain Finance Corp.** |
| 6.20%, 10/15/27  | 75000 | 76326 |
| 6.88%, 02/01/29 *(a)* | 75000 | 77022 |
| **North Haven Private Income Fund LLC** | **North Haven Private Income Fund LLC** | **North Haven Private Income Fund LLC** |
| 5.75%, 02/01/30 *(a)* | 75000 | 75160 |
| **Nuveen Churchill Direct Lending Corp.** | **Nuveen Churchill Direct Lending Corp.** | **Nuveen Churchill Direct Lending Corp.** |
| 6.65%, 03/15/30 *(a)* | 100000 | 103521 |
| **Oaktree Specialty Lending Corp.** | **Oaktree Specialty Lending Corp.** | **Oaktree Specialty Lending Corp.** |
| 2.70%, 01/15/27 *(a)* | 50000 | 48432 |
| 7.10%, 02/15/29 *(a)* | 100000 | 103666 |
| **Oaktree Strategic Credit Fund** | **Oaktree Strategic Credit Fund** | **Oaktree Strategic Credit Fund** |
| 8.40%, 11/14/28 *(a)* | 75000 | 81526 |
| 6.50%, 07/23/29 *(a)* | 75000 | 77910 |
| 6.19%, 07/15/30 *(a)(d)* | 70000 | 71146 |
| **Sixth Street Lending Partners** | **Sixth Street Lending Partners** | **Sixth Street Lending Partners** |
| 6.50%, 03/11/29 *(a)* | 200000 | 207928 |
| 5.75%, 01/15/30 *(a)* | 100000 | 101489 |
| 6.13%, 07/15/30 *(a)(d)* | 100000 | 103166 |
| **Sixth Street Specialty Lending, Inc.** | **Sixth Street Specialty Lending, Inc.** | **Sixth Street Specialty Lending, Inc.** |
| 6.13%, 03/01/29 *(a)* | 75000 | 77447 |
|  |  | **18165031** |
| ***Financial Other 0.0%***  | ***Financial Other 0.0%***  | ***Financial Other 0.0%***  |
| **Andrew W Mellon Foundation** | **Andrew W Mellon Foundation** | **Andrew W Mellon Foundation** |
| 0.95%, 08/01/27 *(a)* | 100000 | 94677 |

---

*See financial notes*

**18**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **HA Sustainable Infrastructure Capital, Inc.** | **HA Sustainable Infrastructure Capital, Inc.** | **HA Sustainable Infrastructure Capital, Inc.** |
| 6.15%, 01/15/31 *(a)* | 110000 | 112177 |
| 6.38%, 07/01/34 *(a)* | 200000 | 198409 |
| 6.75%, 07/15/35 *(a)* | 70000 | 70792 |
| **J Paul Getty Trust** | **J Paul Getty Trust** | **J Paul Getty Trust** |
| 4.91%, 04/01/35 *(a)* | 100000 | 101854 |
| **ORIX Corp.** | **ORIX Corp.** | **ORIX Corp.** |
| 3.70%, 07/18/27  | 100000 | 99128 |
| 5.00%, 09/13/27  | 95000 | 96509 |
| 4.65%, 09/10/29  | 150000 | 151975 |
| 2.25%, 03/09/31  | 100000 | 89375 |
| 5.20%, 09/13/32  | 200000 | 205772 |
| 5.40%, 02/25/35  | 95000 | 97251 |
|  |  | **1317919** |
| ***Insurance 1.1%***  | ***Insurance 1.1%***  | ***Insurance 1.1%***  |
| **Aegon Ltd.** | **Aegon Ltd.** | **Aegon Ltd.** |
| 5.50%, 04/11/48 *(a)(b)* | 200000 | 201948 |
| **Aetna, Inc.** | **Aetna, Inc.** | **Aetna, Inc.** |
| 6.63%, 06/15/36  | 100000 | 108644 |
| 6.75%, 12/15/37  | 150000 | 163782 |
| 4.50%, 05/15/42 *(a)* | 100000 | 83287 |
| 4.75%, 03/15/44 *(a)* | 50000 | 42225 |
| 3.88%, 08/15/47 *(a)* | 75000 | 54620 |
| **Aflac, Inc.** | **Aflac, Inc.** | **Aflac, Inc.** |
| 3.60%, 04/01/30 *(a)* | 250000 | 244632 |
| 4.00%, 10/15/46 *(a)* | 75000 | 59232 |
| 4.75%, 01/15/49 *(a)* | 100000 | 86631 |
| **Alleghany Corp.** | **Alleghany Corp.** | **Alleghany Corp.** |
| 3.63%, 05/15/30 *(a)* | 100000 | 97628 |
| 3.25%, 08/15/51 *(a)* | 100000 | 67163 |
| **Allstate Corp.** | **Allstate Corp.** | **Allstate Corp.** |
| 3.28%, 12/15/26 *(a)* | 100000 | 98910 |
| 5.05%, 06/24/29 *(a)* | 100000 | 103048 |
| 1.45%, 12/15/30 *(a)* | 75000 | 64585 |
| 5.25%, 03/30/33 *(a)* | 150000 | 154531 |
| 5.35%, 06/01/33  | 100000 | 103750 |
| 5.55%, 05/09/35  | 75000 | 78119 |
| 4.50%, 06/15/43  | 125000 | 108528 |
| 4.20%, 12/15/46 *(a)* | 100000 | 81642 |
| 3.85%, 08/10/49 *(a)* | 100000 | 75223 |
| 6.50%, 05/15/67 *(a)(b)* | 100000 | 103487 |
| **American Financial Group, Inc.** | **American Financial Group, Inc.** | **American Financial Group, Inc.** |
| 5.25%, 04/02/30 *(a)* | 75000 | 78008 |
| 4.50%, 06/15/47 *(a)* | 100000 | 82166 |
| **American International Group, Inc.** | **American International Group, Inc.** | **American International Group, Inc.** |
| 4.85%, 05/07/30 *(a)* | 100000 | 102388 |
| 3.40%, 06/30/30 *(a)* | 150000 | 144322 |
| 5.13%, 03/27/33 *(a)* | 150000 | 153159 |
| 3.88%, 01/15/35 *(a)* | 78000 | 71907 |
| 5.45%, 05/07/35 *(a)* | 100000 | 103228 |
| 4.50%, 07/16/44 *(a)* | 145000 | 126370 |
| 4.75%, 04/01/48 *(a)* | 200000 | 176102 |
| 4.38%, 06/30/50 *(a)* | 200000 | 164498 |
| **American National Group, Inc.** | **American National Group, Inc.** | **American National Group, Inc.** |
| 5.00%, 06/15/27 *(a)* | 90000 | 90708 |
| 5.75%, 10/01/29 *(a)* | 100000 | 103370 |
| 6.00%, 07/15/35 *(a)* | 100000 | 101231 |
| **Aon Corp.** | **Aon Corp.** | **Aon Corp.** |
| 8.21%, 01/01/27  | 100000 | 104770 |
| 4.50%, 12/15/28 *(a)* | 100000 | 101021 |
| 3.75%, 05/02/29 *(a)* | 150000 | 147880 |
| 2.80%, 05/15/30 *(a)* | 200000 | 187668 |
| 6.25%, 09/30/40  | 50000 | 53903 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Aon Corp./Aon Global Holdings PLC** | **Aon Corp./Aon Global Holdings PLC** | **Aon Corp./Aon Global Holdings PLC** |
| 2.85%, 05/28/27 *(a)* | 100000 | 97992 |
| 2.05%, 08/23/31 *(a)* | 100000 | 87522 |
| 2.60%, 12/02/31 *(a)* | 100000 | 89626 |
| 5.00%, 09/12/32 *(a)* | 100000 | 102211 |
| 5.35%, 02/28/33 *(a)* | 100000 | 103541 |
| 2.90%, 08/23/51 *(a)* | 100000 | 61229 |
| 3.90%, 02/28/52 *(a)* | 200000 | 146836 |
| **Aon Global Ltd.** | **Aon Global Ltd.** | **Aon Global Ltd.** |
| 4.60%, 06/14/44 *(a)* | 100000 | 86782 |
| 4.75%, 05/15/45 *(a)* | 100000 | 87670 |
| **Aon North America, Inc.** | **Aon North America, Inc.** | **Aon North America, Inc.** |
| 5.13%, 03/01/27 *(a)* | 150000 | 152124 |
| 5.15%, 03/01/29 *(a)* | 150000 | 154426 |
| 5.45%, 03/01/34 *(a)* | 300000 | 309858 |
| 5.75%, 03/01/54 *(a)* | 300000 | 293001 |
| **Arch Capital Finance LLC** | **Arch Capital Finance LLC** | **Arch Capital Finance LLC** |
| 4.01%, 12/15/26 *(a)* | 100000 | 99816 |
| 5.03%, 12/15/46 *(a)* | 100000 | 90568 |
| **Arch Capital Group Ltd.** | **Arch Capital Group Ltd.** | **Arch Capital Group Ltd.** |
| 3.64%, 06/30/50 *(a)* | 200000 | 144952 |
| **Arch Capital Group U.S., Inc.** | **Arch Capital Group U.S., Inc.** | **Arch Capital Group U.S., Inc.** |
| 5.14%, 11/01/43  | 85000 | 79136 |
| **Arthur J Gallagher & Co.** | **Arthur J Gallagher & Co.** | **Arthur J Gallagher & Co.** |
| 4.60%, 12/15/27 *(a)* | 100000 | 100961 |
| 4.85%, 12/15/29 *(a)* | 150000 | 152967 |
| 2.40%, 11/09/31 *(a)* | 100000 | 88554 |
| 5.00%, 02/15/32 *(a)* | 100000 | 101873 |
| 5.50%, 03/02/33 *(a)* | 75000 | 77645 |
| 6.50%, 02/15/34 *(a)* | 50000 | 54940 |
| 5.45%, 07/15/34 *(a)* | 102000 | 104990 |
| 5.15%, 02/15/35 *(a)* | 300000 | 301074 |
| 3.50%, 05/20/51 *(a)* | 150000 | 103343 |
| 3.05%, 03/09/52 *(a)* | 100000 | 62599 |
| 5.75%, 03/02/53 *(a)* | 100000 | 96637 |
| 6.75%, 02/15/54 *(a)* | 100000 | 109243 |
| 5.75%, 07/15/54 *(a)* | 75000 | 72487 |
| 5.55%, 02/15/55 *(a)* | 300000 | 282528 |
| **Aspen Insurance Holdings Ltd.** | **Aspen Insurance Holdings Ltd.** | **Aspen Insurance Holdings Ltd.** |
| 5.75%, 07/01/30 *(a)* | 60000 | 62309 |
| **Assurant, Inc.** | **Assurant, Inc.** | **Assurant, Inc.** |
| 4.90%, 03/27/28 *(a)* | 100000 | 101469 |
| 3.70%, 02/22/30 *(a)* | 100000 | 96922 |
| 5.55%, 02/15/36 *(a)* | 90000 | 89922 |
| **Assured Guaranty U.S. Holdings, Inc.** | **Assured Guaranty U.S. Holdings, Inc.** | **Assured Guaranty U.S. Holdings, Inc.** |
| 3.15%, 06/15/31 *(a)* | 200000 | 187240 |
| 3.60%, 09/15/51 *(a)* | 50000 | 34233 |
| **Athene Holding Ltd.** | **Athene Holding Ltd.** | **Athene Holding Ltd.** |
| 4.13%, 01/12/28 *(a)* | 100000 | 99803 |
| 6.15%, 04/03/30 *(a)* | 100000 | 106786 |
| 3.50%, 01/15/31 *(a)* | 100000 | 94754 |
| 6.65%, 02/01/33 *(a)* | 100000 | 108302 |
| 5.88%, 01/15/34 *(a)* | 100000 | 103679 |
| 3.95%, 05/25/51 *(a)* | 100000 | 70512 |
| 3.45%, 05/15/52 *(a)* | 125000 | 79020 |
| 6.63%, 10/15/54 *(a)(b)* | 100000 | 100466 |
| 6.63%, 05/19/55 *(a)* | 175000 | 180595 |
| 6.88%, 06/28/55 *(a)(b)* | 100000 | 101215 |
| **AXA SA** | **AXA SA** | **AXA SA** |
| 8.60%, 12/15/30  | 100000 | 118932 |
| **AXIS Specialty Finance LLC** | **AXIS Specialty Finance LLC** | **AXIS Specialty Finance LLC** |
| 3.90%, 07/15/29 *(a)* | 100000 | 98489 |
| 4.90%, 01/15/40 *(a)(b)* | 50000 | 48518 |
| **AXIS Specialty Finance PLC** | **AXIS Specialty Finance PLC** | **AXIS Specialty Finance PLC** |
| 4.00%, 12/06/27 *(a)* | 50000 | 49705 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**19**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Berkshire Hathaway Finance Corp.** | **Berkshire Hathaway Finance Corp.** | **Berkshire Hathaway Finance Corp.** |
| 2.30%, 03/15/27 *(a)* | 150000 | 146619 |
| 1.85%, 03/12/30 *(a)* | 100000 | 91313 |
| 1.45%, 10/15/30 *(a)* | 150000 | 132491 |
| 2.88%, 03/15/32 *(a)* | 200000 | 185764 |
| 5.75%, 01/15/40  | 200000 | 215946 |
| 4.40%, 05/15/42  | 100000 | 91483 |
| 4.30%, 05/15/43  | 150000 | 132108 |
| 4.20%, 08/15/48 *(a)* | 275000 | 228005 |
| 4.25%, 01/15/49 *(a)* | 350000 | 291571 |
| 2.85%, 10/15/50 *(a)* | 300000 | 190467 |
| 2.50%, 01/15/51 *(a)* | 100000 | 59078 |
| 3.85%, 03/15/52 *(a)* | 525000 | 399157 |
| **Berkshire Hathaway, Inc.** | **Berkshire Hathaway, Inc.** | **Berkshire Hathaway, Inc.** |
| 4.50%, 02/11/43  | 175000 | 162419 |
| **Brighthouse Financial, Inc.** | **Brighthouse Financial, Inc.** | **Brighthouse Financial, Inc.** |
| 3.70%, 06/22/27 *(a)* | 150000 | 147999 |
| 5.63%, 05/15/30 *(a)* | 150000 | 153813 |
| 4.70%, 06/22/47 *(a)* | 175000 | 131023 |
| 3.85%, 12/22/51 *(a)* | 75000 | 46556 |
| **Brown & Brown, Inc.** | **Brown & Brown, Inc.** | **Brown & Brown, Inc.** |
| 4.60%, 12/23/26  | 70000 | 70361 |
| 4.70%, 06/23/28 *(a)* | 90000 | 90943 |
| 4.50%, 03/15/29 *(a)* | 75000 | 75289 |
| 4.90%, 06/23/30 *(a)* | 150000 | 152047 |
| 2.38%, 03/15/31 *(a)* | 150000 | 133385 |
| 4.20%, 03/17/32 *(a)* | 100000 | 95594 |
| 5.25%, 06/23/32 *(a)* | 90000 | 92093 |
| 5.65%, 06/11/34 *(a)* | 100000 | 102724 |
| 5.55%, 06/23/35 *(a)* | 180000 | 183627 |
| 4.95%, 03/17/52 *(a)* | 100000 | 85302 |
| 6.25%, 06/23/55 *(a)* | 190000 | 194630 |
| **Centene Corp.** | **Centene Corp.** | **Centene Corp.** |
| 4.25%, 12/15/27 *(a)* | 500000 | 488650 |
| 2.45%, 07/15/28 *(a)* | 400000 | 369968 |
| 4.63%, 12/15/29 *(a)* | 500000 | 481905 |
| 3.38%, 02/15/30 *(a)* | 350000 | 319494 |
| 3.00%, 10/15/30 *(a)* | 400000 | 353756 |
| 2.50%, 03/01/31 *(a)* | 400000 | 341236 |
| 2.63%, 08/01/31 *(a)* | 200000 | 169692 |
| **Chubb Corp.** | **Chubb Corp.** | **Chubb Corp.** |
| 6.00%, 05/11/37  | 150000 | 162393 |
| 6.50%, 05/15/38  | 100000 | 112955 |
| **Chubb INA Holdings LLC** | **Chubb INA Holdings LLC** | **Chubb INA Holdings LLC** |
| 4.65%, 08/15/29 *(a)* | 150000 | 153042 |
| 5.00%, 03/15/34 *(a)* | 375000 | 381236 |
| 4.90%, 08/15/35 *(a)* | 250000 | 248787 |
| 4.35%, 11/03/45 *(a)* | 250000 | 214590 |
| 2.85%, 12/15/51 *(a)* | 150000 | 95153 |
| 3.05%, 12/15/61 *(a)* | 250000 | 151160 |
| **Cincinnati Financial Corp.** | **Cincinnati Financial Corp.** | **Cincinnati Financial Corp.** |
| 6.92%, 05/15/28  | 75000 | 80372 |
| 6.13%, 11/01/34  | 50000 | 53630 |
| **CNA Financial Corp.** | **CNA Financial Corp.** | **CNA Financial Corp.** |
| 3.45%, 08/15/27 *(a)* | 100000 | 98738 |
| 3.90%, 05/01/29 *(a)* | 100000 | 98726 |
| 2.05%, 08/15/30 *(a)* | 100000 | 88978 |
| 5.50%, 06/15/33 *(a)* | 100000 | 103045 |
| 5.13%, 02/15/34 *(a)* | 100000 | 100150 |
| 5.20%, 08/15/35 *(a)* | 75000 | 74225 |
| **CNO Financial Group, Inc.** | **CNO Financial Group, Inc.** | **CNO Financial Group, Inc.** |
| 5.25%, 05/30/29 *(a)* | 75000 | 76519 |
| 6.45%, 06/15/34 *(a)* | 125000 | 131511 |
| **Corebridge Financial, Inc.** | **Corebridge Financial, Inc.** | **Corebridge Financial, Inc.** |
| 3.65%, 04/05/27 *(a)* | 250000 | 247792 |
| 3.85%, 04/05/29 *(a)* | 150000 | 147933 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.90%, 04/05/32 *(a)* | 300000 | 284208 |
| 6.05%, 09/15/33 *(a)* | 100000 | 106048 |
| 5.75%, 01/15/34 *(a)* | 100000 | 104555 |
| 4.35%, 04/05/42 *(a)* | 100000 | 84400 |
| 4.40%, 04/05/52 *(a)* | 250000 | 199820 |
| 6.88%, 12/15/52 *(a)(b)* | 175000 | 180857 |
| 6.38%, 09/15/54 *(a)(b)* | 150000 | 152061 |
| **Elevance Health, Inc.** | **Elevance Health, Inc.** | **Elevance Health, Inc.** |
| 4.50%, 10/30/26  | 50000 | 50208 |
| 3.65%, 12/01/27 *(a)* | 300000 | 297450 |
| 4.10%, 03/01/28 *(a)* | 150000 | 149916 |
| 5.15%, 06/15/29 *(a)* | 100000 | 103055 |
| 2.88%, 09/15/29 *(a)* | 150000 | 142239 |
| 4.75%, 02/15/30 *(a)* | 150000 | 152562 |
| 2.25%, 05/15/30 *(a)* | 200000 | 182452 |
| 2.55%, 03/15/31 *(a)* | 200000 | 181266 |
| 4.95%, 11/01/31 *(a)* | 150000 | 152755 |
| 4.10%, 05/15/32 *(a)* | 100000 | 96367 |
| 5.50%, 10/15/32 *(a)* | 150000 | 156379 |
| 4.75%, 02/15/33 *(a)* | 175000 | 174351 |
| 5.38%, 06/15/34 *(a)* | 175000 | 178944 |
| 5.95%, 12/15/34  | 50000 | 52813 |
| 5.20%, 02/15/35 *(a)* | 200000 | 201578 |
| 5.85%, 01/15/36  | 75000 | 78755 |
| 6.38%, 06/15/37  | 100000 | 108129 |
| 4.63%, 05/15/42  | 200000 | 175006 |
| 4.65%, 01/15/43  | 150000 | 130818 |
| 5.10%, 01/15/44  | 75000 | 68801 |
| 4.65%, 08/15/44 *(a)* | 150000 | 129549 |
| 4.38%, 12/01/47 *(a)* | 250000 | 202387 |
| 4.55%, 03/01/48 *(a)* | 150000 | 123917 |
| 3.70%, 09/15/49 *(a)* | 150000 | 106931 |
| 3.13%, 05/15/50 *(a)* | 200000 | 128004 |
| 3.60%, 03/15/51 *(a)* | 200000 | 138774 |
| 4.55%, 05/15/52 *(a)* | 125000 | 101018 |
| 6.10%, 10/15/52 *(a)* | 150000 | 151252 |
| 5.13%, 02/15/53 *(a)* | 200000 | 176716 |
| 5.65%, 06/15/54 *(a)* | 175000 | 166113 |
| 5.70%, 02/15/55 *(a)* | 250000 | 238462 |
| 5.85%, 11/01/64 *(a)* | 150000 | 143940 |
| **Enact Holdings, Inc.** | **Enact Holdings, Inc.** | **Enact Holdings, Inc.** |
| 6.25%, 05/28/29 *(a)* | 150000 | 156654 |
| **Enstar Finance LLC** | **Enstar Finance LLC** | **Enstar Finance LLC** |
| 5.50%, 01/15/42 *(a)(b)* | 75000 | 74351 |
| **Enstar Group Ltd.** | **Enstar Group Ltd.** | **Enstar Group Ltd.** |
| 4.95%, 06/01/29 *(a)* | 100000 | 100894 |
| 3.10%, 09/01/31 *(a)* | 100000 | 89398 |
| **Equitable Holdings, Inc.** | **Equitable Holdings, Inc.** | **Equitable Holdings, Inc.** |
| 4.35%, 04/20/28 *(a)* | 275000 | 275863 |
| 5.59%, 01/11/33 *(a)* | 75000 | 78090 |
| 5.00%, 04/20/48 *(a)* | 250000 | 223480 |
| 6.70%, 03/28/55 *(a)(b)* | 75000 | 76919 |
| **Essent Group Ltd.** | **Essent Group Ltd.** | **Essent Group Ltd.** |
| 6.25%, 07/01/29 *(a)* | 100000 | 104923 |
| **Everest Reinsurance Holdings, Inc.** | **Everest Reinsurance Holdings, Inc.** | **Everest Reinsurance Holdings, Inc.** |
| 4.87%, 06/01/44  | 100000 | 88477 |
| 3.50%, 10/15/50 *(a)* | 200000 | 136284 |
| 3.13%, 10/15/52 *(a)* | 150000 | 92960 |
| **F&G Annuities & Life, Inc.** | **F&G Annuities & Life, Inc.** | **F&G Annuities & Life, Inc.** |
| 7.40%, 01/13/28 *(a)* | 100000 | 105241 |
| 6.50%, 06/04/29 *(a)* | 100000 | 104235 |
| 6.25%, 10/04/34 *(a)* | 75000 | 75440 |
| **Fairfax Financial Holdings Ltd.** | **Fairfax Financial Holdings Ltd.** | **Fairfax Financial Holdings Ltd.** |
| 4.85%, 04/17/28 *(a)* | 100000 | 101392 |
| 4.63%, 04/29/30 *(a)* | 125000 | 125456 |
| 3.38%, 03/03/31 *(a)* | 100000 | 94090 |

---

*See financial notes*

**20**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.63%, 08/16/32 *(a)* | 125000 | 129041 |
| 6.00%, 12/07/33 *(a)* | 100000 | 105363 |
| 5.75%, 05/20/35 *(a)(d)* | 100000 | 102267 |
| 6.35%, 03/22/54 *(a)* | 100000 | 101817 |
| 6.10%, 03/15/55 *(a)* | 100000 | 99116 |
| 6.50%, 05/20/55 *(a)(d)* | 100000 | 103134 |
| **Fidelity National Financial, Inc.** | **Fidelity National Financial, Inc.** | **Fidelity National Financial, Inc.** |
| 3.40%, 06/15/30 *(a)* | 200000 | 189850 |
| 2.45%, 03/15/31 *(a)* | 150000 | 132332 |
| 3.20%, 09/17/51 *(a)* | 75000 | 46543 |
| **First American Financial Corp.** | **First American Financial Corp.** | **First American Financial Corp.** |
| 4.00%, 05/15/30 *(a)* | 100000 | 95816 |
| 2.40%, 08/15/31 *(a)* | 100000 | 86692 |
| 5.45%, 09/30/34 *(a)* | 75000 | 74720 |
| **Globe Life, Inc.** | **Globe Life, Inc.** | **Globe Life, Inc.** |
| 4.55%, 09/15/28 *(a)* | 100000 | 100882 |
| 2.15%, 08/15/30 *(a)* | 150000 | 134270 |
| 5.85%, 09/15/34 *(a)* | 75000 | 78178 |
| **Hanover Insurance Group, Inc.** | **Hanover Insurance Group, Inc.** | **Hanover Insurance Group, Inc.** |
| 2.50%, 09/01/30 *(a)* | 100000 | 90309 |
| 5.50%, 09/01/35 *(a)* | 150000 | 150193 |
| **Hartford Insurance Group, Inc.** | **Hartford Insurance Group, Inc.** | **Hartford Insurance Group, Inc.** |
| 2.80%, 08/19/29 *(a)* | 150000 | 142317 |
| 6.10%, 10/01/41  | 80000 | 83348 |
| 4.30%, 04/15/43  | 75000 | 63623 |
| 4.40%, 03/15/48 *(a)* | 100000 | 84181 |
| 3.60%, 08/19/49 *(a)* | 150000 | 109355 |
| 2.90%, 09/15/51 *(a)* | 100000 | 62686 |
| **Horace Mann Educators Corp.** | **Horace Mann Educators Corp.** | **Horace Mann Educators Corp.** |
| 7.25%, 09/15/28 *(a)* | 100000 | 107612 |
| **Humana, Inc.** | **Humana, Inc.** | **Humana, Inc.** |
| 1.35%, 02/03/27 *(a)* | 150000 | 144096 |
| 3.95%, 03/15/27 *(a)* | 100000 | 99719 |
| 5.75%, 03/01/28 *(a)* | 100000 | 103492 |
| 5.75%, 12/01/28 *(a)* | 100000 | 104325 |
| 3.70%, 03/23/29 *(a)* | 100000 | 97987 |
| 3.13%, 08/15/29 *(a)* | 150000 | 142877 |
| 4.88%, 04/01/30 *(a)* | 100000 | 101363 |
| 5.38%, 04/15/31 *(a)* | 200000 | 206188 |
| 2.15%, 02/03/32 *(a)* | 150000 | 127274 |
| 5.88%, 03/01/33 *(a)* | 150000 | 156742 |
| 5.95%, 03/15/34 *(a)* | 200000 | 209426 |
| 5.55%, 05/01/35 *(a)* | 125000 | 126309 |
| 4.63%, 12/01/42 *(a)* | 75000 | 63860 |
| 4.95%, 10/01/44 *(a)* | 100000 | 87220 |
| 4.80%, 03/15/47 *(a)* | 100000 | 83362 |
| 3.95%, 08/15/49 *(a)* | 75000 | 54080 |
| 5.50%, 03/15/53 *(a)* | 150000 | 134786 |
| 5.75%, 04/15/54 *(a)* | 200000 | 186014 |
| **Jackson Financial, Inc.** | **Jackson Financial, Inc.** | **Jackson Financial, Inc.** |
| 3.13%, 11/23/31 *(a)* | 100000 | 90375 |
| 5.67%, 06/08/32 *(a)* | 100000 | 103652 |
| 4.00%, 11/23/51 *(a)* | 100000 | 69377 |
| **Kemper Corp.** | **Kemper Corp.** | **Kemper Corp.** |
| 2.40%, 09/30/30 *(a)* | 150000 | 132965 |
| **Lincoln National Corp.** | **Lincoln National Corp.** | **Lincoln National Corp.** |
| 3.63%, 12/12/26 *(a)* | 50000 | 49614 |
| 3.80%, 03/01/28 *(a)* | 100000 | 98846 |
| 3.05%, 01/15/30 *(a)* | 100000 | 95120 |
| 3.40%, 01/15/31 *(a)* | 100000 | 94080 |
| 3.40%, 03/01/32 *(a)* | 75000 | 68684 |
| 6.30%, 10/09/37  | 100000 | 106234 |
| 7.00%, 06/15/40  | 100000 | 112535 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Loews Corp.** | **Loews Corp.** | **Loews Corp.** |
| 6.00%, 02/01/35  | 100000 | 108096 |
| 4.13%, 05/15/43 *(a)* | 100000 | 83022 |
| **Manulife Financial Corp.** | **Manulife Financial Corp.** | **Manulife Financial Corp.** |
| 2.48%, 05/19/27 *(a)* | 100000 | 97310 |
| 4.06%, 02/24/32 *(a)(b)* | 150000 | 148567 |
| 3.70%, 03/16/32 *(a)* | 150000 | 143343 |
| 5.38%, 03/04/46  | 100000 | 98206 |
| **Markel Group, Inc.** | **Markel Group, Inc.** | **Markel Group, Inc.** |
| 3.50%, 11/01/27 *(a)* | 50000 | 49252 |
| 3.35%, 09/17/29 *(a)* | 50000 | 48395 |
| 5.00%, 04/05/46  | 100000 | 88822 |
| 4.30%, 11/01/47 *(a)* | 75000 | 59836 |
| 5.00%, 05/20/49 *(a)* | 100000 | 87273 |
| 4.15%, 09/17/50 *(a)* | 100000 | 76205 |
| 3.45%, 05/07/52 *(a)* | 75000 | 49858 |
| 6.00%, 05/16/54 *(a)* | 100000 | 99404 |
| **Marsh & McLennan Cos., Inc.** | **Marsh & McLennan Cos., Inc.** | **Marsh & McLennan Cos., Inc.** |
| 4.55%, 11/08/27 *(a)* | 200000 | 202326 |
| 4.38%, 03/15/29 *(a)* | 250000 | 252465 |
| 4.65%, 03/15/30 *(a)* | 150000 | 152716 |
| 2.25%, 11/15/30 *(a)* | 140000 | 126832 |
| 4.85%, 11/15/31 *(a)* | 150000 | 153598 |
| 2.38%, 12/15/31 *(a)* | 75000 | 66482 |
| 5.75%, 11/01/32 *(a)* | 100000 | 106856 |
| 5.88%, 08/01/33  | 100000 | 107195 |
| 5.40%, 09/15/33 *(a)* | 100000 | 104218 |
| 5.15%, 03/15/34 *(a)* | 100000 | 102655 |
| 5.00%, 03/15/35 *(a)* | 350000 | 351368 |
| 4.75%, 03/15/39 *(a)* | 50000 | 47616 |
| 5.35%, 11/15/44 *(a)* | 100000 | 96495 |
| 4.35%, 01/30/47 *(a)* | 100000 | 83798 |
| 4.20%, 03/01/48 *(a)* | 125000 | 101978 |
| 4.90%, 03/15/49 *(a)* | 200000 | 178490 |
| 2.90%, 12/15/51 *(a)* | 75000 | 46426 |
| 6.25%, 11/01/52 *(a)* | 100000 | 106419 |
| 5.45%, 03/15/53 *(a)* | 100000 | 95771 |
| 5.70%, 09/15/53 *(a)* | 175000 | 173439 |
| 5.45%, 03/15/54 *(a)* | 75000 | 71721 |
| 5.40%, 03/15/55 *(a)* | 250000 | 237335 |
| **Mercury General Corp.** | **Mercury General Corp.** | **Mercury General Corp.** |
| 4.40%, 03/15/27 *(a)* | 100000 | 99422 |
| **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** |
| 4.55%, 03/23/30 *(a)* | 200000 | 203664 |
| 6.50%, 12/15/32  | 100000 | 112304 |
| 5.38%, 07/15/33 *(a)* | 150000 | 156924 |
| 6.38%, 06/15/34  | 100000 | 110944 |
| 5.30%, 12/15/34 *(a)* | 200000 | 206038 |
| 5.70%, 06/15/35  | 150000 | 158944 |
| 5.88%, 02/06/41  | 150000 | 155844 |
| 4.13%, 08/13/42  | 100000 | 83964 |
| 4.88%, 11/13/43  | 250000 | 229152 |
| 4.72%, 12/15/44 *(f)* | 100000 | 89221 |
| 4.05%, 03/01/45  | 175000 | 142802 |
| 4.60%, 05/13/46 *(a)* | 100000 | 88402 |
| 5.00%, 07/15/52 *(a)* | 200000 | 180298 |
| 5.25%, 01/15/54 *(a)* | 150000 | 140715 |
| 6.35%, 03/15/55 *(a)(b)* | 175000 | 182651 |
| 6.40%, 12/15/66 *(a)* | 230000 | 241111 |
| 10.75%, 08/01/69 *(a)(b)* | 75000 | 100581 |
| **MGIC Investment Corp.** | **MGIC Investment Corp.** | **MGIC Investment Corp.** |
| 5.25%, 08/15/28 *(a)* | 100000 | 100072 |
| **Nationwide Financial Services, Inc.** | **Nationwide Financial Services, Inc.** | **Nationwide Financial Services, Inc.** |
| 6.75%, 05/15/87 *(b)* | 40000 | 40073 |
| **NMI Holdings, Inc.** | **NMI Holdings, Inc.** | **NMI Holdings, Inc.** |
| 6.00%, 08/15/29 *(a)* | 100000 | 103048 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**21**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Old Republic International Corp.** | **Old Republic International Corp.** | **Old Republic International Corp.** |
| 5.75%, 03/28/34 *(a)* | 100000 | 103024 |
| 3.85%, 06/11/51 *(a)* | 125000 | 87821 |
| **PartnerRe Finance B LLC** | **PartnerRe Finance B LLC** | **PartnerRe Finance B LLC** |
| 3.70%, 07/02/29 *(a)* | 100000 | 97883 |
| 4.50%, 10/01/50 *(a)(b)* | 75000 | 70680 |
| **Primerica, Inc.** | **Primerica, Inc.** | **Primerica, Inc.** |
| 2.80%, 11/19/31 *(a)* | 150000 | 135443 |
| **Principal Financial Group, Inc.** | **Principal Financial Group, Inc.** | **Principal Financial Group, Inc.** |
| 3.10%, 11/15/26 *(a)* | 100000 | 98735 |
| 3.70%, 05/15/29 *(a)* | 150000 | 147193 |
| 2.13%, 06/15/30 *(a)* | 150000 | 135852 |
| 6.05%, 10/15/36  | 100000 | 107317 |
| 4.30%, 11/15/46 *(a)* | 62000 | 51467 |
| 5.50%, 03/15/53 *(a)* | 75000 | 72236 |
| **Progressive Corp.** | **Progressive Corp.** | **Progressive Corp.** |
| 2.45%, 01/15/27  | 100000 | 98008 |
| 4.00%, 03/01/29 *(a)* | 150000 | 150055 |
| 3.20%, 03/26/30 *(a)* | 100000 | 96325 |
| 3.00%, 03/15/32 *(a)* | 75000 | 68946 |
| 6.25%, 12/01/32  | 150000 | 166120 |
| 4.95%, 06/15/33 *(a)* | 100000 | 101965 |
| 3.70%, 01/26/45  | 100000 | 78056 |
| 4.13%, 04/15/47 *(a)* | 175000 | 143425 |
| 4.20%, 03/15/48 *(a)* | 100000 | 82630 |
| 3.95%, 03/26/50 *(a)* | 100000 | 77935 |
| 3.70%, 03/15/52 *(a)* | 100000 | 74217 |
| **Prudential Financial, Inc.** | **Prudential Financial, Inc.** | **Prudential Financial, Inc.** |
| 3.88%, 03/27/28 *(a)* | 97000 | 97049 |
| 2.10%, 03/10/30 *(a)* | 200000 | 184340 |
| 5.70%, 12/14/36  | 150000 | 158454 |
| 6.63%, 12/01/37  | 150000 | 168951 |
| 3.00%, 03/10/40 *(a)* | 250000 | 192132 |
| 4.60%, 05/15/44  | 150000 | 132587 |
| 4.50%, 09/15/47 *(a)(b)* | 100000 | 98723 |
| 3.91%, 12/07/47 *(a)* | 200000 | 156124 |
| 4.42%, 03/27/48 *(a)* | 75000 | 62478 |
| 5.70%, 09/15/48 *(a)(b)* | 150000 | 152647 |
| 3.94%, 12/07/49 *(a)* | 100000 | 76209 |
| 4.35%, 02/25/50 *(a)* | 150000 | 123246 |
| 3.70%, 10/01/50 *(a)(b)* | 200000 | 185228 |
| 3.70%, 03/13/51 *(a)* | 300000 | 219045 |
| 5.13%, 03/01/52 *(a)(b)* | 200000 | 196620 |
| 6.00%, 09/01/52 *(a)(b)* | 200000 | 207022 |
| 6.75%, 03/01/53 *(a)(b)* | 100000 | 106011 |
| 6.50%, 03/15/54 *(a)(b)* | 200000 | 210478 |
| **Prudential Funding Asia PLC** | **Prudential Funding Asia PLC** | **Prudential Funding Asia PLC** |
| 3.13%, 04/14/30  | 200000 | 191154 |
| **Radian Group, Inc.** | **Radian Group, Inc.** | **Radian Group, Inc.** |
| 4.88%, 03/15/27 *(a)* | 100000 | 100251 |
| 6.20%, 05/15/29 *(a)* | 100000 | 104842 |
| **Reinsurance Group of America, Inc.** | **Reinsurance Group of America, Inc.** | **Reinsurance Group of America, Inc.** |
| 3.95%, 09/15/26 *(a)* | 75000 | 74753 |
| 3.90%, 05/15/29 *(a)* | 100000 | 98732 |
| 3.15%, 06/15/30 *(a)* | 200000 | 189184 |
| 6.00%, 09/15/33 *(a)* | 100000 | 105841 |
| 5.75%, 09/15/34 *(a)* | 100000 | 103352 |
| **RenaissanceRe Holdings Ltd.** | **RenaissanceRe Holdings Ltd.** | **RenaissanceRe Holdings Ltd.** |
| 3.60%, 04/15/29 *(a)* | 150000 | 146179 |
| 5.75%, 06/05/33 *(a)* | 150000 | 155946 |
| 5.80%, 04/01/35 *(a)* | 75000 | 77746 |
| **Selective Insurance Group, Inc.** | **Selective Insurance Group, Inc.** | **Selective Insurance Group, Inc.** |
| 5.38%, 03/01/49 *(a)* | 75000 | 66777 |
| **SiriusPoint Ltd.** | **SiriusPoint Ltd.** | **SiriusPoint Ltd.** |
| 7.00%, 04/05/29 *(a)* | 100000 | 105933 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Stewart Information Services Corp.** | **Stewart Information Services Corp.** | **Stewart Information Services Corp.** |
| 3.60%, 11/15/31 *(a)* | 100000 | 90196 |
| **Transatlantic Holdings, Inc.** | **Transatlantic Holdings, Inc.** | **Transatlantic Holdings, Inc.** |
| 8.00%, 11/30/39  | 100000 | 125443 |
| **Travelers Cos., Inc.** | **Travelers Cos., Inc.** | **Travelers Cos., Inc.** |
| 5.05%, 07/24/35 *(a)* | 90000 | 90631 |
| 6.75%, 06/20/36  | 150000 | 172309 |
| 6.25%, 06/15/37  | 150000 | 165607 |
| 5.35%, 11/01/40  | 100000 | 100854 |
| 4.60%, 08/01/43  | 100000 | 88733 |
| 4.30%, 08/25/45 *(a)* | 75000 | 63377 |
| 4.00%, 05/30/47 *(a)* | 200000 | 160170 |
| 4.05%, 03/07/48 *(a)* | 100000 | 80506 |
| 4.10%, 03/04/49 *(a)* | 100000 | 79944 |
| 3.05%, 06/08/51 *(a)* | 200000 | 130174 |
| 5.45%, 05/25/53 *(a)* | 150000 | 145764 |
| 5.70%, 07/24/55 *(a)* | 130000 | 130424 |
| **UnitedHealth Group, Inc.** | **UnitedHealth Group, Inc.** | **UnitedHealth Group, Inc.** |
| 3.45%, 01/15/27  | 150000 | 148767 |
| 3.38%, 04/15/27  | 150000 | 148405 |
| 4.60%, 04/15/27 *(a)* | 100000 | 100822 |
| 3.70%, 05/15/27 *(a)* | 100000 | 99468 |
| 2.95%, 10/15/27  | 150000 | 146713 |
| 5.25%, 02/15/28 *(a)* | 200000 | 205676 |
| 3.85%, 06/15/28  | 150000 | 149358 |
| 4.40%, 06/15/28 *(a)* | 90000 | 90851 |
| 3.88%, 12/15/28  | 150000 | 148857 |
| 4.25%, 01/15/29 *(a)* | 200000 | 200714 |
| 4.70%, 04/15/29 *(a)* | 100000 | 101874 |
| 4.00%, 05/15/29 *(a)* | 150000 | 149304 |
| 2.88%, 08/15/29  | 200000 | 190556 |
| 4.80%, 01/15/30 *(a)* | 250000 | 255500 |
| 5.30%, 02/15/30 *(a)* | 150000 | 156097 |
| 2.00%, 05/15/30  | 200000 | 180876 |
| 4.65%, 01/15/31 *(a)* | 140000 | 141933 |
| 4.90%, 04/15/31 *(a)* | 200000 | 204758 |
| 2.30%, 05/15/31 *(a)* | 300000 | 268158 |
| 4.95%, 01/15/32 *(a)* | 150000 | 153129 |
| 4.20%, 05/15/32 *(a)* | 250000 | 243920 |
| 5.35%, 02/15/33 *(a)* | 350000 | 362155 |
| 4.50%, 04/15/33 *(a)* | 250000 | 245030 |
| 5.00%, 04/15/34 *(a)* | 200000 | 200944 |
| 5.15%, 07/15/34 *(a)* | 375000 | 381004 |
| 5.30%, 06/15/35 *(a)* | 180000 | 184052 |
| 4.63%, 07/15/35  | 200000 | 194316 |
| 5.80%, 03/15/36  | 143000 | 150623 |
| 6.50%, 06/15/37  | 100000 | 109751 |
| 6.63%, 11/15/37  | 150000 | 166266 |
| 6.88%, 02/15/38  | 200000 | 227260 |
| 3.50%, 08/15/39 *(a)* | 250000 | 203060 |
| 2.75%, 05/15/40 *(a)* | 150000 | 109052 |
| 5.70%, 10/15/40 *(a)* | 75000 | 76466 |
| 5.95%, 02/15/41 *(a)* | 100000 | 103434 |
| 3.05%, 05/15/41 *(a)* | 300000 | 221289 |
| 4.63%, 11/15/41 *(a)* | 100000 | 89066 |
| 4.38%, 03/15/42 *(a)* | 100000 | 86273 |
| 3.95%, 10/15/42 *(a)* | 100000 | 81486 |
| 4.25%, 03/15/43 *(a)* | 100000 | 83942 |
| 5.50%, 07/15/44 *(a)* | 250000 | 243227 |
| 4.75%, 07/15/45  | 350000 | 308532 |
| 4.20%, 01/15/47 *(a)* | 150000 | 120473 |
| 4.25%, 04/15/47 *(a)* | 100000 | 80923 |
| 3.75%, 10/15/47 *(a)* | 200000 | 148838 |
| 4.25%, 06/15/48 *(a)* | 250000 | 199970 |
| 4.45%, 12/15/48 *(a)* | 175000 | 143939 |
| 3.70%, 08/15/49 *(a)* | 225000 | 162166 |
| 2.90%, 05/15/50 *(a)* | 250000 | 153982 |

---

*See financial notes*

**22**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.25%, 05/15/51 *(a)* | 350000 | 228900 |
| 4.75%, 05/15/52 *(a)* | 375000 | 315825 |
| 5.88%, 02/15/53 *(a)* | 350000 | 346230 |
| 5.05%, 04/15/53 *(a)* | 375000 | 329467 |
| 5.38%, 04/15/54 *(a)* | 300000 | 276846 |
| 5.63%, 07/15/54 *(a)* | 500000 | 476425 |
| 5.95%, 06/15/55 *(a)* | 140000 | 140129 |
| 3.88%, 08/15/59 *(a)* | 150000 | 104841 |
| 3.13%, 05/15/60 *(a)* | 225000 | 133187 |
| 4.95%, 05/15/62 *(a)* | 100000 | 84559 |
| 6.05%, 02/15/63 *(a)* | 275000 | 275943 |
| 5.20%, 04/15/63 *(a)* | 325000 | 285711 |
| 5.50%, 04/15/64 *(a)* | 200000 | 183988 |
| 5.75%, 07/15/64 *(a)* | 325000 | 310570 |
| **Unum Group** | **Unum Group** | **Unum Group** |
| 4.00%, 06/15/29 *(a)* | 100000 | 98551 |
| 5.75%, 08/15/42  | 100000 | 97679 |
| 4.50%, 12/15/49 *(a)* | 75000 | 59190 |
| 4.13%, 06/15/51 *(a)* | 100000 | 73668 |
| 6.00%, 06/15/54 *(a)* | 75000 | 73190 |
| **Voya Financial, Inc.** | **Voya Financial, Inc.** | **Voya Financial, Inc.** |
| 5.00%, 09/20/34 *(a)* | 75000 | 73791 |
| 5.70%, 07/15/43  | 50000 | 49232 |
| 4.80%, 06/15/46  | 50000 | 43551 |
| 4.70%, 01/23/48 *(a)(b)* | 100000 | 97123 |
| **W.R. Berkley Corp.** | **W.R. Berkley Corp.** | **W.R. Berkley Corp.** |
| 4.00%, 05/12/50 *(a)* | 50000 | 37780 |
| 3.55%, 03/30/52 *(a)* | 100000 | 68775 |
| 3.15%, 09/30/61 *(a)* | 100000 | 60920 |
| **Willis North America, Inc.** | **Willis North America, Inc.** | **Willis North America, Inc.** |
| 4.65%, 06/15/27 *(a)* | 150000 | 151045 |
| 4.50%, 09/15/28 *(a)* | 150000 | 151345 |
| 2.95%, 09/15/29 *(a)* | 100000 | 94743 |
| 5.35%, 05/15/33 *(a)* | 150000 | 154461 |
| 5.05%, 09/15/48 *(a)* | 75000 | 66702 |
| 3.88%, 09/15/49 *(a)* | 150000 | 110090 |
| 5.90%, 03/05/54 *(a)* | 100000 | 98604 |
| **XL Group Ltd.** | **XL Group Ltd.** | **XL Group Ltd.** |
| 5.25%, 12/15/43  | 55000 | 52951 |
|  |  | **61889737** |
| ***REITs 0.7%***  | ***REITs 0.7%***  | ***REITs 0.7%***  |
| **Agree LP** | **Agree LP** | **Agree LP** |
| 2.90%, 10/01/30 *(a)* | 100000 | 93429 |
| 4.80%, 10/01/32 *(a)* | 100000 | 99816 |
| 5.63%, 06/15/34 *(a)* | 100000 | 103208 |
| 5.60%, 06/15/35 *(a)* | 100000 | 103078 |
| **Alexandria Real Estate Equities, Inc.** | **Alexandria Real Estate Equities, Inc.** | **Alexandria Real Estate Equities, Inc.** |
| 3.95%, 01/15/28 *(a)* | 100000 | 99388 |
| 4.50%, 07/30/29 *(a)* | 50000 | 50227 |
| 2.75%, 12/15/29 *(a)* | 100000 | 93786 |
| 4.70%, 07/01/30 *(a)* | 100000 | 100784 |
| 4.90%, 12/15/30 *(a)* | 150000 | 152428 |
| 3.38%, 08/15/31 *(a)* | 150000 | 140142 |
| 2.00%, 05/18/32 *(a)* | 175000 | 146750 |
| 1.88%, 02/01/33 *(a)* | 150000 | 121769 |
| 2.95%, 03/15/34 *(a)* | 150000 | 128162 |
| 4.75%, 04/15/35 *(a)* | 100000 | 96565 |
| 5.50%, 10/01/35 *(a)* | 100000 | 101546 |
| 5.25%, 05/15/36 *(a)* | 75000 | 74395 |
| 4.85%, 04/15/49 *(a)* | 50000 | 42195 |
| 4.00%, 02/01/50 *(a)* | 150000 | 111725 |
| 3.00%, 05/18/51 *(a)* | 150000 | 91419 |
| 3.55%, 03/15/52 *(a)* | 175000 | 118531 |
| 5.15%, 04/15/53 *(a)* | 100000 | 87440 |
| 5.63%, 05/15/54 *(a)* | 100000 | 93774 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **American Assets Trust LP** | **American Assets Trust LP** | **American Assets Trust LP** |
| 3.38%, 02/01/31 *(a)* | 75000 | 67744 |
| 6.15%, 10/01/34 *(a)* | 100000 | 100617 |
| **American Homes 4 Rent LP** | **American Homes 4 Rent LP** | **American Homes 4 Rent LP** |
| 4.25%, 02/15/28 *(a)* | 100000 | 99887 |
| 4.90%, 02/15/29 *(a)* | 100000 | 101868 |
| 4.95%, 06/15/30 *(a)* | 100000 | 101905 |
| 2.38%, 07/15/31 *(a)* | 100000 | 88410 |
| 3.63%, 04/15/32 *(a)* | 150000 | 139590 |
| 5.50%, 02/01/34 *(a)* | 100000 | 102590 |
| 5.25%, 03/15/35 *(a)* | 75000 | 75111 |
| 3.38%, 07/15/51 *(a)* | 75000 | 49160 |
| 4.30%, 04/15/52 *(a)* | 50000 | 38549 |
| **Americold Realty Operating Partnership LP** | **Americold Realty Operating Partnership LP** | **Americold Realty Operating Partnership LP** |
| 5.41%, 09/12/34 *(a)* | 100000 | 98244 |
| **AvalonBay Communities, Inc.** | **AvalonBay Communities, Inc.** | **AvalonBay Communities, Inc.** |
| 2.90%, 10/15/26 *(a)* | 100000 | 98775 |
| 3.20%, 01/15/28 *(a)* | 75000 | 73670 |
| 2.30%, 03/01/30 *(a)* | 100000 | 92081 |
| 2.45%, 01/15/31 *(a)* | 150000 | 136426 |
| 2.05%, 01/15/32 *(a)* | 150000 | 130447 |
| 5.00%, 02/15/33 *(a)* | 100000 | 101894 |
| 5.30%, 12/07/33 *(a)* | 100000 | 103366 |
| 5.35%, 06/01/34 *(a)* | 100000 | 103267 |
| 5.00%, 08/01/35 *(a)* | 70000 | 69814 |
| 3.90%, 10/15/46 *(a)* | 100000 | 78160 |
| **Boston Properties LP** | **Boston Properties LP** | **Boston Properties LP** |
| 2.75%, 10/01/26 *(a)* | 200000 | 196554 |
| 6.75%, 12/01/27 *(a)* | 150000 | 157851 |
| 4.50%, 12/01/28 *(a)* | 150000 | 150096 |
| 3.40%, 06/21/29 *(a)* | 200000 | 191800 |
| 2.90%, 03/15/30 *(a)* | 100000 | 92839 |
| 3.25%, 01/30/31 *(a)* | 200000 | 185946 |
| 2.55%, 04/01/32 *(a)* | 150000 | 128685 |
| 2.45%, 10/01/33 *(a)* | 150000 | 121934 |
| 6.50%, 01/15/34 *(a)* | 150000 | 161212 |
| 5.75%, 01/15/35 *(a)* | 150000 | 152203 |
| **Brixmor Operating Partnership LP** | **Brixmor Operating Partnership LP** | **Brixmor Operating Partnership LP** |
| 3.90%, 03/15/27 *(a)* | 100000 | 99457 |
| 4.13%, 05/15/29 *(a)* | 150000 | 148678 |
| 4.05%, 07/01/30 *(a)* | 150000 | 147063 |
| 2.50%, 08/16/31 *(a)* | 100000 | 88723 |
| 5.20%, 04/01/32 *(a)* | 75000 | 76552 |
| 5.50%, 02/15/34 *(a)* | 100000 | 101997 |
| 5.75%, 02/15/35 *(a)* | 50000 | 51912 |
| **Broadstone Net Lease LLC** | **Broadstone Net Lease LLC** | **Broadstone Net Lease LLC** |
| 2.60%, 09/15/31 *(a)* | 75000 | 64854 |
| **Camden Property Trust** | **Camden Property Trust** | **Camden Property Trust** |
| 5.85%, 11/03/26 *(a)* | 75000 | 76366 |
| 4.10%, 10/15/28 *(a)* | 100000 | 100155 |
| 3.15%, 07/01/29 *(a)* | 100000 | 96135 |
| 2.80%, 05/15/30 *(a)* | 100000 | 93858 |
| 4.90%, 01/15/34 *(a)* | 100000 | 100402 |
| 3.35%, 11/01/49 *(a)* | 50000 | 34797 |
| **COPT Defense Properties LP** | **COPT Defense Properties LP** | **COPT Defense Properties LP** |
| 2.00%, 01/15/29 *(a)* | 150000 | 138637 |
| 2.75%, 04/15/31 *(a)* | 100000 | 90185 |
| **Cousins Properties LP** | **Cousins Properties LP** | **Cousins Properties LP** |
| 5.38%, 02/15/32 *(a)* | 75000 | 76553 |
| 5.88%, 10/01/34 *(a)* | 100000 | 103497 |
| **CubeSmart LP** | **CubeSmart LP** | **CubeSmart LP** |
| 3.13%, 09/01/26 *(a)* | 150000 | 148009 |
| 4.38%, 02/15/29 *(a)* | 100000 | 99986 |
| 2.00%, 02/15/31 *(a)* | 100000 | 87193 |
| 2.50%, 02/15/32 *(a)* | 150000 | 130708 |
| 5.13%, 11/01/35 *(a)* | 100000 | 98394 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**23**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Digital Realty Trust LP** | **Digital Realty Trust LP** | **Digital Realty Trust LP** |
| 3.70%, 08/15/27 *(a)* | 150000 | 148852 |
| 5.55%, 01/15/28 *(a)* | 150000 | 154554 |
| 4.45%, 07/15/28 *(a)* | 150000 | 151150 |
| 3.60%, 07/01/29 *(a)* | 150000 | 146430 |
| **DOC Dr. LLC** | **DOC Dr. LLC** | **DOC Dr. LLC** |
| 4.30%, 03/15/27 *(a)* | 100000 | 100057 |
| 2.63%, 11/01/31 *(a)* | 100000 | 89199 |
| **EPR Properties** | **EPR Properties** | **EPR Properties** |
| 4.75%, 12/15/26 *(a)* | 100000 | 100149 |
| 4.50%, 06/01/27 *(a)* | 150000 | 149643 |
| 3.75%, 08/15/29 *(a)* | 100000 | 96056 |
| 3.60%, 11/15/31 *(a)* | 100000 | 91808 |
| **ERP Operating LP** | **ERP Operating LP** | **ERP Operating LP** |
| 2.85%, 11/01/26 *(a)* | 100000 | 98624 |
| 3.25%, 08/01/27 *(a)* | 100000 | 98619 |
| 3.50%, 03/01/28 *(a)* | 100000 | 98733 |
| 4.15%, 12/01/28 *(a)* | 100000 | 100272 |
| 3.00%, 07/01/29 *(a)* | 100000 | 95987 |
| 2.50%, 02/15/30 *(a)* | 100000 | 93277 |
| 4.95%, 06/15/32 *(a)* | 100000 | 102160 |
| 4.65%, 09/15/34 *(a)* | 100000 | 97839 |
| 4.50%, 07/01/44 *(a)* | 150000 | 130403 |
| 4.50%, 06/01/45 *(a)* | 50000 | 43188 |
| 4.00%, 08/01/47 *(a)* | 100000 | 78349 |
| **Essential Properties LP** | **Essential Properties LP** | **Essential Properties LP** |
| 2.95%, 07/15/31 *(a)* | 100000 | 90045 |
| 5.40%, 12/01/35 *(a)* | 75000 | 74109 |
| **Essex Portfolio LP** | **Essex Portfolio LP** | **Essex Portfolio LP** |
| 1.70%, 03/01/28 *(a)* | 75000 | 70618 |
| 4.00%, 03/01/29 *(a)* | 150000 | 148624 |
| 3.00%, 01/15/30 *(a)* | 100000 | 94563 |
| 1.65%, 01/15/31 *(a)* | 150000 | 128835 |
| 2.65%, 03/15/32 *(a)* | 150000 | 132582 |
| 5.50%, 04/01/34 *(a)* | 100000 | 103141 |
| 2.65%, 09/01/50 *(a)* | 100000 | 58598 |
| **Extra Space Storage LP** | **Extra Space Storage LP** | **Extra Space Storage LP** |
| 5.70%, 04/01/28 *(a)* | 150000 | 155032 |
| 3.90%, 04/01/29 *(a)* | 75000 | 73934 |
| 4.00%, 06/15/29 *(a)* | 100000 | 99019 |
| 5.50%, 07/01/30 *(a)* | 75000 | 78402 |
| 2.20%, 10/15/30 *(a)* | 50000 | 44900 |
| 5.90%, 01/15/31 *(a)* | 100000 | 106227 |
| 2.55%, 06/01/31 *(a)* | 100000 | 89725 |
| 2.40%, 10/15/31 *(a)* | 150000 | 131727 |
| 2.35%, 03/15/32 *(a)* | 150000 | 129117 |
| 4.95%, 01/15/33 *(a)* | 150000 | 150511 |
| 5.40%, 02/01/34 *(a)* | 100000 | 101963 |
| 5.35%, 01/15/35 *(a)* | 75000 | 75760 |
| 5.40%, 06/15/35 *(a)* | 100000 | 101023 |
| **Federal Realty OP LP** | **Federal Realty OP LP** | **Federal Realty OP LP** |
| 3.25%, 07/15/27 *(a)* | 100000 | 98278 |
| 5.38%, 05/01/28 *(a)* | 75000 | 77144 |
| 3.20%, 06/15/29 *(a)* | 75000 | 72053 |
| 3.50%, 06/01/30 *(a)* | 50000 | 48179 |
| 4.50%, 12/01/44 *(a)* | 100000 | 85222 |
| **First Industrial LP** | **First Industrial LP** | **First Industrial LP** |
| 5.25%, 01/15/31 *(a)* | 100000 | 102076 |
| **Healthcare Realty Holdings LP** | **Healthcare Realty Holdings LP** | **Healthcare Realty Holdings LP** |
| 3.75%, 07/01/27 *(a)* | 75000 | 74362 |
| 3.10%, 02/15/30 *(a)* | 150000 | 141133 |
| 2.00%, 03/15/31 *(a)* | 100000 | 86823 |
| **Healthpeak OP LLC** | **Healthpeak OP LLC** | **Healthpeak OP LLC** |
| 2.13%, 12/01/28 *(a)* | 75000 | 70211 |
| 3.50%, 07/15/29 *(a)* | 150000 | 145855 |
| 3.00%, 01/15/30 *(a)* | 200000 | 189516 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.88%, 01/15/31 *(a)* | 150000 | 138066 |
| 5.25%, 12/15/32 *(a)* | 150000 | 153477 |
| 4.75%, 01/15/33 *(a)* | 150000 | 149104 |
| 5.38%, 02/15/35 *(a)* | 95000 | 96231 |
| **Highwoods Realty LP** | **Highwoods Realty LP** | **Highwoods Realty LP** |
| 4.20%, 04/15/29 *(a)* | 100000 | 97976 |
| 3.05%, 02/15/30 *(a)* | 100000 | 92377 |
| 2.60%, 02/01/31 *(a)* | 100000 | 87897 |
| 7.65%, 02/01/34 *(a)* | 75000 | 84887 |
| **Host Hotels & Resorts LP** | **Host Hotels & Resorts LP** | **Host Hotels & Resorts LP** |
| 3.38%, 12/15/29 *(a)* | 150000 | 142392 |
| 3.50%, 09/15/30 *(a)* | 150000 | 141120 |
| 2.90%, 12/15/31 *(a)* | 75000 | 66611 |
| 5.70%, 06/15/32 *(a)* | 100000 | 102861 |
| 5.70%, 07/01/34 *(a)* | 100000 | 101762 |
| 5.50%, 04/15/35 *(a)* | 100000 | 99687 |
| **Invitation Homes Operating Partnership LP** | **Invitation Homes Operating Partnership LP** | **Invitation Homes Operating Partnership LP** |
| 2.30%, 11/15/28 *(a)* | 200000 | 188910 |
| 5.45%, 08/15/30 *(a)* | 100000 | 104035 |
| 2.00%, 08/15/31 *(a)* | 100000 | 86076 |
| 4.15%, 04/15/32 *(a)* | 100000 | 95865 |
| 4.95%, 01/15/33 *(a)* | 100000 | 99896 |
| 5.50%, 08/15/33 *(a)* | 100000 | 102759 |
| 4.88%, 02/01/35 *(a)* | 100000 | 97881 |
| **Kilroy Realty LP** | **Kilroy Realty LP** | **Kilroy Realty LP** |
| 4.25%, 08/15/29 *(a)* | 120000 | 117389 |
| 3.05%, 02/15/30 *(a)* | 75000 | 69031 |
| 2.50%, 11/15/32 *(a)* | 75000 | 61550 |
| 2.65%, 11/15/33 *(a)* | 75000 | 60703 |
| 5.88%, 10/15/35 *(a)* | 120000 | 119510 |
| 6.25%, 01/15/36 *(a)* | 75000 | 76681 |
| **Kimco Realty OP LLC** | **Kimco Realty OP LLC** | **Kimco Realty OP LLC** |
| 2.80%, 10/01/26 *(a)* | 100000 | 98480 |
| 1.90%, 03/01/28 *(a)* | 100000 | 94973 |
| 2.70%, 10/01/30 *(a)* | 100000 | 92326 |
| 2.25%, 12/01/31 *(a)* | 100000 | 87821 |
| 3.20%, 04/01/32 *(a)* | 100000 | 91557 |
| 4.60%, 02/01/33 *(a)* | 100000 | 98629 |
| 6.40%, 03/01/34 *(a)* | 100000 | 109647 |
| 4.85%, 03/01/35 *(a)* | 75000 | 73970 |
| 5.30%, 02/01/36 *(a)* | 90000 | 91026 |
| 4.25%, 04/01/45 *(a)* | 75000 | 61819 |
| 4.13%, 12/01/46 *(a)* | 100000 | 79453 |
| 3.70%, 10/01/49 *(a)* | 75000 | 54365 |
| **Kite Realty Group LP** | **Kite Realty Group LP** | **Kite Realty Group LP** |
| 4.00%, 10/01/26 *(a)* | 100000 | 99610 |
| 5.20%, 08/15/32 *(a)* | 50000 | 50821 |
| 5.50%, 03/01/34 *(a)* | 75000 | 76781 |
| **Kite Realty Group Trust** | **Kite Realty Group Trust** | **Kite Realty Group Trust** |
| 4.75%, 09/15/30 *(a)* | 100000 | 100398 |
| **Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.** | **Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.** | **Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.** |
| 5.50%, 08/01/30 *(a)* | 100000 | 101957 |
| **Lineage OP LP** | **Lineage OP LP** | **Lineage OP LP** |
| 5.25%, 07/15/30 *(a)(d)* | 90000 | 90818 |
| **LXP Industrial Trust** | **LXP Industrial Trust** | **LXP Industrial Trust** |
| 2.70%, 09/15/30 *(a)* | 150000 | 136693 |
| 2.38%, 10/01/31 *(a)* | 75000 | 64887 |
| **Mid-America Apartments LP** | **Mid-America Apartments LP** | **Mid-America Apartments LP** |
| 3.60%, 06/01/27 *(a)* | 150000 | 148971 |
| 4.20%, 06/15/28 *(a)* | 100000 | 100283 |
| 3.95%, 03/15/29 *(a)* | 50000 | 49698 |
| 2.75%, 03/15/30 *(a)* | 100000 | 93976 |
| 1.70%, 02/15/31 *(a)* | 100000 | 87151 |
| 5.30%, 02/15/32 *(a)* | 75000 | 78098 |

---

*See financial notes*

**24**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.00%, 03/15/34 *(a)* | 75000 | 75611 |
| 2.88%, 09/15/51 *(a)* | 50000 | 31358 |
| **National Health Investors, Inc.** | **National Health Investors, Inc.** | **National Health Investors, Inc.** |
| 3.00%, 02/01/31 *(a)* | 100000 | 89278 |
| **NNN REIT, Inc.** | **NNN REIT, Inc.** | **NNN REIT, Inc.** |
| 3.50%, 10/15/27 *(a)* | 100000 | 98703 |
| 4.30%, 10/15/28 *(a)* | 100000 | 100328 |
| 2.50%, 04/15/30 *(a)* | 100000 | 92316 |
| 5.60%, 10/15/33 *(a)* | 75000 | 77941 |
| 5.50%, 06/15/34 *(a)* | 100000 | 103003 |
| 4.80%, 10/15/48 *(a)* | 50000 | 43214 |
| 3.10%, 04/15/50 *(a)* | 100000 | 63492 |
| 3.50%, 04/15/51 *(a)* | 75000 | 51225 |
| 3.00%, 04/15/52 *(a)* | 100000 | 61251 |
| **Omega Healthcare Investors, Inc.** | **Omega Healthcare Investors, Inc.** | **Omega Healthcare Investors, Inc.** |
| 4.50%, 04/01/27 *(a)* | 150000 | 150250 |
| 4.75%, 01/15/28 *(a)* | 100000 | 100878 |
| 3.63%, 10/01/29 *(a)* | 75000 | 71806 |
| 5.20%, 07/01/30 *(a)* | 110000 | 111616 |
| 3.38%, 02/01/31 *(a)* | 150000 | 138736 |
| 3.25%, 04/15/33 *(a)* | 100000 | 87094 |
| **Phillips Edison Grocery Center Operating Partnership I LP** | **Phillips Edison Grocery Center Operating Partnership I LP** | **Phillips Edison Grocery Center Operating Partnership I LP** |
| 2.63%, 11/15/31 *(a)* | 100000 | 88551 |
| 5.25%, 08/15/32 *(a)* | 60000 | 61214 |
| 5.75%, 07/15/34 *(a)* | 50000 | 51660 |
| 4.95%, 01/15/35 *(a)* | 50000 | 48875 |
| **Piedmont Operating Partnership LP** | **Piedmont Operating Partnership LP** | **Piedmont Operating Partnership LP** |
| 9.25%, 07/20/28 *(a)* | 75000 | 83373 |
| 6.88%, 07/15/29 *(a)* | 75000 | 79391 |
| 3.15%, 08/15/30 *(a)* | 150000 | 135781 |
| **Prologis LP** | **Prologis LP** | **Prologis LP** |
| 2.13%, 04/15/27 *(a)* | 150000 | 145599 |
| 4.88%, 06/15/28 *(a)* | 150000 | 153465 |
| 3.88%, 09/15/28 *(a)* | 150000 | 149176 |
| 4.38%, 02/01/29 *(a)* | 50000 | 50481 |
| 2.88%, 11/15/29 *(a)* | 50000 | 47527 |
| 2.25%, 04/15/30 *(a)* | 200000 | 183972 |
| 1.75%, 07/01/30 *(a)* | 75000 | 66776 |
| 1.25%, 10/15/30 *(a)* | 100000 | 86588 |
| 4.75%, 01/15/31 *(a)* | 100000 | 102042 |
| 1.63%, 03/15/31 *(a)* | 100000 | 86910 |
| 2.25%, 01/15/32 *(a)* | 100000 | 87605 |
| 4.63%, 01/15/33 *(a)* | 150000 | 149698 |
| 4.75%, 06/15/33 *(a)* | 150000 | 150286 |
| 5.13%, 01/15/34 *(a)* | 150000 | 153327 |
| 5.00%, 03/15/34 *(a)* | 100000 | 100930 |
| 5.00%, 01/31/35 *(a)* | 100000 | 100573 |
| 5.25%, 05/15/35 *(a)* | 100000 | 102024 |
| 4.38%, 09/15/48 *(a)* | 75000 | 62190 |
| 3.05%, 03/01/50 *(a)* | 50000 | 32486 |
| 3.00%, 04/15/50 *(a)* | 150000 | 96827 |
| 2.13%, 10/15/50 *(a)* | 150000 | 79623 |
| 5.25%, 06/15/53 *(a)* | 150000 | 140389 |
| 5.25%, 03/15/54 *(a)* | 150000 | 140272 |
| **Public Storage Operating Co.** | **Public Storage Operating Co.** | **Public Storage Operating Co.** |
| 1.50%, 11/09/26 *(a)* | 150000 | 145659 |
| 3.09%, 09/15/27 *(a)* | 50000 | 49136 |
| 1.85%, 05/01/28 *(a)* | 150000 | 141955 |
| 1.95%, 11/09/28 *(a)* | 100000 | 93902 |
| 5.13%, 01/15/29 *(a)* | 100000 | 103536 |
| 3.39%, 05/01/29 *(a)* | 150000 | 146337 |
| 2.30%, 05/01/31 *(a)* | 100000 | 89638 |
| 2.25%, 11/09/31 *(a)* | 100000 | 88445 |
| 5.10%, 08/01/33 *(a)* | 100000 | 103173 |
| 5.00%, 07/01/35 *(a)* | 75000 | 74957 |
| 5.35%, 08/01/53 *(a)* | 175000 | 166556 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Realty Income Corp.** | **Realty Income Corp.** | **Realty Income Corp.** |
| 4.13%, 10/15/26 *(a)* | 100000 | 99918 |
| 3.00%, 01/15/27 *(a)* | 180000 | 177307 |
| 3.95%, 08/15/27 *(a)* | 150000 | 149740 |
| 3.40%, 01/15/28 *(a)* | 100000 | 98752 |
| 2.10%, 03/15/28 *(a)* | 100000 | 95378 |
| 2.20%, 06/15/28 *(a)* | 100000 | 95300 |
| 4.70%, 12/15/28 *(a)* | 150000 | 152632 |
| 4.75%, 02/15/29 *(a)* | 100000 | 101939 |
| 4.00%, 07/15/29 *(a)* | 100000 | 99374 |
| 3.10%, 12/15/29 *(a)* | 100000 | 95732 |
| 3.40%, 01/15/30 *(a)* | 50000 | 48321 |
| 4.85%, 03/15/30 *(a)* | 100000 | 102567 |
| 3.25%, 01/15/31 *(a)* | 200000 | 189124 |
| 3.20%, 02/15/31 *(a)* | 150000 | 140995 |
| 2.70%, 02/15/32 *(a)* | 75000 | 66806 |
| 5.63%, 10/13/32 *(a)* | 150000 | 157887 |
| 2.85%, 12/15/32 *(a)* | 75000 | 66651 |
| 1.80%, 03/15/33 *(a)* | 100000 | 82020 |
| 4.90%, 07/15/33 *(a)* | 100000 | 100495 |
| 5.13%, 02/15/34 *(a)* | 150000 | 152769 |
| 4.65%, 03/15/47 *(a)* | 100000 | 87045 |
| 5.38%, 09/01/54 *(a)* | 100000 | 94726 |
| **Regency Centers LP** | **Regency Centers LP** | **Regency Centers LP** |
| 3.60%, 02/01/27 *(a)* | 75000 | 74429 |
| 4.13%, 03/15/28 *(a)* | 150000 | 149811 |
| 3.70%, 06/15/30 *(a)* | 100000 | 97493 |
| 5.00%, 07/15/32 *(a)* | 100000 | 102086 |
| 5.25%, 01/15/34 *(a)* | 75000 | 76673 |
| 4.40%, 02/01/47 *(a)* | 100000 | 83753 |
| 4.65%, 03/15/49 *(a)* | 75000 | 63961 |
| **Rexford Industrial Realty LP** | **Rexford Industrial Realty LP** | **Rexford Industrial Realty LP** |
| 5.00%, 06/15/28 *(a)* | 75000 | 76505 |
| 2.15%, 09/01/31 *(a)* | 150000 | 130292 |
| **Sabra Health Care LP** | **Sabra Health Care LP** | **Sabra Health Care LP** |
| 3.90%, 10/15/29 *(a)* | 100000 | 96852 |
| 3.20%, 12/01/31 *(a)* | 150000 | 135544 |
| **Safehold GL Holdings LLC** | **Safehold GL Holdings LLC** | **Safehold GL Holdings LLC** |
| 2.85%, 01/15/32 *(a)* | 100000 | 87929 |
| 6.10%, 04/01/34 *(a)* | 75000 | 78733 |
| 5.65%, 01/15/35 *(a)* | 100000 | 101228 |
| **Simon Property Group LP** | **Simon Property Group LP** | **Simon Property Group LP** |
| 3.25%, 11/30/26 *(a)* | 100000 | 98971 |
| 3.38%, 06/15/27 *(a)* | 100000 | 98981 |
| 3.38%, 12/01/27 *(a)* | 150000 | 148122 |
| 1.75%, 02/01/28 *(a)* | 175000 | 166091 |
| 2.45%, 09/13/29 *(a)* | 250000 | 234497 |
| 2.65%, 07/15/30 *(a)* | 150000 | 139479 |
| 4.38%, 10/01/30 *(a)* | 150000 | 150417 |
| 2.20%, 02/01/31 *(a)* | 150000 | 134434 |
| 2.25%, 01/15/32 *(a)* | 100000 | 87189 |
| 2.65%, 02/01/32 *(a)* | 100000 | 89152 |
| 5.50%, 03/08/33 *(a)* | 150000 | 157321 |
| 6.25%, 01/15/34 *(a)* | 100000 | 109463 |
| 4.75%, 09/26/34 *(a)* | 150000 | 147600 |
| 5.13%, 10/01/35 *(a)* | 150000 | 150016 |
| 6.75%, 02/01/40 *(a)* | 100000 | 113839 |
| 4.75%, 03/15/42 *(a)* | 100000 | 90409 |
| 4.25%, 11/30/46 *(a)* | 100000 | 82200 |
| 3.25%, 09/13/49 *(a)* | 250000 | 168960 |
| 3.80%, 07/15/50 *(a)* | 175000 | 130179 |
| 5.85%, 03/08/53 *(a)* | 125000 | 124908 |
| 6.65%, 01/15/54 *(a)* | 75000 | 82955 |
| **Store Capital LLC** | **Store Capital LLC** | **Store Capital LLC** |
| 4.50%, 03/15/28 *(a)* | 100000 | 99498 |
| 4.63%, 03/15/29 *(a)* | 100000 | 99394 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**25**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.40%, 04/30/30 *(a)(d)* | 75000 | 76400 |
| 2.70%, 12/01/31 *(a)* | 75000 | 65388 |
| **Sun Communities Operating LP** | **Sun Communities Operating LP** | **Sun Communities Operating LP** |
| 2.30%, 11/01/28 *(a)* | 100000 | 94707 |
| 2.70%, 07/15/31 *(a)* | 100000 | 90488 |
| 4.20%, 04/15/32 *(a)* | 100000 | 96190 |
| **Tanger Properties LP** | **Tanger Properties LP** | **Tanger Properties LP** |
| 3.88%, 07/15/27 *(a)* | 100000 | 98990 |
| 2.75%, 09/01/31 *(a)* | 100000 | 89482 |
| **UDR, Inc.** | **UDR, Inc.** | **UDR, Inc.** |
| 3.50%, 01/15/28 *(a)* | 100000 | 98655 |
| 3.20%, 01/15/30 *(a)* | 150000 | 143574 |
| 3.00%, 08/15/31 *(a)* | 100000 | 91933 |
| 2.10%, 08/01/32 *(a)* | 150000 | 126648 |
| 1.90%, 03/15/33 *(a)* | 75000 | 60875 |
| 2.10%, 06/15/33 *(a)* | 100000 | 82116 |
| 5.13%, 09/01/34 *(a)* | 75000 | 75426 |
| **Ventas Realty LP** | **Ventas Realty LP** | **Ventas Realty LP** |
| 3.25%, 10/15/26 *(a)* | 100000 | 98835 |
| 3.85%, 04/01/27 *(a)* | 150000 | 149233 |
| 4.00%, 03/01/28 *(a)* | 100000 | 99499 |
| 4.40%, 01/15/29 *(a)* | 150000 | 150517 |
| 4.75%, 11/15/30 *(a)* | 100000 | 100939 |
| 5.63%, 07/01/34 *(a)* | 100000 | 103578 |
| 5.00%, 01/15/35 *(a)* | 125000 | 123781 |
| 5.70%, 09/30/43 *(a)* | 100000 | 97624 |
| 4.38%, 02/01/45 *(a)* | 100000 | 82275 |
| **Welltower OP LLC** | **Welltower OP LLC** | **Welltower OP LLC** |
| 2.70%, 02/15/27 *(a)* | 100000 | 98191 |
| 4.25%, 04/15/28 *(a)* | 100000 | 100585 |
| 2.05%, 01/15/29 *(a)* | 100000 | 93501 |
| 4.13%, 03/15/29 *(a)* | 150000 | 150022 |
| 3.10%, 01/15/30 *(a)* | 100000 | 95425 |
| 4.50%, 07/01/30 *(a)* | 100000 | 100994 |
| 2.75%, 01/15/31 *(a)* | 150000 | 138289 |
| 2.75%, 01/15/32 *(a)* | 100000 | 90125 |
| 3.85%, 06/15/32 *(a)* | 150000 | 143472 |
| 5.13%, 07/01/35 *(a)* | 100000 | 100669 |
| 6.50%, 03/15/41 *(a)* | 150000 | 165259 |
| 4.95%, 09/01/48 *(a)* | 100000 | 91812 |
| **WP Carey, Inc.** | **WP Carey, Inc.** | **WP Carey, Inc.** |
| 4.25%, 10/01/26 *(a)* | 150000 | 149851 |
| 4.65%, 07/15/30 *(a)* | 70000 | 70463 |
| 2.40%, 02/01/31 *(a)* | 100000 | 89262 |
| 2.25%, 04/01/33 *(a)* | 100000 | 82911 |
| 5.38%, 06/30/34 *(a)* | 75000 | 76054 |
|  |  | **35556846** |
|  |  | **423253510** |
| **Industrial 13.4%** | **Industrial 13.4%** | **Industrial 13.4%** |
| ***Basic Industry 0.6%***  | ***Basic Industry 0.6%***  | ***Basic Industry 0.6%***  |
| **Air Products & Chemicals, Inc.** | **Air Products & Chemicals, Inc.** | **Air Products & Chemicals, Inc.** |
| 4.30%, 06/11/28 *(a)* | 110000 | 110964 |
| 4.60%, 02/08/29 *(a)* | 225000 | 229025 |
| 2.05%, 05/15/30 *(a)* | 150000 | 136848 |
| 4.75%, 02/08/31 *(a)* | 100000 | 102400 |
| 4.90%, 10/11/32 *(a)* | 90000 | 91863 |
| 4.80%, 03/03/33 *(a)* | 100000 | 101054 |
| 4.85%, 02/08/34 *(a)* | 200000 | 201426 |
| 2.70%, 05/15/40 *(a)* | 150000 | 109827 |
| 2.80%, 05/15/50 *(a)* | 170000 | 106145 |
| **Albemarle Corp.** | **Albemarle Corp.** | **Albemarle Corp.** |
| 4.65%, 06/01/27 *(a)* | 100000 | 100076 |
| 5.05%, 06/01/32 *(a)* | 100000 | 97884 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.45%, 12/01/44 *(a)* | 50000 | 43109 |
| 5.65%, 06/01/52 *(a)* | 100000 | 85584 |
| **AngloGold Ashanti Holdings PLC** | **AngloGold Ashanti Holdings PLC** | **AngloGold Ashanti Holdings PLC** |
| 3.38%, 11/01/28 *(a)* | 200000 | 192714 |
| 3.75%, 10/01/30 *(a)* | 200000 | 189114 |
| **ArcelorMittal SA** | **ArcelorMittal SA** | **ArcelorMittal SA** |
| 6.55%, 11/29/27 *(a)* | 200000 | 208664 |
| 4.25%, 07/16/29  | 100000 | 99767 |
| 6.80%, 11/29/32 *(a)* | 150000 | 166123 |
| 6.00%, 06/17/34 *(a)* | 100000 | 105447 |
| 7.00%, 10/15/39  | 100000 | 110873 |
| 6.75%, 03/01/41 *(g)* | 100000 | 106720 |
| 6.35%, 06/17/54 *(a)* | 75000 | 75944 |
| **Barrick Mining Corp.** | **Barrick Mining Corp.** | **Barrick Mining Corp.** |
| 6.45%, 10/15/35  | 150000 | 165124 |
| 5.25%, 04/01/42  | 75000 | 72313 |
| **Barrick North America Finance LLC** | **Barrick North America Finance LLC** | **Barrick North America Finance LLC** |
| 5.70%, 05/30/41  | 100000 | 100906 |
| 5.75%, 05/01/43  | 150000 | 152371 |
| **Barrick PD Australia Finance Pty. Ltd.** | **Barrick PD Australia Finance Pty. Ltd.** | **Barrick PD Australia Finance Pty. Ltd.** |
| 5.95%, 10/15/39  | 150000 | 156429 |
| **BHP Billiton Finance USA Ltd.** | **BHP Billiton Finance USA Ltd.** | **BHP Billiton Finance USA Ltd.** |
| 5.25%, 09/08/26  | 150000 | 151663 |
| 4.75%, 02/28/28 *(a)* | 200000 | 203534 |
| 5.10%, 09/08/28 *(a)* | 150000 | 154501 |
| 5.00%, 02/21/30 *(a)* | 100000 | 103299 |
| 5.25%, 09/08/30 *(a)* | 150000 | 156555 |
| 5.13%, 02/21/32 *(a)* | 150000 | 155037 |
| 4.90%, 02/28/33 *(a)* | 150000 | 151938 |
| 5.25%, 09/08/33 *(a)* | 250000 | 258212 |
| 5.30%, 02/21/35 *(a)* | 225000 | 231370 |
| 4.13%, 02/24/42  | 170000 | 146380 |
| 5.00%, 09/30/43  | 450000 | 427648 |
| 5.50%, 09/08/53 *(a)* | 150000 | 148194 |
| **Cabot Corp.** | **Cabot Corp.** | **Cabot Corp.** |
| 4.00%, 07/01/29 *(a)* | 150000 | 148389 |
| **Celulosa Arauco y Constitucion SA** | **Celulosa Arauco y Constitucion SA** | **Celulosa Arauco y Constitucion SA** |
| 5.50%, 11/02/47 *(a)* | 200000 | 178490 |
| **CF Industries, Inc.** | **CF Industries, Inc.** | **CF Industries, Inc.** |
| 5.15%, 03/15/34  | 100000 | 99786 |
| 4.95%, 06/01/43  | 125000 | 111941 |
| 5.38%, 03/15/44  | 150000 | 140530 |
| **Dow Chemical Co.** | **Dow Chemical Co.** | **Dow Chemical Co.** |
| 4.80%, 11/30/28 *(a)* | 100000 | 101371 |
| 7.38%, 11/01/29  | 75000 | 83174 |
| 2.10%, 11/15/30 *(a)* | 150000 | 132658 |
| 6.30%, 03/15/33 *(a)* | 100000 | 107218 |
| 5.15%, 02/15/34 *(a)* | 150000 | 149268 |
| 4.25%, 10/01/34 *(a)* | 50000 | 45658 |
| 5.35%, 03/15/35 *(a)* | 75000 | 74360 |
| 9.40%, 05/15/39  | 100000 | 129349 |
| 5.25%, 11/15/41 *(a)* | 175000 | 158298 |
| 4.38%, 11/15/42 *(a)* | 250000 | 200725 |
| 4.63%, 10/01/44 *(a)* | 100000 | 81306 |
| 5.55%, 11/30/48 *(a)* | 150000 | 134524 |
| 4.80%, 05/15/49 *(a)* | 150000 | 119966 |
| 3.60%, 11/15/50 *(a)* | 175000 | 115747 |
| 6.90%, 05/15/53 *(a)* | 150000 | 157674 |
| 5.60%, 02/15/54 *(a)* | 100000 | 89054 |
| 5.95%, 03/15/55 *(a)* | 100000 | 93173 |
| **DuPont de Nemours, Inc.** | **DuPont de Nemours, Inc.** | **DuPont de Nemours, Inc.** |
| 4.73%, 11/15/28 *(a)* | 400000 | 407792 |
| 5.32%, 11/15/38 *(a)* | 152000 | 158586 |
| 5.42%, 11/15/48 *(a)* | 400000 | 402716 |

---

*See financial notes*

**26**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Eastman Chemical Co.** | **Eastman Chemical Co.** | **Eastman Chemical Co.** |
| 4.50%, 12/01/28 *(a)* | 150000 | 150802 |
| 5.00%, 08/01/29 *(a)* | 100000 | 101873 |
| 5.75%, 03/08/33 *(a)* | 100000 | 104200 |
| 5.63%, 02/20/34 *(a)* | 100000 | 101775 |
| 4.80%, 09/01/42 *(a)* | 100000 | 86708 |
| 4.65%, 10/15/44 *(a)* | 150000 | 125456 |
| **Ecolab, Inc.** | **Ecolab, Inc.** | **Ecolab, Inc.** |
| 2.70%, 11/01/26 *(a)* | 150000 | 147718 |
| 1.65%, 02/01/27 *(a)* | 100000 | 96851 |
| 3.25%, 12/01/27 *(a)* | 150000 | 147876 |
| 4.80%, 03/24/30 *(a)* | 100000 | 102885 |
| 1.30%, 01/30/31 *(a)* | 100000 | 85929 |
| 2.13%, 02/01/32 *(a)* | 150000 | 130680 |
| 5.00%, 09/01/35 *(a)* | 100000 | 100820 |
| 5.50%, 12/08/41  | 75000 | 76229 |
| 3.95%, 12/01/47 *(a)* | 75000 | 60050 |
| 2.13%, 08/15/50 *(a)* | 100000 | 53866 |
| 2.70%, 12/15/51 *(a)* | 150000 | 91482 |
| 2.75%, 08/18/55 *(a)* | 150000 | 89304 |
| **EIDP, Inc.** | **EIDP, Inc.** | **EIDP, Inc.** |
| 5.13%, 05/15/32 *(a)* | 100000 | 102793 |
| 4.80%, 05/15/33 *(a)* | 150000 | 150349 |
| **FMC Corp.** | **FMC Corp.** | **FMC Corp.** |
| 3.20%, 10/01/26 *(a)* | 100000 | 98720 |
| 3.45%, 10/01/29 *(a)* | 100000 | 94656 |
| 5.65%, 05/18/33 *(a)* | 25000 | 24921 |
| 4.50%, 10/01/49 *(a)* | 100000 | 74542 |
| 6.38%, 05/18/53 *(a)* | 100000 | 96236 |
| **Freeport-McMoRan, Inc.** | **Freeport-McMoRan, Inc.** | **Freeport-McMoRan, Inc.** |
| 5.00%, 09/01/27 *(a)* | 150000 | 150057 |
| 4.13%, 03/01/28 *(a)* | 100000 | 99545 |
| 5.25%, 09/01/29 *(a)* | 100000 | 101474 |
| 4.25%, 03/01/30 *(a)* | 75000 | 74126 |
| 4.63%, 08/01/30 *(a)* | 200000 | 200426 |
| 5.40%, 11/14/34 *(a)* | 100000 | 102057 |
| 5.45%, 03/15/43 *(a)* | 300000 | 283683 |
| **Georgia-Pacific LLC** | **Georgia-Pacific LLC** | **Georgia-Pacific LLC** |
| 7.75%, 11/15/29  | 75000 | 85361 |
| 8.88%, 05/15/31  | 100000 | 121812 |
| **Gerdau Trade, Inc.** | **Gerdau Trade, Inc.** | **Gerdau Trade, Inc.** |
| 5.75%, 06/09/35 *(a)* | 120000 | 122204 |
| **International Flavors & Fragrances, Inc.** | **International Flavors & Fragrances, Inc.** | **International Flavors & Fragrances, Inc.** |
| 4.45%, 09/26/28 *(a)* | 100000 | 100535 |
| 5.00%, 09/26/48 *(a)* | 150000 | 129338 |
| **International Paper Co.** | **International Paper Co.** | **International Paper Co.** |
| 5.00%, 09/15/35 *(a)* | 75000 | 74603 |
| 7.30%, 11/15/39  | 100000 | 115427 |
| 6.00%, 11/15/41 *(a)* | 100000 | 101869 |
| 4.80%, 06/15/44 *(a)* | 100000 | 88013 |
| 5.15%, 05/15/46 *(a)* | 100000 | 90757 |
| 4.40%, 08/15/47 *(a)* | 100000 | 81576 |
| 4.35%, 08/15/48 *(a)* | 100000 | 80507 |
| **Kinross Gold Corp.** | **Kinross Gold Corp.** | **Kinross Gold Corp.** |
| 4.50%, 07/15/27 *(a)* | 100000 | 100213 |
| 6.25%, 07/15/33 *(a)* | 100000 | 108251 |
| **Linde, Inc.** | **Linde, Inc.** | **Linde, Inc.** |
| 1.10%, 08/10/30 *(a)* | 100000 | 86850 |
| 3.55%, 11/07/42 *(a)* | 100000 | 79606 |
| 2.00%, 08/10/50 *(a)* | 100000 | 52178 |
| **Lubrizol Corp.** | **Lubrizol Corp.** | **Lubrizol Corp.** |
| 6.50%, 10/01/34  | 75000 | 84383 |
| **LYB International Finance BV** | **LYB International Finance BV** | **LYB International Finance BV** |
| 5.25%, 07/15/43  | 150000 | 132494 |
| 4.88%, 03/15/44 *(a)* | 150000 | 126693 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **LYB International Finance II BV** | **LYB International Finance II BV** | **LYB International Finance II BV** |
| 3.50%, 03/02/27 *(a)* | 150000 | 148167 |
| **LYB International Finance III LLC** | **LYB International Finance III LLC** | **LYB International Finance III LLC** |
| 2.25%, 10/01/30 *(a)* | 100000 | 89348 |
| 5.63%, 05/15/33 *(a)* | 75000 | 76802 |
| 5.50%, 03/01/34 *(a)* | 150000 | 149260 |
| 6.15%, 05/15/35 *(a)* | 100000 | 103349 |
| 3.38%, 10/01/40 *(a)* | 150000 | 110304 |
| 4.20%, 10/15/49 *(a)* | 125000 | 90328 |
| 4.20%, 05/01/50 *(a)* | 175000 | 126469 |
| 3.63%, 04/01/51 *(a)* | 175000 | 113736 |
| 3.80%, 10/01/60 *(a)* | 100000 | 62928 |
| **LyondellBasell Industries NV** | **LyondellBasell Industries NV** | **LyondellBasell Industries NV** |
| 4.63%, 02/26/55 *(a)* | 175000 | 134545 |
| **Mosaic Co.** | **Mosaic Co.** | **Mosaic Co.** |
| 4.05%, 11/15/27 *(a)* | 100000 | 99539 |
| 5.38%, 11/15/28 *(a)* | 75000 | 77371 |
| 5.45%, 11/15/33 *(a)* | 75000 | 77009 |
| 4.88%, 11/15/41 *(a)* | 100000 | 89025 |
| 5.63%, 11/15/43 *(a)* | 100000 | 96290 |
| **NewMarket Corp.** | **NewMarket Corp.** | **NewMarket Corp.** |
| 2.70%, 03/18/31 *(a)* | 100000 | 90537 |
| **Newmont Corp.** | **Newmont Corp.** | **Newmont Corp.** |
| 2.60%, 07/15/32 *(a)* | 140000 | 125300 |
| 5.88%, 04/01/35  | 100000 | 107089 |
| 4.88%, 03/15/42 *(a)* | 80000 | 75319 |
| 5.45%, 06/09/44 *(a)* | 100000 | 98547 |
| **Newmont Corp./Newcrest Finance Pty. Ltd.** | **Newmont Corp./Newcrest Finance Pty. Ltd.** | **Newmont Corp./Newcrest Finance Pty. Ltd.** |
| 3.25%, 05/13/30 *(a)* | 79000 | 75709 |
| 5.35%, 03/15/34 *(a)* | 200000 | 206660 |
| 4.20%, 05/13/50 *(a)* | 75000 | 60887 |
| **Nucor Corp.** | **Nucor Corp.** | **Nucor Corp.** |
| 3.95%, 05/01/28 *(a)* | 150000 | 149709 |
| 2.70%, 06/01/30 *(a)* | 150000 | 140094 |
| 4.65%, 06/01/30 *(a)* | 100000 | 101586 |
| 3.13%, 04/01/32 *(a)* | 100000 | 91655 |
| 5.10%, 06/01/35 *(a)* | 100000 | 100723 |
| 6.40%, 12/01/37  | 50000 | 55265 |
| 5.20%, 08/01/43 *(a)* | 75000 | 72102 |
| 3.85%, 04/01/52 *(a)* | 100000 | 75101 |
| 2.98%, 12/15/55 *(a)* | 200000 | 121698 |
| **Nutrien Ltd.** | **Nutrien Ltd.** | **Nutrien Ltd.** |
| 4.00%, 12/15/26 *(a)* | 100000 | 99769 |
| 5.20%, 06/21/27 *(a)* | 100000 | 101597 |
| 4.90%, 03/27/28 *(a)* | 150000 | 152646 |
| 4.20%, 04/01/29 *(a)* | 100000 | 99781 |
| 2.95%, 05/13/30 *(a)* | 150000 | 141183 |
| 5.40%, 06/21/34 *(a)* | 100000 | 101992 |
| 4.13%, 03/15/35 *(a)* | 75000 | 68704 |
| 5.88%, 12/01/36  | 50000 | 52192 |
| 5.63%, 12/01/40  | 100000 | 99510 |
| 6.13%, 01/15/41 *(a)* | 45000 | 46398 |
| 4.90%, 06/01/43 *(a)* | 100000 | 89668 |
| 5.25%, 01/15/45 *(a)* | 125000 | 116125 |
| 5.00%, 04/01/49 *(a)* | 100000 | 88726 |
| 3.95%, 05/13/50 *(a)* | 150000 | 112182 |
| 5.80%, 03/27/53 *(a)* | 150000 | 147912 |
| **Packaging Corp. of America** | **Packaging Corp. of America** | **Packaging Corp. of America** |
| 3.40%, 12/15/27 *(a)* | 75000 | 73677 |
| 3.00%, 12/15/29 *(a)* | 150000 | 143139 |
| 5.20%, 08/15/35 *(a)* | 150000 | 151006 |
| 3.05%, 10/01/51 *(a)* | 150000 | 94275 |
| **PPG Industries, Inc.** | **PPG Industries, Inc.** | **PPG Industries, Inc.** |
| 3.75%, 03/15/28 *(a)* | 100000 | 99146 |
| 2.80%, 08/15/29 *(a)* | 100000 | 94965 |
| 2.55%, 06/15/30 *(a)* | 100000 | 92375 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**27**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Rayonier LP** | **Rayonier LP** | **Rayonier LP** |
| 2.75%, 05/17/31 *(a)* | 75000 | 67391 |
| **Reliance, Inc.** | **Reliance, Inc.** | **Reliance, Inc.** |
| 2.15%, 08/15/30 *(a)* | 200000 | 179392 |
| **Rio Tinto Alcan, Inc.** | **Rio Tinto Alcan, Inc.** | **Rio Tinto Alcan, Inc.** |
| 7.25%, 03/15/31  | 100000 | 115469 |
| 6.13%, 12/15/33  | 150000 | 163197 |
| **Rio Tinto Finance USA Ltd.** | **Rio Tinto Finance USA Ltd.** | **Rio Tinto Finance USA Ltd.** |
| 7.13%, 07/15/28  | 100000 | 108362 |
| 5.20%, 11/02/40  | 200000 | 197694 |
| 2.75%, 11/02/51 *(a)* | 250000 | 151825 |
| **Rio Tinto Finance USA PLC** | **Rio Tinto Finance USA PLC** | **Rio Tinto Finance USA PLC** |
| 4.50%, 03/14/28 *(a)* | 150000 | 151656 |
| 4.88%, 03/14/30 *(a)* | 300000 | 307770 |
| 5.00%, 03/14/32 *(a)* | 225000 | 230780 |
| 5.00%, 03/09/33 *(a)* | 150000 | 153339 |
| 5.25%, 03/14/35 *(a)* | 300000 | 305802 |
| 4.75%, 03/22/42 *(a)* | 100000 | 91485 |
| 4.13%, 08/21/42 *(a)* | 100000 | 84790 |
| 5.13%, 03/09/53 *(a)* | 200000 | 183974 |
| 5.75%, 03/14/55 *(a)* | 300000 | 299673 |
| 5.88%, 03/14/65 *(a)* | 150000 | 150475 |
| **RPM International, Inc.** | **RPM International, Inc.** | **RPM International, Inc.** |
| 3.75%, 03/15/27 *(a)* | 50000 | 49629 |
| 4.55%, 03/01/29 *(a)* | 100000 | 100669 |
| 2.95%, 01/15/32 *(a)* | 75000 | 67229 |
| 5.25%, 06/01/45 *(a)* | 75000 | 69733 |
| 4.25%, 01/15/48 *(a)* | 25000 | 20589 |
| **Sherwin-Williams Co.** | **Sherwin-Williams Co.** | **Sherwin-Williams Co.** |
| 3.45%, 06/01/27 *(a)* | 250000 | 247160 |
| 4.55%, 03/01/28 *(a)* | 75000 | 75779 |
| 4.30%, 08/15/28 *(a)* | 100000 | 100426 |
| 2.95%, 08/15/29 *(a)* | 100000 | 95213 |
| 2.30%, 05/15/30 *(a)* | 100000 | 91677 |
| 4.50%, 08/15/30 *(a)* | 100000 | 100583 |
| 4.80%, 09/01/31 *(a)* | 75000 | 76619 |
| 2.20%, 03/15/32 *(a)* | 75000 | 65018 |
| 5.15%, 08/15/35 *(a)* | 100000 | 100783 |
| 4.00%, 12/15/42 *(a)* | 50000 | 40751 |
| 4.55%, 08/01/45 *(a)* | 75000 | 64104 |
| 4.50%, 06/01/47 *(a)* | 200000 | 168482 |
| 3.80%, 08/15/49 *(a)* | 100000 | 74161 |
| 3.30%, 05/15/50 *(a)* | 100000 | 67493 |
| 2.90%, 03/15/52 *(a)* | 100000 | 60766 |
| **Smurfit Kappa Treasury ULC** | **Smurfit Kappa Treasury ULC** | **Smurfit Kappa Treasury ULC** |
| 5.44%, 04/03/34 *(a)* | 200000 | 205564 |
| 5.78%, 04/03/54 *(a)* | 200000 | 196926 |
| **Smurfit Westrock Financing DAC** | **Smurfit Westrock Financing DAC** | **Smurfit Westrock Financing DAC** |
| 5.42%, 01/15/35 *(a)* | 200000 | 204152 |
| **Southern Copper Corp.** | **Southern Copper Corp.** | **Southern Copper Corp.** |
| 7.50%, 07/27/35  | 150000 | 174283 |
| 6.75%, 04/16/40  | 200000 | 221378 |
| 5.25%, 11/08/42  | 250000 | 234690 |
| 5.88%, 04/23/45  | 250000 | 251395 |
| **Steel Dynamics, Inc.** | **Steel Dynamics, Inc.** | **Steel Dynamics, Inc.** |
| 5.00%, 12/15/26 *(a)* | 100000 | 100129 |
| 1.65%, 10/15/27 *(a)* | 75000 | 71086 |
| 3.45%, 04/15/30 *(a)* | 100000 | 95946 |
| 5.38%, 08/15/34 *(a)* | 125000 | 127906 |
| 3.25%, 10/15/50 *(a)* | 75000 | 49662 |
| 5.75%, 05/15/55 *(a)* | 75000 | 73355 |
| **Suzano Austria GmbH** | **Suzano Austria GmbH** | **Suzano Austria GmbH** |
| 2.50%, 09/15/28 *(a)* | 100000 | 93635 |
| 6.00%, 01/15/29 *(a)* | 200000 | 206088 |
| 5.00%, 01/15/30 *(a)* | 200000 | 200054 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.75%, 01/15/31 *(a)* | 250000 | 235135 |
| 3.13%, 01/15/32 *(a)* | 200000 | 177700 |
| **Suzano International Finance BV** | **Suzano International Finance BV** | **Suzano International Finance BV** |
| 5.50%, 01/17/27  | 200000 | 202608 |
| **Vale Overseas Ltd.** | **Vale Overseas Ltd.** | **Vale Overseas Ltd.** |
| 3.75%, 07/08/30 *(a)* | 300000 | 286074 |
| 6.13%, 06/12/33 *(a)* | 200000 | 211026 |
| 6.88%, 11/21/36  | 150000 | 165348 |
| 6.88%, 11/10/39  | 200000 | 220182 |
| 6.40%, 06/28/54 *(a)* | 275000 | 275283 |
| **Vale SA** | **Vale SA** | **Vale SA** |
| 5.63%, 09/11/42  | 100000 | 99768 |
| **Westlake Corp.** | **Westlake Corp.** | **Westlake Corp.** |
| 3.38%, 06/15/30 *(a)* | 100000 | 95539 |
| 5.00%, 08/15/46 *(a)* | 100000 | 87420 |
| 4.38%, 11/15/47 *(a)* | 100000 | 78437 |
| 3.13%, 08/15/51 *(a)* | 125000 | 76474 |
| 3.38%, 08/15/61 *(a)* | 100000 | 59467 |
| **WestRock MWV LLC** | **WestRock MWV LLC** | **WestRock MWV LLC** |
| 8.20%, 01/15/30  | 100000 | 115241 |
| 7.95%, 02/15/31  | 50000 | 58080 |
| **Weyerhaeuser Co.** | **Weyerhaeuser Co.** | **Weyerhaeuser Co.** |
| 4.00%, 11/15/29 *(a)* | 150000 | 148414 |
| 4.00%, 04/15/30 *(a)* | 150000 | 147928 |
| 7.38%, 03/15/32  | 100000 | 114106 |
| 3.38%, 03/09/33 *(a)* | 100000 | 90178 |
| 4.00%, 03/09/52 *(a)* | 75000 | 56651 |
| **WRKCo, Inc.** | **WRKCo, Inc.** | **WRKCo, Inc.** |
| 4.00%, 03/15/28 *(a)* | 150000 | 149352 |
| 3.90%, 06/01/28 *(a)* | 100000 | 99339 |
| 4.90%, 03/15/29 *(a)* | 100000 | 102113 |
| 3.00%, 06/15/33 *(a)* | 150000 | 132141 |
| **Yamana Gold, Inc.** | **Yamana Gold, Inc.** | **Yamana Gold, Inc.** |
| 2.63%, 08/15/31 *(a)(d)* | 50000 | 44450 |
|  |  | **31173617** |
| ***Capital Goods 1.3%***  | ***Capital Goods 1.3%***  | ***Capital Goods 1.3%***  |
| **3M Co.** | **3M Co.** | **3M Co.** |
| 2.25%, 09/19/26 *(a)* | 150000 | 147105 |
| 2.88%, 10/15/27 *(a)* | 100000 | 97727 |
| 3.63%, 09/14/28 *(a)* | 150000 | 148383 |
| 3.38%, 03/01/29 *(a)* | 200000 | 195204 |
| 2.38%, 08/26/29 *(a)* | 150000 | 140461 |
| 4.80%, 03/15/30 *(a)* | 100000 | 102273 |
| 3.05%, 04/15/30 *(a)* | 200000 | 190254 |
| 5.70%, 03/15/37  | 100000 | 105327 |
| 3.88%, 06/15/44  | 100000 | 79459 |
| 3.13%, 09/19/46 *(a)* | 100000 | 68561 |
| 4.00%, 09/14/48 *(a)* | 150000 | 118490 |
| 3.25%, 08/26/49 *(a)* | 200000 | 135784 |
| 3.70%, 04/15/50 *(a)* | 100000 | 72747 |
| **ABB Finance USA, Inc.** | **ABB Finance USA, Inc.** | **ABB Finance USA, Inc.** |
| 3.80%, 04/03/28 *(a)* | 100000 | 100397 |
| 4.38%, 05/08/42  | 100000 | 88394 |
| **Acuity Brands Lighting, Inc.** | **Acuity Brands Lighting, Inc.** | **Acuity Brands Lighting, Inc.** |
| 2.15%, 12/15/30 *(a)* | 100000 | 89380 |
| **AGCO Corp.** | **AGCO Corp.** | **AGCO Corp.** |
| 5.45%, 03/21/27 *(a)* | 75000 | 76079 |
| 5.80%, 03/21/34 *(a)* | 125000 | 128718 |
| **Allegion PLC** | **Allegion PLC** | **Allegion PLC** |
| 3.50%, 10/01/29 *(a)* | 100000 | 96754 |

---

*See financial notes*

**28**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Allegion U.S. Holding Co., Inc.** | **Allegion U.S. Holding Co., Inc.** | **Allegion U.S. Holding Co., Inc.** |
| 3.55%, 10/01/27 *(a)* | 75000 | 73919 |
| 5.41%, 07/01/32 *(a)* | 100000 | 103844 |
| 5.60%, 05/29/34 *(a)* | 75000 | 77295 |
| **Amcor Finance USA, Inc.** | **Amcor Finance USA, Inc.** | **Amcor Finance USA, Inc.** |
| 4.50%, 05/15/28 *(a)* | 100000 | 100530 |
| 5.63%, 05/26/33 *(a)* | 75000 | 77970 |
| **Amcor Flexibles North America, Inc.** | **Amcor Flexibles North America, Inc.** | **Amcor Flexibles North America, Inc.** |
| 4.80%, 03/17/28  | 150000 | 151701 |
| 5.10%, 03/17/30 *(a)* | 345000 | 352887 |
| 2.63%, 06/19/30 *(a)* | 100000 | 92042 |
| 2.69%, 05/25/31 *(a)* | 150000 | 135884 |
| 5.50%, 03/17/35 *(a)* | 150000 | 153580 |
| **Amphenol Corp.** | **Amphenol Corp.** | **Amphenol Corp.** |
| 5.05%, 04/05/27 *(a)* | 75000 | 76163 |
| 4.38%, 06/12/28 *(a)* | 140000 | 141382 |
| 5.05%, 04/05/29 *(a)* | 75000 | 77398 |
| 4.35%, 06/01/29 *(a)* | 100000 | 101031 |
| 2.80%, 02/15/30 *(a)* | 150000 | 141892 |
| 2.20%, 09/15/31 *(a)* | 200000 | 177190 |
| 5.25%, 04/05/34 *(a)* | 100000 | 103382 |
| 5.00%, 01/15/35 *(a)* | 100000 | 100884 |
| 5.38%, 11/15/54 *(a)* | 75000 | 72960 |
| **Amrize Finance U.S. LLC** | **Amrize Finance U.S. LLC** | **Amrize Finance U.S. LLC** |
| 4.60%, 04/07/27 *(d)* | 150000 | 150823 |
| 4.70%, 04/07/28 *(a)(d)* | 125000 | 126553 |
| 4.95%, 04/07/30 *(a)(d)* | 150000 | 153132 |
| 5.40%, 04/07/35 *(a)(d)* | 150000 | 152295 |
| **AptarGroup, Inc.** | **AptarGroup, Inc.** | **AptarGroup, Inc.** |
| 3.60%, 03/15/32 *(a)* | 100000 | 92075 |
| **Avery Dennison Corp.** | **Avery Dennison Corp.** | **Avery Dennison Corp.** |
| 2.65%, 04/30/30 *(a)* | 100000 | 92964 |
| 2.25%, 02/15/32 *(a)* | 100000 | 85952 |
| 5.75%, 03/15/33 *(a)* | 100000 | 105294 |
| **Berry Global, Inc.** | **Berry Global, Inc.** | **Berry Global, Inc.** |
| 5.50%, 04/15/28 *(a)* | 100000 | 103099 |
| 5.80%, 06/15/31 *(a)* | 100000 | 105880 |
| 5.65%, 01/15/34 *(a)* | 150000 | 156064 |
| **Boeing Co.** | **Boeing Co.** | **Boeing Co.** |
| 2.70%, 02/01/27 *(a)* | 200000 | 195538 |
| 2.80%, 03/01/27 *(a)* | 100000 | 97866 |
| 5.04%, 05/01/27 *(a)* | 300000 | 302913 |
| 6.26%, 05/01/27 *(a)* | 200000 | 205822 |
| 3.25%, 02/01/28 *(a)* | 250000 | 244110 |
| 3.25%, 03/01/28 *(a)* | 75000 | 73115 |
| 3.45%, 11/01/28 *(a)* | 50000 | 48831 |
| 3.20%, 03/01/29 *(a)* | 150000 | 144423 |
| 6.30%, 05/01/29 *(a)* | 250000 | 265567 |
| 2.95%, 02/01/30 *(a)* | 150000 | 140851 |
| 5.15%, 05/01/30 *(a)* | 800000 | 820544 |
| 3.63%, 02/01/31 *(a)* | 250000 | 238840 |
| 6.39%, 05/01/31 *(a)* | 175000 | 190132 |
| 6.13%, 02/15/33  | 75000 | 79972 |
| 3.60%, 05/01/34 *(a)* | 100000 | 89146 |
| 6.53%, 05/01/34 *(a)* | 475000 | 520320 |
| 3.25%, 02/01/35 *(a)* | 150000 | 128147 |
| 6.63%, 02/15/38  | 100000 | 109432 |
| 3.55%, 03/01/38 *(a)* | 100000 | 82125 |
| 3.50%, 03/01/39 *(a)* | 50000 | 39792 |
| 6.88%, 03/15/39  | 80000 | 88937 |
| 5.88%, 02/15/40  | 100000 | 101082 |
| 5.71%, 05/01/40 *(a)* | 550000 | 550990 |
| 3.38%, 06/15/46 *(a)* | 75000 | 51707 |
| 3.65%, 03/01/47 *(a)* | 50000 | 35319 |
| 3.63%, 03/01/48 *(a)* | 50000 | 35086 |
| 3.85%, 11/01/48 *(a)* | 100000 | 71861 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.90%, 05/01/49 *(a)* | 100000 | 72756 |
| 3.75%, 02/01/50 *(a)* | 250000 | 177545 |
| 5.81%, 05/01/50 *(a)* | 1000000 | 962440 |
| 6.86%, 05/01/54 *(a)* | 475000 | 521498 |
| 3.83%, 03/01/59 *(a)* | 50000 | 33831 |
| 3.95%, 08/01/59 *(a)* | 150000 | 103535 |
| 5.93%, 05/01/60 *(a)* | 550000 | 528726 |
| 7.01%, 05/01/64 *(a)* | 250000 | 277500 |
| **Carlisle Cos., Inc.** | **Carlisle Cos., Inc.** | **Carlisle Cos., Inc.** |
| 3.75%, 12/01/27 *(a)* | 150000 | 148656 |
| 2.75%, 03/01/30 *(a)* | 150000 | 140297 |
| 2.20%, 03/01/32 *(a)* | 100000 | 85726 |
| 5.55%, 09/15/40 *(a)* | 100000 | 100207 |
| **Carrier Global Corp.** | **Carrier Global Corp.** | **Carrier Global Corp.** |
| 2.49%, 02/15/27 *(a)* | 56000 | 54794 |
| 2.72%, 02/15/30 *(a)* | 400000 | 375864 |
| 2.70%, 02/15/31 *(a)(d)* | 150000 | 138035 |
| 5.90%, 03/15/34 *(a)* | 200000 | 213442 |
| 3.38%, 04/05/40 *(a)* | 300000 | 239871 |
| 3.58%, 04/05/50 *(a)(d)* | 225000 | 164578 |
| 6.20%, 03/15/54 *(a)* | 87000 | 92746 |
| **Caterpillar Financial Services Corp.** | **Caterpillar Financial Services Corp.** | **Caterpillar Financial Services Corp.** |
| 1.15%, 09/14/26  | 100000 | 97119 |
| 4.50%, 01/07/27  | 100000 | 100768 |
| 1.70%, 01/08/27  | 100000 | 97125 |
| 3.60%, 08/12/27  | 150000 | 149170 |
| 1.10%, 09/14/27  | 150000 | 142021 |
| 4.40%, 10/15/27  | 150000 | 151551 |
| 4.60%, 11/15/27  | 200000 | 202870 |
| 4.10%, 08/15/28  | 220000 | 220796 |
| 4.85%, 02/27/29  | 100000 | 102742 |
| 4.38%, 08/16/29  | 200000 | 202952 |
| 4.70%, 11/15/29  | 200000 | 205028 |
| 4.80%, 01/08/30  | 100000 | 103181 |
| **Caterpillar, Inc.** | **Caterpillar, Inc.** | **Caterpillar, Inc.** |
| 2.60%, 09/19/29 *(a)* | 100000 | 94711 |
| 2.60%, 04/09/30 *(a)* | 200000 | 187964 |
| 1.90%, 03/12/31 *(a)* | 100000 | 89160 |
| 5.20%, 05/15/35 *(a)* | 300000 | 307770 |
| 5.30%, 09/15/35  | 100000 | 103490 |
| 6.05%, 08/15/36  | 100000 | 109745 |
| 5.20%, 05/27/41  | 150000 | 148603 |
| 3.80%, 08/15/42  | 250000 | 206162 |
| 4.30%, 05/15/44 *(a)* | 100000 | 86778 |
| 3.25%, 09/19/49 *(a)* | 100000 | 70078 |
| 3.25%, 04/09/50 *(a)* | 150000 | 104828 |
| 5.50%, 05/15/55 *(a)* | 100000 | 99294 |
| 4.75%, 05/15/64 *(a)* | 100000 | 87224 |
| **CNH Industrial Capital LLC** | **CNH Industrial Capital LLC** | **CNH Industrial Capital LLC** |
| 4.50%, 10/08/27 *(a)* | 100000 | 100626 |
| 4.55%, 04/10/28 *(a)* | 100000 | 100922 |
| 5.50%, 01/12/29 *(a)* | 100000 | 103660 |
| 5.10%, 04/20/29 *(a)* | 100000 | 102625 |
| **CNH Industrial NV** | **CNH Industrial NV** | **CNH Industrial NV** |
| 3.85%, 11/15/27 *(a)* | 100000 | 99531 |
| **CRH America Finance, Inc.** | **CRH America Finance, Inc.** | **CRH America Finance, Inc.** |
| 5.40%, 05/21/34 *(a)* | 200000 | 205692 |
| 5.50%, 01/09/35 *(a)* | 200000 | 206520 |
| 5.88%, 01/09/55 *(a)* | 100000 | 101463 |
| **CRH SMW Finance DAC** | **CRH SMW Finance DAC** | **CRH SMW Finance DAC** |
| 5.20%, 05/21/29 *(a)* | 200000 | 206452 |
| 5.13%, 01/09/30 *(a)* | 200000 | 205810 |
| **Deere & Co.** | **Deere & Co.** | **Deere & Co.** |
| 5.38%, 10/16/29  | 112000 | 117697 |
| 3.10%, 04/15/30 *(a)* | 150000 | 143736 |
| 7.13%, 03/03/31  | 75000 | 85760 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**29**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.45%, 01/16/35 *(a)* | 200000 | 208520 |
| 3.90%, 06/09/42 *(a)* | 200000 | 169682 |
| 2.88%, 09/07/49 *(a)* | 100000 | 65609 |
| 3.75%, 04/15/50 *(a)* | 150000 | 115181 |
| 5.70%, 01/19/55 *(a)* | 100000 | 102275 |
| **Dover Corp.** | **Dover Corp.** | **Dover Corp.** |
| 5.38%, 03/01/41 *(a)* | 100000 | 98239 |
| **Eagle Materials, Inc.** | **Eagle Materials, Inc.** | **Eagle Materials, Inc.** |
| 2.50%, 07/01/31 *(a)* | 150000 | 134138 |
| **Eaton Corp.** | **Eaton Corp.** | **Eaton Corp.** |
| 3.10%, 09/15/27 *(a)* | 100000 | 98416 |
| 4.35%, 05/18/28 *(a)* | 100000 | 100996 |
| 4.00%, 11/02/32  | 96000 | 93166 |
| 4.15%, 03/15/33 *(a)* | 250000 | 244175 |
| 4.15%, 11/02/42  | 150000 | 128856 |
| 3.92%, 09/15/47 *(a)* | 100000 | 79424 |
| 4.70%, 08/23/52 *(a)* | 100000 | 88726 |
| **Embraer Netherlands Finance BV** | **Embraer Netherlands Finance BV** | **Embraer Netherlands Finance BV** |
| 5.98%, 02/11/35 *(a)* | 125000 | 129981 |
| **Emerson Electric Co.** | **Emerson Electric Co.** | **Emerson Electric Co.** |
| 0.88%, 10/15/26 *(a)* | 150000 | 145021 |
| 1.80%, 10/15/27 *(a)* | 150000 | 143758 |
| 2.00%, 12/21/28 *(a)* | 200000 | 188132 |
| 2.20%, 12/21/31 *(a)* | 200000 | 177578 |
| 5.00%, 03/15/35 *(a)* | 75000 | 76298 |
| 5.25%, 11/15/39  | 50000 | 50486 |
| 2.75%, 10/15/50 *(a)* | 100000 | 62659 |
| 2.80%, 12/21/51 *(a)* | 200000 | 125008 |
| **Ferguson Enterprises, Inc.** | **Ferguson Enterprises, Inc.** | **Ferguson Enterprises, Inc.** |
| 5.00%, 10/03/34 *(a)* | 125000 | 123938 |
| **Flowserve Corp.** | **Flowserve Corp.** | **Flowserve Corp.** |
| 3.50%, 10/01/30 *(a)* | 150000 | 142794 |
| **Fortive Corp.** | **Fortive Corp.** | **Fortive Corp.** |
| 4.30%, 06/15/46 *(a)* | 80000 | 65502 |
| **Fortune Brands Innovations, Inc.** | **Fortune Brands Innovations, Inc.** | **Fortune Brands Innovations, Inc.** |
| 3.25%, 09/15/29 *(a)* | 100000 | 95691 |
| 4.00%, 03/25/32 *(a)* | 100000 | 95027 |
| 5.88%, 06/01/33 *(a)* | 100000 | 105657 |
| 4.50%, 03/25/52 *(a)* | 100000 | 79721 |
| **GE Capital International Funding Co. Unlimited Co.** | **GE Capital International Funding Co. Unlimited Co.** | **GE Capital International Funding Co. Unlimited Co.** |
| 3.37%, 11/15/25  | 100000 | 99719 |
| 4.42%, 11/15/35  | 200000 | 193632 |
| **General Dynamics Corp.** | **General Dynamics Corp.** | **General Dynamics Corp.** |
| 3.50%, 04/01/27 *(a)* | 100000 | 99512 |
| 3.75%, 05/15/28 *(a)* | 300000 | 299355 |
| 3.63%, 04/01/30 *(a)* | 150000 | 147295 |
| 2.25%, 06/01/31 *(a)* | 100000 | 90216 |
| 4.25%, 04/01/40 *(a)* | 100000 | 90290 |
| 2.85%, 06/01/41 *(a)* | 100000 | 73454 |
| 3.60%, 11/15/42 *(a)* | 150000 | 120029 |
| 4.25%, 04/01/50 *(a)* | 150000 | 124818 |
| **General Electric Co.** | **General Electric Co.** | **General Electric Co.** |
| 4.30%, 07/29/30 *(a)* | 180000 | 180871 |
| 6.75%, 03/15/32  | 200000 | 226580 |
| 4.90%, 01/29/36 *(a)* | 180000 | 180848 |
| 5.88%, 01/14/38  | 100000 | 107387 |
| 6.88%, 01/10/39  | 100000 | 117454 |
| 4.50%, 03/11/44  | 100000 | 89212 |
| 4.35%, 05/01/50 *(a)* | 100000 | 84939 |
| **HEICO Corp.** | **HEICO Corp.** | **HEICO Corp.** |
| 5.25%, 08/01/28 *(a)* | 100000 | 102803 |
| 5.35%, 08/01/33 *(a)* | 100000 | 102894 |
| **Hexcel Corp.** | **Hexcel Corp.** | **Hexcel Corp.** |
| 4.20%, 02/15/27 *(a)* | 200000 | 198706 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Honeywell International, Inc.** | **Honeywell International, Inc.** | **Honeywell International, Inc.** |
| 2.50%, 11/01/26 *(a)* | 300000 | 294582 |
| 1.10%, 03/01/27 *(a)* | 200000 | 191464 |
| 4.65%, 07/30/27 *(a)* | 200000 | 202490 |
| 4.25%, 01/15/29 *(a)* | 200000 | 201148 |
| 2.70%, 08/15/29 *(a)* | 150000 | 142785 |
| 4.88%, 09/01/29 *(a)* | 100000 | 103006 |
| 4.70%, 02/01/30 *(a)* | 200000 | 204006 |
| 1.95%, 06/01/30 *(a)* | 200000 | 181108 |
| 1.75%, 09/01/31 *(a)* | 250000 | 215552 |
| 4.95%, 09/01/31 *(a)* | 100000 | 103191 |
| 4.75%, 02/01/32 *(a)* | 200000 | 203264 |
| 5.00%, 02/15/33 *(a)* | 225000 | 229563 |
| 4.50%, 01/15/34 *(a)* | 200000 | 196294 |
| 5.00%, 03/01/35 *(a)* | 200000 | 201494 |
| 5.70%, 03/15/37  | 100000 | 105310 |
| 3.81%, 11/21/47 *(a)* | 100000 | 77040 |
| 2.80%, 06/01/50 *(a)* | 150000 | 94277 |
| 5.25%, 03/01/54 *(a)* | 300000 | 279318 |
| 5.35%, 03/01/64 *(a)* | 150000 | 139452 |
| **Howmet Aerospace, Inc.** | **Howmet Aerospace, Inc.** | **Howmet Aerospace, Inc.** |
| 5.90%, 02/01/27  | 100000 | 102270 |
| 6.75%, 01/15/28  | 100000 | 105668 |
| 3.00%, 01/15/29 *(a)* | 100000 | 96328 |
| 4.85%, 10/15/31 *(a)* | 100000 | 102398 |
| 5.95%, 02/01/37  | 100000 | 106839 |
| **Hubbell, Inc.** | **Hubbell, Inc.** | **Hubbell, Inc.** |
| 3.50%, 02/15/28 *(a)* | 100000 | 98423 |
| 2.30%, 03/15/31 *(a)* | 100000 | 89711 |
| **Huntington Ingalls Industries, Inc.** | **Huntington Ingalls Industries, Inc.** | **Huntington Ingalls Industries, Inc.** |
| 3.48%, 12/01/27 *(a)* | 100000 | 98308 |
| 2.04%, 08/16/28 *(a)* | 100000 | 93796 |
| 5.35%, 01/15/30 *(a)* | 100000 | 103232 |
| 4.20%, 05/01/30 *(a)* | 100000 | 98729 |
| 5.75%, 01/15/35 *(a)* | 100000 | 103868 |
| **IDEX Corp.** | **IDEX Corp.** | **IDEX Corp.** |
| 4.95%, 09/01/29 *(a)* | 75000 | 76664 |
| 3.00%, 05/01/30 *(a)* | 100000 | 94159 |
| 2.63%, 06/15/31 *(a)* | 75000 | 67875 |
| **Illinois Tool Works, Inc.** | **Illinois Tool Works, Inc.** | **Illinois Tool Works, Inc.** |
| 2.65%, 11/15/26 *(a)* | 200000 | 197192 |
| 3.90%, 09/01/42 *(a)* | 300000 | 249570 |
| **Ingersoll Rand, Inc.** | **Ingersoll Rand, Inc.** | **Ingersoll Rand, Inc.** |
| 5.20%, 06/15/27 *(a)* | 150000 | 152649 |
| 5.40%, 08/14/28 *(a)* | 75000 | 77606 |
| 5.18%, 06/15/29 *(a)* | 150000 | 155082 |
| 5.31%, 06/15/31 *(a)* | 75000 | 78386 |
| 5.70%, 08/14/33 *(a)* | 200000 | 210818 |
| 5.45%, 06/15/34 *(a)* | 150000 | 155214 |
| 5.70%, 06/15/54 *(a)* | 100000 | 98739 |
| **John Deere Capital Corp.** | **John Deere Capital Corp.** | **John Deere Capital Corp.** |
| 5.15%, 09/08/26  | 100000 | 101168 |
| 1.30%, 10/13/26  | 100000 | 97161 |
| 4.50%, 01/08/27  | 200000 | 201541 |
| 1.70%, 01/11/27  | 100000 | 97140 |
| 4.85%, 03/05/27  | 100000 | 101387 |
| 1.75%, 03/09/27  | 200000 | 193498 |
| 4.90%, 06/11/27  | 150000 | 152733 |
| 4.20%, 07/15/27  | 200000 | 201268 |
| 4.15%, 09/15/27  | 200000 | 200906 |
| 3.05%, 01/06/28  | 50000 | 49027 |
| 4.65%, 01/07/28  | 100000 | 101745 |
| 4.75%, 01/20/28  | 200000 | 203738 |
| 4.90%, 03/03/28  | 100000 | 102324 |
| 1.50%, 03/06/28  | 150000 | 141456 |
| 4.25%, 06/05/28  | 130000 | 131138 |

---

*See financial notes*

**30**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.95%, 07/14/28  | 250000 | 257005 |
| 4.50%, 01/16/29  | 150000 | 152407 |
| 3.45%, 03/07/29  | 100000 | 98229 |
| 3.35%, 04/18/29  | 100000 | 97841 |
| 4.85%, 06/11/29  | 150000 | 154339 |
| 2.80%, 07/18/29  | 150000 | 143430 |
| 4.85%, 10/11/29  | 100000 | 103337 |
| 2.45%, 01/09/30  | 100000 | 93560 |
| 4.55%, 06/05/30  | 150000 | 152439 |
| 4.70%, 06/10/30  | 200000 | 205130 |
| 4.38%, 10/15/30  | 110000 | 110886 |
| 1.45%, 01/15/31  | 100000 | 87292 |
| 4.90%, 03/07/31  | 150000 | 154678 |
| 2.00%, 06/17/31  | 100000 | 88600 |
| 4.40%, 09/08/31  | 200000 | 201188 |
| 3.90%, 06/07/32  | 100000 | 97028 |
| 4.35%, 09/15/32  | 150000 | 148804 |
| 5.15%, 09/08/33  | 175000 | 181543 |
| 5.10%, 04/11/34  | 150000 | 153795 |
| 5.05%, 06/12/34  | 150000 | 153264 |
| **Johnson Controls International PLC** | **Johnson Controls International PLC** | **Johnson Controls International PLC** |
| 6.00%, 01/15/36  | 50000 | 54187 |
| 4.63%, 07/02/44 *(a)* | 95000 | 82741 |
| 4.50%, 02/15/47 *(a)* | 100000 | 84763 |
| 4.95%, 07/02/64 *(a)(f)* | 75000 | 63946 |
| **Johnson Controls International PLC/Tyco Fire & Security Finance SCA** | **Johnson Controls International PLC/Tyco Fire & Security Finance SCA** | **Johnson Controls International PLC/Tyco Fire & Security Finance SCA** |
| 5.50%, 04/19/29 *(a)* | 125000 | 130334 |
| 1.75%, 09/15/30 *(a)* | 150000 | 132953 |
| 2.00%, 09/16/31 *(a)* | 100000 | 86593 |
| 4.90%, 12/01/32 *(a)* | 100000 | 101031 |
| **Kennametal, Inc.** | **Kennametal, Inc.** | **Kennametal, Inc.** |
| 4.63%, 06/15/28 *(a)* | 100000 | 100775 |
| **L3Harris Technologies, Inc.** | **L3Harris Technologies, Inc.** | **L3Harris Technologies, Inc.** |
| 3.85%, 12/15/26 *(a)* | 75000 | 74654 |
| 5.40%, 01/15/27  | 225000 | 228562 |
| 4.40%, 06/15/28 *(a)* | 300000 | 301792 |
| 5.05%, 06/01/29 *(a)* | 150000 | 154044 |
| 2.90%, 12/15/29 *(a)* | 50000 | 47247 |
| 1.80%, 01/15/31 *(a)* | 100000 | 87638 |
| 5.25%, 06/01/31 *(a)* | 150000 | 155862 |
| 5.40%, 07/31/33 *(a)* | 275000 | 283957 |
| 5.35%, 06/01/34 *(a)* | 150000 | 153825 |
| 6.15%, 12/15/40  | 95000 | 101531 |
| 5.05%, 04/27/45 *(a)* | 100000 | 93736 |
| 5.60%, 07/31/53 *(a)* | 100000 | 97474 |
| 5.50%, 08/15/54 *(a)* | 100000 | 96256 |
| **Leggett & Platt, Inc.** | **Leggett & Platt, Inc.** | **Leggett & Platt, Inc.** |
| 3.50%, 11/15/27 *(a)* | 100000 | 97689 |
| 4.40%, 03/15/29 *(a)* | 100000 | 98397 |
| 3.50%, 11/15/51 *(a)* | 100000 | 63771 |
| **Lennox International, Inc.** | **Lennox International, Inc.** | **Lennox International, Inc.** |
| 1.70%, 08/01/27 *(a)* | 75000 | 71581 |
| 5.50%, 09/15/28 *(a)* | 100000 | 103588 |
| **Lockheed Martin Corp.** | **Lockheed Martin Corp.** | **Lockheed Martin Corp.** |
| 5.10%, 11/15/27 *(a)* | 150000 | 153654 |
| 4.45%, 05/15/28 *(a)* | 100000 | 101224 |
| 4.15%, 08/15/28 *(a)* | 90000 | 90495 |
| 4.50%, 02/15/29 *(a)* | 100000 | 101465 |
| 1.85%, 06/15/30 *(a)* | 100000 | 90155 |
| 4.40%, 08/15/30 *(a)* | 130000 | 131114 |
| 4.70%, 12/15/31 *(a)* | 125000 | 127515 |
| 3.90%, 06/15/32 *(a)* | 150000 | 145440 |
| 5.25%, 01/15/33 *(a)* | 150000 | 156376 |
| 4.75%, 02/15/34 *(a)* | 150000 | 150088 |
| 4.80%, 08/15/34 *(a)* | 100000 | 100262 |
| 3.60%, 03/01/35 *(a)* | 100000 | 91140 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.00%, 08/15/35 *(a)* | 130000 | 130806 |
| 4.50%, 05/15/36 *(a)* | 125000 | 120593 |
| 6.15%, 09/01/36  | 100000 | 110135 |
| 5.72%, 06/01/40  | 100000 | 104851 |
| 4.07%, 12/15/42  | 200000 | 168052 |
| 3.80%, 03/01/45 *(a)* | 150000 | 118910 |
| 4.70%, 05/15/46 *(a)* | 250000 | 223215 |
| 2.80%, 06/15/50 *(a)* | 150000 | 93546 |
| 4.09%, 09/15/52 *(a)* | 288000 | 224957 |
| 4.15%, 06/15/53 *(a)* | 150000 | 117969 |
| 5.70%, 11/15/54 *(a)* | 150000 | 149961 |
| 5.20%, 02/15/55 *(a)* | 225000 | 209155 |
| 4.30%, 06/15/62 *(a)* | 125000 | 97350 |
| 5.90%, 11/15/63 *(a)* | 150000 | 153682 |
| 5.20%, 02/15/64 *(a)* | 100000 | 90940 |
| **Martin Marietta Materials, Inc.** | **Martin Marietta Materials, Inc.** | **Martin Marietta Materials, Inc.** |
| 3.45%, 06/01/27 *(a)* | 50000 | 49418 |
| 3.50%, 12/15/27 *(a)* | 50000 | 49347 |
| 2.50%, 03/15/30 *(a)* | 100000 | 92814 |
| 2.40%, 07/15/31 *(a)* | 200000 | 178548 |
| 5.15%, 12/01/34 *(a)* | 125000 | 125935 |
| 4.25%, 12/15/47 *(a)* | 100000 | 81481 |
| 3.20%, 07/15/51 *(a)* | 150000 | 99656 |
| 5.50%, 12/01/54 *(a)* | 125000 | 120423 |
| **Masco Corp.** | **Masco Corp.** | **Masco Corp.** |
| 1.50%, 02/15/28 *(a)* | 100000 | 93680 |
| 2.00%, 10/01/30 *(a)* | 100000 | 89295 |
| 2.00%, 02/15/31 *(a)* | 125000 | 109341 |
| 4.50%, 05/15/47 *(a)* | 100000 | 81124 |
| **Mohawk Industries, Inc.** | **Mohawk Industries, Inc.** | **Mohawk Industries, Inc.** |
| 3.63%, 05/15/30 *(a)* | 160000 | 154186 |
| **Nordson Corp.** | **Nordson Corp.** | **Nordson Corp.** |
| 4.50%, 12/15/29 *(a)* | 150000 | 151333 |
| 5.80%, 09/15/33 *(a)* | 100000 | 106360 |
| **Northrop Grumman Corp.** | **Northrop Grumman Corp.** | **Northrop Grumman Corp.** |
| 3.20%, 02/01/27 *(a)* | 100000 | 98788 |
| 3.25%, 01/15/28 *(a)* | 375000 | 368347 |
| 4.60%, 02/01/29 *(a)* | 150000 | 152421 |
| 4.40%, 05/01/30 *(a)* | 150000 | 151308 |
| 4.70%, 03/15/33 *(a)* | 250000 | 250160 |
| 4.90%, 06/01/34 *(a)* | 150000 | 150360 |
| 5.15%, 05/01/40 *(a)* | 100000 | 98084 |
| 5.05%, 11/15/40  | 100000 | 96751 |
| 4.75%, 06/01/43  | 150000 | 135732 |
| 3.85%, 04/15/45 *(a)* | 75000 | 59393 |
| 4.03%, 10/15/47 *(a)* | 400000 | 317084 |
| 5.25%, 05/01/50 *(a)* | 200000 | 186988 |
| 4.95%, 03/15/53 *(a)* | 150000 | 133551 |
| 5.20%, 06/01/54 *(a)* | 200000 | 184352 |
| **nVent Finance SARL** | **nVent Finance SARL** | **nVent Finance SARL** |
| 4.55%, 04/15/28 *(a)* | 150000 | 150439 |
| 5.65%, 05/15/33 *(a)* | 100000 | 103014 |
| **Oshkosh Corp.** | **Oshkosh Corp.** | **Oshkosh Corp.** |
| 3.10%, 03/01/30 *(a)* | 100000 | 94095 |
| **Otis Worldwide Corp.** | **Otis Worldwide Corp.** | **Otis Worldwide Corp.** |
| 2.29%, 04/05/27 *(a)* | 100000 | 97400 |
| 5.25%, 08/16/28 *(a)* | 100000 | 103148 |
| 2.57%, 02/15/30 *(a)* | 250000 | 233057 |
| 5.13%, 11/19/31 *(a)* | 125000 | 129450 |
| 3.11%, 02/15/40 *(a)* | 175000 | 135427 |
| 3.36%, 02/15/50 *(a)* | 125000 | 86674 |
| **Owens Corning** | **Owens Corning** | **Owens Corning** |
| 5.50%, 06/15/27 *(a)* | 100000 | 102231 |
| 3.95%, 08/15/29 *(a)* | 100000 | 98883 |
| 3.50%, 02/15/30 *(a)* | 75000 | 72500 |
| 3.88%, 06/01/30 *(a)* | 100000 | 97675 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**31**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.70%, 06/15/34 *(a)* | 150000 | 157005 |
| 7.00%, 12/01/36  | 25000 | 28512 |
| 4.30%, 07/15/47 *(a)* | 100000 | 81248 |
| 4.40%, 01/30/48 *(a)* | 100000 | 81824 |
| 5.95%, 06/15/54 *(a)* | 125000 | 125435 |
| **Parker-Hannifin Corp.** | **Parker-Hannifin Corp.** | **Parker-Hannifin Corp.** |
| 3.25%, 03/01/27 *(a)* | 100000 | 98862 |
| 4.25%, 09/15/27 *(a)* | 200000 | 200776 |
| 3.25%, 06/14/29 *(a)* | 150000 | 145516 |
| 4.50%, 09/15/29 *(a)* | 200000 | 202856 |
| 4.20%, 11/21/34 *(a)* | 100000 | 96058 |
| 6.25%, 05/15/38  | 50000 | 55032 |
| 4.45%, 11/21/44 *(a)* | 100000 | 86741 |
| 4.10%, 03/01/47 *(a)* | 100000 | 81407 |
| 4.00%, 06/14/49 *(a)* | 200000 | 157880 |
| **Pentair Finance SARL** | **Pentair Finance SARL** | **Pentair Finance SARL** |
| 4.50%, 07/01/29 *(a)* | 75000 | 75417 |
| 5.90%, 07/15/32 *(a)* | 50000 | 52762 |
| **Precision Castparts Corp.** | **Precision Castparts Corp.** | **Precision Castparts Corp.** |
| 3.90%, 01/15/43 *(a)* | 100000 | 81947 |
| 4.38%, 06/15/45 *(a)* | 100000 | 84973 |
| **Regal Rexnord Corp.** | **Regal Rexnord Corp.** | **Regal Rexnord Corp.** |
| 6.05%, 04/15/28 *(a)* | 200000 | 207072 |
| 6.30%, 02/15/30 *(a)* | 200000 | 211744 |
| 6.40%, 04/15/33 *(a)* | 200000 | 212998 |
| **Republic Services, Inc.** | **Republic Services, Inc.** | **Republic Services, Inc.** |
| 3.38%, 11/15/27 *(a)* | 150000 | 148323 |
| 3.95%, 05/15/28 *(a)* | 100000 | 100054 |
| 4.88%, 04/01/29 *(a)* | 100000 | 102625 |
| 2.30%, 03/01/30 *(a)* | 200000 | 185002 |
| 1.45%, 02/15/31 *(a)* | 150000 | 129290 |
| 1.75%, 02/15/32 *(a)* | 100000 | 85286 |
| 2.38%, 03/15/33 *(a)* | 100000 | 86268 |
| 5.00%, 12/15/33 *(a)* | 100000 | 102368 |
| 5.00%, 04/01/34 *(a)* | 150000 | 152755 |
| 5.20%, 11/15/34 *(a)* | 100000 | 102751 |
| 5.15%, 03/15/35 *(a)* | 150000 | 153325 |
| 6.20%, 03/01/40  | 100000 | 109236 |
| 5.70%, 05/15/41 *(a)* | 75000 | 77348 |
| 3.05%, 03/01/50 *(a)* | 50000 | 33597 |
| **Rockwell Automation, Inc.** | **Rockwell Automation, Inc.** | **Rockwell Automation, Inc.** |
| 3.50%, 03/01/29 *(a)* | 100000 | 98157 |
| 1.75%, 08/15/31 *(a)* | 100000 | 87021 |
| 4.20%, 03/01/49 *(a)* | 100000 | 81864 |
| 2.80%, 08/15/61 *(a)* | 100000 | 57608 |
| **RTX Corp.** | **RTX Corp.** | **RTX Corp.** |
| 2.65%, 11/01/26 *(a)* | 150000 | 147463 |
| 5.75%, 11/08/26 *(a)* | 225000 | 228755 |
| 3.50%, 03/15/27 *(a)* | 200000 | 198268 |
| 3.13%, 05/04/27 *(a)* | 200000 | 196998 |
| 7.20%, 08/15/27  | 75000 | 79556 |
| 4.13%, 11/16/28 *(a)* | 550000 | 550566 |
| 5.75%, 01/15/29 *(a)* | 100000 | 104953 |
| 7.50%, 09/15/29  | 100000 | 112056 |
| 2.25%, 07/01/30 *(a)* | 150000 | 137159 |
| 6.00%, 03/15/31 *(a)* | 175000 | 189098 |
| 1.90%, 09/01/31 *(a)* | 200000 | 173232 |
| 2.38%, 03/15/32 *(a)* | 200000 | 175244 |
| 5.15%, 02/27/33 *(a)* | 200000 | 205474 |
| 6.10%, 03/15/34 *(a)* | 275000 | 298672 |
| 5.40%, 05/01/35  | 75000 | 77678 |
| 6.05%, 06/01/36  | 100000 | 108309 |
| 6.13%, 07/15/38  | 100000 | 108489 |
| 4.45%, 11/16/38 *(a)* | 175000 | 162120 |
| 5.70%, 04/15/40  | 100000 | 104188 |
| 4.88%, 10/15/40 *(d)* | 75000 | 70949 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.70%, 12/15/41  | 100000 | 91158 |
| 4.50%, 06/01/42  | 500000 | 441355 |
| 4.80%, 12/15/43 *(a)* | 50000 | 45265 |
| 4.15%, 05/15/45 *(a)* | 175000 | 143643 |
| 3.75%, 11/01/46 *(a)* | 225000 | 171616 |
| 4.35%, 04/15/47 *(a)* | 150000 | 124979 |
| 4.05%, 05/04/47 *(a)* | 100000 | 79684 |
| 4.63%, 11/16/48 *(a)* | 300000 | 258150 |
| 3.13%, 07/01/50 *(a)* | 200000 | 131492 |
| 2.82%, 09/01/51 *(a)* | 200000 | 121998 |
| 3.03%, 03/15/52 *(a)* | 200000 | 126742 |
| 5.38%, 02/27/53 *(a)* | 200000 | 189172 |
| 6.40%, 03/15/54 *(a)* | 300000 | 324864 |
| **Snap-on, Inc.** | **Snap-on, Inc.** | **Snap-on, Inc.** |
| 4.10%, 03/01/48 *(a)* | 100000 | 81024 |
| 3.10%, 05/01/50 *(a)* | 100000 | 66951 |
| **Sonoco Products Co.** | **Sonoco Products Co.** | **Sonoco Products Co.** |
| 4.60%, 09/01/29 *(a)* | 100000 | 100460 |
| 3.13%, 05/01/30 *(a)* | 100000 | 94173 |
| 2.85%, 02/01/32 *(a)* | 100000 | 89206 |
| 5.00%, 09/01/34 *(a)* | 150000 | 146947 |
| 5.75%, 11/01/40 *(a)* | 100000 | 101209 |
| **Stanley Black & Decker, Inc.** | **Stanley Black & Decker, Inc.** | **Stanley Black & Decker, Inc.** |
| 6.00%, 03/06/28 *(a)* | 100000 | 104177 |
| 4.25%, 11/15/28 *(a)* | 75000 | 75167 |
| 2.30%, 03/15/30 *(a)* | 200000 | 182012 |
| 5.20%, 09/01/40  | 100000 | 95582 |
| 4.85%, 11/15/48 *(a)* | 75000 | 63656 |
| 2.75%, 11/15/50 *(a)* | 100000 | 56978 |
| **Teledyne Technologies, Inc.** | **Teledyne Technologies, Inc.** | **Teledyne Technologies, Inc.** |
| 2.25%, 04/01/28 *(a)* | 200000 | 190626 |
| **Textron, Inc.** | **Textron, Inc.** | **Textron, Inc.** |
| 3.38%, 03/01/28 *(a)* | 100000 | 97957 |
| 3.00%, 06/01/30 *(a)* | 100000 | 93964 |
| 2.45%, 03/15/31 *(a)* | 150000 | 134955 |
| 6.10%, 11/15/33 *(a)* | 75000 | 80375 |
| 5.50%, 05/15/35 *(a)* | 75000 | 76474 |
| **Timken Co.** | **Timken Co.** | **Timken Co.** |
| 4.50%, 12/15/28 *(a)* | 100000 | 100822 |
| 4.13%, 04/01/32 *(a)* | 100000 | 94765 |
| **Trane Technologies Financing Ltd.** | **Trane Technologies Financing Ltd.** | **Trane Technologies Financing Ltd.** |
| 3.80%, 03/21/29 *(a)* | 100000 | 99058 |
| 5.25%, 03/03/33 *(a)* | 200000 | 206784 |
| 5.10%, 06/13/34 *(a)* | 100000 | 102135 |
| 4.50%, 03/21/49 *(a)* | 75000 | 63295 |
| **Trane Technologies Global Holding Co. Ltd.** | **Trane Technologies Global Holding Co. Ltd.** | **Trane Technologies Global Holding Co. Ltd.** |
| 3.75%, 08/21/28 *(a)* | 100000 | 99672 |
| 5.75%, 06/15/43  | 100000 | 102989 |
| 4.30%, 02/21/48 *(a)* | 75000 | 62355 |
| **Valmont Industries, Inc.** | **Valmont Industries, Inc.** | **Valmont Industries, Inc.** |
| 5.00%, 10/01/44 *(a)* | 100000 | 91291 |
| 5.25%, 10/01/54 *(a)* | 75000 | 66826 |
| **Veralto Corp.** | **Veralto Corp.** | **Veralto Corp.** |
| 5.50%, 09/18/26 *(a)* | 100000 | 101019 |
| 5.35%, 09/18/28 *(a)* | 100000 | 103325 |
| 5.45%, 09/18/33 *(a)* | 175000 | 180841 |
| **Vontier Corp.** | **Vontier Corp.** | **Vontier Corp.** |
| 2.95%, 04/01/31 *(a)* | 100000 | 91111 |
| **Vulcan Materials Co.** | **Vulcan Materials Co.** | **Vulcan Materials Co.** |
| 3.90%, 04/01/27 *(a)* | 150000 | 149548 |
| 3.50%, 06/01/30 *(a)* | 50000 | 48283 |
| 5.35%, 12/01/34 *(a)* | 125000 | 127959 |
| 4.50%, 06/15/47 *(a)* | 150000 | 127055 |
| 4.70%, 03/01/48 *(a)* | 100000 | 86747 |
| 5.70%, 12/01/54 *(a)* | 100000 | 99032 |

---

*See financial notes*

**32**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Waste Connections, Inc.** | **Waste Connections, Inc.** | **Waste Connections, Inc.** |
| 4.25%, 12/01/28 *(a)* | 100000 | 100769 |
| 3.50%, 05/01/29 *(a)* | 100000 | 98434 |
| 2.60%, 02/01/30 *(a)* | 150000 | 140886 |
| 3.20%, 06/01/32 *(a)* | 100000 | 92285 |
| 4.20%, 01/15/33 *(a)* | 125000 | 121535 |
| 5.00%, 03/01/34 *(a)* | 150000 | 152281 |
| 3.05%, 04/01/50 *(a)* | 100000 | 65568 |
| 2.95%, 01/15/52 *(a)* | 200000 | 126138 |
| **Waste Management, Inc.** | **Waste Management, Inc.** | **Waste Management, Inc.** |
| 4.95%, 07/03/27 *(a)* | 150000 | 152709 |
| 3.15%, 11/15/27 *(a)* | 200000 | 196608 |
| 1.15%, 03/15/28 *(a)* | 100000 | 93417 |
| 4.50%, 03/15/28 *(a)* | 150000 | 151890 |
| 3.88%, 01/15/29 *(a)* | 100000 | 99220 |
| 4.88%, 02/15/29 *(a)* | 150000 | 154320 |
| 4.63%, 02/15/30 *(a)* | 150000 | 152941 |
| 4.65%, 03/15/30 *(a)* | 125000 | 127549 |
| 1.50%, 03/15/31 *(a)* | 150000 | 129845 |
| 4.95%, 07/03/31 *(a)* | 125000 | 129394 |
| 4.80%, 03/15/32 *(a)* | 125000 | 127681 |
| 4.15%, 04/15/32 *(a)* | 200000 | 196558 |
| 4.63%, 02/15/33 *(a)* | 100000 | 100592 |
| 4.88%, 02/15/34 *(a)* | 250000 | 254122 |
| 4.95%, 03/15/35 *(a)* | 250000 | 251442 |
| 2.95%, 06/01/41 *(a)* | 75000 | 55642 |
| 4.10%, 03/01/45 *(a)* | 112000 | 93127 |
| 4.15%, 07/15/49 *(a)* | 100000 | 81324 |
| 2.50%, 11/15/50 *(a)* | 100000 | 58865 |
| 5.35%, 10/15/54 *(a)* | 200000 | 191832 |
| **Westinghouse Air Brake Technologies Corp.** | **Westinghouse Air Brake Technologies Corp.** | **Westinghouse Air Brake Technologies Corp.** |
| 3.45%, 11/15/26 *(a)* | 100000 | 99069 |
| 4.70%, 09/15/28 *(a)(g)* | 250000 | 253295 |
| 4.90%, 05/29/30 *(a)* | 100000 | 102256 |
| 5.61%, 03/11/34 *(a)* | 75000 | 77933 |
| 5.50%, 05/29/35 *(a)* | 100000 | 102659 |
| **WW Grainger, Inc.** | **WW Grainger, Inc.** | **WW Grainger, Inc.** |
| 4.45%, 09/15/34 *(a)* | 100000 | 98126 |
| 4.60%, 06/15/45 *(a)* | 100000 | 88762 |
| 4.20%, 05/15/47 *(a)* | 200000 | 164574 |
| **Xylem, Inc.** | **Xylem, Inc.** | **Xylem, Inc.** |
| 3.25%, 11/01/26 *(a)* | 100000 | 98907 |
| 1.95%, 01/30/28 *(a)* | 100000 | 95530 |
| 2.25%, 01/30/31 *(a)* | 150000 | 134831 |
|  |  | **69228501** |
| ***Communications 1.7%***  | ***Communications 1.7%***  | ***Communications 1.7%***  |
| **America Movil SAB de CV** | **America Movil SAB de CV** | **America Movil SAB de CV** |
| 3.63%, 04/22/29 *(a)* | 200000 | 195230 |
| 2.88%, 05/07/30 *(a)* | 200000 | 186676 |
| 4.70%, 07/21/32 *(a)* | 200000 | 198738 |
| 5.00%, 01/20/33 *(a)* | 200000 | 201640 |
| 6.38%, 03/01/35  | 200000 | 218566 |
| 6.13%, 03/30/40  | 430000 | 454772 |
| 4.38%, 07/16/42  | 200000 | 171276 |
| **American Tower Corp.** | **American Tower Corp.** | **American Tower Corp.** |
| 1.45%, 09/15/26 *(a)* | 50000 | 48577 |
| 3.38%, 10/15/26 *(a)* | 150000 | 148578 |
| 2.75%, 01/15/27 *(a)* | 150000 | 147114 |
| 3.13%, 01/15/27 *(a)* | 130000 | 128068 |
| 3.65%, 03/15/27 *(a)* | 150000 | 148872 |
| 3.55%, 07/15/27 *(a)* | 175000 | 173126 |
| 3.60%, 01/15/28 *(a)* | 100000 | 98710 |
| 1.50%, 01/31/28 *(a)* | 100000 | 93876 |
| 5.50%, 03/15/28 *(a)* | 100000 | 103092 |
| 5.25%, 07/15/28 *(a)* | 100000 | 102879 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.80%, 11/15/28 *(a)* | 150000 | 156872 |
| 5.20%, 02/15/29 *(a)* | 75000 | 77180 |
| 3.95%, 03/15/29 *(a)* | 100000 | 98952 |
| 3.80%, 08/15/29 *(a)* | 350000 | 342937 |
| 2.90%, 01/15/30 *(a)* | 150000 | 141072 |
| 5.00%, 01/31/30 *(a)* | 100000 | 102415 |
| 4.90%, 03/15/30 *(a)* | 100000 | 102072 |
| 2.10%, 06/15/30 *(a)* | 100000 | 89976 |
| 1.88%, 10/15/30 *(a)* | 150000 | 132249 |
| 2.70%, 04/15/31 *(a)* | 100000 | 90761 |
| 2.30%, 09/15/31 *(a)* | 200000 | 176168 |
| 4.05%, 03/15/32 *(a)* | 150000 | 144605 |
| 5.65%, 03/15/33 *(a)* | 150000 | 156831 |
| 5.55%, 07/15/33 *(a)* | 200000 | 207838 |
| 5.90%, 11/15/33 *(a)* | 150000 | 159461 |
| 5.45%, 02/15/34 *(a)* | 175000 | 180624 |
| 5.40%, 01/31/35 *(a)* | 100000 | 102636 |
| 3.70%, 10/15/49 *(a)* | 100000 | 72727 |
| 3.10%, 06/15/50 *(a)* | 200000 | 129996 |
| 2.95%, 01/15/51 *(a)* | 150000 | 93996 |
| **AppLovin Corp.** | **AppLovin Corp.** | **AppLovin Corp.** |
| 5.13%, 12/01/29 *(a)* | 200000 | 204584 |
| 5.38%, 12/01/31 *(a)* | 200000 | 205950 |
| 5.50%, 12/01/34 *(a)* | 150000 | 153093 |
| 5.95%, 12/01/54 *(a)* | 100000 | 97661 |
| **AT&T, Inc.** | **AT&T, Inc.** | **AT&T, Inc.** |
| 3.80%, 02/15/27 *(a)* | 150000 | 149253 |
| 4.25%, 03/01/27 *(a)* | 300000 | 300285 |
| 2.30%, 06/01/27 *(a)* | 300000 | 290637 |
| 1.65%, 02/01/28 *(a)* | 400000 | 377508 |
| 4.10%, 02/15/28 *(a)* | 327000 | 326696 |
| 4.35%, 03/01/29 *(a)* | 575000 | 577622 |
| 4.30%, 02/15/30 *(a)* | 547000 | 547585 |
| 4.70%, 08/15/30 *(a)* | 250000 | 253780 |
| 2.75%, 06/01/31 *(a)* | 550000 | 503101 |
| 2.25%, 02/01/32 *(a)* | 450000 | 389929 |
| 2.55%, 12/01/33 *(a)* | 707000 | 595188 |
| 5.40%, 02/15/34 *(a)* | 500000 | 515095 |
| 4.50%, 05/15/35 *(a)* | 475000 | 454067 |
| 5.25%, 03/01/37 *(a)* | 175000 | 175593 |
| 4.90%, 08/15/37 *(a)* | 150000 | 144549 |
| 6.30%, 01/15/38  | 100000 | 107767 |
| 6.55%, 02/15/39  | 75000 | 82379 |
| 4.85%, 03/01/39 *(a)* | 200000 | 189538 |
| 6.00%, 08/15/40 *(a)* | 50000 | 52078 |
| 5.35%, 09/01/40  | 150000 | 147881 |
| 6.38%, 03/01/41  | 100000 | 106703 |
| 3.50%, 06/01/41 *(a)* | 450000 | 352372 |
| 5.55%, 08/15/41  | 75000 | 73887 |
| 5.15%, 03/15/42  | 50000 | 47182 |
| 4.30%, 12/15/42 *(a)* | 275000 | 232691 |
| 3.10%, 02/01/43 *(a)* | 100000 | 72471 |
| 4.65%, 06/01/44 *(a)* | 100000 | 86323 |
| 4.80%, 06/15/44 *(a)* | 100000 | 88791 |
| 4.35%, 06/15/45 *(a)* | 200000 | 165590 |
| 4.85%, 07/15/45 *(a)* | 100000 | 88133 |
| 4.75%, 05/15/46 *(a)* | 375000 | 326422 |
| 5.15%, 11/15/46 *(a)* | 150000 | 137642 |
| 5.65%, 02/15/47 *(a)* | 150000 | 149714 |
| 5.45%, 03/01/47 *(a)* | 75000 | 71020 |
| 4.50%, 03/09/48 *(a)* | 350000 | 289212 |
| 4.55%, 03/09/49 *(a)* | 200000 | 164752 |
| 5.15%, 02/15/50 *(a)* | 100000 | 89884 |
| 3.65%, 06/01/51 *(a)* | 550000 | 384472 |
| 3.30%, 02/01/52 *(a)* | 150000 | 97473 |
| 3.50%, 09/15/53 *(a)* | 1135000 | 759610 |
| 3.55%, 09/15/55 *(a)* | 1373000 | 915008 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**33**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 6.05%, 08/15/56 *(a)* | 250000 | 251740 |
| 5.70%, 03/01/57 *(a)* | 75000 | 72029 |
| 3.80%, 12/01/57 *(a)* | 1086000 | 748775 |
| 3.65%, 09/15/59 *(a)* | 1049000 | 695141 |
| 3.85%, 06/01/60 *(a)* | 275000 | 189332 |
| 3.50%, 02/01/61 *(a)* | 100000 | 63818 |
| **Bell Telephone Co. of Canada or Bell Canada** | **Bell Telephone Co. of Canada or Bell Canada** | **Bell Telephone Co. of Canada or Bell Canada** |
| 2.15%, 02/15/32 *(a)* | 100000 | 85626 |
| 5.10%, 05/11/33 *(a)* | 175000 | 176904 |
| 5.20%, 02/15/34 *(a)* | 150000 | 150516 |
| 4.46%, 04/01/48 *(a)* | 200000 | 162272 |
| 4.30%, 07/29/49 *(a)* | 100000 | 77632 |
| 3.65%, 08/15/52 *(a)* | 75000 | 51641 |
| 5.55%, 02/15/54 *(a)* | 150000 | 141129 |
| **British Telecommunications PLC** | **British Telecommunications PLC** | **British Telecommunications PLC** |
| 5.13%, 12/04/28 *(a)* | 250000 | 256287 |
| 9.63%, 12/15/30 *(g)* | 450000 | 554274 |
| **Charter Communications Operating LLC/Charter Communications Operating** <br> **Capital** | **Charter Communications Operating LLC/Charter Communications Operating** <br> **Capital** | **Charter Communications Operating LLC/Charter Communications Operating** <br> **Capital** |
| 6.15%, 11/10/26 *(a)* | 200000 | 204436 |
| 3.75%, 02/15/28 *(a)* | 200000 | 197154 |
| 4.20%, 03/15/28 *(a)* | 300000 | 298293 |
| 2.25%, 01/15/29 *(a)* | 200000 | 186050 |
| 5.05%, 03/30/29 *(a)* | 200000 | 203222 |
| 6.10%, 06/01/29 *(a)* | 250000 | 262907 |
| 2.80%, 04/01/31 *(a)* | 300000 | 270249 |
| 2.30%, 02/01/32 *(a)* | 200000 | 169562 |
| 4.40%, 04/01/33 *(a)* | 150000 | 141174 |
| 6.65%, 02/01/34 *(a)* | 150000 | 160125 |
| 6.55%, 06/01/34 *(a)* | 300000 | 318282 |
| 6.38%, 10/23/35 *(a)* | 330000 | 344140 |
| 5.85%, 12/01/35 *(a)* | 300000 | 300765 |
| 5.38%, 04/01/38 *(a)* | 150000 | 140591 |
| 3.50%, 06/01/41 *(a)* | 300000 | 215901 |
| 3.50%, 03/01/42 *(a)* | 250000 | 177648 |
| 6.48%, 10/23/45 *(a)* | 600000 | 583692 |
| 5.38%, 05/01/47 *(a)* | 450000 | 383440 |
| 5.75%, 04/01/48 *(a)* | 400000 | 356928 |
| 5.13%, 07/01/49 *(a)* | 200000 | 162776 |
| 4.80%, 03/01/50 *(a)* | 500000 | 387565 |
| 3.70%, 04/01/51 *(a)* | 375000 | 241789 |
| 3.90%, 06/01/52 *(a)* | 400000 | 265300 |
| 5.25%, 04/01/53 *(a)* | 250000 | 204552 |
| 6.83%, 10/23/55 *(a)* | 100000 | 100148 |
| 6.70%, 12/01/55 *(a)* | 150000 | 148538 |
| 3.85%, 04/01/61 *(a)* | 375000 | 229395 |
| 4.40%, 12/01/61 *(a)* | 250000 | 170238 |
| 3.95%, 06/30/62 *(a)* | 250000 | 155160 |
| 5.50%, 04/01/63 *(a)* | 200000 | 164324 |
| **Comcast Corp.** | **Comcast Corp.** | **Comcast Corp.** |
| 2.35%, 01/15/27 *(a)* | 200000 | 195588 |
| 3.30%, 02/01/27 *(a)* | 250000 | 247235 |
| 3.30%, 04/01/27 *(a)* | 200000 | 197760 |
| 5.35%, 11/15/27 *(a)* | 150000 | 154167 |
| 3.15%, 02/15/28 *(a)* | 150000 | 147015 |
| 3.55%, 05/01/28 *(a)* | 200000 | 197650 |
| 4.15%, 10/15/28 *(a)* | 750000 | 752332 |
| 4.55%, 01/15/29 *(a)* | 200000 | 202988 |
| 5.10%, 06/01/29 *(a)* | 150000 | 155178 |
| 2.65%, 02/01/30 *(a)* | 300000 | 281298 |
| 3.40%, 04/01/30 *(a)* | 250000 | 241735 |
| 4.25%, 10/15/30 *(a)* | 300000 | 300324 |
| 1.95%, 01/15/31 *(a)* | 300000 | 265836 |
| 1.50%, 02/15/31 *(a)* | 200000 | 172530 |
| 4.95%, 05/15/32 *(a)* | 100000 | 102218 |
| 5.50%, 11/15/32 *(a)* | 200000 | 210768 |
| 4.25%, 01/15/33  | 325000 | 315832 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.65%, 02/15/33 *(a)* | 200000 | 199678 |
| 7.05%, 03/15/33  | 150000 | 171657 |
| 4.80%, 05/15/33 *(a)* | 200000 | 200422 |
| 5.30%, 06/01/34 *(a)* | 100000 | 102975 |
| 4.20%, 08/15/34 *(a)* | 200000 | 189842 |
| 5.30%, 05/15/35 *(a)* | 150000 | 153161 |
| 5.65%, 06/15/35  | 100000 | 104863 |
| 4.40%, 08/15/35 *(a)* | 100000 | 95275 |
| 6.50%, 11/15/35  | 145000 | 161424 |
| 3.20%, 07/15/36 *(a)* | 175000 | 147434 |
| 6.45%, 03/15/37  | 100000 | 110913 |
| 6.95%, 08/15/37  | 100000 | 114124 |
| 3.90%, 03/01/38 *(a)* | 250000 | 217845 |
| 4.60%, 10/15/38 *(a)* | 200000 | 186210 |
| 6.55%, 07/01/39  | 50000 | 55482 |
| 3.25%, 11/01/39 *(a)* | 200000 | 157250 |
| 3.75%, 04/01/40 *(a)* | 275000 | 228643 |
| 4.65%, 07/15/42  | 100000 | 88845 |
| 4.75%, 03/01/44  | 50000 | 44059 |
| 4.60%, 08/15/45 *(a)* | 100000 | 85838 |
| 3.40%, 07/15/46 *(a)* | 275000 | 195211 |
| 4.00%, 08/15/47 *(a)* | 150000 | 115626 |
| 3.97%, 11/01/47 *(a)* | 375000 | 286837 |
| 4.00%, 03/01/48 *(a)* | 200000 | 153374 |
| 4.70%, 10/15/48 *(a)* | 375000 | 320299 |
| 4.00%, 11/01/49 *(a)* | 400000 | 301004 |
| 3.45%, 02/01/50 *(a)* | 300000 | 204087 |
| 2.80%, 01/15/51 *(a)* | 350000 | 207025 |
| 2.89%, 11/01/51 *(a)* | 744000 | 445604 |
| 2.45%, 08/15/52 *(a)* | 300000 | 160716 |
| 4.05%, 11/01/52 *(a)* | 202000 | 151027 |
| 5.35%, 05/15/53 *(a)* | 275000 | 252279 |
| 5.65%, 06/01/54 *(a)* | 200000 | 192078 |
| 6.05%, 05/15/55 *(a)* | 200000 | 202492 |
| 2.94%, 11/01/56 *(a)* | 1076000 | 619959 |
| 4.95%, 10/15/58 *(a)* | 125000 | 106616 |
| 2.65%, 08/15/62 *(a)* | 200000 | 102628 |
| 2.99%, 11/01/63 *(a)* | 764000 | 424211 |
| 5.50%, 05/15/64 *(a)* | 250000 | 230087 |
| **Crown Castle, Inc.** | **Crown Castle, Inc.** | **Crown Castle, Inc.** |
| 4.00%, 03/01/27 *(a)* | 100000 | 99562 |
| 2.90%, 03/15/27 *(a)* | 200000 | 195910 |
| 3.65%, 09/01/27 *(a)* | 200000 | 197594 |
| 5.00%, 01/11/28 *(a)* | 200000 | 202780 |
| 3.80%, 02/15/28 *(a)* | 150000 | 148226 |
| 4.80%, 09/01/28 *(a)* | 100000 | 101202 |
| 4.30%, 02/15/29 *(a)* | 100000 | 99536 |
| 4.90%, 09/01/29 *(a)* | 100000 | 101327 |
| 3.10%, 11/15/29 *(a)* | 100000 | 94880 |
| 3.30%, 07/01/30 *(a)* | 150000 | 141743 |
| 2.25%, 01/15/31 *(a)* | 200000 | 177254 |
| 2.10%, 04/01/31 *(a)* | 200000 | 174532 |
| 2.50%, 07/15/31 *(a)* | 150000 | 132906 |
| 5.10%, 05/01/33 *(a)* | 150000 | 150582 |
| 5.80%, 03/01/34 *(a)* | 200000 | 208906 |
| 5.20%, 09/01/34 *(a)* | 100000 | 99902 |
| 2.90%, 04/01/41 *(a)* | 250000 | 178962 |
| 4.75%, 05/15/47 *(a)* | 100000 | 86584 |
| 5.20%, 02/15/49 *(a)* | 50000 | 44706 |
| 4.00%, 11/15/49 *(a)* | 75000 | 55895 |
| 4.15%, 07/01/50 *(a)* | 50000 | 38254 |
| 3.25%, 01/15/51 *(a)* | 200000 | 130922 |
| **Deutsche Telekom International Finance BV** | **Deutsche Telekom International Finance BV** | **Deutsche Telekom International Finance BV** |
| 8.75%, 06/15/30 *(g)* | 600000 | 710058 |
| 9.25%, 06/01/32  | 150000 | 187914 |

---

*See financial notes*

**34**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Electronic Arts, Inc.** | **Electronic Arts, Inc.** | **Electronic Arts, Inc.** |
| 1.85%, 02/15/31 *(a)* | 100000 | 87881 |
| 2.95%, 02/15/51 *(a)* | 125000 | 78033 |
| **Fox Corp.** | **Fox Corp.** | **Fox Corp.** |
| 4.71%, 01/25/29 *(a)* | 400000 | 404776 |
| 3.50%, 04/08/30 *(a)* | 100000 | 96718 |
| 6.50%, 10/13/33 *(a)* | 200000 | 217792 |
| 5.48%, 01/25/39 *(a)* | 200000 | 197500 |
| 5.58%, 01/25/49 *(a)* | 300000 | 282732 |
| **Grupo Televisa SAB** | **Grupo Televisa SAB** | **Grupo Televisa SAB** |
| 6.63%, 01/15/40  | 200000 | 185438 |
| 6.13%, 01/31/46 *(a)* | 200000 | 161942 |
| **Interpublic Group of Cos., Inc.** | **Interpublic Group of Cos., Inc.** | **Interpublic Group of Cos., Inc.** |
| 4.65%, 10/01/28 *(a)* | 100000 | 100849 |
| 4.75%, 03/30/30 *(a)* | 100000 | 100833 |
| 2.40%, 03/01/31 *(a)* | 100000 | 89506 |
| 5.38%, 06/15/33 *(a)* | 50000 | 50780 |
| 3.38%, 03/01/41 *(a)* | 100000 | 73853 |
| 5.40%, 10/01/48 *(a)* | 100000 | 91322 |
| **Koninklijke KPN NV** | **Koninklijke KPN NV** | **Koninklijke KPN NV** |
| 8.38%, 10/01/30  | 100000 | 117460 |
| **Meta Platforms, Inc.** | **Meta Platforms, Inc.** | **Meta Platforms, Inc.** |
| 3.50%, 08/15/27 *(a)* | 450000 | 447475 |
| 4.60%, 05/15/28 *(a)* | 250000 | 254870 |
| 4.30%, 08/15/29 *(a)* | 200000 | 202680 |
| 4.80%, 05/15/30 *(a)* | 200000 | 206512 |
| 4.55%, 08/15/31 *(a)* | 200000 | 204054 |
| 3.85%, 08/15/32 *(a)* | 600000 | 580056 |
| 4.95%, 05/15/33 *(a)* | 300000 | 308229 |
| 4.75%, 08/15/34 *(a)* | 400000 | 402032 |
| 4.45%, 08/15/52 *(a)* | 500000 | 417120 |
| 5.60%, 05/15/53 *(a)* | 500000 | 494495 |
| 5.40%, 08/15/54 *(a)* | 600000 | 575958 |
| 4.65%, 08/15/62 *(a)* | 250000 | 208630 |
| 5.75%, 05/15/63 *(a)* | 300000 | 299304 |
| 5.55%, 08/15/64 *(a)* | 500000 | 483485 |
| **NBCUniversal Media LLC** | **NBCUniversal Media LLC** | **NBCUniversal Media LLC** |
| 6.40%, 04/30/40  | 75000 | 81986 |
| 5.95%, 04/01/41  | 100000 | 103479 |
| 4.45%, 01/15/43  | 130000 | 111540 |
| **Netflix, Inc.** | **Netflix, Inc.** | **Netflix, Inc.** |
| 4.38%, 11/15/26  | 175000 | 176012 |
| 4.88%, 04/15/28  | 275000 | 281328 |
| 5.88%, 11/15/28  | 325000 | 343314 |
| 6.38%, 05/15/29  | 225000 | 242885 |
| 4.90%, 08/15/34 *(a)* | 150000 | 153321 |
| 5.40%, 08/15/54 *(a)* | 150000 | 146418 |
| **Omnicom Group, Inc.** | **Omnicom Group, Inc.** | **Omnicom Group, Inc.** |
| 2.45%, 04/30/30 *(a)* | 100000 | 91923 |
| 4.20%, 06/01/30 *(a)* | 100000 | 99213 |
| 2.60%, 08/01/31 *(a)* | 150000 | 135035 |
| 5.30%, 11/01/34 *(a)* | 100000 | 101573 |
| **Orange SA** | **Orange SA** | **Orange SA** |
| 9.00%, 03/01/31  | 475000 | 578935 |
| 5.38%, 01/13/42  | 150000 | 147335 |
| 5.50%, 02/06/44 *(a)* | 150000 | 148781 |
| **Paramount Global** | **Paramount Global** | **Paramount Global** |
| 2.90%, 01/15/27 *(a)* | 150000 | 146745 |
| 3.38%, 02/15/28 *(a)* | 150000 | 146367 |
| 3.70%, 06/01/28 *(a)* | 100000 | 98152 |
| 4.20%, 06/01/29 *(a)* | 100000 | 98622 |
| 7.88%, 07/30/30  | 125000 | 141171 |
| 4.95%, 01/15/31 *(a)* | 150000 | 149159 |
| 4.20%, 05/19/32 *(a)* | 150000 | 139964 |
| 6.88%, 04/30/36  | 150000 | 159407 |
| 5.90%, 10/15/40 *(a)* | 50000 | 47065 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.85%, 07/01/42 *(a)* | 75000 | 61161 |
| 4.38%, 03/15/43  | 250000 | 190362 |
| 5.85%, 09/01/43 *(a)* | 250000 | 225270 |
| 5.25%, 04/01/44 *(a)* | 100000 | 82039 |
| 4.90%, 08/15/44 *(a)* | 95000 | 76295 |
| 4.60%, 01/15/45 *(a)* | 130000 | 100248 |
| 4.95%, 05/19/50 *(a)* | 200000 | 156978 |
| **Rogers Communications, Inc.** | **Rogers Communications, Inc.** | **Rogers Communications, Inc.** |
| 2.90%, 11/15/26 *(a)* | 150000 | 147398 |
| 3.20%, 03/15/27 *(a)* | 250000 | 246085 |
| 5.00%, 02/15/29 *(a)* | 200000 | 204190 |
| 3.80%, 03/15/32 *(a)* | 400000 | 375412 |
| 5.30%, 02/15/34 *(a)* | 200000 | 201542 |
| 7.50%, 08/15/38  | 50000 | 57976 |
| 4.50%, 03/15/42 *(a)* | 150000 | 128442 |
| 5.45%, 10/01/43 *(a)* | 100000 | 94277 |
| 5.00%, 03/15/44 *(a)* | 150000 | 135318 |
| 4.30%, 02/15/48 *(a)* | 100000 | 80791 |
| 4.35%, 05/01/49 *(a)* | 100000 | 80225 |
| 3.70%, 11/15/49 *(a)* | 100000 | 73074 |
| 4.55%, 03/15/52 *(a)* | 350000 | 282313 |
| **Sprint Capital Corp.** | **Sprint Capital Corp.** | **Sprint Capital Corp.** |
| 6.88%, 11/15/28  | 450000 | 484231 |
| 8.75%, 03/15/32  | 375000 | 455182 |
| **Take-Two Interactive Software, Inc.** | **Take-Two Interactive Software, Inc.** | **Take-Two Interactive Software, Inc.** |
| 3.70%, 04/14/27 *(a)* | 100000 | 99301 |
| 4.95%, 03/28/28 *(a)* | 150000 | 152924 |
| 5.40%, 06/12/29 *(a)* | 75000 | 77846 |
| 4.00%, 04/14/32 *(a)* | 50000 | 47702 |
| 5.60%, 06/12/34 *(a)* | 75000 | 77918 |
| **TCI Communications, Inc.** | **TCI Communications, Inc.** | **TCI Communications, Inc.** |
| 7.13%, 02/15/28  | 30000 | 32119 |
| **Telefonica Emisiones SA** | **Telefonica Emisiones SA** | **Telefonica Emisiones SA** |
| 4.10%, 03/08/27  | 300000 | 299178 |
| 7.05%, 06/20/36  | 365000 | 406690 |
| 4.67%, 03/06/38  | 150000 | 136154 |
| 5.21%, 03/08/47  | 450000 | 396630 |
| 4.90%, 03/06/48  | 150000 | 126495 |
| 5.52%, 03/01/49 *(a)* | 300000 | 272448 |
| **Telefonica Europe BV** | **Telefonica Europe BV** | **Telefonica Europe BV** |
| 8.25%, 09/15/30  | 100000 | 115681 |
| **TELUS Corp.** | **TELUS Corp.** | **TELUS Corp.** |
| 3.70%, 09/15/27 *(a)* | 150000 | 148586 |
| 3.40%, 05/13/32 *(a)* | 150000 | 137538 |
| 4.60%, 11/16/48 *(a)* | 100000 | 83956 |
| 4.30%, 06/15/49 *(a)* | 75000 | 58261 |
| **Time Warner Cable Enterprises LLC** | **Time Warner Cable Enterprises LLC** | **Time Warner Cable Enterprises LLC** |
| 8.38%, 07/15/33  | 200000 | 233678 |
| **Time Warner Cable LLC** | **Time Warner Cable LLC** | **Time Warner Cable LLC** |
| 6.55%, 05/01/37  | 225000 | 233284 |
| 7.30%, 07/01/38  | 300000 | 327303 |
| 6.75%, 06/15/39  | 250000 | 260015 |
| 5.88%, 11/15/40 *(a)* | 224000 | 214265 |
| 5.50%, 09/01/41 *(a)* | 250000 | 226065 |
| 4.50%, 09/15/42 *(a)* | 200000 | 158478 |
| **T-Mobile USA, Inc.** | **T-Mobile USA, Inc.** | **T-Mobile USA, Inc.** |
| 3.75%, 04/15/27 *(a)* | 525000 | 521708 |
| 5.38%, 04/15/27 *(a)* | 150000 | 150000 |
| 4.75%, 02/01/28 *(a)* | 300000 | 300684 |
| 2.05%, 02/15/28 *(a)* | 300000 | 285624 |
| 4.95%, 03/15/28 *(a)* | 150000 | 152817 |
| 4.80%, 07/15/28 *(a)* | 150000 | 152811 |
| 4.85%, 01/15/29 *(a)* | 200000 | 204062 |
| 2.63%, 02/15/29 *(a)* | 150000 | 142205 |
| 2.40%, 03/15/29 *(a)* | 100000 | 94037 |
| 3.38%, 04/15/29 *(a)* | 400000 | 387704 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**35**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.20%, 10/01/29 *(a)* | 150000 | 149994 |
| 3.88%, 04/15/30 *(a)* | 1250000 | 1224712 |
| 2.55%, 02/15/31 *(a)* | 500000 | 452825 |
| 2.88%, 02/15/31 *(a)* | 200000 | 183906 |
| 3.50%, 04/15/31 *(a)* | 500000 | 473455 |
| 2.25%, 11/15/31 *(a)* | 200000 | 175130 |
| 2.70%, 03/15/32 *(a)* | 200000 | 177252 |
| 5.13%, 05/15/32 *(a)* | 200000 | 204928 |
| 5.20%, 01/15/33 *(a)* | 200000 | 203896 |
| 5.05%, 07/15/33 *(a)* | 450000 | 454914 |
| 6.70%, 12/15/33  | 100000 | 110762 |
| 5.75%, 01/15/34 *(a)* | 175000 | 183697 |
| 5.15%, 04/15/34 *(a)* | 250000 | 252985 |
| 4.70%, 01/15/35 *(a)* | 200000 | 193950 |
| 5.30%, 05/15/35 *(a)* | 200000 | 202018 |
| 4.38%, 04/15/40 *(a)* | 350000 | 311034 |
| 3.00%, 02/15/41 *(a)* | 450000 | 329026 |
| 4.50%, 04/15/50 *(a)* | 550000 | 449564 |
| 3.30%, 02/15/51 *(a)* | 550000 | 361515 |
| 3.40%, 10/15/52 *(a)* | 500000 | 331185 |
| 5.65%, 01/15/53 *(a)* | 300000 | 287352 |
| 5.75%, 01/15/54 *(a)* | 200000 | 194002 |
| 6.00%, 06/15/54 *(a)* | 175000 | 176111 |
| 5.50%, 01/15/55 *(a)* | 150000 | 140405 |
| 5.25%, 06/15/55 *(a)* | 100000 | 90049 |
| 5.88%, 11/15/55 *(a)* | 200000 | 197414 |
| 3.60%, 11/15/60 *(a)* | 300000 | 196323 |
| 5.80%, 09/15/62 *(a)* | 150000 | 145622 |
| **TWDC Enterprises 18 Corp.** | **TWDC Enterprises 18 Corp.** | **TWDC Enterprises 18 Corp.** |
| 2.95%, 06/15/27  | 200000 | 197060 |
| 7.00%, 03/01/32  | 100000 | 114114 |
| 4.38%, 08/16/41  | 100000 | 88156 |
| 4.13%, 12/01/41  | 150000 | 128658 |
| 4.13%, 06/01/44  | 50000 | 41734 |
| 3.00%, 07/30/46  | 100000 | 67790 |
| **Verizon Communications, Inc.** | **Verizon Communications, Inc.** | **Verizon Communications, Inc.** |
| 4.13%, 03/16/27  | 300000 | 300387 |
| 2.10%, 03/22/28 *(a)* | 400000 | 380800 |
| 4.33%, 09/21/28  | 400000 | 402832 |
| 3.88%, 02/08/29 *(a)* | 200000 | 198620 |
| 4.02%, 12/03/29 *(a)* | 700000 | 694533 |
| 3.15%, 03/22/30 *(a)* | 250000 | 238755 |
| 1.50%, 09/18/30 *(a)* | 250000 | 217992 |
| 1.68%, 10/30/30 *(a)* | 192000 | 168515 |
| 1.75%, 01/20/31 *(a)* | 400000 | 349028 |
| 2.55%, 03/21/31 *(a)* | 700000 | 634977 |
| 2.36%, 03/15/32 *(a)* | 913000 | 792840 |
| 5.05%, 05/09/33 *(a)* | 175000 | 178052 |
| 4.50%, 08/10/33  | 400000 | 390964 |
| 6.40%, 09/15/33  | 100000 | 110073 |
| 4.40%, 11/01/34 *(a)* | 330000 | 315041 |
| 4.78%, 02/15/35 *(a)* | 430000 | 419413 |
| 5.25%, 04/02/35 *(a)* | 400000 | 403480 |
| 5.85%, 09/15/35  | 75000 | 79378 |
| 4.27%, 01/15/36  | 205000 | 190644 |
| 5.25%, 03/16/37  | 200000 | 200462 |
| 5.40%, 07/02/37 *(a)(d)* | 414000 | 416074 |
| 4.81%, 03/15/39  | 200000 | 187774 |
| 2.65%, 11/20/40 *(a)* | 575000 | 408238 |
| 3.40%, 03/22/41 *(a)* | 725000 | 561048 |
| 2.85%, 09/03/41 *(a)* | 250000 | 177955 |
| 4.75%, 11/01/41  | 75000 | 67764 |
| 3.85%, 11/01/42 *(a)* | 100000 | 79567 |
| 6.55%, 09/15/43  | 175000 | 192089 |
| 4.13%, 08/15/46  | 200000 | 160078 |
| 4.86%, 08/21/46  | 400000 | 356164 |
| 5.50%, 03/16/47  | 100000 | 96688 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.52%, 09/15/48  | 250000 | 209535 |
| 5.01%, 04/15/49  | 100000 | 90400 |
| 4.00%, 03/22/50 *(a)* | 275000 | 210933 |
| 2.88%, 11/20/50 *(a)* | 500000 | 309045 |
| 3.55%, 03/22/51 *(a)* | 325000 | 230873 |
| 3.88%, 03/01/52 *(a)* | 150000 | 111149 |
| 5.50%, 02/23/54 *(a)* | 200000 | 191864 |
| 5.01%, 08/21/54  | 175000 | 155512 |
| 4.67%, 03/15/55  | 120000 | 100969 |
| 2.99%, 10/30/56 *(a)* | 650000 | 387159 |
| 3.00%, 11/20/60 *(a)* | 350000 | 204697 |
| 3.70%, 03/22/61 *(a)* | 625000 | 427906 |
| **Vodafone Group PLC** | **Vodafone Group PLC** | **Vodafone Group PLC** |
| 7.88%, 02/15/30  | 150000 | 171600 |
| 6.25%, 11/30/32  | 100000 | 108268 |
| 6.15%, 02/27/37  | 150000 | 161742 |
| 5.00%, 05/30/38  | 100000 | 97368 |
| 5.25%, 05/30/48  | 275000 | 253924 |
| 4.88%, 06/19/49  | 250000 | 217090 |
| 5.63%, 02/10/53 *(a)* | 150000 | 141591 |
| 5.75%, 06/28/54 *(a)* | 450000 | 430209 |
| 5.75%, 02/10/63 *(a)* | 100000 | 94150 |
| 5.88%, 06/28/64 *(a)* | 225000 | 216583 |
| **Walt Disney Co.** | **Walt Disney Co.** | **Walt Disney Co.** |
| 3.38%, 11/15/26 *(a)* | 50000 | 49683 |
| 3.70%, 03/23/27  | 100000 | 99685 |
| 2.20%, 01/13/28  | 200000 | 192618 |
| 2.00%, 09/01/29 *(a)* | 350000 | 324285 |
| 3.80%, 03/22/30  | 200000 | 197896 |
| 2.65%, 01/13/31  | 450000 | 418351 |
| 6.55%, 03/15/33  | 100000 | 113271 |
| 6.20%, 12/15/34  | 150000 | 168102 |
| 6.40%, 12/15/35  | 130000 | 146715 |
| 6.15%, 03/01/37  | 50000 | 54938 |
| 6.65%, 11/15/37  | 200000 | 229586 |
| 4.63%, 03/23/40 *(a)* | 100000 | 95378 |
| 3.50%, 05/13/40 *(a)* | 350000 | 289460 |
| 6.15%, 02/15/41  | 100000 | 108086 |
| 5.40%, 10/01/43  | 50000 | 49825 |
| 4.75%, 09/15/44 *(a)* | 150000 | 136041 |
| 4.95%, 10/15/45 *(a)* | 100000 | 92832 |
| 7.75%, 12/01/45  | 75000 | 95369 |
| 4.75%, 11/15/46 *(a)* | 100000 | 89737 |
| 2.75%, 09/01/49 *(a)* | 350000 | 218529 |
| 4.70%, 03/23/50 *(a)* | 300000 | 265965 |
| 3.60%, 01/13/51 *(a)* | 550000 | 403865 |
| 3.80%, 05/13/60 *(a)* | 250000 | 181907 |
| **Weibo Corp.** | **Weibo Corp.** | **Weibo Corp.** |
| 3.38%, 07/08/30 *(a)* | 200000 | 189288 |
|  |  | **92070243** |
| ***Consumer Cyclical 1.7%***  | ***Consumer Cyclical 1.7%***  | ***Consumer Cyclical 1.7%***  |
| **Alibaba Group Holding Ltd.** | **Alibaba Group Holding Ltd.** | **Alibaba Group Holding Ltd.** |
| 3.40%, 12/06/27 *(a)* | 300000 | 296124 |
| 4.88%, 05/26/30 *(a)(d)* | 250000 | 257552 |
| 2.13%, 02/09/31 *(a)* | 200000 | 179900 |
| 4.50%, 11/28/34 *(a)* | 200000 | 196494 |
| 5.25%, 05/26/35 *(a)(d)* | 250000 | 258717 |
| 4.00%, 12/06/37 *(a)* | 200000 | 182626 |
| 4.20%, 12/06/47 *(a)* | 200000 | 165954 |
| 3.15%, 02/09/51 *(a)* | 300000 | 202368 |
| 5.63%, 11/26/54 *(a)(d)* | 200000 | 201814 |
| 4.40%, 12/06/57 *(a)* | 200000 | 165242 |
| 3.25%, 02/09/61 *(a)* | 200000 | 128412 |

---

*See financial notes*

**36**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Amazon.com, Inc.** | **Amazon.com, Inc.** | **Amazon.com, Inc.** |
| 3.30%, 04/13/27 *(a)* | 100000 | 99188 |
| 1.20%, 06/03/27 *(a)* | 200000 | 191374 |
| 3.15%, 08/22/27 *(a)* | 675000 | 666650 |
| 4.55%, 12/01/27 *(a)* | 350000 | 355162 |
| 1.65%, 05/12/28 *(a)* | 400000 | 378132 |
| 3.45%, 04/13/29 *(a)* | 250000 | 246435 |
| 4.65%, 12/01/29 *(a)* | 350000 | 359401 |
| 1.50%, 06/03/30 *(a)* | 250000 | 223345 |
| 2.10%, 05/12/31 *(a)* | 525000 | 470956 |
| 3.60%, 04/13/32 *(a)* | 450000 | 433206 |
| 4.70%, 12/01/32 *(a)* | 400000 | 409204 |
| 4.80%, 12/05/34 *(a)* | 125000 | 128196 |
| 3.88%, 08/22/37 *(a)* | 500000 | 454705 |
| 2.88%, 05/12/41 *(a)* | 425000 | 318814 |
| 4.95%, 12/05/44 *(a)* | 180000 | 174123 |
| 4.05%, 08/22/47 *(a)* | 650000 | 536061 |
| 2.50%, 06/03/50 *(a)* | 475000 | 283052 |
| 3.10%, 05/12/51 *(a)* | 650000 | 436689 |
| 3.95%, 04/13/52 *(a)* | 450000 | 352791 |
| 4.25%, 08/22/57 *(a)* | 400000 | 325180 |
| 2.70%, 06/03/60 *(a)* | 375000 | 214346 |
| 3.25%, 05/12/61 *(a)* | 275000 | 177584 |
| 4.10%, 04/13/62 *(a)* | 275000 | 213961 |
| **American Honda Finance Corp.** | **American Honda Finance Corp.** | **American Honda Finance Corp.** |
| 2.30%, 09/09/26  | 50000 | 49053 |
| 2.35%, 01/08/27  | 50000 | 48848 |
| 4.90%, 03/12/27  | 150000 | 151594 |
| 4.55%, 07/09/27  | 160000 | 161272 |
| 4.90%, 07/09/27  | 150000 | 152073 |
| 4.45%, 10/22/27  | 150000 | 151112 |
| 4.70%, 01/12/28  | 100000 | 101373 |
| 3.50%, 02/15/28  | 100000 | 98696 |
| 4.55%, 03/03/28  | 125000 | 126259 |
| 2.00%, 03/24/28  | 250000 | 237130 |
| 5.13%, 07/07/28  | 200000 | 205378 |
| 5.65%, 11/15/28  | 150000 | 156571 |
| 4.90%, 03/13/29  | 150000 | 153339 |
| 4.40%, 09/05/29  | 150000 | 150884 |
| 4.60%, 04/17/30  | 200000 | 202110 |
| 5.85%, 10/04/30  | 100000 | 106503 |
| 5.05%, 07/10/31  | 150000 | 154086 |
| 4.85%, 10/23/31  | 125000 | 126768 |
| 5.15%, 07/09/32  | 140000 | 142801 |
| 4.90%, 01/10/34  | 150000 | 149808 |
| **Aptiv Swiss Holdings Ltd.** | **Aptiv Swiss Holdings Ltd.** | **Aptiv Swiss Holdings Ltd.** |
| 4.35%, 03/15/29 *(a)* | 100000 | 99648 |
| 3.25%, 03/01/32 *(a)* | 200000 | 181398 |
| 5.15%, 09/13/34 *(a)* | 200000 | 195590 |
| 3.10%, 12/01/51 *(a)* | 250000 | 150803 |
| 4.15%, 05/01/52 *(a)* | 200000 | 144738 |
| **AutoNation, Inc.** | **AutoNation, Inc.** | **AutoNation, Inc.** |
| 3.80%, 11/15/27 *(a)* | 75000 | 74034 |
| 1.95%, 08/01/28 *(a)* | 75000 | 70211 |
| 4.75%, 06/01/30 *(a)* | 100000 | 100470 |
| 2.40%, 08/01/31 *(a)* | 100000 | 87203 |
| 3.85%, 03/01/32 *(a)* | 150000 | 139626 |
| 5.89%, 03/15/35 *(a)* | 100000 | 102336 |
| **AutoZone, Inc.** | **AutoZone, Inc.** | **AutoZone, Inc.** |
| 3.75%, 06/01/27 *(a)* | 50000 | 49656 |
| 4.50%, 02/01/28 *(a)* | 100000 | 101084 |
| 6.25%, 11/01/28 *(a)* | 75000 | 79668 |
| 3.75%, 04/18/29 *(a)* | 150000 | 147590 |
| 5.10%, 07/15/29 *(a)* | 100000 | 103029 |
| 4.00%, 04/15/30 *(a)* | 150000 | 147978 |
| 1.65%, 01/15/31 *(a)* | 150000 | 130026 |
| 4.75%, 08/01/32 *(a)* | 150000 | 150279 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.75%, 02/01/33 *(a)* | 100000 | 99444 |
| 5.20%, 08/01/33 *(a)* | 75000 | 76518 |
| 6.55%, 11/01/33 *(a)* | 100000 | 110842 |
| 5.40%, 07/15/34 *(a)* | 125000 | 128794 |
| **Best Buy Co., Inc.** | **Best Buy Co., Inc.** | **Best Buy Co., Inc.** |
| 4.45%, 10/01/28 *(a)* | 100000 | 100771 |
| 1.95%, 10/01/30 *(a)* | 150000 | 133344 |
| **Block Financial LLC** | **Block Financial LLC** | **Block Financial LLC** |
| 3.88%, 08/15/30 *(a)* | 150000 | 144102 |
| 5.38%, 09/15/32 *(a)* | 100000 | 100650 |
| **Booking Holdings, Inc.** | **Booking Holdings, Inc.** | **Booking Holdings, Inc.** |
| 3.55%, 03/15/28 *(a)* | 100000 | 98882 |
| **BorgWarner, Inc.** | **BorgWarner, Inc.** | **BorgWarner, Inc.** |
| 2.65%, 07/01/27 *(a)* | 200000 | 194750 |
| 4.95%, 08/15/29 *(a)* | 75000 | 76572 |
| 5.40%, 08/15/34 *(a)* | 100000 | 101796 |
| 4.38%, 03/15/45 *(a)* | 100000 | 83211 |
| **California Endowment** | **California Endowment** | **California Endowment** |
| 2.50%, 04/01/51 *(a)* | 50000 | 28772 |
| **CBRE Services, Inc.** | **CBRE Services, Inc.** | **CBRE Services, Inc.** |
| 5.50%, 04/01/29 *(a)* | 100000 | 103757 |
| 2.50%, 04/01/31 *(a)* | 100000 | 90129 |
| 5.95%, 08/15/34 *(a)* | 150000 | 159123 |
| 5.50%, 06/15/35 *(a)* | 100000 | 102132 |
| **Choice Hotels International, Inc.** | **Choice Hotels International, Inc.** | **Choice Hotels International, Inc.** |
| 3.70%, 12/01/29 *(a)* | 100000 | 95655 |
| 3.70%, 01/15/31 *(a)* | 100000 | 93685 |
| 5.85%, 08/01/34 *(a)* | 100000 | 101239 |
| **Costco Wholesale Corp.** | **Costco Wholesale Corp.** | **Costco Wholesale Corp.** |
| 3.00%, 05/18/27 *(a)* | 300000 | 296136 |
| 1.38%, 06/20/27 *(a)* | 250000 | 239507 |
| 1.60%, 04/20/30 *(a)* | 100000 | 90046 |
| 1.75%, 04/20/32 *(a)* | 200000 | 171866 |
| **Cummins, Inc.** | **Cummins, Inc.** | **Cummins, Inc.** |
| 4.25%, 05/09/28 *(a)* | 100000 | 100845 |
| 4.90%, 02/20/29 *(a)* | 100000 | 102793 |
| 1.50%, 09/01/30 *(a)* | 150000 | 132542 |
| 4.70%, 02/15/31 *(a)* | 100000 | 101570 |
| 5.15%, 02/20/34 *(a)* | 150000 | 153786 |
| 5.30%, 05/09/35 *(a)* | 200000 | 204424 |
| 4.88%, 10/01/43 *(a)* | 50000 | 47110 |
| 2.60%, 09/01/50 *(a)* | 150000 | 88761 |
| 5.45%, 02/20/54 *(a)* | 150000 | 145259 |
| **Darden Restaurants, Inc.** | **Darden Restaurants, Inc.** | **Darden Restaurants, Inc.** |
| 3.85%, 05/01/27 *(a)* | 100000 | 99360 |
| 4.35%, 10/15/27 *(a)* | 75000 | 75353 |
| 6.30%, 10/10/33 *(a)* | 100000 | 107559 |
| 4.55%, 02/15/48 *(a)* | 50000 | 40946 |
| **Dick's Sporting Goods, Inc.** | **Dick's Sporting Goods, Inc.** | **Dick's Sporting Goods, Inc.** |
| 3.15%, 01/15/32 *(a)* | 100000 | 90923 |
| 4.10%, 01/15/52 *(a)* | 100000 | 71122 |
| **Dollar General Corp.** | **Dollar General Corp.** | **Dollar General Corp.** |
| 3.88%, 04/15/27 *(a)* | 100000 | 99473 |
| 4.63%, 11/01/27 *(a)* | 100000 | 100778 |
| 4.13%, 05/01/28 *(a)* | 100000 | 99660 |
| 5.20%, 07/05/28 *(a)* | 100000 | 102512 |
| 3.50%, 04/03/30 *(a)* | 200000 | 192258 |
| 5.00%, 11/01/32 *(a)* | 150000 | 151275 |
| 5.45%, 07/05/33 *(a)* | 200000 | 206548 |
| 4.13%, 04/03/50 *(a)* | 100000 | 76286 |
| **Dollar Tree, Inc.** | **Dollar Tree, Inc.** | **Dollar Tree, Inc.** |
| 4.20%, 05/15/28 *(a)* | 250000 | 249447 |
| 2.65%, 12/01/31 *(a)* | 100000 | 89239 |
| 3.38%, 12/01/51 *(a)* | 100000 | 64216 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**37**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **DR Horton, Inc.** | **DR Horton, Inc.** | **DR Horton, Inc.** |
| 1.30%, 10/15/26 *(a)* | 100000 | 96947 |
| 1.40%, 10/15/27 *(a)* | 75000 | 71062 |
| 4.85%, 10/15/30 *(a)* | 100000 | 102199 |
| 5.00%, 10/15/34 *(a)* | 125000 | 125021 |
| 5.50%, 10/15/35 *(a)* | 125000 | 128210 |
| **eBay, Inc.** | **eBay, Inc.** | **eBay, Inc.** |
| 3.60%, 06/05/27 *(a)* | 150000 | 148853 |
| 2.70%, 03/11/30 *(a)* | 200000 | 187120 |
| 2.60%, 05/10/31 *(a)* | 150000 | 136364 |
| 6.30%, 11/22/32 *(a)* | 150000 | 164610 |
| 4.00%, 07/15/42 *(a)* | 150000 | 123188 |
| 3.65%, 05/10/51 *(a)* | 100000 | 72445 |
| **Expedia Group, Inc.** | **Expedia Group, Inc.** | **Expedia Group, Inc.** |
| 4.63%, 08/01/27 *(a)* | 100000 | 100644 |
| 3.80%, 02/15/28 *(a)* | 200000 | 198136 |
| 3.25%, 02/15/30 *(a)* | 200000 | 190796 |
| 2.95%, 03/15/31 *(a)* | 150000 | 138618 |
| 5.40%, 02/15/35 *(a)* | 175000 | 177786 |
| **Ford Foundation** | **Ford Foundation** | **Ford Foundation** |
| 2.42%, 06/01/50 *(a)* | 125000 | 73510 |
| **Ford Motor Co.** | **Ford Motor Co.** | **Ford Motor Co.** |
| 4.35%, 12/08/26 *(a)* | 245000 | 243824 |
| 6.63%, 10/01/28  | 75000 | 79073 |
| 9.63%, 04/22/30 *(a)* | 100000 | 116542 |
| 7.45%, 07/16/31  | 175000 | 192720 |
| 3.25%, 02/12/32 *(a)* | 500000 | 428800 |
| 6.10%, 08/19/32 *(a)* | 300000 | 303357 |
| 4.75%, 01/15/43  | 400000 | 310028 |
| 7.40%, 11/01/46  | 50000 | 52624 |
| 5.29%, 12/08/46 *(a)* | 200000 | 162906 |
| **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** |
| 5.13%, 11/05/26  | 200000 | 200382 |
| 4.27%, 01/09/27 *(a)* | 200000 | 198124 |
| 5.80%, 03/05/27 *(a)* | 200000 | 201720 |
| 5.85%, 05/17/27 *(a)* | 250000 | 252682 |
| 4.95%, 05/28/27 *(a)* | 245000 | 244456 |
| 4.13%, 08/17/27 *(a)* | 200000 | 196318 |
| 3.82%, 11/02/27 *(a)* | 200000 | 194782 |
| 7.35%, 11/04/27 *(a)* | 250000 | 260337 |
| 2.90%, 02/16/28 *(a)* | 200000 | 189682 |
| 5.92%, 03/20/28 *(a)* | 200000 | 203122 |
| 6.80%, 05/12/28 *(a)* | 250000 | 259662 |
| 6.80%, 11/07/28 *(a)* | 225000 | 234301 |
| 2.90%, 02/10/29 *(a)* | 200000 | 184344 |
| 5.80%, 03/08/29 *(a)* | 300000 | 303513 |
| 5.11%, 05/03/29 *(a)* | 225000 | 221956 |
| 5.30%, 09/06/29 *(a)* | 200000 | 198668 |
| 5.88%, 11/07/29 *(a)* | 200000 | 202306 |
| 7.35%, 03/06/30 *(a)* | 200000 | 213048 |
| 7.20%, 06/10/30 *(a)* | 200000 | 212608 |
| 4.00%, 11/13/30 *(a)* | 225000 | 209218 |
| 6.05%, 03/05/31 *(a)* | 200000 | 203388 |
| 3.63%, 06/17/31 *(a)* | 200000 | 180156 |
| 6.05%, 11/05/31 *(a)* | 200000 | 202536 |
| 6.53%, 03/19/32 *(a)* | 200000 | 205726 |
| 7.12%, 11/07/33 *(a)* | 225000 | 235552 |
| 6.13%, 03/08/34 *(a)* | 200000 | 196850 |
| 6.50%, 02/07/35 *(a)* | 200000 | 201646 |
| **General Motors Co.** | **General Motors Co.** | **General Motors Co.** |
| 4.20%, 10/01/27 *(a)* | 150000 | 149612 |
| 6.80%, 10/01/27 *(a)* | 200000 | 208798 |
| 5.35%, 04/15/28 *(a)* | 100000 | 102272 |
| 5.00%, 10/01/28 *(a)* | 150000 | 152527 |
| 5.40%, 10/15/29 *(a)* | 200000 | 206376 |
| 5.63%, 04/15/30 *(a)* | 100000 | 103349 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.60%, 10/15/32 *(a)* | 200000 | 205590 |
| 5.00%, 04/01/35  | 175000 | 167328 |
| 6.25%, 04/15/35 *(a)* | 100000 | 103827 |
| 6.60%, 04/01/36 *(a)* | 200000 | 212310 |
| 5.15%, 04/01/38 *(a)* | 175000 | 163772 |
| 6.25%, 10/02/43  | 250000 | 247025 |
| 5.20%, 04/01/45  | 250000 | 218017 |
| 6.75%, 04/01/46 *(a)* | 125000 | 129559 |
| 5.40%, 04/01/48 *(a)* | 150000 | 132164 |
| 5.95%, 04/01/49 *(a)* | 200000 | 188134 |
| **General Motors Financial Co., Inc.** | **General Motors Financial Co., Inc.** | **General Motors Financial Co., Inc.** |
| 4.00%, 10/06/26 *(a)* | 100000 | 99558 |
| 4.35%, 01/17/27 *(a)* | 200000 | 199856 |
| 2.35%, 02/26/27 *(a)* | 150000 | 145794 |
| 5.00%, 04/09/27 *(a)* | 300000 | 302673 |
| 5.40%, 05/08/27  | 250000 | 254210 |
| 5.35%, 07/15/27  | 175000 | 178223 |
| 2.70%, 08/20/27 *(a)* | 200000 | 194234 |
| 3.85%, 01/05/28 *(a)* | 150000 | 148278 |
| 6.00%, 01/09/28 *(a)* | 200000 | 207314 |
| 5.05%, 04/04/28  | 250000 | 254110 |
| 2.40%, 04/10/28 *(a)* | 175000 | 166735 |
| 5.80%, 06/23/28 *(a)* | 300000 | 310707 |
| 2.40%, 10/15/28 *(a)* | 250000 | 235895 |
| 5.80%, 01/07/29 *(a)* | 250000 | 259647 |
| 5.65%, 01/17/29 *(a)* | 100000 | 103150 |
| 4.30%, 04/06/29 *(a)* | 250000 | 247525 |
| 5.55%, 07/15/29 *(a)* | 200000 | 206224 |
| 4.90%, 10/06/29 *(a)* | 200000 | 201630 |
| 5.35%, 01/07/30 *(a)* | 200000 | 204732 |
| 5.85%, 04/06/30 *(a)* | 200000 | 209052 |
| 3.60%, 06/21/30 *(a)* | 200000 | 190082 |
| 2.35%, 01/08/31 *(a)* | 200000 | 176276 |
| 5.75%, 02/08/31 *(a)* | 200000 | 207628 |
| 2.70%, 06/10/31 *(a)* | 200000 | 177568 |
| 5.60%, 06/18/31 *(a)* | 150000 | 154867 |
| 3.10%, 01/12/32 *(a)* | 250000 | 222542 |
| 5.63%, 04/04/32 *(a)* | 150000 | 153553 |
| 6.40%, 01/09/33 *(a)* | 200000 | 212108 |
| 6.10%, 01/07/34 *(a)* | 250000 | 259540 |
| 5.95%, 04/04/34 *(a)* | 200000 | 205214 |
| 5.45%, 09/06/34 *(a)* | 150000 | 148631 |
| 5.90%, 01/07/35 *(a)* | 200000 | 203264 |
| **Genuine Parts Co.** | **Genuine Parts Co.** | **Genuine Parts Co.** |
| 6.50%, 11/01/28 *(a)* | 75000 | 79844 |
| 4.95%, 08/15/29 *(a)* | 150000 | 153139 |
| 1.88%, 11/01/30 *(a)* | 125000 | 109851 |
| 2.75%, 02/01/32 *(a)* | 75000 | 66282 |
| 6.88%, 11/01/33 *(a)* | 25000 | 28079 |
| **GLP Capital LP/GLP Financing II, Inc.** | **GLP Capital LP/GLP Financing II, Inc.** | **GLP Capital LP/GLP Financing II, Inc.** |
| 5.75%, 06/01/28 *(a)* | 100000 | 102974 |
| 5.30%, 01/15/29 *(a)* | 100000 | 101945 |
| 4.00%, 01/15/30 *(a)* | 100000 | 96720 |
| 4.00%, 01/15/31 *(a)* | 200000 | 191030 |
| 3.25%, 01/15/32 *(a)* | 100000 | 89285 |
| 5.25%, 02/15/33 *(a)* | 100000 | 99898 |
| 6.75%, 12/01/33 *(a)* | 75000 | 80672 |
| 5.63%, 09/15/34 *(a)* | 150000 | 150747 |
| 5.75%, 11/01/37 *(a)* | 150000 | 147686 |
| 6.25%, 09/15/54 *(a)* | 75000 | 73512 |
| **Harley-Davidson, Inc.** | **Harley-Davidson, Inc.** | **Harley-Davidson, Inc.** |
| 4.63%, 07/28/45 *(a)* | 75000 | 59675 |
| **Home Depot, Inc.** | **Home Depot, Inc.** | **Home Depot, Inc.** |
| 2.13%, 09/15/26 *(a)* | 200000 | 196260 |
| 4.95%, 09/30/26 *(a)* | 150000 | 151418 |
| 2.50%, 04/15/27 *(a)* | 200000 | 195690 |
| 2.88%, 04/15/27 *(a)* | 150000 | 147596 |

---

*See financial notes*

**38**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.88%, 06/25/27 *(a)* | 150000 | 152526 |
| 2.80%, 09/14/27 *(a)* | 150000 | 146837 |
| 0.90%, 03/15/28 *(a)* | 75000 | 69738 |
| 1.50%, 09/15/28 *(a)* | 150000 | 139934 |
| 3.90%, 12/06/28 *(a)* | 100000 | 100202 |
| 4.90%, 04/15/29 *(a)* | 150000 | 154633 |
| 2.95%, 06/15/29 *(a)* | 350000 | 337561 |
| 4.75%, 06/25/29 *(a)* | 200000 | 204916 |
| 2.70%, 04/15/30 *(a)* | 275000 | 258725 |
| 1.38%, 03/15/31 *(a)* | 250000 | 214875 |
| 4.85%, 06/25/31 *(a)* | 225000 | 232297 |
| 1.88%, 09/15/31 *(a)* | 250000 | 217862 |
| 3.25%, 04/15/32 *(a)* | 250000 | 232842 |
| 4.50%, 09/15/32 *(a)* | 200000 | 201996 |
| 4.95%, 06/25/34 *(a)* | 300000 | 305157 |
| 5.88%, 12/16/36  | 280000 | 302142 |
| 3.30%, 04/15/40 *(a)* | 200000 | 160622 |
| 5.40%, 09/15/40 *(a)* | 100000 | 101594 |
| 5.95%, 04/01/41 *(a)* | 200000 | 211424 |
| 4.20%, 04/01/43 *(a)* | 205000 | 174844 |
| 4.88%, 02/15/44 *(a)* | 195000 | 180406 |
| 4.40%, 03/15/45 *(a)* | 150000 | 129156 |
| 4.25%, 04/01/46 *(a)* | 250000 | 209995 |
| 3.90%, 06/15/47 *(a)* | 200000 | 157464 |
| 4.50%, 12/06/48 *(a)* | 300000 | 256758 |
| 3.13%, 12/15/49 *(a)* | 200000 | 134604 |
| 3.35%, 04/15/50 *(a)* | 250000 | 174202 |
| 2.38%, 03/15/51 *(a)* | 250000 | 140635 |
| 2.75%, 09/15/51 *(a)* | 150000 | 91194 |
| 3.63%, 04/15/52 *(a)* | 300000 | 217614 |
| 4.95%, 09/15/52 *(a)* | 100000 | 90503 |
| 5.30%, 06/25/54 *(a)* | 250000 | 237940 |
| 3.50%, 09/15/56 *(a)* | 200000 | 138024 |
| 5.40%, 06/25/64 *(a)* | 150000 | 142952 |
| **Honda Motor Co. Ltd.** | **Honda Motor Co. Ltd.** | **Honda Motor Co. Ltd.** |
| 2.53%, 03/10/27 *(a)* | 200000 | 195310 |
| 4.44%, 07/08/28 *(a)* | 200000 | 201250 |
| 4.69%, 07/08/30 *(a)* | 250000 | 252472 |
| 2.97%, 03/10/32 *(a)* | 150000 | 135606 |
| 5.34%, 07/08/35 *(a)* | 200000 | 201286 |
| **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** |
| 5.75%, 01/30/27 *(a)* | 100000 | 101846 |
| 4.38%, 09/15/28 *(a)* | 150000 | 150185 |
| 5.25%, 06/30/29 *(a)* | 100000 | 102687 |
| 5.75%, 04/23/30 *(a)(f)* | 100000 | 104012 |
| 5.38%, 12/15/31 *(a)* | 100000 | 102484 |
| 5.50%, 06/30/34 *(a)* | 100000 | 100980 |
| **JD.com, Inc.** | **JD.com, Inc.** | **JD.com, Inc.** |
| 3.38%, 01/14/30 *(a)(c)* | 200000 | 193814 |
| 4.13%, 01/14/50 *(a)* | 200000 | 160390 |
| **Jones Lang LaSalle, Inc.** | **Jones Lang LaSalle, Inc.** | **Jones Lang LaSalle, Inc.** |
| 6.88%, 12/01/28 *(a)* | 100000 | 107564 |
| **Las Vegas Sands Corp.** | **Las Vegas Sands Corp.** | **Las Vegas Sands Corp.** |
| 5.90%, 06/01/27 *(a)* | 150000 | 153073 |
| 5.63%, 06/15/28 *(a)* | 200000 | 204778 |
| 3.90%, 08/08/29 *(a)* | 150000 | 144809 |
| 6.00%, 08/15/29 *(a)* | 100000 | 103895 |
| 6.20%, 08/15/34 *(a)* | 100000 | 103566 |
| **Lear Corp.** | **Lear Corp.** | **Lear Corp.** |
| 3.80%, 09/15/27 *(a)* | 50000 | 49541 |
| 4.25%, 05/15/29 *(a)* | 50000 | 49664 |
| 3.50%, 05/30/30 *(a)* | 50000 | 47753 |
| 2.60%, 01/15/32 *(a)* | 100000 | 87275 |
| 5.25%, 05/15/49 *(a)* | 100000 | 87940 |
| 3.55%, 01/15/52 *(a)* | 100000 | 65422 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Lennar Corp.** | **Lennar Corp.** | **Lennar Corp.** |
| 4.75%, 11/29/27 *(a)* | 250000 | 252032 |
| 5.20%, 07/30/30 *(a)* | 100000 | 103283 |
| **LKQ Corp.** | **LKQ Corp.** | **LKQ Corp.** |
| 5.75%, 06/15/28 *(a)* | 150000 | 154972 |
| 6.25%, 06/15/33 *(a)* | 150000 | 158683 |
| **Lowe's Cos., Inc.** | **Lowe's Cos., Inc.** | **Lowe's Cos., Inc.** |
| 3.35%, 04/01/27 *(a)* | 200000 | 197734 |
| 3.10%, 05/03/27 *(a)* | 250000 | 246025 |
| 1.30%, 04/15/28 *(a)* | 150000 | 140037 |
| 1.70%, 09/15/28 *(a)* | 100000 | 93261 |
| 6.50%, 03/15/29  | 75000 | 81047 |
| 3.65%, 04/05/29 *(a)* | 300000 | 294765 |
| 4.50%, 04/15/30 *(a)* | 200000 | 202712 |
| 1.70%, 10/15/30 *(a)* | 250000 | 219970 |
| 2.63%, 04/01/31 *(a)* | 250000 | 227860 |
| 3.75%, 04/01/32 *(a)* | 300000 | 284988 |
| 5.00%, 04/15/33 *(a)* | 200000 | 203374 |
| 5.15%, 07/01/33 *(a)* | 150000 | 153811 |
| 5.50%, 10/15/35  | 75000 | 77462 |
| 5.00%, 04/15/40 *(a)* | 100000 | 95423 |
| 2.80%, 09/15/41 *(a)* | 200000 | 140514 |
| 4.65%, 04/15/42 *(a)* | 95000 | 84222 |
| 4.38%, 09/15/45 *(a)* | 100000 | 82504 |
| 3.70%, 04/15/46 *(a)* | 225000 | 167319 |
| 4.05%, 05/03/47 *(a)* | 250000 | 194310 |
| 4.55%, 04/05/49 *(a)* | 100000 | 82155 |
| 5.13%, 04/15/50 *(a)* | 100000 | 88722 |
| 3.00%, 10/15/50 *(a)* | 300000 | 186072 |
| 3.50%, 04/01/51 *(a)* | 50000 | 34050 |
| 4.25%, 04/01/52 *(a)* | 300000 | 232239 |
| 5.63%, 04/15/53 *(a)* | 200000 | 191014 |
| 5.75%, 07/01/53 *(a)* | 75000 | 72982 |
| 4.45%, 04/01/62 *(a)* | 250000 | 191955 |
| 5.80%, 09/15/62 *(a)* | 200000 | 192688 |
| 5.85%, 04/01/63 *(a)* | 100000 | 97051 |
| **Magna International, Inc.** | **Magna International, Inc.** | **Magna International, Inc.** |
| 2.45%, 06/15/30 *(a)* | 200000 | 184198 |
| 5.50%, 03/21/33 *(a)* | 100000 | 103194 |
| 5.88%, 06/01/35 *(a)* | 100000 | 104108 |
| **Marriott International, Inc.** | **Marriott International, Inc.** | **Marriott International, Inc.** |
| 5.45%, 09/15/26 *(a)* | 100000 | 101204 |
| 4.20%, 07/15/27  | 120000 | 120197 |
| 5.00%, 10/15/27 *(a)* | 150000 | 152508 |
| 4.00%, 04/15/28 *(a)* | 100000 | 99663 |
| 5.55%, 10/15/28 *(a)* | 125000 | 129885 |
| 4.90%, 04/15/29 *(a)* | 150000 | 153015 |
| 4.88%, 05/15/29 *(a)* | 100000 | 101909 |
| 4.80%, 03/15/30 *(a)* | 100000 | 101722 |
| 4.63%, 06/15/30 *(a)* | 200000 | 201618 |
| 2.85%, 04/15/31 *(a)* | 200000 | 183596 |
| 4.50%, 10/15/31 *(a)* | 150000 | 148845 |
| 3.50%, 10/15/32 *(a)* | 250000 | 229385 |
| 2.75%, 10/15/33 *(a)* | 100000 | 85726 |
| 5.30%, 05/15/34 *(a)* | 200000 | 203038 |
| 5.35%, 03/15/35 *(a)* | 175000 | 176661 |
| 5.25%, 10/15/35 *(a)* | 180000 | 178906 |
| 5.50%, 04/15/37 *(a)* | 275000 | 275913 |
| **McDonald's Corp.** | **McDonald's Corp.** | **McDonald's Corp.** |
| 3.50%, 03/01/27 *(a)* | 200000 | 198326 |
| 3.50%, 07/01/27 *(a)* | 200000 | 198318 |
| 3.80%, 04/01/28 *(a)* | 175000 | 174305 |
| 4.80%, 08/14/28 *(a)* | 100000 | 102236 |
| 5.00%, 05/17/29 *(a)* | 150000 | 154660 |
| 2.63%, 09/01/29 *(a)* | 100000 | 94747 |
| 2.13%, 03/01/30 *(a)* | 150000 | 137441 |
| 3.60%, 07/01/30 *(a)* | 150000 | 146382 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**39**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.40%, 02/12/31 *(a)* | 100000 | 100376 |
| 4.60%, 09/09/32 *(a)* | 150000 | 151479 |
| 4.95%, 08/14/33 *(a)* | 125000 | 128193 |
| 5.20%, 05/17/34 *(a)* | 150000 | 155053 |
| 4.70%, 12/09/35 *(a)* | 100000 | 98425 |
| 5.00%, 02/13/36 *(a)* | 150000 | 150212 |
| 6.30%, 10/15/37  | 150000 | 165570 |
| 6.30%, 03/01/38  | 100000 | 109655 |
| 5.70%, 02/01/39  | 75000 | 78441 |
| 4.88%, 07/15/40  | 100000 | 95028 |
| 3.70%, 02/15/42  | 100000 | 79842 |
| 3.63%, 05/01/43  | 75000 | 58490 |
| 4.60%, 05/26/45 *(a)* | 100000 | 87689 |
| 4.88%, 12/09/45 *(a)* | 320000 | 289661 |
| 4.45%, 03/01/47 *(a)* | 175000 | 147977 |
| 4.45%, 09/01/48 *(a)* | 200000 | 167674 |
| 3.63%, 09/01/49 *(a)* | 350000 | 254201 |
| 4.20%, 04/01/50 *(a)* | 100000 | 79697 |
| 5.15%, 09/09/52 *(a)* | 150000 | 137921 |
| 5.45%, 08/14/53 *(a)* | 150000 | 144059 |
| **MDC Holdings, Inc.** | **MDC Holdings, Inc.** | **MDC Holdings, Inc.** |
| 3.85%, 01/15/30 *(a)* | 100000 | 96180 |
| 2.50%, 01/15/31 *(a)* | 150000 | 133067 |
| 6.00%, 01/15/43 *(a)* | 75000 | 68764 |
| **Mercedes-Benz Finance North America LLC** | **Mercedes-Benz Finance North America LLC** | **Mercedes-Benz Finance North America LLC** |
| 8.50%, 01/18/31  | 250000 | 298970 |
| **Meritage Homes Corp.** | **Meritage Homes Corp.** | **Meritage Homes Corp.** |
| 5.13%, 06/06/27 *(a)* | 75000 | 75540 |
| 5.65%, 03/15/35 *(a)* | 100000 | 101072 |
| **Nature Conservancy** | **Nature Conservancy** | **Nature Conservancy** |
| 3.96%, 03/01/52 *(a)* | 75000 | 57974 |
| **NIKE, Inc.** | **NIKE, Inc.** | **NIKE, Inc.** |
| 2.38%, 11/01/26 *(a)* | 100000 | 98217 |
| 2.75%, 03/27/27 *(a)* | 200000 | 196434 |
| 2.85%, 03/27/30 *(a)* | 350000 | 332391 |
| 3.25%, 03/27/40 *(a)* | 300000 | 238875 |
| 3.88%, 11/01/45 *(a)* | 150000 | 119229 |
| 3.38%, 11/01/46 *(a)* | 130000 | 94532 |
| 3.38%, 03/27/50 *(a)* | 200000 | 140774 |
| **NVR, Inc.** | **NVR, Inc.** | **NVR, Inc.** |
| 3.00%, 05/15/30 *(a)* | 200000 | 189020 |
| **O'Reilly Automotive, Inc.** | **O'Reilly Automotive, Inc.** | **O'Reilly Automotive, Inc.** |
| 5.75%, 11/20/26 *(a)* | 150000 | 152578 |
| 3.60%, 09/01/27 *(a)* | 150000 | 148586 |
| 4.35%, 06/01/28 *(a)* | 100000 | 100479 |
| 4.20%, 04/01/30 *(a)* | 100000 | 99770 |
| 1.75%, 03/15/31 *(a)* | 150000 | 130388 |
| 4.70%, 06/15/32 *(a)* | 150000 | 150273 |
| 5.00%, 08/19/34 *(a)* | 75000 | 75076 |
| **PACCAR Financial Corp.** | **PACCAR Financial Corp.** | **PACCAR Financial Corp.** |
| 5.20%, 11/09/26  | 100000 | 101487 |
| 4.50%, 11/25/26  | 150000 | 151122 |
| 2.00%, 02/04/27  | 100000 | 97354 |
| 5.00%, 05/13/27  | 100000 | 101772 |
| 4.25%, 06/23/27  | 70000 | 70445 |
| 4.45%, 08/06/27  | 100000 | 101226 |
| 4.55%, 03/03/28  | 100000 | 101644 |
| 4.00%, 08/08/28  | 120000 | 120330 |
| 4.60%, 01/31/29  | 150000 | 153108 |
| 4.00%, 09/26/29  | 100000 | 100111 |
| 4.55%, 05/08/30  | 100000 | 101995 |
| 5.00%, 03/22/34  | 100000 | 102342 |
| **PulteGroup, Inc.** | **PulteGroup, Inc.** | **PulteGroup, Inc.** |
| 7.88%, 06/15/32  | 100000 | 117924 |
| 6.38%, 05/15/33  | 100000 | 108940 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **PVH Corp.** | **PVH Corp.** | **PVH Corp.** |
| 5.50%, 06/13/30 *(a)* | 90000 | 91778 |
| **Ralph Lauren Corp.** | **Ralph Lauren Corp.** | **Ralph Lauren Corp.** |
| 2.95%, 06/15/30 *(a)* | 150000 | 141626 |
| 5.00%, 06/15/32 *(a)* | 90000 | 91928 |
| **Rockefeller Foundation** | **Rockefeller Foundation** | **Rockefeller Foundation** |
| 2.49%, 10/01/50 *(a)* | 150000 | 89100 |
| **Rollins, Inc.** | **Rollins, Inc.** | **Rollins, Inc.** |
| 5.25%, 02/24/35 *(a)* | 110000 | 110759 |
| **Ross Stores, Inc.** | **Ross Stores, Inc.** | **Ross Stores, Inc.** |
| 1.88%, 04/15/31 *(a)* | 75000 | 65240 |
| **Royal Caribbean Cruises Ltd.** | **Royal Caribbean Cruises Ltd.** | **Royal Caribbean Cruises Ltd.** |
| 7.50%, 10/15/27  | 100000 | 105931 |
| 3.70%, 03/15/28 *(a)* | 100000 | 98264 |
| **Sands China Ltd.** | **Sands China Ltd.** | **Sands China Ltd.** |
| 2.30%, 03/08/27 *(a)(f)* | 200000 | 193462 |
| 5.40%, 08/08/28 *(a)(f)* | 300000 | 305877 |
| 2.85%, 03/08/29 *(a)(f)* | 200000 | 187234 |
| 4.38%, 06/18/30 *(a)(f)* | 200000 | 195312 |
| **Starbucks Corp.** | **Starbucks Corp.** | **Starbucks Corp.** |
| 4.85%, 02/08/27 *(a)* | 200000 | 202136 |
| 2.00%, 03/12/27 *(a)* | 100000 | 96921 |
| 3.50%, 03/01/28 *(a)* | 150000 | 148233 |
| 4.50%, 05/15/28 *(a)* | 100000 | 101090 |
| 4.00%, 11/15/28 *(a)* | 150000 | 149775 |
| 3.55%, 08/15/29 *(a)* | 200000 | 196334 |
| 2.25%, 03/12/30 *(a)* | 100000 | 91843 |
| 4.80%, 05/15/30 *(a)* | 100000 | 102111 |
| 2.55%, 11/15/30 *(a)* | 195000 | 178909 |
| 4.90%, 02/15/31 *(a)* | 100000 | 103009 |
| 3.00%, 02/14/32 *(a)* | 200000 | 182740 |
| 4.80%, 02/15/33 *(a)* | 100000 | 100852 |
| 5.00%, 02/15/34 *(a)* | 100000 | 101197 |
| 5.40%, 05/15/35 *(a)* | 100000 | 102419 |
| 4.30%, 06/15/45 *(a)* | 75000 | 61415 |
| 3.75%, 12/01/47 *(a)* | 150000 | 110387 |
| 4.50%, 11/15/48 *(a)* | 150000 | 124550 |
| 4.45%, 08/15/49 *(a)* | 150000 | 122526 |
| 3.35%, 03/12/50 *(a)* | 100000 | 67060 |
| 3.50%, 11/15/50 *(a)* | 200000 | 137472 |
| **Tapestry, Inc.** | **Tapestry, Inc.** | **Tapestry, Inc.** |
| 4.13%, 07/15/27 *(a)* | 100000 | 99623 |
| 5.10%, 03/11/30 *(a)* | 150000 | 153322 |
| 3.05%, 03/15/32 *(a)* | 75000 | 67258 |
| 5.50%, 03/11/35 *(a)* | 150000 | 151530 |
| **Target Corp.** | **Target Corp.** | **Target Corp.** |
| 1.95%, 01/15/27 *(a)* | 150000 | 146124 |
| 4.35%, 06/15/28 *(a)* | 90000 | 90959 |
| 3.38%, 04/15/29 *(a)* | 150000 | 146909 |
| 2.35%, 02/15/30 *(a)* | 250000 | 232747 |
| 2.65%, 09/15/30 *(a)* | 150000 | 140028 |
| 4.50%, 09/15/32 *(a)* | 200000 | 200294 |
| 6.35%, 11/01/32  | 100000 | 111135 |
| 4.40%, 01/15/33 *(a)* | 100000 | 99292 |
| 4.50%, 09/15/34 *(a)* | 150000 | 146748 |
| 5.00%, 04/15/35 *(a)* | 100000 | 100381 |
| 5.25%, 02/15/36 *(a)* | 90000 | 91784 |
| 6.50%, 10/15/37  | 100000 | 112861 |
| 7.00%, 01/15/38  | 100000 | 117185 |
| 4.00%, 07/01/42  | 75000 | 62909 |
| 3.63%, 04/15/46  | 100000 | 75076 |
| 3.90%, 11/15/47 *(a)* | 200000 | 155544 |
| 2.95%, 01/15/52 *(a)* | 100000 | 62825 |
| 4.80%, 01/15/53 *(a)* | 200000 | 175998 |

---

*See financial notes*

**40**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **TJX Cos., Inc.** | **TJX Cos., Inc.** | **TJX Cos., Inc.** |
| 2.25%, 09/15/26 *(a)* | 200000 | 196610 |
| 1.15%, 05/15/28 *(a)* | 150000 | 139605 |
| 3.88%, 04/15/30 *(a)* | 100000 | 99279 |
| 1.60%, 05/15/31 *(a)* | 100000 | 87367 |
| **Toll Brothers Finance Corp.** | **Toll Brothers Finance Corp.** | **Toll Brothers Finance Corp.** |
| 4.88%, 03/15/27 *(a)* | 100000 | 100697 |
| 4.35%, 02/15/28 *(a)* | 200000 | 200596 |
| 5.60%, 06/15/35 *(a)* | 90000 | 91427 |
| **Toyota Motor Corp.** | **Toyota Motor Corp.** | **Toyota Motor Corp.** |
| 5.12%, 07/13/28 *(a)* | 100000 | 103177 |
| 3.67%, 07/20/28  | 150000 | 149826 |
| 2.76%, 07/02/29  | 150000 | 143265 |
| 4.45%, 06/30/30 *(a)* | 100000 | 101071 |
| 2.36%, 03/25/31 *(a)* | 100000 | 90691 |
| 5.12%, 07/13/33 *(a)* | 100000 | 103601 |
| 5.05%, 06/30/35 *(a)* | 100000 | 101211 |
| **Toyota Motor Credit Corp.** | **Toyota Motor Credit Corp.** | **Toyota Motor Credit Corp.** |
| 5.40%, 11/20/26  | 200000 | 203280 |
| 4.60%, 01/08/27  | 100000 | 100850 |
| 3.20%, 01/11/27  | 150000 | 148500 |
| 1.90%, 01/13/27  | 150000 | 145913 |
| 5.00%, 03/19/27  | 150000 | 152209 |
| 3.05%, 03/22/27  | 100000 | 98600 |
| 4.50%, 05/14/27  | 200000 | 201758 |
| 1.15%, 08/13/27  | 100000 | 94842 |
| 4.55%, 09/20/27  | 200000 | 202280 |
| 4.35%, 10/08/27  | 200000 | 201552 |
| 5.45%, 11/10/27  | 100000 | 103063 |
| 4.63%, 01/12/28  | 150000 | 152239 |
| 1.90%, 04/06/28  | 150000 | 142676 |
| 5.25%, 09/11/28  | 100000 | 103606 |
| 4.65%, 01/05/29  | 160000 | 162997 |
| 3.65%, 01/08/29  | 150000 | 148340 |
| 5.05%, 05/16/29  | 150000 | 154912 |
| 4.45%, 06/29/29  | 200000 | 202530 |
| 4.55%, 08/09/29  | 175000 | 177798 |
| 4.95%, 01/09/30  | 100000 | 103089 |
| 2.15%, 02/13/30  | 100000 | 91891 |
| 3.38%, 04/01/30  | 200000 | 193432 |
| 4.80%, 05/15/30  | 100000 | 102375 |
| 4.55%, 05/17/30  | 150000 | 152184 |
| 5.55%, 11/20/30  | 200000 | 211906 |
| 1.65%, 01/10/31  | 100000 | 87444 |
| 5.10%, 03/21/31  | 100000 | 103766 |
| 1.90%, 09/12/31  | 100000 | 87072 |
| 4.60%, 10/10/31  | 150000 | 151532 |
| 2.40%, 01/13/32  | 75000 | 66446 |
| 4.70%, 01/12/33  | 100000 | 100741 |
| 4.80%, 01/05/34  | 100000 | 100856 |
| 5.35%, 01/09/35  | 150000 | 155289 |
| **Tractor Supply Co.** | **Tractor Supply Co.** | **Tractor Supply Co.** |
| 1.75%, 11/01/30 *(a)* | 125000 | 109684 |
| 5.25%, 05/15/33 *(a)* | 150000 | 153939 |
| **Uber Technologies, Inc.** | **Uber Technologies, Inc.** | **Uber Technologies, Inc.** |
| 4.30%, 01/15/30 *(a)* | 225000 | 225799 |
| 4.80%, 09/15/34 *(a)* | 275000 | 272071 |
| 5.35%, 09/15/54 *(a)* | 200000 | 187658 |
| **VICI Properties LP** | **VICI Properties LP** | **VICI Properties LP** |
| 4.75%, 02/15/28 *(a)* | 250000 | 252145 |
| 4.95%, 02/15/30 *(a)* | 200000 | 202382 |
| 5.13%, 11/15/31 *(a)* | 150000 | 151732 |
| 5.13%, 05/15/32 *(a)* | 200000 | 200638 |
| 5.75%, 04/01/34 *(a)* | 100000 | 102974 |
| 5.63%, 04/01/35 *(a)* | 150000 | 151759 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.63%, 05/15/52 *(a)* | 150000 | 137084 |
| 6.13%, 04/01/54 *(a)* | 100000 | 97321 |
| **Walmart, Inc.** | **Walmart, Inc.** | **Walmart, Inc.** |
| 1.05%, 09/17/26 *(a)* | 200000 | 194210 |
| 5.88%, 04/05/27  | 75000 | 77476 |
| 4.10%, 04/28/27  | 125000 | 125624 |
| 3.95%, 09/09/27 *(a)* | 200000 | 200688 |
| 3.90%, 04/15/28 *(a)* | 125000 | 125499 |
| 3.70%, 06/26/28 *(a)* | 300000 | 299700 |
| 1.50%, 09/22/28 *(a)* | 200000 | 186988 |
| 3.25%, 07/08/29 *(a)* | 150000 | 146843 |
| 2.38%, 09/24/29 *(a)* | 100000 | 94469 |
| 7.55%, 02/15/30  | 100000 | 114525 |
| 4.00%, 04/15/30 *(a)* | 100000 | 100702 |
| 4.35%, 04/28/30 *(a)* | 175000 | 177599 |
| 1.80%, 09/22/31 *(a)* | 350000 | 308017 |
| 4.15%, 09/09/32 *(a)* | 200000 | 198472 |
| 4.10%, 04/15/33 *(a)* | 250000 | 245642 |
| 4.90%, 04/28/35 *(a)* | 275000 | 279543 |
| 5.25%, 09/01/35  | 250000 | 261522 |
| 6.50%, 08/15/37  | 150000 | 171996 |
| 6.20%, 04/15/38  | 175000 | 196595 |
| 3.95%, 06/28/38 *(a)* | 100000 | 91592 |
| 5.63%, 04/01/40  | 100000 | 106570 |
| 5.00%, 10/25/40  | 50000 | 50146 |
| 5.63%, 04/15/41  | 100000 | 104557 |
| 2.50%, 09/22/41 *(a)* | 200000 | 140892 |
| 4.30%, 04/22/44 *(a)* | 100000 | 87663 |
| 3.63%, 12/15/47 *(a)* | 50000 | 38349 |
| 4.05%, 06/29/48 *(a)* | 250000 | 204997 |
| 2.95%, 09/24/49 *(a)* | 150000 | 100310 |
| 2.65%, 09/22/51 *(a)* | 250000 | 153735 |
| 4.50%, 09/09/52 *(a)* | 200000 | 173314 |
| 4.50%, 04/15/53 *(a)* | 250000 | 216935 |
|  |  | **88803919** |
| ***Consumer Non-Cyclical 3.6%***  | ***Consumer Non-Cyclical 3.6%***  | ***Consumer Non-Cyclical 3.6%***  |
| **Abbott Laboratories** | **Abbott Laboratories** | **Abbott Laboratories** |
| 3.75%, 11/30/26 *(a)* | 200000 | 199702 |
| 1.15%, 01/30/28 *(a)* | 50000 | 47014 |
| 1.40%, 06/30/30 *(a)* | 150000 | 133451 |
| 4.75%, 11/30/36 *(a)* | 300000 | 298404 |
| 6.15%, 11/30/37  | 150000 | 167182 |
| 6.00%, 04/01/39  | 100000 | 109971 |
| 5.30%, 05/27/40  | 100000 | 102333 |
| 4.75%, 04/15/43 *(a)* | 100000 | 93903 |
| 4.90%, 11/30/46 *(a)* | 576000 | 538646 |
| **AbbVie, Inc.** | **AbbVie, Inc.** | **AbbVie, Inc.** |
| 2.95%, 11/21/26 *(a)* | 700000 | 691068 |
| 4.80%, 03/15/27 *(a)* | 400000 | 404296 |
| 4.65%, 03/15/28 *(a)* | 225000 | 228739 |
| 4.25%, 11/14/28 *(a)* | 300000 | 302520 |
| 4.80%, 03/15/29 *(a)* | 450000 | 460602 |
| 3.20%, 11/21/29 *(a)* | 1000000 | 964100 |
| 4.88%, 03/15/30 *(a)* | 175000 | 180313 |
| 4.95%, 03/15/31 *(a)* | 350000 | 361529 |
| 5.05%, 03/15/34 *(a)* | 525000 | 535085 |
| 4.55%, 03/15/35 *(a)* | 300000 | 292884 |
| 5.20%, 03/15/35 *(a)* | 175000 | 179193 |
| 4.50%, 05/14/35 *(a)* | 400000 | 387824 |
| 4.30%, 05/14/36 *(a)* | 175000 | 165907 |
| 4.05%, 11/21/39 *(a)* | 600000 | 528336 |
| 4.63%, 10/01/42 *(a)* | 70000 | 63665 |
| 4.40%, 11/06/42  | 475000 | 417819 |
| 5.35%, 03/15/44 *(a)* | 150000 | 146993 |
| 4.85%, 06/15/44 *(a)* | 200000 | 184040 |
| 4.75%, 03/15/45 *(a)* | 161000 | 145465 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**41**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.70%, 05/14/45 *(a)* | 500000 | 448435 |
| 4.45%, 05/14/46 *(a)* | 350000 | 301066 |
| 4.88%, 11/14/48 *(a)* | 300000 | 271023 |
| 4.25%, 11/21/49 *(a)* | 1050000 | 855781 |
| 5.40%, 03/15/54 *(a)* | 550000 | 529243 |
| 5.60%, 03/15/55 *(a)* | 150000 | 148459 |
| 5.50%, 03/15/64 *(a)* | 275000 | 264261 |
| **AdventHealth Obligated Group** | **AdventHealth Obligated Group** | **AdventHealth Obligated Group** |
| 2.80%, 11/15/51 *(a)* | 75000 | 45644 |
| **Adventist Health System** | **Adventist Health System** | **Adventist Health System** |
| 5.43%, 03/01/32 *(a)* | 75000 | 76610 |
| 5.76%, 12/01/34 *(a)* | 50000 | 50486 |
| 3.63%, 03/01/49 *(a)* | 100000 | 66921 |
| **Advocate Health & Hospitals Corp.** | **Advocate Health & Hospitals Corp.** | **Advocate Health & Hospitals Corp.** |
| 3.83%, 08/15/28 *(a)* | 50000 | 49741 |
| 4.27%, 08/15/48 *(a)* | 150000 | 123591 |
| 3.39%, 10/15/49 *(a)* | 100000 | 70689 |
| **Agilent Technologies, Inc.** | **Agilent Technologies, Inc.** | **Agilent Technologies, Inc.** |
| 3.05%, 09/22/26 *(a)* | 100000 | 98749 |
| 4.20%, 09/09/27 *(a)* | 100000 | 100125 |
| 2.75%, 09/15/29 *(a)* | 100000 | 94789 |
| 2.10%, 06/04/30 *(a)* | 100000 | 90650 |
| 2.30%, 03/12/31 *(a)* | 100000 | 89781 |
| 4.75%, 09/09/34 *(a)* | 100000 | 98654 |
| **Ahold Finance USA LLC** | **Ahold Finance USA LLC** | **Ahold Finance USA LLC** |
| 6.88%, 05/01/29  | 75000 | 81845 |
| **AHS Hospital Corp.** | **AHS Hospital Corp.** | **AHS Hospital Corp.** |
| 5.02%, 07/01/45  | 50000 | 46625 |
| 2.78%, 07/01/51 *(a)* | 100000 | 61306 |
| **Allina Health System** | **Allina Health System** | **Allina Health System** |
| 3.89%, 04/15/49 *(a)* | 100000 | 76325 |
| **Altria Group, Inc.** | **Altria Group, Inc.** | **Altria Group, Inc.** |
| 2.63%, 09/16/26 *(a)* | 100000 | 98364 |
| 4.88%, 02/04/28 *(a)* | 95000 | 96482 |
| 6.20%, 11/01/28 *(a)* | 100000 | 105747 |
| 4.80%, 02/14/29 *(a)* | 300000 | 304719 |
| 3.40%, 05/06/30 *(a)* | 150000 | 143819 |
| 4.50%, 08/06/30 *(a)* | 100000 | 99998 |
| 2.45%, 02/04/32 *(a)* | 300000 | 261363 |
| 6.88%, 11/01/33 *(a)* | 100000 | 111948 |
| 5.63%, 02/06/35 *(a)* | 95000 | 97632 |
| 5.25%, 08/06/35 *(a)* | 100000 | 99905 |
| 5.80%, 02/14/39 *(a)* | 375000 | 382702 |
| 3.40%, 02/04/41 *(a)* | 275000 | 206365 |
| 4.25%, 08/09/42  | 150000 | 122955 |
| 4.50%, 05/02/43  | 100000 | 83745 |
| 5.38%, 01/31/44  | 295000 | 281775 |
| 3.88%, 09/16/46 *(a)* | 275000 | 204517 |
| 5.95%, 02/14/49 *(a)* | 400000 | 398684 |
| 4.45%, 05/06/50 *(a)* | 100000 | 79028 |
| 3.70%, 02/04/51 *(a)* | 225000 | 155889 |
| 4.00%, 02/04/61 *(a)* | 200000 | 141000 |
| **Amgen, Inc.** | **Amgen, Inc.** | **Amgen, Inc.** |
| 2.20%, 02/21/27 *(a)* | 300000 | 292047 |
| 3.20%, 11/02/27 *(a)* | 150000 | 147248 |
| 5.15%, 03/02/28 *(a)* | 700000 | 716198 |
| 1.65%, 08/15/28 *(a)* | 200000 | 186810 |
| 3.00%, 02/22/29 *(a)* | 150000 | 144359 |
| 4.05%, 08/18/29 *(a)* | 200000 | 199102 |
| 2.45%, 02/21/30 *(a)* | 200000 | 185132 |
| 5.25%, 03/02/30 *(a)* | 500000 | 517880 |
| 2.30%, 02/25/31 *(a)* | 175000 | 157201 |
| 2.00%, 01/15/32 *(a)* | 200000 | 171896 |
| 3.35%, 02/22/32 *(a)* | 200000 | 186586 |
| 4.20%, 03/01/33 *(a)* | 125000 | 120831 |
| 5.25%, 03/02/33 *(a)* | 800000 | 821344 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 6.38%, 06/01/37  | 100000 | 110101 |
| 6.40%, 02/01/39  | 50000 | 54257 |
| 3.15%, 02/21/40 *(a)* | 250000 | 193742 |
| 5.75%, 03/15/40  | 75000 | 77348 |
| 2.80%, 08/15/41 *(a)* | 100000 | 72227 |
| 4.95%, 10/01/41  | 100000 | 92739 |
| 5.15%, 11/15/41 *(a)* | 100000 | 94652 |
| 5.65%, 06/15/42 *(a)* | 75000 | 75081 |
| 5.60%, 03/02/43 *(a)* | 500000 | 494355 |
| 4.40%, 05/01/45 *(a)* | 375000 | 317629 |
| 4.56%, 06/15/48 *(a)* | 250000 | 211115 |
| 3.38%, 02/21/50 *(a)* | 200000 | 139810 |
| 4.66%, 06/15/51 *(a)* | 625000 | 529975 |
| 3.00%, 01/15/52 *(a)* | 150000 | 96234 |
| 4.20%, 02/22/52 *(a)* | 200000 | 155716 |
| 4.88%, 03/01/53 *(a)* | 200000 | 173108 |
| 5.65%, 03/02/53 *(a)* | 800000 | 773936 |
| 2.77%, 09/01/53 *(a)* | 219000 | 128229 |
| 4.40%, 02/22/62 *(a)* | 200000 | 154542 |
| 5.75%, 03/02/63 *(a)* | 450000 | 432238 |
| **Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.** | **Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.** | **Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.** |
| 4.70%, 02/01/36 *(a)* | 805000 | 785873 |
| 4.90%, 02/01/46 *(a)* | 1600000 | 1461296 |
| **Anheuser-Busch InBev Finance, Inc.** | **Anheuser-Busch InBev Finance, Inc.** | **Anheuser-Busch InBev Finance, Inc.** |
| 4.70%, 02/01/36 *(a)* | 150000 | 146763 |
| 4.63%, 02/01/44  | 50000 | 44556 |
| 4.90%, 02/01/46 *(a)* | 200000 | 182444 |
| **Anheuser-Busch InBev Worldwide, Inc.** | **Anheuser-Busch InBev Worldwide, Inc.** | **Anheuser-Busch InBev Worldwide, Inc.** |
| 4.75%, 01/23/29 *(a)* | 500000 | 511175 |
| 3.50%, 06/01/30 *(a)* | 300000 | 292128 |
| 4.90%, 01/23/31 *(a)* | 100000 | 103560 |
| 5.00%, 06/15/34 *(a)* | 200000 | 204518 |
| 5.88%, 06/15/35  | 75000 | 81154 |
| 4.38%, 04/15/38 *(a)* | 150000 | 141212 |
| 8.20%, 01/15/39  | 250000 | 319155 |
| 5.45%, 01/23/39 *(a)* | 400000 | 408876 |
| 8.00%, 11/15/39  | 150000 | 190794 |
| 4.95%, 01/15/42  | 300000 | 282360 |
| 4.60%, 04/15/48 *(a)* | 150000 | 132522 |
| 4.44%, 10/06/48 *(a)* | 350000 | 295641 |
| 5.55%, 01/23/49 *(a)* | 750000 | 737415 |
| 4.75%, 04/15/58 *(a)* | 150000 | 129299 |
| 5.80%, 01/23/59 *(a)* | 350000 | 353006 |
| **Archer-Daniels-Midland Co.** | **Archer-Daniels-Midland Co.** | **Archer-Daniels-Midland Co.** |
| 3.25%, 03/27/30 *(a)* | 200000 | 192554 |
| 2.90%, 03/01/32 *(a)* | 250000 | 227527 |
| 4.50%, 08/15/33 *(a)* | 100000 | 98844 |
| 5.38%, 09/15/35  | 100000 | 104927 |
| 4.54%, 03/26/42  | 100000 | 88832 |
| 3.75%, 09/15/47 *(a)* | 50000 | 37953 |
| 4.50%, 03/15/49 *(a)* | 100000 | 84601 |
| 2.70%, 09/15/51 *(a)* | 100000 | 60330 |
| **Ascension Health** | **Ascension Health** | **Ascension Health** |
| 2.53%, 11/15/29 *(a)* | 150000 | 141071 |
| 3.11%, 11/15/39 *(a)* | 100000 | 78655 |
| 3.95%, 11/15/46  | 150000 | 119448 |
| 4.85%, 11/15/53  | 100000 | 88949 |
| **Astrazeneca Finance LLC** | **Astrazeneca Finance LLC** | **Astrazeneca Finance LLC** |
| 4.80%, 02/26/27 *(a)* | 200000 | 202444 |
| 4.88%, 03/03/28 *(a)* | 200000 | 204584 |
| 1.75%, 05/28/28 *(a)* | 250000 | 236570 |
| 4.85%, 02/26/29 *(a)* | 200000 | 205418 |
| 4.90%, 03/03/30 *(a)* | 150000 | 154915 |
| 4.90%, 02/26/31 *(a)* | 200000 | 206848 |
| 2.25%, 05/28/31 *(a)* | 150000 | 135629 |

---

*See financial notes*

**42**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.88%, 03/03/33 *(a)* | 50000 | 51128 |
| 5.00%, 02/26/34 *(a)* | 300000 | 306807 |
| **AstraZeneca PLC** | **AstraZeneca PLC** | **AstraZeneca PLC** |
| 3.13%, 06/12/27 *(a)* | 100000 | 98800 |
| 4.00%, 01/17/29 *(a)* | 150000 | 150121 |
| 1.38%, 08/06/30 *(a)* | 250000 | 219552 |
| 6.45%, 09/15/37  | 530000 | 598169 |
| 4.00%, 09/18/42  | 125000 | 106406 |
| 4.38%, 11/16/45  | 100000 | 87196 |
| 4.38%, 08/17/48 *(a)* | 150000 | 128993 |
| 2.13%, 08/06/50 *(a)* | 50000 | 27541 |
| 3.00%, 05/28/51 *(a)* | 200000 | 132886 |
| **Banner Health** | **Banner Health** | **Banner Health** |
| 2.34%, 01/01/30 *(a)* | 100000 | 92691 |
| 1.90%, 01/01/31 *(a)* | 100000 | 88736 |
| 3.18%, 01/01/50 *(a)* | 100000 | 66950 |
| **Baptist Health South Florida Obligated Group** | **Baptist Health South Florida Obligated Group** | **Baptist Health South Florida Obligated Group** |
| 3.12%, 11/15/71 *(a)* | 50000 | 28754 |
| **Baptist Healthcare System Obligated Group** | **Baptist Healthcare System Obligated Group** | **Baptist Healthcare System Obligated Group** |
| Series 20B <br>3.54%, 08/15/50 *(a)*<br>| 150000 | 105273 |
| **BAT Capital Corp.** | **BAT Capital Corp.** | **BAT Capital Corp.** |
| 3.22%, 09/06/26 *(a)* | 200000 | 197754 |
| 4.70%, 04/02/27 *(a)* | 150000 | 150903 |
| 3.56%, 08/15/27 *(a)* | 400000 | 394776 |
| 2.26%, 03/25/28 *(a)* | 275000 | 262006 |
| 3.46%, 09/06/29 *(a)* | 100000 | 96867 |
| 4.91%, 04/02/30 *(a)* | 175000 | 178307 |
| 6.34%, 08/02/30 *(a)* | 200000 | 215976 |
| 5.83%, 02/20/31 *(a)* | 150000 | 158715 |
| 2.73%, 03/25/31 *(a)* | 250000 | 227620 |
| 4.74%, 03/16/32 *(a)* | 175000 | 174634 |
| 5.35%, 08/15/32 *(a)* | 175000 | 180248 |
| 7.75%, 10/19/32 *(a)* | 100000 | 115931 |
| 6.42%, 08/02/33 *(a)* | 100000 | 108987 |
| 6.00%, 02/20/34 *(a)* | 175000 | 185873 |
| 5.63%, 08/15/35 *(a)* | 175000 | 179623 |
| 4.39%, 08/15/37 *(a)* | 450000 | 406111 |
| 3.73%, 09/25/40 *(a)* | 75000 | 59754 |
| 7.08%, 08/02/43 *(a)* | 150000 | 166242 |
| 4.54%, 08/15/47 *(a)* | 375000 | 303829 |
| 4.76%, 09/06/49 *(a)* | 175000 | 144193 |
| 5.28%, 04/02/50 *(a)* | 100000 | 88547 |
| 3.98%, 09/25/50 *(a)* | 75000 | 54251 |
| 5.65%, 03/16/52 *(a)* | 125000 | 116223 |
| 7.08%, 08/02/53 *(a)* | 200000 | 222220 |
| **BAT International Finance PLC** | **BAT International Finance PLC** | **BAT International Finance PLC** |
| 4.45%, 03/16/28 *(a)* | 200000 | 200868 |
| 5.93%, 02/02/29 *(a)* | 200000 | 210206 |
| **Baxalta, Inc.** | **Baxalta, Inc.** | **Baxalta, Inc.** |
| 5.25%, 06/23/45 *(a)* | 99000 | 92880 |
| **Baxter International, Inc.** | **Baxter International, Inc.** | **Baxter International, Inc.** |
| 1.92%, 02/01/27 *(a)* | 225000 | 217672 |
| 2.27%, 12/01/28 *(a)* | 250000 | 234490 |
| 3.95%, 04/01/30 *(a)* | 100000 | 98251 |
| 1.73%, 04/01/31 *(a)* | 150000 | 128532 |
| 2.54%, 02/01/32 *(a)* | 250000 | 217512 |
| 3.50%, 08/15/46 *(a)* | 85000 | 59006 |
| 3.13%, 12/01/51 *(a)* | 125000 | 76789 |
| **BayCare Health System, Inc.** | **BayCare Health System, Inc.** | **BayCare Health System, Inc.** |
| Series 2020 <br>3.83%, 11/15/50 *(a)*<br>| 100000 | 75762 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Baylor Scott & White Holdings** | **Baylor Scott & White Holdings** | **Baylor Scott & White Holdings** |
| 1.78%, 11/15/30 *(a)* | 100000 | 88689 |
| 4.19%, 11/15/45 *(a)* | 100000 | 82641 |
| 2.84%, 11/15/50 *(a)* | 200000 | 125922 |
| **Becton Dickinson & Co.** | **Becton Dickinson & Co.** | **Becton Dickinson & Co.** |
| 3.70%, 06/06/27 *(a)* | 298000 | 295866 |
| 4.69%, 02/13/28 *(a)* | 150000 | 152011 |
| 4.87%, 02/08/29 *(a)* | 100000 | 102032 |
| 5.08%, 06/07/29 *(a)* | 100000 | 102881 |
| 2.82%, 05/20/30 *(a)* | 150000 | 140426 |
| 1.96%, 02/11/31 *(a)* | 200000 | 175942 |
| 4.30%, 08/22/32 *(a)* | 100000 | 97679 |
| 5.11%, 02/08/34 *(a)* | 100000 | 101293 |
| 4.69%, 12/15/44 *(a)* | 150000 | 131241 |
| 4.67%, 06/06/47 *(a)* | 200000 | 172588 |
| 3.79%, 05/20/50 *(a)* | 150000 | 111248 |
| **Beth Israel Lahey Health, Inc.** | **Beth Israel Lahey Health, Inc.** | **Beth Israel Lahey Health, Inc.** |
| 3.08%, 07/01/51 *(a)* | 50000 | 31784 |
| **Biogen, Inc.** | **Biogen, Inc.** | **Biogen, Inc.** |
| 2.25%, 05/01/30 *(a)* | 300000 | 273150 |
| 5.05%, 01/15/31 *(a)* | 100000 | 102774 |
| 5.75%, 05/15/35 *(a)* | 100000 | 103262 |
| 5.20%, 09/15/45 *(a)* | 200000 | 179440 |
| 3.15%, 05/01/50 *(a)* | 300000 | 187203 |
| 3.25%, 02/15/51 *(a)* | 167000 | 105435 |
| 6.45%, 05/15/55 *(a)* | 100000 | 102090 |
| **Bio-Rad Laboratories, Inc.** | **Bio-Rad Laboratories, Inc.** | **Bio-Rad Laboratories, Inc.** |
| 3.30%, 03/15/27 *(a)* | 100000 | 98565 |
| 3.70%, 03/15/32 *(a)* | 150000 | 139787 |
| **Bon Secours Mercy Health, Inc.** | **Bon Secours Mercy Health, Inc.** | **Bon Secours Mercy Health, Inc.** |
| 3.46%, 06/01/30 *(a)* | 100000 | 96913 |
| **Boston Scientific Corp.** | **Boston Scientific Corp.** | **Boston Scientific Corp.** |
| 2.65%, 06/01/30 *(a)* | 150000 | 140081 |
| 6.50%, 11/15/35 *(g)* | 100000 | 111516 |
| 4.55%, 03/01/39 *(a)* | 75000 | 71008 |
| 7.38%, 01/15/40  | 75000 | 90719 |
| 4.70%, 03/01/49 *(a)* | 150000 | 133004 |
| **Bristol-Myers Squibb Co.** | **Bristol-Myers Squibb Co.** | **Bristol-Myers Squibb Co.** |
| 4.90%, 02/22/27 *(a)* | 200000 | 202592 |
| 3.25%, 02/27/27  | 75000 | 74288 |
| 1.13%, 11/13/27 *(a)* | 150000 | 141582 |
| 3.90%, 02/20/28 *(a)* | 300000 | 299985 |
| 4.90%, 02/22/29 *(a)* | 300000 | 308250 |
| 3.40%, 07/26/29 *(a)* | 450000 | 438637 |
| 1.45%, 11/13/30 *(a)* | 250000 | 218752 |
| 5.75%, 02/01/31 *(a)* | 150000 | 160507 |
| 5.10%, 02/22/31 *(a)* | 225000 | 234218 |
| 2.95%, 03/15/32 *(a)* | 350000 | 319427 |
| 5.90%, 11/15/33 *(a)* | 200000 | 215506 |
| 5.20%, 02/22/34 *(a)* | 500000 | 513585 |
| 4.13%, 06/15/39 *(a)* | 325000 | 289185 |
| 2.35%, 11/13/40 *(a)* | 150000 | 103367 |
| 3.55%, 03/15/42 *(a)* | 250000 | 197840 |
| 3.25%, 08/01/42  | 100000 | 75553 |
| 5.50%, 02/22/44 *(a)* | 100000 | 99119 |
| 4.50%, 03/01/44 *(a)* | 75000 | 65420 |
| 4.63%, 05/15/44 *(a)* | 150000 | 132605 |
| 5.00%, 08/15/45 *(a)* | 100000 | 93194 |
| 4.35%, 11/15/47 *(a)* | 250000 | 207300 |
| 4.55%, 02/20/48 *(a)* | 250000 | 213232 |
| 4.25%, 10/26/49 *(a)* | 650000 | 521144 |
| 2.55%, 11/13/50 *(a)* | 275000 | 159860 |
| 3.70%, 03/15/52 *(a)* | 350000 | 253067 |
| 6.25%, 11/15/53 *(a)* | 200000 | 211930 |
| 5.55%, 02/22/54 *(a)* | 500000 | 482680 |
| 3.90%, 03/15/62 *(a)* | 200000 | 141668 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**43**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 6.40%, 11/15/63 *(a)* | 200000 | 214008 |
| 5.65%, 02/22/64 *(a)* | 250000 | 239792 |
| **Brown-Forman Corp.** | **Brown-Forman Corp.** | **Brown-Forman Corp.** |
| 4.75%, 04/15/33 *(a)* | 150000 | 150970 |
| 4.00%, 04/15/38 *(a)* | 150000 | 132899 |
| **Brunswick Corp.** | **Brunswick Corp.** | **Brunswick Corp.** |
| 5.85%, 03/18/29 *(a)* | 100000 | 103647 |
| 2.40%, 08/18/31 *(a)* | 150000 | 129780 |
| 5.10%, 04/01/52 *(a)* | 75000 | 57386 |
| **Bunge Ltd. Finance Corp.** | **Bunge Ltd. Finance Corp.** | **Bunge Ltd. Finance Corp.** |
| 4.90%, 04/21/27 *(a)* | 130000 | 131363 |
| 3.75%, 09/25/27 *(a)* | 150000 | 148965 |
| 4.10%, 01/07/28 *(a)* | 75000 | 75001 |
| 4.20%, 09/17/29 *(a)* | 150000 | 149379 |
| 4.55%, 08/04/30 *(a)* | 190000 | 191062 |
| 3.20%, 04/21/31 *(a)* | 170000 | 158573 |
| 2.75%, 05/14/31 *(a)* | 150000 | 137160 |
| 4.65%, 09/17/34 *(a)* | 150000 | 146162 |
| 5.15%, 08/04/35 *(a)* | 190000 | 190598 |
| **Campbell's Co.** | **Campbell's Co.** | **Campbell's Co.** |
| 5.20%, 03/19/27  | 100000 | 101527 |
| 4.15%, 03/15/28 *(a)* | 150000 | 149998 |
| 5.20%, 03/21/29 *(a)* | 100000 | 102759 |
| 2.38%, 04/24/30 *(a)* | 75000 | 68560 |
| 5.40%, 03/21/34 *(a)* | 175000 | 177709 |
| 4.75%, 03/23/35 *(a)* | 150000 | 143855 |
| 4.80%, 03/15/48 *(a)* | 100000 | 86510 |
| 3.13%, 04/24/50 *(a)* | 130000 | 83203 |
| 5.25%, 10/13/54 *(a)* | 75000 | 67565 |
| **Cardinal Health, Inc.** | **Cardinal Health, Inc.** | **Cardinal Health, Inc.** |
| 4.70%, 11/15/26  | 150000 | 151008 |
| 3.41%, 06/15/27 *(a)* | 250000 | 246812 |
| 5.13%, 02/15/29 *(a)* | 125000 | 128600 |
| 5.00%, 11/15/29 *(a)* | 125000 | 128071 |
| 4.50%, 09/15/30 *(a)* | 180000 | 180385 |
| 5.45%, 02/15/34 *(a)* | 100000 | 102843 |
| 5.35%, 11/15/34 *(a)* | 150000 | 152358 |
| 5.15%, 09/15/35 *(a)* | 120000 | 119218 |
| 4.50%, 11/15/44 *(a)* | 25000 | 20825 |
| 4.90%, 09/15/45 *(a)* | 80000 | 70382 |
| 4.37%, 06/15/47 *(a)* | 100000 | 80803 |
| 5.75%, 11/15/54 *(a)* | 150000 | 144942 |
| **Catholic Health Services of Long Island Obligated Group** | **Catholic Health Services of Long Island Obligated Group** | **Catholic Health Services of Long Island Obligated Group** |
| 3.37%, 07/01/50 *(a)* | 50000 | 33645 |
| **Cencora, Inc.** | **Cencora, Inc.** | **Cencora, Inc.** |
| 3.45%, 12/15/27 *(a)* | 100000 | 98542 |
| 4.63%, 12/15/27 *(a)* | 75000 | 75790 |
| 4.85%, 12/15/29 *(a)* | 100000 | 102131 |
| 2.80%, 05/15/30 *(a)* | 100000 | 93742 |
| 2.70%, 03/15/31 *(a)* | 200000 | 183024 |
| 5.13%, 02/15/34 *(a)* | 100000 | 101247 |
| 5.15%, 02/15/35 *(a)* | 150000 | 151264 |
| 4.25%, 03/01/45 *(a)* | 100000 | 81764 |
| 4.30%, 12/15/47 *(a)* | 100000 | 80984 |
| **Children's Health System of Texas** | **Children's Health System of Texas** | **Children's Health System of Texas** |
| 2.51%, 08/15/50 *(a)* | 150000 | 87077 |
| **Children's Hospital** | **Children's Hospital** | **Children's Hospital** |
| 2.93%, 07/15/50 *(a)* | 60000 | 37786 |
| **Children's Hospital Corp.** | **Children's Hospital Corp.** | **Children's Hospital Corp.** |
| 4.12%, 01/01/47 *(a)* | 100000 | 81977 |
| 2.59%, 02/01/50 *(a)* | 80000 | 47826 |
| **Children's Hospital Medical Center** | **Children's Hospital Medical Center** | **Children's Hospital Medical Center** |
| 4.27%, 05/15/44  | 100000 | 83986 |
| **Children's Hospital of Philadelphia** | **Children's Hospital of Philadelphia** | **Children's Hospital of Philadelphia** |
| 2.70%, 07/01/50 *(a)* | 100000 | 61122 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Church & Dwight Co., Inc.** | **Church & Dwight Co., Inc.** | **Church & Dwight Co., Inc.** |
| 3.15%, 08/01/27 *(a)* | 100000 | 98432 |
| 5.60%, 11/15/32 *(a)* | 100000 | 105646 |
| 3.95%, 08/01/47 *(a)* | 25000 | 19518 |
| 5.00%, 06/15/52 *(a)* | 100000 | 90018 |
| **Cigna Group** | **Cigna Group** | **Cigna Group** |
| 3.40%, 03/01/27 *(a)* | 142000 | 140513 |
| 3.05%, 10/15/27 *(a)* | 145000 | 142051 |
| 4.38%, 10/15/28 *(a)* | 735000 | 739028 |
| 5.00%, 05/15/29 *(a)* | 200000 | 205466 |
| 2.40%, 03/15/30 *(a)* | 250000 | 230337 |
| 2.38%, 03/15/31 *(a)* | 250000 | 224340 |
| 5.13%, 05/15/31 *(a)* | 100000 | 103561 |
| 5.40%, 03/15/33 *(a)* | 150000 | 155506 |
| 5.25%, 02/15/34 *(a)* | 225000 | 229572 |
| 4.80%, 08/15/38 *(a)* | 405000 | 380437 |
| 3.20%, 03/15/40 *(a)* | 150000 | 114374 |
| 6.13%, 11/15/41  | 100000 | 103379 |
| 4.80%, 07/15/46 *(a)* | 270000 | 234943 |
| 3.88%, 10/15/47 *(a)* | 145000 | 108779 |
| 4.90%, 12/15/48 *(a)* | 550000 | 478236 |
| 3.40%, 03/15/50 *(a)* | 200000 | 134364 |
| 3.40%, 03/15/51 *(a)* | 250000 | 167015 |
| 5.60%, 02/15/54 *(a)* | 250000 | 236587 |
| **City of Hope** | **City of Hope** | **City of Hope** |
| 5.62%, 11/15/43  | 100000 | 97688 |
| **Cleveland Clinic Foundation** | **Cleveland Clinic Foundation** | **Cleveland Clinic Foundation** |
| 4.86%, 01/01/14  | 50000 | 41637 |
| **Clorox Co.** | **Clorox Co.** | **Clorox Co.** |
| 3.10%, 10/01/27 *(a)* | 150000 | 147204 |
| 3.90%, 05/15/28 *(a)* | 100000 | 99608 |
| 4.60%, 05/01/32 *(a)* | 200000 | 200496 |
| **Coca-Cola Co.** | **Coca-Cola Co.** | **Coca-Cola Co.** |
| 3.38%, 03/25/27  | 200000 | 198678 |
| 2.90%, 05/25/27  | 100000 | 98506 |
| 1.45%, 06/01/27  | 300000 | 288351 |
| 1.50%, 03/05/28  | 100000 | 94727 |
| 1.00%, 03/15/28  | 250000 | 233685 |
| 2.13%, 09/06/29  | 150000 | 140168 |
| 3.45%, 03/25/30  | 200000 | 195054 |
| 1.65%, 06/01/30  | 450000 | 404037 |
| 2.00%, 03/05/31  | 125000 | 112230 |
| 1.38%, 03/15/31  | 250000 | 216945 |
| 2.25%, 01/05/32  | 350000 | 311832 |
| 5.00%, 05/13/34 *(a)* | 175000 | 180894 |
| 4.65%, 08/14/34 *(a)* | 150000 | 151755 |
| 2.50%, 06/01/40  | 200000 | 146630 |
| 2.88%, 05/05/41  | 150000 | 113234 |
| 4.20%, 03/25/50  | 100000 | 82837 |
| 3.00%, 03/05/51  | 200000 | 132566 |
| 2.50%, 03/15/51  | 250000 | 148165 |
| 5.30%, 05/13/54 *(a)* | 200000 | 193046 |
| 5.20%, 01/14/55 *(a)* | 275000 | 260345 |
| 2.75%, 06/01/60  | 200000 | 117574 |
| 5.40%, 05/13/64 *(a)* | 300000 | 289383 |
| **Coca-Cola Consolidated, Inc.** | **Coca-Cola Consolidated, Inc.** | **Coca-Cola Consolidated, Inc.** |
| 5.25%, 06/01/29 *(a)* | 100000 | 103310 |
| 5.45%, 06/01/34 *(a)* | 100000 | 103791 |
| **Coca-Cola Femsa SAB de CV** | **Coca-Cola Femsa SAB de CV** | **Coca-Cola Femsa SAB de CV** |
| 1.85%, 09/01/32 *(a)* | 100000 | 82977 |
| 5.10%, 05/06/35 *(a)* | 150000 | 150619 |
| 5.25%, 11/26/43  | 150000 | 143928 |
| **Colgate-Palmolive Co.** | **Colgate-Palmolive Co.** | **Colgate-Palmolive Co.** |
| 3.10%, 08/15/27 *(a)* | 200000 | 197848 |
| 4.60%, 03/01/28 *(a)* | 75000 | 76430 |
| 4.60%, 03/01/33 *(a)* | 150000 | 152185 |

---

*See financial notes*

**44**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.00%, 08/15/45  | 100000 | 82202 |
| 3.70%, 08/01/47 *(a)* | 100000 | 77888 |
| **CommonSpirit Health** | **CommonSpirit Health** | **CommonSpirit Health** |
| 6.07%, 11/01/27 *(a)* | 100000 | 103690 |
| 3.35%, 10/01/29 *(a)* | 150000 | 144705 |
| 2.78%, 10/01/30 *(a)* | 150000 | 138864 |
| 5.21%, 12/01/31 *(a)* | 150000 | 155161 |
| 5.32%, 12/01/34 *(a)* | 125000 | 126320 |
| 4.35%, 11/01/42  | 150000 | 127101 |
| 3.82%, 10/01/49 *(a)* | 150000 | 109823 |
| 4.19%, 10/01/49 *(a)* | 100000 | 77161 |
| 3.91%, 10/01/50 *(a)* | 100000 | 73063 |
| 6.46%, 11/01/52 *(a)* | 25000 | 26497 |
| 5.55%, 12/01/54 *(a)* | 100000 | 94335 |
| **Community Health Network, Inc.** | **Community Health Network, Inc.** | **Community Health Network, Inc.** |
| 3.10%, 05/01/50 *(a)* | 50000 | 31376 |
| **Conagra Brands, Inc.** | **Conagra Brands, Inc.** | **Conagra Brands, Inc.** |
| 5.30%, 10/01/26  | 100000 | 100963 |
| 1.38%, 11/01/27 *(a)* | 250000 | 234545 |
| 4.85%, 11/01/28 *(a)* | 250000 | 252747 |
| 5.00%, 08/01/30 *(a)* | 90000 | 90869 |
| 5.75%, 08/01/35 *(a)* | 90000 | 90540 |
| 5.30%, 11/01/38 *(a)* | 175000 | 165364 |
| 5.40%, 11/01/48 *(a)* | 200000 | 176148 |
| **Conopco, Inc.** | **Conopco, Inc.** | **Conopco, Inc.** |
| 7.25%, 12/15/26  | 75000 | 77981 |
| **Constellation Brands, Inc.** | **Constellation Brands, Inc.** | **Constellation Brands, Inc.** |
| 3.70%, 12/06/26 *(a)* | 100000 | 99329 |
| 3.50%, 05/09/27 *(a)* | 100000 | 98856 |
| 4.35%, 05/09/27 *(a)* | 100000 | 100262 |
| 3.60%, 02/15/28 *(a)* | 150000 | 148085 |
| 4.65%, 11/15/28 *(a)* | 100000 | 101215 |
| 4.80%, 01/15/29 *(a)* | 100000 | 101545 |
| 3.15%, 08/01/29 *(a)* | 150000 | 143885 |
| 2.88%, 05/01/30 *(a)* | 100000 | 93590 |
| 4.80%, 05/01/30 *(a)* | 100000 | 101488 |
| 2.25%, 08/01/31 *(a)* | 150000 | 131841 |
| 4.75%, 05/09/32 *(a)* | 150000 | 149997 |
| 4.90%, 05/01/33 *(a)* | 150000 | 149854 |
| 4.50%, 05/09/47 *(a)* | 75000 | 62119 |
| 4.10%, 02/15/48 *(a)* | 100000 | 77062 |
| 5.25%, 11/15/48 *(a)* | 75000 | 68123 |
| 3.75%, 05/01/50 *(a)* | 75000 | 53812 |
| **Corewell Health Obligated Group** | **Corewell Health Obligated Group** | **Corewell Health Obligated Group** |
| 3.49%, 07/15/49 *(a)* | 50000 | 36066 |
| **Cottage Health Obligated Group** | **Cottage Health Obligated Group** | **Cottage Health Obligated Group** |
| 3.30%, 11/01/49 *(a)* | 100000 | 68660 |
| **CVS Health Corp.** | **CVS Health Corp.** | **CVS Health Corp.** |
| 3.63%, 04/01/27 *(a)* | 150000 | 148585 |
| 6.25%, 06/01/27  | 75000 | 77471 |
| 1.30%, 08/21/27 *(a)* | 400000 | 377708 |
| 4.30%, 03/25/28 *(a)* | 945000 | 944735 |
| 5.00%, 01/30/29 *(a)* | 200000 | 204012 |
| 5.40%, 06/01/29 *(a)* | 200000 | 206716 |
| 3.25%, 08/15/29 *(a)* | 300000 | 287079 |
| 5.13%, 02/21/30 *(a)* | 250000 | 256042 |
| 3.75%, 04/01/30 *(a)* | 300000 | 289902 |
| 1.75%, 08/21/30 *(a)* | 250000 | 218527 |
| 5.25%, 01/30/31 *(a)* | 200000 | 205794 |
| 1.88%, 02/28/31 *(a)* | 250000 | 216535 |
| 5.55%, 06/01/31 *(a)* | 150000 | 156715 |
| 2.13%, 09/15/31 *(a)* | 200000 | 172762 |
| 5.00%, 09/15/32 *(a)* | 100000 | 100467 |
| 5.25%, 02/21/33 *(a)* | 300000 | 303585 |
| 5.30%, 06/01/33 *(a)* | 200000 | 202620 |
| 5.70%, 06/01/34 *(a)* | 200000 | 206376 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.88%, 07/20/35 *(a)* | 100000 | 96048 |
| 5.45%, 09/15/35 *(a)* | 300000 | 300819 |
| 4.78%, 03/25/38 *(a)* | 900000 | 829368 |
| 6.13%, 09/15/39  | 75000 | 77197 |
| 4.13%, 04/01/40 *(a)* | 100000 | 83866 |
| 2.70%, 08/21/40 *(a)* | 75000 | 52685 |
| 5.30%, 12/05/43 *(a)* | 100000 | 91101 |
| 6.00%, 06/01/44 *(a)* | 150000 | 148338 |
| 5.13%, 07/20/45 *(a)* | 500000 | 440240 |
| 5.05%, 03/25/48 *(a)* | 1400000 | 1203846 |
| 4.25%, 04/01/50 *(a)* | 100000 | 75642 |
| 5.63%, 02/21/53 *(a)* | 250000 | 228662 |
| 5.88%, 06/01/53 *(a)* | 250000 | 236917 |
| 6.05%, 06/01/54 *(a)* | 175000 | 170152 |
| 6.20%, 09/15/55 *(a)* | 200000 | 197156 |
| 6.00%, 06/01/63 *(a)* | 175000 | 166126 |
| 6.25%, 09/15/65 *(a)* | 100000 | 97815 |
| **Danaher Corp.** | **Danaher Corp.** | **Danaher Corp.** |
| 4.38%, 09/15/45 *(a)* | 100000 | 86119 |
| 2.60%, 10/01/50 *(a)* | 200000 | 120632 |
| 2.80%, 12/10/51 *(a)* | 100000 | 62186 |
| **Dartmouth-Hitchcock Health** | **Dartmouth-Hitchcock Health** | **Dartmouth-Hitchcock Health** |
| 4.18%, 08/01/48 *(a)* | 50000 | 39194 |
| **DENTSPLY SIRONA, Inc.** | **DENTSPLY SIRONA, Inc.** | **DENTSPLY SIRONA, Inc.** |
| 3.25%, 06/01/30 *(a)* | 150000 | 137892 |
| **DH Europe Finance II SARL** | **DH Europe Finance II SARL** | **DH Europe Finance II SARL** |
| 2.60%, 11/15/29 *(a)* | 200000 | 188328 |
| 3.25%, 11/15/39 *(a)* | 150000 | 121191 |
| 3.40%, 11/15/49 *(a)* | 150000 | 106820 |
| **Diageo Capital PLC** | **Diageo Capital PLC** | **Diageo Capital PLC** |
| 5.38%, 10/05/26 *(a)* | 200000 | 202470 |
| 5.30%, 10/24/27 *(a)* | 200000 | 205244 |
| 3.88%, 05/18/28 *(a)* | 200000 | 199756 |
| 2.00%, 04/29/30 *(a)* | 250000 | 227282 |
| 2.13%, 04/29/32 *(a)* | 200000 | 172144 |
| 5.50%, 01/24/33 *(a)* | 200000 | 209846 |
| 5.63%, 10/05/33 *(a)* | 200000 | 211842 |
| **Diageo Investment Corp.** | **Diageo Investment Corp.** | **Diageo Investment Corp.** |
| 5.63%, 04/15/35 *(a)* | 200000 | 210664 |
| 4.25%, 05/11/42  | 150000 | 129417 |
| **Dignity Health** | **Dignity Health** | **Dignity Health** |
| 4.50%, 11/01/42  | 50000 | 42410 |
| 5.27%, 11/01/64  | 50000 | 43805 |
| **Duke University Health System, Inc.** | **Duke University Health System, Inc.** | **Duke University Health System, Inc.** |
| 3.92%, 06/01/47 *(a)* | 150000 | 118322 |
| **Edwards Lifesciences Corp.** | **Edwards Lifesciences Corp.** | **Edwards Lifesciences Corp.** |
| 4.30%, 06/15/28 *(a)* | 100000 | 100560 |
| **Eli Lilly & Co.** | **Eli Lilly & Co.** | **Eli Lilly & Co.** |
| 4.50%, 02/09/27 *(a)* | 200000 | 201672 |
| 5.50%, 03/15/27  | 100000 | 102485 |
| 3.10%, 05/15/27 *(a)* | 100000 | 98745 |
| 4.15%, 08/14/27 *(a)* | 100000 | 100625 |
| 4.55%, 02/12/28 *(a)* | 200000 | 203118 |
| 4.00%, 10/15/28 *(a)* | 300000 | 300762 |
| 4.50%, 02/09/29 *(a)* | 200000 | 203402 |
| 3.38%, 03/15/29 *(a)* | 200000 | 196260 |
| 4.20%, 08/14/29 *(a)* | 200000 | 201748 |
| 4.75%, 02/12/30 *(a)* | 250000 | 257140 |
| 4.25%, 03/15/31 *(a)* | 220000 | 220590 |
| 4.90%, 02/12/32 *(a)* | 200000 | 206560 |
| 4.55%, 10/15/32 *(a)* | 300000 | 301728 |
| 4.70%, 02/27/33 *(a)* | 200000 | 202750 |
| 4.70%, 02/09/34 *(a)* | 250000 | 250950 |
| 4.60%, 08/14/34 *(a)* | 200000 | 198860 |
| 5.10%, 02/12/35 *(a)* | 250000 | 256130 |
| 4.90%, 10/15/35 *(a)* | 370000 | 371802 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**45**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.70%, 03/01/45 *(a)* | 100000 | 79064 |
| 3.95%, 05/15/47 *(a)* | 50000 | 40276 |
| 3.95%, 03/15/49 *(a)* | 200000 | 158298 |
| 2.25%, 05/15/50 *(a)* | 200000 | 112134 |
| 4.88%, 02/27/53 *(a)* | 200000 | 180638 |
| 5.00%, 02/09/54 *(a)* | 300000 | 275406 |
| 5.05%, 08/14/54 *(a)* | 200000 | 185414 |
| 5.50%, 02/12/55 *(a)* | 250000 | 247470 |
| 5.55%, 10/15/55 *(a)* | 250000 | 248477 |
| 4.15%, 03/15/59 *(a)* | 75000 | 58571 |
| 2.50%, 09/15/60 *(a)* | 175000 | 95547 |
| 4.95%, 02/27/63 *(a)* | 150000 | 133781 |
| 5.10%, 02/09/64 *(a)* | 175000 | 159610 |
| 5.20%, 08/14/64 *(a)* | 150000 | 139001 |
| 5.60%, 02/12/65 *(a)* | 150000 | 148782 |
| **Estee Lauder Cos., Inc.** | **Estee Lauder Cos., Inc.** | **Estee Lauder Cos., Inc.** |
| 3.15%, 03/15/27 *(a)* | 100000 | 98655 |
| 4.38%, 05/15/28 *(a)* | 100000 | 100698 |
| 2.38%, 12/01/29 *(a)* | 100000 | 92912 |
| 2.60%, 04/15/30 *(a)* | 150000 | 139464 |
| 1.95%, 03/15/31 *(a)* | 150000 | 132266 |
| 4.65%, 05/15/33 *(a)* | 100000 | 99367 |
| 5.00%, 02/14/34 *(a)* | 150000 | 151324 |
| 6.00%, 05/15/37  | 90000 | 96503 |
| 4.15%, 03/15/47 *(a)* | 100000 | 79136 |
| 3.13%, 12/01/49 *(a)* | 150000 | 96368 |
| 5.15%, 05/15/53 *(a)(c)* | 100000 | 95010 |
| **Flowers Foods, Inc.** | **Flowers Foods, Inc.** | **Flowers Foods, Inc.** |
| 3.50%, 10/01/26 *(a)* | 75000 | 74179 |
| 2.40%, 03/15/31 *(a)* | 100000 | 88294 |
| 5.75%, 03/15/35 *(a)* | 95000 | 96801 |
| 6.20%, 03/15/55 *(a)* | 75000 | 72699 |
| **Fomento Economico Mexicano SAB de CV** | **Fomento Economico Mexicano SAB de CV** | **Fomento Economico Mexicano SAB de CV** |
| 3.50%, 01/16/50 *(a)* | 300000 | 214662 |
| **Franciscan Missionaries of Our Lady Health System, Inc.** | **Franciscan Missionaries of Our Lady Health System, Inc.** | **Franciscan Missionaries of Our Lady Health System, Inc.** |
| 3.91%, 07/01/49 *(a)* | 50000 | 37091 |
| **GE HealthCare Technologies, Inc.** | **GE HealthCare Technologies, Inc.** | **GE HealthCare Technologies, Inc.** |
| 5.65%, 11/15/27 *(a)* | 300000 | 309414 |
| 4.80%, 08/14/29 *(a)* | 200000 | 204222 |
| 5.86%, 03/15/30 *(a)* | 200000 | 212408 |
| 4.80%, 01/15/31 *(a)* | 120000 | 122083 |
| 5.91%, 11/22/32 *(a)* | 300000 | 320931 |
| 5.50%, 06/15/35 *(a)* | 160000 | 164610 |
| 6.38%, 11/22/52 *(a)* | 200000 | 214148 |
| **General Mills, Inc.** | **General Mills, Inc.** | **General Mills, Inc.** |
| 4.70%, 01/30/27 *(a)* | 100000 | 100666 |
| 3.20%, 02/10/27 *(a)* | 100000 | 98678 |
| 4.20%, 04/17/28 *(a)* | 250000 | 250430 |
| 5.50%, 10/17/28 *(a)* | 100000 | 103924 |
| 4.88%, 01/30/30 *(a)* | 150000 | 153429 |
| 2.88%, 04/15/30 *(a)* | 150000 | 140963 |
| 2.25%, 10/14/31 *(a)* | 100000 | 87934 |
| 4.95%, 03/29/33 *(a)* | 200000 | 201440 |
| 5.25%, 01/30/35 *(a)* | 125000 | 125759 |
| 5.40%, 06/15/40  | 75000 | 73616 |
| 4.15%, 02/15/43 *(a)* | 75000 | 61226 |
| 4.70%, 04/17/48 *(a)* | 75000 | 64736 |
| 3.00%, 02/01/51 *(a)* | 150000 | 94748 |
| **Gilead Sciences, Inc.** | **Gilead Sciences, Inc.** | **Gilead Sciences, Inc.** |
| 2.95%, 03/01/27 *(a)* | 200000 | 197002 |
| 1.20%, 10/01/27 *(a)* | 150000 | 141833 |
| 4.80%, 11/15/29 *(a)* | 150000 | 153957 |
| 1.65%, 10/01/30 *(a)* | 200000 | 176736 |
| 5.25%, 10/15/33 *(a)* | 200000 | 207834 |
| 5.10%, 06/15/35 *(a)* | 150000 | 152133 |
| 4.60%, 09/01/35 *(a)* | 200000 | 195304 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.00%, 09/01/36 *(a)* | 100000 | 91743 |
| 2.60%, 10/01/40 *(a)* | 200000 | 144126 |
| 5.65%, 12/01/41 *(a)* | 224000 | 228823 |
| 4.80%, 04/01/44 *(a)* | 300000 | 273738 |
| 4.50%, 02/01/45 *(a)* | 150000 | 131040 |
| 4.75%, 03/01/46 *(a)* | 370000 | 331342 |
| 4.15%, 03/01/47 *(a)* | 300000 | 245478 |
| 2.80%, 10/01/50 *(a)* | 250000 | 155745 |
| 5.55%, 10/15/53 *(a)* | 175000 | 171342 |
| 5.50%, 11/15/54 *(a)* | 225000 | 218900 |
| 5.60%, 11/15/64 *(a)* | 150000 | 146211 |
| **GlaxoSmithKline Capital PLC** | **GlaxoSmithKline Capital PLC** | **GlaxoSmithKline Capital PLC** |
| 3.38%, 06/01/29 *(a)* | 200000 | 195346 |
| **GlaxoSmithKline Capital, Inc.** | **GlaxoSmithKline Capital, Inc.** | **GlaxoSmithKline Capital, Inc.** |
| 3.88%, 05/15/28  | 400000 | 399880 |
| 4.50%, 04/15/30 *(a)* | 150000 | 151899 |
| 5.38%, 04/15/34  | 100000 | 104832 |
| 4.88%, 04/15/35 *(a)* | 150000 | 150112 |
| 6.38%, 05/15/38  | 463000 | 515953 |
| 4.20%, 03/18/43  | 100000 | 86188 |
| **Hackensack Meridian Health, Inc.** | **Hackensack Meridian Health, Inc.** | **Hackensack Meridian Health, Inc.** |
| 2.68%, 09/01/41 *(a)* | 200000 | 139590 |
| 2.88%, 09/01/50 *(a)* | 100000 | 62465 |
| 4.50%, 07/01/57 *(a)* | 50000 | 41340 |
| **Haleon U.S. Capital LLC** | **Haleon U.S. Capital LLC** | **Haleon U.S. Capital LLC** |
| 3.38%, 03/24/29 *(a)* | 250000 | 244122 |
| 3.63%, 03/24/32 *(a)* | 400000 | 377400 |
| 4.00%, 03/24/52 *(a)* | 250000 | 192395 |
| **Hartford HealthCare Corp.** | **Hartford HealthCare Corp.** | **Hartford HealthCare Corp.** |
| 3.45%, 07/01/54  | 75000 | 53189 |
| **Hasbro, Inc.** | **Hasbro, Inc.** | **Hasbro, Inc.** |
| 3.55%, 11/19/26 *(a)* | 150000 | 148503 |
| 3.50%, 09/15/27 *(a)* | 100000 | 98534 |
| 3.90%, 11/19/29 *(a)* | 100000 | 97464 |
| 6.05%, 05/14/34 *(a)* | 100000 | 104025 |
| 6.35%, 03/15/40  | 50000 | 51993 |
| 5.10%, 05/15/44 *(a)* | 50000 | 44177 |
| **HCA, Inc.** | **HCA, Inc.** | **HCA, Inc.** |
| 4.50%, 02/15/27 *(a)* | 200000 | 200212 |
| 3.13%, 03/15/27 *(a)* | 200000 | 196830 |
| 5.00%, 03/01/28 *(a)* | 150000 | 152709 |
| 5.20%, 06/01/28 *(a)* | 200000 | 204890 |
| 5.63%, 09/01/28 *(a)* | 250000 | 257955 |
| 5.88%, 02/01/29 *(a)* | 200000 | 208452 |
| 3.38%, 03/15/29 *(a)* | 100000 | 96831 |
| 4.13%, 06/15/29 *(a)* | 350000 | 346748 |
| 5.25%, 03/01/30 *(a)* | 150000 | 154978 |
| 3.50%, 09/01/30 *(a)* | 500000 | 477085 |
| 5.45%, 04/01/31 *(a)* | 300000 | 311586 |
| 2.38%, 07/15/31 *(a)* | 100000 | 88193 |
| 5.50%, 03/01/32 *(a)* | 150000 | 155539 |
| 3.63%, 03/15/32 *(a)* | 350000 | 325419 |
| 5.50%, 06/01/33 *(a)* | 250000 | 257347 |
| 5.60%, 04/01/34 *(a)* | 250000 | 256970 |
| 5.45%, 09/15/34 *(a)* | 200000 | 202550 |
| 5.75%, 03/01/35 *(a)* | 275000 | 283126 |
| 5.13%, 06/15/39 *(a)* | 150000 | 141542 |
| 4.38%, 03/15/42 *(a)* | 100000 | 83796 |
| 5.50%, 06/15/47 *(a)* | 275000 | 254356 |
| 5.25%, 06/15/49 *(a)* | 350000 | 309074 |
| 3.50%, 07/15/51 *(a)* | 225000 | 147965 |
| 4.63%, 03/15/52 *(a)* | 350000 | 278659 |
| 5.90%, 06/01/53 *(a)* | 200000 | 190798 |
| 6.00%, 04/01/54 *(a)* | 275000 | 265804 |
| 5.95%, 09/15/54 *(a)* | 75000 | 71967 |

---

*See financial notes*

**46**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 6.20%, 03/01/55 *(a)* | 250000 | 248332 |
| 6.10%, 04/01/64 *(a)* | 150000 | 144884 |
| **Hershey Co.** | **Hershey Co.** | **Hershey Co.** |
| 4.55%, 02/24/28 *(a)* | 75000 | 76221 |
| 4.25%, 05/04/28 *(a)* | 150000 | 151507 |
| 2.45%, 11/15/29 *(a)* | 100000 | 93856 |
| 4.75%, 02/24/30 *(a)* | 75000 | 76897 |
| 4.95%, 02/24/32 *(a)* | 75000 | 77150 |
| 4.50%, 05/04/33 *(a)* | 150000 | 149427 |
| 5.10%, 02/24/35 *(a)* | 75000 | 76571 |
| 3.13%, 11/15/49 *(a)* | 100000 | 66828 |
| 2.65%, 06/01/50 *(a)* | 100000 | 60016 |
| **Hoag Memorial Hospital Presbyterian** | **Hoag Memorial Hospital Presbyterian** | **Hoag Memorial Hospital Presbyterian** |
| 3.80%, 07/15/52 *(a)* | 75000 | 56153 |
| **Hormel Foods Corp.** | **Hormel Foods Corp.** | **Hormel Foods Corp.** |
| 4.80%, 03/30/27 *(a)* | 100000 | 101077 |
| 1.70%, 06/03/28 *(a)* | 150000 | 141122 |
| 1.80%, 06/11/30 *(a)* | 150000 | 134526 |
| 3.05%, 06/03/51 *(a)* | 150000 | 96564 |
| **Icon Investments Six DAC** | **Icon Investments Six DAC** | **Icon Investments Six DAC** |
| 5.81%, 05/08/27 *(a)* | 200000 | 204270 |
| 5.85%, 05/08/29 *(a)* | 200000 | 209138 |
| **Illumina, Inc.** | **Illumina, Inc.** | **Illumina, Inc.** |
| 5.75%, 12/13/27 *(a)* | 100000 | 102880 |
| 2.55%, 03/23/31 *(a)* | 150000 | 133725 |
| **Indiana University Health, Inc. Obligated Group** | **Indiana University Health, Inc. Obligated Group** | **Indiana University Health, Inc. Obligated Group** |
| 3.97%, 11/01/48 *(a)* | 55000 | 43435 |
| **Ingredion, Inc.** | **Ingredion, Inc.** | **Ingredion, Inc.** |
| 2.90%, 06/01/30 *(a)* | 150000 | 140387 |
| 3.90%, 06/01/50 *(a)* | 100000 | 72249 |
| **Inova Health System Foundation** | **Inova Health System Foundation** | **Inova Health System Foundation** |
| 4.07%, 05/15/52 *(a)* | 75000 | 58723 |
| **Integris Baptist Medical Center, Inc.** | **Integris Baptist Medical Center, Inc.** | **Integris Baptist Medical Center, Inc.** |
| 3.88%, 08/15/50 *(a)* | 100000 | 70720 |
| **IQVIA, Inc.** | **IQVIA, Inc.** | **IQVIA, Inc.** |
| 5.70%, 05/15/28 *(a)* | 200000 | 206464 |
| 6.25%, 02/01/29 *(a)* | 200000 | 210826 |
| **J.M. Smucker Co.** | **J.M. Smucker Co.** | **J.M. Smucker Co.** |
| 5.90%, 11/15/28 *(a)* | 200000 | 210144 |
| 2.38%, 03/15/30 *(a)* | 100000 | 92052 |
| 2.13%, 03/15/32 *(a)* | 75000 | 63712 |
| 6.20%, 11/15/33 *(a)* | 200000 | 215148 |
| 4.25%, 03/15/35  | 100000 | 93021 |
| 6.50%, 11/15/43 *(a)* | 200000 | 212782 |
| 4.38%, 03/15/45  | 100000 | 82184 |
| 6.50%, 11/15/53 *(a)* | 150000 | 159883 |
| **JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL** | **JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL** | **JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL** |
| 3.00%, 02/02/29 *(a)* | 100000 | 95749 |
| 3.75%, 12/01/31 *(a)* | 100000 | 94288 |
| 3.63%, 01/15/32 *(a)* | 200000 | 185000 |
| 3.00%, 05/15/32 *(a)* | 250000 | 221597 |
| 5.75%, 04/01/33 *(a)* | 300000 | 310767 |
| 6.75%, 03/15/34 *(a)* | 300000 | 329211 |
| 4.38%, 02/02/52 *(a)* | 150000 | 114140 |
| 6.50%, 12/01/52 *(a)* | 300000 | 306375 |
| 7.25%, 11/15/53 *(a)* | 200000 | 221898 |
| **JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, Inc./JBS USA Food Co.** | **JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, Inc./JBS USA Food Co.** | **JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, Inc./JBS USA Food Co.** |
| 5.50%, 01/15/36 *(a)(d)* | 200000 | 201144 |
| 6.25%, 03/01/56 *(a)(d)* | 200000 | 197986 |
| **JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group** | **JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group** | **JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group** |
| 5.95%, 04/20/35 *(a)(d)* | 150000 | 156075 |
| 6.38%, 02/25/55 *(a)(d)* | 150000 | 151108 |
| **Johns Hopkins Health System Corp.** | **Johns Hopkins Health System Corp.** | **Johns Hopkins Health System Corp.** |
| 3.84%, 05/15/46  | 150000 | 118451 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Johnson & Johnson** | **Johnson & Johnson** | **Johnson & Johnson** |
| 4.50%, 03/01/27  | 150000 | 151527 |
| 2.95%, 03/03/27 *(a)* | 200000 | 197652 |
| 0.95%, 09/01/27 *(a)* | 300000 | 284508 |
| 2.90%, 01/15/28 *(a)* | 200000 | 196392 |
| 4.55%, 03/01/28 *(a)* | 150000 | 152901 |
| 4.80%, 06/01/29 *(a)* | 200000 | 206478 |
| 4.70%, 03/01/30 *(a)* | 200000 | 206062 |
| 1.30%, 09/01/30 *(a)* | 200000 | 176264 |
| 4.90%, 06/01/31 *(a)* | 200000 | 208952 |
| 4.85%, 03/01/32 *(a)* | 250000 | 259012 |
| 4.95%, 05/15/33  | 100000 | 104224 |
| 4.38%, 12/05/33 *(a)* | 150000 | 150550 |
| 4.95%, 06/01/34 *(a)* | 150000 | 156795 |
| 5.00%, 03/01/35 *(a)* | 250000 | 257100 |
| 3.55%, 03/01/36 *(a)* | 200000 | 180994 |
| 3.63%, 03/03/37 *(a)* | 200000 | 179714 |
| 5.95%, 08/15/37  | 200000 | 221362 |
| 3.40%, 01/15/38 *(a)* | 150000 | 129993 |
| 5.85%, 07/15/38  | 100000 | 109588 |
| 2.10%, 09/01/40 *(a)* | 250000 | 173800 |
| 4.50%, 09/01/40  | 100000 | 95817 |
| 4.85%, 05/15/41  | 75000 | 73182 |
| 4.50%, 12/05/43 *(a)* | 100000 | 92641 |
| 3.70%, 03/01/46 *(a)* | 230000 | 183995 |
| 3.75%, 03/03/47 *(a)* | 200000 | 160120 |
| 3.50%, 01/15/48 *(a)* | 150000 | 114192 |
| 2.25%, 09/01/50 *(a)* | 200000 | 115876 |
| 5.25%, 06/01/54 *(a)* | 175000 | 172856 |
| 2.45%, 09/01/60 *(a)* | 250000 | 137285 |
| **Kaiser Foundation Hospitals** | **Kaiser Foundation Hospitals** | **Kaiser Foundation Hospitals** |
| 3.15%, 05/01/27 *(a)* | 100000 | 98739 |
| 2.81%, 06/01/41 *(a)* | 250000 | 180362 |
| 4.88%, 04/01/42  | 150000 | 139587 |
| 4.15%, 05/01/47 *(a)* | 250000 | 204730 |
| 3.27%, 11/01/49 *(a)* | 150000 | 103019 |
| 3.00%, 06/01/51 *(a)* | 250000 | 160352 |
| **Kellanova** | **Kellanova** | **Kellanova** |
| 3.40%, 11/15/27 *(a)* | 100000 | 98683 |
| 4.30%, 05/15/28 *(a)* | 100000 | 100698 |
| 2.10%, 06/01/30 *(a)* | 150000 | 136085 |
| 7.45%, 04/01/31  | 100000 | 114688 |
| 5.25%, 03/01/33 *(a)* | 75000 | 77107 |
| 4.50%, 04/01/46  | 100000 | 85630 |
| 5.75%, 05/16/54 *(a)* | 75000 | 73208 |
| **Kenvue, Inc.** | **Kenvue, Inc.** | **Kenvue, Inc.** |
| 5.05%, 03/22/28 *(a)* | 150000 | 153835 |
| 5.00%, 03/22/30 *(a)* | 150000 | 155172 |
| 4.85%, 05/22/32 *(a)* | 100000 | 101838 |
| 4.90%, 03/22/33 *(a)* | 225000 | 228685 |
| 5.10%, 03/22/43 *(a)* | 150000 | 144126 |
| 5.05%, 03/22/53 *(a)* | 250000 | 228375 |
| 5.20%, 03/22/63 *(a)* | 150000 | 136287 |
| **Keurig Dr. Pepper, Inc.** | **Keurig Dr. Pepper, Inc.** | **Keurig Dr. Pepper, Inc.** |
| 2.55%, 09/15/26 *(a)* | 100000 | 98366 |
| 5.10%, 03/15/27 *(a)* | 150000 | 151464 |
| 3.43%, 06/15/27 *(a)* | 100000 | 98427 |
| 4.35%, 05/15/28 *(a)* | 100000 | 99880 |
| 4.60%, 05/25/28 *(a)* | 175000 | 175814 |
| 5.05%, 03/15/29 *(a)* | 150000 | 152823 |
| 3.95%, 04/15/29 *(a)* | 175000 | 172188 |
| 3.20%, 05/01/30 *(a)* | 100000 | 94271 |
| 4.60%, 05/15/30 *(a)* | 100000 | 100112 |
| 2.25%, 03/15/31 *(a)* | 100000 | 88190 |
| 5.20%, 03/15/31 *(a)* | 75000 | 76775 |
| 4.05%, 04/15/32 *(a)* | 200000 | 190874 |
| 5.30%, 03/15/34 *(a)* | 150000 | 151501 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**47**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.50%, 11/15/45 *(a)* | 150000 | 122535 |
| 4.42%, 12/15/46 *(a)* | 50000 | 40226 |
| 3.80%, 05/01/50 *(a)* | 150000 | 106190 |
| 3.35%, 03/15/51 *(a)* | 100000 | 64712 |
| 4.50%, 04/15/52 *(a)* | 200000 | 157524 |
| **Kimberly-Clark Corp.** | **Kimberly-Clark Corp.** | **Kimberly-Clark Corp.** |
| 1.05%, 09/15/27 *(a)* | 50000 | 47307 |
| 3.95%, 11/01/28 *(a)* | 100000 | 100212 |
| 3.20%, 04/25/29 *(a)* | 100000 | 97582 |
| 3.10%, 03/26/30 *(a)* | 250000 | 239912 |
| 2.00%, 11/02/31 *(a)* | 150000 | 133482 |
| 4.50%, 02/16/33 *(a)* | 100000 | 100700 |
| 3.20%, 07/30/46 *(a)* | 100000 | 71479 |
| 3.90%, 05/04/47 *(a)* | 100000 | 79000 |
| 2.88%, 02/07/50 *(a)* | 150000 | 96465 |
| **Koninklijke Ahold Delhaize NV** | **Koninklijke Ahold Delhaize NV** | **Koninklijke Ahold Delhaize NV** |
| 5.70%, 10/01/40  | 38000 | 39294 |
| **Koninklijke Philips NV** | **Koninklijke Philips NV** | **Koninklijke Philips NV** |
| 6.88%, 03/11/38  | 150000 | 166824 |
| 5.00%, 03/15/42  | 95000 | 86787 |
| **Kraft Heinz Foods Co.** | **Kraft Heinz Foods Co.** | **Kraft Heinz Foods Co.** |
| 3.88%, 05/15/27 *(a)* | 250000 | 248415 |
| 4.63%, 01/30/29 *(a)* | 75000 | 75692 |
| 3.75%, 04/01/30 *(a)* | 125000 | 121360 |
| 4.25%, 03/01/31 *(a)* | 100000 | 98385 |
| 5.20%, 03/15/32 *(a)* | 75000 | 76583 |
| 6.75%, 03/15/32  | 75000 | 82712 |
| 5.40%, 03/15/35 *(a)* | 75000 | 75464 |
| 5.00%, 07/15/35 *(a)* | 100000 | 97939 |
| 6.88%, 01/26/39  | 150000 | 163305 |
| 4.63%, 10/01/39 *(a)* | 75000 | 66663 |
| 6.50%, 02/09/40  | 125000 | 131964 |
| 5.00%, 06/04/42  | 275000 | 246018 |
| 5.20%, 07/15/45 *(a)* | 350000 | 311514 |
| 4.38%, 06/01/46 *(a)* | 300000 | 238875 |
| 4.88%, 10/01/49 *(a)* | 250000 | 208905 |
| 5.50%, 06/01/50 *(a)* | 200000 | 181490 |
| **Kroger Co.** | **Kroger Co.** | **Kroger Co.** |
| 2.65%, 10/15/26 *(a)* | 150000 | 147519 |
| 3.70%, 08/01/27 *(a)* | 100000 | 99304 |
| 4.50%, 01/15/29 *(a)* | 100000 | 101235 |
| 2.20%, 05/01/30 *(a)* | 100000 | 91470 |
| 1.70%, 01/15/31 *(a)* | 100000 | 87083 |
| 5.00%, 09/15/34 *(a)* | 400000 | 398768 |
| 6.90%, 04/15/38  | 50000 | 56237 |
| 5.40%, 07/15/40 *(a)* | 50000 | 49305 |
| 5.00%, 04/15/42 *(a)* | 100000 | 92226 |
| 5.15%, 08/01/43 *(a)* | 75000 | 69530 |
| 3.88%, 10/15/46 *(a)* | 100000 | 76147 |
| 4.45%, 02/01/47 *(a)* | 200000 | 165816 |
| 4.65%, 01/15/48 *(a)* | 100000 | 84425 |
| 5.40%, 01/15/49 *(a)* | 100000 | 93707 |
| 3.95%, 01/15/50 *(a)* | 150000 | 112583 |
| 5.50%, 09/15/54 *(a)* | 375000 | 351150 |
| 5.65%, 09/15/64 *(a)* | 275000 | 258269 |
| **Laboratory Corp. of America Holdings** | **Laboratory Corp. of America Holdings** | **Laboratory Corp. of America Holdings** |
| 3.60%, 09/01/27 *(a)* | 150000 | 148768 |
| 2.95%, 12/01/29 *(a)* | 100000 | 94760 |
| 4.35%, 04/01/30 *(a)* | 100000 | 100036 |
| 2.70%, 06/01/31 *(a)* | 75000 | 68144 |
| 4.55%, 04/01/32 *(a)* | 100000 | 99246 |
| 4.80%, 10/01/34 *(a)* | 175000 | 171790 |
| 4.70%, 02/01/45 *(a)* | 150000 | 131270 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Mass General Brigham, Inc.** | **Mass General Brigham, Inc.** | **Mass General Brigham, Inc.** |
| 3.77%, 07/01/48 *(a)* | 100000 | 76456 |
| 4.12%, 07/01/55 *(c)* | 100000 | 79679 |
| 3.34%, 07/01/60 *(a)* | 100000 | 64703 |
| **Mattel, Inc.** | **Mattel, Inc.** | **Mattel, Inc.** |
| 5.45%, 11/01/41 *(a)* | 75000 | 67571 |
| **Mayo Clinic** | **Mayo Clinic** | **Mayo Clinic** |
| 4.00%, 11/15/47  | 100000 | 78678 |
| 3.20%, 11/15/61 *(a)* | 150000 | 93714 |
| **McCormick & Co., Inc.** | **McCormick & Co., Inc.** | **McCormick & Co., Inc.** |
| 3.40%, 08/15/27 *(a)* | 150000 | 148216 |
| 2.50%, 04/15/30 *(a)* | 100000 | 92382 |
| 1.85%, 02/15/31 *(a)* | 100000 | 87429 |
| 4.95%, 04/15/33 *(a)* | 100000 | 100939 |
| 4.70%, 10/15/34 *(a)* | 75000 | 72923 |
| 4.20%, 08/15/47 *(a)* | 50000 | 39809 |
| **McKesson Corp.** | **McKesson Corp.** | **McKesson Corp.** |
| 3.95%, 02/16/28 *(a)* | 100000 | 99856 |
| 4.90%, 07/15/28 *(a)* | 75000 | 76683 |
| 4.25%, 09/15/29 *(a)* | 100000 | 100451 |
| 4.65%, 05/30/30 *(a)* | 100000 | 101706 |
| 4.95%, 05/30/32 *(a)* | 100000 | 101995 |
| 5.10%, 07/15/33 *(a)* | 150000 | 153784 |
| 5.25%, 05/30/35 *(a)* | 100000 | 101901 |
| **McLaren Health Care Corp.** | **McLaren Health Care Corp.** | **McLaren Health Care Corp.** |
| Series A <br>4.39%, 05/15/48 *(a)*<br>| 100000 | 82607 |
| **Mead Johnson Nutrition Co.** | **Mead Johnson Nutrition Co.** | **Mead Johnson Nutrition Co.** |
| 5.90%, 11/01/39  | 150000 | 158209 |
| **Medtronic Global Holdings SCA** | **Medtronic Global Holdings SCA** | **Medtronic Global Holdings SCA** |
| 4.25%, 03/30/28 *(a)* | 200000 | 201472 |
| 4.50%, 03/30/33 *(a)* | 150000 | 149166 |
| **Medtronic, Inc.** | **Medtronic, Inc.** | **Medtronic, Inc.** |
| 4.38%, 03/15/35  | 400000 | 389056 |
| 4.63%, 03/15/45  | 325000 | 291606 |
| **Memorial Sloan-Kettering Cancer Center** | **Memorial Sloan-Kettering Cancer Center** | **Memorial Sloan-Kettering Cancer Center** |
| 5.00%, 07/01/42  | 100000 | 94774 |
| 4.20%, 07/01/55  | 190000 | 151911 |
| **Merck & Co., Inc.** | **Merck & Co., Inc.** | **Merck & Co., Inc.** |
| 1.70%, 06/10/27 *(a)* | 300000 | 289143 |
| 1.90%, 12/10/28 *(a)* | 200000 | 187806 |
| 3.40%, 03/07/29 *(a)* | 350000 | 343385 |
| 4.30%, 05/17/30 *(a)* | 150000 | 151456 |
| 1.45%, 06/24/30 *(a)* | 250000 | 220977 |
| 2.15%, 12/10/31 *(a)* | 200000 | 176082 |
| 4.50%, 05/17/33 *(a)* | 300000 | 300123 |
| 6.50%, 12/01/33 *(f)(g)* | 100000 | 113222 |
| 6.55%, 09/15/37  | 100000 | 113920 |
| 3.90%, 03/07/39 *(a)* | 200000 | 176354 |
| 2.35%, 06/24/40 *(a)* | 100000 | 70509 |
| 3.60%, 09/15/42 *(a)* | 100000 | 79445 |
| 4.15%, 05/18/43  | 200000 | 170150 |
| 4.90%, 05/17/44 *(a)* | 150000 | 139778 |
| 3.70%, 02/10/45 *(a)* | 400000 | 313744 |
| 4.00%, 03/07/49 *(a)* | 300000 | 236484 |
| 2.45%, 06/24/50 *(a)* | 250000 | 144450 |
| 2.75%, 12/10/51 *(a)* | 400000 | 242768 |
| 5.00%, 05/17/53 *(a)* | 250000 | 226855 |
| 2.90%, 12/10/61 *(a)* | 250000 | 143985 |
| 5.15%, 05/17/63 *(a)* | 200000 | 181760 |
| **Merck Sharp & Dohme Corp.** | **Merck Sharp & Dohme Corp.** | **Merck Sharp & Dohme Corp.** |
| 5.95%, 12/01/28  | 75000 | 79564 |
| **Methodist Hospital** | **Methodist Hospital** | **Methodist Hospital** |
| 2.71%, 12/01/50 *(a)* | 150000 | 90773 |

---

*See financial notes*

**48**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Molson Coors Beverage Co.** | **Molson Coors Beverage Co.** | **Molson Coors Beverage Co.** |
| 5.00%, 05/01/42  | 200000 | 182266 |
| 4.20%, 07/15/46 *(a)* | 330000 | 260835 |
| **Mondelez International, Inc.** | **Mondelez International, Inc.** | **Mondelez International, Inc.** |
| 2.63%, 03/17/27 *(a)* | 150000 | 146661 |
| 4.25%, 05/06/28 *(a)* | 100000 | 100424 |
| 4.13%, 05/07/28 *(a)* | 100000 | 100222 |
| 4.75%, 02/20/29 *(a)* | 100000 | 102310 |
| 2.75%, 04/13/30 *(a)* | 150000 | 140498 |
| 4.50%, 05/06/30 *(a)* | 100000 | 100700 |
| 1.50%, 02/04/31 *(a)* | 75000 | 64807 |
| 3.00%, 03/17/32 *(a)* | 150000 | 136614 |
| 1.88%, 10/15/32 *(a)* | 75000 | 63422 |
| 4.75%, 08/28/34 *(a)* | 100000 | 99190 |
| 5.13%, 05/06/35 *(a)* | 100000 | 101072 |
| 2.63%, 09/04/50 *(a)* | 150000 | 88116 |
| **Montefiore Obligated Group** | **Montefiore Obligated Group** | **Montefiore Obligated Group** |
| 5.25%, 11/01/48  | 75000 | 59932 |
| 4.29%, 09/01/50  | 100000 | 67023 |
| **Mount Nittany Medical Center Obligated Group** | **Mount Nittany Medical Center Obligated Group** | **Mount Nittany Medical Center Obligated Group** |
| 3.80%, 11/15/52  | 50000 | 36932 |
| **Mount Sinai Hospital** | **Mount Sinai Hospital** | **Mount Sinai Hospital** |
| 3.74%, 07/01/49 *(a)* | 100000 | 69319 |
| **Mylan, Inc.** | **Mylan, Inc.** | **Mylan, Inc.** |
| 4.55%, 04/15/28 *(a)* | 150000 | 149112 |
| 5.40%, 11/29/43 *(a)* | 100000 | 84830 |
| 5.20%, 04/15/48 *(a)* | 100000 | 80230 |
| **MyMichigan Health** | **MyMichigan Health** | **MyMichigan Health** |
| 3.41%, 06/01/50 *(a)* | 75000 | 51592 |
| **Nationwide Children's Hospital, Inc.** | **Nationwide Children's Hospital, Inc.** | **Nationwide Children's Hospital, Inc.** |
| 4.56%, 11/01/52 *(a)* | 75000 | 63779 |
| **New York & Presbyterian Hospital** | **New York & Presbyterian Hospital** | **New York & Presbyterian Hospital** |
| 2.26%, 08/01/40 *(a)* | 100000 | 69434 |
| 4.02%, 08/01/45  | 150000 | 122736 |
| 2.61%, 08/01/60 *(a)* | 50000 | 27047 |
| 3.95%, 08/01/19 *(a)* | 100000 | 67815 |
| **Northwell Healthcare, Inc.** | **Northwell Healthcare, Inc.** | **Northwell Healthcare, Inc.** |
| 3.98%, 11/01/46 *(a)* | 45000 | 34889 |
| 4.26%, 11/01/47 *(a)* | 150000 | 120237 |
| 3.81%, 11/01/49 *(a)* | 100000 | 72530 |
| **Novant Health, Inc.** | **Novant Health, Inc.** | **Novant Health, Inc.** |
| 2.64%, 11/01/36 *(a)* | 100000 | 78913 |
| 3.17%, 11/01/51 *(a)* | 100000 | 65428 |
| 3.32%, 11/01/61 *(a)* | 75000 | 47822 |
| **Novartis Capital Corp.** | **Novartis Capital Corp.** | **Novartis Capital Corp.** |
| 2.00%, 02/14/27 *(a)* | 300000 | 292467 |
| 3.10%, 05/17/27 *(a)* | 200000 | 197660 |
| 3.80%, 09/18/29 *(a)* | 175000 | 174520 |
| 2.20%, 08/14/30 *(a)* | 350000 | 321356 |
| 4.00%, 09/18/31 *(a)* | 150000 | 149019 |
| 4.20%, 09/18/34 *(a)* | 200000 | 193730 |
| 3.70%, 09/21/42  | 100000 | 81576 |
| 4.40%, 05/06/44  | 350000 | 310310 |
| 4.00%, 11/20/45 *(a)* | 225000 | 185787 |
| 4.70%, 09/18/54 *(a)* | 125000 | 110601 |
| **NY Society for Relief of Ruptured & Crippled Maintaining Hosp Special Surgery** | **NY Society for Relief of Ruptured & Crippled Maintaining Hosp Special Surgery** | **NY Society for Relief of Ruptured & Crippled Maintaining Hosp Special Surgery** |
| Series 2020 <br>2.67%, 10/01/50 *(a)*<br>| 50000 | 29890 |
| **NYU Langone Hospitals** | **NYU Langone Hospitals** | **NYU Langone Hospitals** |
| 4.78%, 07/01/44  | 50000 | 44984 |
| 4.37%, 07/01/47 *(a)* | 100000 | 85670 |
| 3.38%, 07/01/55 *(a)(c)* | 150000 | 101421 |
| **Ochsner LSU Health System of North Louisiana** | **Ochsner LSU Health System of North Louisiana** | **Ochsner LSU Health System of North Louisiana** |
| 2.51%, 05/15/31 *(a)* | 50000 | 41940 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **OhioHealth Corp.** | **OhioHealth Corp.** | **OhioHealth Corp.** |
| 2.30%, 11/15/31 *(a)* | 150000 | 134295 |
| **Orlando Health Obligated Group** | **Orlando Health Obligated Group** | **Orlando Health Obligated Group** |
| 5.48%, 10/01/35 *(a)* | 100000 | 104152 |
| 4.09%, 10/01/48 *(a)* | 50000 | 40115 |
| 3.33%, 10/01/50 *(a)* | 50000 | 34914 |
| **PeaceHealth Obligated Group** | **PeaceHealth Obligated Group** | **PeaceHealth Obligated Group** |
| 4.79%, 11/15/48 *(a)* | 75000 | 62847 |
| 3.22%, 11/15/50 *(a)* | 100000 | 62866 |
| **Pepsico Singapore Financing I Pte. Ltd.** | **Pepsico Singapore Financing I Pte. Ltd.** | **Pepsico Singapore Financing I Pte. Ltd.** |
| 4.65%, 02/16/27 *(a)* | 100000 | 101008 |
| 4.70%, 02/16/34 *(a)* | 100000 | 99672 |
| **PepsiCo, Inc.** | **PepsiCo, Inc.** | **PepsiCo, Inc.** |
| 2.38%, 10/06/26 *(a)* | 100000 | 98326 |
| 5.13%, 11/10/26 *(a)* | 150000 | 151902 |
| 2.63%, 03/19/27 *(a)* | 150000 | 147140 |
| 3.00%, 10/15/27 *(a)* | 250000 | 245875 |
| 4.45%, 02/07/28 *(a)* | 150000 | 152080 |
| 3.60%, 02/18/28 *(a)* | 150000 | 149281 |
| 4.10%, 01/15/29 *(a)* | 130000 | 130345 |
| 7.00%, 03/01/29  | 150000 | 164778 |
| 4.50%, 07/17/29 *(a)* | 150000 | 152919 |
| 2.63%, 07/29/29 *(a)* | 250000 | 237837 |
| 4.60%, 02/07/30 *(a)* | 200000 | 204616 |
| 2.75%, 03/19/30 *(a)* | 300000 | 283287 |
| 1.63%, 05/01/30 *(a)* | 200000 | 179318 |
| 4.30%, 07/23/30 *(a)* | 120000 | 120775 |
| 1.40%, 02/25/31 *(a)* | 200000 | 173402 |
| 1.95%, 10/21/31 *(a)* | 250000 | 219682 |
| 3.90%, 07/18/32 *(a)* | 200000 | 194402 |
| 4.65%, 07/23/32 *(a)* | 150000 | 151857 |
| 4.45%, 02/15/33 *(a)* | 150000 | 150441 |
| 4.80%, 07/17/34 *(a)* | 100000 | 100878 |
| 5.00%, 02/07/35 *(a)* | 225000 | 228739 |
| 5.00%, 07/23/35 *(a)* | 220000 | 222092 |
| 5.50%, 01/15/40  | 150000 | 156751 |
| 3.50%, 03/19/40 *(a)* | 50000 | 41878 |
| 4.88%, 11/01/40  | 75000 | 72479 |
| 2.63%, 10/21/41 *(a)* | 150000 | 106236 |
| 4.00%, 03/05/42  | 100000 | 85362 |
| 3.60%, 08/13/42  | 75000 | 60014 |
| 4.45%, 04/14/46 *(a)* | 200000 | 175458 |
| 3.45%, 10/06/46 *(a)* | 150000 | 111872 |
| 4.00%, 05/02/47 *(a)* | 100000 | 80978 |
| 3.38%, 07/29/49 *(a)* | 75000 | 53424 |
| 2.88%, 10/15/49 *(a)* | 150000 | 97115 |
| 3.63%, 03/19/50 *(a)* | 200000 | 148840 |
| 2.75%, 10/21/51 *(a)* | 150000 | 92687 |
| 4.20%, 07/18/52 *(a)* | 100000 | 81540 |
| 4.65%, 02/15/53 *(a)* | 100000 | 87098 |
| 5.25%, 07/17/54 *(a)* | 100000 | 95689 |
| 3.88%, 03/19/60 *(a)* | 100000 | 74613 |
| **Pfizer Investment Enterprises Pte. Ltd.** | **Pfizer Investment Enterprises Pte. Ltd.** | **Pfizer Investment Enterprises Pte. Ltd.** |
| 4.45%, 05/19/28 *(a)* | 700000 | 708323 |
| 4.65%, 05/19/30 *(a)* | 550000 | 560648 |
| 4.75%, 05/19/33 *(a)* | 900000 | 902637 |
| 5.11%, 05/19/43 *(a)* | 525000 | 497359 |
| 5.30%, 05/19/53 *(a)* | 1075000 | 1001792 |
| 5.34%, 05/19/63 *(a)* | 550000 | 501022 |
| **Pfizer, Inc.** | **Pfizer, Inc.** | **Pfizer, Inc.** |
| 3.00%, 12/15/26  | 250000 | 247242 |
| 3.60%, 09/15/28 *(a)* | 200000 | 198938 |
| 3.45%, 03/15/29 *(a)* | 300000 | 295521 |
| 2.63%, 04/01/30 *(a)* | 200000 | 187808 |
| 1.70%, 05/28/30 *(a)* | 200000 | 179162 |
| 1.75%, 08/18/31 *(a)* | 200000 | 174748 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**49**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.00%, 12/15/36  | 150000 | 138102 |
| 4.10%, 09/15/38 *(a)* | 150000 | 135036 |
| 3.90%, 03/15/39 *(a)* | 125000 | 109198 |
| 7.20%, 03/15/39  | 460000 | 545542 |
| 2.55%, 05/28/40 *(a)* | 200000 | 144422 |
| 5.60%, 09/15/40  | 125000 | 128331 |
| 4.30%, 06/15/43  | 100000 | 85905 |
| 4.40%, 05/15/44  | 180000 | 157048 |
| 4.13%, 12/15/46  | 200000 | 162732 |
| 4.20%, 09/15/48 *(a)* | 200000 | 163472 |
| 4.00%, 03/15/49 *(a)* | 250000 | 195682 |
| 2.70%, 05/28/50 *(a)* | 200000 | 122406 |
| **Pharmacia LLC** | **Pharmacia LLC** | **Pharmacia LLC** |
| 6.60%, 12/01/28  | 150000 | 161418 |
| **Philip Morris International, Inc.** | **Philip Morris International, Inc.** | **Philip Morris International, Inc.** |
| 4.75%, 02/12/27  | 100000 | 100915 |
| 4.38%, 11/01/27  | 150000 | 151048 |
| 5.13%, 11/17/27 *(a)* | 300000 | 306369 |
| 4.88%, 02/15/28 *(a)* | 275000 | 280104 |
| 3.13%, 03/02/28 *(a)* | 100000 | 97905 |
| 4.13%, 04/28/28  | 200000 | 200390 |
| 5.25%, 09/07/28 *(a)* | 150000 | 155005 |
| 4.88%, 02/13/29 *(a)* | 200000 | 204284 |
| 3.38%, 08/15/29 *(a)* | 150000 | 145689 |
| 4.63%, 11/01/29 *(a)* | 125000 | 127059 |
| 5.63%, 11/17/29 *(a)* | 250000 | 263152 |
| 5.13%, 02/15/30 *(a)* | 375000 | 388024 |
| 4.38%, 04/30/30 *(a)* | 200000 | 201128 |
| 2.10%, 05/01/30 *(a)* | 150000 | 136520 |
| 5.50%, 09/07/30 *(a)* | 125000 | 131696 |
| 1.75%, 11/01/30 *(a)* | 150000 | 132461 |
| 5.13%, 02/13/31 *(a)* | 200000 | 206700 |
| 4.75%, 11/01/31 *(a)* | 125000 | 126899 |
| 5.75%, 11/17/32 *(a)* | 300000 | 317799 |
| 5.38%, 02/15/33 *(a)* | 400000 | 414428 |
| 5.63%, 09/07/33 *(a)* | 150000 | 157482 |
| 5.25%, 02/13/34 *(a)* | 300000 | 306708 |
| 4.90%, 11/01/34 *(a)* | 125000 | 124584 |
| 4.88%, 04/30/35 *(a)* | 100000 | 99109 |
| 6.38%, 05/16/38  | 250000 | 277375 |
| 4.38%, 11/15/41  | 100000 | 87345 |
| 4.50%, 03/20/42  | 100000 | 88387 |
| 3.88%, 08/21/42  | 100000 | 81055 |
| 4.13%, 03/04/43  | 175000 | 146767 |
| 4.88%, 11/15/43  | 175000 | 159995 |
| 4.25%, 11/10/44  | 200000 | 168570 |
| **Piedmont Healthcare, Inc.** | **Piedmont Healthcare, Inc.** | **Piedmont Healthcare, Inc.** |
| 2.72%, 01/01/42 *(a)* | 200000 | 139474 |
| **Pilgrim's Pride Corp.** | **Pilgrim's Pride Corp.** | **Pilgrim's Pride Corp.** |
| 4.25%, 04/15/31 *(a)* | 200000 | 192876 |
| 3.50%, 03/01/32 *(a)* | 150000 | 135843 |
| 6.25%, 07/01/33 *(a)* | 150000 | 158299 |
| 6.88%, 05/15/34 *(a)* | 100000 | 109659 |
| **Polaris, Inc.** | **Polaris, Inc.** | **Polaris, Inc.** |
| 6.95%, 03/15/29 *(a)* | 100000 | 105953 |
| **Procter & Gamble Co.** | **Procter & Gamble Co.** | **Procter & Gamble Co.** |
| 2.45%, 11/03/26  | 241000 | 237125 |
| 1.90%, 02/01/27  | 200000 | 194808 |
| 2.80%, 03/25/27  | 100000 | 98451 |
| 2.85%, 08/11/27  | 150000 | 147482 |
| 3.95%, 01/26/28  | 100000 | 100631 |
| 4.35%, 01/29/29  | 100000 | 101517 |
| 3.00%, 03/25/30  | 300000 | 288069 |
| 1.20%, 10/29/30  | 150000 | 131003 |
| 1.95%, 04/23/31  | 150000 | 134843 |
| 2.30%, 02/01/32  | 200000 | 180652 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.05%, 01/26/33  | 150000 | 148671 |
| 4.55%, 01/29/34  | 150000 | 151332 |
| 5.80%, 08/15/34  | 100000 | 108706 |
| 4.60%, 05/01/35  | 150000 | 151002 |
| 5.55%, 03/05/37  | 150000 | 161683 |
| 3.55%, 03/25/40  | 100000 | 85780 |
| 3.50%, 10/25/47  | 100000 | 75794 |
| 3.60%, 03/25/50  | 100000 | 75385 |
| **Providence St. Joseph Health Obligated Group** | **Providence St. Joseph Health Obligated Group** | **Providence St. Joseph Health Obligated Group** |
| 2.53%, 10/01/29 *(a)* | 200000 | 186726 |
| 5.37%, 10/01/32 *(a)* | 70000 | 71922 |
| 5.40%, 10/01/33 *(a)* | 100000 | 101932 |
| 3.93%, 10/01/48 *(a)* | 100000 | 76088 |
| 2.70%, 10/01/51 *(a)* | 150000 | 86717 |
| **Quest Diagnostics, Inc.** | **Quest Diagnostics, Inc.** | **Quest Diagnostics, Inc.** |
| 4.60%, 12/15/27 *(a)* | 150000 | 151668 |
| 4.20%, 06/30/29 *(a)* | 100000 | 100125 |
| 4.63%, 12/15/29 *(a)* | 100000 | 101546 |
| 2.95%, 06/30/30 *(a)* | 150000 | 141275 |
| 2.80%, 06/30/31 *(a)* | 100000 | 91596 |
| 6.40%, 11/30/33 *(a)* | 125000 | 137769 |
| 5.00%, 12/15/34 *(a)* | 150000 | 150264 |
| **Regeneron Pharmaceuticals, Inc.** | **Regeneron Pharmaceuticals, Inc.** | **Regeneron Pharmaceuticals, Inc.** |
| 1.75%, 09/15/30 *(a)* | 250000 | 220012 |
| 2.80%, 09/15/50 *(a)* | 150000 | 89264 |
| **Revvity, Inc.** | **Revvity, Inc.** | **Revvity, Inc.** |
| 1.90%, 09/15/28 *(a)* | 100000 | 93144 |
| 3.30%, 09/15/29 *(a)* | 150000 | 143363 |
| 2.55%, 03/15/31 *(a)* | 100000 | 89310 |
| 2.25%, 09/15/31 *(a)* | 75000 | 64901 |
| 3.63%, 03/15/51 *(a)* | 50000 | 34230 |
| **Reynolds American, Inc.** | **Reynolds American, Inc.** | **Reynolds American, Inc.** |
| 5.70%, 08/15/35 *(a)* | 150000 | 154419 |
| 7.25%, 06/15/37  | 75000 | 85130 |
| 6.15%, 09/15/43  | 100000 | 100740 |
| 5.85%, 08/15/45 *(a)* | 425000 | 410452 |
| **Royalty Pharma PLC** | **Royalty Pharma PLC** | **Royalty Pharma PLC** |
| 1.75%, 09/02/27 *(a)* | 200000 | 190352 |
| 5.15%, 09/02/29 *(a)* | 75000 | 77018 |
| 2.20%, 09/02/30 *(a)* | 200000 | 179134 |
| 2.15%, 09/02/31 *(a)* | 150000 | 130482 |
| 5.40%, 09/02/34 *(a)* | 75000 | 76076 |
| 3.30%, 09/02/40 *(a)* | 200000 | 151488 |
| 3.55%, 09/02/50 *(a)* | 150000 | 101417 |
| 3.35%, 09/02/51 *(a)* | 150000 | 96522 |
| 5.90%, 09/02/54 *(a)* | 75000 | 72145 |
| **Rush Obligated Group** | **Rush Obligated Group** | **Rush Obligated Group** |
| 3.92%, 11/15/29 *(a)* | 100000 | 98595 |
| **Sanofi SA** | **Sanofi SA** | **Sanofi SA** |
| 3.63%, 06/19/28 *(a)* | 175000 | 174102 |
| **Sentara Health** | **Sentara Health** | **Sentara Health** |
| 2.93%, 11/01/51 *(a)* | 75000 | 46161 |
| **Sharp HealthCare** | **Sharp HealthCare** | **Sharp HealthCare** |
| 2.68%, 08/01/50 *(a)* | 50000 | 30415 |
| **Shire Acquisitions Investments Ireland DAC** | **Shire Acquisitions Investments Ireland DAC** | **Shire Acquisitions Investments Ireland DAC** |
| 3.20%, 09/23/26 *(a)* | 285000 | 282059 |
| **Smith & Nephew PLC** | **Smith & Nephew PLC** | **Smith & Nephew PLC** |
| 2.03%, 10/14/30 *(a)* | 250000 | 222725 |
| 5.40%, 03/20/34 *(a)* | 150000 | 153550 |
| **Solventum Corp.** | **Solventum Corp.** | **Solventum Corp.** |
| 5.45%, 02/25/27 *(a)* | 200000 | 203918 |
| 5.40%, 03/01/29 *(a)* | 250000 | 260740 |
| 5.45%, 03/13/31 *(a)* | 200000 | 209608 |
| 5.60%, 03/23/34 *(a)* | 275000 | 285354 |

---

*See financial notes*

**50**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.90%, 04/30/54 *(a)* | 250000 | 250452 |
| 6.00%, 05/15/64 *(a)* | 100000 | 100804 |
| **SSM Health Care Corp.** | **SSM Health Care Corp.** | **SSM Health Care Corp.** |
| 4.89%, 06/01/28 *(a)* | 100000 | 101870 |
| **Stanford Health Care** | **Stanford Health Care** | **Stanford Health Care** |
| 3.31%, 08/15/30 *(a)* | 100000 | 96241 |
| 3.80%, 11/15/48 *(a)* | 150000 | 115206 |
| **STERIS Irish FinCo UnLtd Co.** | **STERIS Irish FinCo UnLtd Co.** | **STERIS Irish FinCo UnLtd Co.** |
| 2.70%, 03/15/31 *(a)* | 150000 | 136394 |
| 3.75%, 03/15/51 *(a)* | 150000 | 106184 |
| **Stryker Corp.** | **Stryker Corp.** | **Stryker Corp.** |
| 4.70%, 02/10/28 *(a)* | 150000 | 152347 |
| 3.65%, 03/07/28 *(a)* | 150000 | 148836 |
| 4.85%, 12/08/28 *(a)* | 75000 | 76854 |
| 4.25%, 09/11/29 *(a)* | 125000 | 125531 |
| 4.85%, 02/10/30 *(a)* | 150000 | 153867 |
| 1.95%, 06/15/30 *(a)* | 200000 | 180438 |
| 4.63%, 09/11/34 *(a)* | 150000 | 147911 |
| 5.20%, 02/10/35 *(a)* | 150000 | 153364 |
| 4.10%, 04/01/43 *(a)* | 75000 | 62656 |
| 4.38%, 05/15/44 *(a)* | 100000 | 85866 |
| 4.63%, 03/15/46 *(a)* | 175000 | 155531 |
| 2.90%, 06/15/50 *(a)* | 150000 | 97658 |
| **Sutter Health** | **Sutter Health** | **Sutter Health** |
| 2.29%, 08/15/30 *(a)* | 100000 | 91345 |
| 5.21%, 08/15/32 *(a)* | 100000 | 103538 |
| 5.16%, 08/15/33 *(a)* | 75000 | 76527 |
| 5.54%, 08/15/35 *(a)* | 200000 | 208708 |
| 3.16%, 08/15/40 *(a)* | 100000 | 77914 |
| 4.09%, 08/15/48 *(a)* | 65000 | 51854 |
| 3.36%, 08/15/50 *(a)* | 75000 | 51440 |
| 5.55%, 08/15/53 *(a)* | 100000 | 97807 |
| **Sysco Corp.** | **Sysco Corp.** | **Sysco Corp.** |
| 3.25%, 07/15/27 *(a)* | 150000 | 147974 |
| 5.75%, 01/17/29 *(a)* | 75000 | 78597 |
| 2.40%, 02/15/30 *(a)* | 100000 | 92453 |
| 5.95%, 04/01/30 *(a)* | 200000 | 212728 |
| 5.10%, 09/23/30 *(a)* | 125000 | 128844 |
| 2.45%, 12/14/31 *(a)* | 150000 | 133436 |
| 6.00%, 01/17/34 *(a)* | 100000 | 107802 |
| 5.40%, 03/23/35 *(a)* | 100000 | 102261 |
| 6.60%, 04/01/40 *(a)* | 75000 | 82796 |
| 4.85%, 10/01/45 *(a)* | 100000 | 89102 |
| 4.50%, 04/01/46 *(a)* | 75000 | 63222 |
| 4.45%, 03/15/48 *(a)* | 100000 | 82934 |
| 3.30%, 02/15/50 *(a)* | 100000 | 67267 |
| 6.60%, 04/01/50 *(a)* | 200000 | 215844 |
| 3.15%, 12/14/51 *(a)* | 150000 | 96002 |
| **Takeda Pharmaceutical Co. Ltd.** | **Takeda Pharmaceutical Co. Ltd.** | **Takeda Pharmaceutical Co. Ltd.** |
| 5.00%, 11/26/28 *(a)* | 250000 | 255785 |
| 2.05%, 03/31/30 *(a)* | 500000 | 453650 |
| 5.30%, 07/05/34 *(a)* | 200000 | 204654 |
| 3.03%, 07/09/40 *(a)* | 200000 | 150894 |
| 5.65%, 07/05/44 *(a)* | 200000 | 200488 |
| 3.18%, 07/09/50 *(a)* | 250000 | 163325 |
| 5.65%, 07/05/54 *(a)* | 200000 | 194054 |
| 3.38%, 07/09/60 *(a)* | 200000 | 126696 |
| **Takeda U.S. Financing, Inc.** | **Takeda U.S. Financing, Inc.** | **Takeda U.S. Financing, Inc.** |
| 5.20%, 07/07/35 *(a)* | 300000 | 301422 |
| 5.90%, 07/07/55 *(a)* | 200000 | 199966 |
| **Texas Health Resources** | **Texas Health Resources** | **Texas Health Resources** |
| 2.33%, 11/15/50 *(a)* | 200000 | 111324 |
| **Thermo Fisher Scientific, Inc.** | **Thermo Fisher Scientific, Inc.** | **Thermo Fisher Scientific, Inc.** |
| 5.00%, 12/05/26 *(a)* | 100000 | 101120 |
| 4.80%, 11/21/27 *(a)* | 100000 | 101775 |
| 1.75%, 10/15/28 *(a)* | 100000 | 93520 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.00%, 01/31/29 *(a)* | 200000 | 206036 |
| 2.60%, 10/01/29 *(a)* | 150000 | 142215 |
| 4.98%, 08/10/30 *(a)* | 150000 | 155427 |
| 2.00%, 10/15/31 *(a)* | 250000 | 220707 |
| 4.95%, 11/21/32 *(a)* | 100000 | 102751 |
| 5.09%, 08/10/33 *(a)* | 200000 | 205926 |
| 5.20%, 01/31/34 *(a)* | 100000 | 103243 |
| 2.80%, 10/15/41 *(a)* | 200000 | 144358 |
| 5.40%, 08/10/43 *(a)* | 100000 | 99168 |
| 5.30%, 02/01/44 *(a)* | 45000 | 44039 |
| 4.10%, 08/15/47 *(a)* | 150000 | 123939 |
| **Toledo Hospital** | **Toledo Hospital** | **Toledo Hospital** |
| 5.75%, 11/15/38 *(a)* | 100000 | 100688 |
| **Trinity Health Corp.** | **Trinity Health Corp.** | **Trinity Health Corp.** |
| 4.13%, 12/01/45  | 100000 | 82430 |
| 3.43%, 12/01/48  | 75000 | 55061 |
| **Tyson Foods, Inc.** | **Tyson Foods, Inc.** | **Tyson Foods, Inc.** |
| 3.55%, 06/02/27 *(a)* | 250000 | 247360 |
| 4.35%, 03/01/29 *(a)* | 150000 | 150165 |
| 5.40%, 03/15/29 *(a)* | 100000 | 103649 |
| 5.70%, 03/15/34 *(a)* | 175000 | 182437 |
| 4.88%, 08/15/34 *(a)* | 50000 | 49308 |
| 5.15%, 08/15/44 *(a)* | 150000 | 137367 |
| 4.55%, 06/02/47 *(a)* | 100000 | 83544 |
| 5.10%, 09/28/48 *(a)* | 300000 | 269430 |
| **Unilever Capital Corp.** | **Unilever Capital Corp.** | **Unilever Capital Corp.** |
| 2.90%, 05/05/27 *(a)* | 250000 | 246307 |
| 4.25%, 08/12/27 *(a)* | 150000 | 151050 |
| 3.50%, 03/22/28 *(a)* | 150000 | 148684 |
| 4.88%, 09/08/28 *(a)* | 150000 | 154150 |
| 2.13%, 09/06/29 *(a)* | 150000 | 139550 |
| 1.38%, 09/14/30 *(a)* | 100000 | 88169 |
| 1.75%, 08/12/31 *(a)* | 50000 | 43755 |
| 5.90%, 11/15/32  | 100000 | 109122 |
| 5.00%, 12/08/33 *(a)* | 150000 | 155089 |
| 4.63%, 08/12/34 *(a)* | 150000 | 149844 |
| 2.63%, 08/12/51 *(a)* | 100000 | 60546 |
| **Universal Health Services, Inc.** | **Universal Health Services, Inc.** | **Universal Health Services, Inc.** |
| 4.63%, 10/15/29 *(a)* | 100000 | 99763 |
| 2.65%, 10/15/30 *(a)* | 225000 | 201962 |
| 5.05%, 10/15/34 *(a)* | 100000 | 96251 |
| **UPMC** | **UPMC** | **UPMC** |
| 5.04%, 05/15/33 *(a)* | 100000 | 101443 |
| 5.38%, 05/15/43 *(a)* | 50000 | 47866 |
| **Utah Acquisition Sub, Inc.** | **Utah Acquisition Sub, Inc.** | **Utah Acquisition Sub, Inc.** |
| 5.25%, 06/15/46 *(a)* | 200000 | 163380 |
| **Viatris, Inc.** | **Viatris, Inc.** | **Viatris, Inc.** |
| 2.30%, 06/22/27 *(a)* | 100000 | 96026 |
| 2.70%, 06/22/30 *(a)* | 300000 | 269610 |
| 3.85%, 06/22/40 *(a)* | 250000 | 187217 |
| 4.00%, 06/22/50 *(a)* | 400000 | 263908 |
| **West Virginia United Health System Obligated Group** | **West Virginia United Health System Obligated Group** | **West Virginia United Health System Obligated Group** |
| 3.13%, 06/01/50 *(a)* | 100000 | 61953 |
| **Willis-Knighton Medical Center** | **Willis-Knighton Medical Center** | **Willis-Knighton Medical Center** |
| 3.07%, 03/01/51 *(a)* | 150000 | 93084 |
| **Wyeth LLC** | **Wyeth LLC** | **Wyeth LLC** |
| 6.50%, 02/01/34  | 150000 | 168012 |
| 6.00%, 02/15/36  | 100000 | 108039 |
| 5.95%, 04/01/37  | 375000 | 399870 |
| **Yale-New Haven Health Services Corp.** | **Yale-New Haven Health Services Corp.** | **Yale-New Haven Health Services Corp.** |
| 2.50%, 07/01/50 *(a)* | 100000 | 57483 |
| **Zimmer Biomet Holdings, Inc.** | **Zimmer Biomet Holdings, Inc.** | **Zimmer Biomet Holdings, Inc.** |
| 4.70%, 02/19/27  | 100000 | 100765 |
| 5.35%, 12/01/28 *(a)* | 100000 | 103614 |
| 5.05%, 02/19/30 *(a)* | 100000 | 102930 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**51**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.60%, 11/24/31 *(a)* | 150000 | 134301 |
| 5.20%, 09/15/34 *(a)* | 100000 | 101386 |
| 5.50%, 02/19/35 *(a)* | 100000 | 103214 |
| 5.75%, 11/30/39  | 75000 | 76245 |
| 4.45%, 08/15/45 *(a)* | 75000 | 64161 |
| **Zoetis, Inc.** | **Zoetis, Inc.** | **Zoetis, Inc.** |
| 3.00%, 09/12/27 *(a)* | 100000 | 98072 |
| 4.15%, 08/17/28 *(a)* | 150000 | 150394 |
| 3.90%, 08/20/28 *(a)* | 100000 | 99906 |
| 2.00%, 05/15/30 *(a)* | 150000 | 136115 |
| 5.60%, 11/16/32 *(a)* | 150000 | 158905 |
| 4.70%, 02/01/43 *(a)* | 195000 | 176530 |
| 3.95%, 09/12/47 *(a)* | 100000 | 78995 |
| 4.45%, 08/20/48 *(a)* | 75000 | 63259 |
| 3.00%, 05/15/50 *(a)* | 100000 | 64890 |
|  |  | **190093478** |
| ***Energy 1.7%***  | ***Energy 1.7%***  | ***Energy 1.7%***  |
| **APA Corp.** | **APA Corp.** | **APA Corp.** |
| 4.25%, 01/15/30 *(a)(d)* | 100000 | 96835 |
| 6.10%, 02/15/35 *(a)(d)* | 50000 | 50096 |
| 5.10%, 09/01/40 *(a)(d)* | 125000 | 106368 |
| 5.35%, 07/01/49 *(a)(d)* | 25000 | 19904 |
| 6.75%, 02/15/55 *(a)(d)* | 100000 | 95107 |
| **Baker Hughes Holdings LLC** | **Baker Hughes Holdings LLC** | **Baker Hughes Holdings LLC** |
| 5.13%, 09/15/40  | 200000 | 192650 |
| **Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.** | **Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.** | **Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.** |
| 2.06%, 12/15/26 *(a)* | 100000 | 97349 |
| 3.34%, 12/15/27 *(a)* | 200000 | 196906 |
| 3.14%, 11/07/29 *(a)* | 100000 | 96307 |
| 4.49%, 05/01/30 *(a)* | 150000 | 151458 |
| 4.08%, 12/15/47 *(a)* | 250000 | 194887 |
| **Boardwalk Pipelines LP** | **Boardwalk Pipelines LP** | **Boardwalk Pipelines LP** |
| 4.45%, 07/15/27 *(a)* | 100000 | 100227 |
| 4.80%, 05/03/29 *(a)* | 100000 | 101534 |
| 3.40%, 02/15/31 *(a)* | 100000 | 93215 |
| 3.60%, 09/01/32 *(a)* | 100000 | 91657 |
| 5.63%, 08/01/34 *(a)* | 100000 | 102528 |
| **BP Capital Markets America, Inc.** | **BP Capital Markets America, Inc.** | **BP Capital Markets America, Inc.** |
| 3.02%, 01/16/27 *(a)* | 100000 | 98775 |
| 3.54%, 04/06/27 *(a)* | 100000 | 99362 |
| 3.59%, 04/14/27 *(a)* | 100000 | 99392 |
| 5.02%, 11/17/27 *(a)* | 150000 | 153136 |
| 3.94%, 09/21/28 *(a)* | 150000 | 149625 |
| 4.23%, 11/06/28 *(a)* | 350000 | 351743 |
| 4.70%, 04/10/29 *(a)* | 200000 | 203938 |
| 4.97%, 10/17/29 *(a)* | 150000 | 154630 |
| 4.87%, 11/25/29 *(a)* | 100000 | 102822 |
| 3.63%, 04/06/30 *(a)* | 300000 | 293523 |
| 1.75%, 08/10/30 *(a)* | 200000 | 177826 |
| 2.72%, 01/12/32 *(a)* | 350000 | 315570 |
| 4.81%, 02/13/33 *(a)* | 400000 | 401712 |
| 4.89%, 09/11/33 *(a)* | 250000 | 251722 |
| 4.99%, 04/10/34 *(a)* | 250000 | 252892 |
| 5.23%, 11/17/34 *(a)* | 425000 | 434052 |
| 3.06%, 06/17/41 *(a)* | 300000 | 222360 |
| 3.00%, 02/24/50 *(a)* | 400000 | 254992 |
| 2.77%, 11/10/50 *(a)* | 250000 | 151328 |
| 2.94%, 06/04/51 *(a)* | 400000 | 248456 |
| 3.00%, 03/17/52 *(a)* | 250000 | 156667 |
| 3.38%, 02/08/61 *(a)* | 300000 | 192360 |
| **BP Capital Markets PLC** | **BP Capital Markets PLC** | **BP Capital Markets PLC** |
| 3.28%, 09/19/27 *(a)* | 275000 | 271109 |
| 3.72%, 11/28/28 *(a)* | 150000 | 148455 |
| **Burlington Resources LLC** | **Burlington Resources LLC** | **Burlington Resources LLC** |
| 5.95%, 10/15/36  | 75000 | 80094 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Canadian Natural Resources Ltd.** | **Canadian Natural Resources Ltd.** | **Canadian Natural Resources Ltd.** |
| 3.85%, 06/01/27 *(a)* | 250000 | 248307 |
| 2.95%, 07/15/30 *(a)* | 100000 | 93266 |
| 7.20%, 01/15/32  | 75000 | 83596 |
| 6.45%, 06/30/33  | 95000 | 101698 |
| 5.40%, 12/15/34 *(a)(d)* | 150000 | 150407 |
| 5.85%, 02/01/35  | 100000 | 102830 |
| 6.25%, 03/15/38  | 180000 | 188737 |
| 6.75%, 02/01/39  | 150000 | 161614 |
| 4.95%, 06/01/47 *(a)* | 100000 | 86812 |
| **Cenovus Energy, Inc.** | **Cenovus Energy, Inc.** | **Cenovus Energy, Inc.** |
| 2.65%, 01/15/32 *(a)* | 100000 | 87894 |
| 5.25%, 06/15/37 *(a)* | 76000 | 72716 |
| 6.75%, 11/15/39  | 100000 | 108380 |
| 5.40%, 06/15/47 *(a)* | 100000 | 89452 |
| 3.75%, 02/15/52 *(a)* | 150000 | 102036 |
| **Cheniere Corpus Christi Holdings LLC** | **Cheniere Corpus Christi Holdings LLC** | **Cheniere Corpus Christi Holdings LLC** |
| 5.13%, 06/30/27 *(a)* | 225000 | 227457 |
| 3.70%, 11/15/29 *(a)* | 200000 | 194416 |
| 2.74%, 12/31/39 *(a)* | 100000 | 82564 |
| **Cheniere Energy Partners LP** | **Cheniere Energy Partners LP** | **Cheniere Energy Partners LP** |
| 4.50%, 10/01/29 *(a)* | 250000 | 249465 |
| 4.00%, 03/01/31 *(a)* | 250000 | 241055 |
| 3.25%, 01/31/32 *(a)* | 150000 | 135849 |
| 5.95%, 06/30/33 *(a)* | 300000 | 314388 |
| 5.75%, 08/15/34 *(a)* | 200000 | 205524 |
| 5.55%, 10/30/35 *(a)(d)* | 200000 | 202076 |
| **Cheniere Energy, Inc.** | **Cheniere Energy, Inc.** | **Cheniere Energy, Inc.** |
| 4.63%, 10/15/28 *(a)* | 300000 | 299790 |
| 5.65%, 04/15/34 *(a)* | 250000 | 255267 |
| **Chevron Corp.** | **Chevron Corp.** | **Chevron Corp.** |
| 2.00%, 05/11/27 *(a)* | 200000 | 194120 |
| 2.24%, 05/11/30 *(a)* | 250000 | 230587 |
| 3.08%, 05/11/50 *(a)* | 150000 | 100262 |
| **Chevron USA, Inc.** | **Chevron USA, Inc.** | **Chevron USA, Inc.** |
| 4.41%, 02/26/27  | 150000 | 151217 |
| 1.02%, 08/12/27 *(a)* | 150000 | 142316 |
| 3.95%, 08/13/27  | 100000 | 100316 |
| 3.85%, 01/15/28 *(a)* | 100000 | 100195 |
| 4.48%, 02/26/28 *(a)* | 175000 | 177595 |
| 4.05%, 08/13/28 *(a)* | 150000 | 150900 |
| 3.25%, 10/15/29 *(a)* | 100000 | 97206 |
| 4.69%, 04/15/30 *(a)* | 200000 | 204584 |
| 4.82%, 04/15/32 *(a)* | 125000 | 128101 |
| 4.50%, 10/15/32 *(a)* | 250000 | 250695 |
| 4.98%, 04/15/35 *(a)* | 125000 | 127099 |
| 4.85%, 10/15/35 *(a)* | 150000 | 149420 |
| 6.00%, 03/01/41 *(a)* | 50000 | 53632 |
| 5.25%, 11/15/43 *(a)* | 50000 | 49563 |
| 2.34%, 08/12/50 *(a)* | 150000 | 85824 |
| **Columbia Pipeline Group, Inc.** | **Columbia Pipeline Group, Inc.** | **Columbia Pipeline Group, Inc.** |
| 5.80%, 06/01/45 *(a)* | 100000 | 98044 |
| **ConocoPhillips** | **ConocoPhillips** | **ConocoPhillips** |
| 5.90%, 10/15/32  | 100000 | 108408 |
| 5.90%, 05/15/38  | 125000 | 132783 |
| 6.50%, 02/01/39  | 300000 | 335181 |
| 4.88%, 10/01/47 *(a)* | 100000 | 89158 |
| **ConocoPhillips Co.** | **ConocoPhillips Co.** | **ConocoPhillips Co.** |
| 6.95%, 04/15/29  | 150000 | 164259 |
| 4.70%, 01/15/30 *(a)* | 250000 | 254900 |
| 4.85%, 01/15/32 *(a)* | 100000 | 101784 |
| 5.05%, 09/15/33 *(a)* | 150000 | 153322 |
| 5.00%, 01/15/35 *(a)* | 250000 | 250047 |
| 3.76%, 03/15/42 *(a)* | 150000 | 120263 |
| 4.30%, 11/15/44 *(a)* | 150000 | 126624 |
| 3.80%, 03/15/52 *(a)* | 200000 | 145002 |

---

*See financial notes*

**52**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.30%, 05/15/53 *(a)* | 150000 | 137642 |
| 5.55%, 03/15/54 *(a)* | 200000 | 190102 |
| 5.50%, 01/15/55 *(a)* | 200000 | 188548 |
| 4.03%, 03/15/62 *(a)* | 307000 | 220745 |
| 5.70%, 09/15/63 *(a)* | 150000 | 143018 |
| 5.65%, 01/15/65 *(a)* | 75000 | 70835 |
| **Continental Resources, Inc.** | **Continental Resources, Inc.** | **Continental Resources, Inc.** |
| 4.38%, 01/15/28 *(a)* | 250000 | 248532 |
| 4.90%, 06/01/44 *(a)* | 100000 | 78989 |
| **Coterra Energy, Inc.** | **Coterra Energy, Inc.** | **Coterra Energy, Inc.** |
| 3.90%, 05/15/27 *(a)* | 150000 | 149082 |
| 4.38%, 03/15/29 *(a)* | 100000 | 99844 |
| 5.60%, 03/15/34 *(a)* | 75000 | 76159 |
| 5.40%, 02/15/35 *(a)* | 150000 | 149445 |
| 5.90%, 02/15/55 *(a)* | 150000 | 139956 |
| **DCP Midstream Operating LP** | **DCP Midstream Operating LP** | **DCP Midstream Operating LP** |
| 5.13%, 05/15/29 *(a)* | 200000 | 204408 |
| 3.25%, 02/15/32 *(a)* | 200000 | 180136 |
| **Devon Energy Corp.** | **Devon Energy Corp.** | **Devon Energy Corp.** |
| 5.25%, 10/15/27 *(a)* | 130000 | 130264 |
| 5.88%, 06/15/28 *(a)(d)* | 30000 | 30010 |
| 4.50%, 01/15/30 *(a)* | 130000 | 130078 |
| 7.88%, 09/30/31  | 100000 | 115649 |
| 7.95%, 04/15/32  | 100000 | 115717 |
| 5.20%, 09/15/34 *(a)* | 200000 | 196124 |
| 5.60%, 07/15/41 *(a)* | 225000 | 210926 |
| 4.75%, 05/15/42 *(a)* | 100000 | 84483 |
| 5.00%, 06/15/45 *(a)* | 175000 | 147172 |
| 5.75%, 09/15/54 *(a)* | 200000 | 179318 |
| **Diamondback Energy, Inc.** | **Diamondback Energy, Inc.** | **Diamondback Energy, Inc.** |
| 3.25%, 12/01/26 *(a)* | 200000 | 197722 |
| 5.20%, 04/18/27 *(a)* | 150000 | 152298 |
| 3.50%, 12/01/29 *(a)* | 150000 | 144662 |
| 5.15%, 01/30/30 *(a)* | 150000 | 154215 |
| 3.13%, 03/24/31 *(a)* | 150000 | 139049 |
| 6.25%, 03/15/33 *(a)* | 200000 | 213930 |
| 5.40%, 04/18/34 *(a)* | 200000 | 202238 |
| 5.55%, 04/01/35 *(a)* | 200000 | 202536 |
| 4.40%, 03/24/51 *(a)* | 100000 | 77667 |
| 4.25%, 03/15/52 *(a)* | 150000 | 112683 |
| 6.25%, 03/15/53 *(a)* | 100000 | 99018 |
| 5.75%, 04/18/54 *(a)* | 250000 | 231737 |
| 5.90%, 04/18/64 *(a)* | 225000 | 208336 |
| **Eastern Energy Gas Holdings LLC** | **Eastern Energy Gas Holdings LLC** | **Eastern Energy Gas Holdings LLC** |
| 5.80%, 01/15/35 *(a)* | 100000 | 104282 |
| 5.65%, 10/15/54 *(a)* | 150000 | 143261 |
| 6.20%, 01/15/55 *(a)* | 100000 | 102447 |
| **Eastern Gas Transmission & Storage, Inc.** | **Eastern Gas Transmission & Storage, Inc.** | **Eastern Gas Transmission & Storage, Inc.** |
| 3.00%, 11/15/29 *(a)* | 100000 | 95250 |
| 4.80%, 11/01/43 *(a)(d)* | 100000 | 87832 |
| **Enbridge Energy Partners LP** | **Enbridge Energy Partners LP** | **Enbridge Energy Partners LP** |
| 7.50%, 04/15/38  | 100000 | 117111 |
| 5.50%, 09/15/40 *(a)* | 80000 | 78234 |
| 7.38%, 10/15/45 *(a)* | 100000 | 115430 |
| **Enbridge, Inc.** | **Enbridge, Inc.** | **Enbridge, Inc.** |
| 1.60%, 10/04/26 *(a)* | 100000 | 97205 |
| 5.90%, 11/15/26 *(a)* | 150000 | 152661 |
| 4.25%, 12/01/26 *(a)* | 150000 | 150029 |
| 5.25%, 04/05/27 *(a)* | 125000 | 127044 |
| 3.70%, 07/15/27 *(a)* | 150000 | 148703 |
| 4.60%, 06/20/28 *(a)* | 70000 | 70783 |
| 6.00%, 11/15/28 *(a)* | 150000 | 158106 |
| 5.30%, 04/05/29 *(a)* | 150000 | 154764 |
| 3.13%, 11/15/29 *(a)* | 175000 | 166761 |
| 4.90%, 06/20/30 *(a)* | 110000 | 112342 |
| 6.20%, 11/15/30 *(a)* | 150000 | 161541 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.70%, 03/08/33 *(a)* | 400000 | 417308 |
| 2.50%, 08/01/33 *(a)* | 200000 | 168182 |
| 5.63%, 04/05/34 *(a)* | 200000 | 206496 |
| 5.55%, 06/20/35 *(a)* | 170000 | 173288 |
| 4.50%, 06/10/44 *(a)* | 100000 | 83614 |
| 5.50%, 12/01/46 *(a)* | 100000 | 96288 |
| 4.00%, 11/15/49 *(a)* | 100000 | 74142 |
| 3.40%, 08/01/51 *(a)* | 150000 | 99099 |
| 6.70%, 11/15/53 *(a)* | 225000 | 242509 |
| 5.95%, 04/05/54 *(a)* | 125000 | 123500 |
| 7.20%, 06/27/54 *(a)(b)* | 125000 | 130201 |
| 7.38%, 03/15/55 *(a)(b)* | 100000 | 105325 |
| **Energy Transfer LP** | **Energy Transfer LP** | **Energy Transfer LP** |
| 6.05%, 12/01/26 *(a)* | 150000 | 152941 |
| 4.40%, 03/15/27 *(a)* | 150000 | 150323 |
| 4.20%, 04/15/27 *(a)* | 100000 | 99925 |
| 5.50%, 06/01/27 *(a)* | 150000 | 152664 |
| 4.00%, 10/01/27 *(a)* | 100000 | 99554 |
| 5.55%, 02/15/28 *(a)* | 150000 | 154464 |
| 4.95%, 05/15/28 *(a)* | 150000 | 152476 |
| 4.95%, 06/15/28 *(a)* | 150000 | 152589 |
| 6.10%, 12/01/28 *(a)* | 150000 | 158026 |
| 5.25%, 04/15/29 *(a)* | 300000 | 308493 |
| 5.25%, 07/01/29 *(a)* | 200000 | 206194 |
| 4.15%, 09/15/29 *(a)* | 100000 | 99152 |
| 5.20%, 04/01/30 *(a)* | 125000 | 128593 |
| 3.75%, 05/15/30 *(a)* | 100000 | 96883 |
| 6.40%, 12/01/30 *(a)* | 200000 | 216512 |
| 5.75%, 02/15/33 *(a)* | 250000 | 260022 |
| 6.55%, 12/01/33 *(a)* | 250000 | 271192 |
| 5.55%, 05/15/34 *(a)* | 200000 | 203304 |
| 5.60%, 09/01/34 *(a)* | 225000 | 228789 |
| 4.90%, 03/15/35 *(a)* | 80000 | 76992 |
| 5.70%, 04/01/35 *(a)* | 200000 | 203840 |
| 6.63%, 10/15/36  | 100000 | 107907 |
| 5.80%, 06/15/38 *(a)* | 100000 | 100952 |
| 7.50%, 07/01/38  | 100000 | 115049 |
| 6.05%, 06/01/41 *(a)* | 100000 | 100063 |
| 6.50%, 02/01/42 *(a)* | 150000 | 155823 |
| 6.10%, 02/15/42  | 50000 | 50047 |
| 4.95%, 01/15/43 *(a)* | 100000 | 86771 |
| 5.15%, 02/01/43 *(a)* | 100000 | 88929 |
| 5.95%, 10/01/43 *(a)* | 100000 | 97274 |
| 5.30%, 04/01/44 *(a)* | 100000 | 89735 |
| 5.00%, 05/15/44 *(a)* | 75000 | 64912 |
| 5.15%, 03/15/45 *(a)* | 200000 | 176130 |
| 5.35%, 05/15/45 *(a)* | 175000 | 157019 |
| 6.13%, 12/15/45 *(a)* | 165000 | 162477 |
| 5.30%, 04/15/47 *(a)* | 200000 | 176532 |
| 5.40%, 10/01/47 *(a)* | 275000 | 245198 |
| 6.00%, 06/15/48 *(a)* | 200000 | 192284 |
| 6.25%, 04/15/49 *(a)* | 300000 | 294528 |
| 5.00%, 05/15/50 *(a)* | 350000 | 290972 |
| 5.95%, 05/15/54 *(a)* | 300000 | 281637 |
| 6.05%, 09/01/54 *(a)* | 225000 | 214200 |
| 6.20%, 04/01/55 *(a)* | 200000 | 194384 |
| **Eni USA, Inc.** | **Eni USA, Inc.** | **Eni USA, Inc.** |
| 7.30%, 11/15/27  | 100000 | 106406 |
| **Enterprise Products Operating LLC** | **Enterprise Products Operating LLC** | **Enterprise Products Operating LLC** |
| 4.60%, 01/11/27 *(a)* | 200000 | 201312 |
| 3.95%, 02/15/27 *(a)* | 150000 | 149757 |
| 4.30%, 06/20/28 *(a)* | 90000 | 90659 |
| 4.15%, 10/16/28 *(a)* | 150000 | 150644 |
| 3.13%, 07/31/29 *(a)* | 150000 | 144528 |
| 2.80%, 01/31/30 *(a)* | 250000 | 236097 |
| 4.60%, 01/15/31 *(a)* | 140000 | 141431 |
| 5.35%, 01/31/33 *(a)* | 200000 | 207526 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**53**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 6.88%, 03/01/33  | 50000 | 56318 |
| 4.85%, 01/31/34 *(a)* | 150000 | 149894 |
| 6.65%, 10/15/34  | 75000 | 84624 |
| 4.95%, 02/15/35 *(a)* | 200000 | 199784 |
| 5.20%, 01/15/36 *(a)* | 140000 | 141256 |
| 7.55%, 04/15/38  | 100000 | 118766 |
| 6.13%, 10/15/39  | 100000 | 106847 |
| 6.45%, 09/01/40  | 100000 | 109827 |
| 5.95%, 02/01/41  | 100000 | 103727 |
| 5.70%, 02/15/42  | 100000 | 100636 |
| 4.85%, 08/15/42 *(a)* | 100000 | 90978 |
| 4.45%, 02/15/43 *(a)* | 200000 | 172770 |
| 4.85%, 03/15/44 *(a)* | 225000 | 203519 |
| 5.10%, 02/15/45 *(a)* | 200000 | 185196 |
| 4.90%, 05/15/46 *(a)* | 200000 | 179520 |
| 4.25%, 02/15/48 *(a)* | 250000 | 202275 |
| 4.80%, 02/01/49 *(a)* | 250000 | 216530 |
| 4.20%, 01/31/50 *(a)* | 250000 | 196840 |
| 3.70%, 01/31/51 *(a)* | 200000 | 143526 |
| 3.20%, 02/15/52 *(a)* | 200000 | 130122 |
| 3.30%, 02/15/53 *(a)* | 100000 | 65606 |
| 4.95%, 10/15/54 *(a)* | 125000 | 108628 |
| 5.55%, 02/16/55 *(a)* | 250000 | 238752 |
| 3.95%, 01/31/60 *(a)* | 150000 | 108069 |
| 5.25%, 08/16/77 *(a)(b)* | 175000 | 173731 |
| 5.38%, 02/15/78 *(a)(b)* | 100000 | 99097 |
| **EOG Resources, Inc.** | **EOG Resources, Inc.** | **EOG Resources, Inc.** |
| 4.40%, 07/15/28 *(a)* | 90000 | 90902 |
| 4.38%, 04/15/30 *(a)* | 100000 | 100637 |
| 5.00%, 07/15/32 *(a)* | 230000 | 234158 |
| 3.90%, 04/01/35 *(a)* | 74000 | 67911 |
| 5.35%, 01/15/36 *(a)* | 230000 | 233721 |
| 4.95%, 04/15/50 *(a)* | 150000 | 132216 |
| 5.65%, 12/01/54 *(a)* | 175000 | 169561 |
| 5.95%, 07/15/55 *(a)* | 90000 | 90875 |
| **EQT Corp.** | **EQT Corp.** | **EQT Corp.** |
| 3.90%, 10/01/27 *(a)* | 250000 | 247755 |
| 5.70%, 04/01/28 *(a)* | 100000 | 103432 |
| 4.50%, 01/15/29 *(a)(d)* | 100000 | 99788 |
| 5.00%, 01/15/29 *(a)* | 100000 | 101217 |
| 6.38%, 04/01/29 *(a)(d)* | 100000 | 103689 |
| 7.00%, 02/01/30 *(a)(g)* | 50000 | 54428 |
| 7.50%, 06/01/30 *(a)(d)* | 100000 | 110178 |
| 4.75%, 01/15/31 *(a)(d)* | 200000 | 198760 |
| 5.75%, 02/01/34 *(a)* | 150000 | 155466 |
| **Expand Energy Corp.** | **Expand Energy Corp.** | **Expand Energy Corp.** |
| 5.38%, 02/01/29 *(a)* | 125000 | 125383 |
| 5.38%, 03/15/30 *(a)* | 200000 | 202228 |
| 4.75%, 02/01/32 *(a)* | 200000 | 194922 |
| 5.70%, 01/15/35 *(a)* | 150000 | 152310 |
| **Exxon Mobil Corp.** | **Exxon Mobil Corp.** | **Exxon Mobil Corp.** |
| 3.29%, 03/19/27 *(a)* | 250000 | 248482 |
| 2.44%, 08/16/29 *(a)* | 200000 | 190132 |
| 3.48%, 03/19/30 *(a)* | 100000 | 97847 |
| 2.61%, 10/15/30 *(a)* | 350000 | 326501 |
| 3.00%, 08/16/39 *(a)* | 150000 | 117756 |
| 4.23%, 03/19/40 *(a)* | 350000 | 315416 |
| 3.57%, 03/06/45 *(a)* | 230000 | 176893 |
| 4.11%, 03/01/46 *(a)* | 475000 | 391143 |
| 3.10%, 08/16/49 *(a)* | 300000 | 200919 |
| 4.33%, 03/19/50 *(a)* | 500000 | 414525 |
| 3.45%, 04/15/51 *(a)* | 450000 | 318006 |
| **Halliburton Co.** | **Halliburton Co.** | **Halliburton Co.** |
| 2.92%, 03/01/30 *(a)* | 200000 | 188186 |
| 4.85%, 11/15/35 *(a)* | 250000 | 242925 |
| 6.70%, 09/15/38  | 100000 | 110099 |
| 7.45%, 09/15/39  | 200000 | 234868 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.50%, 11/15/41 *(a)* | 150000 | 129179 |
| 4.75%, 08/01/43 *(a)* | 100000 | 86918 |
| 5.00%, 11/15/45 *(a)* | 330000 | 291581 |
| **Helmerich & Payne, Inc.** | **Helmerich & Payne, Inc.** | **Helmerich & Payne, Inc.** |
| 4.65%, 12/01/27 *(a)* | 75000 | 75143 |
| 4.85%, 12/01/29 *(a)* | 75000 | 74735 |
| 2.90%, 09/29/31 *(a)* | 100000 | 87317 |
| 5.50%, 12/01/34 *(a)* | 100000 | 96345 |
| **Hess Corp.** | **Hess Corp.** | **Hess Corp.** |
| 4.30%, 04/01/27 *(a)* | 250000 | 250700 |
| 7.88%, 10/01/29  | 100000 | 113755 |
| 7.30%, 08/15/31  | 100000 | 115389 |
| 7.13%, 03/15/33  | 100000 | 115338 |
| 6.00%, 01/15/40  | 100000 | 107153 |
| 5.60%, 02/15/41  | 200000 | 202754 |
| 5.80%, 04/01/47 *(a)* | 100000 | 101179 |
| **HF Sinclair Corp.** | **HF Sinclair Corp.** | **HF Sinclair Corp.** |
| 5.00%, 02/01/28 *(a)* | 100000 | 100206 |
| 4.50%, 10/01/30 *(a)* | 100000 | 97794 |
| 5.75%, 01/15/31 *(a)* | 100000 | 103238 |
| 5.50%, 09/01/32 *(a)* | 150000 | 150575 |
| 6.25%, 01/15/35 *(a)* | 150000 | 154536 |
| **Kinder Morgan Energy Partners LP** | **Kinder Morgan Energy Partners LP** | **Kinder Morgan Energy Partners LP** |
| 7.30%, 08/15/33  | 100000 | 113297 |
| 5.80%, 03/15/35  | 150000 | 154906 |
| 6.50%, 02/01/37  | 75000 | 80202 |
| 6.95%, 01/15/38  | 180000 | 200434 |
| 6.50%, 09/01/39  | 100000 | 107267 |
| 6.55%, 09/15/40  | 75000 | 80408 |
| 7.50%, 11/15/40  | 100000 | 116583 |
| 6.38%, 03/01/41  | 100000 | 104813 |
| 5.63%, 09/01/41  | 50000 | 48648 |
| 5.00%, 08/15/42 *(a)* | 100000 | 89797 |
| 4.70%, 11/01/42 *(a)* | 45000 | 38922 |
| 5.00%, 03/01/43 *(a)* | 100000 | 89860 |
| 5.50%, 03/01/44 *(a)* | 200000 | 188792 |
| 5.40%, 09/01/44 *(a)* | 95000 | 88181 |
| **Kinder Morgan, Inc.** | **Kinder Morgan, Inc.** | **Kinder Morgan, Inc.** |
| 1.75%, 11/15/26 *(a)* | 100000 | 97148 |
| 4.30%, 03/01/28 *(a)* | 200000 | 200768 |
| 5.00%, 02/01/29 *(a)* | 200000 | 204346 |
| 5.15%, 06/01/30 *(a)* | 200000 | 205868 |
| 2.00%, 02/15/31 *(a)* | 250000 | 220412 |
| 7.80%, 08/01/31  | 100000 | 115837 |
| 7.75%, 01/15/32  | 150000 | 173340 |
| 4.80%, 02/01/33 *(a)* | 200000 | 197884 |
| 5.20%, 06/01/33 *(a)* | 250000 | 252985 |
| 5.40%, 02/01/34 *(a)* | 150000 | 152778 |
| 5.30%, 12/01/34 *(a)* | 150000 | 151037 |
| 5.85%, 06/01/35 *(a)* | 150000 | 155920 |
| 5.55%, 06/01/45 *(a)* | 330000 | 310537 |
| 5.05%, 02/15/46 *(a)* | 200000 | 176168 |
| 5.20%, 03/01/48 *(a)* | 100000 | 89296 |
| 3.25%, 08/01/50 *(a)* | 100000 | 63791 |
| 3.60%, 02/15/51 *(a)* | 150000 | 102203 |
| 5.45%, 08/01/52 *(a)* | 150000 | 136287 |
| 5.95%, 08/01/54 *(a)* | 100000 | 97219 |
| **Marathon Petroleum Corp.** | **Marathon Petroleum Corp.** | **Marathon Petroleum Corp.** |
| 5.13%, 12/15/26 *(a)* | 100000 | 100846 |
| 3.80%, 04/01/28 *(a)* | 100000 | 99062 |
| 5.15%, 03/01/30 *(a)* | 200000 | 205816 |
| 5.70%, 03/01/35 *(a)* | 150000 | 153348 |
| 6.50%, 03/01/41 *(a)* | 220000 | 231389 |
| 4.75%, 09/15/44 *(a)* | 150000 | 126435 |
| 4.50%, 04/01/48 *(a)* | 50000 | 39075 |
| 5.00%, 09/15/54 *(a)* | 100000 | 81808 |

---

*See financial notes*

**54**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **MPLX LP** | **MPLX LP** | **MPLX LP** |
| 4.13%, 03/01/27 *(a)* | 200000 | 199568 |
| 4.25%, 12/01/27 *(a)* | 150000 | 150125 |
| 4.00%, 03/15/28 *(a)* | 250000 | 248690 |
| 4.80%, 02/15/29 *(a)* | 150000 | 152058 |
| 2.65%, 08/15/30 *(a)* | 250000 | 228602 |
| 4.80%, 02/15/31 *(a)* | 200000 | 200211 |
| 4.95%, 09/01/32 *(a)* | 150000 | 149189 |
| 5.00%, 01/15/33 *(a)* | 150000 | 148803 |
| 5.00%, 03/01/33 *(a)* | 200000 | 198300 |
| 5.50%, 06/01/34 *(a)* | 325000 | 327853 |
| 5.40%, 04/01/35 *(a)* | 175000 | 174088 |
| 5.40%, 09/15/35 *(a)* | 300000 | 296298 |
| 4.50%, 04/15/38 *(a)* | 350000 | 311853 |
| 5.20%, 03/01/47 *(a)* | 150000 | 130620 |
| 5.20%, 12/01/47 *(a)* | 100000 | 86819 |
| 4.70%, 04/15/48 *(a)* | 300000 | 243489 |
| 5.50%, 02/15/49 *(a)* | 200000 | 180082 |
| 4.95%, 03/14/52 *(a)* | 250000 | 205947 |
| 5.65%, 03/01/53 *(a)* | 100000 | 90906 |
| 5.95%, 04/01/55 *(a)* | 175000 | 165168 |
| 6.20%, 09/15/55 *(a)* | 200000 | 194876 |
| 4.90%, 04/15/58 *(a)* | 100000 | 80473 |
| **National Fuel Gas Co.** | **National Fuel Gas Co.** | **National Fuel Gas Co.** |
| 3.95%, 09/15/27 *(a)* | 100000 | 99182 |
| 4.75%, 09/01/28 *(a)* | 100000 | 100380 |
| 5.50%, 03/15/30 *(a)* | 95000 | 98229 |
| 5.95%, 03/15/35 *(a)* | 95000 | 97857 |
| **Northwest Pipeline LLC** | **Northwest Pipeline LLC** | **Northwest Pipeline LLC** |
| 4.00%, 04/01/27 *(a)* | 100000 | 99709 |
| **NOV, Inc.** | **NOV, Inc.** | **NOV, Inc.** |
| 3.60%, 12/01/29 *(a)* | 100000 | 96694 |
| 3.95%, 12/01/42 *(a)* | 225000 | 170683 |
| **Occidental Petroleum Corp.** | **Occidental Petroleum Corp.** | **Occidental Petroleum Corp.** |
| 8.50%, 07/15/27 *(a)* | 100000 | 105388 |
| 5.00%, 08/01/27 *(a)* | 100000 | 101084 |
| 6.38%, 09/01/28 *(a)* | 100000 | 104470 |
| 5.20%, 08/01/29 *(a)* | 200000 | 202834 |
| 8.88%, 07/15/30 *(a)* | 200000 | 230222 |
| 6.63%, 09/01/30 *(a)* | 150000 | 159639 |
| 6.13%, 01/01/31 *(a)* | 200000 | 209186 |
| 7.50%, 05/01/31  | 200000 | 223654 |
| 7.88%, 09/15/31  | 75000 | 84871 |
| 5.38%, 01/01/32 *(a)* | 150000 | 150948 |
| 5.55%, 10/01/34 *(a)* | 200000 | 199150 |
| 6.45%, 09/15/36  | 300000 | 310686 |
| 7.95%, 06/15/39  | 75000 | 85653 |
| 6.20%, 03/15/40  | 150000 | 148136 |
| 6.60%, 03/15/46 *(a)* | 200000 | 201166 |
| 4.40%, 04/15/46 *(a)* | 100000 | 75894 |
| 4.20%, 03/15/48 *(a)* | 50000 | 35422 |
| 6.05%, 10/01/54 *(a)* | 200000 | 186572 |
| **ONEOK Partners LP** | **ONEOK Partners LP** | **ONEOK Partners LP** |
| 6.65%, 10/01/36  | 100000 | 108154 |
| 6.85%, 10/15/37  | 75000 | 81989 |
| 6.13%, 02/01/41 *(a)* | 150000 | 151496 |
| 6.20%, 09/15/43 *(a)* | 75000 | 75215 |
| **ONEOK, Inc.** | **ONEOK, Inc.** | **ONEOK, Inc.** |
| 5.55%, 11/01/26 *(a)* | 150000 | 151891 |
| 4.00%, 07/13/27 *(a)* | 100000 | 99685 |
| 4.25%, 09/24/27 *(a)* | 200000 | 200268 |
| 4.55%, 07/15/28 *(a)* | 150000 | 151211 |
| 5.65%, 11/01/28 *(a)* | 150000 | 155854 |
| 4.35%, 03/15/29 *(a)* | 150000 | 149763 |
| 5.38%, 06/01/29 *(a)* | 100000 | 102982 |
| 3.40%, 09/01/29 *(a)* | 150000 | 144263 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.40%, 10/15/29 *(a)* | 100000 | 99961 |
| 3.10%, 03/15/30 *(a)* | 100000 | 94341 |
| 3.25%, 06/01/30 *(a)* | 100000 | 94601 |
| 5.80%, 11/01/30 *(a)* | 100000 | 105264 |
| 6.35%, 01/15/31 *(a)* | 70000 | 75175 |
| 4.75%, 10/15/31 *(a)* | 250000 | 250132 |
| 4.95%, 10/15/32 *(a)* | 150000 | 149148 |
| 6.10%, 11/15/32 *(a)* | 150000 | 159517 |
| 6.05%, 09/01/33 *(a)* | 300000 | 315639 |
| 5.65%, 09/01/34 *(a)* | 100000 | 101794 |
| 5.05%, 11/01/34 *(a)* | 300000 | 292749 |
| 6.00%, 06/15/35  | 75000 | 77795 |
| 5.40%, 10/15/35 *(a)* | 200000 | 198242 |
| 5.15%, 10/15/43 *(a)* | 75000 | 66757 |
| 5.60%, 04/01/44 *(a)* | 75000 | 69763 |
| 5.05%, 04/01/45 *(a)* | 75000 | 65189 |
| 4.25%, 09/15/46 *(a)* | 75000 | 57263 |
| 5.45%, 06/01/47 *(a)* | 75000 | 67232 |
| 4.95%, 07/13/47 *(a)* | 100000 | 85045 |
| 4.20%, 10/03/47 *(a)* | 100000 | 75603 |
| 5.20%, 07/15/48 *(a)* | 200000 | 174820 |
| 4.85%, 02/01/49 *(a)* | 100000 | 81912 |
| 4.45%, 09/01/49 *(a)* | 150000 | 117053 |
| 3.95%, 03/01/50 *(a)* | 150000 | 106467 |
| 4.50%, 03/15/50 *(a)* | 50000 | 39087 |
| 7.15%, 01/15/51 *(a)* | 50000 | 53763 |
| 6.63%, 09/01/53 *(a)* | 325000 | 333811 |
| 5.70%, 11/01/54 *(a)* | 200000 | 182512 |
| 6.25%, 10/15/55 *(a)* | 225000 | 220007 |
| 5.85%, 11/01/64 *(a)* | 100000 | 91502 |
| **Ovintiv, Inc.** | **Ovintiv, Inc.** | **Ovintiv, Inc.** |
| 5.65%, 05/15/28 *(a)* | 150000 | 154537 |
| 7.20%, 11/01/31  | 75000 | 82420 |
| 7.38%, 11/01/31  | 200000 | 221740 |
| 6.25%, 07/15/33 *(a)* | 100000 | 104126 |
| 6.50%, 08/15/34  | 100000 | 105434 |
| 6.63%, 08/15/37  | 100000 | 103997 |
| 7.10%, 07/15/53 *(a)* | 100000 | 103516 |
| **Patterson-UTI Energy, Inc.** | **Patterson-UTI Energy, Inc.** | **Patterson-UTI Energy, Inc.** |
| 3.95%, 02/01/28 *(a)* | 75000 | 73226 |
| 7.15%, 10/01/33 *(a)* | 100000 | 104428 |
| **Phillips 66** | **Phillips 66** | **Phillips 66** |
| 3.90%, 03/15/28 *(a)* | 150000 | 149205 |
| 2.15%, 12/15/30 *(a)* | 150000 | 133608 |
| 4.65%, 11/15/34 *(a)* | 125000 | 120654 |
| 5.88%, 05/01/42  | 275000 | 276012 |
| 4.88%, 11/15/44 *(a)* | 300000 | 262977 |
| 3.30%, 03/15/52 *(a)* | 200000 | 128672 |
| **Phillips 66 Co.** | **Phillips 66 Co.** | **Phillips 66 Co.** |
| 3.55%, 10/01/26 *(a)* | 100000 | 99269 |
| 4.95%, 12/01/27 *(a)* | 150000 | 152409 |
| 3.75%, 03/01/28 *(a)* | 100000 | 99214 |
| 3.15%, 12/15/29 *(a)* | 100000 | 95827 |
| 5.25%, 06/15/31 *(a)* | 225000 | 233399 |
| 5.30%, 06/30/33 *(a)* | 150000 | 153217 |
| 4.95%, 03/15/35 *(a)* | 100000 | 97986 |
| 4.68%, 02/15/45 *(a)* | 100000 | 84041 |
| 4.90%, 10/01/46 *(a)* | 100000 | 86310 |
| 5.65%, 06/15/54 *(a)* | 100000 | 93190 |
| 5.50%, 03/15/55 *(a)* | 100000 | 91523 |
| **Pioneer Natural Resources Co.** | **Pioneer Natural Resources Co.** | **Pioneer Natural Resources Co.** |
| 1.90%, 08/15/30 *(a)* | 200000 | 179100 |
| 2.15%, 01/15/31 *(a)* | 200000 | 179502 |
| **Plains All American Pipeline LP** | **Plains All American Pipeline LP** | **Plains All American Pipeline LP** |
| 5.95%, 06/15/35 *(a)* | 200000 | 206090 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**55**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Plains All American Pipeline LP/PAA Finance Corp.** | **Plains All American Pipeline LP/PAA Finance Corp.** | **Plains All American Pipeline LP/PAA Finance Corp.** |
| 4.50%, 12/15/26 *(a)* | 130000 | 130152 |
| 3.55%, 12/15/29 *(a)* | 150000 | 144653 |
| 3.80%, 09/15/30 *(a)* | 150000 | 144768 |
| 5.70%, 09/15/34 *(a)* | 150000 | 153177 |
| 6.65%, 01/15/37  | 100000 | 108469 |
| 5.15%, 06/01/42 *(a)* | 100000 | 89524 |
| 4.30%, 01/31/43 *(a)* | 50000 | 39721 |
| 4.70%, 06/15/44 *(a)* | 100000 | 82765 |
| 4.90%, 02/15/45 *(a)* | 100000 | 84979 |
| **Sabine Pass Liquefaction LLC** | **Sabine Pass Liquefaction LLC** | **Sabine Pass Liquefaction LLC** |
| 5.00%, 03/15/27 *(a)* | 250000 | 251452 |
| 4.50%, 05/15/30 *(a)* | 375000 | 376222 |
| 5.90%, 09/15/37 *(a)* | 100000 | 105223 |
| **Shell Finance U.S., Inc.** | **Shell Finance U.S., Inc.** | **Shell Finance U.S., Inc.** |
| 2.38%, 11/07/29 *(a)* | 250000 | 234007 |
| 2.75%, 04/06/30 *(a)* | 300000 | 283467 |
| 4.13%, 05/11/35  | 275000 | 261239 |
| 4.55%, 08/12/43  | 175000 | 154679 |
| 4.38%, 05/11/45  | 330000 | 281335 |
| 4.00%, 05/10/46  | 280000 | 223454 |
| 3.75%, 09/12/46  | 200000 | 154274 |
| 3.25%, 04/06/50 *(a)* | 350000 | 239991 |
| **Shell International Finance BV** | **Shell International Finance BV** | **Shell International Finance BV** |
| 2.50%, 09/12/26  | 175000 | 172364 |
| 3.88%, 11/13/28 *(a)* | 300000 | 299751 |
| 2.38%, 11/07/29 *(a)* | 100000 | 95029 |
| 4.13%, 05/11/35  | 75000 | 73603 |
| 6.38%, 12/15/38  | 500000 | 558005 |
| 5.50%, 03/25/40  | 225000 | 229678 |
| 2.88%, 11/26/41 *(a)* | 50000 | 36001 |
| 3.63%, 08/21/42  | 80000 | 63226 |
| 4.38%, 05/11/45  | 75000 | 64175 |
| 4.00%, 05/10/46  | 75000 | 60254 |
| 3.13%, 11/07/49 *(a)* | 200000 | 133608 |
| 3.00%, 11/26/51 *(a)* | 200000 | 128606 |
| **South Bow USA Infrastructure Holdings LLC** | **South Bow USA Infrastructure Holdings LLC** | **South Bow USA Infrastructure Holdings LLC** |
| 4.91%, 09/01/27 *(a)* | 150000 | 151392 |
| 5.03%, 10/01/29 *(a)* | 200000 | 202620 |
| 5.58%, 10/01/34 *(a)* | 200000 | 198698 |
| 6.18%, 10/01/54 *(a)* | 150000 | 142770 |
| **Spectra Energy Partners LP** | **Spectra Energy Partners LP** | **Spectra Energy Partners LP** |
| 3.38%, 10/15/26 *(a)* | 100000 | 99006 |
| 5.95%, 09/25/43 *(a)* | 75000 | 74636 |
| 4.50%, 03/15/45 *(a)* | 150000 | 125574 |
| **Suncor Energy, Inc.** | **Suncor Energy, Inc.** | **Suncor Energy, Inc.** |
| 7.15%, 02/01/32  | 100000 | 111786 |
| 5.95%, 12/01/34  | 75000 | 78130 |
| 6.80%, 05/15/38  | 96000 | 104026 |
| 6.50%, 06/15/38  | 75000 | 80182 |
| 6.85%, 06/01/39  | 150000 | 164758 |
| 4.00%, 11/15/47 *(a)* | 100000 | 74009 |
| 3.75%, 03/04/51 *(a)* | 150000 | 104631 |
| **Targa Resources Corp.** | **Targa Resources Corp.** | **Targa Resources Corp.** |
| 5.20%, 07/01/27 *(a)* | 100000 | 101659 |
| 6.15%, 03/01/29 *(a)* | 200000 | 211236 |
| 4.20%, 02/01/33 *(a)* | 150000 | 141552 |
| 6.13%, 03/15/33 *(a)* | 175000 | 185321 |
| 6.50%, 03/30/34 *(a)* | 175000 | 189292 |
| 5.50%, 02/15/35 *(a)* | 175000 | 176578 |
| 5.55%, 08/15/35 *(a)* | 175000 | 176153 |
| 5.65%, 02/15/36 *(a)* | 140000 | 141756 |
| 4.95%, 04/15/52 *(a)* | 200000 | 165694 |
| 6.25%, 07/01/52 *(a)* | 100000 | 98747 |
| 6.50%, 02/15/53 *(a)* | 150000 | 153402 |
| 6.13%, 05/15/55 *(a)* | 175000 | 170312 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Targa Resources Partners LP/Targa Resources Partners Finance Corp.** | **Targa Resources Partners LP/Targa Resources Partners Finance Corp.** | **Targa Resources Partners LP/Targa Resources Partners Finance Corp.** |
| 5.00%, 01/15/28 *(a)* | 200000 | 200266 |
| 5.50%, 03/01/30 *(a)* | 150000 | 152961 |
| 4.88%, 02/01/31 *(a)* | 150000 | 149474 |
| 4.00%, 01/15/32 *(a)* | 175000 | 164692 |
| **TC PipeLines LP** | **TC PipeLines LP** | **TC PipeLines LP** |
| 3.90%, 05/25/27 *(a)* | 100000 | 99417 |
| **Tennessee Gas Pipeline Co. LLC** | **Tennessee Gas Pipeline Co. LLC** | **Tennessee Gas Pipeline Co. LLC** |
| 7.00%, 10/15/28  | 100000 | 107717 |
| 7.63%, 04/01/37  | 75000 | 88802 |
| **Texas Eastern Transmission LP** | **Texas Eastern Transmission LP** | **Texas Eastern Transmission LP** |
| 7.00%, 07/15/32  | 100000 | 111578 |
| **TotalEnergies Capital International SA** | **TotalEnergies Capital International SA** | **TotalEnergies Capital International SA** |
| 3.46%, 02/19/29 *(a)* | 150000 | 147756 |
| 2.83%, 01/10/30 *(a)* | 200000 | 191250 |
| 2.99%, 06/29/41 *(a)* | 175000 | 130071 |
| 3.46%, 07/12/49 *(a)* | 200000 | 141346 |
| 3.13%, 05/29/50 *(a)* | 450000 | 296779 |
| 3.39%, 06/29/60 *(a)* | 100000 | 64655 |
| **TotalEnergies Capital SA** | **TotalEnergies Capital SA** | **TotalEnergies Capital SA** |
| 3.88%, 10/11/28  | 150000 | 149898 |
| 5.15%, 04/05/34 *(a)* | 275000 | 283610 |
| 4.72%, 09/10/34 *(a)* | 200000 | 200034 |
| 5.49%, 04/05/54 *(a)* | 325000 | 309699 |
| 5.28%, 09/10/54 *(a)* | 175000 | 162008 |
| 5.64%, 04/05/64 *(a)* | 200000 | 191580 |
| 5.43%, 09/10/64 *(a)* | 200000 | 185674 |
| **TransCanada PipeLines Ltd.** | **TransCanada PipeLines Ltd.** | **TransCanada PipeLines Ltd.** |
| 4.25%, 05/15/28 *(a)* | 250000 | 250317 |
| 4.10%, 04/15/30 *(a)* | 200000 | 197092 |
| 4.63%, 03/01/34 *(a)* | 300000 | 289515 |
| 5.60%, 03/31/34  | 100000 | 102750 |
| 5.85%, 03/15/36  | 100000 | 103775 |
| 6.20%, 10/15/37  | 175000 | 184648 |
| 7.25%, 08/15/38  | 100000 | 113910 |
| 7.63%, 01/15/39  | 250000 | 294002 |
| 6.10%, 06/01/40  | 150000 | 155481 |
| 5.00%, 10/16/43 *(a)* | 75000 | 69241 |
| 5.10%, 03/15/49 *(a)* | 150000 | 135488 |
| 7.00%, 06/01/65 *(a)(b)* | 150000 | 152580 |
| **Transcontinental Gas Pipe Line Co. LLC** | **Transcontinental Gas Pipe Line Co. LLC** | **Transcontinental Gas Pipe Line Co. LLC** |
| 4.00%, 03/15/28 *(a)* | 100000 | 99774 |
| 3.25%, 05/15/30 *(a)* | 100000 | 95246 |
| 5.40%, 08/15/41 *(a)* | 100000 | 96296 |
| 4.45%, 08/01/42 *(a)* | 100000 | 85161 |
| 4.60%, 03/15/48 *(a)* | 100000 | 84346 |
| 3.95%, 05/15/50 *(a)* | 100000 | 75175 |
| **Valero Energy Corp.** | **Valero Energy Corp.** | **Valero Energy Corp.** |
| 2.15%, 09/15/27 *(a)* | 150000 | 143970 |
| 4.35%, 06/01/28 *(a)* | 150000 | 150614 |
| 4.00%, 04/01/29 *(a)* | 50000 | 49467 |
| 5.15%, 02/15/30 *(a)* | 150000 | 154549 |
| 2.80%, 12/01/31 *(a)* | 75000 | 67721 |
| 7.50%, 04/15/32  | 150000 | 172909 |
| 6.63%, 06/15/37  | 200000 | 218380 |
| 4.90%, 03/15/45  | 130000 | 114616 |
| 3.65%, 12/01/51 *(a)* | 150000 | 101286 |
| 4.00%, 06/01/52 *(a)* | 75000 | 53911 |
| **Valero Energy Partners LP** | **Valero Energy Partners LP** | **Valero Energy Partners LP** |
| 4.50%, 03/15/28 *(a)* | 100000 | 100695 |
| **Viper Energy Partners LLC** | **Viper Energy Partners LLC** | **Viper Energy Partners LLC** |
| 4.90%, 08/01/30 *(a)* | 90000 | 90728 |
| 5.70%, 08/01/35 *(a)* | 190000 | 190756 |

---

*See financial notes*

**56**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Western Midstream Operating LP** | **Western Midstream Operating LP** | **Western Midstream Operating LP** |
| 6.35%, 01/15/29 *(a)* | 100000 | 105232 |
| 4.05%, 02/01/30 *(a)(f)* | 200000 | 194438 |
| 6.15%, 04/01/33 *(a)* | 150000 | 157251 |
| 5.45%, 11/15/34 *(a)* | 150000 | 148181 |
| 5.45%, 04/01/44 *(a)* | 100000 | 87988 |
| 5.30%, 03/01/48 *(a)* | 75000 | 63197 |
| 5.50%, 08/15/48 *(a)* | 100000 | 86119 |
| 5.25%, 02/01/50 *(a)(f)* | 175000 | 146629 |
| **Williams Cos., Inc.** | **Williams Cos., Inc.** | **Williams Cos., Inc.** |
| 3.75%, 06/15/27 *(a)* | 275000 | 272827 |
| 5.30%, 08/15/28 *(a)* | 150000 | 154795 |
| 4.90%, 03/15/29 *(a)* | 150000 | 152920 |
| 4.80%, 11/15/29 *(a)* | 75000 | 76300 |
| 4.63%, 06/30/30 *(a)* | 150000 | 150905 |
| 3.50%, 11/15/30 *(a)* | 150000 | 142958 |
| 7.50%, 01/15/31  | 75000 | 85033 |
| 2.60%, 03/15/31 *(a)* | 225000 | 203503 |
| 8.75%, 03/15/32  | 50000 | 60481 |
| 4.65%, 08/15/32 *(a)* | 150000 | 148143 |
| 5.65%, 03/15/33 *(a)* | 100000 | 104243 |
| 5.15%, 03/15/34 *(a)* | 225000 | 225679 |
| 5.60%, 03/15/35 *(a)* | 200000 | 205434 |
| 5.30%, 09/30/35 *(a)* | 150000 | 150041 |
| 6.30%, 04/15/40  | 200000 | 212314 |
| 5.80%, 11/15/43 *(a)* | 72000 | 71614 |
| 5.40%, 03/04/44 *(a)* | 100000 | 94487 |
| 5.75%, 06/24/44 *(a)* | 100000 | 98347 |
| 4.90%, 01/15/45 *(a)* | 100000 | 87885 |
| 5.10%, 09/15/45 *(a)* | 200000 | 180724 |
| 4.85%, 03/01/48 *(a)* | 150000 | 129324 |
| 3.50%, 10/15/51 *(a)* | 75000 | 50892 |
| 5.30%, 08/15/52 *(a)* | 150000 | 135905 |
| 5.80%, 11/15/54 *(a)* | 150000 | 145082 |
| 6.00%, 03/15/55 *(a)* | 75000 | 74705 |
| **Woodside Finance Ltd.** | **Woodside Finance Ltd.** | **Woodside Finance Ltd.** |
| 4.90%, 05/19/28 *(a)* | 100000 | 101314 |
| 5.40%, 05/19/30 *(a)* | 200000 | 205562 |
| 5.70%, 05/19/32 *(a)* | 100000 | 103446 |
| 5.10%, 09/12/34 *(a)* | 225000 | 220603 |
| 6.00%, 05/19/35 *(a)* | 200000 | 206778 |
| 5.70%, 09/12/54 *(a)* | 150000 | 138008 |
|  |  | **91878310** |
| ***Industrial Other 0.1%***  | ***Industrial Other 0.1%***  | ***Industrial Other 0.1%***  |
| **American University** | **American University** | **American University** |
| 3.67%, 04/01/49  | 100000 | 75027 |
| **Booz Allen Hamilton, Inc.** | **Booz Allen Hamilton, Inc.** | **Booz Allen Hamilton, Inc.** |
| 5.95%, 08/04/33 *(a)* | 150000 | 156666 |
| **Brown University** | **Brown University** | **Brown University** |
| 2.92%, 09/01/50 *(a)* | 100000 | 65167 |
| **California Institute of Technology** | **California Institute of Technology** | **California Institute of Technology** |
| 4.32%, 08/01/45  | 100000 | 85135 |
| 3.65%, 09/01/19 *(a)* | 150000 | 94548 |
| **Case Western Reserve University** | **Case Western Reserve University** | **Case Western Reserve University** |
| 5.41%, 06/01/22 *(a)* | 50000 | 46452 |
| **Chevron USA, Inc.** | **Chevron USA, Inc.** | **Chevron USA, Inc.** |
| 4.30%, 10/15/30 *(a)* | 200000 | 201142 |
| **Cintas Corp. No. 2** | **Cintas Corp. No. 2** | **Cintas Corp. No. 2** |
| 3.70%, 04/01/27 *(a)* | 150000 | 149301 |
| 4.00%, 05/01/32 *(a)* | 150000 | 146041 |
| **Claremont Mckenna College** | **Claremont Mckenna College** | **Claremont Mckenna College** |
| 3.78%, 01/01/22 *(a)* | 50000 | 31853 |
| **Cornell University** | **Cornell University** | **Cornell University** |
| 4.84%, 06/15/34 *(a)* | 100000 | 100858 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Duke University** | **Duke University** | **Duke University** |
| 2.68%, 10/01/44  | 100000 | 71715 |
| 2.76%, 10/01/50  | 25000 | 15872 |
| 2.83%, 10/01/55  | 100000 | 61765 |
| **Emory University** | **Emory University** | **Emory University** |
| 2.97%, 09/01/50 *(a)* | 150000 | 98041 |
| **George Washington University** | **George Washington University** | **George Washington University** |
| 4.30%, 09/15/44  | 100000 | 84640 |
| 4.87%, 09/15/45  | 50000 | 45391 |
| 4.13%, 09/15/48 *(a)* | 150000 | 120172 |
| **Georgetown University** | **Georgetown University** | **Georgetown University** |
| 4.32%, 04/01/49 *(a)* | 50000 | 40912 |
| 2.94%, 04/01/50 *(a)* | 100000 | 63711 |
| 5.22%, 10/01/18 *(a)* | 50000 | 43068 |
| **Jacobs Engineering Group, Inc.** | **Jacobs Engineering Group, Inc.** | **Jacobs Engineering Group, Inc.** |
| 6.35%, 08/18/28 *(a)* | 125000 | 131770 |
| 5.90%, 03/01/33 *(a)* | 100000 | 104745 |
| **Johns Hopkins University** | **Johns Hopkins University** | **Johns Hopkins University** |
| 4.08%, 07/01/53  | 100000 | 79598 |
| 2.81%, 01/01/60 *(a)* | 75000 | 44194 |
| **Leland Stanford Junior University** | **Leland Stanford Junior University** | **Leland Stanford Junior University** |
| 1.29%, 06/01/27 *(a)* | 200000 | 191406 |
| 4.15%, 08/01/30 *(a)* | 150000 | 150691 |
| 3.65%, 05/01/48 *(a)* | 100000 | 77717 |
| **Massachusetts Institute of Technology** | **Massachusetts Institute of Technology** | **Massachusetts Institute of Technology** |
| 3.96%, 07/01/38  | 150000 | 137398 |
| 2.99%, 07/01/50 *(a)* | 100000 | 66742 |
| 2.29%, 07/01/51 *(a)* | 100000 | 56477 |
| 5.62%, 06/01/55 *(a)* | 100000 | 102255 |
| 5.60%, 07/01/11  | 150000 | 146811 |
| 4.68%, 07/01/14  | 175000 | 145472 |
| **MasTec, Inc.** | **MasTec, Inc.** | **MasTec, Inc.** |
| 5.90%, 06/15/29 *(a)* | 100000 | 104660 |
| **Northeastern University** | **Northeastern University** | **Northeastern University** |
| 2.89%, 10/01/50  | 75000 | 49944 |
| **Northwestern University** | **Northwestern University** | **Northwestern University** |
| 4.64%, 12/01/44  | 100000 | 94775 |
| 2.64%, 12/01/50 *(a)* | 100000 | 62005 |
| 3.66%, 12/01/57 *(a)* | 75000 | 53959 |
| **President & Fellows of Harvard College** | **President & Fellows of Harvard College** | **President & Fellows of Harvard College** |
| 4.61%, 02/15/35 *(a)* | 150000 | 150081 |
| 4.88%, 10/15/40  | 75000 | 74031 |
| 3.15%, 07/15/46 *(a)* | 100000 | 72194 |
| 2.52%, 10/15/50 *(a)* | 100000 | 60137 |
| 3.75%, 11/15/52 *(a)* | 100000 | 75477 |
| 3.30%, 07/15/56 *(a)* | 100000 | 67962 |
| **Quanta Services, Inc.** | **Quanta Services, Inc.** | **Quanta Services, Inc.** |
| 4.75%, 08/09/27 *(a)* | 100000 | 101081 |
| 4.30%, 08/09/28 *(a)* | 100000 | 100294 |
| 2.90%, 10/01/30 *(a)* | 175000 | 163021 |
| 4.50%, 01/15/31 *(a)* | 100000 | 99854 |
| 5.25%, 08/09/34 *(a)* | 100000 | 101386 |
| 5.10%, 08/09/35 *(a)* | 100000 | 99101 |
| 3.05%, 10/01/41 *(a)* | 150000 | 107928 |
| **Thomas Jefferson University** | **Thomas Jefferson University** | **Thomas Jefferson University** |
| 3.85%, 11/01/57 *(a)* | 75000 | 52312 |
| **Trustees of Boston College** | **Trustees of Boston College** | **Trustees of Boston College** |
| 3.13%, 07/01/52  | 100000 | 68000 |
| **Trustees of Columbia University in the City of New York** | **Trustees of Columbia University in the City of New York** | **Trustees of Columbia University in the City of New York** |
| 4.36%, 10/01/35 *(a)* | 75000 | 73141 |
| **Trustees of Dartmouth College** | **Trustees of Dartmouth College** | **Trustees of Dartmouth College** |
| 4.27%, 06/01/30 *(a)* | 50000 | 50442 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**57**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Trustees of Princeton University** | **Trustees of Princeton University** | **Trustees of Princeton University** |
| 5.70%, 03/01/39  | 150000 | 160731 |
| 2.52%, 07/01/50 *(a)* | 100000 | 60967 |
| **Trustees of the University of Pennsylvania** | **Trustees of the University of Pennsylvania** | **Trustees of the University of Pennsylvania** |
| 2.40%, 10/01/50 *(a)* | 50000 | 29059 |
| 4.67%, 09/01/12  | 50000 | 40682 |
| 3.61%, 02/15/19 *(a)* | 75000 | 47708 |
| **University of Chicago** | **University of Chicago** | **University of Chicago** |
| 2.76%, 04/01/45 *(a)* | 100000 | 78286 |
| 2.55%, 04/01/50 *(a)* | 100000 | 64506 |
| **University of Miami** | **University of Miami** | **University of Miami** |
| 4.06%, 04/01/52  | 100000 | 78921 |
| **University of Notre Dame du Lac** | **University of Notre Dame du Lac** | **University of Notre Dame du Lac** |
| 3.39%, 02/15/48 *(a)* | 100000 | 73697 |
| **University of Southern California** | **University of Southern California** | **University of Southern California** |
| 3.03%, 10/01/39  | 150000 | 123612 |
| 3.84%, 10/01/47 *(a)* | 75000 | 59161 |
| 2.95%, 10/01/51 *(a)* | 100000 | 64322 |
| 4.98%, 10/01/53 *(a)* | 100000 | 91629 |
| 3.23%, 10/01/20 *(a)* | 100000 | 56611 |
| **Washington University** | **Washington University** | **Washington University** |
| 3.52%, 04/15/54 *(a)* | 125000 | 89404 |
| 4.35%, 04/15/22 *(a)* | 100000 | 75230 |
| **William Marsh Rice University** | **William Marsh Rice University** | **William Marsh Rice University** |
| 3.57%, 05/15/45  | 200000 | 157366 |
| **Yale University** | **Yale University** | **Yale University** |
| 1.48%, 04/15/30 *(a)* | 50000 | 44636 |
| 4.70%, 04/15/32 *(a)* | 100000 | 102161 |
| 2.40%, 04/15/50 *(a)* | 100000 | 58868 |
|  |  | **6672095** |
| ***Technology 2.2%***  | ***Technology 2.2%***  | ***Technology 2.2%***  |
| **Accenture Capital, Inc.** | **Accenture Capital, Inc.** | **Accenture Capital, Inc.** |
| 3.90%, 10/04/27 *(a)* | 200000 | 200066 |
| 4.05%, 10/04/29 *(a)* | 200000 | 199910 |
| 4.25%, 10/04/31 *(a)* | 200000 | 199312 |
| 4.50%, 10/04/34 *(a)* | 300000 | 292989 |
| **Adobe, Inc.** | **Adobe, Inc.** | **Adobe, Inc.** |
| 2.15%, 02/01/27 *(a)* | 200000 | 195372 |
| 4.85%, 04/04/27 *(a)* | 100000 | 101507 |
| 4.75%, 01/17/28 *(a)* | 100000 | 102022 |
| 4.80%, 04/04/29 *(a)* | 125000 | 128606 |
| 4.95%, 01/17/30 *(a)* | 100000 | 103806 |
| 2.30%, 02/01/30 *(a)* | 200000 | 186002 |
| 4.95%, 04/04/34 *(a)* | 150000 | 153523 |
| 5.30%, 01/17/35 *(a)* | 100000 | 104584 |
| **Advanced Micro Devices, Inc.** | **Advanced Micro Devices, Inc.** | **Advanced Micro Devices, Inc.** |
| 4.32%, 03/24/28 *(a)* | 100000 | 101034 |
| 3.92%, 06/01/32 *(a)* | 100000 | 97323 |
| 4.39%, 06/01/52 *(a)* | 75000 | 63062 |
| **Alphabet, Inc.** | **Alphabet, Inc.** | **Alphabet, Inc.** |
| 0.80%, 08/15/27 *(a)* | 150000 | 141966 |
| 4.00%, 05/15/30 *(a)* | 150000 | 150956 |
| 1.10%, 08/15/30 *(a)* | 450000 | 393516 |
| 4.50%, 05/15/35 *(a)* | 250000 | 248097 |
| 1.90%, 08/15/40 *(a)* | 250000 | 167515 |
| 2.05%, 08/15/50 *(a)* | 400000 | 218984 |
| 5.25%, 05/15/55 *(a)* | 250000 | 242902 |
| 2.25%, 08/15/60 *(a)* | 375000 | 194722 |
| 5.30%, 05/15/65 *(a)* | 250000 | 240905 |
| **Amdocs Ltd.** | **Amdocs Ltd.** | **Amdocs Ltd.** |
| 2.54%, 06/15/30 *(a)* | 150000 | 137270 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Analog Devices, Inc.** | **Analog Devices, Inc.** | **Analog Devices, Inc.** |
| 3.50%, 12/05/26 *(a)* | 100000 | 99420 |
| 3.45%, 06/15/27 *(a)* | 100000 | 99247 |
| 4.25%, 06/15/28 *(a)* | 160000 | 161299 |
| 1.70%, 10/01/28 *(a)* | 200000 | 186918 |
| 4.50%, 06/15/30 *(a)* | 120000 | 121692 |
| 2.10%, 10/01/31 *(a)* | 200000 | 176826 |
| 5.05%, 04/01/34 *(a)* | 100000 | 102965 |
| 2.80%, 10/01/41 *(a)* | 200000 | 145192 |
| 2.95%, 10/01/51 *(a)* | 200000 | 128474 |
| 5.30%, 04/01/54 *(a)* | 100000 | 95719 |
| **Apple, Inc.** | **Apple, Inc.** | **Apple, Inc.** |
| 3.35%, 02/09/27 *(a)* | 300000 | 297960 |
| 3.20%, 05/11/27 *(a)* | 350000 | 346468 |
| 3.00%, 06/20/27 *(a)* | 200000 | 197512 |
| 2.90%, 09/12/27 *(a)* | 350000 | 344407 |
| 3.00%, 11/13/27 *(a)* | 300000 | 295680 |
| 1.20%, 02/08/28 *(a)* | 450000 | 423504 |
| 4.00%, 05/10/28 *(a)* | 250000 | 251705 |
| 4.00%, 05/12/28 *(a)* | 300000 | 302049 |
| 1.40%, 08/05/28 *(a)* | 400000 | 374508 |
| 3.25%, 08/08/29 *(a)* | 225000 | 220297 |
| 2.20%, 09/11/29 *(a)* | 350000 | 327876 |
| 4.15%, 05/10/30 *(a)* | 100000 | 101361 |
| 1.65%, 05/11/30 *(a)* | 300000 | 270558 |
| 4.20%, 05/12/30 *(a)* | 200000 | 202572 |
| 1.25%, 08/20/30 *(a)* | 200000 | 175648 |
| 1.65%, 02/08/31 *(a)* | 500000 | 442175 |
| 1.70%, 08/05/31 *(a)* | 200000 | 175844 |
| 4.50%, 05/12/32 *(a)* | 200000 | 203566 |
| 3.35%, 08/08/32 *(a)* | 125000 | 118581 |
| 4.30%, 05/10/33 *(a)* | 175000 | 176143 |
| 4.75%, 05/12/35 *(a)* | 200000 | 203182 |
| 4.50%, 02/23/36 *(a)* | 200000 | 200614 |
| 2.38%, 02/08/41 *(a)* | 300000 | 210360 |
| 3.85%, 05/04/43  | 530000 | 443181 |
| 4.45%, 05/06/44  | 150000 | 137774 |
| 3.45%, 02/09/45  | 400000 | 310204 |
| 4.38%, 05/13/45  | 350000 | 309022 |
| 4.65%, 02/23/46 *(a)* | 625000 | 571475 |
| 3.85%, 08/04/46 *(a)* | 350000 | 282744 |
| 4.25%, 02/09/47 *(a)* | 195000 | 167181 |
| 3.75%, 09/12/47 *(a)* | 200000 | 157086 |
| 3.75%, 11/13/47 *(a)* | 200000 | 158094 |
| 2.95%, 09/11/49 *(a)* | 300000 | 199374 |
| 2.65%, 05/11/50 *(a)* | 475000 | 294267 |
| 2.40%, 08/20/50 *(a)* | 200000 | 117424 |
| 2.65%, 02/08/51 *(a)* | 575000 | 353222 |
| 2.70%, 08/05/51 *(a)* | 250000 | 154255 |
| 3.95%, 08/08/52 *(a)* | 300000 | 236535 |
| 4.85%, 05/10/53 *(a)* | 250000 | 236227 |
| 2.55%, 08/20/60 *(a)* | 300000 | 170424 |
| 2.80%, 02/08/61 *(a)* | 325000 | 190349 |
| 2.85%, 08/05/61 *(a)* | 275000 | 162264 |
| 4.10%, 08/08/62 *(a)* | 200000 | 156560 |
| **Applied Materials, Inc.** | **Applied Materials, Inc.** | **Applied Materials, Inc.** |
| 3.30%, 04/01/27 *(a)* | 225000 | 223054 |
| 4.80%, 06/15/29 *(a)* | 150000 | 154104 |
| 1.75%, 06/01/30 *(a)* | 150000 | 134651 |
| 5.10%, 10/01/35 *(a)* | 75000 | 77129 |
| 5.85%, 06/15/41  | 100000 | 104602 |
| 4.35%, 04/01/47 *(a)* | 150000 | 127935 |
| 2.75%, 06/01/50 *(a)* | 150000 | 93774 |
| **Arrow Electronics, Inc.** | **Arrow Electronics, Inc.** | **Arrow Electronics, Inc.** |
| 3.88%, 01/12/28 *(a)* | 100000 | 98739 |
| 5.15%, 08/21/29 *(a)* | 100000 | 102339 |

---

*See financial notes*

**58**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.95%, 02/15/32 *(a)* | 100000 | 88429 |
| 5.88%, 04/10/34 *(a)* | 100000 | 103879 |
| **Atlassian Corp.** | **Atlassian Corp.** | **Atlassian Corp.** |
| 5.25%, 05/15/29 *(a)* | 100000 | 103005 |
| 5.50%, 05/15/34 *(a)* | 100000 | 102309 |
| **Autodesk, Inc.** | **Autodesk, Inc.** | **Autodesk, Inc.** |
| 3.50%, 06/15/27 *(a)* | 100000 | 98923 |
| 2.85%, 01/15/30 *(a)* | 100000 | 94452 |
| 2.40%, 12/15/31 *(a)* | 200000 | 176260 |
| 5.30%, 06/15/35 *(a)* | 90000 | 91704 |
| **Automatic Data Processing, Inc.** | **Automatic Data Processing, Inc.** | **Automatic Data Processing, Inc.** |
| 1.70%, 05/15/28 *(a)* | 200000 | 189274 |
| 1.25%, 09/01/30 *(a)* | 200000 | 174900 |
| 4.75%, 05/08/32 *(a)* | 200000 | 204454 |
| 4.45%, 09/09/34 *(a)* | 175000 | 172182 |
| **Avnet, Inc.** | **Avnet, Inc.** | **Avnet, Inc.** |
| 6.25%, 03/15/28 *(a)* | 100000 | 104164 |
| 3.00%, 05/15/31 *(a)* | 50000 | 45285 |
| 5.50%, 06/01/32 *(a)* | 50000 | 50631 |
| **Baidu, Inc.** | **Baidu, Inc.** | **Baidu, Inc.** |
| 4.88%, 11/14/28 *(a)* | 200000 | 204042 |
| 2.38%, 08/23/31 *(a)* | 200000 | 181084 |
| **Broadcom Corp./Broadcom Cayman Finance Ltd.** | **Broadcom Corp./Broadcom Cayman Finance Ltd.** | **Broadcom Corp./Broadcom Cayman Finance Ltd.** |
| 3.88%, 01/15/27 *(a)* | 500000 | 498020 |
| 3.50%, 01/15/28 *(a)* | 150000 | 148061 |
| **Broadcom, Inc.** | **Broadcom, Inc.** | **Broadcom, Inc.** |
| 5.05%, 07/12/27 *(a)* | 225000 | 228622 |
| 1.95%, 02/15/28 *(a)(d)* | 100000 | 95137 |
| 4.15%, 02/15/28 *(a)* | 150000 | 150159 |
| 4.80%, 04/15/28 *(a)* | 200000 | 203692 |
| 4.11%, 09/15/28 *(a)* | 200000 | 199964 |
| 4.00%, 04/15/29 *(a)(d)* | 150000 | 149013 |
| 4.75%, 04/15/29 *(a)* | 300000 | 305532 |
| 5.05%, 07/12/29 *(a)* | 400000 | 411340 |
| 4.35%, 02/15/30 *(a)* | 250000 | 250570 |
| 5.00%, 04/15/30 *(a)* | 150000 | 154353 |
| 5.05%, 04/15/30 *(a)* | 150000 | 154654 |
| 4.60%, 07/15/30 *(a)* | 310000 | 313270 |
| 4.15%, 11/15/30 *(a)* | 350000 | 346752 |
| 2.45%, 02/15/31 *(a)(d)* | 525000 | 474689 |
| 5.15%, 11/15/31 *(a)* | 250000 | 258642 |
| 4.55%, 02/15/32 *(a)* | 150000 | 149531 |
| 4.15%, 04/15/32 *(a)(d)* | 250000 | 242282 |
| 5.20%, 04/15/32 *(a)* | 200000 | 206602 |
| 4.90%, 07/15/32 *(a)* | 310000 | 313906 |
| 4.30%, 11/15/32 *(a)* | 350000 | 341204 |
| 2.60%, 02/15/33 *(a)(d)* | 300000 | 259353 |
| 3.42%, 04/15/33 *(a)(d)* | 400000 | 364564 |
| 3.47%, 04/15/34 *(a)(d)* | 600000 | 537864 |
| 4.80%, 10/15/34 *(a)* | 300000 | 296844 |
| 5.20%, 07/15/35 *(a)* | 450000 | 454554 |
| 3.14%, 11/15/35 *(a)(d)* | 500000 | 423070 |
| 3.19%, 11/15/36 *(a)(d)* | 525000 | 437393 |
| 4.93%, 05/15/37 *(a)(d)* | 463000 | 450703 |
| 3.50%, 02/15/41 *(a)(d)* | 525000 | 416971 |
| 3.75%, 02/15/51 *(a)(d)* | 250000 | 186722 |
| **Broadridge Financial Solutions, Inc.** | **Broadridge Financial Solutions, Inc.** | **Broadridge Financial Solutions, Inc.** |
| 2.90%, 12/01/29 *(a)* | 150000 | 141977 |
| 2.60%, 05/01/31 *(a)* | 200000 | 180224 |
| **Cadence Design Systems, Inc.** | **Cadence Design Systems, Inc.** | **Cadence Design Systems, Inc.** |
| 4.20%, 09/10/27  | 100000 | 100389 |
| 4.30%, 09/10/29 *(a)* | 200000 | 201262 |
| 4.70%, 09/10/34 *(a)* | 175000 | 173262 |
| **CDW LLC/CDW Finance Corp.** | **CDW LLC/CDW Finance Corp.** | **CDW LLC/CDW Finance Corp.** |
| 2.67%, 12/01/26 *(a)* | 200000 | 195784 |
| 4.25%, 04/01/28 *(a)* | 200000 | 199004 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.25%, 02/15/29 *(a)* | 100000 | 95727 |
| 5.10%, 03/01/30 *(a)* | 100000 | 101827 |
| 3.57%, 12/01/31 *(a)* | 200000 | 186342 |
| 5.55%, 08/22/34 *(a)* | 100000 | 101502 |
| **CGI, Inc.** | **CGI, Inc.** | **CGI, Inc.** |
| 1.45%, 09/14/26 *(a)* | 100000 | 97305 |
| 4.95%, 03/14/30 *(a)(d)* | 125000 | 127594 |
| 2.30%, 09/14/31 *(a)* | 100000 | 87961 |
| **Cisco Systems, Inc.** | **Cisco Systems, Inc.** | **Cisco Systems, Inc.** |
| 2.50%, 09/20/26 *(a)* | 200000 | 197042 |
| 4.80%, 02/26/27 *(a)* | 400000 | 405236 |
| 4.55%, 02/24/28 *(a)* | 150000 | 152335 |
| 4.85%, 02/26/29 *(a)* | 500000 | 513655 |
| 4.75%, 02/24/30 *(a)* | 200000 | 205394 |
| 4.95%, 02/26/31 *(a)* | 250000 | 258912 |
| 4.95%, 02/24/32 *(a)* | 200000 | 206572 |
| 5.05%, 02/26/34 *(a)* | 500000 | 513785 |
| 5.10%, 02/24/35 *(a)* | 200000 | 204748 |
| 5.90%, 02/15/39  | 375000 | 403882 |
| 5.50%, 01/15/40  | 200000 | 207024 |
| 5.30%, 02/26/54 *(a)* | 350000 | 335986 |
| 5.50%, 02/24/55 *(a)* | 150000 | 148161 |
| 5.35%, 02/26/64 *(a)* | 200000 | 191218 |
| **Concentrix Corp.** | **Concentrix Corp.** | **Concentrix Corp.** |
| 6.60%, 08/02/28 *(a)* | 150000 | 158812 |
| 6.85%, 08/02/33 *(a)* | 100000 | 105218 |
| **Corning, Inc.** | **Corning, Inc.** | **Corning, Inc.** |
| 5.75%, 08/15/40  | 100000 | 102415 |
| 4.75%, 03/15/42  | 100000 | 90602 |
| 5.35%, 11/15/48 *(a)* | 100000 | 94620 |
| 3.90%, 11/15/49 *(a)* | 100000 | 76286 |
| 4.38%, 11/15/57 *(a)* | 150000 | 120368 |
| 5.85%, 11/15/68 *(a)* | 50000 | 48090 |
| 5.45%, 11/15/79 *(a)* | 190000 | 172651 |
| **Dell International LLC/EMC Corp.** | **Dell International LLC/EMC Corp.** | **Dell International LLC/EMC Corp.** |
| 4.90%, 10/01/26 *(a)* | 339000 | 340654 |
| 6.10%, 07/15/27 *(a)* | 97000 | 100177 |
| 5.25%, 02/01/28 *(a)* | 194000 | 198957 |
| 4.75%, 04/01/28 *(a)* | 170000 | 172390 |
| 5.30%, 10/01/29 *(a)* | 291000 | 301325 |
| 4.35%, 02/01/30 *(a)* | 145000 | 144854 |
| 5.00%, 04/01/30 *(a)* | 170000 | 174241 |
| 6.20%, 07/15/30 *(a)* | 97000 | 104309 |
| 5.30%, 04/01/32 *(a)* | 170000 | 175292 |
| 5.75%, 02/01/33 *(a)* | 194000 | 204598 |
| 5.40%, 04/15/34 *(a)* | 170000 | 173823 |
| 4.85%, 02/01/35 *(a)* | 145000 | 141078 |
| 5.50%, 04/01/35 *(a)* | 170000 | 173318 |
| 8.10%, 07/15/36 *(a)* | 183000 | 221849 |
| 3.38%, 12/15/41 *(a)* | 145000 | 108363 |
| 8.35%, 07/15/46 *(a)* | 135000 | 172581 |
| 3.45%, 12/15/51 *(a)* | 145000 | 99076 |
| **Dell, Inc.** | **Dell, Inc.** | **Dell, Inc.** |
| 7.10%, 04/15/28  | 73000 | 78211 |
| 6.50%, 04/15/38  | 73000 | 77945 |
| **DXC Technology Co.** | **DXC Technology Co.** | **DXC Technology Co.** |
| 1.80%, 09/15/26 *(a)* | 150000 | 145893 |
| 2.38%, 09/15/28 *(a)* | 150000 | 140817 |
| **Equifax, Inc.** | **Equifax, Inc.** | **Equifax, Inc.** |
| 5.10%, 12/15/27 *(a)* | 150000 | 152901 |
| 5.10%, 06/01/28 *(a)* | 150000 | 153438 |
| 4.80%, 09/15/29 *(a)* | 100000 | 101658 |
| 3.10%, 05/15/30 *(a)* | 100000 | 94409 |
| 2.35%, 09/15/31 *(a)* | 200000 | 176526 |
| **Equinix Europe 2 Financing Corp. LLC** | **Equinix Europe 2 Financing Corp. LLC** | **Equinix Europe 2 Financing Corp. LLC** |
| 5.50%, 06/15/34 *(a)* | 125000 | 128354 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**59**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Equinix, Inc.** | **Equinix, Inc.** | **Equinix, Inc.** |
| 2.90%, 11/18/26 *(a)* | 100000 | 98386 |
| 1.55%, 03/15/28 *(a)* | 150000 | 140706 |
| 2.00%, 05/15/28 *(a)* | 75000 | 70913 |
| 3.20%, 11/18/29 *(a)* | 200000 | 191186 |
| 2.15%, 07/15/30 *(a)* | 200000 | 180454 |
| 2.50%, 05/15/31 *(a)* | 200000 | 179516 |
| 3.90%, 04/15/32 *(a)* | 200000 | 190482 |
| 3.00%, 07/15/50 *(a)* | 100000 | 62932 |
| 2.95%, 09/15/51 *(a)* | 95000 | 58410 |
| 3.40%, 02/15/52 *(a)* | 100000 | 66946 |
| **FactSet Research Systems, Inc.** | **FactSet Research Systems, Inc.** | **FactSet Research Systems, Inc.** |
| 2.90%, 03/01/27 *(a)* | 100000 | 98189 |
| 3.45%, 03/01/32 *(a)* | 100000 | 92266 |
| **Fidelity National Information Services, Inc.** | **Fidelity National Information Services, Inc.** | **Fidelity National Information Services, Inc.** |
| 1.65%, 03/01/28 *(a)* | 150000 | 141300 |
| 2.25%, 03/01/31 *(a)* | 200000 | 177632 |
| 5.10%, 07/15/32 *(a)* | 150000 | 153273 |
| 3.10%, 03/01/41 *(a)* | 100000 | 73508 |
| 4.50%, 08/15/46 *(a)* | 75000 | 61596 |
| **Fiserv, Inc.** | **Fiserv, Inc.** | **Fiserv, Inc.** |
| 5.15%, 03/15/27 *(a)* | 150000 | 151946 |
| 2.25%, 06/01/27 *(a)* | 200000 | 193782 |
| 5.45%, 03/02/28 *(a)* | 150000 | 154288 |
| 5.38%, 08/21/28 *(a)* | 150000 | 154782 |
| 4.20%, 10/01/28 *(a)* | 150000 | 149921 |
| 3.50%, 07/01/29 *(a)* | 525000 | 509791 |
| 4.75%, 03/15/30 *(a)* | 150000 | 152211 |
| 2.65%, 06/01/30 *(a)* | 150000 | 138666 |
| 4.55%, 02/15/31 *(a)* | 150000 | 149978 |
| 5.35%, 03/15/31 *(a)* | 75000 | 78062 |
| 5.60%, 03/02/33 *(a)* | 175000 | 181690 |
| 5.63%, 08/21/33 *(a)* | 250000 | 259797 |
| 5.45%, 03/15/34 *(a)* | 150000 | 153796 |
| 5.15%, 08/12/34 *(a)* | 150000 | 150446 |
| 5.25%, 08/11/35 *(a)* | 150000 | 149532 |
| 4.40%, 07/01/49 *(a)* | 375000 | 300315 |
| **Flex Ltd.** | **Flex Ltd.** | **Flex Ltd.** |
| 6.00%, 01/15/28 *(a)* | 100000 | 103563 |
| 4.88%, 06/15/29 *(a)* | 100000 | 101149 |
| 4.88%, 05/12/30 *(a)* | 100000 | 101149 |
| 5.25%, 01/15/32 *(a)* | 100000 | 102216 |
| **Fortinet, Inc.** | **Fortinet, Inc.** | **Fortinet, Inc.** |
| 2.20%, 03/15/31 *(a)* | 100000 | 89154 |
| **Genpact Luxembourg SARL/Genpact USA, Inc.** | **Genpact Luxembourg SARL/Genpact USA, Inc.** | **Genpact Luxembourg SARL/Genpact USA, Inc.** |
| 6.00%, 06/04/29 *(a)* | 50000 | 52127 |
| **Global Payments, Inc.** | **Global Payments, Inc.** | **Global Payments, Inc.** |
| 2.15%, 01/15/27 *(a)* | 150000 | 145823 |
| 4.45%, 06/01/28 *(a)* | 100000 | 100289 |
| 3.20%, 08/15/29 *(a)* | 250000 | 237402 |
| 5.30%, 08/15/29 *(a)* | 100000 | 102405 |
| 2.90%, 05/15/30 *(a)* | 225000 | 208161 |
| 2.90%, 11/15/31 *(a)* | 150000 | 134259 |
| 5.40%, 08/15/32 *(a)* | 150000 | 152805 |
| 4.15%, 08/15/49 *(a)* | 100000 | 73900 |
| 5.95%, 08/15/52 *(a)* | 150000 | 142857 |
| **Hewlett Packard Enterprise Co.** | **Hewlett Packard Enterprise Co.** | **Hewlett Packard Enterprise Co.** |
| 4.45%, 09/25/26  | 200000 | 200296 |
| 4.40%, 09/25/27 *(a)* | 200000 | 201022 |
| 5.25%, 07/01/28 *(a)* | 100000 | 102917 |
| 4.55%, 10/15/29 *(a)* | 300000 | 302001 |
| 4.85%, 10/15/31 *(a)* | 250000 | 252140 |
| 5.00%, 10/15/34 *(a)* | 350000 | 344099 |
| 6.20%, 10/15/35 *(a)* | 150000 | 160233 |
| 6.35%, 10/15/45 *(a)* | 262000 | 270096 |
| 5.60%, 10/15/54 *(a)* | 200000 | 184684 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **HP, Inc.** | **HP, Inc.** | **HP, Inc.** |
| 3.00%, 06/17/27 *(a)* | 200000 | 196014 |
| 4.75%, 01/15/28 *(a)* | 100000 | 101366 |
| 4.00%, 04/15/29 *(a)* | 200000 | 197500 |
| 5.40%, 04/25/30 *(a)* | 100000 | 103954 |
| 3.40%, 06/17/30 *(a)* | 75000 | 71409 |
| 2.65%, 06/17/31 *(a)* | 200000 | 179722 |
| 4.20%, 04/15/32 *(a)* | 150000 | 144786 |
| 5.50%, 01/15/33 *(a)* | 150000 | 154111 |
| 6.10%, 04/25/35 *(a)* | 100000 | 104575 |
| 6.00%, 09/15/41  | 150000 | 152415 |
| **IBM International Capital Pte. Ltd.** | **IBM International Capital Pte. Ltd.** | **IBM International Capital Pte. Ltd.** |
| 4.60%, 02/05/27 *(a)* | 100000 | 100691 |
| 4.60%, 02/05/29 *(a)* | 100000 | 101482 |
| 4.75%, 02/05/31 *(a)* | 150000 | 153025 |
| 4.90%, 02/05/34 *(a)* | 200000 | 200330 |
| 5.25%, 02/05/44 *(a)* | 200000 | 191800 |
| 5.30%, 02/05/54 *(a)* | 150000 | 139028 |
| **Intel Corp.** | **Intel Corp.** | **Intel Corp.** |
| 3.75%, 03/25/27 *(a)* | 225000 | 222948 |
| 3.15%, 05/11/27 *(a)* | 150000 | 147135 |
| 3.75%, 08/05/27 *(a)* | 200000 | 198020 |
| 4.88%, 02/10/28 *(a)* | 300000 | 304005 |
| 1.60%, 08/12/28 *(a)* | 200000 | 185592 |
| 4.00%, 08/05/29 *(a)* | 200000 | 197108 |
| 2.45%, 11/15/29 *(a)* | 350000 | 322892 |
| 5.13%, 02/10/30 *(a)* | 200000 | 205008 |
| 3.90%, 03/25/30 *(a)* | 300000 | 292551 |
| 5.00%, 02/21/31 *(a)* | 100000 | 102019 |
| 2.00%, 08/12/31 *(a)* | 100000 | 86673 |
| 4.15%, 08/05/32 *(a)* | 200000 | 190400 |
| 4.00%, 12/15/32  | 150000 | 140996 |
| 5.20%, 02/10/33 *(a)* | 400000 | 402972 |
| 5.15%, 02/21/34 *(a)* | 150000 | 149955 |
| 4.60%, 03/25/40 *(a)* | 150000 | 132153 |
| 2.80%, 08/12/41 *(a)* | 150000 | 100800 |
| 4.80%, 10/01/41  | 170000 | 147851 |
| 4.25%, 12/15/42  | 100000 | 80198 |
| 5.63%, 02/10/43 *(a)* | 200000 | 189806 |
| 4.90%, 07/29/45 *(a)* | 175000 | 148537 |
| 4.10%, 05/19/46 *(a)* | 250000 | 187610 |
| 4.10%, 05/11/47 *(a)* | 175000 | 129647 |
| 3.73%, 12/08/47 *(a)* | 350000 | 244790 |
| 3.25%, 11/15/49 *(a)* | 400000 | 251064 |
| 4.75%, 03/25/50 *(a)* | 400000 | 320716 |
| 3.05%, 08/12/51 *(a)* | 250000 | 147958 |
| 4.90%, 08/05/52 *(a)* | 300000 | 244290 |
| 5.70%, 02/10/53 *(a)* | 200000 | 183844 |
| 5.60%, 02/21/54 *(a)* | 200000 | 181752 |
| 3.10%, 02/15/60 *(a)* | 160000 | 88651 |
| 4.95%, 03/25/60 *(a)* | 175000 | 140807 |
| 3.20%, 08/12/61 *(a)* | 100000 | 56413 |
| 5.05%, 08/05/62 *(a)* | 100000 | 80385 |
| 5.90%, 02/10/63 *(a)* | 200000 | 184854 |
| **International Business Machines Corp.** | **International Business Machines Corp.** | **International Business Machines Corp.** |
| 3.30%, 01/27/27  | 150000 | 148523 |
| 2.20%, 02/09/27 *(a)* | 150000 | 146145 |
| 1.70%, 05/15/27 *(a)* | 200000 | 192462 |
| 4.15%, 07/27/27 *(a)* | 150000 | 150590 |
| 6.22%, 08/01/27  | 130000 | 135311 |
| 4.50%, 02/06/28 *(a)* | 200000 | 202190 |
| 4.65%, 02/10/28 *(a)* | 175000 | 177550 |
| 3.50%, 05/15/29  | 500000 | 490150 |
| 4.80%, 02/10/30 *(a)* | 175000 | 179312 |
| 1.95%, 05/15/30 *(a)* | 200000 | 180720 |
| 2.72%, 02/09/32 *(a)* | 100000 | 90084 |
| 5.00%, 02/10/32 *(a)* | 175000 | 179490 |

---

*See financial notes*

**60**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.40%, 07/27/32 *(a)* | 100000 | 99321 |
| 5.88%, 11/29/32  | 100000 | 107675 |
| 4.75%, 02/06/33 *(a)* | 150000 | 151301 |
| 5.20%, 02/10/35 *(a)* | 175000 | 177833 |
| 4.15%, 05/15/39  | 350000 | 308801 |
| 5.60%, 11/30/39  | 150000 | 155094 |
| 2.85%, 05/15/40 *(a)* | 100000 | 74095 |
| 4.00%, 06/20/42  | 200000 | 165792 |
| 4.70%, 02/19/46  | 150000 | 132206 |
| 4.25%, 05/15/49  | 500000 | 400185 |
| 2.95%, 05/15/50 *(a)* | 100000 | 63248 |
| 3.43%, 02/09/52 *(a)* | 50000 | 34084 |
| 4.90%, 07/27/52 *(a)* | 150000 | 132186 |
| 5.10%, 02/06/53 *(a)* | 150000 | 136185 |
| 5.70%, 02/10/55 *(a)* | 175000 | 171958 |
| 7.13%, 12/01/96  | 75000 | 88662 |
| **Intuit, Inc.** | **Intuit, Inc.** | **Intuit, Inc.** |
| 5.25%, 09/15/26 *(a)* | 200000 | 202120 |
| 1.35%, 07/15/27 *(a)* | 150000 | 143268 |
| 5.13%, 09/15/28 *(a)* | 100000 | 103392 |
| 1.65%, 07/15/30 *(a)* | 100000 | 89035 |
| 5.20%, 09/15/33 *(a)* | 200000 | 207372 |
| 5.50%, 09/15/53 *(a)* | 225000 | 220878 |
| **Jabil, Inc.** | **Jabil, Inc.** | **Jabil, Inc.** |
| 3.95%, 01/12/28 *(a)* | 100000 | 99191 |
| 3.60%, 01/15/30 *(a)* | 100000 | 96104 |
| 3.00%, 01/15/31 *(a)* | 200000 | 183640 |
| **Juniper Networks, Inc.** | **Juniper Networks, Inc.** | **Juniper Networks, Inc.** |
| 3.75%, 08/15/29 *(a)* | 100000 | 97774 |
| 5.95%, 03/15/41  | 100000 | 98993 |
| **Keysight Technologies, Inc.** | **Keysight Technologies, Inc.** | **Keysight Technologies, Inc.** |
| 4.60%, 04/06/27 *(a)* | 150000 | 150705 |
| 3.00%, 10/30/29 *(a)* | 100000 | 94947 |
| 5.35%, 07/30/30 *(a)* | 150000 | 155934 |
| 4.95%, 10/15/34 *(a)* | 100000 | 99392 |
| **KLA Corp.** | **KLA Corp.** | **KLA Corp.** |
| 4.10%, 03/15/29 *(a)* | 100000 | 100223 |
| 4.65%, 07/15/32 *(a)* | 200000 | 201838 |
| 4.70%, 02/01/34 *(a)* | 100000 | 99881 |
| 5.00%, 03/15/49 *(a)* | 75000 | 68881 |
| 3.30%, 03/01/50 *(a)* | 100000 | 69206 |
| 4.95%, 07/15/52 *(a)* | 275000 | 249384 |
| 5.25%, 07/15/62 *(a)* | 150000 | 139412 |
| **Kyndryl Holdings, Inc.** | **Kyndryl Holdings, Inc.** | **Kyndryl Holdings, Inc.** |
| 2.05%, 10/15/26 *(a)* | 150000 | 146019 |
| 3.15%, 10/15/31 *(a)* | 150000 | 135821 |
| 6.35%, 02/20/34 *(a)* | 100000 | 105875 |
| 4.10%, 10/15/41 *(a)* | 100000 | 79027 |
| **Lam Research Corp.** | **Lam Research Corp.** | **Lam Research Corp.** |
| 4.00%, 03/15/29 *(a)* | 150000 | 149990 |
| 1.90%, 06/15/30 *(a)* | 200000 | 180772 |
| 4.88%, 03/15/49 *(a)* | 150000 | 135690 |
| 2.88%, 06/15/50 *(a)* | 100000 | 63790 |
| 3.13%, 06/15/60 *(a)* | 75000 | 46164 |
| **Leidos, Inc.** | **Leidos, Inc.** | **Leidos, Inc.** |
| 4.38%, 05/15/30 *(a)* | 150000 | 149282 |
| 2.30%, 02/15/31 *(a)* | 200000 | 177956 |
| 5.40%, 03/15/32 *(a)* | 75000 | 77544 |
| 5.75%, 03/15/33 *(a)* | 100000 | 104846 |
| 5.50%, 03/15/35 *(a)* | 100000 | 102414 |
| **Marvell Technology, Inc.** | **Marvell Technology, Inc.** | **Marvell Technology, Inc.** |
| 2.45%, 04/15/28 *(a)* | 100000 | 95793 |
| 4.88%, 06/22/28 *(a)* | 100000 | 101468 |
| 5.75%, 02/15/29 *(a)* | 100000 | 104402 |
| 4.75%, 07/15/30 *(a)* | 100000 | 100980 |
| 2.95%, 04/15/31 *(a)* | 100000 | 91888 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.95%, 09/15/33 *(a)* | 100000 | 106320 |
| 5.45%, 07/15/35 *(a)* | 100000 | 101744 |
| **Mastercard, Inc.** | **Mastercard, Inc.** | **Mastercard, Inc.** |
| 2.95%, 11/21/26 *(a)* | 150000 | 148290 |
| 3.30%, 03/26/27 *(a)* | 150000 | 148671 |
| 4.10%, 01/15/28 *(a)* | 150000 | 151109 |
| 3.50%, 02/26/28 *(a)* | 100000 | 99218 |
| 4.88%, 03/09/28 *(a)* | 150000 | 153715 |
| 4.55%, 03/15/28 *(a)* | 75000 | 76229 |
| 2.95%, 06/01/29 *(a)* | 150000 | 145061 |
| 3.35%, 03/26/30 *(a)* | 300000 | 291894 |
| 1.90%, 03/15/31 *(a)* | 75000 | 66854 |
| 2.00%, 11/18/31 *(a)* | 100000 | 87954 |
| 4.35%, 01/15/32 *(a)* | 200000 | 200290 |
| 4.95%, 03/15/32 *(a)* | 95000 | 98427 |
| 4.85%, 03/09/33 *(a)* | 150000 | 153376 |
| 4.88%, 05/09/34 *(a)* | 175000 | 177844 |
| 4.55%, 01/15/35 *(a)* | 225000 | 222158 |
| 3.80%, 11/21/46 *(a)* | 100000 | 79134 |
| 3.95%, 02/26/48 *(a)* | 100000 | 79951 |
| 3.65%, 06/01/49 *(a)* | 175000 | 131833 |
| 3.85%, 03/26/50 *(a)* | 275000 | 213488 |
| 2.95%, 03/15/51 *(a)* | 150000 | 97310 |
| **Microchip Technology, Inc.** | **Microchip Technology, Inc.** | **Microchip Technology, Inc.** |
| 4.90%, 03/15/28  | 175000 | 177564 |
| 5.05%, 03/15/29 *(a)* | 150000 | 153024 |
| 5.05%, 02/15/30 *(a)* | 175000 | 178642 |
| **Micron Technology, Inc.** | **Micron Technology, Inc.** | **Micron Technology, Inc.** |
| 5.38%, 04/15/28 *(a)* | 200000 | 206178 |
| 5.33%, 02/06/29 *(a)* | 100000 | 102817 |
| 6.75%, 11/01/29 *(a)* | 200000 | 217172 |
| 4.66%, 02/15/30 *(a)* | 150000 | 150935 |
| 5.30%, 01/15/31 *(a)* | 150000 | 154816 |
| 2.70%, 04/15/32 *(a)* | 200000 | 176052 |
| 5.65%, 11/01/32 *(a)* | 75000 | 78416 |
| 5.88%, 02/09/33 *(a)* | 150000 | 157683 |
| 5.88%, 09/15/33 *(a)* | 100000 | 105211 |
| 5.80%, 01/15/35 *(a)* | 200000 | 206964 |
| 6.05%, 11/01/35 *(a)* | 200000 | 210210 |
| 3.37%, 11/01/41 *(a)* | 100000 | 74880 |
| 3.48%, 11/01/51 *(a)* | 100000 | 68193 |
| **Microsoft Corp.** | **Microsoft Corp.** | **Microsoft Corp.** |
| 3.40%, 09/15/26 *(a)* | 150000 | 149376 |
| 3.30%, 02/06/27 *(a)* | 250000 | 248202 |
| 3.40%, 06/15/27 *(a)* | 75000 | 74782 |
| 1.35%, 09/15/30 *(a)* | 100000 | 88630 |
| 3.50%, 02/12/35 *(a)* | 250000 | 234812 |
| 4.20%, 11/03/35 *(a)* | 150000 | 148931 |
| 3.45%, 08/08/36 *(a)* | 300000 | 270942 |
| 4.10%, 02/06/37 *(a)* | 150000 | 144570 |
| 5.20%, 06/01/39  | 75000 | 78986 |
| 4.50%, 10/01/40  | 100000 | 96451 |
| 5.30%, 02/08/41  | 100000 | 103999 |
| 3.50%, 11/15/42  | 75000 | 60887 |
| 3.75%, 02/12/45 *(a)* | 100000 | 83007 |
| 4.45%, 11/03/45 *(a)* | 175000 | 160639 |
| 3.70%, 08/08/46 *(a)* | 299000 | 241030 |
| 4.25%, 02/06/47 *(a)* | 200000 | 177456 |
| 4.50%, 06/15/47 *(a)* | 100000 | 89981 |
| 2.53%, 06/01/50 *(a)* | 1150000 | 703823 |
| 2.50%, 09/15/50 *(a)* | 250000 | 152032 |
| 2.92%, 03/17/52 *(a)* | 1125000 | 738484 |
| 4.00%, 02/12/55 *(a)* | 100000 | 80251 |
| 3.95%, 08/08/56 *(a)* | 50000 | 39386 |
| 4.50%, 02/06/57 *(a)* | 150000 | 134010 |
| 2.68%, 06/01/60 *(a)* | 679000 | 393711 |
| 3.04%, 03/17/62 *(a)* | 345000 | 217412 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**61**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Moody's Corp.** | **Moody's Corp.** | **Moody's Corp.** |
| 3.25%, 01/15/28 *(a)* | 100000 | 98411 |
| 4.25%, 02/01/29 *(a)* | 75000 | 75364 |
| 2.00%, 08/19/31 *(a)* | 200000 | 175774 |
| 5.00%, 08/05/34 *(a)* | 100000 | 101405 |
| 2.75%, 08/19/41 *(a)* | 100000 | 70648 |
| 5.25%, 07/15/44  | 100000 | 95928 |
| 4.88%, 12/17/48 *(a)* | 100000 | 89107 |
| 3.25%, 05/20/50 *(a)* | 100000 | 66606 |
| 3.75%, 02/25/52 *(a)* | 50000 | 36807 |
| 3.10%, 11/29/61 *(a)* | 100000 | 61644 |
| **Motorola Solutions, Inc.** | **Motorola Solutions, Inc.** | **Motorola Solutions, Inc.** |
| 4.60%, 02/23/28 *(a)* | 150000 | 151617 |
| 5.00%, 04/15/29 *(a)* | 50000 | 51177 |
| 4.60%, 05/23/29 *(a)* | 150000 | 151650 |
| 4.85%, 08/15/30 *(a)* | 110000 | 112108 |
| 2.30%, 11/15/30 *(a)* | 175000 | 157442 |
| 2.75%, 05/24/31 *(a)* | 150000 | 136772 |
| 5.60%, 06/01/32 *(a)* | 100000 | 104543 |
| 5.20%, 08/15/32 *(a)* | 90000 | 92237 |
| 5.40%, 04/15/34 *(a)* | 200000 | 205394 |
| 5.55%, 08/15/35 *(a)* | 170000 | 175348 |
| 5.50%, 09/01/44  | 50000 | 48897 |
| **MSCI, Inc.** | **MSCI, Inc.** | **MSCI, Inc.** |
| 5.25%, 09/01/35 *(a)* | 250000 | 248330 |
| **NetApp, Inc.** | **NetApp, Inc.** | **NetApp, Inc.** |
| 2.38%, 06/22/27 *(a)* | 150000 | 145221 |
| 2.70%, 06/22/30 *(a)* | 100000 | 92236 |
| 5.50%, 03/17/32 *(a)* | 100000 | 103589 |
| 5.70%, 03/17/35 *(a)* | 100000 | 103053 |
| **Nokia OYJ** | **Nokia OYJ** | **Nokia OYJ** |
| 4.38%, 06/12/27  | 100000 | 99414 |
| 6.63%, 05/15/39  | 100000 | 102613 |
| **NVIDIA Corp.** | **NVIDIA Corp.** | **NVIDIA Corp.** |
| 3.20%, 09/16/26 *(a)* | 200000 | 198472 |
| 1.55%, 06/15/28 *(a)* | 200000 | 188458 |
| 2.85%, 04/01/30 *(a)* | 250000 | 239110 |
| 2.00%, 06/15/31 *(a)* | 225000 | 201544 |
| 3.50%, 04/01/40 *(a)* | 200000 | 169268 |
| 3.50%, 04/01/50 *(a)* | 375000 | 279352 |
| 3.70%, 04/01/60 *(a)* | 75000 | 54755 |
| **NXP BV/NXP Funding LLC** | **NXP BV/NXP Funding LLC** | **NXP BV/NXP Funding LLC** |
| 5.55%, 12/01/28 *(a)* | 100000 | 103659 |
| **NXP BV/NXP Funding LLC/NXP USA, Inc.** | **NXP BV/NXP Funding LLC/NXP USA, Inc.** | **NXP BV/NXP Funding LLC/NXP USA, Inc.** |
| 3.15%, 05/01/27 *(a)* | 100000 | 98321 |
| 4.40%, 06/01/27 *(a)* | 100000 | 100302 |
| 4.30%, 08/19/28 *(a)* | 100000 | 100216 |
| 4.30%, 06/18/29 *(a)* | 150000 | 149844 |
| 3.40%, 05/01/30 *(a)* | 200000 | 191518 |
| 2.50%, 05/11/31 *(a)* | 200000 | 179438 |
| 2.65%, 02/15/32 *(a)* | 200000 | 176286 |
| 4.85%, 08/19/32 *(a)* | 60000 | 59982 |
| 5.00%, 01/15/33 *(a)* | 150000 | 150306 |
| 5.25%, 08/19/35 *(a)* | 150000 | 149160 |
| 3.25%, 05/11/41 *(a)* | 175000 | 129574 |
| 3.13%, 02/15/42 *(a)* | 100000 | 71976 |
| 3.25%, 11/30/51 *(a)* | 100000 | 64584 |
| **Oracle Corp.** | **Oracle Corp.** | **Oracle Corp.** |
| 2.80%, 04/01/27 *(a)* | 400000 | 391624 |
| 3.25%, 11/15/27 *(a)* | 500000 | 490370 |
| 2.30%, 03/25/28 *(a)* | 350000 | 334463 |
| 4.50%, 05/06/28 *(a)* | 100000 | 100891 |
| 4.80%, 08/03/28 *(a)* | 300000 | 305694 |
| 4.20%, 09/27/29 *(a)* | 300000 | 299301 |
| 6.15%, 11/09/29 *(a)* | 250000 | 267327 |
| 2.95%, 04/01/30 *(a)* | 600000 | 565038 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.65%, 05/06/30 *(a)* | 150000 | 152089 |
| 3.25%, 05/15/30 *(a)* | 100000 | 95308 |
| 2.88%, 03/25/31 *(a)* | 600000 | 550608 |
| 5.25%, 02/03/32 *(a)* | 200000 | 205820 |
| 6.25%, 11/09/32 *(a)* | 400000 | 432420 |
| 4.90%, 02/06/33 *(a)* | 250000 | 250202 |
| 4.30%, 07/08/34 *(a)* | 300000 | 284322 |
| 4.70%, 09/27/34 *(a)* | 300000 | 290040 |
| 3.90%, 05/15/35 *(a)* | 250000 | 225547 |
| 5.50%, 08/03/35 *(a)* | 275000 | 280406 |
| 3.85%, 07/15/36 *(a)* | 200000 | 175960 |
| 3.80%, 11/15/37 *(a)* | 300000 | 255960 |
| 6.50%, 04/15/38  | 225000 | 244071 |
| 6.13%, 07/08/39  | 250000 | 261155 |
| 3.60%, 04/01/40 *(a)* | 550000 | 436342 |
| 5.38%, 07/15/40  | 400000 | 387236 |
| 3.65%, 03/25/41 *(a)* | 400000 | 313140 |
| 4.50%, 07/08/44 *(a)* | 205000 | 171790 |
| 4.13%, 05/15/45 *(a)* | 350000 | 275530 |
| 4.00%, 07/15/46 *(a)* | 545000 | 415802 |
| 4.00%, 11/15/47 *(a)* | 400000 | 302940 |
| 3.60%, 04/01/50 *(a)* | 825000 | 564663 |
| 3.95%, 03/25/51 *(a)* | 600000 | 433350 |
| 6.90%, 11/09/52 *(a)* | 450000 | 487368 |
| 5.55%, 02/06/53 *(a)* | 400000 | 367408 |
| 5.38%, 09/27/54 *(a)* | 300000 | 267600 |
| 4.38%, 05/15/55 *(a)* | 225000 | 171353 |
| 6.00%, 08/03/55 *(a)* | 300000 | 293115 |
| 3.85%, 04/01/60 *(a)* | 650000 | 435662 |
| 4.10%, 03/25/61 *(a)* | 275000 | 192992 |
| 5.50%, 09/27/64 *(a)* | 225000 | 199712 |
| 6.13%, 08/03/65 *(a)* | 100000 | 97134 |
| **Paychex, Inc.** | **Paychex, Inc.** | **Paychex, Inc.** |
| 5.10%, 04/15/30 *(a)* | 250000 | 257357 |
| 5.35%, 04/15/32 *(a)* | 250000 | 258570 |
| 5.60%, 04/15/35 *(a)* | 200000 | 206798 |
| **PayPal Holdings, Inc.** | **PayPal Holdings, Inc.** | **PayPal Holdings, Inc.** |
| 2.65%, 10/01/26 *(a)* | 200000 | 196926 |
| 3.90%, 06/01/27 *(a)* | 100000 | 99922 |
| 4.45%, 03/06/28 *(a)* | 100000 | 101159 |
| 2.85%, 10/01/29 *(a)* | 300000 | 286080 |
| 2.30%, 06/01/30 *(a)* | 200000 | 183724 |
| 4.40%, 06/01/32 *(a)* | 200000 | 198714 |
| 5.15%, 06/01/34 *(a)* | 150000 | 153346 |
| 5.10%, 04/01/35 *(a)* | 100000 | 101313 |
| 3.25%, 06/01/50 *(a)* | 150000 | 102159 |
| 5.05%, 06/01/52 *(a)* | 175000 | 160323 |
| 5.50%, 06/01/54 *(a)* | 75000 | 73022 |
| 5.25%, 06/01/62 *(a)* | 75000 | 68996 |
| **Qorvo, Inc.** | **Qorvo, Inc.** | **Qorvo, Inc.** |
| 4.38%, 10/15/29 *(a)* | 200000 | 196120 |
| **QUALCOMM, Inc.** | **QUALCOMM, Inc.** | **QUALCOMM, Inc.** |
| 3.25%, 05/20/27 *(a)* | 350000 | 346563 |
| 1.30%, 05/20/28 *(a)* | 117000 | 109420 |
| 2.15%, 05/20/30 *(a)* | 200000 | 183606 |
| 4.50%, 05/20/30 *(a)* | 100000 | 101689 |
| 1.65%, 05/20/32 *(a)* | 208000 | 175024 |
| 4.25%, 05/20/32 *(a)* | 100000 | 99428 |
| 4.75%, 05/20/32 *(a)* | 100000 | 101822 |
| 5.40%, 05/20/33 *(a)* | 150000 | 158568 |
| 4.65%, 05/20/35 *(a)* | 175000 | 174237 |
| 5.00%, 05/20/35 *(a)* | 100000 | 101044 |
| 4.80%, 05/20/45 *(a)* | 250000 | 228400 |
| 4.30%, 05/20/47 *(a)* | 250000 | 209377 |
| 3.25%, 05/20/50 *(a)* | 175000 | 119914 |
| 4.50%, 05/20/52 *(a)* | 200000 | 168246 |
| 6.00%, 05/20/53 *(a)* | 225000 | 235361 |

---

*See financial notes*

**62**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **RELX Capital, Inc.** | **RELX Capital, Inc.** | **RELX Capital, Inc.** |
| 4.00%, 03/18/29 *(a)* | 150000 | 149529 |
| 4.75%, 03/27/30 *(a)* | 150000 | 153262 |
| 3.00%, 05/22/30 *(a)* | 175000 | 166073 |
| 4.75%, 05/20/32 *(a)* | 100000 | 101214 |
| 5.25%, 03/27/35 *(a)* | 100000 | 102320 |
| **Roper Technologies, Inc.** | **Roper Technologies, Inc.** | **Roper Technologies, Inc.** |
| 3.80%, 12/15/26 *(a)* | 150000 | 149138 |
| 1.40%, 09/15/27 *(a)* | 150000 | 142137 |
| 4.20%, 09/15/28 *(a)* | 150000 | 150255 |
| 4.25%, 09/15/28 *(a)* | 100000 | 100399 |
| 2.95%, 09/15/29 *(a)* | 100000 | 95412 |
| 4.50%, 10/15/29 *(a)* | 100000 | 100880 |
| 2.00%, 06/30/30 *(a)* | 100000 | 89808 |
| 4.45%, 09/15/30 *(a)* | 100000 | 100247 |
| 1.75%, 02/15/31 *(a)* | 200000 | 173526 |
| 4.75%, 02/15/32 *(a)* | 100000 | 100608 |
| 4.90%, 10/15/34 *(a)* | 200000 | 197958 |
| 5.10%, 09/15/35 *(a)* | 200000 | 199634 |
| **S&P Global, Inc.** | **S&P Global, Inc.** | **S&P Global, Inc.** |
| 2.95%, 01/22/27 *(a)* | 100000 | 98511 |
| 2.45%, 03/01/27 *(a)* | 200000 | 195428 |
| 4.75%, 08/01/28 *(a)* | 150000 | 153019 |
| 2.70%, 03/01/29 *(a)* | 250000 | 239185 |
| 4.25%, 05/01/29 *(a)* | 175000 | 176178 |
| 2.50%, 12/01/29 *(a)* | 100000 | 93798 |
| 1.25%, 08/15/30 *(a)* | 50000 | 43526 |
| 2.90%, 03/01/32 *(a)* | 300000 | 274446 |
| 5.25%, 09/15/33 *(a)* | 150000 | 156658 |
| 3.25%, 12/01/49 *(a)* | 100000 | 69654 |
| 3.70%, 03/01/52 *(a)* | 150000 | 112091 |
| 2.30%, 08/15/60 *(a)* | 100000 | 50269 |
| 3.90%, 03/01/62 *(a)* | 100000 | 74455 |
| **Salesforce, Inc.** | **Salesforce, Inc.** | **Salesforce, Inc.** |
| 3.70%, 04/11/28 *(a)* | 300000 | 299070 |
| 1.50%, 07/15/28 *(a)* | 150000 | 140622 |
| 1.95%, 07/15/31 *(a)* | 300000 | 265878 |
| 2.70%, 07/15/41 *(a)* | 250000 | 179760 |
| 2.90%, 07/15/51 *(a)* | 350000 | 222008 |
| 3.05%, 07/15/61 *(a)* | 200000 | 121342 |
| **ServiceNow, Inc.** | **ServiceNow, Inc.** | **ServiceNow, Inc.** |
| 1.40%, 09/01/30 *(a)* | 300000 | 262851 |
| **Skyworks Solutions, Inc.** | **Skyworks Solutions, Inc.** | **Skyworks Solutions, Inc.** |
| 3.00%, 06/01/31 *(a)* | 100000 | 90160 |
| **Synopsys, Inc.** | **Synopsys, Inc.** | **Synopsys, Inc.** |
| 4.55%, 04/01/27  | 175000 | 176071 |
| 4.65%, 04/01/28 *(a)* | 175000 | 177362 |
| 4.85%, 04/01/30 *(a)* | 350000 | 357252 |
| 5.00%, 04/01/32 *(a)* | 275000 | 280585 |
| 5.15%, 04/01/35 *(a)* | 400000 | 403632 |
| 5.70%, 04/01/55 *(a)* | 350000 | 343885 |
| **TD SYNNEX Corp.** | **TD SYNNEX Corp.** | **TD SYNNEX Corp.** |
| 2.38%, 08/09/28 *(a)* | 100000 | 94846 |
| 2.65%, 08/09/31 *(a)* | 100000 | 89062 |
| 6.10%, 04/12/34 *(a)* | 100000 | 104993 |
| **Teledyne FLIR LLC** | **Teledyne FLIR LLC** | **Teledyne FLIR LLC** |
| 2.50%, 08/01/30 *(a)* | 150000 | 137225 |
| **Tencent Music Entertainment Group** | **Tencent Music Entertainment Group** | **Tencent Music Entertainment Group** |
| 2.00%, 09/03/30 *(a)* | 200000 | 179048 |
| **Texas Instruments, Inc.** | **Texas Instruments, Inc.** | **Texas Instruments, Inc.** |
| 1.13%, 09/15/26 *(a)* | 50000 | 48608 |
| 4.60%, 02/08/27 *(a)* | 125000 | 126250 |
| 2.90%, 11/03/27 *(a)* | 75000 | 73509 |
| 4.60%, 02/15/28 *(a)* | 150000 | 152548 |
| 4.60%, 02/08/29 *(a)* | 125000 | 127783 |
| 2.25%, 09/04/29 *(a)* | 100000 | 93604 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 1.75%, 05/04/30 *(a)* | 100000 | 90215 |
| 4.50%, 05/23/30 *(a)* | 100000 | 101636 |
| 1.90%, 09/15/31 *(a)* | 100000 | 88038 |
| 3.65%, 08/16/32 *(a)* | 100000 | 95279 |
| 4.90%, 03/14/33 *(a)* | 200000 | 205234 |
| 4.85%, 02/08/34 *(a)* | 100000 | 101862 |
| 5.10%, 05/23/35 *(a)* | 100000 | 102244 |
| 3.88%, 03/15/39 *(a)* | 150000 | 132302 |
| 4.15%, 05/15/48 *(a)* | 200000 | 163836 |
| 2.70%, 09/15/51 *(a)* | 100000 | 60465 |
| 4.10%, 08/16/52 *(a)* | 75000 | 58961 |
| 5.00%, 03/14/53 *(a)* | 100000 | 91440 |
| 5.15%, 02/08/54 *(a)* | 150000 | 140760 |
| 5.05%, 05/18/63 *(a)* | 275000 | 247340 |
| **TR Finance LLC** | **TR Finance LLC** | **TR Finance LLC** |
| 5.50%, 08/15/35  | 100000 | 102530 |
| 5.85%, 04/15/40  | 100000 | 103021 |
| 5.65%, 11/23/43 *(a)* | 75000 | 73973 |
| **Trimble, Inc.** | **Trimble, Inc.** | **Trimble, Inc.** |
| 4.90%, 06/15/28 *(a)* | 100000 | 101467 |
| 6.10%, 03/15/33 *(a)* | 150000 | 159994 |
| **TSMC Arizona Corp.** | **TSMC Arizona Corp.** | **TSMC Arizona Corp.** |
| 3.88%, 04/22/27 *(a)* | 200000 | 199838 |
| 4.13%, 04/22/29 *(a)* | 200000 | 200756 |
| 2.50%, 10/25/31 *(a)* | 250000 | 227305 |
| 3.13%, 10/25/41 *(a)* | 250000 | 197800 |
| 3.25%, 10/25/51 *(a)* | 200000 | 148418 |
| 4.50%, 04/22/52 *(a)(c)* | 200000 | 183898 |
| **Tyco Electronics Group SA** | **Tyco Electronics Group SA** | **Tyco Electronics Group SA** |
| 3.13%, 08/15/27 *(a)* | 100000 | 98257 |
| 4.50%, 02/09/31 *(a)* | 100000 | 100870 |
| 2.50%, 02/04/32 *(a)* | 100000 | 89107 |
| 5.00%, 05/09/35 *(a)* | 100000 | 99624 |
| 7.13%, 10/01/37  | 100000 | 117435 |
| **VeriSign, Inc.** | **VeriSign, Inc.** | **VeriSign, Inc.** |
| 4.75%, 07/15/27 *(a)* | 150000 | 150138 |
| 2.70%, 06/15/31 *(a)* | 100000 | 90068 |
| 5.25%, 06/01/32 *(a)* | 100000 | 102169 |
| **Verisk Analytics, Inc.** | **Verisk Analytics, Inc.** | **Verisk Analytics, Inc.** |
| 4.13%, 03/15/29 *(a)* | 150000 | 150041 |
| 4.50%, 08/15/30 *(a)* | 150000 | 150624 |
| 5.75%, 04/01/33 *(a)* | 100000 | 105723 |
| 5.25%, 06/05/34 *(a)* | 100000 | 102218 |
| 5.25%, 03/15/35 *(a)* | 125000 | 126128 |
| 5.13%, 02/15/36 *(a)* | 150000 | 149096 |
| 5.50%, 06/15/45 *(a)* | 50000 | 48312 |
| 3.63%, 05/15/50 *(a)* | 100000 | 71608 |
| **Visa, Inc.** | **Visa, Inc.** | **Visa, Inc.** |
| 1.90%, 04/15/27 *(a)* | 300000 | 290853 |
| 0.75%, 08/15/27 *(a)* | 150000 | 141698 |
| 2.75%, 09/15/27 *(a)* | 150000 | 146855 |
| 2.05%, 04/15/30 *(a)* | 300000 | 275607 |
| 1.10%, 02/15/31 *(a)* | 200000 | 172164 |
| 4.15%, 12/14/35 *(a)* | 180000 | 172258 |
| 2.70%, 04/15/40 *(a)* | 150000 | 113903 |
| 4.30%, 12/14/45 *(a)* | 670000 | 579597 |
| 3.65%, 09/15/47 *(a)* | 100000 | 77484 |
| 2.00%, 08/15/50 *(a)* | 250000 | 134235 |
| **VMware LLC** | **VMware LLC** | **VMware LLC** |
| 4.65%, 05/15/27 *(a)* | 125000 | 125791 |
| 3.90%, 08/21/27 *(a)* | 200000 | 198994 |
| 1.80%, 08/15/28 *(a)* | 200000 | 187098 |
| 4.70%, 05/15/30 *(a)* | 150000 | 151877 |
| 2.20%, 08/15/31 *(a)* | 250000 | 219480 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**63**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Western Digital Corp.** | **Western Digital Corp.** | **Western Digital Corp.** |
| 2.85%, 02/01/29 *(a)* | 100000 | 94158 |
| 3.10%, 02/01/32 *(a)* | 100000 | 89233 |
| **Western Union Co.** | **Western Union Co.** | **Western Union Co.** |
| 2.75%, 03/15/31 *(a)* | 75000 | 66156 |
| 6.20%, 11/17/36  | 100000 | 101929 |
| **Workday, Inc.** | **Workday, Inc.** | **Workday, Inc.** |
| 3.50%, 04/01/27 *(a)* | 200000 | 198108 |
| 3.70%, 04/01/29 *(a)* | 150000 | 147734 |
| 3.80%, 04/01/32 *(a)* | 225000 | 213435 |
| **Xilinx, Inc.** | **Xilinx, Inc.** | **Xilinx, Inc.** |
| 2.38%, 06/01/30 *(a)* | 200000 | 185190 |
|  |  | **119417275** |
| ***Transportation 0.5%***  | ***Transportation 0.5%***  | ***Transportation 0.5%***  |
| **American Airlines 2012-1 Class AA Pass-Through Trust** | **American Airlines 2012-1 Class AA Pass-Through Trust** | **American Airlines 2012-1 Class AA Pass-Through Trust** |
| 2.88%, 01/11/36  | 125870 | 112803 |
| **American Airlines 2015-2 Class AA Pass-Through Trust** | **American Airlines 2015-2 Class AA Pass-Through Trust** | **American Airlines 2015-2 Class AA Pass-Through Trust** |
| 3.60%, 03/22/29  | 114723 | 112329 |
| **American Airlines 2016-1 Class AA Pass-Through Trust** | **American Airlines 2016-1 Class AA Pass-Through Trust** | **American Airlines 2016-1 Class AA Pass-Through Trust** |
| 3.58%, 07/15/29  | 114387 | 111581 |
| **American Airlines 2016-2 Class AA Pass-Through Trust** | **American Airlines 2016-2 Class AA Pass-Through Trust** | **American Airlines 2016-2 Class AA Pass-Through Trust** |
| 3.20%, 12/15/29  | 118365 | 114012 |
| **American Airlines 2017-1 Class AA Pass-Through Trust** | **American Airlines 2017-1 Class AA Pass-Through Trust** | **American Airlines 2017-1 Class AA Pass-Through Trust** |
| 3.65%, 08/15/30  | 88688 | 86022 |
| **American Airlines 2019-1 Class AA Pass-Through Trust** | **American Airlines 2019-1 Class AA Pass-Through Trust** | **American Airlines 2019-1 Class AA Pass-Through Trust** |
| 3.15%, 08/15/33  | 84188 | 77935 |
| **Burlington Northern Santa Fe LLC** | **Burlington Northern Santa Fe LLC** | **Burlington Northern Santa Fe LLC** |
| 3.25%, 06/15/27 *(a)* | 100000 | 98876 |
| 6.20%, 08/15/36  | 50000 | 55261 |
| 6.15%, 05/01/37  | 100000 | 110025 |
| 5.75%, 05/01/40 *(a)* | 100000 | 104642 |
| 5.05%, 03/01/41 *(a)* | 100000 | 96204 |
| 5.40%, 06/01/41 *(a)* | 100000 | 99872 |
| 4.95%, 09/15/41 *(a)* | 100000 | 94527 |
| 4.40%, 03/15/42 *(a)* | 100000 | 88100 |
| 4.38%, 09/01/42 *(a)* | 150000 | 131119 |
| 4.45%, 03/15/43 *(a)* | 200000 | 175714 |
| 5.15%, 09/01/43 *(a)* | 100000 | 96158 |
| 4.90%, 04/01/44 *(a)* | 175000 | 163450 |
| 4.55%, 09/01/44 *(a)* | 165000 | 145604 |
| 4.15%, 04/01/45 *(a)* | 100000 | 83356 |
| 4.70%, 09/01/45 *(a)* | 100000 | 89989 |
| 3.90%, 08/01/46 *(a)* | 100000 | 79242 |
| 4.13%, 06/15/47 *(a)* | 100000 | 82018 |
| 4.05%, 06/15/48 *(a)* | 150000 | 120372 |
| 4.15%, 12/15/48 *(a)* | 200000 | 162810 |
| 3.55%, 02/15/50 *(a)* | 100000 | 72429 |
| 3.05%, 02/15/51 *(a)* | 100000 | 65439 |
| 3.30%, 09/15/51 *(a)* | 150000 | 102825 |
| 2.88%, 06/15/52 *(a)* | 150000 | 93086 |
| 4.45%, 01/15/53 *(a)* | 200000 | 166292 |
| 5.20%, 04/15/54 *(a)* | 300000 | 279906 |
| 5.50%, 03/15/55 *(a)* | 200000 | 194590 |
| 5.80%, 03/15/56 *(a)* | 170000 | 172356 |
| **Canadian National Railway Co.** | **Canadian National Railway Co.** | **Canadian National Railway Co.** |
| 6.90%, 07/15/28  | 150000 | 161638 |
| 3.85%, 08/05/32 *(a)* | 150000 | 143521 |
| 5.85%, 11/01/33 *(a)* | 100000 | 108392 |
| 4.38%, 09/18/34 *(a)* | 150000 | 145869 |
| 6.20%, 06/01/36  | 75000 | 83372 |
| 3.20%, 08/02/46 *(a)* | 150000 | 106733 |
| 3.65%, 02/03/48 *(a)* | 100000 | 75923 |
| 4.45%, 01/20/49 *(a)* | 150000 | 128560 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.45%, 05/01/50 *(a)* | 200000 | 116968 |
| 4.40%, 08/05/52 *(a)* | 100000 | 83811 |
| **Canadian Pacific Railway Co.** | **Canadian Pacific Railway Co.** | **Canadian Pacific Railway Co.** |
| 1.75%, 12/02/26 *(a)* | 100000 | 97181 |
| 4.00%, 06/01/28 *(a)* | 100000 | 99930 |
| 2.88%, 11/15/29 *(a)* | 100000 | 95050 |
| 2.05%, 03/05/30 *(a)* | 100000 | 91125 |
| 7.13%, 10/15/31  | 75000 | 85322 |
| 2.45%, 12/02/31 *(a)* | 300000 | 266070 |
| 4.80%, 09/15/35 *(a)* | 50000 | 49098 |
| 5.95%, 05/15/37  | 100000 | 106576 |
| 3.00%, 12/02/41 *(a)* | 200000 | 146136 |
| 4.30%, 05/15/43 *(a)* | 100000 | 84934 |
| 4.80%, 08/01/45 *(a)* | 100000 | 89753 |
| 4.95%, 08/15/45 *(a)* | 100000 | 91408 |
| 4.70%, 05/01/48 *(a)* | 75000 | 65936 |
| 3.50%, 05/01/50 *(a)* | 100000 | 70898 |
| 3.10%, 12/02/51 *(a)* | 325000 | 211770 |
| 4.20%, 11/15/69 *(a)* | 100000 | 74906 |
| 6.13%, 09/15/15 *(a)* | 100000 | 101310 |
| **CH Robinson Worldwide, Inc.** | **CH Robinson Worldwide, Inc.** | **CH Robinson Worldwide, Inc.** |
| 4.20%, 04/15/28 *(a)* | 125000 | 125176 |
| **CSX Corp.** | **CSX Corp.** | **CSX Corp.** |
| 2.60%, 11/01/26 *(a)* | 100000 | 98339 |
| 3.25%, 06/01/27 *(a)* | 150000 | 148020 |
| 3.80%, 03/01/28 *(a)* | 200000 | 199026 |
| 4.25%, 03/15/29 *(a)* | 150000 | 150682 |
| 2.40%, 02/15/30 *(a)* | 100000 | 93033 |
| 4.10%, 11/15/32 *(a)* | 150000 | 145936 |
| 5.20%, 11/15/33 *(a)* | 150000 | 155287 |
| 6.00%, 10/01/36  | 75000 | 80913 |
| 6.15%, 05/01/37  | 150000 | 163626 |
| 6.22%, 04/30/40  | 100000 | 108515 |
| 5.50%, 04/15/41 *(a)* | 100000 | 100370 |
| 4.75%, 05/30/42 *(a)* | 150000 | 136995 |
| 4.10%, 03/15/44 *(a)* | 200000 | 165388 |
| 3.80%, 11/01/46 *(a)* | 100000 | 77522 |
| 4.30%, 03/01/48 *(a)* | 100000 | 82773 |
| 4.75%, 11/15/48 *(a)* | 100000 | 87991 |
| 4.50%, 03/15/49 *(a)* | 150000 | 126774 |
| 3.35%, 09/15/49 *(a)* | 100000 | 69506 |
| 3.80%, 04/15/50 *(a)* | 100000 | 75143 |
| 3.95%, 05/01/50 *(a)* | 100000 | 77199 |
| 2.50%, 05/15/51 *(a)* | 100000 | 57626 |
| 4.50%, 11/15/52 *(a)* | 175000 | 146083 |
| 4.50%, 08/01/54 *(a)* | 100000 | 82762 |
| 4.90%, 03/15/55 *(a)* | 100000 | 88584 |
| 4.25%, 11/01/66 *(a)* | 100000 | 76060 |
| 4.65%, 03/01/68 *(a)* | 125000 | 101896 |
| **Delta Air Lines 2020-1 Class AA Pass-Through Trust** | **Delta Air Lines 2020-1 Class AA Pass-Through Trust** | **Delta Air Lines 2020-1 Class AA Pass-Through Trust** |
| 2.00%, 12/10/29  | 70103 | 67051 |
| **Delta Air Lines, Inc.** | **Delta Air Lines, Inc.** | **Delta Air Lines, Inc.** |
| 4.38%, 04/19/28 *(a)* | 75000 | 75056 |
| 4.95%, 07/10/28 *(a)* | 180000 | 182191 |
| 3.75%, 10/28/29 *(a)* | 75000 | 72768 |
| 5.25%, 07/10/30 *(a)* | 180000 | 183767 |
| **Federal Express Corp. Pass-Through Trusts** | **Federal Express Corp. Pass-Through Trusts** | **Federal Express Corp. Pass-Through Trusts** |
| 1.88%, 08/20/35  | 183159 | 159164 |
| **FedEx Corp.** | **FedEx Corp.** | **FedEx Corp.** |
| 3.40%, 02/15/28 *(a)(d)* | 100000 | 98440 |
| 3.10%, 08/05/29 *(a)(d)* | 150000 | 143448 |
| 4.25%, 05/15/30 *(a)(d)* | 100000 | 99048 |
| 2.40%, 05/15/31 *(a)(d)* | 150000 | 133383 |
| 4.90%, 01/15/34 *(d)* | 75000 | 72875 |
| 3.90%, 02/01/35 *(d)* | 50000 | 45216 |
| 3.25%, 05/15/41 *(a)(d)* | 100000 | 72263 |

---

*See financial notes*

**64**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.88%, 08/01/42 *(d)* | 75000 | 57380 |
| 4.10%, 04/15/43 *(d)* | 100000 | 78075 |
| 5.10%, 01/15/44 *(d)* | 75000 | 66516 |
| 4.10%, 02/01/45 *(d)* | 75000 | 57811 |
| 4.75%, 11/15/45 *(a)(d)* | 125000 | 104936 |
| 4.55%, 04/01/46 *(a)(d)* | 225000 | 183733 |
| 4.40%, 01/15/47 *(a)(d)* | 100000 | 79001 |
| 4.05%, 02/15/48 *(a)(d)* | 150000 | 111232 |
| 4.95%, 10/17/48 *(a)(d)* | 150000 | 127278 |
| 5.25%, 05/15/50 *(a)(d)* | 225000 | 198556 |
| **GXO Logistics, Inc.** | **GXO Logistics, Inc.** | **GXO Logistics, Inc.** |
| 6.25%, 05/06/29 *(a)* | 100000 | 104905 |
| 2.65%, 07/15/31 *(a)* | 100000 | 88683 |
| 6.50%, 05/06/34 *(a)* | 75000 | 79388 |
| **JB Hunt Transport Services, Inc.** | **JB Hunt Transport Services, Inc.** | **JB Hunt Transport Services, Inc.** |
| 4.90%, 03/15/30 *(a)* | 150000 | 153607 |
| **JetBlue 2019-1 Class AA Pass-Through Trust** | **JetBlue 2019-1 Class AA Pass-Through Trust** | **JetBlue 2019-1 Class AA Pass-Through Trust** |
| 2.75%, 11/15/33  | 74395 | 65392 |
| **JetBlue 2020-1 Class A Pass-Through Trust** | **JetBlue 2020-1 Class A Pass-Through Trust** | **JetBlue 2020-1 Class A Pass-Through Trust** |
| 4.00%, 05/15/34  | 70553 | 66295 |
| **Kirby Corp.** | **Kirby Corp.** | **Kirby Corp.** |
| 4.20%, 03/01/28 *(a)* | 100000 | 99896 |
| **Norfolk Southern Corp.** | **Norfolk Southern Corp.** | **Norfolk Southern Corp.** |
| 3.15%, 06/01/27 *(a)* | 50000 | 49254 |
| 3.80%, 08/01/28 *(a)* | 150000 | 149382 |
| 2.55%, 11/01/29 *(a)* | 100000 | 94161 |
| 5.05%, 08/01/30 *(a)* | 100000 | 103676 |
| 3.00%, 03/15/32 *(a)* | 100000 | 91107 |
| 4.45%, 03/01/33 *(a)* | 100000 | 98544 |
| 5.55%, 03/15/34 *(a)* | 75000 | 78721 |
| 4.84%, 10/01/41  | 100000 | 92949 |
| 3.95%, 10/01/42 *(a)* | 130000 | 106718 |
| 4.45%, 06/15/45 *(a)* | 150000 | 128910 |
| 4.65%, 01/15/46 *(a)* | 150000 | 132328 |
| 3.94%, 11/01/47 *(a)* | 125000 | 98205 |
| 4.15%, 02/28/48 *(a)* | 100000 | 80694 |
| 4.10%, 05/15/49 *(a)* | 50000 | 39453 |
| 3.40%, 11/01/49 *(a)* | 100000 | 69917 |
| 3.05%, 05/15/50 *(a)* | 100000 | 65274 |
| 2.90%, 08/25/51 *(a)* | 100000 | 62663 |
| 4.05%, 08/15/52 *(a)* | 150000 | 116224 |
| 3.70%, 03/15/53 *(a)* | 75000 | 54235 |
| 4.55%, 06/01/53 *(a)* | 150000 | 125680 |
| 5.35%, 08/01/54 *(a)* | 200000 | 190418 |
| 3.16%, 05/15/55 *(a)* | 125000 | 79680 |
| 5.95%, 03/15/64 *(a)* | 100000 | 102274 |
| 5.10%, 08/01/18 *(a)* | 50000 | 42166 |
| 4.10%, 05/15/21 *(a)* | 100000 | 69065 |
| **Ryder System, Inc.** | **Ryder System, Inc.** | **Ryder System, Inc.** |
| 2.90%, 12/01/26 *(a)* | 100000 | 98281 |
| 2.85%, 03/01/27 *(a)* | 100000 | 98032 |
| 5.30%, 03/15/27 *(a)* | 75000 | 76142 |
| 5.65%, 03/01/28 *(a)* | 100000 | 103500 |
| 5.25%, 06/01/28 *(a)* | 100000 | 102770 |
| 6.30%, 12/01/28 *(a)* | 100000 | 106502 |
| 5.38%, 03/15/29 *(a)* | 100000 | 103447 |
| 5.50%, 06/01/29 *(a)* | 75000 | 78185 |
| 4.95%, 09/01/29 *(a)* | 75000 | 76721 |
| 4.90%, 12/01/29 *(a)* | 75000 | 76568 |
| 5.00%, 03/15/30 *(a)* | 75000 | 76817 |
| 6.60%, 12/01/33 *(a)* | 100000 | 110810 |
| **Southwest Airlines Co.** | **Southwest Airlines Co.** | **Southwest Airlines Co.** |
| 3.00%, 11/15/26 *(a)* | 95000 | 93446 |
| 5.13%, 06/15/27 *(a)* | 300000 | 303516 |
| 3.45%, 11/16/27 *(a)* | 75000 | 73723 |
| 2.63%, 02/10/30 *(a)* | 75000 | 69014 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Triton Container International Ltd./TAL International Container Corp.** | **Triton Container International Ltd./TAL International Container Corp.** | **Triton Container International Ltd./TAL International Container Corp.** |
| 3.25%, 03/15/32 *(a)* | 100000 | 88417 |
| **Union Pacific Corp.** | **Union Pacific Corp.** | **Union Pacific Corp.** |
| 3.00%, 04/15/27 *(a)* | 100000 | 98397 |
| 3.95%, 09/10/28 *(a)* | 250000 | 249892 |
| 3.70%, 03/01/29 *(a)* | 150000 | 148267 |
| 2.40%, 02/05/30 *(a)* | 200000 | 186358 |
| 2.38%, 05/20/31 *(a)* | 200000 | 181962 |
| 2.80%, 02/14/32 *(a)* | 250000 | 227055 |
| 4.50%, 01/20/33 *(a)* | 200000 | 199192 |
| 3.38%, 02/01/35 *(a)* | 75000 | 67079 |
| 5.10%, 02/20/35 *(a)* | 175000 | 178185 |
| 2.89%, 04/06/36 *(a)* | 150000 | 124647 |
| 3.60%, 09/15/37 *(a)* | 100000 | 87124 |
| 3.55%, 08/15/39 *(a)* | 100000 | 83753 |
| 3.20%, 05/20/41 *(a)* | 200000 | 153298 |
| 3.38%, 02/14/42 *(a)* | 75000 | 57954 |
| 4.05%, 11/15/45 *(a)* | 75000 | 60749 |
| 4.05%, 03/01/46 *(a)* | 100000 | 80427 |
| 3.35%, 08/15/46 *(a)* | 75000 | 53920 |
| 4.00%, 04/15/47 *(a)* | 75000 | 59337 |
| 4.50%, 09/10/48 *(a)* | 100000 | 84569 |
| 4.30%, 03/01/49 *(a)* | 100000 | 81844 |
| 3.25%, 02/05/50 *(a)* | 350000 | 238416 |
| 3.80%, 10/01/51 *(a)* | 150000 | 112090 |
| 2.95%, 03/10/52 *(a)* | 100000 | 62874 |
| 4.95%, 09/09/52 *(a)* | 75000 | 67799 |
| 3.50%, 02/14/53 *(a)* | 250000 | 174777 |
| 4.95%, 05/15/53 *(a)* | 100000 | 90206 |
| 5.60%, 12/01/54 *(a)* | 175000 | 172478 |
| 3.88%, 02/01/55 *(a)* | 50000 | 37204 |
| 3.95%, 08/15/59 *(a)* | 100000 | 72989 |
| 3.84%, 03/20/60 *(a)* | 350000 | 249900 |
| 3.55%, 05/20/61 *(a)* | 100000 | 66547 |
| 2.97%, 09/16/62 *(a)* | 150000 | 86861 |
| 5.15%, 01/20/63 *(a)* | 100000 | 90486 |
| 4.10%, 09/15/67 *(a)* | 100000 | 73272 |
| 3.75%, 02/05/70 *(a)* | 125000 | 83809 |
| 3.80%, 04/06/71 *(a)* | 150000 | 101559 |
| 3.85%, 02/14/72 *(a)* | 100000 | 68463 |
| **United Airlines 2016-1 Class AA Pass-Through Trust** | **United Airlines 2016-1 Class AA Pass-Through Trust** | **United Airlines 2016-1 Class AA Pass-Through Trust** |
| 3.10%, 01/07/30  | 86681 | 83456 |
| **United Airlines 2016-2 Class AA Pass-Through Trust** | **United Airlines 2016-2 Class AA Pass-Through Trust** | **United Airlines 2016-2 Class AA Pass-Through Trust** |
| 2.88%, 04/07/30  | 62362 | 59290 |
| **United Airlines 2018-1 Class AA Pass-Through Trust** | **United Airlines 2018-1 Class AA Pass-Through Trust** | **United Airlines 2018-1 Class AA Pass-Through Trust** |
| 3.50%, 09/01/31  | 102043 | 97437 |
| **United Airlines 2019-1 Class AA Pass-Through Trust** | **United Airlines 2019-1 Class AA Pass-Through Trust** | **United Airlines 2019-1 Class AA Pass-Through Trust** |
| 4.15%, 02/25/33  | 63446 | 61386 |
| **United Airlines 2019-2 Class AA Pass-Through Trust** | **United Airlines 2019-2 Class AA Pass-Through Trust** | **United Airlines 2019-2 Class AA Pass-Through Trust** |
| 2.70%, 11/01/33  | 75689 | 68747 |
| **United Airlines 2020-1 Class A Pass-Through Trust** | **United Airlines 2020-1 Class A Pass-Through Trust** | **United Airlines 2020-1 Class A Pass-Through Trust** |
| 5.88%, 04/15/29  | 184389 | 188438 |
| **United Airlines 2023-1 Class A Pass-Through Trust** | **United Airlines 2023-1 Class A Pass-Through Trust** | **United Airlines 2023-1 Class A Pass-Through Trust** |
| 5.80%, 07/15/37  | 279891 | 287264 |
| **United Airlines Pass-Through Trust** | **United Airlines Pass-Through Trust** | **United Airlines Pass-Through Trust** |
| 5.45%, 08/15/38  | 144828 | 147457 |
| 5.88%, 08/15/38  | 72414 | 73450 |
| **United Parcel Service, Inc.** | **United Parcel Service, Inc.** | **United Parcel Service, Inc.** |
| 2.40%, 11/15/26 *(a)* | 100000 | 98156 |
| 3.05%, 11/15/27 *(a)* | 250000 | 245807 |
| 3.40%, 03/15/29 *(a)* | 100000 | 98211 |
| 2.50%, 09/01/29 *(a)* | 75000 | 70708 |
| 4.45%, 04/01/30 *(a)* | 150000 | 152674 |
| 4.65%, 10/15/30 *(a)* | 100000 | 102209 |
| 4.88%, 03/03/33 *(a)* | 150000 | 153177 |
| 5.15%, 05/22/34 *(a)* | 150000 | 154617 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**65**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.25%, 05/14/35 *(a)* | 200000 | 205002 |
| 6.20%, 01/15/38  | 295000 | 321574 |
| 5.20%, 04/01/40 *(a)* | 100000 | 99239 |
| 4.88%, 11/15/40 *(a)* | 100000 | 94399 |
| 3.63%, 10/01/42  | 75000 | 59108 |
| 3.40%, 11/15/46 *(a)* | 100000 | 72513 |
| 3.75%, 11/15/47 *(a)* | 225000 | 170228 |
| 4.25%, 03/15/49 *(a)* | 100000 | 81030 |
| 3.40%, 09/01/49 *(a)* | 100000 | 69358 |
| 5.30%, 04/01/50 *(a)* | 225000 | 211889 |
| 5.05%, 03/03/53 *(a)* | 200000 | 180076 |
| 5.50%, 05/22/54 *(a)* | 150000 | 143991 |
| 5.95%, 05/14/55 *(a)* | 200000 | 202794 |
| 5.60%, 05/22/64 *(a)* | 100000 | 94813 |
| 6.05%, 05/14/65 *(a)* | 200000 | 202692 |
|  |  | **25692231** |
|  |  | **715029669** |
| **Utility 2.3%** | **Utility 2.3%** | **Utility 2.3%** |
| ***Electric 2.1%***  | ***Electric 2.1%***  | ***Electric 2.1%***  |
| **AEP Texas, Inc.** | **AEP Texas, Inc.** | **AEP Texas, Inc.** |
| 3.95%, 06/01/28 *(a)* | 100000 | 99284 |
| 5.45%, 05/15/29 *(a)* | 100000 | 103869 |
| 2.10%, 07/01/30 *(a)* | 175000 | 157771 |
| 5.70%, 05/15/34 *(a)* | 100000 | 102986 |
| 3.80%, 10/01/47 *(a)* | 75000 | 55082 |
| 4.15%, 05/01/49 *(a)* | 100000 | 75800 |
| 3.45%, 05/15/51 *(a)* | 100000 | 66519 |
| 5.25%, 05/15/52 *(a)* | 100000 | 89474 |
| **AEP Transmission Co. LLC** | **AEP Transmission Co. LLC** | **AEP Transmission Co. LLC** |
| 5.15%, 04/01/34 *(a)* | 75000 | 76135 |
| 5.38%, 06/15/35 *(a)* | 100000 | 102469 |
| 3.75%, 12/01/47 *(a)* | 150000 | 113457 |
| 4.25%, 09/15/48 *(a)* | 100000 | 81253 |
| 3.80%, 06/15/49 *(a)* | 100000 | 74357 |
| 3.15%, 09/15/49 *(a)* | 75000 | 50249 |
| 3.65%, 04/01/50 *(a)* | 100000 | 73388 |
| 4.50%, 06/15/52 *(a)* | 100000 | 83799 |
| 5.40%, 03/15/53 *(a)* | 100000 | 96038 |
| **AES Corp.** | **AES Corp.** | **AES Corp.** |
| 5.45%, 06/01/28 *(a)* | 200000 | 204894 |
| 2.45%, 01/15/31 *(a)* | 200000 | 179320 |
| 5.80%, 03/15/32 *(a)* | 150000 | 154564 |
| **Alabama Power Co.** | **Alabama Power Co.** | **Alabama Power Co.** |
| 3.75%, 09/01/27 *(a)* | 100000 | 99677 |
| 1.45%, 09/15/30 *(a)* | 150000 | 131473 |
| 3.05%, 03/15/32 *(a)* | 150000 | 137403 |
| 3.94%, 09/01/32 *(a)* | 75000 | 72370 |
| 5.85%, 11/15/33 *(a)* | 75000 | 80192 |
| 6.00%, 03/01/39  | 100000 | 107472 |
| 3.85%, 12/01/42  | 75000 | 60455 |
| 4.15%, 08/15/44 *(a)* | 100000 | 82638 |
| 3.75%, 03/01/45 *(a)* | 100000 | 77864 |
| 3.70%, 12/01/47 *(a)* | 100000 | 75795 |
| 4.30%, 07/15/48 *(a)* | 150000 | 124884 |
| 3.45%, 10/01/49 *(a)* | 100000 | 70841 |
| 3.13%, 07/15/51 *(a)* | 100000 | 66074 |
| 3.00%, 03/15/52 *(a)* | 150000 | 96375 |
| **Ameren Corp.** | **Ameren Corp.** | **Ameren Corp.** |
| 5.70%, 12/01/26 *(a)* | 100000 | 101679 |
| 1.95%, 03/15/27 *(a)* | 150000 | 145026 |
| 1.75%, 03/15/28 *(a)* | 50000 | 47185 |
| 5.00%, 01/15/29 *(a)* | 100000 | 102324 |
| 3.50%, 01/15/31 *(a)* | 200000 | 191218 |
| 5.38%, 03/15/35 *(a)* | 150000 | 152620 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Ameren Illinois Co.** | **Ameren Illinois Co.** | **Ameren Illinois Co.** |
| 3.80%, 05/15/28 *(a)* | 75000 | 74778 |
| 3.85%, 09/01/32 *(a)* | 100000 | 95406 |
| 4.95%, 06/01/33 *(a)* | 100000 | 101742 |
| 4.15%, 03/15/46 *(a)* | 150000 | 123104 |
| 3.70%, 12/01/47 *(a)* | 100000 | 75629 |
| 4.50%, 03/15/49 *(a)* | 100000 | 84527 |
| 3.25%, 03/15/50 *(a)* | 75000 | 50507 |
| 2.90%, 06/15/51 *(a)* | 100000 | 62439 |
| 5.90%, 12/01/52 *(a)* | 50000 | 51106 |
| 5.55%, 07/01/54 *(a)* | 100000 | 98310 |
| **American Electric Power Co., Inc.** | **American Electric Power Co., Inc.** | **American Electric Power Co., Inc.** |
| 5.75%, 11/01/27 *(a)* | 50000 | 51589 |
| 3.20%, 11/13/27 *(a)* | 150000 | 147036 |
| 4.30%, 12/01/28 *(a)* | 100000 | 100534 |
| 5.20%, 01/15/29 *(a)* | 150000 | 154749 |
| 2.30%, 03/01/30 *(a)* | 100000 | 91577 |
| 5.95%, 11/01/32 *(a)* | 100000 | 106700 |
| 5.63%, 03/01/33 *(a)* | 150000 | 157149 |
| 3.25%, 03/01/50 *(a)* | 75000 | 48933 |
| 6.95%, 12/15/54 *(a)(b)* | 100000 | 106632 |
| 7.05%, 12/15/54 *(a)(b)* | 75000 | 78338 |
| 3.88%, 02/15/62 *(a)(b)* | 150000 | 145566 |
| **Appalachian Power Co.** | **Appalachian Power Co.** | **Appalachian Power Co.** |
| 3.30%, 06/01/27 *(a)* | 100000 | 98549 |
| 2.70%, 04/01/31 *(a)* | 150000 | 136690 |
| 5.65%, 04/01/34 *(a)* | 100000 | 103677 |
| 7.00%, 04/01/38  | 100000 | 112446 |
| 4.50%, 03/01/49 *(a)* | 100000 | 81291 |
| 3.70%, 05/01/50 *(a)* | 100000 | 70396 |
| **Arizona Public Service Co.** | **Arizona Public Service Co.** | **Arizona Public Service Co.** |
| 2.60%, 08/15/29 *(a)* | 100000 | 94015 |
| 6.35%, 12/15/32 *(a)* | 100000 | 108915 |
| 5.55%, 08/01/33 *(a)* | 150000 | 155694 |
| 5.70%, 08/15/34 *(a)* | 150000 | 155521 |
| 4.50%, 04/01/42 *(a)* | 150000 | 129341 |
| 4.25%, 03/01/49 *(a)* | 100000 | 79459 |
| 3.35%, 05/15/50 *(a)* | 150000 | 102546 |
| 2.65%, 09/15/50 *(a)* | 150000 | 89025 |
| 5.90%, 08/15/55 *(a)* | 210000 | 209427 |
| **Atlantic City Electric Co.** | **Atlantic City Electric Co.** | **Atlantic City Electric Co.** |
| 4.00%, 10/15/28 *(a)* | 100000 | 99802 |
| 2.30%, 03/15/31 *(a)* | 100000 | 89991 |
| **Avangrid, Inc.** | **Avangrid, Inc.** | **Avangrid, Inc.** |
| 3.80%, 06/01/29 *(a)* | 100000 | 98350 |
| **Avista Corp.** | **Avista Corp.** | **Avista Corp.** |
| 4.35%, 06/01/48 *(a)* | 100000 | 81429 |
| **Baltimore Gas & Electric Co.** | **Baltimore Gas & Electric Co.** | **Baltimore Gas & Electric Co.** |
| 2.25%, 06/15/31 *(a)* | 100000 | 89764 |
| 5.30%, 06/01/34 *(a)* | 75000 | 77401 |
| 5.45%, 06/01/35 *(a)* | 100000 | 103153 |
| 6.35%, 10/01/36  | 100000 | 110367 |
| 3.50%, 08/15/46 *(a)* | 150000 | 110063 |
| 4.25%, 09/15/48 *(a)* | 100000 | 80411 |
| 3.20%, 09/15/49 *(a)* | 75000 | 50166 |
| 4.55%, 06/01/52 *(a)* | 100000 | 84209 |
| 5.40%, 06/01/53 *(a)* | 150000 | 142161 |
| 5.65%, 06/01/54 *(a)* | 75000 | 74292 |
| **Berkshire Hathaway Energy Co.** | **Berkshire Hathaway Energy Co.** | **Berkshire Hathaway Energy Co.** |
| 3.25%, 04/15/28 *(a)* | 150000 | 147412 |
| 3.70%, 07/15/30 *(a)* | 150000 | 146878 |
| 1.65%, 05/15/31 *(a)* | 75000 | 64883 |
| 6.13%, 04/01/36  | 298000 | 321575 |
| 5.95%, 05/15/37  | 100000 | 106444 |
| 5.15%, 11/15/43 *(a)* | 100000 | 95214 |
| 4.50%, 02/01/45 *(a)* | 150000 | 129826 |

---

*See financial notes*

**66**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.80%, 07/15/48 *(a)* | 150000 | 112902 |
| 4.45%, 01/15/49 *(a)* | 175000 | 144657 |
| 4.25%, 10/15/50 *(a)* | 175000 | 139008 |
| 2.85%, 05/15/51 *(a)* | 250000 | 152790 |
| 4.60%, 05/01/53 *(a)* | 200000 | 166452 |
| **Black Hills Corp.** | **Black Hills Corp.** | **Black Hills Corp.** |
| 3.15%, 01/15/27 *(a)* | 150000 | 147769 |
| 5.95%, 03/15/28 *(a)* | 75000 | 78020 |
| 2.50%, 06/15/30 *(a)* | 50000 | 45915 |
| 4.35%, 05/01/33 *(a)* | 150000 | 143329 |
| 6.15%, 05/15/34 *(a)* | 75000 | 79579 |
| 6.00%, 01/15/35 *(a)* | 75000 | 78933 |
| 3.88%, 10/15/49 *(a)* | 100000 | 72852 |
| **CenterPoint Energy Houston Electric LLC** | **CenterPoint Energy Houston Electric LLC** | **CenterPoint Energy Houston Electric LLC** |
| 3.00%, 02/01/27 *(a)* | 150000 | 147765 |
| 5.20%, 10/01/28 *(a)* | 100000 | 103279 |
| 2.35%, 04/01/31 *(a)* | 100000 | 90193 |
| 4.45%, 10/01/32 *(a)* | 150000 | 148389 |
| 4.95%, 04/01/33 *(a)* | 100000 | 101310 |
| 5.15%, 03/01/34 *(a)* | 100000 | 101920 |
| 5.05%, 03/01/35 *(a)* | 100000 | 100519 |
| 4.95%, 08/15/35 *(a)* | 100000 | 99265 |
| 4.50%, 04/01/44 *(a)* | 100000 | 86979 |
| 3.95%, 03/01/48 *(a)* | 75000 | 58724 |
| 4.25%, 02/01/49 *(a)* | 100000 | 81316 |
| 2.90%, 07/01/50 *(a)* | 50000 | 31794 |
| 3.35%, 04/01/51 *(a)* | 150000 | 102599 |
| 3.60%, 03/01/52 *(a)* | 100000 | 72146 |
| 4.85%, 10/01/52 *(a)* | 75000 | 66634 |
| 5.30%, 04/01/53 *(a)* | 75000 | 71409 |
| **CenterPoint Energy, Inc.** | **CenterPoint Energy, Inc.** | **CenterPoint Energy, Inc.** |
| 5.40%, 06/01/29 *(a)* | 150000 | 155539 |
| 2.95%, 03/01/30 *(a)* | 100000 | 94063 |
| 2.65%, 06/01/31 *(a)* | 75000 | 67899 |
| 6.85%, 02/15/55 *(a)(b)* | 75000 | 78834 |
| 7.00%, 02/15/55 *(a)(b)* | 75000 | 78845 |
| **Cleco Corporate Holdings LLC** | **Cleco Corporate Holdings LLC** | **Cleco Corporate Holdings LLC** |
| 4.97%, 05/01/46 *(a)* | 75000 | 64561 |
| **Cleveland Electric Illuminating Co.** | **Cleveland Electric Illuminating Co.** | **Cleveland Electric Illuminating Co.** |
| 5.95%, 12/15/36  | 75000 | 78463 |
| **CMS Energy Corp.** | **CMS Energy Corp.** | **CMS Energy Corp.** |
| 3.45%, 08/15/27 *(a)* | 100000 | 98673 |
| 4.88%, 03/01/44 *(a)* | 100000 | 88629 |
| 4.75%, 06/01/50 *(a)(b)* | 100000 | 96888 |
| 6.50%, 06/01/55 *(a)(b)* | 175000 | 178689 |
| **Commonwealth Edison Co.** | **Commonwealth Edison Co.** | **Commonwealth Edison Co.** |
| 2.95%, 08/15/27 *(a)* | 150000 | 147216 |
| 2.20%, 03/01/30 *(a)* | 100000 | 91881 |
| 5.30%, 06/01/34 *(a)* | 100000 | 103497 |
| 5.90%, 03/15/36  | 150000 | 160375 |
| 3.80%, 10/01/42 *(a)* | 100000 | 80044 |
| 4.60%, 08/15/43 *(a)* | 100000 | 88664 |
| 4.70%, 01/15/44 *(a)* | 100000 | 89431 |
| 3.70%, 03/01/45 *(a)* | 100000 | 77373 |
| 4.35%, 11/15/45 *(a)* | 100000 | 84280 |
| 3.65%, 06/15/46 *(a)* | 100000 | 75806 |
| 3.75%, 08/15/47 *(a)* | 150000 | 113775 |
| 4.00%, 03/01/48 *(a)* | 150000 | 118739 |
| 4.00%, 03/01/49 *(a)* | 75000 | 58164 |
| 3.20%, 11/15/49 *(a)* | 100000 | 67204 |
| 3.00%, 03/01/50 *(a)* | 150000 | 96819 |
| 3.13%, 03/15/51 *(a)* | 100000 | 65261 |
| 5.30%, 02/01/53 *(a)* | 100000 | 93832 |
| 5.65%, 06/01/54 *(a)* | 100000 | 98505 |
| 5.95%, 06/01/55 *(a)* | 100000 | 103169 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Connecticut Light & Power Co.** | **Connecticut Light & Power Co.** | **Connecticut Light & Power Co.** |
| 4.65%, 01/01/29 *(a)* | 75000 | 76265 |
| 4.95%, 01/15/30 *(a)* | 100000 | 102713 |
| 2.05%, 07/01/31 *(a)* | 100000 | 88366 |
| 4.90%, 07/01/33 *(a)* | 75000 | 75703 |
| 4.95%, 08/15/34 *(a)* | 75000 | 75494 |
| 4.30%, 04/15/44 *(a)* | 75000 | 63962 |
| 4.00%, 04/01/48 *(a)* | 150000 | 118173 |
| 5.25%, 01/15/53 *(a)* | 150000 | 140527 |
| **Consolidated Edison Co. of New York, Inc.** | **Consolidated Edison Co. of New York, Inc.** | **Consolidated Edison Co. of New York, Inc.** |
| 4.00%, 12/01/28 *(a)* | 50000 | 50098 |
| 3.35%, 04/01/30 *(a)* | 200000 | 193888 |
| 2.40%, 06/15/31 *(a)* | 200000 | 181310 |
| 5.20%, 03/01/33 *(a)* | 100000 | 103549 |
| 5.50%, 03/15/34 *(a)* | 100000 | 104660 |
| 5.38%, 05/15/34 *(a)* | 150000 | 155467 |
| 5.30%, 03/01/35  | 80000 | 82086 |
| 5.13%, 03/15/35 *(a)* | 100000 | 102323 |
| 5.85%, 03/15/36  | 150000 | 159283 |
| 6.30%, 08/15/37  | 100000 | 109846 |
| 6.75%, 04/01/38  | 100000 | 114201 |
| 5.50%, 12/01/39  | 100000 | 100976 |
| 4.20%, 03/15/42  | 50000 | 42774 |
| 4.45%, 03/15/44 *(a)* | 230000 | 198605 |
| 4.50%, 12/01/45 *(a)* | 150000 | 128850 |
| 3.85%, 06/15/46 *(a)* | 100000 | 77893 |
| 3.88%, 06/15/47 *(a)* | 150000 | 115269 |
| 4.65%, 12/01/48 *(a)* | 100000 | 86199 |
| 4.13%, 05/15/49 *(a)* | 100000 | 78745 |
| 3.95%, 04/01/50 *(a)* | 150000 | 116117 |
| 3.20%, 12/01/51 *(a)* | 75000 | 49334 |
| 6.15%, 11/15/52 *(a)* | 150000 | 157041 |
| 5.90%, 11/15/53 *(a)* | 150000 | 152772 |
| 5.70%, 05/15/54 *(a)* | 150000 | 148836 |
| 4.63%, 12/01/54 *(a)* | 100000 | 83702 |
| 5.50%, 03/15/55 *(a)* | 125000 | 120226 |
| 4.30%, 12/01/56 *(a)* | 150000 | 117785 |
| 4.00%, 11/15/57 *(a)* | 100000 | 74062 |
| 4.50%, 05/15/58 *(a)* | 100000 | 80796 |
| 3.70%, 11/15/59 *(a)* | 100000 | 69316 |
| 3.00%, 12/01/60 *(a)* | 100000 | 59093 |
| 3.60%, 06/15/61 *(a)* | 200000 | 135250 |
| **Constellation Energy Generation LLC** | **Constellation Energy Generation LLC** | **Constellation Energy Generation LLC** |
| 5.60%, 03/01/28 *(a)* | 150000 | 155455 |
| 5.80%, 03/01/33 *(a)* | 150000 | 159549 |
| 6.13%, 01/15/34 *(a)* | 100000 | 108557 |
| 6.25%, 10/01/39  | 162000 | 174059 |
| 5.75%, 10/01/41 *(a)* | 100000 | 100813 |
| 5.60%, 06/15/42 *(a)* | 100000 | 98992 |
| 6.50%, 10/01/53 *(a)* | 175000 | 188821 |
| 5.75%, 03/15/54 *(a)* | 150000 | 146781 |
| **Consumers Energy Co.** | **Consumers Energy Co.** | **Consumers Energy Co.** |
| 4.65%, 03/01/28 *(a)* | 200000 | 203048 |
| 4.90%, 02/15/29 *(a)* | 100000 | 102593 |
| 4.60%, 05/30/29 *(a)* | 100000 | 101748 |
| 4.70%, 01/15/30 *(a)* | 100000 | 102152 |
| 3.60%, 08/15/32 *(a)* | 100000 | 94057 |
| 4.63%, 05/15/33 *(a)* | 125000 | 124056 |
| 5.05%, 05/15/35 *(a)* | 100000 | 100968 |
| 3.95%, 05/15/43 *(a)* | 130000 | 106384 |
| 4.05%, 05/15/48 *(a)* | 100000 | 80411 |
| 4.35%, 04/15/49 *(a)* | 100000 | 83215 |
| 3.75%, 02/15/50 *(a)* | 50000 | 37384 |
| 3.10%, 08/15/50 *(a)* | 100000 | 66751 |
| 3.50%, 08/01/51 *(a)* | 200000 | 145554 |
| 4.20%, 09/01/52 *(a)* | 100000 | 80580 |
| 2.50%, 05/01/60 *(a)* | 100000 | 54793 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**67**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Dayton Power & Light Co.** | **Dayton Power & Light Co.** | **Dayton Power & Light Co.** |
| 4.55%, 08/15/30 *(a)(d)* | 110000 | 110419 |
| 3.95%, 06/15/49 *(a)* | 100000 | 73538 |
| **Dominion Energy South Carolina, Inc.** | **Dominion Energy South Carolina, Inc.** | **Dominion Energy South Carolina, Inc.** |
| 2.30%, 12/01/31 *(a)* | 75000 | 66525 |
| 5.30%, 05/15/33  | 50000 | 51749 |
| 5.30%, 01/15/35 *(a)* | 100000 | 102657 |
| 6.05%, 01/15/38  | 100000 | 106959 |
| 5.45%, 02/01/41 *(a)* | 100000 | 99407 |
| 6.25%, 10/15/53 *(a)* | 100000 | 107456 |
| 5.10%, 06/01/65 *(a)* | 100000 | 88314 |
| **Dominion Energy, Inc.** | **Dominion Energy, Inc.** | **Dominion Energy, Inc.** |
| 4.60%, 05/15/28 *(a)* | 200000 | 202226 |
| 4.25%, 06/01/28 *(a)* | 150000 | 150336 |
| 3.38%, 04/01/30 *(a)* | 275000 | 264003 |
| 5.00%, 06/15/30 *(a)* | 150000 | 154119 |
| 2.25%, 08/15/31 *(a)* | 100000 | 88198 |
| 4.35%, 08/15/32 *(a)* | 75000 | 72764 |
| 5.38%, 11/15/32 *(a)* | 150000 | 155071 |
| 5.25%, 08/01/33  | 80000 | 81051 |
| 5.45%, 03/15/35 *(a)* | 150000 | 152038 |
| 5.95%, 06/15/35  | 100000 | 105420 |
| 7.00%, 06/15/38  | 100000 | 113902 |
| 3.30%, 04/15/41 *(a)* | 100000 | 74689 |
| 4.90%, 08/01/41 *(a)* | 100000 | 90193 |
| 4.05%, 09/15/42 *(a)* | 100000 | 80385 |
| 4.70%, 12/01/44 *(a)* | 50000 | 42954 |
| 4.60%, 03/15/49 *(a)* | 100000 | 82163 |
| 4.85%, 08/15/52 *(a)* | 100000 | 84425 |
| 7.00%, 06/01/54 *(a)(b)* | 150000 | 161086 |
| 6.88%, 02/01/55 *(a)(b)* | 175000 | 183281 |
| 6.63%, 05/15/55 *(a)(b)* | 200000 | 205312 |
| 6.00%, 02/15/56 *(a)(b)* | 100000 | 101076 |
| 6.20%, 02/15/56 *(a)(b)* | 150000 | 149539 |
| **DTE Electric Co.** | **DTE Electric Co.** | **DTE Electric Co.** |
| 4.25%, 05/14/27  | 100000 | 100459 |
| 1.90%, 04/01/28 *(a)* | 100000 | 94918 |
| 2.25%, 03/01/30 *(a)* | 150000 | 138420 |
| 2.63%, 03/01/31 *(a)* | 100000 | 91924 |
| 5.20%, 04/01/33 *(a)* | 150000 | 155355 |
| 5.20%, 03/01/34 *(a)* | 150000 | 154470 |
| 5.25%, 05/15/35 *(a)* | 100000 | 102214 |
| 3.70%, 03/15/45 *(a)* | 250000 | 193715 |
| 3.75%, 08/15/47 *(a)* | 150000 | 114317 |
| 4.05%, 05/15/48 *(a)* | 100000 | 80678 |
| 3.95%, 03/01/49 *(a)* | 150000 | 117504 |
| 2.95%, 03/01/50 *(a)* | 100000 | 65277 |
| 5.40%, 04/01/53 *(a)* | 150000 | 145465 |
| 5.85%, 05/15/55 *(a)* | 100000 | 102259 |
| **DTE Energy Co.** | **DTE Energy Co.** | **DTE Energy Co.** |
| 2.85%, 10/01/26 *(a)* | 100000 | 98561 |
| 4.95%, 07/01/27 *(a)* | 200000 | 202668 |
| 4.88%, 06/01/28 *(a)* | 150000 | 152685 |
| 5.10%, 03/01/29 *(a)* | 200000 | 205142 |
| 3.40%, 06/15/29 *(a)* | 100000 | 96776 |
| 2.95%, 03/01/30 *(a)* | 100000 | 94199 |
| 5.20%, 04/01/30 *(a)* | 200000 | 206258 |
| 5.85%, 06/01/34 *(a)* | 150000 | 157855 |
| **Duke Energy Carolinas LLC** | **Duke Energy Carolinas LLC** | **Duke Energy Carolinas LLC** |
| 2.95%, 12/01/26 *(a)* | 150000 | 148233 |
| 3.95%, 11/15/28 *(a)* | 150000 | 150058 |
| 2.45%, 08/15/29 *(a)* | 150000 | 141094 |
| 2.45%, 02/01/30 *(a)* | 100000 | 93396 |
| 4.85%, 03/15/30 *(a)* | 100000 | 102867 |
| 6.45%, 10/15/32  | 130000 | 143637 |
| 4.95%, 01/15/33 *(a)* | 200000 | 204564 |
| 4.85%, 01/15/34 *(a)* | 100000 | 100536 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.25%, 03/15/35 *(a)* | 100000 | 102938 |
| 6.10%, 06/01/37  | 100000 | 107131 |
| 6.00%, 01/15/38  | 100000 | 107224 |
| 6.05%, 04/15/38  | 150000 | 161176 |
| 5.30%, 02/15/40  | 150000 | 150450 |
| 4.25%, 12/15/41 *(a)* | 155000 | 133798 |
| 4.00%, 09/30/42 *(a)* | 100000 | 82930 |
| 3.75%, 06/01/45 *(a)* | 150000 | 116180 |
| 3.88%, 03/15/46 *(a)* | 100000 | 78179 |
| 3.70%, 12/01/47 *(a)* | 75000 | 56315 |
| 3.95%, 03/15/48 *(a)* | 100000 | 78218 |
| 3.20%, 08/15/49 *(a)* | 150000 | 101112 |
| 3.45%, 04/15/51 *(a)* | 50000 | 35073 |
| 3.55%, 03/15/52 *(a)* | 100000 | 71339 |
| 5.35%, 01/15/53 *(a)* | 150000 | 142662 |
| 5.40%, 01/15/54 *(a)* | 150000 | 144748 |
| **Duke Energy Corp.** | **Duke Energy Corp.** | **Duke Energy Corp.** |
| 4.85%, 01/05/27  | 100000 | 100949 |
| 3.15%, 08/15/27 *(a)* | 200000 | 196472 |
| 4.30%, 03/15/28 *(a)* | 175000 | 175903 |
| 4.85%, 01/05/29 *(a)* | 100000 | 102037 |
| 3.40%, 06/15/29 *(a)* | 50000 | 48563 |
| 2.45%, 06/01/30 *(a)* | 250000 | 229957 |
| 2.55%, 06/15/31 *(a)* | 200000 | 180084 |
| 4.50%, 08/15/32 *(a)* | 200000 | 197524 |
| 5.75%, 09/15/33 *(a)* | 100000 | 105561 |
| 5.45%, 06/15/34 *(a)* | 125000 | 129170 |
| 3.30%, 06/15/41 *(a)* | 100000 | 75399 |
| 4.80%, 12/15/45 *(a)* | 100000 | 86966 |
| 3.75%, 09/01/46 *(a)* | 250000 | 186340 |
| 3.95%, 08/15/47 *(a)* | 100000 | 75904 |
| 4.20%, 06/15/49 *(a)* | 100000 | 77478 |
| 3.50%, 06/15/51 *(a)* | 200000 | 136618 |
| 5.00%, 08/15/52 *(a)* | 200000 | 174628 |
| 6.10%, 09/15/53 *(a)* | 100000 | 101669 |
| 5.80%, 06/15/54 *(a)* | 125000 | 121973 |
| 6.45%, 09/01/54 *(a)(b)* | 175000 | 181356 |
| 3.25%, 01/15/82 *(a)(b)* | 100000 | 96647 |
| **Duke Energy Florida LLC** | **Duke Energy Florida LLC** | **Duke Energy Florida LLC** |
| 3.20%, 01/15/27 *(a)* | 105000 | 103941 |
| 3.80%, 07/15/28 *(a)* | 150000 | 149527 |
| 2.50%, 12/01/29 *(a)* | 100000 | 93892 |
| 1.75%, 06/15/30 *(a)* | 150000 | 134061 |
| 2.40%, 12/15/31 *(a)* | 100000 | 89595 |
| 5.88%, 11/15/33 *(a)* | 100000 | 107283 |
| 6.35%, 09/15/37  | 150000 | 164481 |
| 6.40%, 06/15/38  | 200000 | 221720 |
| 3.85%, 11/15/42 *(a)* | 75000 | 60115 |
| 3.40%, 10/01/46 *(a)* | 75000 | 54008 |
| 4.20%, 07/15/48 *(a)* | 150000 | 120173 |
| 3.00%, 12/15/51 *(a)* | 100000 | 63250 |
| 5.95%, 11/15/52 *(a)* | 50000 | 51343 |
| 6.20%, 11/15/53 *(a)* | 125000 | 133086 |
| **Duke Energy Indiana LLC** | **Duke Energy Indiana LLC** | **Duke Energy Indiana LLC** |
| 5.25%, 03/01/34 *(a)* | 50000 | 51548 |
| 6.12%, 10/15/35  | 100000 | 108417 |
| 6.35%, 08/15/38  | 100000 | 110237 |
| 4.90%, 07/15/43 *(a)* | 100000 | 91216 |
| 3.25%, 10/01/49 *(a)* | 150000 | 102023 |
| 2.75%, 04/01/50 *(a)* | 100000 | 61309 |
| 5.40%, 04/01/53 *(a)* | 100000 | 95106 |
| 5.90%, 05/15/55 *(a)* | 100000 | 101970 |
| **Duke Energy Ohio, Inc.** | **Duke Energy Ohio, Inc.** | **Duke Energy Ohio, Inc.** |
| 3.65%, 02/01/29 *(a)* | 75000 | 73870 |
| 2.13%, 06/01/30 *(a)* | 150000 | 136515 |
| 5.30%, 06/15/35 *(a)* | 60000 | 61412 |
| 4.30%, 02/01/49 *(a)* | 100000 | 80893 |

---

*See financial notes*

**68**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.65%, 04/01/53 *(a)* | 100000 | 98394 |
| 5.55%, 03/15/54 *(a)* | 75000 | 72842 |
| **Duke Energy Progress LLC** | **Duke Energy Progress LLC** | **Duke Energy Progress LLC** |
| 3.70%, 09/01/28 *(a)* | 100000 | 99172 |
| 3.45%, 03/15/29 *(a)* | 150000 | 146997 |
| 2.00%, 08/15/31 *(a)* | 150000 | 131775 |
| 3.40%, 04/01/32 *(a)* | 75000 | 70675 |
| 5.25%, 03/15/33 *(a)* | 100000 | 103469 |
| 5.05%, 03/15/35 *(a)* | 150000 | 151504 |
| 4.10%, 05/15/42 *(a)* | 100000 | 83989 |
| 4.10%, 03/15/43 *(a)* | 150000 | 124832 |
| 4.15%, 12/01/44 *(a)* | 78000 | 64465 |
| 4.20%, 08/15/45 *(a)* | 100000 | 82834 |
| 3.70%, 10/15/46 *(a)* | 100000 | 75543 |
| 2.50%, 08/15/50 *(a)* | 150000 | 87452 |
| 4.00%, 04/01/52 *(a)* | 75000 | 57422 |
| 5.35%, 03/15/53 *(a)* | 150000 | 141846 |
| 5.55%, 03/15/55 *(a)* | 125000 | 121623 |
| **Edison International** | **Edison International** | **Edison International** |
| 5.75%, 06/15/27 *(a)* | 100000 | 101858 |
| 4.13%, 03/15/28 *(a)* | 100000 | 98438 |
| 5.25%, 11/15/28 *(a)* | 100000 | 101052 |
| 5.45%, 06/15/29 *(a)* | 75000 | 75866 |
| 6.95%, 11/15/29 *(a)* | 100000 | 106182 |
| 6.25%, 03/15/30 *(a)* | 100000 | 104084 |
| 5.25%, 03/15/32 *(a)* | 150000 | 147820 |
| **El Paso Electric Co.** | **El Paso Electric Co.** | **El Paso Electric Co.** |
| 6.00%, 05/15/35  | 44000 | 45660 |
| **Emera U.S. Finance LP** | **Emera U.S. Finance LP** | **Emera U.S. Finance LP** |
| 4.75%, 06/15/46 *(a)* | 250000 | 208685 |
| **Enel Americas SA** | **Enel Americas SA** | **Enel Americas SA** |
| 4.00%, 10/25/26 *(a)* | 100000 | 99425 |
| **Enel Chile SA** | **Enel Chile SA** | **Enel Chile SA** |
| 4.88%, 06/12/28 *(a)* | 100000 | 101263 |
| **Entergy Arkansas LLC** | **Entergy Arkansas LLC** | **Entergy Arkansas LLC** |
| 5.15%, 01/15/33 *(a)* | 200000 | 206234 |
| 5.45%, 06/01/34 *(a)* | 75000 | 77879 |
| 4.20%, 04/01/49 *(a)* | 150000 | 119426 |
| 2.65%, 06/15/51 *(a)* | 100000 | 58662 |
| 5.75%, 06/01/54 *(a)* | 75000 | 74745 |
| **Entergy Corp.** | **Entergy Corp.** | **Entergy Corp.** |
| 1.90%, 06/15/28 *(a)* | 150000 | 141264 |
| 2.80%, 06/15/30 *(a)* | 100000 | 93135 |
| 2.40%, 06/15/31 *(a)* | 150000 | 133854 |
| 3.75%, 06/15/50 *(a)* | 50000 | 35812 |
| 7.13%, 12/01/54 *(a)(b)* | 200000 | 208390 |
| **Entergy Louisiana LLC** | **Entergy Louisiana LLC** | **Entergy Louisiana LLC** |
| 2.40%, 10/01/26 *(a)* | 100000 | 98171 |
| 3.12%, 09/01/27 *(a)* | 75000 | 73727 |
| 3.25%, 04/01/28 *(a)* | 100000 | 98257 |
| 1.60%, 12/15/30 *(a)* | 75000 | 65645 |
| 2.35%, 06/15/32 *(a)* | 100000 | 87253 |
| 4.00%, 03/15/33 *(a)* | 100000 | 95018 |
| 5.35%, 03/15/34 *(a)* | 100000 | 103042 |
| 5.15%, 09/15/34 *(a)* | 100000 | 101284 |
| 3.10%, 06/15/41 *(a)* | 100000 | 74314 |
| 4.95%, 01/15/45 *(a)* | 75000 | 67013 |
| 4.20%, 09/01/48 *(a)* | 175000 | 140647 |
| 4.20%, 04/01/50 *(a)* | 150000 | 119129 |
| 2.90%, 03/15/51 *(a)* | 150000 | 93056 |
| 4.75%, 09/15/52 *(a)* | 100000 | 85749 |
| 5.70%, 03/15/54 *(a)* | 150000 | 146737 |
| 5.80%, 03/15/55 *(a)* | 100000 | 99648 |
| **Entergy Mississippi LLC** | **Entergy Mississippi LLC** | **Entergy Mississippi LLC** |
| 5.00%, 09/01/33 *(a)* | 50000 | 50657 |
| 3.85%, 06/01/49 *(a)* | 100000 | 75022 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.50%, 06/01/51 *(a)* | 75000 | 51728 |
| 5.85%, 06/01/54 *(a)* | 75000 | 74582 |
| 5.80%, 04/15/55 *(a)* | 100000 | 99655 |
| **Entergy Texas, Inc.** | **Entergy Texas, Inc.** | **Entergy Texas, Inc.** |
| 1.75%, 03/15/31 *(a)* | 150000 | 130957 |
| 4.50%, 03/30/39 *(a)* | 100000 | 91358 |
| 3.55%, 09/30/49 *(a)* | 100000 | 70612 |
| 5.00%, 09/15/52 *(a)* | 75000 | 66593 |
| 5.55%, 09/15/54 *(a)* | 100000 | 95753 |
| **Evergy Kansas Central, Inc.** | **Evergy Kansas Central, Inc.** | **Evergy Kansas Central, Inc.** |
| 3.10%, 04/01/27 *(a)* | 200000 | 197408 |
| 4.13%, 03/01/42 *(a)* | 100000 | 83394 |
| 4.25%, 12/01/45 *(a)* | 100000 | 82416 |
| 3.25%, 09/01/49 *(a)* | 100000 | 66171 |
| 3.45%, 04/15/50 *(a)* | 50000 | 34703 |
| 5.70%, 03/15/53 *(a)* | 100000 | 98295 |
| **Evergy Metro, Inc.** | **Evergy Metro, Inc.** | **Evergy Metro, Inc.** |
| 2.25%, 06/01/30 *(a)* | 75000 | 68699 |
| 5.40%, 04/01/34 *(a)* | 75000 | 77541 |
| 5.13%, 08/15/35 *(a)* | 120000 | 120071 |
| 5.30%, 10/01/41 *(a)* | 100000 | 96591 |
| 4.20%, 03/15/48 *(a)* | 100000 | 79864 |
| **Evergy, Inc.** | **Evergy, Inc.** | **Evergy, Inc.** |
| 2.90%, 09/15/29 *(a)* | 250000 | 236830 |
| 6.65%, 06/01/55 *(a)(b)* | 100000 | 101572 |
| **Eversource Energy** | **Eversource Energy** | **Eversource Energy** |
| 5.00%, 01/01/27  | 150000 | 151515 |
| 4.60%, 07/01/27 *(a)* | 75000 | 75486 |
| 3.30%, 01/15/28 *(a)* | 100000 | 98063 |
| 5.45%, 03/01/28 *(a)* | 200000 | 205692 |
| 5.95%, 02/01/29 *(a)* | 100000 | 104949 |
| 4.25%, 04/01/29 *(a)* | 150000 | 149649 |
| 1.65%, 08/15/30 *(a)* | 200000 | 175586 |
| 2.55%, 03/15/31 *(a)* | 100000 | 90231 |
| 5.85%, 04/15/31 *(a)* | 150000 | 158953 |
| 3.38%, 03/01/32 *(a)* | 150000 | 137766 |
| 5.13%, 05/15/33 *(a)* | 150000 | 150687 |
| 5.50%, 01/01/34 *(a)* | 100000 | 102310 |
| 5.95%, 07/15/34 *(a)* | 100000 | 105068 |
| 3.45%, 01/15/50 *(a)* | 150000 | 104453 |
| **Exelon Corp.** | **Exelon Corp.** | **Exelon Corp.** |
| 5.15%, 03/15/28 *(a)* | 200000 | 204688 |
| 5.15%, 03/15/29 *(a)* | 125000 | 128666 |
| 4.05%, 04/15/30 *(a)* | 300000 | 296817 |
| 5.13%, 03/15/31 *(a)* | 100000 | 103113 |
| 3.35%, 03/15/32 *(a)* | 100000 | 92975 |
| 5.30%, 03/15/33 *(a)* | 150000 | 154783 |
| 5.45%, 03/15/34 *(a)* | 125000 | 129070 |
| 4.95%, 06/15/35 *(a)(d)* | 80000 | 78156 |
| 5.63%, 06/15/35  | 100000 | 103518 |
| 5.10%, 06/15/45 *(a)* | 100000 | 91451 |
| 4.45%, 04/15/46 *(a)* | 100000 | 83213 |
| 4.70%, 04/15/50 *(a)* | 100000 | 83509 |
| 4.10%, 03/15/52 *(a)* | 150000 | 114207 |
| 5.60%, 03/15/53 *(a)* | 175000 | 166105 |
| 5.88%, 03/15/55 *(a)* | 75000 | 74120 |
| 6.50%, 03/15/55 *(a)(b)* | 175000 | 181044 |
| **FirstEnergy Corp.** | **FirstEnergy Corp.** | **FirstEnergy Corp.** |
| 3.90%, 07/15/27 *(a)(f)* | 250000 | 248332 |
| 2.65%, 03/01/30 *(a)* | 75000 | 69640 |
| 2.25%, 09/01/30 *(a)* | 75000 | 67404 |
| 4.85%, 07/15/47 *(a)(f)* | 125000 | 107531 |
| 3.40%, 03/01/50 *(a)* | 100000 | 67168 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**69**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **FirstEnergy Transmission LLC** | **FirstEnergy Transmission LLC** | **FirstEnergy Transmission LLC** |
| 4.55%, 01/15/30 *(a)* | 100000 | 100816 |
| 4.75%, 01/15/33 *(a)(d)* | 130000 | 129784 |
| 5.00%, 01/15/35 *(a)* | 100000 | 99276 |
| **Florida Power & Light Co.** | **Florida Power & Light Co.** | **Florida Power & Light Co.** |
| 3.30%, 05/30/27 *(a)* | 75000 | 74227 |
| 5.05%, 04/01/28 *(a)* | 175000 | 179753 |
| 4.40%, 05/15/28 *(a)* | 100000 | 101164 |
| 5.15%, 06/15/29 *(a)* | 150000 | 155766 |
| 4.63%, 05/15/30 *(a)* | 100000 | 101915 |
| 2.45%, 02/03/32 *(a)* | 300000 | 267579 |
| 5.10%, 04/01/33 *(a)* | 150000 | 153819 |
| 4.80%, 05/15/33 *(a)* | 150000 | 151369 |
| 5.63%, 04/01/34  | 50000 | 53225 |
| 5.30%, 06/15/34 *(a)* | 150000 | 155311 |
| 5.00%, 08/01/34 *(a)* | 100000 | 101163 |
| 4.95%, 06/01/35  | 75000 | 75467 |
| 5.65%, 02/01/37  | 100000 | 104905 |
| 5.95%, 02/01/38  | 100000 | 107495 |
| 5.96%, 04/01/39  | 100000 | 106514 |
| 5.69%, 03/01/40  | 75000 | 77870 |
| 5.25%, 02/01/41 *(a)* | 75000 | 73916 |
| 4.13%, 02/01/42 *(a)* | 100000 | 85281 |
| 4.05%, 06/01/42 *(a)* | 100000 | 84076 |
| 3.80%, 12/15/42 *(a)* | 100000 | 81398 |
| 4.05%, 10/01/44 *(a)* | 150000 | 123812 |
| 3.70%, 12/01/47 *(a)* | 100000 | 75762 |
| 3.95%, 03/01/48 *(a)* | 100000 | 79293 |
| 4.13%, 06/01/48 *(a)* | 150000 | 121196 |
| 3.99%, 03/01/49 *(a)* | 100000 | 78339 |
| 3.15%, 10/01/49 *(a)* | 100000 | 67210 |
| 2.88%, 12/04/51 *(a)* | 200000 | 124984 |
| 5.30%, 04/01/53 *(a)* | 100000 | 95186 |
| 5.60%, 06/15/54 *(a)* | 150000 | 148723 |
| 5.70%, 03/15/55 *(a)* | 175000 | 175759 |
| 5.80%, 03/15/65 *(a)* | 150000 | 152238 |
| **Fortis, Inc.** | **Fortis, Inc.** | **Fortis, Inc.** |
| 3.06%, 10/04/26 *(a)* | 305000 | 300474 |
| **Georgia Power Co.** | **Georgia Power Co.** | **Georgia Power Co.** |
| 5.00%, 02/23/27 *(a)* | 75000 | 76065 |
| 3.25%, 03/30/27 *(a)* | 75000 | 74139 |
| 4.65%, 05/16/28 *(a)* | 200000 | 203166 |
| 2.65%, 09/15/29 *(a)* | 150000 | 141978 |
| 4.55%, 03/15/30 *(a)* | 100000 | 101646 |
| 4.85%, 03/15/31 *(a)* | 100000 | 102480 |
| 4.70%, 05/15/32 *(a)* | 100000 | 100601 |
| 4.95%, 05/17/33 *(a)* | 200000 | 202586 |
| 5.25%, 03/15/34 *(a)* | 150000 | 153897 |
| 5.20%, 03/15/35 *(a)* | 150000 | 152301 |
| 4.75%, 09/01/40  | 75000 | 70535 |
| 4.30%, 03/15/42  | 150000 | 129637 |
| 4.30%, 03/15/43  | 100000 | 85248 |
| 3.70%, 01/30/50 *(a)* | 100000 | 74195 |
| 3.25%, 03/15/51 *(a)* | 100000 | 67653 |
| 5.13%, 05/15/52 *(a)* | 150000 | 139260 |
| **Iberdrola International BV** | **Iberdrola International BV** | **Iberdrola International BV** |
| 6.75%, 07/15/36  | 100000 | 114568 |
| **Idaho Power Co.** | **Idaho Power Co.** | **Idaho Power Co.** |
| 4.20%, 03/01/48 *(a)* | 150000 | 121553 |
| 5.50%, 03/15/53 *(a)* | 100000 | 96238 |
| 5.80%, 04/01/54 *(a)* | 75000 | 75072 |
| **Indiana Michigan Power Co.** | **Indiana Michigan Power Co.** | **Indiana Michigan Power Co.** |
| 4.55%, 03/15/46 *(a)* | 100000 | 85432 |
| 3.75%, 07/01/47 *(a)* | 100000 | 74822 |
| 4.25%, 08/15/48 *(a)* | 100000 | 79327 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.25%, 05/01/51 *(a)* | 75000 | 49013 |
| 5.63%, 04/01/53 *(a)* | 100000 | 97536 |
| **Interstate Power & Light Co.** | **Interstate Power & Light Co.** | **Interstate Power & Light Co.** |
| 3.60%, 04/01/29 *(a)* | 100000 | 98207 |
| 2.30%, 06/01/30 *(a)* | 100000 | 91253 |
| 5.70%, 10/15/33 *(a)* | 75000 | 78040 |
| 4.95%, 09/30/34 *(a)* | 100000 | 98710 |
| 5.60%, 06/29/35 *(a)* | 100000 | 103334 |
| 6.25%, 07/15/39  | 50000 | 53443 |
| 3.50%, 09/30/49 *(a)* | 100000 | 70269 |
| 5.45%, 09/30/54 *(a)* | 25000 | 23637 |
| **IPALCO Enterprises, Inc.** | **IPALCO Enterprises, Inc.** | **IPALCO Enterprises, Inc.** |
| 5.75%, 04/01/34 *(a)* | 50000 | 50513 |
| **ITC Holdings Corp.** | **ITC Holdings Corp.** | **ITC Holdings Corp.** |
| 5.30%, 07/01/43 *(a)* | 100000 | 93781 |
| **Jersey Central Power & Light Co.** | **Jersey Central Power & Light Co.** | **Jersey Central Power & Light Co.** |
| 5.10%, 01/15/35 *(a)* | 150000 | 150409 |
| **John Sevier Combined Cycle Generation LLC** | **John Sevier Combined Cycle Generation LLC** | **John Sevier Combined Cycle Generation LLC** |
| 4.63%, 01/15/42  | 76864 | 74571 |
| **Johnsonville Aeroderivative Combustion Turbine Generation LLC** | **Johnsonville Aeroderivative Combustion Turbine Generation LLC** | **Johnsonville Aeroderivative Combustion Turbine Generation LLC** |
| 5.08%, 10/01/54  | 124227 | 118009 |
| **Kentucky Utilities Co.** | **Kentucky Utilities Co.** | **Kentucky Utilities Co.** |
| 5.13%, 11/01/40 *(a)* | 100000 | 97357 |
| 4.38%, 10/01/45 *(a)* | 100000 | 84245 |
| 3.30%, 06/01/50 *(a)* | 100000 | 67630 |
| 5.85%, 08/15/55 *(a)* | 125000 | 124181 |
| **Louisville Gas & Electric Co.** | **Louisville Gas & Electric Co.** | **Louisville Gas & Electric Co.** |
| 5.45%, 04/15/33 *(a)* | 75000 | 78199 |
| 4.25%, 04/01/49 *(a)* | 100000 | 79697 |
| 5.85%, 08/15/55 *(a)* | 150000 | 149041 |
| **MidAmerican Energy Co.** | **MidAmerican Energy Co.** | **MidAmerican Energy Co.** |
| 3.65%, 04/15/29 *(a)* | 200000 | 197324 |
| 6.75%, 12/30/31  | 100000 | 113386 |
| 5.35%, 01/15/34 *(a)* | 75000 | 77858 |
| 5.75%, 11/01/35  | 75000 | 79661 |
| 4.80%, 09/15/43 *(a)* | 100000 | 90850 |
| 4.40%, 10/15/44 *(a)* | 100000 | 85889 |
| 4.25%, 05/01/46 *(a)* | 100000 | 82997 |
| 3.95%, 08/01/47 *(a)* | 50000 | 39286 |
| 3.65%, 08/01/48 *(a)* | 150000 | 111627 |
| 4.25%, 07/15/49 *(a)* | 150000 | 121602 |
| 3.15%, 04/15/50 *(a)* | 100000 | 67000 |
| 2.70%, 08/01/52 *(a)* | 100000 | 61188 |
| 5.85%, 09/15/54 *(a)* | 175000 | 179146 |
| 5.30%, 02/01/55 *(a)* | 100000 | 94384 |
| **Mississippi Power Co.** | **Mississippi Power Co.** | **Mississippi Power Co.** |
| 4.25%, 03/15/42  | 100000 | 85991 |
| 3.10%, 07/30/51 *(a)* | 100000 | 65434 |
| **National Grid PLC** | **National Grid PLC** | **National Grid PLC** |
| 5.60%, 06/12/28 *(a)* | 150000 | 155412 |
| 5.81%, 06/12/33 *(a)* | 150000 | 158958 |
| 5.42%, 01/11/34 *(a)* | 150000 | 154386 |
| **National Rural Utilities Cooperative Finance Corp.** | **National Rural Utilities Cooperative Finance Corp.** | **National Rural Utilities Cooperative Finance Corp.** |
| 4.80%, 02/05/27 *(a)* | 100000 | 100970 |
| 5.10%, 05/06/27 *(a)* | 100000 | 101715 |
| 4.12%, 09/16/27 *(a)* | 100000 | 100241 |
| 3.40%, 02/07/28 *(a)* | 200000 | 197108 |
| 4.75%, 02/07/28 *(a)* | 100000 | 101618 |
| 4.80%, 03/15/28 *(a)* | 100000 | 101947 |
| 4.15%, 08/25/28 *(a)* | 210000 | 210825 |
| 4.85%, 02/07/29 *(a)* | 150000 | 153630 |
| 3.70%, 03/15/29 *(a)* | 100000 | 98689 |
| 5.15%, 06/15/29 *(a)* | 100000 | 103768 |
| 2.40%, 03/15/30 *(a)* | 100000 | 92906 |
| 5.00%, 02/07/31 *(a)* | 100000 | 103183 |

---

*See financial notes*

**70**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 1.35%, 03/15/31 *(a)* | 100000 | 85528 |
| 1.65%, 06/15/31 *(a)* | 100000 | 86155 |
| 8.00%, 03/01/32  | 100000 | 118748 |
| 2.75%, 04/15/32 *(a)* | 100000 | 90045 |
| 4.02%, 11/01/32 *(a)* | 100000 | 96208 |
| 4.15%, 12/15/32 *(a)* | 100000 | 97207 |
| 5.80%, 01/15/33 *(a)* | 75000 | 80064 |
| 5.00%, 08/15/34 *(a)* | 100000 | 101068 |
| 4.40%, 11/01/48 *(a)* | 50000 | 42013 |
| 4.30%, 03/15/49 *(a)* | 100000 | 83061 |
| 7.13%, 09/15/53 *(a)(b)* | 75000 | 78971 |
| **Nevada Power Co.** | **Nevada Power Co.** | **Nevada Power Co.** |
| 3.70%, 05/01/29 *(a)* | 150000 | 147744 |
| 6.65%, 04/01/36  | 100000 | 110965 |
| 6.75%, 07/01/37  | 100000 | 112268 |
| 3.13%, 08/01/50 *(a)* | 100000 | 63694 |
| 6.00%, 03/15/54 *(a)* | 100000 | 100971 |
| **NextEra Energy Capital Holdings, Inc.** | **NextEra Energy Capital Holdings, Inc.** | **NextEra Energy Capital Holdings, Inc.** |
| 1.88%, 01/15/27 *(a)* | 150000 | 145428 |
| 3.55%, 05/01/27 *(a)* | 250000 | 247570 |
| 4.63%, 07/15/27 *(a)* | 200000 | 201822 |
| 4.69%, 09/01/27  | 600000 | 605754 |
| 4.85%, 02/04/28  | 150000 | 152629 |
| 4.90%, 02/28/28 *(a)* | 200000 | 203558 |
| 1.90%, 06/15/28 *(a)* | 300000 | 283038 |
| 4.90%, 03/15/29 *(a)* | 175000 | 178873 |
| 3.50%, 04/01/29 *(a)* | 150000 | 146761 |
| 2.75%, 11/01/29 *(a)* | 150000 | 141673 |
| 5.00%, 02/28/30 *(a)* | 100000 | 103071 |
| 5.05%, 03/15/30 *(a)* | 150000 | 154449 |
| 2.25%, 06/01/30 *(a)* | 400000 | 364536 |
| 2.44%, 01/15/32 *(a)* | 200000 | 175430 |
| 5.30%, 03/15/32 *(a)* | 150000 | 155311 |
| 5.00%, 07/15/32 *(a)* | 200000 | 203400 |
| 5.05%, 02/28/33 *(a)* | 175000 | 177581 |
| 5.25%, 03/15/34 *(a)* | 200000 | 203676 |
| 5.45%, 03/15/35 *(a)* | 150000 | 153901 |
| 3.00%, 01/15/52 *(a)* | 100000 | 62031 |
| 5.25%, 02/28/53 *(a)* | 200000 | 183200 |
| 5.55%, 03/15/54 *(a)* | 100000 | 95109 |
| 6.75%, 06/15/54 *(a)(b)* | 200000 | 211382 |
| 6.70%, 09/01/54 *(a)(b)* | 175000 | 180532 |
| 5.90%, 03/15/55 *(a)* | 100000 | 99751 |
| 6.38%, 08/15/55 *(a)(b)* | 275000 | 284306 |
| 6.50%, 08/15/55 *(a)(b)* | 200000 | 209808 |
| 4.80%, 12/01/77 *(a)(b)* | 100000 | 96545 |
| 5.65%, 05/01/79 *(a)(b)* | 100000 | 100005 |
| 3.80%, 03/15/82 *(a)(b)* | 100000 | 96780 |
| **Northern States Power Co.** | **Northern States Power Co.** | **Northern States Power Co.** |
| 5.05%, 05/15/35 *(a)* | 100000 | 101132 |
| 5.35%, 11/01/39  | 100000 | 102516 |
| 3.40%, 08/15/42 *(a)* | 250000 | 191597 |
| 4.00%, 08/15/45 *(a)* | 150000 | 121971 |
| 3.60%, 09/15/47 *(a)* | 150000 | 112013 |
| 2.90%, 03/01/50 *(a)* | 150000 | 97038 |
| 3.20%, 04/01/52 *(a)* | 100000 | 68125 |
| 4.50%, 06/01/52 *(a)* | 100000 | 84256 |
| 5.10%, 05/15/53 *(a)* | 150000 | 138093 |
| 5.40%, 03/15/54 *(a)* | 100000 | 96971 |
| 5.65%, 06/15/54 *(a)* | 75000 | 74987 |
| 5.65%, 05/15/55 *(a)* | 75000 | 74452 |
| **NorthWestern Corp.** | **NorthWestern Corp.** | **NorthWestern Corp.** |
| 4.18%, 11/15/44 *(a)* | 100000 | 82236 |
| **NSTAR Electric Co.** | **NSTAR Electric Co.** | **NSTAR Electric Co.** |
| 3.20%, 05/15/27 *(a)* | 150000 | 147964 |
| 3.25%, 05/15/29 *(a)* | 150000 | 145668 |
| 5.40%, 06/01/34 *(a)* | 100000 | 103534 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.20%, 03/01/35 *(a)* | 75000 | 76249 |
| 5.50%, 03/15/40  | 75000 | 76195 |
| 4.40%, 03/01/44 *(a)* | 50000 | 42807 |
| 4.55%, 06/01/52 *(a)* | 150000 | 124961 |
| **Oglethorpe Power Corp.** | **Oglethorpe Power Corp.** | **Oglethorpe Power Corp.** |
| 5.95%, 11/01/39  | 100000 | 103953 |
| 5.38%, 11/01/40  | 100000 | 97820 |
| 4.50%, 04/01/47 *(a)* | 100000 | 82459 |
| 5.05%, 10/01/48 *(a)* | 75000 | 66887 |
| 3.75%, 08/01/50 *(a)* | 100000 | 70424 |
| 6.20%, 12/01/53 *(a)* | 75000 | 76835 |
| 5.80%, 06/01/54 *(a)* | 100000 | 96814 |
| 5.90%, 02/01/55 *(a)* | 50000 | 49163 |
| **Ohio Edison Co.** | **Ohio Edison Co.** | **Ohio Edison Co.** |
| 6.88%, 07/15/36  | 100000 | 113596 |
| **Ohio Power Co.** | **Ohio Power Co.** | **Ohio Power Co.** |
| 2.60%, 04/01/30 *(a)* | 100000 | 93041 |
| 1.63%, 01/15/31 *(a)* | 100000 | 86489 |
| 5.00%, 06/01/33 *(a)* | 100000 | 100748 |
| 4.15%, 04/01/48 *(a)* | 75000 | 58078 |
| 4.00%, 06/01/49 *(a)* | 50000 | 37556 |
| 2.90%, 10/01/51 *(a)* | 150000 | 90372 |
| **Oklahoma Gas & Electric Co.** | **Oklahoma Gas & Electric Co.** | **Oklahoma Gas & Electric Co.** |
| 3.80%, 08/15/28 *(a)* | 100000 | 99513 |
| 3.30%, 03/15/30 *(a)* | 100000 | 95900 |
| 3.25%, 04/01/30 *(a)* | 150000 | 144198 |
| 3.85%, 08/15/47 *(a)* | 75000 | 58031 |
| 5.60%, 04/01/53 *(a)* | 150000 | 145666 |
| **Oncor Electric Delivery Co. LLC** | **Oncor Electric Delivery Co. LLC** | **Oncor Electric Delivery Co. LLC** |
| 4.30%, 05/15/28 *(a)* | 100000 | 100775 |
| 3.70%, 11/15/28 *(a)* | 100000 | 99037 |
| 4.65%, 11/01/29 *(a)* | 100000 | 101827 |
| 2.75%, 05/15/30 *(a)* | 150000 | 140733 |
| 7.00%, 05/01/32  | 150000 | 169386 |
| 4.15%, 06/01/32 *(a)* | 100000 | 97057 |
| 4.55%, 09/15/32 *(a)* | 100000 | 99456 |
| 7.25%, 01/15/33  | 100000 | 114697 |
| 5.65%, 11/15/33 *(a)* | 150000 | 158841 |
| 5.35%, 04/01/35 *(a)(d)* | 125000 | 128654 |
| 7.50%, 09/01/38  | 75000 | 90577 |
| 5.25%, 09/30/40  | 75000 | 74039 |
| 4.55%, 12/01/41 *(a)* | 80000 | 71234 |
| 5.30%, 06/01/42 *(a)* | 37000 | 35828 |
| 3.80%, 09/30/47 *(a)* | 100000 | 76396 |
| 3.80%, 06/01/49 *(a)* | 100000 | 74325 |
| 3.10%, 09/15/49 *(a)* | 150000 | 98991 |
| 3.70%, 05/15/50 *(a)* | 100000 | 72400 |
| 2.70%, 11/15/51 *(a)* | 100000 | 59135 |
| 4.60%, 06/01/52 *(a)* | 100000 | 82744 |
| 4.95%, 09/15/52 *(a)* | 100000 | 88891 |
| 5.35%, 10/01/52 *(a)* | 78000 | 73129 |
| 5.55%, 06/15/54 *(a)* | 150000 | 145099 |
| 5.80%, 04/01/55 *(a)(d)* | 125000 | 125191 |
| **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** |
| 3.30%, 03/15/27 *(a)* | 100000 | 98374 |
| 5.45%, 06/15/27 *(a)* | 100000 | 101595 |
| 2.10%, 08/01/27 *(a)* | 200000 | 191732 |
| 3.30%, 12/01/27 *(a)* | 250000 | 244207 |
| 5.00%, 06/04/28 *(a)* | 70000 | 71069 |
| 3.00%, 06/15/28 *(a)* | 150000 | 144516 |
| 3.75%, 07/01/28  | 200000 | 196194 |
| 6.10%, 01/15/29 *(a)* | 200000 | 209012 |
| 5.55%, 05/15/29 *(a)* | 200000 | 205820 |
| 4.55%, 07/01/30 *(a)* | 550000 | 544945 |
| 2.50%, 02/01/31 *(a)* | 350000 | 310649 |
| 3.25%, 06/01/31 *(a)* | 175000 | 160554 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**71**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.40%, 03/01/32 *(a)* | 100000 | 96483 |
| 5.90%, 06/15/32 *(a)* | 100000 | 104134 |
| 6.15%, 01/15/33 *(a)* | 150000 | 157659 |
| 6.40%, 06/15/33 *(a)* | 200000 | 212570 |
| 6.95%, 03/15/34 *(a)* | 150000 | 164379 |
| 5.80%, 05/15/34 *(a)* | 200000 | 204522 |
| 5.70%, 03/01/35 *(a)* | 175000 | 177403 |
| 6.00%, 08/15/35 *(a)* | 160000 | 165589 |
| 4.50%, 07/01/40 *(a)* | 350000 | 298760 |
| 3.30%, 08/01/40 *(a)* | 175000 | 129776 |
| 4.20%, 06/01/41 *(a)* | 100000 | 79354 |
| 4.60%, 06/15/43 *(a)* | 75000 | 60920 |
| 4.75%, 02/15/44 *(a)* | 100000 | 82864 |
| 4.30%, 03/15/45 *(a)* | 100000 | 77063 |
| 4.25%, 03/15/46 *(a)* | 100000 | 75623 |
| 4.00%, 12/01/46 *(a)* | 100000 | 72552 |
| 3.95%, 12/01/47 *(a)* | 200000 | 145060 |
| 4.95%, 07/01/50 *(a)* | 550000 | 455521 |
| 3.50%, 08/01/50 *(a)* | 350000 | 229680 |
| 5.25%, 03/01/52 *(a)* | 100000 | 85569 |
| 6.75%, 01/15/53 *(a)* | 250000 | 258425 |
| 6.70%, 04/01/53 *(a)* | 150000 | 154689 |
| 5.90%, 10/01/54 *(a)* | 125000 | 117066 |
| 6.15%, 03/01/55 *(a)* | 125000 | 121048 |
| **PacifiCorp** | **PacifiCorp** | **PacifiCorp** |
| 5.10%, 02/15/29 *(a)* | 100000 | 102491 |
| 3.50%, 06/15/29 *(a)* | 100000 | 97313 |
| 5.30%, 02/15/31 *(a)* | 150000 | 155778 |
| 7.70%, 11/15/31  | 100000 | 116591 |
| 5.45%, 02/15/34 *(a)* | 200000 | 203404 |
| 6.10%, 08/01/36  | 100000 | 105746 |
| 5.75%, 04/01/37  | 100000 | 102351 |
| 6.25%, 10/15/37  | 100000 | 105894 |
| 6.35%, 07/15/38  | 100000 | 106272 |
| 6.00%, 01/15/39  | 130000 | 134257 |
| 4.10%, 02/01/42 *(a)* | 75000 | 60147 |
| 4.13%, 01/15/49 *(a)* | 75000 | 56965 |
| 4.15%, 02/15/50 *(a)* | 150000 | 113805 |
| 3.30%, 03/15/51 *(a)* | 100000 | 63985 |
| 2.90%, 06/15/52 *(a)* | 100000 | 58537 |
| 5.35%, 12/01/53 *(a)* | 200000 | 179132 |
| 5.50%, 05/15/54 *(a)* | 175000 | 159819 |
| 5.80%, 01/15/55 *(a)* | 200000 | 188976 |
| **PECO Energy Co.** | **PECO Energy Co.** | **PECO Energy Co.** |
| 4.90%, 06/15/33 *(a)* | 150000 | 152503 |
| 4.15%, 10/01/44 *(a)* | 100000 | 83034 |
| 3.90%, 03/01/48 *(a)* | 150000 | 117264 |
| 3.00%, 09/15/49 *(a)* | 100000 | 65187 |
| 2.80%, 06/15/50 *(a)* | 100000 | 62318 |
| 3.05%, 03/15/51 *(a)* | 75000 | 48384 |
| 4.60%, 05/15/52 *(a)* | 75000 | 64491 |
| 4.38%, 08/15/52 *(a)* | 75000 | 61546 |
| 5.25%, 09/15/54 *(a)* | 125000 | 117621 |
| **Pinnacle West Capital Corp.** | **Pinnacle West Capital Corp.** | **Pinnacle West Capital Corp.** |
| 4.90%, 05/15/28 *(a)* | 100000 | 101563 |
| 5.15%, 05/15/30 *(a)* | 100000 | 102935 |
| **Potomac Electric Power Co.** | **Potomac Electric Power Co.** | **Potomac Electric Power Co.** |
| 5.20%, 03/15/34 *(a)* | 100000 | 102558 |
| 6.50%, 11/15/37  | 75000 | 83855 |
| 4.15%, 03/15/43 *(a)* | 100000 | 83498 |
| 5.50%, 03/15/54 *(a)* | 75000 | 72389 |
| **PPL Capital Funding, Inc.** | **PPL Capital Funding, Inc.** | **PPL Capital Funding, Inc.** |
| 4.13%, 04/15/30 *(a)* | 100000 | 99285 |
| 5.25%, 09/01/34 *(a)* | 150000 | 152208 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **PPL Electric Utilities Corp.** | **PPL Electric Utilities Corp.** | **PPL Electric Utilities Corp.** |
| 5.00%, 05/15/33 *(a)* | 150000 | 153444 |
| 4.85%, 02/15/34 *(a)* | 150000 | 151053 |
| 4.75%, 07/15/43 *(a)* | 50000 | 45266 |
| 4.13%, 06/15/44 *(a)* | 100000 | 83840 |
| 3.95%, 06/01/47 *(a)* | 150000 | 119147 |
| 4.15%, 06/15/48 *(a)* | 100000 | 81090 |
| 5.25%, 05/15/53 *(a)* | 150000 | 142065 |
| 5.55%, 08/15/55 *(a)* | 100000 | 97791 |
| **Progress Energy, Inc.** | **Progress Energy, Inc.** | **Progress Energy, Inc.** |
| 7.75%, 03/01/31  | 150000 | 173698 |
| 7.00%, 10/30/31  | 100000 | 112975 |
| 6.00%, 12/01/39  | 100000 | 105244 |
| **Public Service Co. of Colorado** | **Public Service Co. of Colorado** | **Public Service Co. of Colorado** |
| 3.70%, 06/15/28 *(a)* | 100000 | 99449 |
| 1.90%, 01/15/31 *(a)* | 150000 | 132225 |
| 1.88%, 06/15/31 *(a)* | 150000 | 130860 |
| 5.35%, 05/15/34 *(a)* | 175000 | 178276 |
| 5.15%, 09/15/35 *(a)* | 240000 | 238661 |
| 6.25%, 09/01/37  | 100000 | 108229 |
| 3.60%, 09/15/42 *(a)* | 100000 | 77017 |
| 4.30%, 03/15/44 *(a)* | 40000 | 33040 |
| 3.80%, 06/15/47 *(a)* | 125000 | 93898 |
| 4.05%, 09/15/49 *(a)* | 100000 | 76894 |
| 3.20%, 03/01/50 *(a)* | 100000 | 65905 |
| 4.50%, 06/01/52 *(a)* | 100000 | 81187 |
| 5.25%, 04/01/53 *(a)* | 150000 | 136972 |
| 5.75%, 05/15/54 *(a)* | 150000 | 147508 |
| 5.85%, 05/15/55 *(a)* | 100000 | 98630 |
| **Public Service Co. of New Hampshire** | **Public Service Co. of New Hampshire** | **Public Service Co. of New Hampshire** |
| 4.40%, 07/01/28  | 50000 | 50533 |
| 2.20%, 06/15/31 *(a)* | 100000 | 89519 |
| 5.35%, 10/01/33 *(a)* | 100000 | 104474 |
| 3.60%, 07/01/49 *(a)* | 50000 | 36841 |
| 5.15%, 01/15/53 *(a)* | 50000 | 46226 |
| **Public Service Co. of Oklahoma** | **Public Service Co. of Oklahoma** | **Public Service Co. of Oklahoma** |
| 2.20%, 08/15/31 *(a)* | 100000 | 88025 |
| 5.25%, 01/15/33 *(a)* | 100000 | 102215 |
| 5.20%, 01/15/35 *(a)* | 150000 | 150555 |
| **Public Service Electric & Gas Co.** | **Public Service Electric & Gas Co.** | **Public Service Electric & Gas Co.** |
| 2.25%, 09/15/26 *(a)* | 150000 | 147234 |
| 3.65%, 09/01/28 *(a)* | 100000 | 99006 |
| 3.20%, 05/15/29 *(a)* | 100000 | 97129 |
| 1.90%, 08/15/31 *(a)* | 250000 | 218617 |
| 4.90%, 12/15/32 *(a)* | 150000 | 152935 |
| 5.20%, 08/01/33 *(a)* | 100000 | 103393 |
| 5.20%, 03/01/34 *(a)* | 100000 | 102854 |
| 4.85%, 08/01/34 *(a)* | 100000 | 100379 |
| 4.90%, 08/15/35 *(a)* | 130000 | 129797 |
| 5.50%, 03/01/40  | 75000 | 76559 |
| 3.95%, 05/01/42 *(a)* | 150000 | 124014 |
| 3.80%, 03/01/46 *(a)* | 150000 | 116997 |
| 3.60%, 12/01/47 *(a)* | 100000 | 74465 |
| 3.85%, 05/01/49 *(a)* | 150000 | 114998 |
| 3.20%, 08/01/49 *(a)* | 75000 | 51366 |
| 3.15%, 01/01/50 *(a)* | 100000 | 67598 |
| 2.70%, 05/01/50 *(a)* | 150000 | 91949 |
| 2.05%, 08/01/50 *(a)* | 200000 | 106104 |
| 5.13%, 03/15/53 *(a)* | 50000 | 46307 |
| 5.45%, 08/01/53 *(a)* | 100000 | 97298 |
| 5.45%, 03/01/54 *(a)* | 100000 | 97442 |
| 5.30%, 08/01/54 *(a)* | 100000 | 95049 |
| **Public Service Enterprise Group, Inc.** | **Public Service Enterprise Group, Inc.** | **Public Service Enterprise Group, Inc.** |
| 5.85%, 11/15/27 *(a)* | 200000 | 207208 |
| 5.88%, 10/15/28 *(a)* | 150000 | 157243 |
| 5.20%, 04/01/29 *(a)* | 150000 | 154816 |

---

*See financial notes*

**72**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 1.60%, 08/15/30 *(a)* | 200000 | 174664 |
| 2.45%, 11/15/31 *(a)* | 125000 | 110919 |
| 6.13%, 10/15/33 *(a)* | 75000 | 80446 |
| 5.45%, 04/01/34 *(a)* | 75000 | 77156 |
| **Puget Energy, Inc.** | **Puget Energy, Inc.** | **Puget Energy, Inc.** |
| 2.38%, 06/15/28 *(a)* | 100000 | 94934 |
| 4.10%, 06/15/30 *(a)* | 100000 | 97505 |
| 4.22%, 03/15/32 *(a)* | 75000 | 71419 |
| 5.73%, 03/15/35 *(a)* | 110000 | 111836 |
| **Puget Sound Energy, Inc.** | **Puget Sound Energy, Inc.** | **Puget Sound Energy, Inc.** |
| 5.33%, 06/15/34 *(a)* | 75000 | 77141 |
| 6.27%, 03/15/37  | 62000 | 67274 |
| 5.76%, 10/01/39  | 75000 | 77882 |
| 5.80%, 03/15/40  | 75000 | 77639 |
| 4.30%, 05/20/45 *(a)* | 75000 | 61399 |
| 4.22%, 06/15/48 *(a)* | 100000 | 80735 |
| 3.25%, 09/15/49 *(a)* | 100000 | 66867 |
| 2.89%, 09/15/51 *(a)* | 100000 | 61607 |
| 5.45%, 06/01/53 *(a)* | 75000 | 71407 |
| 5.69%, 06/15/54 *(a)* | 75000 | 74068 |
| **San Diego Gas & Electric Co.** | **San Diego Gas & Electric Co.** | **San Diego Gas & Electric Co.** |
| 4.95%, 08/15/28 *(a)* | 100000 | 102687 |
| 1.70%, 10/01/30 *(a)* | 200000 | 176396 |
| 3.00%, 03/15/32 *(a)* | 100000 | 90971 |
| 6.00%, 06/01/39  | 50000 | 53576 |
| 4.50%, 08/15/40  | 100000 | 90897 |
| 3.75%, 06/01/47 *(a)* | 75000 | 56105 |
| 4.15%, 05/15/48 *(a)* | 100000 | 79531 |
| 4.10%, 06/15/49 *(a)* | 100000 | 78391 |
| 3.32%, 04/15/50 *(a)* | 100000 | 67300 |
| 2.95%, 08/15/51 *(a)* | 150000 | 94509 |
| 5.35%, 04/01/53 *(a)* | 150000 | 139899 |
| 5.55%, 04/15/54 *(a)* | 100000 | 95882 |
| **Sierra Pacific Power Co.** | **Sierra Pacific Power Co.** | **Sierra Pacific Power Co.** |
| 5.90%, 03/15/54 *(a)* | 75000 | 74508 |
| **Southern California Edison Co.** | **Southern California Edison Co.** | **Southern California Edison Co.** |
| 4.70%, 06/01/27 *(a)* | 150000 | 150807 |
| 5.85%, 11/01/27 *(a)* | 150000 | 154552 |
| 3.65%, 03/01/28 *(a)* | 100000 | 98489 |
| 5.30%, 03/01/28 *(a)* | 150000 | 153385 |
| 5.65%, 10/01/28 *(a)* | 100000 | 103596 |
| 4.20%, 03/01/29 *(a)* | 100000 | 99179 |
| 5.15%, 06/01/29 *(a)* | 100000 | 102215 |
| 2.85%, 08/01/29 *(a)* | 100000 | 94188 |
| 5.25%, 03/15/30 *(a)* | 150000 | 153649 |
| 2.25%, 06/01/30 *(a)* | 150000 | 134986 |
| 5.45%, 06/01/31 *(a)* | 150000 | 155236 |
| 2.75%, 02/01/32 *(a)* | 100000 | 87883 |
| 5.95%, 11/01/32 *(a)* | 125000 | 131571 |
| 6.00%, 01/15/34  | 150000 | 156177 |
| 5.20%, 06/01/34 *(a)* | 200000 | 198912 |
| 5.45%, 03/01/35 *(a)* | 100000 | 100735 |
| 5.75%, 04/01/35  | 75000 | 77438 |
| 5.63%, 02/01/36  | 100000 | 100582 |
| 5.55%, 01/15/37  | 75000 | 74551 |
| 5.95%, 02/01/38  | 100000 | 102371 |
| 6.05%, 03/15/39  | 100000 | 102986 |
| 5.50%, 03/15/40  | 100000 | 97447 |
| 4.50%, 09/01/40 *(a)* | 75000 | 65843 |
| 4.05%, 03/15/42 *(a)* | 100000 | 79113 |
| 3.90%, 03/15/43 *(a)* | 50000 | 38491 |
| 4.65%, 10/01/43 *(a)* | 150000 | 126470 |
| 3.60%, 02/01/45 *(a)* | 100000 | 71885 |
| 4.00%, 04/01/47 *(a)* | 300000 | 223662 |
| 4.13%, 03/01/48 *(a)* | 250000 | 189345 |
| 4.88%, 03/01/49 *(a)* | 100000 | 83696 |
| 3.65%, 02/01/50 *(a)* | 200000 | 137714 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.95%, 02/01/51 *(a)* | 100000 | 60730 |
| 3.65%, 06/01/51 *(a)* | 100000 | 68126 |
| 3.45%, 02/01/52 *(a)* | 100000 | 65262 |
| 5.45%, 06/01/52 *(a)* | 50000 | 44595 |
| 5.70%, 03/01/53 *(a)* | 100000 | 92501 |
| 5.88%, 12/01/53 *(a)* | 150000 | 142903 |
| 5.75%, 04/15/54 *(a)* | 50000 | 46647 |
| 5.90%, 03/01/55 *(a)* | 100000 | 95563 |
| 6.20%, 09/15/55 *(a)* | 125000 | 124276 |
| **Southern Co.** | **Southern Co.** | **Southern Co.** |
| 5.11%, 08/01/27 *(f)* | 150000 | 152974 |
| 1.75%, 03/15/28 *(a)* | 75000 | 70811 |
| 4.85%, 06/15/28 *(a)* | 200000 | 203934 |
| 5.50%, 03/15/29 *(a)* | 200000 | 208596 |
| 3.70%, 04/30/30 *(a)* | 175000 | 170641 |
| 5.70%, 10/15/32 *(a)* | 100000 | 105531 |
| 5.20%, 06/15/33 *(a)* | 150000 | 153247 |
| 5.70%, 03/15/34 *(a)* | 150000 | 157345 |
| 4.85%, 03/15/35 *(a)* | 125000 | 122703 |
| 4.25%, 07/01/36 *(a)* | 125000 | 115148 |
| 4.40%, 07/01/46 *(a)* | 300000 | 249933 |
| 3.75%, 09/15/51 *(a)(b)* | 200000 | 197520 |
| 6.38%, 03/15/55 *(a)(b)* | 300000 | 314244 |
| **Southern Power Co.** | **Southern Power Co.** | **Southern Power Co.** |
| 5.15%, 09/15/41  | 100000 | 94641 |
| 5.25%, 07/15/43  | 50000 | 47262 |
| 4.95%, 12/15/46 *(a)* | 100000 | 88114 |
| **Southwestern Electric Power Co.** | **Southwestern Electric Power Co.** | **Southwestern Electric Power Co.** |
| 2.75%, 10/01/26 *(a)* | 75000 | 73749 |
| 4.10%, 09/15/28 *(a)* | 150000 | 149823 |
| 5.30%, 04/01/33 *(a)* | 100000 | 101648 |
| 6.20%, 03/15/40  | 100000 | 104626 |
| 3.90%, 04/01/45 *(a)* | 75000 | 56873 |
| 3.85%, 02/01/48 *(a)* | 50000 | 36457 |
| 3.25%, 11/01/51 *(a)* | 75000 | 48432 |
| **Southwestern Public Service Co.** | **Southwestern Public Service Co.** | **Southwestern Public Service Co.** |
| 4.50%, 08/15/41 *(a)* | 150000 | 132372 |
| 3.40%, 08/15/46 *(a)* | 75000 | 51900 |
| 3.70%, 08/15/47 *(a)* | 100000 | 73198 |
| 3.15%, 05/01/50 *(a)* | 150000 | 96837 |
| 6.00%, 06/01/54 *(a)* | 100000 | 100272 |
| **System Energy Resources, Inc.** | **System Energy Resources, Inc.** | **System Energy Resources, Inc.** |
| 6.00%, 04/15/28 *(a)* | 75000 | 78139 |
| 5.30%, 12/15/34 *(a)* | 100000 | 99696 |
| **Tampa Electric Co.** | **Tampa Electric Co.** | **Tampa Electric Co.** |
| 4.90%, 03/01/29 *(a)* | 100000 | 102358 |
| 2.40%, 03/15/31 *(a)* | 100000 | 90705 |
| 4.10%, 06/15/42 *(a)* | 200000 | 167762 |
| 4.30%, 06/15/48 *(a)* | 250000 | 204285 |
| **Toledo Edison Co.** | **Toledo Edison Co.** | **Toledo Edison Co.** |
| 6.15%, 05/15/37  | 50000 | 54384 |
| **Tucson Electric Power Co.** | **Tucson Electric Power Co.** | **Tucson Electric Power Co.** |
| 1.50%, 08/01/30 *(a)* | 100000 | 87017 |
| 5.20%, 09/15/34 *(a)* | 75000 | 75819 |
| 4.85%, 12/01/48 *(a)* | 50000 | 43651 |
| 4.00%, 06/15/50 *(a)* | 100000 | 75109 |
| 5.90%, 04/15/55 *(a)* | 75000 | 74123 |
| **Union Electric Co.** | **Union Electric Co.** | **Union Electric Co.** |
| 3.50%, 03/15/29 *(a)* | 150000 | 147234 |
| 2.95%, 03/15/30 *(a)* | 200000 | 190478 |
| 2.15%, 03/15/32 *(a)* | 100000 | 86705 |
| 5.20%, 04/01/34 *(a)* | 100000 | 102538 |
| 8.45%, 03/15/39  | 100000 | 129178 |
| 3.90%, 09/15/42 *(a)* | 40000 | 32557 |
| 4.00%, 04/01/48 *(a)* | 250000 | 197070 |
| 2.63%, 03/15/51 *(a)* | 100000 | 59253 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**73**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.90%, 04/01/52 *(a)* | 150000 | 113358 |
| 5.45%, 03/15/53 *(a)* | 100000 | 95755 |
| 5.13%, 03/15/55 *(a)* | 75000 | 68646 |
| **Virginia Electric & Power Co.** | **Virginia Electric & Power Co.** | **Virginia Electric & Power Co.** |
| 3.50%, 03/15/27 *(a)* | 150000 | 148867 |
| 3.75%, 05/15/27 *(a)* | 150000 | 149269 |
| 3.80%, 04/01/28 *(a)* | 150000 | 149554 |
| 2.88%, 07/15/29 *(a)* | 100000 | 95703 |
| 2.30%, 11/15/31 *(a)* | 75000 | 66325 |
| 2.40%, 03/30/32 *(a)* | 150000 | 131629 |
| 5.00%, 04/01/33 *(a)* | 100000 | 101435 |
| 5.00%, 01/15/34 *(a)* | 100000 | 100465 |
| 5.05%, 08/15/34 *(a)* | 100000 | 100910 |
| 6.00%, 01/15/36  | 150000 | 159652 |
| 6.00%, 05/15/37  | 150000 | 159858 |
| 6.35%, 11/30/37  | 100000 | 109187 |
| 8.88%, 11/15/38  | 150000 | 199558 |
| 4.00%, 01/15/43 *(a)* | 100000 | 81152 |
| 4.65%, 08/15/43 *(a)* | 100000 | 88242 |
| 4.45%, 02/15/44 *(a)* | 100000 | 85581 |
| 4.20%, 05/15/45 *(a)* | 100000 | 82079 |
| 3.80%, 09/15/47 *(a)* | 150000 | 113373 |
| 4.60%, 12/01/48 *(a)* | 150000 | 127974 |
| 3.30%, 12/01/49 *(a)* | 125000 | 84141 |
| 2.45%, 12/15/50 *(a)* | 200000 | 112448 |
| 2.95%, 11/15/51 *(a)* | 100000 | 62335 |
| 4.63%, 05/15/52 *(a)* | 100000 | 83773 |
| 5.45%, 04/01/53 *(a)* | 100000 | 94919 |
| 5.70%, 08/15/53 *(a)* | 100000 | 98397 |
| 5.35%, 01/15/54 *(a)* | 100000 | 93381 |
| 5.55%, 08/15/54 *(a)* | 100000 | 96312 |
| 5.65%, 03/15/55 *(a)* | 100000 | 98254 |
| **WEC Energy Group, Inc.** | **WEC Energy Group, Inc.** | **WEC Energy Group, Inc.** |
| 5.15%, 10/01/27 *(a)* | 100000 | 101929 |
| 1.38%, 10/15/27 *(a)* | 200000 | 189412 |
| 4.75%, 01/15/28 *(a)* | 150000 | 152349 |
| 1.80%, 10/15/30 *(a)* | 35000 | 30998 |
| **Wisconsin Electric Power Co.** | **Wisconsin Electric Power Co.** | **Wisconsin Electric Power Co.** |
| 1.70%, 06/15/28 *(a)* | 100000 | 94251 |
| 5.00%, 05/15/29 *(a)* | 150000 | 154740 |
| 4.75%, 09/30/32 *(a)* | 100000 | 102083 |
| 4.30%, 10/15/48 *(a)* | 100000 | 82844 |
| 5.05%, 10/01/54 *(a)* | 75000 | 67932 |
| **Wisconsin Power & Light Co.** | **Wisconsin Power & Light Co.** | **Wisconsin Power & Light Co.** |
| 3.00%, 07/01/29 *(a)* | 100000 | 95788 |
| 3.95%, 09/01/32 *(a)* | 100000 | 95745 |
| 4.95%, 04/01/33 *(a)* | 100000 | 101101 |
| 5.38%, 03/30/34 *(a)* | 100000 | 103375 |
| 3.65%, 04/01/50 *(a)* | 100000 | 71072 |
| **Wisconsin Public Service Corp.** | **Wisconsin Public Service Corp.** | **Wisconsin Public Service Corp.** |
| 3.67%, 12/01/42  | 150000 | 117707 |
| 3.30%, 09/01/49 *(a)* | 100000 | 68138 |
| **Xcel Energy, Inc.** | **Xcel Energy, Inc.** | **Xcel Energy, Inc.** |
| 3.35%, 12/01/26 *(a)* | 150000 | 148341 |
| 4.00%, 06/15/28 *(a)* | 250000 | 249570 |
| 2.60%, 12/01/29 *(a)* | 100000 | 93343 |
| 3.40%, 06/01/30 *(a)* | 100000 | 95823 |
| 4.60%, 06/01/32 *(a)* | 200000 | 197310 |
| 5.45%, 08/15/33 *(a)* | 150000 | 153582 |
| 5.50%, 03/15/34 *(a)* | 150000 | 153510 |
| 5.60%, 04/15/35 *(a)* | 150000 | 153567 |
| 3.50%, 12/01/49 *(a)* | 100000 | 68740 |
|  |  | **110345173** |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| ***Natural Gas 0.2%***  | ***Natural Gas 0.2%***  | ***Natural Gas 0.2%***  |
| **Atmos Energy Corp.** | **Atmos Energy Corp.** | **Atmos Energy Corp.** |
| 3.00%, 06/15/27 *(a)* | 100000 | 98432 |
| 2.63%, 09/15/29 *(a)* | 125000 | 118133 |
| 1.50%, 01/15/31 *(a)* | 150000 | 130071 |
| 5.90%, 11/15/33 *(a)* | 150000 | 161718 |
| 5.20%, 08/15/35 *(a)* | 90000 | 91249 |
| 4.13%, 10/15/44 *(a)* | 175000 | 145833 |
| 4.30%, 10/01/48 *(a)* | 100000 | 82780 |
| 4.13%, 03/15/49 *(a)* | 100000 | 79364 |
| 3.38%, 09/15/49 *(a)* | 100000 | 69430 |
| 2.85%, 02/15/52 *(a)* | 150000 | 91718 |
| 5.75%, 10/15/52 *(a)* | 100000 | 99769 |
| 6.20%, 11/15/53 *(a)* | 100000 | 106771 |
| 5.00%, 12/15/54 *(a)* | 100000 | 90083 |
| **CenterPoint Energy Resources Corp.** | **CenterPoint Energy Resources Corp.** | **CenterPoint Energy Resources Corp.** |
| 5.25%, 03/01/28 *(a)* | 200000 | 205488 |
| 4.00%, 04/01/28 *(a)* | 100000 | 99658 |
| 1.75%, 10/01/30 *(a)* | 100000 | 88253 |
| 5.40%, 07/01/34 *(a)* | 75000 | 76772 |
| 5.85%, 01/15/41 *(a)* | 100000 | 101772 |
| **National Grid USA** | **National Grid USA** | **National Grid USA** |
| 5.80%, 04/01/35  | 75000 | 77156 |
| **NiSource, Inc.** | **NiSource, Inc.** | **NiSource, Inc.** |
| 3.49%, 05/15/27 *(a)* | 250000 | 247420 |
| 5.25%, 03/30/28 *(a)* | 200000 | 205466 |
| 5.20%, 07/01/29 *(a)* | 150000 | 154822 |
| 2.95%, 09/01/29 *(a)* | 100000 | 95464 |
| 3.60%, 05/01/30 *(a)* | 150000 | 145527 |
| 1.70%, 02/15/31 *(a)* | 150000 | 130026 |
| 5.40%, 06/30/33 *(a)* | 75000 | 77326 |
| 5.35%, 04/01/34 *(a)* | 100000 | 102280 |
| 5.35%, 07/15/35 *(a)* | 150000 | 151579 |
| 5.95%, 06/15/41 *(a)* | 75000 | 76530 |
| 5.25%, 02/15/43 *(a)* | 45000 | 42355 |
| 4.80%, 02/15/44 *(a)* | 159000 | 141202 |
| 5.65%, 02/01/45 *(a)* | 100000 | 97762 |
| 4.38%, 05/15/47 *(a)* | 200000 | 165226 |
| 3.95%, 03/30/48 *(a)* | 100000 | 77286 |
| 5.00%, 06/15/52 *(a)* | 75000 | 65835 |
| 6.95%, 11/30/54 *(a)(b)* | 75000 | 78051 |
| 6.38%, 03/31/55 *(a)(b)* | 75000 | 77147 |
| 5.85%, 04/01/55 *(a)* | 275000 | 270479 |
| **Northwest Natural Holding Co.** | **Northwest Natural Holding Co.** | **Northwest Natural Holding Co.** |
| 7.00%, 09/15/55 *(a)(b)* | 50000 | 50754 |
| **ONE Gas, Inc.** | **ONE Gas, Inc.** | **ONE Gas, Inc.** |
| 2.00%, 05/15/30 *(a)* | 100000 | 90967 |
| 4.25%, 09/01/32 *(a)* | 75000 | 73396 |
| 4.66%, 02/01/44 *(a)* | 100000 | 87820 |
| 4.50%, 11/01/48 *(a)* | 100000 | 83610 |
| **Piedmont Natural Gas Co., Inc.** | **Piedmont Natural Gas Co., Inc.** | **Piedmont Natural Gas Co., Inc.** |
| 3.50%, 06/01/29 *(a)* | 50000 | 48837 |
| 2.50%, 03/15/31 *(a)* | 100000 | 90229 |
| 5.40%, 06/15/33 *(a)* | 100000 | 103281 |
| 5.10%, 02/15/35 *(a)* | 75000 | 75827 |
| 3.64%, 11/01/46 *(a)* | 100000 | 72798 |
| 3.35%, 06/01/50 *(a)* | 100000 | 67272 |
| 5.05%, 05/15/52 *(a)* | 50000 | 44095 |
| **Sempra** | **Sempra** | **Sempra** |
| 3.25%, 06/15/27 *(a)* | 100000 | 98295 |
| 3.40%, 02/01/28 *(a)* | 200000 | 196106 |
| 3.70%, 04/01/29 *(a)* | 150000 | 147151 |
| 5.50%, 08/01/33 *(a)* | 150000 | 154278 |
| 3.80%, 02/01/38 *(a)* | 150000 | 126514 |
| 6.00%, 10/15/39  | 150000 | 153732 |
| 4.00%, 02/01/48 *(a)* | 150000 | 112287 |

---

*See financial notes*

**74**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.13%, 04/01/52 *(a)(b)* | 200000 | 195006 |
| 6.40%, 10/01/54 *(a)(b)* | 200000 | 197962 |
| 6.88%, 10/01/54 *(a)(b)* | 200000 | 203958 |
| 6.55%, 04/01/55 *(a)(b)* | 100000 | 98802 |
| 6.63%, 04/01/55 *(a)(b)* | 75000 | 75255 |
| **Southern California Gas Co.** | **Southern California Gas Co.** | **Southern California Gas Co.** |
| 2.95%, 04/15/27 *(a)* | 150000 | 147478 |
| 2.55%, 02/01/30 *(a)* | 100000 | 93203 |
| 5.20%, 06/01/33 *(a)* | 100000 | 102377 |
| 5.05%, 09/01/34 *(a)* | 100000 | 101146 |
| 5.45%, 06/15/35 *(a)* | 100000 | 102664 |
| 3.75%, 09/15/42 *(a)* | 75000 | 58772 |
| 4.13%, 06/01/48 *(a)* | 75000 | 59097 |
| 4.30%, 01/15/49 *(a)* | 100000 | 80350 |
| 3.95%, 02/15/50 *(a)* | 50000 | 37593 |
| 6.35%, 11/15/52 *(a)* | 100000 | 106715 |
| 5.75%, 06/01/53 *(a)* | 100000 | 97975 |
| 5.60%, 04/01/54 *(a)* | 100000 | 96836 |
| 6.00%, 06/15/55 *(a)* | 100000 | 101711 |
| **Southern Co. Gas Capital Corp.** | **Southern Co. Gas Capital Corp.** | **Southern Co. Gas Capital Corp.** |
| 1.75%, 01/15/31 *(a)* | 100000 | 87061 |
| 5.15%, 09/15/32 *(a)* | 100000 | 102060 |
| 5.75%, 09/15/33 *(a)* | 100000 | 105444 |
| 4.95%, 09/15/34 *(a)* | 100000 | 99630 |
| 5.88%, 03/15/41 *(a)* | 125000 | 127772 |
| 4.40%, 06/01/43 *(a)* | 75000 | 63376 |
| 3.95%, 10/01/46 *(a)* | 100000 | 77199 |
| 4.40%, 05/30/47 *(a)* | 100000 | 81883 |
| 3.15%, 09/30/51 *(a)* | 75000 | 47641 |
| **Southwest Gas Corp.** | **Southwest Gas Corp.** | **Southwest Gas Corp.** |
| 2.20%, 06/15/30 *(a)* | 250000 | 226517 |
| 4.05%, 03/15/32 *(a)* | 150000 | 143388 |
| 4.15%, 06/01/49 *(a)* | 100000 | 77451 |
| **Spire Missouri, Inc.** | **Spire Missouri, Inc.** | **Spire Missouri, Inc.** |
| 5.15%, 08/15/34 *(a)* | 50000 | 51287 |
| 3.30%, 06/01/51 *(a)* | 100000 | 66724 |
| **Washington Gas Light Co.** | **Washington Gas Light Co.** | **Washington Gas Light Co.** |
| 3.80%, 09/15/46 *(a)* | 100000 | 75200 |
|  |  | **9683015** |
| ***Utility Other 0.0%***  | ***Utility Other 0.0%***  | ***Utility Other 0.0%***  |
| **American Water Capital Corp.** | **American Water Capital Corp.** | **American Water Capital Corp.** |
| 3.75%, 09/01/28 *(a)* | 240000 | 238450 |
| 3.45%, 06/01/29 *(a)* | 300000 | 293235 |
| 2.30%, 06/01/31 *(a)* | 200000 | 178422 |
| 5.15%, 03/01/34 *(a)* | 100000 | 102370 |
| 6.59%, 10/15/37  | 150000 | 168750 |
| 4.00%, 12/01/46 *(a)* | 50000 | 40131 |
| 3.75%, 09/01/47 *(a)* | 200000 | 151550 |
| 4.20%, 09/01/48 *(a)* | 100000 | 80534 |
| 4.15%, 06/01/49 *(a)* | 150000 | 118821 |
| 3.45%, 05/01/50 *(a)* | 100000 | 70437 |
| 3.25%, 06/01/51 *(a)* | 200000 | 134540 |
| 5.45%, 03/01/54 *(a)* | 100000 | 96233 |
| 5.70%, 09/01/55 *(a)* | 200000 | 197032 |
| **Essential Utilities, Inc.** | **Essential Utilities, Inc.** | **Essential Utilities, Inc.** |
| 4.80%, 08/15/27 *(a)* | 100000 | 101138 |
| 3.57%, 05/01/29 *(a)* | 75000 | 73044 |
| 2.70%, 04/15/30 *(a)* | 100000 | 92929 |
| 2.40%, 05/01/31 *(a)* | 50000 | 44723 |
| 5.38%, 01/15/34 *(a)* | 100000 | 101906 |
| 5.25%, 08/15/35 *(a)* | 150000 | 149274 |
| 4.28%, 05/01/49 *(a)* | 100000 | 78192 |
| 3.35%, 04/15/50 *(a)* | 100000 | 66256 |
| 5.30%, 05/01/52 *(a)* | 100000 | 90664 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **United Utilities PLC** | **United Utilities PLC** | **United Utilities PLC** |
| 6.88%, 08/15/28  | 100000 | 106955 |
|  |  | **2775586** |
|  |  | **122803774** |
| **Total Corporates** <br>**(Cost $1,348,224,679)** | **Total Corporates** <br>**(Cost $1,348,224,679)** | **1261086953** |
| **TREASURIES** 45.1% OF NET ASSETS | **TREASURIES** 45.1% OF NET ASSETS | **TREASURIES** 45.1% OF NET ASSETS |
| **U.S. Treasury Bonds** | **U.S. Treasury Bonds** | **U.S. Treasury Bonds** |
| 6.50%, 11/15/26  | 955300 | 989445 |
| 6.63%, 02/15/27  | 496400 | 518331 |
| 6.38%, 08/15/27  | 743300 | 782018 |
| 6.13%, 11/15/27  | 1509500 | 1591166 |
| 5.50%, 08/15/28  | 280000 | 295312 |
| 5.25%, 11/15/28  | 1588100 | 1666637 |
| 5.25%, 02/15/29  | 795300 | 839694 |
| 6.13%, 08/15/29  | 900000 | 981984 |
| 6.25%, 05/15/30  | 950000 | 1054500 |
| 5.38%, 02/15/31  | 1460000 | 1575830 |
| 4.50%, 02/15/36  | 1536700 | 1577158 |
| 4.75%, 02/15/37  | 881000 | 917066 |
| 5.00%, 05/15/37  | 1180000 | 1254211 |
| 4.38%, 02/15/38  | 1290600 | 1287676 |
| 4.50%, 05/15/38  | 1481000 | 1496851 |
| 3.50%, 02/15/39  | 1728300 | 1559251 |
| 4.25%, 05/15/39  | 1887500 | 1833382 |
| 4.50%, 08/15/39  | 2223300 | 2208189 |
| 4.38%, 11/15/39  | 2375900 | 2321885 |
| 4.63%, 02/15/40  | 3148600 | 3155734 |
| 1.13%, 05/15/40  | 7600000 | 4732781 |
| 4.38%, 05/15/40  | 2377000 | 2314232 |
| 1.13%, 08/15/40  | 9100000 | 5603609 |
| 3.88%, 08/15/40  | 2459100 | 2253727 |
| 1.38%, 11/15/40  | 9800000 | 6247500 |
| 4.25%, 11/15/40  | 2273600 | 2170577 |
| 1.88%, 02/15/41  | 11700000 | 8044664 |
| 4.75%, 02/15/41  | 2200000 | 2219078 |
| 2.25%, 05/15/41  | 8800000 | 6380688 |
| 4.38%, 05/15/41  | 1613700 | 1555834 |
| 1.75%, 08/15/41  | 12000000 | 7950938 |
| 3.75%, 08/15/41  | 2103600 | 1875162 |
| 2.00%, 11/15/41  | 10800000 | 7409812 |
| 3.13%, 11/15/41  | 2381600 | 1942120 |
| 2.38%, 02/15/42  | 8800000 | 6371063 |
| 3.13%, 02/15/42  | 2430900 | 1972258 |
| 3.00%, 05/15/42  | 2505300 | 1987799 |
| 3.25%, 05/15/42  | 8100000 | 6662883 |
| 2.75%, 08/15/42  | 2668100 | 2027548 |
| 3.38%, 08/15/42  | 6100000 | 5089211 |
| 2.75%, 11/15/42  | 4010800 | 3032227 |
| 4.00%, 11/15/42  | 7000000 | 6343203 |
| 3.13%, 02/15/43  | 3282900 | 2618626 |
| 3.88%, 02/15/43  | 6100000 | 5421375 |
| 2.88%, 05/15/43  | 5672800 | 4339249 |
| 3.88%, 05/15/43  | 6600000 | 5852859 |
| 3.63%, 08/15/43  | 4042900 | 3449099 |
| 4.38%, 08/15/43  | 6700000 | 6336211 |
| 3.75%, 11/15/43  | 3902900 | 3380582 |
| 4.75%, 11/15/43  | 7550000 | 7482758 |
| 3.63%, 02/15/44  | 4262900 | 3616804 |
| 4.50%, 02/15/44  | 7650000 | 7334437 |
| 3.38%, 05/15/44  | 3893600 | 3173588 |
| 4.63%, 05/15/44  | 7500000 | 7297266 |
| 3.13%, 08/15/44  | 5288200 | 4133885 |
| 4.13%, 08/15/44  | 7549000 | 6859564 |
| 3.00%, 11/15/44  | 4553600 | 3476033 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**75**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.63%, 11/15/44  | 7650000 | 7424086 |
| 2.50%, 02/15/45  | 5807000 | 4047660 |
| 4.75%, 02/15/45  | 7250000 | 7143516 |
| 3.00%, 05/15/45  | 2868600 | 2175654 |
| 5.00%, 05/15/45  | 6850000 | 6966129 |
| 2.88%, 08/15/45  | 3588200 | 2654988 |
| 4.88%, 08/15/45  | 2000000 | 2002461 |
| 3.00%, 11/15/45  | 2618600 | 1974793 |
| 2.50%, 02/15/46  | 4800000 | 3292875 |
| 2.50%, 05/15/46  | 4717800 | 3226164 |
| 2.25%, 08/15/46  | 6295800 | 4078990 |
| 2.88%, 11/15/46  | 2598900 | 1892527 |
| 3.00%, 02/15/47  | 5500000 | 4085039 |
| 3.00%, 05/15/47  | 4200000 | 3109969 |
| 2.75%, 08/15/47  | 6075000 | 4278604 |
| 2.75%, 11/15/47  | 6300000 | 4424766 |
| 3.00%, 02/15/48  | 7050000 | 5174039 |
| 3.13%, 05/15/48  | 7400000 | 5543641 |
| 3.00%, 08/15/48  | 7750000 | 5658711 |
| 3.38%, 11/15/48  | 8300000 | 6480484 |
| 3.00%, 02/15/49  | 8500000 | 6175781 |
| 2.88%, 05/15/49  | 8050000 | 5694746 |
| 2.25%, 08/15/49  | 8000000 | 4938750 |
| 2.38%, 11/15/49  | 7200000 | 4557375 |
| 2.00%, 02/15/50  | 8570000 | 4950514 |
| 1.25%, 05/15/50  | 10700000 | 5044883 |
| 1.38%, 08/15/50  | 11651000 | 5631620 |
| 1.63%, 11/15/50  | 11401000 | 5884876 |
| 1.88%, 02/15/51  | 13300000 | 7319156 |
| 2.38%, 05/15/51  | 13500000 | 8390039 |
| 2.00%, 08/15/51  | 12200000 | 6888234 |
| 1.88%, 11/15/51  | 12000000 | 6533438 |
| 2.25%, 02/15/52  | 10900000 | 6518711 |
| 2.88%, 05/15/52  | 10899000 | 7517756 |
| 3.00%, 08/15/52  | 9900000 | 7001930 |
| 4.00%, 11/15/52  | 10200000 | 8755266 |
| 3.63%, 02/15/53  | 10300000 | 8246437 |
| 3.63%, 05/15/53  | 10300000 | 8237586 |
| 4.13%, 08/15/53  | 11519000 | 10092624 |
| 4.75%, 11/15/53  | 12150000 | 11813977 |
| 4.25%, 02/15/54  | 12225000 | 10942330 |
| 4.63%, 05/15/54  | 12550000 | 11959758 |
| 4.25%, 08/15/54  | 12700000 | 11366500 |
| 4.50%, 11/15/54  | 12700000 | 11859617 |
| 4.63%, 02/15/55  | 12350000 | 11776883 |
| 4.75%, 05/15/55  | 12800000 | 12456000 |
| 4.75%, 08/15/55  | 4750000 | 4623457 |
| **U.S. Treasury Notes** | **U.S. Treasury Notes** | **U.S. Treasury Notes** |
| 0.88%, 09/30/26  | 7500000 | 7267676 |
| 1.63%, 09/30/26  | 3800000 | 3712273 |
| 3.50%, 09/30/26  | 13800000 | 13751215 |
| 4.63%, 10/15/26  | 8500000 | 8574541 |
| 1.13%, 10/31/26  | 10601000 | 10278622 |
| 1.63%, 10/31/26  | 4301000 | 4195407 |
| 4.13%, 10/31/26  | 14000000 | 14046484 |
| 2.00%, 11/15/26  | 8773900 | 8590882 |
| 4.63%, 11/15/26  | 8800000 | 8883703 |
| 1.25%, 11/30/26  | 11098000 | 10759641 |
| 1.63%, 11/30/26  | 3700000 | 3604393 |
| 4.25%, 11/30/26  | 13000000 | 13070586 |
| 4.38%, 12/15/26  | 9800000 | 9872734 |
| 1.25%, 12/31/26  | 10600000 | 10257984 |
| 1.75%, 12/31/26  | 4300000 | 4189729 |
| 4.25%, 12/31/26  | 13000000 | 13079473 |
| 4.00%, 01/15/27  | 9501000 | 9531804 |
| 1.50%, 01/31/27  | 14200000 | 13765125 |
| 4.13%, 01/31/27  | 12000000 | 12060703 |
| 2.25%, 02/15/27  | 8442600 | 8268471 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.13%, 02/15/27  | 10000000 | 10053906 |
| 1.13%, 02/28/27  | 2450000 | 2358891 |
| 1.88%, 02/28/27  | 9000000 | 8760410 |
| 4.13%, 02/28/27  | 12000000 | 12069844 |
| 4.25%, 03/15/27  | 10000000 | 10080078 |
| 0.63%, 03/31/27  | 3850000 | 3671261 |
| 2.50%, 03/31/27  | 8800000 | 8640328 |
| 3.88%, 03/31/27  | 12000000 | 12032578 |
| 4.50%, 04/15/27  | 10000000 | 10125391 |
| 0.50%, 04/30/27  | 5400000 | 5127047 |
| 2.75%, 04/30/27  | 8050000 | 7930979 |
| 3.75%, 04/30/27  | 12000000 | 12013828 |
| 2.38%, 05/15/27  | 10000000 | 9789258 |
| 4.50%, 05/15/27  | 10000000 | 10134570 |
| 0.50%, 05/31/27  | 5800000 | 5494141 |
| 2.63%, 05/31/27  | 8700000 | 8548260 |
| 3.88%, 05/31/27  | 12600000 | 12643559 |
| 4.63%, 06/15/27  | 10000000 | 10165234 |
| 0.50%, 06/30/27  | 6500000 | 6142373 |
| 3.25%, 06/30/27  | 8200000 | 8143465 |
| 3.75%, 06/30/27  | 12000000 | 12021563 |
| 4.38%, 07/15/27  | 10300000 | 10434383 |
| 0.38%, 07/31/27  | 8000000 | 7524062 |
| 2.75%, 07/31/27  | 8050000 | 7918559 |
| 3.88%, 07/31/27  | 12500000 | 12553223 |
| 2.25%, 08/15/27  | 8042000 | 7834039 |
| 3.75%, 08/15/27  | 9950000 | 9971960 |
| 0.50%, 08/31/27  | 6600000 | 6207480 |
| 3.13%, 08/31/27  | 8500000 | 8420312 |
| 3.63%, 08/31/27  | 13500000 | 13502900 |
| 3.38%, 09/15/27  | 9500000 | 9457324 |
| 0.38%, 09/30/27  | 8400000 | 7861547 |
| 4.13%, 09/30/27  | 7900000 | 7980852 |
| 3.88%, 10/15/27  | 10000000 | 10052734 |
| 0.50%, 10/31/27  | 8450000 | 7909332 |
| 4.13%, 10/31/27  | 7500000 | 7579102 |
| 2.25%, 11/15/27  | 7500000 | 7286133 |
| 4.13%, 11/15/27  | 10000000 | 10108203 |
| 0.63%, 11/30/27  | 8600000 | 8055109 |
| 3.88%, 11/30/27  | 7100000 | 7140492 |
| 4.00%, 12/15/27  | 10000000 | 10089062 |
| 0.63%, 12/31/27  | 9400000 | 8781289 |
| 3.88%, 12/31/27  | 6900000 | 6942855 |
| 4.25%, 01/15/28  | 9900000 | 10044246 |
| 0.75%, 01/31/28  | 11000000 | 10283281 |
| 3.50%, 01/31/28  | 8000000 | 7982812 |
| 2.75%, 02/15/28  | 10351000 | 10148428 |
| 4.25%, 02/15/28  | 10000000 | 10152344 |
| 1.13%, 02/29/28  | 11500000 | 10830664 |
| 4.00%, 02/29/28  | 7500000 | 7572949 |
| 3.88%, 03/15/28  | 9500000 | 9569023 |
| 1.25%, 03/31/28  | 10000000 | 9429687 |
| 3.63%, 03/31/28  | 8000000 | 8009062 |
| 3.75%, 04/15/28  | 10500000 | 10541016 |
| 1.25%, 04/30/28  | 11000000 | 10355469 |
| 3.50%, 04/30/28  | 8000000 | 7981875 |
| 2.88%, 05/15/28  | 11350000 | 11142508 |
| 3.75%, 05/15/28  | 10500000 | 10544707 |
| 1.25%, 05/31/28  | 11300000 | 10615379 |
| 3.63%, 05/31/28  | 7500000 | 7507324 |
| 3.88%, 06/15/28  | 10000000 | 10078516 |
| 1.25%, 06/30/28  | 9900000 | 9284730 |
| 4.00%, 06/30/28  | 7650000 | 7736660 |
| 3.88%, 07/15/28  | 10000000 | 10078516 |
| 1.00%, 07/31/28  | 11000000 | 10220977 |
| 4.13%, 07/31/28  | 8000000 | 8118438 |
| 2.88%, 08/15/28  | 11550000 | 11323061 |
| 3.63%, 08/15/28  | 9500000 | 9512988 |

---

*See financial notes*

**76**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 1.13%, 08/31/28  | 10900000 | 10143387 |
| 4.38%, 08/31/28  | 7300000 | 7462254 |
| 1.25%, 09/30/28  | 9350000 | 8718145 |
| 4.63%, 09/30/28  | 9100000 | 9372645 |
| 1.38%, 10/31/28  | 10100000 | 9436398 |
| 4.88%, 10/31/28  | 9000000 | 9341367 |
| 3.13%, 11/15/28  | 10750000 | 10598408 |
| 1.50%, 11/30/28  | 10500000 | 9832266 |
| 4.38%, 11/30/28  | 10000000 | 10236328 |
| 1.38%, 12/31/28  | 10000000 | 9311328 |
| 3.75%, 12/31/28  | 9700000 | 9745469 |
| 1.75%, 01/31/29  | 9900000 | 9316055 |
| 4.00%, 01/31/29  | 11000000 | 11139648 |
| 2.63%, 02/15/29  | 10650000 | 10315107 |
| 1.88%, 02/28/29  | 8800000 | 8304313 |
| 4.25%, 02/28/29  | 11350000 | 11589414 |
| 2.38%, 03/31/29  | 8500000 | 8152031 |
| 4.13%, 03/31/29  | 12300000 | 12510926 |
| 2.88%, 04/30/29  | 8000000 | 7798750 |
| 4.63%, 04/30/29  | 13000000 | 13446367 |
| 2.38%, 05/15/29  | 9050000 | 8665022 |
| 2.75%, 05/31/29  | 7300000 | 7079859 |
| 4.50%, 05/31/29  | 12800000 | 13189000 |
| 3.25%, 06/30/29  | 7300000 | 7203047 |
| 4.25%, 06/30/29  | 12600000 | 12878086 |
| 2.63%, 07/31/29  | 6750000 | 6505576 |
| 4.00%, 07/31/29  | 12500000 | 12667480 |
| 1.63%, 08/15/29  | 8350000 | 7753432 |
| 3.13%, 08/31/29  | 6600000 | 6477539 |
| 3.63%, 08/31/29  | 12600000 | 12597047 |
| 3.50%, 09/30/29  | 12500000 | 12435547 |
| 3.88%, 09/30/29  | 6600000 | 6659812 |
| 4.00%, 10/31/29  | 6500000 | 6589629 |
| 4.13%, 10/31/29  | 12100000 | 12321676 |
| 1.75%, 11/15/29  | 5850000 | 5431131 |
| 3.88%, 11/30/29  | 6100000 | 6152898 |
| 4.13%, 11/30/29  | 12700000 | 12935148 |
| 3.88%, 12/31/29  | 6200000 | 6254977 |
| 4.38%, 12/31/29  | 11905000 | 12244944 |
| 3.50%, 01/31/30  | 6400000 | 6357750 |
| 4.25%, 01/31/30  | 12900000 | 13206375 |
| 1.50%, 02/15/30  | 10050000 | 9171018 |
| 4.00%, 02/28/30  | 17050000 | 17292430 |
| 3.63%, 03/31/30  | 6200000 | 6187164 |
| 4.00%, 03/31/30  | 12500000 | 12673340 |
| 3.50%, 04/30/30  | 5900000 | 5855059 |
| 3.88%, 04/30/30  | 12000000 | 12103594 |
| 0.63%, 05/15/30  | 13705000 | 11914249 |
| 3.75%, 05/31/30  | 5500000 | 5515469 |
| 4.00%, 05/31/30  | 12000000 | 12168750 |
| 3.75%, 06/30/30  | 6300000 | 6317473 |
| 3.88%, 06/30/30  | 12501000 | 12605989 |
| 3.88%, 07/31/30  | 12700000 | 12805172 |
| 4.00%, 07/31/30  | 6451000 | 6537433 |
| 0.63%, 08/15/30  | 18700000 | 16117062 |
| 3.63%, 08/31/30  | 14000000 | 13959258 |
| 4.13%, 08/31/30  | 6500000 | 6623145 |
| 4.63%, 09/30/30  | 6400000 | 6667250 |
| 4.88%, 10/31/30  | 6400000 | 6743500 |
| 0.88%, 11/15/30  | 19450000 | 16865277 |
| 4.38%, 11/30/30  | 6650000 | 6851838 |
| 3.75%, 12/31/30  | 6950000 | 6953529 |
| 4.00%, 01/31/31  | 6250000 | 6325928 |
| 1.13%, 02/15/31  | 19050000 | 16643449 |
| 4.25%, 02/28/31  | 7250000 | 7426436 |
| 4.13%, 03/31/31  | 7500000 | 7634766 |
| 4.63%, 04/30/31  | 7500000 | 7821094 |
| 1.63%, 05/15/31  | 18150000 | 16161299 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.63%, 05/31/31  | 8000000 | 8341562 |
| 4.25%, 06/30/31  | 7800000 | 7981898 |
| 4.13%, 07/31/31  | 7800000 | 7930102 |
| 1.25%, 08/15/31  | 20550000 | 17762104 |
| 3.75%, 08/31/31  | 8000000 | 7971562 |
| 3.63%, 09/30/31  | 7700000 | 7614879 |
| 4.13%, 10/31/31  | 7750000 | 7870186 |
| 1.38%, 11/15/31  | 18600000 | 16075922 |
| 4.13%, 11/30/31  | 6200000 | 6293969 |
| 4.50%, 12/31/31  | 8000000 | 8285625 |
| 4.38%, 01/31/32  | 6750000 | 6940371 |
| 1.88%, 02/15/32  | 18100000 | 16039711 |
| 4.13%, 02/29/32  | 7700000 | 7807379 |
| 4.13%, 03/31/32  | 6750000 | 6842285 |
| 4.00%, 04/30/32  | 8000000 | 8048125 |
| 2.88%, 05/15/32  | 18050000 | 16958539 |
| 4.13%, 05/31/32  | 8000000 | 8103125 |
| 4.00%, 06/30/32  | 8000000 | 8043125 |
| 4.00%, 07/31/32  | 7300000 | 7334789 |
| 2.75%, 08/15/32  | 17455000 | 16208604 |
| 3.88%, 08/31/32  | 7500000 | 7478174 |
| 4.13%, 11/15/32  | 17450000 | 17649039 |
| 3.50%, 02/15/33  | 16900000 | 16383758 |
| 3.38%, 05/15/33  | 18200000 | 17449250 |
| 3.88%, 08/15/33  | 18800000 | 18609062 |
| 4.50%, 11/15/33  | 19950000 | 20579672 |
| 4.00%, 02/15/34  | 21250000 | 21132129 |
| 4.38%, 05/15/34  | 21350000 | 21773664 |
| 3.88%, 08/15/34  | 21500000 | 21081758 |
| 4.25%, 11/15/34  | 21350000 | 21495113 |
| 4.63%, 02/15/35  | 21750000 | 22499355 |
| 4.25%, 05/15/35  | 21400000 | 21475234 |
| 4.25%, 08/15/35  | 6600000 | 6613922 |
| **Total Treasuries** <br>**(Cost $2,427,635,393)** | **Total Treasuries** <br>**(Cost $2,427,635,393)** | **2403054476** |
| **GOVERNMENT RELATED** 4.2% OF NET ASSETS | **GOVERNMENT RELATED** 4.2% OF NET ASSETS | **GOVERNMENT RELATED** 4.2% OF NET ASSETS |
| **Agency 1.2%** | **Agency 1.2%** | **Agency 1.2%** |
| **Foreign 0.6%**  | **Foreign 0.6%**  | **Foreign 0.6%**  |
| ***Austria 0.0%***  | ***Austria 0.0%***  | ***Austria 0.0%***  |
| **Oesterreichische Kontrollbank AG** | **Oesterreichische Kontrollbank AG** | **Oesterreichische Kontrollbank AG** |
| 5.00%, 10/23/26  | 200000 | 202464 |
| 4.75%, 05/21/27  | 500000 | 508070 |
| 4.25%, 03/01/28  | 250000 | 253467 |
| 4.00%, 05/28/28  | 300000 | 302733 |
| 4.13%, 01/18/29  | 300000 | 304074 |
| 3.75%, 09/05/29  | 150000 | 150146 |
| 4.50%, 01/24/30  | 200000 | 206014 |
|  |  | **1926968** |
| ***Canada 0.1%***  | ***Canada 0.1%***  | ***Canada 0.1%***  |
| **Export Development Canada** | **Export Development Canada** | **Export Development Canada** |
| 3.00%, 05/25/27  | 550000 | 543065 |
| 3.75%, 09/07/27  | 500000 | 500510 |
| 3.88%, 02/14/28  | 750000 | 754102 |
| 4.00%, 06/20/30  | 400000 | 404612 |
| 4.75%, 06/05/34  | 500000 | 520065 |
|  |  | **2722354** |
| ***Germany 0.3%***  | ***Germany 0.3%***  | ***Germany 0.3%***  |
| **Kreditanstalt fuer Wiederaufbau** | **Kreditanstalt fuer Wiederaufbau** | **Kreditanstalt fuer Wiederaufbau** |
| 1.00%, 10/01/26 *(h)* | 650000 | 630552 |
| 4.38%, 03/01/27 *(h)* | 1000000 | 1009280 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**77**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.00%, 05/20/27 *(h)* | 950000 | 938885 |
| 4.00%, 06/28/27 *(h)* | 550000 | 553135 |
| 3.50%, 08/27/27 *(h)* | 300000 | 299016 |
| 3.75%, 02/15/28 *(h)* | 400000 | 401324 |
| 2.88%, 04/03/28 *(h)* | 750000 | 736552 |
| 3.88%, 05/15/28 *(h)* | 500000 | 503395 |
| 3.88%, 06/15/28 *(h)* | 1000000 | 1007030 |
| 4.00%, 03/15/29 *(h)* | 1000000 | 1011920 |
| 1.75%, 09/14/29 *(h)* | 400000 | 371740 |
| 4.63%, 03/18/30 *(h)* | 600000 | 623202 |
| 3.75%, 07/15/30 *(h)* | 750000 | 751035 |
| 0.75%, 09/30/30 *(h)* | 400000 | 345332 |
| 4.75%, 10/29/30 *(h)* | 400000 | 418716 |
| 4.13%, 07/15/33 *(h)* | 500000 | 502085 |
| 4.38%, 02/28/34 *(h)* | 500000 | 507780 |
| 2.14%, 04/18/36 *(h)(i)* | 300000 | 189999 |
| 2.63%, 06/29/37 *(h)(i)* | 450000 | 268884 |
| **Landwirtschaftliche Rentenbank** | **Landwirtschaftliche Rentenbank** | **Landwirtschaftliche Rentenbank** |
| 3.88%, 09/28/27 *(h)* | 250000 | 250938 |
| 2.50%, 11/15/27 *(h)* | 250000 | 243810 |
| 4.63%, 04/17/29 *(h)* | 300000 | 309606 |
| 4.13%, 05/28/30 *(h)* | 300000 | 305412 |
| 0.88%, 09/03/30 *(h)* | 500000 | 434855 |
|  |  | **12614483** |
| ***Japan 0.1%***  | ***Japan 0.1%***  | ***Japan 0.1%***  |
| **Japan Bank for International Cooperation** | **Japan Bank for International Cooperation** | **Japan Bank for International Cooperation** |
| 2.25%, 11/04/26  | 300000 | 294108 |
| 1.63%, 01/20/27  | 200000 | 193848 |
| 2.88%, 06/01/27  | 200000 | 196680 |
| 2.88%, 07/21/27  | 200000 | 196440 |
| 4.38%, 10/05/27  | 200000 | 202214 |
| 2.75%, 11/16/27  | 250000 | 244357 |
| 4.63%, 07/19/28  | 300000 | 306915 |
| 3.25%, 07/20/28  | 200000 | 197138 |
| 4.88%, 10/18/28  | 200000 | 206510 |
| 3.50%, 10/31/28  | 200000 | 198260 |
| 2.13%, 02/16/29  | 250000 | 236263 |
| 2.00%, 10/17/29  | 200000 | 185908 |
| 1.25%, 01/21/31  | 250000 | 217253 |
| 1.88%, 04/15/31  | 700000 | 626087 |
| 4.63%, 04/17/34  | 200000 | 203772 |
| **Japan International Cooperation Agency** | **Japan International Cooperation Agency** | **Japan International Cooperation Agency** |
| 2.13%, 10/20/26  | 200000 | 195690 |
| 2.75%, 04/27/27  | 200000 | 196090 |
| 4.00%, 05/23/28  | 250000 | 250917 |
| 4.75%, 05/21/29  | 200000 | 205732 |
| 4.25%, 05/22/30  | 200000 | 202784 |
| 1.00%, 07/22/30  | 380000 | 329414 |
| 1.75%, 04/28/31  | 200000 | 176750 |
|  |  | **5263130** |
| ***Norway 0.0%***  | ***Norway 0.0%***  | ***Norway 0.0%***  |
| **Equinor ASA** | **Equinor ASA** | **Equinor ASA** |
| 3.00%, 04/06/27 *(a)* | 200000 | 197302 |
| 7.25%, 09/23/27  | 200000 | 212804 |
| 3.63%, 09/10/28 *(a)* | 300000 | 297462 |
| 3.13%, 04/06/30 *(a)* | 250000 | 239852 |
| 2.38%, 05/22/30 *(a)* | 100000 | 92606 |
| 3.63%, 04/06/40 *(a)* | 100000 | 84773 |
| 5.10%, 08/17/40  | 114000 | 113536 |
| 4.25%, 11/23/41  | 100000 | 88794 |
| 3.95%, 05/15/43  | 150000 | 126011 |
| 4.80%, 11/08/43  | 100000 | 92911 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.25%, 11/18/49 *(a)* | 300000 | 209037 |
| 3.70%, 04/06/50 *(a)* | 250000 | 189293 |
|  |  | **1944381** |
| ***Republic of Korea 0.1%***  | ***Republic of Korea 0.1%***  | ***Republic of Korea 0.1%***  |
| **Export-Import Bank of Korea** | **Export-Import Bank of Korea** | **Export-Import Bank of Korea** |
| 1.13%, 12/29/26  | 200000 | 192544 |
| 4.63%, 01/11/27  | 200000 | 201830 |
| 1.63%, 01/18/27  | 250000 | 242383 |
| 4.25%, 09/15/27  | 200000 | 201270 |
| 4.13%, 10/17/27  | 200000 | 200836 |
| 5.00%, 01/11/28  | 400000 | 409692 |
| 4.63%, 01/14/28  | 200000 | 203180 |
| 4.00%, 09/11/29  | 200000 | 200132 |
| 4.88%, 01/14/30  | 200000 | 207054 |
| 1.25%, 09/21/30  | 250000 | 219075 |
| 2.13%, 01/18/32  | 250000 | 218325 |
| 5.13%, 01/11/33  | 200000 | 207918 |
| 4.63%, 01/11/34 *(c)* | 200000 | 201888 |
| 5.25%, 01/14/35 *(c)* | 200000 | 211442 |
| 2.50%, 06/29/41  | 200000 | 142622 |
| **Korea Development Bank** | **Korea Development Bank** | **Korea Development Bank** |
| 1.00%, 09/09/26  | 200000 | 193890 |
| 4.63%, 02/15/27  | 350000 | 353363 |
| 2.25%, 02/24/27  | 200000 | 195196 |
| 4.63%, 02/03/28  | 200000 | 203070 |
| 4.38%, 02/15/28  | 200000 | 202036 |
| 4.50%, 02/15/29 *(c)* | 500000 | 508325 |
| 4.88%, 02/03/30  | 200000 | 207222 |
| 2.00%, 10/25/31  | 250000 | 222905 |
| 4.25%, 09/08/32  | 250000 | 247232 |
| 4.38%, 02/15/33  | 200000 | 198572 |
|  |  | **5792002** |
| ***Sweden 0.0%***  | ***Sweden 0.0%***  | ***Sweden 0.0%***  |
| **Svensk Exportkredit AB** | **Svensk Exportkredit AB** | **Svensk Exportkredit AB** |
| 4.88%, 09/14/26  | 250000 | 252372 |
| 2.25%, 03/22/27  | 250000 | 243918 |
| 3.88%, 08/04/27  | 200000 | 200462 |
| 3.75%, 05/08/28  | 500000 | 500705 |
| 4.88%, 10/04/30  | 500000 | 523515 |
|  |  | **1720972** |
|  |  | **31984290** |
| **U.S. 0.6%** | **U.S. 0.6%** | **U.S. 0.6%** |
| **Federal Farm Credit Banks Funding Corp.** |  |  |
| 3.50%, 10/02/26  | 1000000 | 996440 |
| 4.50%, 03/26/27  | 1000000 | 1010880 |
| 4.00%, 01/06/28  | 500000 | 503850 |
| 4.13%, 03/20/29  | 1000000 | 1014140 |
| **Federal Home Loan Banks** |  |  |
| 4.00%, 10/09/26  | 3000000 | 3005490 |
| 4.63%, 11/17/26  | 2500000 | 2525250 |
| 4.00%, 06/30/28  | 3500000 | 3537555 |
| 3.25%, 11/16/28  | 2850000 | 2822013 |
| 4.75%, 12/08/28  | 1500000 | 1551165 |
| 4.13%, 06/14/30  | 750000 | 763035 |
| 4.75%, 03/10/34  | 1500000 | 1548990 |
| 5.50%, 07/15/36  | 330000 | 359515 |
| **Federal Home Loan Mortgage Corp.** |  |  |
| 6.75%, 03/15/31  | 200000 | 229368 |
| 6.25%, 07/15/32  | 1100000 | 1250436 |

---

*See financial notes*

**78**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Federal National Mortgage Association** |  |  |
| 1.88%, 09/24/26  | 1500000 | 1468845 |
| 0.75%, 10/08/27  | 1750000 | 1648273 |
| 6.03%, 10/08/27  | 164000 | 171818 |
| 7.25%, 05/15/30  | 1000000 | 1152390 |
| 0.88%, 08/05/30  | 3000000 | 2620470 |
| 6.63%, 11/15/30  | 2180000 | 2472512 |
| 5.63%, 07/15/37  | 500000 | 548795 |
| **Private Export Funding Corp.** |  |  |
| 1.40%, 07/15/28  | 100000 | 93382 |
| **Tennessee Valley Authority** |  |  |
| 4.65%, 06/15/35  | 655000 | 666233 |
| 4.63%, 09/15/60  | 150000 | 129621 |
|  |  | **32090466** |
|  |  | **64074756** |
| **Local Authority 0.7%** | **Local Authority 0.7%** | **Local Authority 0.7%** |
| **Foreign 0.2%**  | **Foreign 0.2%**  | **Foreign 0.2%**  |
| ***Canada 0.2%***  | ***Canada 0.2%***  | ***Canada 0.2%***  |
| **Hydro-Quebec** | **Hydro-Quebec** | **Hydro-Quebec** |
| 8.50%, 12/01/29  | 100000 | 117602 |
| **Province of Alberta** | **Province of Alberta** | **Province of Alberta** |
| 3.30%, 03/15/28  | 200000 | 197858 |
| 4.50%, 06/26/29  | 250000 | 256210 |
| 1.30%, 07/22/30  | 450000 | 399532 |
| 4.50%, 01/24/34  | 200000 | 201128 |
| **Province of British Columbia** | **Province of British Columbia** | **Province of British Columbia** |
| 4.70%, 01/24/28  | 700000 | 715624 |
| 4.80%, 11/15/28  | 400000 | 412668 |
| 4.90%, 04/24/29  | 400000 | 415252 |
| 1.30%, 01/29/31  | 500000 | 436300 |
| 4.20%, 07/06/33  | 450000 | 446197 |
| 4.75%, 06/12/34  | 350000 | 356982 |
| 4.80%, 06/11/35  | 500000 | 508460 |
| **Province of Manitoba** | **Province of Manitoba** | **Province of Manitoba** |
| 1.50%, 10/25/28  | 150000 | 139955 |
| 4.30%, 07/27/33  | 200000 | 199142 |
| 4.90%, 05/31/34  | 150000 | 154442 |
| **Province of New Brunswick** | **Province of New Brunswick** | **Province of New Brunswick** |
| 3.63%, 02/24/28  | 150000 | 149378 |
| **Province of Ontario** | **Province of Ontario** | **Province of Ontario** |
| 3.10%, 05/19/27  | 400000 | 395380 |
| 1.05%, 05/21/27  | 450000 | 429507 |
| 4.20%, 01/18/29  | 500000 | 507285 |
| 2.00%, 10/02/29  | 400000 | 373268 |
| 4.70%, 01/15/30  | 600000 | 621096 |
| 1.13%, 10/07/30  | 500000 | 436950 |
| 1.60%, 02/25/31  | 250000 | 221600 |
| 1.80%, 10/14/31  | 500000 | 439415 |
| 2.13%, 01/21/32  | 200000 | 177612 |
| 5.05%, 04/24/34  | 250000 | 260818 |
| 4.85%, 06/11/35  | 250000 | 255685 |
| **Province of Quebec** | **Province of Quebec** | **Province of Quebec** |
| 2.75%, 04/12/27  | 200000 | 196596 |
| 3.63%, 04/13/28  | 600000 | 598524 |
| 4.50%, 04/03/29  | 650000 | 666074 |
| 7.50%, 09/15/29  | 421000 | 478462 |
| 1.35%, 05/28/30  | 250000 | 223165 |
| 1.90%, 04/21/31  | 250000 | 223705 |
| 4.50%, 09/08/33  | 200000 | 202100 |
| 4.25%, 09/05/34  | 400000 | 392988 |
| 4.63%, 08/28/35  | 350000 | 350854 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Province of Saskatchewan** | **Province of Saskatchewan** | **Province of Saskatchewan** |
| 3.25%, 06/08/27  | 200000 | 197938 |
| 4.65%, 01/28/30  | 200000 | 206648 |
|  |  | **12962400** |
| **U.S. 0.5%** | **U.S. 0.5%** | **U.S. 0.5%** |
| **American Municipal Power, Inc.** |  |  |
| RB (Build America Bonds) Series 2010 |  |  |
| 8.08%, 02/15/50  | 250000 | 313129 |
| **Bay Area Toll Authority** |  |  |
| RB (Build America Bonds) Series <br> 2009F2<br>|  |  |
| 6.26%, 04/01/49  | 400000 | 417924 |
| RB (Build America Bonds) Series <br> 2010S3<br>|  |  |
| 6.91%, 10/01/50  | 230000 | 257552 |
| **Board of Regents of the University of Texas** <br> **System**<br>|  |  |
| TXBL-SER A |  |  |
| 3.35%, 08/15/47 *(a)* | 250000 | 184499 |
| **California State University** |  |  |
| RB Series 2017B |  |  |
| 3.90%, 11/01/47 *(a)* | 50000 | 41282 |
| RB Series 2020B |  |  |
| 2.98%, 11/01/51 *(a)* | 200000 | 135337 |
| RB Series B |  |  |
| 5.18%, 11/01/53 *(a)* | 50000 | 47057 |
| RB Series E |  |  |
| 2.90%, 11/01/51 *(a)* | 100000 | 70035 |
| **Chicago O'Hare International Airport** |  |  |
| RB (Build America Bonds) Series <br> 2010B<br>|  |  |
| 6.40%, 01/01/40  | 100000 | 110820 |
| Series C |  |  |
| 4.47%, 01/01/49  | 150000 | 128336 |
| **Chicago Transit Authority Sales & Transfer** <br> **Tax Receipts Revenue**<br>|  |  |
| RB (Pension Funding) Series 2008A |  |  |
| 6.90%, 12/01/40  | 685141 | 764279 |
| **City of Atlanta Water & Wastewater Revenue** |  |  |
| RB Series 2020 |  |  |
| 2.26%, 11/01/35 *(a)* | 125000 | 104621 |
| **City of Houston TX** |  |  |
| GO Bonds (Pension Funding) Series <br> 2017<br>|  |  |
| 3.96%, 03/01/47  | 120000 | 100190 |
| **City of New York** |  |  |
| 6.27%, 12/01/37  | 200000 | 216299 |
| GO Bonds Series 2023 B-1 |  |  |
| 5.83%, 10/01/53  | 200000 | 206201 |
| GO Bonds Series 2024 D-1 |  |  |
| 5.09%, 10/01/49  | 75000 | 70750 |
| GO Bonds Series 2024 D-1 |  |  |
| 5.11%, 10/01/54  | 75000 | 70006 |
| GO Bonds Series 2024 D-2 |  |  |
| 5.26%, 10/01/44 *(a)* | 200000 | 195438 |
| **City of San Antonio TX Electric & Gas** <br> **Systems Revenue**<br>|  |  |
| RB (Build America Bonds) Series 2009 |  |  |
| 5.99%, 02/01/39  | 190000 | 199102 |
| **Commonwealth Financing Authority** |  |  |
| Series A |  |  |
| 4.14%, 06/01/38  | 200000 | 187616 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**79**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Commonwealth of Massachusetts** |  |  |
| GO (Build America Bonds) Series 2009 |  |  |
| 5.46%, 12/01/39  | 100000 | 102200 |
| Series H |  |  |
| 2.90%, 09/01/49  | 100000 | 66565 |
| **Commonwealth of Massachusetts** <br> **Transportation Fund Revenue**<br>|  |  |
| RB (Build America Bonds) Series 2010 |  |  |
| 5.73%, 06/01/40  | 100000 | 102160 |
| **County of Broward Airport System Revenue** |  |  |
| RB Series C |  |  |
| 3.48%, 10/01/43 *(a)* | 100000 | 82262 |
| **County of Clark Department of Aviation** |  |  |
| RB (Build America Bonds) Series <br> 2010C<br>|  |  |
| 6.82%, 07/01/45  | 150000 | 166883 |
| **County of Miami-Dade FL Aviation Revenue** |  |  |
| RB Series C |  |  |
| 4.28%, 10/01/41 *(a)* | 75000 | 68084 |
| **County of Riverside** |  |  |
| 3.82%, 02/15/38  | 75000 | 69819 |
| **Dallas Area Rapid Transit** |  |  |
| Series B |  |  |
| 6.00%, 12/01/44  | 140000 | 143059 |
| **Dallas County Hospital District** |  |  |
| GO (Build America Bonds) Series C |  |  |
| 5.62%, 08/15/44  | 100000 | 100282 |
| **Dallas Fort Worth International Airport** |  |  |
| RB Series 2020C |  |  |
| 2.92%, 11/01/50  | 250000 | 173781 |
| RB Series A |  |  |
| 4.09%, 11/01/51  | 100000 | 80233 |
| Series A |  |  |
| 2.99%, 11/01/38  | 100000 | 85383 |
| Series C |  |  |
| 3.09%, 11/01/40 *(a)* | 250000 | 199174 |
| **District of Columbia Water & Sewer Authority** |  |  |
| RB Series 2014A |  |  |
| 4.81%, 10/01/14  | 100000 | 83878 |
| **East Bay Municipal Utility District Water** <br> **System Revenue**<br>|  |  |
| Water System RB (Build America <br> Bonds) Series 2010<br>|  |  |
| 5.87%, 06/01/40  | 330000 | 349636 |
| **Empire State Development Corp.** |  |  |
| RB (Build America Bonds) Series 2009 |  |  |
| 5.77%, 03/15/39  | 80000 | 83151 |
| **Foothill-Eastern Transportation Corridor** <br> **Agency**<br>|  |  |
| Series A |  |  |
| 3.92%, 01/15/53 *(a)* | 100000 | 74559 |
| **Golden State Tobacco Securitization Corp.** |  |  |
| 4.21%, 06/01/50 *(a)* | 100000 | 72735 |
| RB Series 2021 A-1 |  |  |
| 3.71%, 06/01/41 *(a)* | 100000 | 76319 |
| RB Series A |  |  |
| 3.12%, 06/01/38 *(a)* | 100000 | 83636 |
| RB Series B |  |  |
| 2.75%, 06/01/34 *(a)* | 100000 | 89339 |
| **Grand Parkway Transportation Corp.** |  |  |
| RB Series 2013E |  |  |
| 5.18%, 10/01/42  | 100000 | 97914 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Health & Educational Facilities Authority of** <br> **the State of Missouri**<br>|  |  |
| 3.23%, 05/15/50 *(a)* | 150000 | 105549 |
| **Illinois State Toll Highway Authority** |  |  |
| RB (Build America Bonds) Series A |  |  |
| 6.18%, 01/01/34  | 100000 | 106993 |
| **Indiana Finance Authority** |  |  |
| RB Series 2021 |  |  |
| 3.05%, 01/01/51  | 75000 | 53213 |
| **JobsOhio Beverage System** |  |  |
| 2.83%, 01/01/38  | 50000 | 41391 |
| Series B |  |  |
| 4.53%, 01/01/35  | 300000 | 301231 |
| **Kansas Development Finance Authority** |  |  |
| RB Series H |  |  |
| 4.93%, 04/15/45  | 100000 | 94049 |
| **Los Angeles County Public Works Financing** <br> **Authority**<br>|  |  |
| 7.62%, 08/01/40  | 100000 | 116325 |
| **Los Angeles Department of Water & Power** |  |  |
| RB (Build America Bonds) Series 2010 |  |  |
| 6.57%, 07/01/45  | 200000 | 210091 |
| **Louisiana Local Government Environmental** <br> **Facilities & Community Development** <br> **Authority**<br>|  |  |
| RB Series 2022 A |  |  |
| 4.48%, 08/01/39 *(a)* | 100000 | 96262 |
| RB Series 2023 |  |  |
| 5.05%, 12/01/34 *(a)* | 250000 | 255219 |
| RB Series A |  |  |
| 4.15%, 02/01/33 *(a)* | 250000 | 248606 |
| Series 2022-ELL, Class A3 |  |  |
| 4.28%, 02/01/36 *(a)* | 200000 | 195785 |
| **Maryland Economic Development Corp.** |  |  |
| 5.43%, 05/31/56  | 100000 | 94360 |
| RB Series 2024 |  |  |
| 5.94%, 05/31/57 *(a)* | 75000 | 74756 |
| **Maryland Health & Higher Educational** <br> **Facilities Authority**<br>|  |  |
| RB Series D |  |  |
| 3.05%, 07/01/40 *(a)* | 150000 | 114072 |
| RB Series D |  |  |
| 3.20%, 07/01/50  | 150000 | 99356 |
| **Massachusetts School Building Authority** |  |  |
| RB Series B |  |  |
| 1.75%, 08/15/30  | 250000 | 228927 |
| RB Series C |  |  |
| 2.95%, 05/15/43 *(a)* | 200000 | 151450 |
| **Metropolitan Transportation Authority** |  |  |
| RB (Build America Bonds) Series E |  |  |
| 6.81%, 11/15/40  | 210000 | 228293 |
| **Metropolitan Transportation Authority** <br> **Dedicated Tax Fund**<br>|  |  |
| RB (Build America Bonds) Series C |  |  |
| 7.34%, 11/15/39  | 175000 | 205065 |
| **Metropolitan Washington Airports Authority** <br> **Dulles Toll Road Revenue**<br>|  |  |
| RB (Build America Bonds) Series B |  |  |
| 7.46%, 10/01/46  | 100000 | 118175 |
| **Michigan Finance Authority** |  |  |
| RB Series 2019 |  |  |
| 3.38%, 12/01/40  | 200000 | 167669 |

---

*See financial notes*

**80**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Michigan State University** |  |  |
| RB Series A |  |  |
| 4.17%, 08/15/22 *(a)* | 75000 | 54303 |
| **Municipal Electric Authority of Georgia** |  |  |
| RB (Build America Bonds) Series 2010 |  |  |
| 6.66%, 04/01/57  | 138000 | 145876 |
| RB (Build America Bonds) Series A |  |  |
| 6.64%, 04/01/57  | 138000 | 148107 |
| RB Series B |  |  |
| 7.06%, 04/01/57  | 287000 | 318872 |
| **New Jersey Economic Development** <br> **Authority**<br>|  |  |
| Series A |  |  |
| 7.43%, 02/15/29  | 250000 | 263556 |
| **New Jersey Turnpike Authority** |  |  |
| RB (Build America Bonds) Series 2009F |  |  |
| 7.41%, 01/01/40  | 350000 | 419679 |
| RB (Build America Bonds) Series <br> 2010A<br>|  |  |
| 7.10%, 01/01/41  | 350000 | 403809 |
| **New York City Municipal Water Finance** <br> **Authority**<br>|  |  |
| RB (Build America Bonds) Series GG |  |  |
| 5.72%, 06/15/42  | 125000 | 125763 |
| Water System RB (Build America <br> Bonds)<br>|  |  |
| 6.01%, 06/15/42  | 250000 | 256364 |
| Water System RB (Build America <br> Bonds) Series 2011CC<br>|  |  |
| 5.88%, 06/15/44  | 100000 | 101318 |
| Water System RB (Build America <br> Bonds) Series AA-2-2009<br>|  |  |
| 5.75%, 06/15/41  | 100000 | 101730 |
| **New York State Dormitory Authority** |  |  |
| RB (Build America Bonds) Series 2010 |  |  |
| 5.60%, 03/15/40  | 50000 | 51372 |
| RB Series 2009F |  |  |
| 5.63%, 03/15/39  | 100000 | 103242 |
| **North Texas Tollway Authority** |  |  |
| RB (Build America Bonds) Series <br> 2009B<br>|  |  |
| 6.72%, 01/01/49  | 150000 | 165305 |
| **Ohio State University** |  |  |
| RB (Build America Bonds) Series <br> 2010C<br>|  |  |
| 4.91%, 06/01/40  | 300000 | 290346 |
| **Oklahoma Development Finance Authority** |  |  |
| 4.62%, 06/01/44  | 100000 | 95689 |
| RB Series 2022 |  |  |
| 4.38%, 11/01/45 *(a)* | 150000 | 142102 |
| **Oregon School Boards Association** |  |  |
| Series B |  |  |
| 5.55%, 06/30/28  | 145759 | 148792 |
| **Pennsylvania State University** |  |  |
| 2.84%, 09/01/50  | 150000 | 98091 |
| **Port Authority of New York & New Jersey** |  |  |
| Consolidated Bonds 164th Series |  |  |
| 5.65%, 11/01/40  | 150000 | 158593 |
| Consolidated Bonds 165th Series |  |  |
| 5.65%, 11/01/40  | 100000 | 105628 |
| Consolidated Bonds 168th Series |  |  |
| 4.93%, 10/01/51  | 200000 | 183210 |
| Consolidated Bonds 174th Series |  |  |
| 4.46%, 10/01/62  | 450000 | 375117 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Consolidated Bonds 181st Series |  |  |
| 4.96%, 08/01/46  | 100000 | 94754 |
| Consolidated Bonds 192th Series |  |  |
| 4.81%, 10/15/65  | 170000 | 151015 |
| RB Series 2019 215 |  |  |
| 3.29%, 08/01/69  | 100000 | 62482 |
| **Port of Morrow** |  |  |
| RB Series 2020 1 |  |  |
| 2.54%, 09/01/40  | 100000 | 76352 |
| **Regents of the University of California** <br> **Medical Center Pooled Revenue**<br>|  |  |
| RB (Build America Bonds) Series F |  |  |
| 6.58%, 05/15/49  | 75000 | 80373 |
| RB (Build America Bonds) Series H |  |  |
| 6.55%, 05/15/48  | 100000 | 107039 |
| RB Series 2022 Q |  |  |
| 4.56%, 05/15/53  | 100000 | 84132 |
| RB Series N |  |  |
| 3.26%, 05/15/60 *(a)* | 100000 | 62872 |
| RB Series N |  |  |
| 3.71%, 05/15/20 *(a)* | 75000 | 46223 |
| **Regional Transportation District Sales Tax** <br> **Revenue**<br>|  |  |
| Series B |  |  |
| 5.84%, 11/01/50  | 50000 | 50383 |
| **Rutgers The State University of New Jersey** |  |  |
| Series P |  |  |
| 3.92%, 05/01/19 *(a)* | 100000 | 65750 |
| **Sales Tax Securitization Corp.** |  |  |
| RB 2021 Series B |  |  |
| 3.24%, 01/01/42  | 100000 | 81621 |
| RB Series 2017B |  |  |
| 3.59%, 01/01/43  | 15000 | 12743 |
| RB Series B |  |  |
| 3.82%, 01/01/48  | 150000 | 119102 |
| **San Diego County Water Authority., Class B** |  |  |
| RB (Build America Bonds) Series <br> 2010B<br>|  |  |
| 6.14%, 05/01/49  | 100000 | 102142 |
| **San Jose Redevelopment Successor Agency** |  |  |
| Series A |  |  |
| 3.38%, 08/01/34 *(a)* | 100000 | 93000 |
| **State Board of Administration Finance Corp.** |  |  |
| RB Series 2024 A |  |  |
| 5.53%, 07/01/34 *(a)* | 200000 | 206797 |
| Series A |  |  |
| 1.71%, 07/01/27  | 400000 | 384562 |
| Series A |  |  |
| 2.15%, 07/01/30  | 600000 | 547753 |
| **State of California** |  |  |
| GO (Build America Bonds) Series 2009 |  |  |
| 7.50%, 04/01/34  | 900000 | 1046695 |
| GO (Build America Bonds) Series 2009 |  |  |
| 7.55%, 04/01/39  | 550000 | 661800 |
| GO (Build America Bonds) Series 2009 |  |  |
| 7.30%, 10/01/39  | 500000 | 580256 |
| GO (Build America Bonds) Series 2009 |  |  |
| 7.35%, 11/01/39  | 200000 | 233014 |
| GO Bonds |  |  |
| 5.13%, 03/01/38 *(a)* | 100000 | 100395 |
| GO Bonds |  |  |
| 7.60%, 11/01/40  | 300000 | 365816 |
| GO Bonds Series 2010 |  |  |
| 7.63%, 03/01/40  | 300000 | 361486 |
| GO Bonds Series 2019 |  |  |
| 2.38%, 10/01/26  | 175000 | 172137 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**81**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| GO Bonds Series 2023 |  |  |
| 6.00%, 03/01/33  | 100000 | 110170 |
| GO Bonds Series 2024 |  |  |
| 5.13%, 09/01/29  | 100000 | 104846 |
| **State of Connecticut** |  |  |
| GO Bonds Series 2008A |  |  |
| 5.85%, 03/15/32  | 250000 | 270822 |
| **State of Illinois** |  |  |
| GO (Build America Bonds) Series 2010 |  |  |
| 7.35%, 07/01/35  | 71429 | 78295 |
| GO Bonds (Pension Funding) Series <br> 2003<br>|  |  |
| 5.10%, 06/01/33  | 1341108 | 1357590 |
| **State of Oregon** |  |  |
| GO Bonds (Pension Funding) Series <br> 2003<br>|  |  |
| 5.89%, 06/01/27  | 237315 | 242829 |
| **State of Texas** |  |  |
| GO Mobility Fund Bonds (Build <br> America Bonds) Series 2009A<br>|  |  |
| 5.52%, 04/01/39  | 580000 | 603276 |
| **State of Wisconsin** |  |  |
| 3.15%, 05/01/27  | 100000 | 98948 |
| **Texas Natural Gas Securitization Finance** <br> **Corp.**<br>|  |  |
| RB 2023 |  |  |
| 5.10%, 04/01/35 *(a)* | 264801 | 272234 |
| RB Series 2023 |  |  |
| 5.17%, 04/01/41 *(a)* | 200000 | 204101 |
| **Texas Private Activity Bond Surface** <br> **Transportation Corp.**<br>|  |  |
| RB Series B |  |  |
| 3.92%, 12/31/49  | 150000 | 118263 |
| **University of California** |  |  |
| RB Series 2015AQ |  |  |
| 4.77%, 05/15/15  | 150000 | 120702 |
| RB Series 2019 BD |  |  |
| 3.35%, 07/01/29  | 100000 | 98288 |
| RB Series 2020 BG |  |  |
| 1.32%, 05/15/27 *(a)* | 195000 | 187124 |
| RB Series AD |  |  |
| 4.86%, 05/15/12  | 100000 | 83153 |
| RB Series BG |  |  |
| 1.61%, 05/15/30 *(a)* | 250000 | 225044 |
| **University of Michigan** |  |  |
| 4.45%, 04/01/22 *(a)* | 250000 | 194020 |
| RB Series C |  |  |
| 3.60%, 04/01/47  | 200000 | 167539 |
| Series B |  |  |
| 2.44%, 04/01/40 *(a)* | 250000 | 184419 |
| **University of Pittsburgh-of the** <br> **Commonwealth System of Higher Education**<br>|  |  |
| RB Series 2019A |  |  |
| 3.56%, 09/15/19 *(a)* | 100000 | 62150 |
| **University of Virginia** |  |  |
| General Revenue Pledge and Refunding <br> Bonds, Series 2020<br>|  |  |
| 2.26%, 09/01/50 *(a)* | 400000 | 227976 |
| Series C |  |  |
| 4.18%, 09/01/17 *(a)* | 100000 | 73306 |
|  |  | **24871015** |
|  |  | **37833415** |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Sovereign 1.0%** | **Sovereign 1.0%** | **Sovereign 1.0%** |
| ***Canada 0.0%***  | ***Canada 0.0%***  | ***Canada 0.0%***  |
| **Canada Government International Bonds** | **Canada Government International Bonds** | **Canada Government International Bonds** |
| 3.75%, 04/26/28  | 800000 | 802824 |
| 4.63%, 04/30/29  | 750000 | 774683 |
| 4.00%, 03/18/30  | 500000 | 506315 |
|  |  | **2083822** |
| ***Chile 0.1%***  | ***Chile 0.1%***  | ***Chile 0.1%***  |
| **Chile Government International Bonds** | **Chile Government International Bonds** | **Chile Government International Bonds** |
| 2.75%, 01/31/27 *(a)* | 250000 | 245455 |
| 3.24%, 02/06/28 *(a)* | 250000 | 244972 |
| 4.85%, 01/22/29 *(a)* | 300000 | 306597 |
| 2.45%, 01/31/31 *(a)* | 300000 | 271575 |
| 2.55%, 01/27/32 *(a)* | 200000 | 177438 |
| 2.55%, 07/27/33 *(a)* | 500000 | 427015 |
| 3.50%, 01/31/34 *(a)* | 250000 | 227132 |
| 4.95%, 01/05/36 *(a)* | 200843 | 199242 |
| 5.65%, 01/13/37 *(a)* | 300000 | 312081 |
| 3.10%, 05/07/41 *(a)* | 350000 | 262640 |
| 4.34%, 03/07/42 *(a)* | 250000 | 217943 |
| 3.63%, 10/30/42  | 150000 | 121452 |
| 3.86%, 06/21/47  | 200000 | 154606 |
| 3.50%, 01/25/50 *(a)* | 500000 | 353515 |
| 4.00%, 01/31/52 *(a)* | 200000 | 152946 |
| 5.33%, 01/05/54 *(a)* | 300000 | 282426 |
| 3.10%, 01/22/61 *(a)* | 250000 | 150048 |
| 3.25%, 09/21/71 *(a)* | 200000 | 120508 |
|  |  | **4227591** |
| ***Hungary 0.0%***  | ***Hungary 0.0%***  | ***Hungary 0.0%***  |
| **Hungary Government International Bonds** | **Hungary Government International Bonds** | **Hungary Government International Bonds** |
| 7.63%, 03/29/41  | 300000 | 347163 |
| ***Indonesia 0.1%***  | ***Indonesia 0.1%***  | ***Indonesia 0.1%***  |
| **Indonesia Government International Bonds** | **Indonesia Government International Bonds** | **Indonesia Government International Bonds** |
| 3.50%, 01/11/28  | 200000 | 197644 |
| 4.55%, 01/11/28 *(a)* | 300000 | 303090 |
| 4.10%, 04/24/28  | 250000 | 250402 |
| 4.75%, 02/11/29  | 200000 | 203684 |
| 4.40%, 03/10/29 *(a)* | 200000 | 201680 |
| 3.40%, 09/18/29  | 250000 | 243190 |
| 5.25%, 01/15/30 *(a)* | 200000 | 208268 |
| 2.85%, 02/14/30  | 400000 | 377220 |
| 3.85%, 10/15/30  | 300000 | 294234 |
| 2.15%, 07/28/31 *(a)* | 200000 | 175908 |
| 4.65%, 09/20/32 *(a)* | 250000 | 250048 |
| 4.85%, 01/11/33 *(a)* | 200000 | 201550 |
| 4.75%, 09/10/34 *(a)* | 200000 | 198656 |
| 5.60%, 01/15/35 *(a)* | 200000 | 210472 |
| 4.35%, 01/11/48  | 200000 | 170396 |
| 5.35%, 02/11/49  | 200000 | 196194 |
| 3.70%, 10/30/49  | 100000 | 75363 |
| 3.50%, 02/14/50  | 200000 | 144652 |
| 4.20%, 10/15/50  | 250000 | 203240 |
| 3.05%, 03/12/51  | 400000 | 263220 |
| 5.65%, 01/11/53 *(a)* | 200000 | 199140 |
| 5.10%, 02/10/54 *(a)* | 200000 | 187692 |
| 5.15%, 09/10/54 *(a)* | 200000 | 188768 |
| 3.20%, 09/23/61 *(a)* | 200000 | 125918 |
| 4.45%, 04/15/70  | 200000 | 160202 |
| 3.35%, 03/12/71  | 200000 | 128094 |
|  |  | **5358925** |

---

*See financial notes*

**82**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| ***Israel 0.1%***  | ***Israel 0.1%***  | ***Israel 0.1%***  |
| **Israel Government International Bonds** | **Israel Government International Bonds** | **Israel Government International Bonds** |
| 3.25%, 01/17/28  | 200000 | 194642 |
| 5.38%, 03/12/29  | 300000 | 307539 |
| 5.38%, 02/19/30  | 400000 | 411164 |
| 2.75%, 07/03/30  | 350000 | 320478 |
| 4.50%, 01/17/33  | 350000 | 338275 |
| 5.50%, 03/12/34  | 700000 | 713678 |
| 5.63%, 02/19/35  | 500000 | 512235 |
| 4.50%, 01/30/43  | 300000 | 254586 |
| 4.13%, 01/17/48  | 200000 | 152560 |
| 3.88%, 07/03/50  | 300000 | 212226 |
| 5.75%, 03/12/54  | 500000 | 462545 |
| 4.50%, 04/03/20  | 200000 | 144206 |
| **State of Israel** | **State of Israel** | **State of Israel** |
| 2.50%, 01/15/30  | 200000 | 182924 |
| 3.38%, 01/15/50  | 350000 | 229264 |
|  |  | **4436322** |
| ***Italy 0.0%***  | ***Italy 0.0%***  | ***Italy 0.0%***  |
| **Republic of Italy Government International Bonds** | **Republic of Italy Government International Bonds** | **Republic of Italy Government International Bonds** |
| 2.88%, 10/17/29  | 475000 | 452851 |
| 5.38%, 06/15/33  | 250000 | 264475 |
| 4.00%, 10/17/49  | 350000 | 253606 |
| 3.88%, 05/06/51  | 500000 | 346900 |
|  |  | **1317832** |
| ***Mexico 0.2%***  | ***Mexico 0.2%***  | ***Mexico 0.2%***  |
| **Mexico Government International Bonds** | **Mexico Government International Bonds** | **Mexico Government International Bonds** |
| 4.15%, 03/28/27  | 300000 | 299247 |
| 3.75%, 01/11/28  | 300000 | 295860 |
| 5.40%, 02/09/28 *(a)* | 200000 | 204484 |
| 4.50%, 04/22/29  | 600000 | 598578 |
| 5.00%, 05/07/29 *(a)* | 200000 | 202684 |
| 3.25%, 04/16/30 *(a)* | 500000 | 468235 |
| 6.00%, 05/13/30 *(a)* | 400000 | 418892 |
| 2.66%, 05/24/31 *(a)* | 400000 | 352524 |
| 8.30%, 08/15/31  | 150000 | 178706 |
| 4.75%, 04/27/32 *(a)* | 500000 | 482625 |
| 5.85%, 07/02/32 *(a)* | 700000 | 715330 |
| 4.88%, 05/19/33 *(a)* | 400000 | 382336 |
| 3.50%, 02/12/34 *(a)* | 200000 | 170928 |
| 6.75%, 09/27/34  | 362000 | 389063 |
| 6.35%, 02/09/35 *(a)* | 400000 | 414076 |
| 6.00%, 05/07/36 *(a)* | 750000 | 753082 |
| 6.88%, 05/13/37 *(a)* | 700000 | 737275 |
| 6.63%, 01/29/38 *(a)* | 500000 | 512325 |
| 6.05%, 01/11/40  | 500000 | 484290 |
| 4.28%, 08/14/41 *(a)* | 400000 | 313256 |
| 4.75%, 03/08/44  | 750000 | 599715 |
| 5.55%, 01/21/45  | 550000 | 492085 |
| 4.60%, 01/23/46  | 450000 | 345938 |
| 4.35%, 01/15/47  | 300000 | 220740 |
| 4.60%, 02/10/48  | 400000 | 302564 |
| 4.50%, 01/31/50 *(a)* | 275000 | 203305 |
| 5.00%, 04/27/51 *(a)* | 450000 | 353326 |
| 4.40%, 02/12/52 *(a)* | 250000 | 177670 |
| 6.34%, 05/04/53 *(a)* | 600000 | 555588 |
| 6.40%, 05/07/54 *(a)* | 500000 | 464775 |
| 7.38%, 05/13/55 *(a)* | 500000 | 523495 |
| 3.77%, 05/24/61 *(a)* | 600000 | 359148 |
| 5.75%, 10/12/10  | 420000 | 341737 |
|  |  | **13313882** |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| ***Panama 0.1%***  | ***Panama 0.1%***  | ***Panama 0.1%***  |
| **Panama Government International Bonds** | **Panama Government International Bonds** | **Panama Government International Bonds** |
| 8.88%, 09/30/27  | 250000 | 271147 |
| 3.88%, 03/17/28 *(a)* | 200000 | 195960 |
| 9.38%, 04/01/29  | 300000 | 339591 |
| 3.16%, 01/23/30 *(a)* | 200000 | 184108 |
| 7.50%, 03/01/31 *(a)* | 200000 | 217670 |
| 2.25%, 09/29/32 *(a)* | 600000 | 475074 |
| 3.30%, 01/19/33 *(a)* | 200000 | 168950 |
| 6.40%, 02/14/35 *(a)* | 450000 | 453240 |
| 6.70%, 01/26/36  | 131000 | 134517 |
| 6.88%, 01/31/36 *(a)* | 200000 | 206546 |
| 8.00%, 03/01/38 *(a)* | 200000 | 221464 |
| 4.50%, 05/15/47 *(a)* | 250000 | 183735 |
| 4.50%, 04/16/50 *(a)* | 400000 | 284376 |
| 4.30%, 04/29/53  | 400000 | 275380 |
| 6.85%, 03/28/54 *(a)* | 200000 | 192590 |
| 4.50%, 04/01/56 *(a)* | 350000 | 241633 |
| 7.88%, 03/01/57 *(a)* | 200000 | 214460 |
| 3.87%, 07/23/60 *(a)* | 650000 | 393614 |
| 4.50%, 01/19/63 *(a)* | 250000 | 171108 |
|  |  | **4825163** |
| ***Peru 0.1%***  | ***Peru 0.1%***  | ***Peru 0.1%***  |
| **Peru Government International Bonds** | **Peru Government International Bonds** | **Peru Government International Bonds** |
| 2.78%, 01/23/31 *(a)* | 400000 | 366788 |
| 1.86%, 12/01/32 *(a)* | 300000 | 245169 |
| 8.75%, 11/21/33  | 450000 | 560110 |
| 3.00%, 01/15/34 *(a)* | 400000 | 343652 |
| 5.38%, 02/08/35 *(a)* | 200000 | 202424 |
| 5.50%, 03/30/36 *(a)* | 388000 | 391733 |
| 6.55%, 03/14/37  | 300000 | 330234 |
| 3.30%, 03/11/41 *(a)* | 250000 | 189450 |
| 5.63%, 11/18/50  | 395000 | 378596 |
| 3.55%, 03/10/51 *(a)* | 350000 | 240852 |
| 5.88%, 08/08/54 *(a)* | 300000 | 292335 |
| 6.20%, 06/30/55 *(a)* | 200000 | 202640 |
| 2.78%, 12/01/60 *(a)* | 250000 | 133775 |
| 3.60%, 01/15/72 *(a)* | 200000 | 122140 |
| 3.23%, 07/28/21 *(a)* | 200000 | 107086 |
|  |  | **4106984** |
| ***Philippines 0.1%***  | ***Philippines 0.1%***  | ***Philippines 0.1%***  |
| **Philippines Government International Bonds** | **Philippines Government International Bonds** | **Philippines Government International Bonds** |
| 3.23%, 03/29/27  | 200000 | 197234 |
| 3.00%, 02/01/28  | 400000 | 389064 |
| 3.75%, 01/14/29  | 200000 | 196986 |
| 9.50%, 02/02/30  | 250000 | 301980 |
| 2.46%, 05/05/30  | 200000 | 184998 |
| 7.75%, 01/14/31  | 350000 | 407456 |
| 1.95%, 01/06/32  | 200000 | 172132 |
| 6.38%, 01/15/32  | 300000 | 330738 |
| 3.56%, 09/29/32  | 200000 | 188092 |
| 5.61%, 04/13/33  | 200000 | 211966 |
| 5.25%, 05/14/34  | 200000 | 206510 |
| 6.38%, 10/23/34  | 400000 | 446168 |
| 5.50%, 02/04/35  | 200000 | 210778 |
| 4.75%, 03/05/35  | 200000 | 199156 |
| 5.00%, 01/13/37  | 200000 | 201890 |
| 3.95%, 01/20/40  | 400000 | 353488 |
| 3.70%, 03/01/41  | 550000 | 458518 |
| 3.70%, 02/02/42  | 400000 | 327376 |
| 2.95%, 05/05/45  | 200000 | 139892 |
| 2.65%, 12/10/45  | 200000 | 131852 |
| 3.20%, 07/06/46  | 500000 | 358045 |
| 4.20%, 03/29/47  | 200000 | 167734 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**83**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.50%, 01/17/48  | 200000 | 200098 |
| 5.60%, 05/14/49  | 200000 | 200636 |
| 5.18%, 09/05/49  | 200000 | 189372 |
| 5.90%, 02/04/50  | 200000 | 208020 |
|  |  | **6580179** |
| ***Poland 0.1%***  | ***Poland 0.1%***  | ***Poland 0.1%***  |
| **Republic of Poland Government International Bonds** | **Republic of Poland Government International Bonds** | **Republic of Poland Government International Bonds** |
| 5.50%, 11/16/27 *(a)* | 200000 | 206748 |
| 4.63%, 03/18/29 *(a)* | 250000 | 253985 |
| 4.88%, 02/12/30  | 500000 | 514150 |
| 5.75%, 11/16/32 *(a)* | 300000 | 318531 |
| 4.88%, 10/04/33 *(a)* | 400000 | 401188 |
| 5.13%, 09/18/34 *(a)* | 500000 | 504645 |
| 5.38%, 02/12/35 *(a)* | 500000 | 511570 |
| 5.50%, 04/04/53 *(a)* | 350000 | 328430 |
| 5.50%, 03/18/54 *(a)* | 700000 | 656719 |
|  |  | **3695966** |
| ***Republic of Korea 0.0%***  | ***Republic of Korea 0.0%***  | ***Republic of Korea 0.0%***  |
| **Korea International Bonds** | **Korea International Bonds** | **Korea International Bonds** |
| 2.75%, 01/19/27  | 250000 | 246423 |
| 3.50%, 09/20/28  | 200000 | 198004 |
| 2.50%, 06/19/29  | 200000 | 190690 |
| 4.50%, 07/03/29  | 200000 | 204786 |
| 1.75%, 10/15/31  | 200000 | 176674 |
| 4.13%, 06/10/44  | 200000 | 174514 |
|  |  | **1191091** |
| ***Uruguay 0.1%***  | ***Uruguay 0.1%***  | ***Uruguay 0.1%***  |
| **Oriental Republic of Uruguay** | **Oriental Republic of Uruguay** | **Oriental Republic of Uruguay** |
| 5.25%, 09/10/60 *(a)* | 200000 | 182228 |
| **Uruguay Government International Bonds** | **Uruguay Government International Bonds** | **Uruguay Government International Bonds** |
| 4.38%, 10/27/27  | 300000 | 301830 |
| 4.38%, 01/23/31 *(a)* | 350000 | 352201 |
| 5.75%, 10/28/34 *(a)* | 400000 | 424772 |
| 7.63%, 03/21/36  | 250000 | 300393 |
| 5.44%, 02/14/37 *(a)* | 300000 | 310461 |
| 4.13%, 11/20/45  | 150000 | 128871 |
| 5.10%, 06/18/50  | 750000 | 693525 |
| 4.98%, 04/20/55  | 400000 | 355180 |
|  |  | **3049461** |
|  |  | **54534381** |
| **Supranational\* 1.3%** | **Supranational\* 1.3%** | **Supranational\* 1.3%** |
| **African Development Bank** | **African Development Bank** | **African Development Bank** |
| 4.63%, 01/04/27  | 350000 | 353728 |
| 4.13%, 02/25/27  | 500000 | 502590 |
| 4.38%, 11/03/27  | 500000 | 507395 |
| 4.38%, 03/14/28  | 250000 | 254463 |
| 3.88%, 06/12/28  | 360000 | 362416 |
| 3.50%, 09/18/29  | 400000 | 396988 |
| 5.75%, 05/07/34*(a)(b)(j)* | 200000 | 200368 |
| 4.50%, 06/12/35  | 180000 | 183121 |
| **Asian Development Bank** | **Asian Development Bank** | **Asian Development Bank** |
| 2.63%, 01/12/27  | 500000 | 492350 |
| 4.13%, 01/12/27  | 500000 | 502185 |
| 1.50%, 01/20/27  | 500000 | 484700 |
| 3.13%, 08/20/27  | 500000 | 494810 |
| 2.50%, 11/02/27  | 500000 | 487930 |
| 4.38%, 01/14/28  | 900000 | 915138 |
| 2.75%, 01/19/28  | 500000 | 490060 |
| 3.75%, 04/25/28  | 500000 | 501565 |
| 1.25%, 06/09/28  | 250000 | 234485 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.82%, 06/16/28  | 250000 | 263968 |
| 4.50%, 08/25/28  | 500000 | 512295 |
| 4.38%, 03/06/29  | 600000 | 614250 |
| 1.88%, 03/15/29  | 300000 | 282393 |
| 3.63%, 08/28/29  | 600000 | 599184 |
| 1.75%, 09/19/29  | 250000 | 232028 |
| 1.88%, 01/24/30  | 400000 | 370560 |
| 4.13%, 05/30/30  | 700000 | 712243 |
| 3.75%, 08/28/30  | 500000 | 500445 |
| 0.75%, 10/08/30  | 450000 | 387756 |
| 1.50%, 03/04/31  | 500000 | 443310 |
| 3.88%, 09/28/32  | 450000 | 447003 |
| 4.00%, 01/12/33  | 350000 | 349622 |
| 3.88%, 06/14/33  | 350000 | 346164 |
| 4.13%, 01/12/34  | 350000 | 349188 |
| 4.38%, 03/22/35  | 300000 | 303186 |
| **Asian Infrastructure Investment Bank** | **Asian Infrastructure Investment Bank** | **Asian Infrastructure Investment Bank** |
| 3.75%, 09/14/27  | 300000 | 300459 |
| 4.13%, 01/18/29  | 500000 | 507260 |
| 4.50%, 01/16/30  | 1050000 | 1083190 |
| 4.50%, 05/21/35  | 200000 | 204302 |
| **Corp. Andina de Fomento** | **Corp. Andina de Fomento** | **Corp. Andina de Fomento** |
| 2.25%, 02/08/27  | 400000 | 390024 |
| 6.00%, 04/26/27  | 300000 | 309219 |
| 5.00%, 01/24/29  | 400000 | 412636 |
| 5.00%, 01/22/30  | 400000 | 415072 |
| **Council of Europe Development Bank** | **Council of Europe Development Bank** | **Council of Europe Development Bank** |
| 4.63%, 06/11/27  | 350000 | 355303 |
| 3.63%, 05/08/28  | 200000 | 200022 |
| 4.13%, 01/24/29  | 250000 | 253753 |
| 4.50%, 01/15/30  | 300000 | 309405 |
| **European Bank for Reconstruction & Development** | **European Bank for Reconstruction & Development** | **European Bank for Reconstruction & Development** |
| 4.38%, 03/09/28  | 500000 | 508945 |
| 4.13%, 01/25/29  | 500000 | 507725 |
| 4.25%, 03/13/34  | 250000 | 251050 |
| **European Investment Bank** | **European Investment Bank** | **European Investment Bank** |
| 0.75%, 10/26/26  | 500000 | 482880 |
| 1.38%, 03/15/27  | 750000 | 723930 |
| 4.38%, 03/19/27  | 700000 | 706797 |
| 2.38%, 05/24/27  | 450000 | 440122 |
| 3.25%, 11/15/27  | 500000 | 495865 |
| 3.88%, 03/15/28  | 1050000 | 1056730 |
| 3.88%, 06/15/28  | 300000 | 302103 |
| 4.50%, 10/16/28  | 750000 | 769447 |
| 4.00%, 02/15/29  | 750000 | 758775 |
| 1.75%, 03/15/29  | 500000 | 468835 |
| 4.75%, 06/15/29  | 1100000 | 1142427 |
| 1.63%, 10/09/29  | 350000 | 323145 |
| 3.75%, 11/15/29  | 1000000 | 1003040 |
| 4.50%, 03/14/30  | 1000000 | 1033280 |
| 0.88%, 05/17/30  | 170000 | 149410 |
| 3.63%, 07/15/30  | 800000 | 796800 |
| 0.75%, 09/23/30  | 500000 | 432020 |
| 3.88%, 10/15/30  | 600000 | 603990 |
| 1.25%, 02/14/31  | 500000 | 438545 |
| 1.63%, 05/13/31  | 250000 | 222578 |
| 4.38%, 10/10/31  | 750000 | 772890 |
| 4.25%, 08/16/32  | 910000 | 925379 |
| 3.75%, 02/14/33  | 500000 | 492770 |
| 4.13%, 02/13/34  | 750000 | 749182 |
| 4.63%, 02/12/35  | 500000 | 515445 |
| 4.88%, 02/15/36  | 550000 | 577863 |
| **Inter-American Development Bank** | **Inter-American Development Bank** | **Inter-American Development Bank** |
| 1.50%, 01/13/27  | 500000 | 484885 |
| 4.38%, 02/01/27  | 250000 | 251968 |
| 2.38%, 07/07/27  | 350000 | 341775 |

---

*See financial notes*

**84**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 0.63%, 09/16/27  | 500000 | 470275 |
| 4.00%, 01/12/28  | 400000 | 403228 |
| 1.13%, 07/20/28  | 500000 | 465930 |
| 3.13%, 09/18/28  | 650000 | 640516 |
| 4.13%, 02/15/29  | 750000 | 761392 |
| 2.25%, 06/18/29  | 700000 | 665112 |
| 3.50%, 09/14/29  | 500000 | 496730 |
| 4.80%, 01/22/30*(a)* | 100000 | 100935 |
| 4.50%, 02/15/30  | 750000 | 774157 |
| 3.75%, 06/14/30  | 400000 | 400464 |
| 1.13%, 01/13/31  | 750000 | 653812 |
| 3.63%, 09/17/31  | 400000 | 394892 |
| 3.50%, 04/12/33  | 500000 | 482515 |
| 4.50%, 09/13/33  | 350000 | 359961 |
| 4.38%, 07/17/34  | 400000 | 405160 |
| 4.38%, 07/16/35  | 530000 | 533625 |
| 4.38%, 01/24/44  | 150000 | 138975 |
| **Inter-American Investment Corp.** | **Inter-American Investment Corp.** | **Inter-American Investment Corp.** |
| 4.13%, 02/15/28  | 200000 | 201844 |
| 4.75%, 09/19/28  | 200000 | 205786 |
| 4.25%, 02/14/29  | 150000 | 152297 |
| 4.25%, 04/01/30  | 200000 | 203514 |
| **International Bank for Reconstruction & Development** | **International Bank for Reconstruction & Development** | **International Bank for Reconstruction & Development** |
| 1.88%, 10/27/26  | 200000 | 195604 |
| 3.13%, 06/15/27  | 750000 | 742680 |
| 2.50%, 11/22/27  | 350000 | 341443 |
| 0.75%, 11/24/27  | 1000000 | 938370 |
| 1.38%, 04/20/28  | 1000000 | 943850 |
| 3.63%, 05/05/28  | 750000 | 750270 |
| 3.50%, 07/12/28  | 1000000 | 996600 |
| 4.63%, 08/01/28  | 800000 | 821680 |
| 4.40%, 08/14/28*(a)* | 100000 | 100040 |
| 1.13%, 09/13/28  | 1000000 | 928510 |
| 3.63%, 09/21/29  | 700000 | 698439 |
| 3.88%, 10/16/29  | 1000000 | 1007160 |
| 1.75%, 10/23/29  | 450000 | 416790 |
| 3.88%, 02/14/30  | 1000000 | 1006850 |
| 4.13%, 03/20/30  | 1000000 | 1017110 |
| 0.88%, 05/14/30  | 700000 | 614922 |
| 4.00%, 07/25/30  | 500000 | 505890 |
| 0.75%, 08/26/30  | 750000 | 648937 |
| 4.00%, 01/10/31  | 800000 | 808136 |
| 1.25%, 02/10/31  | 750000 | 656737 |
| 4.50%, 04/10/31  | 500000 | 517190 |
| 1.63%, 11/03/31  | 1000000 | 877390 |
| 4.63%, 01/15/32  | 1000000 | 1038450 |
| 2.50%, 03/29/32  | 750000 | 687427 |
| 4.00%, 05/06/32  | 900000 | 901782 |
| 4.75%, 11/14/33  | 550000 | 575459 |
| 3.88%, 08/28/34  | 500000 | 488125 |
| 4.75%, 02/15/35  | 80000 | 83045 |
| 4.38%, 08/27/35  | 900000 | 906111 |
| **International Finance Corp.** | **International Finance Corp.** | **International Finance Corp.** |
| 0.75%, 10/08/26  | 300000 | 290073 |
| 4.38%, 01/15/27  | 250000 | 251918 |
| 4.50%, 01/21/28  | 400000 | 407924 |
| 4.50%, 07/13/28  | 400000 | 409456 |
| 4.25%, 07/02/29  | 350000 | 357220 |
| 3.88%, 07/02/30  | 300000 | 302109 |
| 0.75%, 08/27/30  | 400000 | 346076 |
| **Nordic Investment Bank** | **Nordic Investment Bank** | **Nordic Investment Bank** |
| 4.38%, 03/14/28  | 250000 | 254450 |
| 3.75%, 08/28/28  | 300000 | 301350 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.25%, 02/28/29  | 250000 | 254838 |
| 3.75%, 05/09/30  | 200000 | 200298 |
|  |  | **70050957** |
| **Total Government Related** <br>**(Cost $238,710,087)** | **Total Government Related** <br>**(Cost $238,710,087)** | **226493509** |
| **SECURITIZED** 26.3% OF NET ASSETS | **SECURITIZED** 26.3% OF NET ASSETS | **SECURITIZED** 26.3% OF NET ASSETS |
| **Asset-Backed Securities 0.0%** | **Asset-Backed Securities 0.0%** | **Asset-Backed Securities 0.0%** |
| ***Credit Card 0.0%***  | ***Credit Card 0.0%***  | ***Credit Card 0.0%***  |
| **Capital One Multi-Asset Execution Trust** | **Capital One Multi-Asset Execution Trust** | **Capital One Multi-Asset Execution Trust** |
| Series 2019-A3, Class A3 |  |  |
| 2.06%, 08/15/28 *(a)* | 1000000 | 981512 |
| ***Electric 0.0%***  | ***Electric 0.0%***  | ***Electric 0.0%***  |
| **PG&E Wildfire Recovery Funding LLC** | **PG&E Wildfire Recovery Funding LLC** | **PG&E Wildfire Recovery Funding LLC** |
| 3.59%, 06/01/32  | 64223 | 63266 |
| 4.26%, 06/01/38  | 100000 | 95933 |
| 4.45%, 12/01/49  | 200000 | 174668 |
| 4.67%, 12/01/53  | 200000 | 172822 |
|  |  | **506689** |
| ***Utilities 0.0%***  | ***Utilities 0.0%***  | ***Utilities 0.0%***  |
| **PG&E Wildfire Recovery Funding LLC** | **PG&E Wildfire Recovery Funding LLC** | **PG&E Wildfire Recovery Funding LLC** |
| 5.10%, 06/01/52  | 175000 | 160610 |
|  |  | **1648811** |
| **Commercial Mortgage-Backed Security 1.9%** | **Commercial Mortgage-Backed Security 1.9%** | **Commercial Mortgage-Backed Security 1.9%** |
| **Bank** | **Bank** | **Bank** |
| Series 2017-BNK7, Class A5 |  |  |
| 3.44%, 09/15/60 *(a)* | 150000 | 147504 |
| Series 2017-BNK8, Class A4 |  |  |
| 3.49%, 11/15/50 *(a)* | 1190000 | 1158908 |
| Series 2017-BNK9, Class A4 |  |  |
| 3.54%, 11/15/54 *(a)* | 950000 | 933738 |
| Series 2019-BN19, Class A3 |  |  |
| 3.18%, 08/15/61 *(a)* | 600000 | 564667 |
| Series 2020-BN26, Class A4 |  |  |
| 2.40%, 03/15/63 *(a)* | 300000 | 274721 |
| Series 2025-BNK50, Class A5 |  |  |
| 5.65%, 05/15/68 *(a)* | 400000 | 422735 |
| **BBCMS Mortgage Trust** | **BBCMS Mortgage Trust** | **BBCMS Mortgage Trust** |
| Series 2018-C2, Class A4 |  |  |
| 4.05%, 12/15/51 *(a)* | 449000 | 447047 |
| Series 2023-C21, Class A5 |  |  |
| 6.00%, 09/15/56 *(a)(k)* | 1500000 | 1618012 |
| Series 2025-C32, Class A4 |  |  |
| 5.43%, 02/15/62 *(a)* | 1000000 | 1037655 |
| Series 2025-C32, Class A5 |  |  |
| 5.72%, 02/15/62 *(a)* | 1000000 | 1062371 |
| Series 2028-C28, Class A5 |  |  |
| 5.40%, 09/15/57 *(a)* | 1000000 | 1040374 |
| **Benchmark Mortgage Trust** | **Benchmark Mortgage Trust** | **Benchmark Mortgage Trust** |
| Series 2019-B10, Class A4 |  |  |
| 3.72%, 03/15/62 *(a)* | 5090000 | 4969443 |
| Series 2019-B12, Class A5 |  |  |
| 3.12%, 08/15/52 *(a)* | 700000 | 666737 |
| Series 2019-B13, Class A4 |  |  |
| 2.95%, 08/15/57 *(a)* | 3500000 | 3305427 |
| Series 2019-B9, Class A5 |  |  |
| 4.02%, 03/15/52 *(a)* | 600000 | 590548 |
| Series 2020-B16, Class A5 |  |  |
| 2.73%, 02/15/53 *(a)* | 1000000 | 929682 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**85**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **BMO Mortgage Trust** | **BMO Mortgage Trust** | **BMO Mortgage Trust** |
| Series 2024-C9, Class A5 |  |  |
| 5.76%, 07/15/57 *(a)* | 4500000 | 4778667 |
| **CD Mortgage Trust** | **CD Mortgage Trust** | **CD Mortgage Trust** |
| Series 2016-CD2, Class A4 |  |  |
| 3.53%, 11/10/49 *(a)* | 240000 | 232406 |
| **CFCRE Commercial Mortgage Trust** | **CFCRE Commercial Mortgage Trust** | **CFCRE Commercial Mortgage Trust** |
| Series 2016-C7, Class A3 |  |  |
| 3.84%, 12/10/54 *(a)* | 2200000 | 2173553 |
| **Citigroup Commercial Mortgage Trust** | **Citigroup Commercial Mortgage Trust** | **Citigroup Commercial Mortgage Trust** |
| Series 2017-C4, Class A4 |  |  |
| 3.47%, 10/12/50 *(a)* | 5700000 | 5604446 |
| **CSAIL Commercial Mortgage Trust** | **CSAIL Commercial Mortgage Trust** | **CSAIL Commercial Mortgage Trust** |
| Series 2019-C17, Class A5 |  |  |
| 3.02%, 09/17/52 *(a)* | 2500000 | 2342474 |
| **CSMC Trust** | **CSMC Trust** | **CSMC Trust** |
| Series 2016-NXSR, Class A4 |  |  |
| 3.79%, 12/15/49 *(a)(k)* | 2000000 | 1981209 |
| **Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through** <br> **Certificates** | **Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through** <br> **Certificates** | **Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through** <br> **Certificates** |
| Series K052, Class A2 |  |  |
| 3.15%, 11/25/25 *(a)* | 63835 | 63574 |
| Series K054, Class A2 |  |  |
| 2.75%, 01/25/26 *(a)* | 8759 | 8696 |
| Series K058, Class A2 |  |  |
| 2.65%, 08/25/26 *(a)* | 600000 | 591297 |
| Series K061, Class A2 |  |  |
| 3.35%, 11/25/26 *(a)(k)* | 2397011 | 2374520 |
| Series K062, Class A2 |  |  |
| 3.41%, 12/25/26 *(a)* | 300000 | 297242 |
| Series K064, Class A2 |  |  |
| 3.22%, 03/25/27 *(a)* | 750000 | 740904 |
| Series K066, Class A2 |  |  |
| 3.12%, 06/25/27 *(a)* | 1200000 | 1182411 |
| Series K070, Class A2 |  |  |
| 3.30%, 11/25/27 *(a)(k)* | 500000 | 493416 |
| Series K071, Class A2 |  |  |
| 3.29%, 11/25/27 *(a)* | 2000000 | 1972345 |
| Series K072, Class A2 |  |  |
| 3.44%, 12/25/27 *(a)* | 900000 | 890295 |
| Series K074, Class A1 |  |  |
| 3.60%, 09/25/27 *(a)* | 7942 | 7910 |
| Series K074, Class A2 |  |  |
| 3.60%, 01/25/28 *(a)* | 3500000 | 3475134 |
| Series K078, Class A2 |  |  |
| 3.85%, 06/25/28 *(a)* | 1182367 | 1179729 |
| Series K083, Class A2 |  |  |
| 4.05%, 09/25/28 *(a)(k)* | 250000 | 250900 |
| Series K085, Class A2 |  |  |
| 4.06%, 10/25/28 *(a)(k)* | 700000 | 702737 |
| Series K087, Class A2 |  |  |
| 3.77%, 12/25/28 *(a)* | 100000 | 99563 |
| Series K088, Class A2 |  |  |
| 3.69%, 01/25/29 *(a)* | 975000 | 967942 |
| Series K089, Class A2 |  |  |
| 3.56%, 01/25/29 *(a)* | 1500000 | 1483115 |
| Series K099, Class A2 |  |  |
| 2.60%, 09/25/29 *(a)* | 2210000 | 2100092 |
| Series K112, Class A2 |  |  |
| 1.31%, 05/25/30 *(a)* | 1910000 | 1692417 |
| Series K130, Class A2 |  |  |
| 1.72%, 06/25/31 *(a)* | 2000000 | 1758780 |
| Series K144, Class A2 |  |  |
| 2.45%, 04/25/32 *(a)* | 1200000 | 1077569 |
| Series K146, Class A2 |  |  |
| 2.92%, 06/25/32 *(a)* | 2500000 | 2305785 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Series K149, Class A2 |  |  |
| 3.53%, 08/25/32 *(a)* | 1000000 | 955330 |
| Series K150, Class A2 |  |  |
| 3.71%, 09/25/32 *(a)* | 700000 | 675258 |
| Series K-1512, Class A2 |  |  |
| 2.99%, 05/25/31 *(a)* | 2500000 | 2360558 |
| Series K153, Class A2 |  |  |
| 3.82%, 12/25/32 *(a)(k)* | 1200000 | 1162921 |
| Series K154, Class A2 |  |  |
| 3.42%, 04/25/32 *(a)* | 700000 | 686620 |
| Series K157, Class A2 |  |  |
| 3.99%, 05/25/33 *(a)* | 360000 | 358706 |
| Series K157, Class A2 |  |  |
| 4.20%, 05/25/33 *(a)* | 800000 | 791865 |
| Series K159, Class A2 |  |  |
| 4.50%, 07/25/33 *(a)* | 2700000 | 2721989 |
| Series K163, Class A2 |  |  |
| 5.00%, 03/25/34 *(a)(k)* | 600000 | 623315 |
| Series K735, Class A2 |  |  |
| 2.86%, 05/25/26 *(a)* | 791313 | 784003 |
| **Federal National Mortgage Association-ACES** | **Federal National Mortgage Association-ACES** | **Federal National Mortgage Association-ACES** |
| Series 2016-M11, Class A2 |  |  |
| 2.37%, 07/25/26 *(a)(k)* | 558477 | 549756 |
| **GS Mortgage Securities Trust** | **GS Mortgage Securities Trust** | **GS Mortgage Securities Trust** |
| Series 2020-GC45, Class A5 |  |  |
| 2.91%, 02/13/53 *(a)* | 3000000 | 2814788 |
| **JP Morgan Chase Commercial Mortgage Securities Trust** | **JP Morgan Chase Commercial Mortgage Securities Trust** | **JP Morgan Chase Commercial Mortgage Securities Trust** |
| Series 2016-JP4, Class A4 |  |  |
| 3.65%, 12/15/49 *(a)(k)* | 2034000 | 2008170 |
| **JPMBB Commercial Mortgage Securities Trust** | **JPMBB Commercial Mortgage Securities Trust** | **JPMBB Commercial Mortgage Securities Trust** |
| Series 2015-C33, Class A4 |  |  |
| 3.77%, 12/15/48 *(a)* | 1596623 | 1590432 |
| **JPMCC Commercial Mortgage Securities Trust** | **JPMCC Commercial Mortgage Securities Trust** | **JPMCC Commercial Mortgage Securities Trust** |
| Series 2017-JP5, Class A5 |  |  |
| 3.72%, 03/15/50 *(a)* | 2430000 | 2407774 |
| **JPMDB Commercial Mortgage Securities Trust** | **JPMDB Commercial Mortgage Securities Trust** | **JPMDB Commercial Mortgage Securities Trust** |
| Series 2018-C8, Class A3 |  |  |
| 3.94%, 06/15/51 *(a)* | 242120 | 239951 |
| **Morgan Stanley Bank of America Merrill Lynch Trust** | **Morgan Stanley Bank of America Merrill Lynch Trust** | **Morgan Stanley Bank of America Merrill Lynch Trust** |
| Series 2016-C28, Class A4 |  |  |
| 3.54%, 01/15/49 *(a)* | 1300000 | 1292669 |
| **Morgan Stanley Capital I Trust** | **Morgan Stanley Capital I Trust** | **Morgan Stanley Capital I Trust** |
| Series 2015-UBS8, Class A4 |  |  |
| 3.81%, 12/15/48 *(a)* | 382094 | 381039 |
| Series 2017-H1, Class A4 |  |  |
| 3.26%, 06/15/50 *(a)* | 250000 | 246238 |
| Series 2020-HR8, Class A4 |  |  |
| 2.04%, 07/15/53 *(a)* | 1000000 | 899060 |
| **UBS Commercial Mortgage Trust** | **UBS Commercial Mortgage Trust** | **UBS Commercial Mortgage Trust** |
| Series 2017-C3, Class A4 |  |  |
| 3.43%, 08/15/50 *(a)* | 200000 | 194972 |
| Series 2017-C6, Class A5 |  |  |
| 3.58%, 12/15/50 *(a)* | 1200000 | 1180651 |
| **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** |
| Series 2013-C33, Class A3 |  |  |
| 3.16%, 03/15/59 *(a)* | 93830 | 93291 |
| Series 2016-C32, Class A4 |  |  |
| 3.56%, 01/15/59 *(a)* | 1200000 | 1194581 |
| Series 2016-NXS5, Class A4 |  |  |
| 3.37%, 01/15/59 *(a)* | 121790 | 121433 |
| Series 2016-NXS5, Class A6 |  |  |
| 3.64%, 01/15/59 *(a)* | 1330400 | 1324266 |
| Series 2016-NXS6, Class ASB |  |  |
| 2.83%, 11/15/49 *(a)* | 281 | 281 |
| Series 2017-C40, Class A4 |  |  |
| 3.58%, 10/15/50 *(a)* | 1020000 | 1004904 |

---

*See financial notes*

**86**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Series 2017-C41, Class A4 |  |  |
| 3.47%, 11/15/50 *(a)* | 300000 | 294537 |
| Series 2017-C42, Class A4 |  |  |
| 3.59%, 12/15/50 *(a)* | 1400000 | 1370457 |
| Series 2018-C44, Class A5 |  |  |
| 4.21%, 05/15/51 *(a)* | 950000 | 945744 |
| Series 2018-C47, Class A3 |  |  |
| 4.18%, 09/15/61 *(a)* | 482049 | 479744 |
| Series 2019-C50, Class A5 |  |  |
| 3.73%, 05/15/52 *(a)* | 675000 | 658651 |
| Series 2019-C51, Class A4 |  |  |
| 3.31%, 06/15/52 *(a)* | 1800000 | 1707688 |
| Series 2019-C53, Class A4 |  |  |
| 3.04%, 10/15/52 *(a)* | 500000 | 475388 |
| Series 2020-C55, Class A5 |  |  |
| 2.73%, 02/15/53 *(a)* | 1950000 | 1819305 |
| Series 2020-C58, Class A4 |  |  |
| 2.09%, 07/15/53 *(a)* | 1645000 | 1465551 |
| Series 2022-C62, Class A4 |  |  |
| 4.00%, 04/15/55 *(a)(k)* | 300000 | 289399 |
| Series 2025-C64, Class A5 |  |  |
| 5.65%, 02/15/58 *(a)* | 150000 | 158299 |
|  |  | **100328281** |
| **Mortgage-Backed Securities Pass-Through 24.4%** | **Mortgage-Backed Securities Pass-Through 24.4%** | **Mortgage-Backed Securities Pass-Through 24.4%** |
| **Federal Home Loan Mortgage Corp.** | **Federal Home Loan Mortgage Corp.** | **Federal Home Loan Mortgage Corp.** |
| 1.00%, 10/01/36 *(a)* | 269497 | 234708 |
| 1.50%, 08/01/35 to 08/01/51 *(a)* | 39623980 | 32130637 |
| 2.00%, 01/01/28 to 04/01/52 *(a)* | 141905892 | 116036654 |
| 2.50%, 04/01/27 to 05/01/52 *(a)* | 69803269 | 59211748 |
| 3.00%, 08/01/26 to 06/01/53 *(a)* | 44909645 | 40218600 |
| 3.50%, 01/01/26 to 02/01/53 *(a)* | 23273154 | 21598978 |
| 4.00%, 05/01/26 to 11/01/54 *(a)* | 15032902 | 14374079 |
| 4.50%, 05/01/34 to 09/01/52 *(a)* | 11344581 | 11169305 |
| 5.00%, 11/01/33 to 11/01/54 *(a)* | 21726550 | 21645101 |
| 5.50%, 06/01/33 to 07/01/55 *(a)* | 44364438 | 44866946 |
| 6.00%, 05/01/32 to 08/01/55 *(a)* | 36233890 | 37304366 |
| 6.50%, 02/01/36 to 05/01/55 *(a)* | 18915219 | 19728262 |
| 7.00%, 12/01/53 to 01/01/54 *(a)* | 2940086 | 3099175 |
| **Federal National Mortgage Association** | **Federal National Mortgage Association** | **Federal National Mortgage Association** |
| 1.00%, 03/01/36 to 07/01/36 *(a)* | 626502 | 548673 |
| 1.50%, 08/01/35 to 03/01/51 *(a)* | 24454017 | 20604851 |
| 2.00%, 12/01/27 to 04/01/52 *(a)* | 148683480 | 122974428 |
| 2.50%, 07/01/27 to 05/01/52 *(a)* | 124138607 | 105762892 |
| 3.00%, 10/01/26 to 04/01/52 *(a)* | 66522211 | 59887457 |
| 3.50%, 10/01/25 to 08/01/52 *(a)* | 45109968 | 41998959 |
| 4.00%, 06/01/27 to 08/01/52 *(a)* | 30156495 | 28951229 |
| 4.50%, 03/01/30 to 10/01/52 *(a)* | 18845651 | 18486410 |
| 5.00%, 11/01/33 to 06/01/55 *(a)* | 36908904 | 36676039 |
| 5.50%, 03/01/33 to 06/01/55 *(a)* | 37403125 | 37852730 |
| 6.00%, 04/01/35 to 07/01/55 *(a)* | 42511896 | 43649917 |
| 6.50%, 08/01/34 to 03/01/55 *(a)* | 16890894 | 17593683 |
| 7.00%, 10/01/53 to 09/01/55 *(a)* | 4425662 | 4656966 |
| 7.50%, 11/01/53 to 08/01/54 *(a)* | 760778 | 811736 |
| **Government National Mortgage Association** | **Government National Mortgage Association** | **Government National Mortgage Association** |
| 1.50%, 03/20/51 to 10/20/51 *(a)* | 708791 | 557288 |
| 2.00%, 04/20/36 to 05/20/52 *(a)* | 54861107 | 44981350 |
| 2.50%, 08/20/27 to 06/20/52 *(a)* | 56720165 | 48403663 |
| 3.00%, 04/20/27 to 05/20/52 *(a)* | 40845761 | 36505764 |
| 3.50%, 09/20/32 to 12/20/54 *(a)* | 31746289 | 29420009 |
| 4.00%, 06/15/39 to 10/20/52 *(a)* | 20558476 | 19517597 |
| 4.50%, 07/15/39 to 07/20/55 *(a)* | 23901196 | 23275737 |
| 5.00%, 02/20/33 to 07/20/55 *(a)* | 31952114 | 31794196 |
| 5.50%, 04/15/33 to 08/20/55 *(a)* | 37640705 | 38021076 |
| 6.00%, 04/20/44 to 08/20/55 *(a)* | 24005615 | 24572381 |
| 6.50%, 01/20/53 to 08/20/55 *(a)* | 8958639 | 9228864 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 7.00%, 01/20/53 to 12/20/54 *(a)* | 1726384 | 1787480 |
| 7.50%, 12/20/53 *(a)* | 114286 | 118317 |
| **Government National Mortgage Association, TBA** | **Government National Mortgage Association, TBA** | **Government National Mortgage Association, TBA** |
| 4.00%, 09/20/55 *(a)(l)* | 2000000 | 1865219 |
| 4.50%, 09/20/55 *(a)(l)* | 3000000 | 2888779 |
| **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** |
| 4.00%, 09/15/55 *(a)(l)* | 12500000 | 11668606 |
| 4.50%, 09/15/55 *(a)(l)* | 12000000 | 11544144 |
| 5.00%, 09/15/55 *(a)(l)* | 1000000 | 986350 |
|  |  | **1299211349** |
| **Total Securitized** <br>**(Cost $1,526,742,086)** | **Total Securitized** <br>**(Cost $1,526,742,086)** | **1401188441** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Short-Term Investments** 1.2% OF NET ASSETS | **Short-Term Investments** 1.2% OF NET ASSETS | **Short-Term Investments** 1.2% OF NET ASSETS |
| **Money Market Funds 1.2%** | **Money Market Funds 1.2%** | **Money Market Funds 1.2%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.23% *(m)*<br>| 62249824 | 62249824 |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.23% *(m)(n)*<br>| 1276368 | 1276368 |
|  |  | **63526192** |
| **Total Short-Term Investments** <br>**(Cost $63,526,192)** | **Total Short-Term Investments** <br>**(Cost $63,526,192)** | **63526192** |
| **Total Investments in Securities** <br>**(Cost $5,604,838,437)** | **Total Investments in Securities** <br>**(Cost $5,604,838,437)** | **5355349571** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Supranational bonds represent the debt of international organizations or institutions such as the World Bank, the International Monetary Fund, regional multilateral development banks and others. 

*(a)* The effective maturity may be shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or as the result of embedded demand features (puts or calls). 

*(b)* Security is in a fixed-rate coupon period. Based on index eligibility requirements and the fund's investment objective this security will be removed from the index prior to converting to a floating rate security. 

*(c)* All or a portion of this security is on loan. Securities on loan were valued at $1,235,103. 

*(d)* Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers. At the period end, the value of these amounted to $12,399,389 or 0.2% of net assets. 

*(e)* Issuer is affiliated with the fund's investment adviser.

*(f)* Step up bond that pays an initial coupon rate for a set period and increased coupon rates at one or more preset intervals. Rate shown is as of period end. 

*(g)* Interest rate is subject to adjustments from time to time if a nationally recognized statistical rating organization downgrades (or subsequently upgrades) the debt rating assigned to the bond. 

*(h)* Guaranteed by the Republic of Germany.

*(i)* Zero coupon bond. When a security is purchased with a zero coupon rate the effective yield at the time of purchase is shown. 

*(j)* Perpetual security. Maturity date represents the next call date.

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**87**

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(k)* Fixed rate is determined by a formula set forth in the security's offering documents and is affected by the current WAC of the underlying loans.

&nbsp;&nbsp;&nbsp;&nbsp;*(l)* Security or a portion of the security purchased on a delayed-delivery or when-issued basis.

&nbsp;&nbsp;&nbsp;&nbsp;*(m)* The rate shown is the annualized 7-day yield.

&nbsp;&nbsp;&nbsp;&nbsp;*(n)* Security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ACES — | Alternate Credit Enhancement Securities |
| DAC — | Designated Activity Company |
| GO — | General obligation |
| RB — | Revenue bond |
| REIT — | Real Estate Investment Trust |
| TBA — | To-be-announced |
| WAC — | Weighted Average Coupon, which is the weighted average gross interest rate <br> of the securitized asset pool and is determined by the different speeds at <br> which the underlying mortgages are paid down.<br>|

---

Below is a summary of the fund's transactions with affiliated issuers during the period ended August 31, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY <br>RATE, MATURITY DATE<br>| VALUE AT<br> 8/31/24<br>| PURCHASES | SALES | REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| ACCRETION OF<br> DISCOUNTS<br> (AMORTIZATION<br> OF PREMIUMS)<br>| VALUE AT<br> 8/31/25<br>| FACE AMOUNT<br> AT 8/31/25<br>| INTEREST<br> INCOME EARNED<br>|
| **CORPORATES** 0.1% OF NET ASSETS | **CORPORATES** 0.1% OF NET ASSETS | **CORPORATES** 0.1% OF NET ASSETS | **CORPORATES** 0.1% OF NET ASSETS | **CORPORATES** 0.1% OF NET ASSETS | **CORPORATES** 0.1% OF NET ASSETS | **CORPORATES** 0.1% OF NET ASSETS | **CORPORATES** 0.1% OF NET ASSETS | **CORPORATES** 0.1% OF NET ASSETS | **CORPORATES** 0.1% OF NET ASSETS |
| **Financial Institutions 0.1%** | **Financial Institutions 0.1%** | **Financial Institutions 0.1%** | **Financial Institutions 0.1%** | **Financial Institutions 0.1%** | **Financial Institutions 0.1%** | **Financial Institutions 0.1%** | **Financial Institutions 0.1%** | **Financial Institutions 0.1%** | **Financial Institutions 0.1%** |
| **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** |
| Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |
| 3.45%, 02/13/26 | $49221 | $— | ($49530)<br>| ($913)<br>| $1537 | ($315)<br>| $— | $— | $872 |
| 0.90%, 03/11/26 | 189134 |  | (193392)<br>| (6888)<br>| 11333 | (187)<br>|  |  | 1050 |
| 1.15%, 05/13/26 | 141804 |  | (145510)<br>| (4654)<br>| 8501 | (141)<br>|  |  | 1299 |
| 5.88%, 08/24/26 | 153807 |  | (152251)<br>| 2121 | (3538)<br>| (139)<br>|  |  | 8837 |
| 3.20%, 03/02/27 | 97057 |  |  |  | 3896 | (2190)<br>| 98763 | 100000 | 3209 |
| 2.45%, 03/03/27 | 228665 |  |  |  | 4334 | 1536 | 234535 | 240000 | 5896 |
| 3.30%, 04/01/27 | 97209 |  |  |  | 3512 | (1788)<br>| 98933 | 100000 | 3309 |
| 3.20%, 01/25/28 | 96160 |  |  |  | 2711 | (708)<br>| 98163 | 100000 | 3209 |
| 2.00%, 03/20/28 | 184452 |  |  |  | 6644 | (334)<br>| 190762 | 200000 | 4011 |
| 4.00%, 02/01/29 | 49226 | 24163 |  |  | 2303 | (694)<br>| 74998 | 75000 | 2653 |
| 5.64%, 05/19/29 | 196667 |  |  |  | 1047 | (28)<br>| 197686 | 190000 | 10751 |
| 3.25%, 05/22/29 | 71397 |  |  |  | 2287 | (689)<br>| 72995 | 75000 | 2444 |
| 2.75%, 10/01/29 | 46113 |  |  |  | 1764 | (330)<br>| 47547 | 50000 | 1379 |
| 6.20%, 11/17/29 | 212078 |  |  |  | 2805 | (2001)<br>| 212882 | 200000 | 12426 |
| 4.63%, 03/22/30 | 50536 |  |  |  | 1154 | (574)<br>| 51116 | 50000 | 2319 |
| 1.65%, 03/11/31 | 83288 |  |  |  | 3444 | 83 | 86815 | 100000 | 1655 |
| 2.30%, 05/13/31 | 86821 |  |  |  | 3550 | (379)<br>| 89992 | 100000 | 2306 |
| 1.95%, 12/01/31 | 104335 |  |  |  | 3959 | 2 | 108296 | 125000 | 2444 |
| 2.90%, 03/03/32 | 132957 |  |  |  | 2456 | 556 | 135969 | 150000 | 4362 |
| 5.85%, 05/19/34 | 210894 | 25559 |  |  | 3731 | (271)<br>| 239913 | 225000 | 12686 |
| 6.14%, 08/24/34 | 215106 | 26065 |  |  | 3396 | (84)<br>| 244483 | 225000 | 13299 |
| **Total** | **$2696927** | **$75787** | **($540683)**<br>| **($10334)**<br>| **$70826** | **($8675)**<br>| **$2283848** |  | **$100416** |

---

*See financial notes*

**88**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

The following is a summary of the inputs used to value the fund's investments as of August 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Corporates<sup>1</sup> <br>| $— | &nbsp;&nbsp; $1261086953 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1261086953 |
| Treasuries<sup>1</sup> <br>|  | &nbsp;&nbsp; 2403054476 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2403054476 |
| Government Related<sup>1</sup> <br>|  | &nbsp;&nbsp; 226493509 | &nbsp;&nbsp; — | &nbsp;&nbsp; 226493509 |
| Securitized<sup>1</sup> <br>|  | &nbsp;&nbsp; 1401188441 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1401188441 |
| Short-Term Investments<sup>1</sup> <br>| 63526192 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 63526192 |
| **Total** | **$63526192** | &nbsp;&nbsp; **$5291823379** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$5355349571** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings.

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**89**

------

Schwab U.S. Aggregate Bond Index Fund

Statement of Assets and Liabilities

------

As of August 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $2,327,467)  |  | $2283848 |
| Investments in securities, at value - unaffiliated issuers (cost $5,602,510,970) including securities on loan of $1,235,103 |  | 5353065723 |
| Deposit with broker for futures contracts |  | 837500 |
| Receivables: |  |  |
| Investments sold |  | 67967610 |
| Interest |  | 42469429 |
| Fund shares sold |  | 18941717 |
| Dividends |  | 168232 |
| Income from securities on loan | + | 2157 |
| **Total assets** |  | **5485736216** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 1276368 |
| Payables: |  |  |
| Investments bought |  | 89793904 |
| Investments bought - delayed-delivery |  | 32770499 |
| Fund shares redeemed |  | 25926265 |
| Distributions to shareholders |  | 3072387 |
| Due to custodian  |  | 533731 |
| Investment adviser fees | + | 186815 |
| **Total liabilities** |  | **153559969** |
| **Net assets** |  | **$5332176247** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $6012250761 |
| Total distributable loss | + | (680074514)<br>|
| **Net assets** |  | **$5332176247** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $5332176247 |  | &nbsp;&nbsp;&nbsp;&nbsp; 594505454 |  | &nbsp;&nbsp;&nbsp;&nbsp; $8.97 |

---

*See financial notes*

**90**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Aggregate Bond Index Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period September 1, 2024 through August 31, 2025 | For the period September 1, 2024 through August 31, 2025 | For the period September 1, 2024 through August 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Interest received from securities - unaffiliated issuers |  | $209837650 |
| Dividends received from securities - unaffiliated issuers  |  | 2902428 |
| Interest received from securities - affiliated issuers |  | 91741 |
| Other Interest |  | 36320 |
| Securities on loan, net | + | 24144 |
| **Total investment income**  |  | **212892283** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 2130868 |
| **Total expenses** | – | **2130868** |
| **Net investment income** |  | **210761415** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - affiliated issuers |  | (10334)<br>|
| Net realized losses on sales of securities - unaffiliated issuers  | + | (41332775)<br>|
| **Net realized losses** |  | **(41343109)**<br>|
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 70826 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers | + | (5485854)<br>|
| **Net change in unrealized appreciation (depreciation)** |  | **(5415028)**<br>|
| **Net realized and unrealized losses** |  | **(46758137)**<br>|
| **Increase in net assets resulting from operations** |  | **$164003278** |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**91**

------

Schwab U.S. Aggregate Bond Index Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 9/1/24-8/31/25 | 9/1/24-8/31/25 | 9/1/23-8/31/24 |
| Net investment income |  | $210761415 | &nbsp;&nbsp;&nbsp; $168214083 |
| Net realized losses |  | (41343109)<br>| &nbsp;&nbsp;&nbsp; (95340981)<br>|
| Net change in unrealized appreciation (depreciation) | + | (5415028)<br>| &nbsp;&nbsp;&nbsp; 251216360 |
| **Increase in net assets resulting from operations** |  | **$164003278** | &nbsp;&nbsp;&nbsp; **$324089462** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($214213453)**<br>| &nbsp;&nbsp;&nbsp; **($171474159)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 9/1/24-8/31/25 | 9/1/24-8/31/25 | 9/1/24-8/31/25 | 9/1/23-8/31/24 | 9/1/23-8/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 171686511 | &nbsp;&nbsp;&nbsp; $1528686668 | &nbsp;&nbsp;&nbsp; 177284720 | &nbsp;&nbsp;&nbsp; $1560766420 |
| Shares reinvested |  | 19737070 | &nbsp;&nbsp;&nbsp; 175976286 | &nbsp;&nbsp;&nbsp; 15973002 | &nbsp;&nbsp;&nbsp; 140325823 |
| Shares redeemed | + | (165022378)<br>| &nbsp;&nbsp;&nbsp; (1466114543)<br>| &nbsp;&nbsp;&nbsp; (141018028)<br>| &nbsp;&nbsp;&nbsp; (1231129235)<br>|
| **Net transactions in fund shares**  |  | **26401203** | &nbsp;&nbsp;&nbsp; **$238548411** | &nbsp;&nbsp;&nbsp; **52239694** | &nbsp;&nbsp;&nbsp; **$469963008** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 9/1/24-8/31/25 | 9/1/24-8/31/25 | 9/1/24-8/31/25 | 9/1/23-8/31/24 | 9/1/23-8/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 568104251 | &nbsp;&nbsp;&nbsp; $5143838011 | &nbsp;&nbsp;&nbsp; 515864557 | &nbsp;&nbsp;&nbsp; $4521259700 |
| Total increase | + | 26401203 | &nbsp;&nbsp;&nbsp; 188338236 | &nbsp;&nbsp;&nbsp; 52239694 | &nbsp;&nbsp;&nbsp; 622578311 |
| **End of period** |  | **594505454** | &nbsp;&nbsp;&nbsp; **$5332176247** | &nbsp;&nbsp;&nbsp; **568104251** | &nbsp;&nbsp;&nbsp; **$5143838011** |

---

*See financial notes*

**92**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Short-Term Bond Index Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 9/1/24– <br>8/31/25<br>| 9/1/23– <br>8/31/24<br>| 9/1/22– <br>8/31/23<br>| 9/1/21– <br>8/31/22<br>| 9/1/20– <br>8/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $9.64 | &nbsp;&nbsp; $9.40 | &nbsp;&nbsp; $9.55 | &nbsp;&nbsp; $10.28 | &nbsp;&nbsp; $10.39 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.39 | 0.36 | 0.25 | 0.11 | 0.10 |
| Net realized and unrealized gains (losses) | 0.06 | 0.24 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (0.08)<br>|
| Total from investment operations | 0.45 | 0.60 | 0.10 | &nbsp;&nbsp; (0.59)<br>| 0.02 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.10)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.03)<br>|
| Total distributions | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.13)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $9.70 | &nbsp;&nbsp; $9.64 | &nbsp;&nbsp; $9.40 | &nbsp;&nbsp; $9.55 | &nbsp;&nbsp; $10.28 |
| Total return | 4.81<br> %<br>| 6.56<br> %<br>| 1.08<br> %<br>| &nbsp;&nbsp; (5.81<br> %)<br>| 0.18<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.06<br> %<br>| 0.06<br> %<br>| 0.06 %<sup>2</sup><br>| 0.06 %<sup>2</sup><br>| 0.06<br> %<br>|
| Net investment income (loss) | 4.11<br> %<br>| 3.84<br> %<br>| 2.62<br> %<br>| 1.07<br> %<br>| 0.96<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp; 65<br> %<br>| &nbsp;&nbsp; 97<br> %<br>| &nbsp;&nbsp; 59<br> %<br>| &nbsp;&nbsp; 61<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $1506 | &nbsp;&nbsp; $1490 | &nbsp;&nbsp; $1505 | &nbsp;&nbsp; $1881 | &nbsp;&nbsp; $2228 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**93**

------

Schwab Short-Term Bond Index Fund

Portfolio Holdings as of August 31, 2025

------

For fixed rate securities, the rate shown is the interest rate (the rate established when the security was issued). All securities are currently in a fixed rate coupon period based on index eligibility requirements and the fund's investment objective. Variable rate securities are subject to index requirements and will be removed from the index and fund prior to converting from a fixed rate coupon to a variable rate coupon. The maturity date shown for all the securities is the final legal maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **CORPORATES** 25.0% OF NET ASSETS | **CORPORATES** 25.0% OF NET ASSETS | **CORPORATES** 25.0% OF NET ASSETS |
| **Financial Institutions 10.8%** | **Financial Institutions 10.8%** | **Financial Institutions 10.8%** |
| ***Banking 8.0%***  | ***Banking 8.0%***  | ***Banking 8.0%***  |
| **Ally Financial, Inc.** | **Ally Financial, Inc.** | **Ally Financial, Inc.** |
| 7.10%, 11/15/27 *(a)* | 150000 | 158249 |
| 5.74%, 05/15/29 *(a)(b)* | 100000 | 102629 |
| 6.99%, 06/13/29 *(a)(b)* | 150000 | 158831 |
| 6.85%, 01/03/30 *(a)(b)* | 150000 | 159309 |
| 5.54%, 01/17/31 *(a)(b)* | 100000 | 102385 |
| **American Express Co.** | **American Express Co.** | **American Express Co.** |
| 1.65%, 11/04/26 *(a)* | 150000 | 145844 |
| 2.55%, 03/04/27 *(a)* | 250000 | 244533 |
| 3.30%, 05/03/27 *(a)* | 250000 | 247150 |
| 5.85%, 11/05/27 *(a)* | 200000 | 207548 |
| 5.10%, 02/16/28 *(a)(b)* | 250000 | 253058 |
| 5.04%, 07/26/28 *(a)(b)* | 150000 | 152441 |
| 4.73%, 04/25/29 *(a)(b)* | 200000 | 203204 |
| 4.05%, 05/03/29 *(a)* | 125000 | 125386 |
| 4.35%, 07/20/29 *(a)(b)* | 200000 | 201058 |
| 5.28%, 07/27/29 *(a)(b)* | 250000 | 257977 |
| 5.53%, 04/25/30 *(a)(b)* | 200000 | 208922 |
| 5.09%, 01/30/31 *(a)(b)* | 200000 | 206144 |
| 5.02%, 04/25/31 *(a)(b)* | 200000 | 205544 |
| **Australia & New Zealand Banking Group Ltd.** | **Australia & New Zealand Banking Group Ltd.** | **Australia & New Zealand Banking Group Ltd.** |
| 4.75%, 01/18/27  | 250000 | 252608 |
| 4.36%, 06/18/28  | 250000 | 252970 |
| **Banco Bilbao Vizcaya Argentaria SA** | **Banco Bilbao Vizcaya Argentaria SA** | **Banco Bilbao Vizcaya Argentaria SA** |
| 6.14%, 09/14/28 *(a)(b)* | 200000 | 207090 |
| 5.38%, 03/13/29  | 200000 | 207094 |
| **Banco Santander SA** | **Banco Santander SA** | **Banco Santander SA** |
| 4.25%, 04/11/27  | 200000 | 200148 |
| 5.29%, 08/18/27  | 200000 | 203700 |
| 1.72%, 09/14/27 *(a)(b)* | 200000 | 194552 |
| 4.18%, 03/24/28 *(a)(b)* | 200000 | 199676 |
| 4.38%, 04/12/28  | 200000 | 200896 |
| 5.37%, 07/15/28 *(a)(b)* | 200000 | 204112 |
| 5.59%, 08/08/28  | 200000 | 208048 |
| 6.61%, 11/07/28  | 200000 | 214122 |
| 3.31%, 06/27/29  | 200000 | 193256 |
| 5.57%, 01/17/30  | 200000 | 208874 |
| 5.54%, 03/14/30 *(a)(b)* | 200000 | 207556 |
| 3.49%, 05/28/30  | 200000 | 192330 |
| **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** |
| 4.25%, 10/22/26  | 200000 | 200020 |
| 3.25%, 10/21/27 *(a)* | 400000 | 394056 |
| 4.18%, 11/25/27 *(a)* | 300000 | 299892 |
| 3.82%, 01/20/28 *(a)(b)* | 300000 | 298296 |
| 2.55%, 02/04/28 *(a)(b)* | 300000 | 293070 |
| 3.71%, 04/24/28 *(a)(b)* | 300000 | 297588 |
| 4.38%, 04/27/28 *(a)(b)* | 400000 | 401000 |
| 3.59%, 07/21/28 *(a)(b)* | 250000 | 247320 |
| 4.95%, 07/22/28 *(a)(b)* | 500000 | 506785 |
| 6.20%, 11/10/28 *(a)(b)* | 150000 | 156339 |
| 3.42%, 12/20/28 *(a)(b)* | 700000 | 687806 |
| 4.98%, 01/24/29 *(a)(b)* | 300000 | 305325 |
| 3.97%, 03/05/29 *(a)(b)* | 400000 | 397740 |
| 5.20%, 04/25/29 *(a)(b)* | 500000 | 512750 |
| 4.62%, 05/09/29 *(a)(b)* | 300000 | 303432 |
| 2.09%, 06/14/29 *(a)(b)* | 400000 | 378024 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.27%, 07/23/29 *(a)(b)* | 500000 | 501355 |
| 5.82%, 09/15/29 *(a)(b)* | 450000 | 470547 |
| 3.97%, 02/07/30 *(a)(b)* | 400000 | 396740 |
| 3.19%, 07/23/30 *(a)(b)* | 350000 | 336269 |
| 2.88%, 10/22/30 *(a)(b)* | 200000 | 189266 |
| 5.16%, 01/24/31 *(a)(b)* | 400000 | 412972 |
| 2.50%, 02/13/31 *(a)(b)* | 300000 | 277137 |
| 2.59%, 04/29/31 *(a)(b)* | 350000 | 323820 |
| 1.90%, 07/23/31 *(a)(b)* | 570000 | 507032 |
| **Bank of Montreal** | **Bank of Montreal** | **Bank of Montreal** |
| 1.25%, 09/15/26  | 300000 | 291342 |
| 2.65%, 03/08/27  | 100000 | 98075 |
| 5.37%, 06/04/27  | 200000 | 204466 |
| 4.57%, 09/10/27 *(a)(b)* | 100000 | 100292 |
| 4.70%, 09/14/27 *(a)* | 200000 | 202406 |
| 5.20%, 02/01/28 *(a)* | 200000 | 205262 |
| 5.72%, 09/25/28 *(a)* | 200000 | 209240 |
| 5.00%, 01/27/29 *(a)(b)* | 100000 | 102033 |
| 4.64%, 09/10/30 *(a)(b)* | 100000 | 101434 |
| 3.80%, 12/15/32 *(a)(b)* | 200000 | 196038 |
| **Bank of New York Mellon Corp.** | **Bank of New York Mellon Corp.** | **Bank of New York Mellon Corp.** |
| 2.05%, 01/26/27 *(a)* | 100000 | 97493 |
| 3.25%, 05/16/27 *(a)* | 200000 | 197920 |
| 3.40%, 01/29/28 *(a)* | 200000 | 197746 |
| 3.44%, 02/07/28 *(a)(b)* | 150000 | 148785 |
| 4.44%, 06/09/28 *(a)(b)* | 100000 | 100631 |
| 3.99%, 06/13/28 *(a)(b)* | 150000 | 149897 |
| 5.80%, 10/25/28 *(a)(b)* | 200000 | 207248 |
| 3.00%, 10/30/28 *(a)* | 150000 | 145245 |
| 4.54%, 02/01/29 *(a)(b)* | 100000 | 101232 |
| 3.85%, 04/26/29 *(a)* | 150000 | 149673 |
| 3.30%, 08/23/29 *(a)* | 50000 | 48443 |
| 6.32%, 10/25/29 *(a)(b)* | 150000 | 159858 |
| 4.98%, 03/14/30 *(a)(b)* | 150000 | 154215 |
| 4.94%, 02/11/31 *(a)(b)* | 200000 | 205590 |
| **Bank of Nova Scotia** | **Bank of Nova Scotia** | **Bank of Nova Scotia** |
| 1.30%, 09/15/26  | 250000 | 242970 |
| 1.95%, 02/02/27  | 175000 | 170310 |
| 2.95%, 03/11/27  | 200000 | 196868 |
| 4.40%, 09/08/28 *(a)(b)* | 100000 | 100510 |
| 4.93%, 02/14/29 *(a)(b)* | 200000 | 203434 |
| 5.45%, 08/01/29  | 50000 | 52197 |
| 4.85%, 02/01/30  | 200000 | 204664 |
| 5.13%, 02/14/31 *(a)(b)* | 150000 | 154352 |
| **BankUnited, Inc.** | **BankUnited, Inc.** | **BankUnited, Inc.** |
| 5.13%, 06/11/30 *(a)* | 40000 | 40068 |
| **Barclays PLC** | **Barclays PLC** | **Barclays PLC** |
| 2.28%, 11/24/27 *(a)(b)* | 200000 | 195088 |
| 4.34%, 01/10/28 *(a)* | 200000 | 200126 |
| 4.84%, 05/09/28 *(a)* | 300000 | 301386 |
| 5.50%, 08/09/28 *(a)(b)* | 200000 | 204314 |
| 4.84%, 09/10/28 *(a)(b)* | 200000 | 202088 |
| 7.39%, 11/02/28 *(a)(b)* | 200000 | 212404 |
| 5.09%, 02/25/29 *(a)(b)* | 200000 | 203490 |
| 4.97%, 05/16/29 *(a)(b)* | 300000 | 304521 |
| 6.49%, 09/13/29 *(a)(b)* | 200000 | 212094 |
| 4.48%, 11/11/29 *(a)(b)* | 200000 | 200428 |
| 5.69%, 03/12/30 *(a)(b)* | 300000 | 312183 |
| 5.09%, 06/20/30 *(a)(b)* | 200000 | 202906 |
| 4.94%, 09/10/30 *(a)(b)* | 200000 | 203222 |

---

*See financial notes*

**94**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Short-Term Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.37%, 02/25/31 *(a)(b)* | 200000 | 206376 |
| 2.65%, 06/24/31 *(a)(b)* | 200000 | 183378 |
| **Canadian Imperial Bank of Commerce** | **Canadian Imperial Bank of Commerce** | **Canadian Imperial Bank of Commerce** |
| 3.45%, 04/07/27 *(a)* | 250000 | 247878 |
| 4.51%, 09/11/27 *(a)(b)* | 100000 | 100248 |
| 4.86%, 01/13/28 *(a)(b)* | 100000 | 100866 |
| 5.00%, 04/28/28 *(a)* | 150000 | 153483 |
| 5.99%, 10/03/28 *(a)* | 250000 | 263320 |
| 4.86%, 03/30/29 *(a)(b)* | 200000 | 203012 |
| 5.26%, 04/08/29 *(a)* | 200000 | 207070 |
| 4.63%, 09/11/30 *(a)(b)* | 100000 | 101123 |
| 5.25%, 01/13/31 *(a)(b)* | 100000 | 103262 |
| **Capital One Financial Corp.** | **Capital One Financial Corp.** | **Capital One Financial Corp.** |
| 4.10%, 02/09/27 *(a)* | 150000 | 149730 |
| 3.65%, 05/11/27 *(a)* | 250000 | 247895 |
| 7.15%, 10/29/27 *(a)(b)* | 100000 | 103060 |
| 1.88%, 11/02/27 *(a)(b)* | 200000 | 194374 |
| 3.80%, 01/31/28 *(a)* | 200000 | 198244 |
| 4.93%, 05/10/28 *(a)(b)* | 200000 | 202090 |
| 5.47%, 02/01/29 *(a)(b)* | 250000 | 256717 |
| 6.31%, 06/08/29 *(a)(b)* | 250000 | 262502 |
| 5.70%, 02/01/30 *(a)(b)* | 150000 | 155801 |
| 3.27%, 03/01/30 *(a)(b)* | 250000 | 241028 |
| 5.46%, 07/26/30 *(a)(b)* | 200000 | 207168 |
| **Citibank NA** | **Citibank NA** | **Citibank NA** |
| 5.49%, 12/04/26 *(a)* | 250000 | 254030 |
| 4.88%, 11/19/27 *(a)(b)* | 300000 | 302304 |
| 5.80%, 09/29/28 *(a)* | 350000 | 367066 |
| 4.84%, 08/06/29 *(a)* | 250000 | 256450 |
| 4.91%, 05/29/30 *(a)* | 300000 | 308022 |
| **Citigroup, Inc.** | **Citigroup, Inc.** | **Citigroup, Inc.** |
| 3.20%, 10/21/26 *(a)* | 500000 | 494470 |
| 4.30%, 11/20/26  | 250000 | 250320 |
| 4.45%, 09/29/27  | 500000 | 501545 |
| 3.89%, 01/10/28 *(a)(b)* | 400000 | 397776 |
| 3.07%, 02/24/28 *(a)(b)* | 400000 | 392924 |
| 4.64%, 05/07/28 *(a)(b)* | 250000 | 251363 |
| 4.66%, 05/24/28 *(a)(b)* | 250000 | 251560 |
| 3.67%, 07/24/28 *(a)(b)* | 350000 | 346143 |
| 4.13%, 07/25/28  | 300000 | 299595 |
| 3.52%, 10/27/28 *(a)(b)* | 300000 | 295482 |
| 4.79%, 03/04/29 *(a)(b)* | 300000 | 303957 |
| 4.08%, 04/23/29 *(a)(b)* | 300000 | 298863 |
| 5.17%, 02/13/30 *(a)(b)* | 400000 | 410600 |
| 3.98%, 03/20/30 *(a)(b)* | 300000 | 296340 |
| 4.54%, 09/19/30 *(a)(b)* | 400000 | 401972 |
| 2.98%, 11/05/30 *(a)(b)* | 300000 | 283608 |
| 2.67%, 01/29/31 *(a)(b)* | 300000 | 278400 |
| 4.41%, 03/31/31 *(a)(b)* | 500000 | 498970 |
| 4.95%, 05/07/31 *(a)(b)* | 300000 | 305796 |
| 2.57%, 06/03/31 *(a)(b)* | 410000 | 376519 |
| 5.59%, 11/19/34 *(a)(b)* | 175000 | 178840 |
| **Citizens Financial Group, Inc.** | **Citizens Financial Group, Inc.** | **Citizens Financial Group, Inc.** |
| 5.84%, 01/23/30 *(a)(b)* | 200000 | 208148 |
| 3.25%, 04/30/30 *(a)* | 150000 | 141888 |
| 5.25%, 03/05/31 *(a)(b)* | 100000 | 102303 |
| **Comerica, Inc.** | **Comerica, Inc.** | **Comerica, Inc.** |
| 5.98%, 01/30/30 *(a)(b)* | 150000 | 155654 |
| **Commonwealth Bank of Australia** | **Commonwealth Bank of Australia** | **Commonwealth Bank of Australia** |
| 4.42%, 03/14/28  | 250000 | 253098 |
| **Cooperatieve Rabobank UA** | **Cooperatieve Rabobank UA** | **Cooperatieve Rabobank UA** |
| 4.80%, 01/09/29  | 250000 | 255782 |
| 4.49%, 10/17/29  | 250000 | 254135 |
| **Deutsche Bank AG** | **Deutsche Bank AG** | **Deutsche Bank AG** |
| 2.31%, 11/16/27 *(a)(b)* | 350000 | 341453 |
| 2.55%, 01/07/28 *(a)(b)* | 200000 | 195384 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.37%, 01/10/29 *(a)(b)* | 200000 | 204446 |
| 6.72%, 01/18/29 *(a)(b)* | 200000 | 210470 |
| 6.82%, 11/20/29 *(a)(b)* | 250000 | 268127 |
| 5.00%, 09/11/30 *(a)(b)* | 150000 | 152579 |
| 5.30%, 05/09/31 *(a)(b)* | 200000 | 205000 |
| 5.88%, 07/08/31 *(a)(b)* | 200000 | 207226 |
| 4.95%, 08/04/31 *(a)(b)* | 230000 | 231946 |
| 4.88%, 12/01/32 *(a)(b)* | 200000 | 199322 |
| **Fifth Third Bancorp** | **Fifth Third Bancorp** | **Fifth Third Bancorp** |
| 2.55%, 05/05/27 *(a)* | 175000 | 170664 |
| 1.71%, 11/01/27 *(a)(b)* | 100000 | 97049 |
| 6.36%, 10/27/28 *(a)(b)* | 250000 | 261130 |
| 6.34%, 07/27/29 *(a)(b)* | 200000 | 211192 |
| 4.77%, 07/28/30 *(a)(b)* | 100000 | 101275 |
| **First Citizens BancShares, Inc.** | **First Citizens BancShares, Inc.** | **First Citizens BancShares, Inc.** |
| 5.23%, 03/12/31 *(a)(b)* | 100000 | 101493 |
| **First Horizon Bank** | **First Horizon Bank** | **First Horizon Bank** |
| 5.75%, 05/01/30 *(a)* | 250000 | 257180 |
| **FNB Corp.** | **FNB Corp.** | **FNB Corp.** |
| 5.72%, 12/11/30 *(a)(b)* | 75000 | 76418 |
| **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** |
| 3.50%, 11/16/26 *(a)* | 500000 | 495960 |
| 3.85%, 01/26/27 *(a)* | 300000 | 298698 |
| 1.54%, 09/10/27 *(a)(b)* | 550000 | 534611 |
| 1.95%, 10/21/27 *(a)(b)* | 500000 | 486795 |
| 2.64%, 02/24/28 *(a)(b)* | 400000 | 390516 |
| 3.62%, 03/15/28 *(a)(b)* | 600000 | 593904 |
| 4.94%, 04/23/28 *(a)(b)* | 250000 | 252620 |
| 3.69%, 06/05/28 *(a)(b)* | 375000 | 371520 |
| 4.48%, 08/23/28 *(a)(b)* | 250000 | 251175 |
| 3.81%, 04/23/29 *(a)(b)* | 400000 | 395972 |
| 4.22%, 05/01/29 *(a)(b)* | 400000 | 400252 |
| 6.48%, 10/24/29 *(a)(b)* | 500000 | 532170 |
| 2.60%, 02/07/30 *(a)* | 200000 | 187006 |
| 3.80%, 03/15/30 *(a)* | 300000 | 294972 |
| 5.73%, 04/25/30 *(a)(b)* | 350000 | 366429 |
| 5.05%, 07/23/30 *(a)(b)* | 300000 | 307227 |
| 4.69%, 10/23/30 *(a)(b)* | 200000 | 202288 |
| 5.21%, 01/28/31 *(a)(b)* | 300000 | 309228 |
| 5.22%, 04/23/31 *(a)(b)* | 400000 | 413144 |
| **HSBC Holdings PLC** | **HSBC Holdings PLC** | **HSBC Holdings PLC** |
| 4.38%, 11/23/26  | 200000 | 200274 |
| 2.25%, 11/22/27 *(a)(b)* | 250000 | 243860 |
| 4.04%, 03/13/28 *(a)(b)* | 400000 | 398588 |
| 5.60%, 05/17/28 *(a)(b)* | 300000 | 306321 |
| 4.76%, 06/09/28 *(a)(b)* | 400000 | 403092 |
| 5.21%, 08/11/28 *(a)(b)* | 250000 | 254072 |
| 2.01%, 09/22/28 *(a)(b)* | 200000 | 190974 |
| 7.39%, 11/03/28 *(a)(b)* | 250000 | 265760 |
| 5.13%, 11/19/28 *(a)(b)* | 200000 | 203280 |
| 4.90%, 03/03/29 *(a)(b)* | 200000 | 202808 |
| 6.16%, 03/09/29 *(a)(b)* | 200000 | 208720 |
| 4.58%, 06/19/29 *(a)(b)* | 500000 | 503515 |
| 2.21%, 08/17/29 *(a)(b)* | 200000 | 188462 |
| 5.55%, 03/04/30 *(a)(b)* | 225000 | 233501 |
| 4.95%, 03/31/30  | 200000 | 204976 |
| 3.97%, 05/22/30 *(a)(b)* | 500000 | 492165 |
| 5.29%, 11/19/30 *(a)(b)* | 300000 | 309306 |
| 5.13%, 03/03/31 *(a)(b)* | 200000 | 204906 |
| 5.24%, 05/13/31 *(a)(b)* | 400000 | 411332 |
| 2.85%, 06/04/31 *(a)(b)* | 200000 | 185546 |
| 2.36%, 08/18/31 *(a)(b)* | 200000 | 180574 |
| **HSBC USA, Inc.** | **HSBC USA, Inc.** | **HSBC USA, Inc.** |
| 5.29%, 03/04/27  | 200000 | 203614 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**95**

------

Schwab Short-Term Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Huntington Bancshares, Inc.** | **Huntington Bancshares, Inc.** | **Huntington Bancshares, Inc.** |
| 6.21%, 08/21/29 *(a)(b)* | 200000 | 210822 |
| 5.27%, 01/15/31 *(a)(b)* | 200000 | 206296 |
| **Huntington National Bank** | **Huntington National Bank** | **Huntington National Bank** |
| 4.55%, 05/17/28 *(a)(b)* | 250000 | 251410 |
| 5.65%, 01/10/30 *(a)* | 250000 | 261752 |
| **ING Groep NV** | **ING Groep NV** | **ING Groep NV** |
| 3.95%, 03/29/27  | 200000 | 199226 |
| 4.02%, 03/28/28 *(a)(b)* | 300000 | 298947 |
| 4.55%, 10/02/28  | 300000 | 303207 |
| 4.05%, 04/09/29  | 200000 | 198680 |
| 5.34%, 03/19/30 *(a)(b)* | 200000 | 206518 |
| **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** |
| 2.95%, 10/01/26 *(a)* | 400000 | 395588 |
| 4.13%, 12/15/26  | 300000 | 300132 |
| 1.47%, 09/22/27 *(a)(b)* | 450000 | 437188 |
| 4.25%, 10/01/27  | 200000 | 201346 |
| 6.07%, 10/22/27 *(a)(b)* | 250000 | 254942 |
| 5.04%, 01/23/28 *(a)(b)* | 400000 | 404320 |
| 3.78%, 02/01/28 *(a)(b)* | 150000 | 149123 |
| 2.95%, 02/24/28 *(a)(b)* | 200000 | 196402 |
| 5.57%, 04/22/28 *(a)(b)* | 300000 | 306462 |
| 4.32%, 04/26/28 *(a)(b)* | 500000 | 500705 |
| 3.54%, 05/01/28 *(a)(b)* | 300000 | 296775 |
| 2.18%, 06/01/28 *(a)(b)* | 350000 | 338572 |
| 4.98%, 07/22/28 *(a)(b)* | 350000 | 355190 |
| 4.85%, 07/25/28 *(a)(b)* | 600000 | 607434 |
| 4.51%, 10/22/28 *(a)(b)* | 200000 | 201380 |
| 3.51%, 01/23/29 *(a)(b)* | 350000 | 344872 |
| 4.92%, 01/24/29 *(a)(b)* | 300000 | 305343 |
| 4.01%, 04/23/29 *(a)(b)* | 350000 | 348628 |
| 2.07%, 06/01/29 *(a)(b)* | 250000 | 236498 |
| 4.20%, 07/23/29 *(a)(b)* | 250000 | 250310 |
| 5.30%, 07/24/29 *(a)(b)* | 400000 | 412084 |
| 6.09%, 10/23/29 *(a)(b)* | 200000 | 210972 |
| 4.45%, 12/05/29 *(a)(b)* | 350000 | 352761 |
| 5.01%, 01/23/30 *(a)(b)* | 350000 | 358505 |
| 5.58%, 04/22/30 *(a)(b)* | 400000 | 417804 |
| 3.70%, 05/06/30 *(a)(b)* | 300000 | 294315 |
| 4.57%, 06/14/30 *(a)(b)* | 250000 | 252715 |
| 5.00%, 07/22/30 *(a)(b)* | 400000 | 410376 |
| 2.74%, 10/15/30 *(a)(b)* | 500000 | 471370 |
| 4.60%, 10/22/30 *(a)(b)* | 350000 | 353881 |
| 5.14%, 01/24/31 *(a)(b)* | 300000 | 309489 |
| 4.49%, 03/24/31 *(a)(b)* | 400000 | 403144 |
| 2.52%, 04/22/31 *(a)(b)* | 350000 | 323487 |
| 5.10%, 04/22/31 *(a)(b)* | 350000 | 361168 |
| 2.96%, 05/13/31 *(a)(b)* | 400000 | 373356 |
| **JPMorgan Chase Bank NA** | **JPMorgan Chase Bank NA** | **JPMorgan Chase Bank NA** |
| 5.11%, 12/08/26 *(a)* | 250000 | 253257 |
| **KeyBank NA** | **KeyBank NA** | **KeyBank NA** |
| 5.85%, 11/15/27 *(a)* | 250000 | 257947 |
| 4.39%, 12/14/27  | 250000 | 250935 |
| **KeyCorp** | **KeyCorp** | **KeyCorp** |
| 2.25%, 04/06/27  | 250000 | 242273 |
| **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** |
| 3.75%, 01/11/27  | 200000 | 198948 |
| 5.46%, 01/05/28 *(a)(b)* | 200000 | 202936 |
| 3.75%, 03/18/28 *(a)(b)* | 250000 | 247958 |
| 4.38%, 03/22/28  | 200000 | 200884 |
| 4.55%, 08/16/28  | 200000 | 202122 |
| 3.57%, 11/07/28 *(a)(b)* | 300000 | 295506 |
| 5.87%, 03/06/29 *(a)(b)* | 200000 | 207716 |
| 4.82%, 06/13/29 *(a)(b)* | 200000 | 202826 |
| 5.72%, 06/05/30 *(a)(b)* | 200000 | 209356 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **M&T Bank Corp.** | **M&T Bank Corp.** | **M&T Bank Corp.** |
| 7.41%, 10/30/29 *(a)(b)* | 100000 | 108885 |
| 5.18%, 07/08/31 *(a)(b)* | 100000 | 102297 |
| 5.40%, 07/30/35 *(a)(b)* | 100000 | 100804 |
| **Manufacturers & Traders Trust Co.** | **Manufacturers & Traders Trust Co.** | **Manufacturers & Traders Trust Co.** |
| 4.70%, 01/27/28 *(a)* | 250000 | 253095 |
| 4.76%, 07/06/28 *(a)(b)* | 250000 | 252100 |
| **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** |
| 2.76%, 09/13/26  | 200000 | 197166 |
| 3.29%, 07/25/27  | 200000 | 197374 |
| 1.64%, 10/13/27 *(a)(b)* | 250000 | 242845 |
| 4.08%, 04/19/28 *(a)(b)* | 200000 | 199592 |
| 5.35%, 09/13/28 *(a)(b)* | 250000 | 255692 |
| 5.42%, 02/22/29 *(a)(b)* | 200000 | 205820 |
| 3.74%, 03/07/29  | 200000 | 197806 |
| 5.24%, 04/19/29 *(a)(b)* | 200000 | 205208 |
| 3.20%, 07/18/29  | 200000 | 192506 |
| 2.56%, 02/25/30  | 200000 | 185948 |
| 5.26%, 04/17/30 *(a)(b)* | 200000 | 206572 |
| 2.05%, 07/17/30  | 200000 | 180014 |
| 5.20%, 01/16/31 *(a)(b)* | 200000 | 206568 |
| 5.16%, 04/24/31 *(a)(b)* | 200000 | 206576 |
| **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** |
| 4.02%, 03/05/28  | 200000 | 199932 |
| 5.41%, 09/13/28 *(a)(b)* | 200000 | 204774 |
| 5.67%, 05/27/29 *(a)(b)* | 200000 | 207558 |
| 5.78%, 07/06/29 *(a)(b)* | 200000 | 208364 |
| 4.25%, 09/11/29 *(a)(b)* | 200000 | 200238 |
| 5.38%, 07/10/30 *(a)(b)* | 200000 | 207234 |
| 3.15%, 07/16/30 *(a)(b)* | 200000 | 191482 |
| 5.10%, 05/13/31 *(a)(b)* | 200000 | 205462 |
| 5.74%, 05/27/31 *(a)(b)* | 200000 | 210862 |
| 2.20%, 07/10/31 *(a)(b)* | 200000 | 180274 |
| **Morgan Stanley** | **Morgan Stanley** | **Morgan Stanley** |
| 4.35%, 09/08/26  | 250000 | 250345 |
| 3.63%, 01/20/27  | 400000 | 398000 |
| 3.95%, 04/23/27  | 300000 | 299001 |
| 2.48%, 01/21/28 *(a)(b)* | 400000 | 390512 |
| 5.65%, 04/13/28 *(a)(b)* | 200000 | 204362 |
| 4.21%, 04/20/28 *(a)(b)* | 200000 | 200012 |
| 3.59%, 07/22/28 *(a)(b)* | 500000 | 494005 |
| 6.30%, 10/18/28 *(a)(b)* | 400000 | 417028 |
| 3.77%, 01/24/29 *(a)(b)* | 250000 | 247508 |
| 5.12%, 02/01/29 *(a)(b)* | 300000 | 306429 |
| 5.16%, 04/20/29 *(a)(b)* | 350000 | 357955 |
| 5.45%, 07/20/29 *(a)(b)* | 350000 | 361455 |
| 6.41%, 11/01/29 *(a)(b)* | 300000 | 318876 |
| 5.17%, 01/16/30 *(a)(b)* | 385000 | 395818 |
| 4.43%, 01/23/30 *(a)(b)* | 450000 | 452146 |
| 5.66%, 04/18/30 *(a)(b)* | 350000 | 365487 |
| 5.04%, 07/19/30 *(a)(b)* | 300000 | 307431 |
| 4.65%, 10/18/30 *(a)(b)* | 300000 | 303027 |
| 5.23%, 01/15/31 *(a)(b)* | 300000 | 309735 |
| 2.70%, 01/22/31 *(a)(b)* | 400000 | 372860 |
| 3.62%, 04/01/31 *(a)(b)* | 400000 | 387064 |
| 5.19%, 04/17/31 *(a)(b)* | 450000 | 464094 |
| **Morgan Stanley Bank NA** | **Morgan Stanley Bank NA** | **Morgan Stanley Bank NA** |
| 4.45%, 10/15/27 *(a)(b)* | 250000 | 250290 |
| 4.95%, 01/14/28 *(a)(b)* | 250000 | 252328 |
| 5.50%, 05/26/28 *(a)(b)* | 300000 | 306687 |
| 4.97%, 07/14/28 *(a)(b)* | 250000 | 253500 |
| 5.02%, 01/12/29 *(a)(b)* | 300000 | 305418 |
| **Morgan Stanley Private Bank NA** | **Morgan Stanley Private Bank NA** | **Morgan Stanley Private Bank NA** |
| 4.47%, 07/06/28 *(a)(b)* | 260000 | 261136 |
| 4.73%, 07/18/31 *(a)(b)* | 400000 | 405752 |

---

*See financial notes*

**96**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Short-Term Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **National Australia Bank Ltd.** | **National Australia Bank Ltd.** | **National Australia Bank Ltd.** |
| 3.91%, 06/09/27  | 275000 | 274912 |
| 4.94%, 01/12/28  | 250000 | 255760 |
| 4.31%, 06/13/28  | 250000 | 252495 |
| 4.90%, 06/13/28  | 250000 | 256457 |
| 4.53%, 06/13/30  | 250000 | 254590 |
| **National Bank of Canada** | **National Bank of Canada** | **National Bank of Canada** |
| 4.50%, 10/10/29  | 250000 | 251705 |
| **NatWest Group PLC** | **NatWest Group PLC** | **NatWest Group PLC** |
| 5.58%, 03/01/28 *(a)(b)* | 200000 | 203770 |
| 3.07%, 05/22/28 *(a)(b)* | 200000 | 196256 |
| 4.89%, 05/18/29 *(a)(b)* | 100000 | 101626 |
| 5.08%, 01/27/30 *(a)(b)* | 300000 | 306675 |
| 4.45%, 05/08/30 *(a)(b)* | 200000 | 200648 |
| 4.96%, 08/15/30 *(a)(b)* | 200000 | 204264 |
| 5.12%, 05/23/31 *(a)(b)* | 200000 | 204994 |
| 6.48%, 06/01/34 *(a)(b)* | 200000 | 210162 |
| **Northern Trust Corp.** | **Northern Trust Corp.** | **Northern Trust Corp.** |
| 4.00%, 05/10/27 *(a)* | 200000 | 200140 |
| 1.95%, 05/01/30 *(a)* | 100000 | 90949 |
| **PNC Bank NA** | **PNC Bank NA** | **PNC Bank NA** |
| 4.43%, 07/21/28 *(a)(b)* | 250000 | 250933 |
| 4.05%, 07/26/28  | 250000 | 249343 |
| **PNC Financial Services Group, Inc.** | **PNC Financial Services Group, Inc.** | **PNC Financial Services Group, Inc.** |
| 5.30%, 01/21/28 *(a)(b)* | 200000 | 203060 |
| 5.35%, 12/02/28 *(a)(b)* | 250000 | 256362 |
| 3.45%, 04/23/29 *(a)* | 250000 | 244755 |
| 5.58%, 06/12/29 *(a)(b)* | 500000 | 518780 |
| 2.55%, 01/22/30 *(a)* | 250000 | 233620 |
| 5.49%, 05/14/30 *(a)(b)* | 250000 | 260392 |
| 5.22%, 01/29/31 *(a)(b)* | 100000 | 103368 |
| 4.90%, 05/13/31 *(a)(b)* | 200000 | 204098 |
| **Regions Financial Corp.** | **Regions Financial Corp.** | **Regions Financial Corp.** |
| 5.72%, 06/06/30 *(a)(b)* | 150000 | 156209 |
| **Royal Bank of Canada** | **Royal Bank of Canada** | **Royal Bank of Canada** |
| 1.40%, 11/02/26  | 250000 | 242585 |
| 3.63%, 05/04/27  | 250000 | 248585 |
| 4.24%, 08/03/27  | 250000 | 251263 |
| 4.51%, 10/18/27 *(a)(b)* | 100000 | 100302 |
| 6.00%, 11/01/27  | 250000 | 260032 |
| 4.90%, 01/12/28  | 150000 | 153125 |
| 4.72%, 03/27/28 *(a)(b)* | 200000 | 201798 |
| 5.20%, 08/01/28  | 150000 | 154962 |
| 4.52%, 10/18/28 *(a)(b)* | 100000 | 100762 |
| 4.97%, 01/24/29 *(a)(b)* | 200000 | 203660 |
| 4.95%, 02/01/29  | 150000 | 154428 |
| 4.97%, 08/02/30 *(a)(b)* | 175000 | 178857 |
| 4.65%, 10/18/30 *(a)(b)* | 250000 | 252373 |
| 5.15%, 02/04/31 *(a)(b)* | 200000 | 206028 |
| 4.97%, 05/02/31 *(a)(b)* | 100000 | 102453 |
| 4.70%, 08/06/31 *(a)(b)* | 130000 | 131362 |
| **Santander Holdings USA, Inc.** | **Santander Holdings USA, Inc.** | **Santander Holdings USA, Inc.** |
| 3.24%, 10/05/26 *(a)(c)* | 200000 | 197652 |
| 4.40%, 07/13/27 *(a)* | 175000 | 175383 |
| 2.49%, 01/06/28 *(a)(b)* | 150000 | 146189 |
| 6.50%, 03/09/29 *(a)(b)* | 125000 | 130960 |
| 5.47%, 03/20/29 *(a)(b)* | 100000 | 102369 |
| 6.57%, 06/12/29 *(a)(b)* | 50000 | 52608 |
| 5.35%, 09/06/30 *(a)(b)* | 100000 | 102792 |
| 5.74%, 03/20/31 *(a)(b)* | 50000 | 51986 |
| **Santander U.K. Group Holdings PLC** | **Santander U.K. Group Holdings PLC** | **Santander U.K. Group Holdings PLC** |
| 2.47%, 01/11/28 *(a)(b)* | 250000 | 243653 |
| 3.82%, 11/03/28 *(a)(b)* | 200000 | 197632 |
| 4.86%, 09/11/30 *(a)(b)* | 200000 | 202604 |
| 5.69%, 04/15/31 *(a)(b)* | 200000 | 208908 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **SouthState Corp.** | **SouthState Corp.** | **SouthState Corp.** |
| 7.00%, 06/13/35 *(a)(b)* | 50000 | 51723 |
| **State Street Bank & Trust Co.** | **State Street Bank & Trust Co.** | **State Street Bank & Trust Co.** |
| 4.78%, 11/23/29  | 250000 | 256845 |
| **State Street Corp.** | **State Street Corp.** | **State Street Corp.** |
| 4.99%, 03/18/27 *(a)* | 100000 | 101575 |
| 4.33%, 10/22/27 *(a)* | 100000 | 100861 |
| 2.20%, 02/07/28 *(a)(b)* | 200000 | 194664 |
| 4.54%, 02/28/28 *(a)* | 250000 | 253565 |
| 5.82%, 11/04/28 *(a)(b)* | 75000 | 77711 |
| 4.53%, 02/20/29 *(a)(b)* | 100000 | 101081 |
| 5.68%, 11/21/29 *(a)(b)* | 150000 | 157415 |
| 4.14%, 12/03/29 *(a)(b)* | 100000 | 100429 |
| 2.40%, 01/24/30  | 100000 | 93839 |
| 3.15%, 03/30/31 *(a)(b)* | 100000 | 95931 |
| 3.03%, 11/01/34 *(a)(b)* | 75000 | 70374 |
| **Sumitomo Mitsui Financial Group, Inc.** | **Sumitomo Mitsui Financial Group, Inc.** | **Sumitomo Mitsui Financial Group, Inc.** |
| 1.40%, 09/17/26  | 300000 | 291588 |
| 3.01%, 10/19/26  | 200000 | 197502 |
| 3.45%, 01/11/27  | 200000 | 198276 |
| 2.17%, 01/14/27  | 200000 | 194892 |
| 3.36%, 07/12/27  | 200000 | 197700 |
| 5.52%, 01/13/28  | 250000 | 258207 |
| 3.54%, 01/17/28  | 200000 | 197710 |
| 5.80%, 07/13/28  | 200000 | 209218 |
| 5.72%, 09/14/28  | 200000 | 208962 |
| 1.90%, 09/17/28  | 250000 | 234135 |
| 3.04%, 07/16/29  | 400000 | 382228 |
| 2.72%, 09/27/29  | 200000 | 188872 |
| 5.71%, 01/13/30  | 200000 | 211018 |
| 2.13%, 07/08/30  | 200000 | 180656 |
| 5.85%, 07/13/30  | 200000 | 212946 |
| 4.66%, 07/08/31 *(a)(b)* | 200000 | 202512 |
| **Synchrony Bank** | **Synchrony Bank** | **Synchrony Bank** |
| 5.63%, 08/23/27 *(a)* | 250000 | 255655 |
| **Synchrony Financial** | **Synchrony Financial** | **Synchrony Financial** |
| 3.95%, 12/01/27 *(a)* | 50000 | 49345 |
| 5.15%, 03/19/29 *(a)* | 100000 | 101281 |
| 5.02%, 07/29/29 *(a)(b)* | 70000 | 70499 |
| 5.94%, 08/02/30 *(a)(b)* | 50000 | 51818 |
| 5.45%, 03/06/31 *(a)(b)* | 100000 | 101982 |
| **Synovus Financial Corp.** | **Synovus Financial Corp.** | **Synovus Financial Corp.** |
| 6.17%, 11/01/30 *(a)(b)* | 75000 | 77995 |
| **Toronto-Dominion Bank** | **Toronto-Dominion Bank** | **Toronto-Dominion Bank** |
| 4.57%, 12/17/26  | 200000 | 201046 |
| 1.95%, 01/12/27  | 100000 | 97263 |
| 2.80%, 03/10/27  | 250000 | 245415 |
| 4.11%, 06/08/27  | 250000 | 250253 |
| 4.69%, 09/15/27  | 300000 | 303564 |
| 5.16%, 01/10/28  | 200000 | 204752 |
| 4.86%, 01/31/28  | 250000 | 254317 |
| 5.52%, 07/17/28  | 150000 | 155684 |
| 4.99%, 04/05/29  | 100000 | 102580 |
| 4.78%, 12/17/29  | 125000 | 127714 |
| 4.81%, 06/03/30  | 90000 | 91931 |
| 3.63%, 09/15/31 *(a)(b)* | 200000 | 198074 |
| 5.15%, 09/10/34 *(a)(b)* | 100000 | 101437 |
| **Truist Bank** | **Truist Bank** | **Truist Bank** |
| 4.42%, 07/24/28 *(a)(b)* | 250000 | 250778 |
| 2.25%, 03/11/30 *(a)* | 250000 | 227775 |
| **Truist Financial Corp.** | **Truist Financial Corp.** | **Truist Financial Corp.** |
| 1.13%, 08/03/27 *(a)* | 150000 | 141993 |
| 4.87%, 01/26/29 *(a)(b)* | 250000 | 253862 |
| 1.89%, 06/07/29 *(a)(b)* | 200000 | 188130 |
| 7.16%, 10/30/29 *(a)(b)* | 250000 | 271420 |
| 5.44%, 01/24/30 *(a)(b)* | 150000 | 155472 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**97**

------

Schwab Short-Term Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 1.95%, 06/05/30 *(a)* | 90000 | 80977 |
| 5.07%, 05/20/31 *(a)(b)* | 200000 | 204904 |
| **U.S. Bancorp** | **U.S. Bancorp** | **U.S. Bancorp** |
| 3.15%, 04/27/27 *(a)* | 150000 | 148010 |
| 2.22%, 01/27/28 *(a)(b)* | 200000 | 194508 |
| 4.55%, 07/22/28 *(a)(b)* | 200000 | 201402 |
| 4.65%, 02/01/29 *(a)(b)* | 300000 | 303507 |
| 5.78%, 06/12/29 *(a)(b)* | 250000 | 260487 |
| 5.38%, 01/23/30 *(a)(b)* | 250000 | 258742 |
| 1.38%, 07/22/30 *(a)* | 140000 | 122405 |
| 5.10%, 07/23/30 *(a)(b)* | 200000 | 205786 |
| 5.05%, 02/12/31 *(a)(b)* | 200000 | 205194 |
| 5.08%, 05/15/31 *(a)(b)* | 200000 | 205678 |
| **U.S. Bank NA** | **U.S. Bank NA** | **U.S. Bank NA** |
| 4.51%, 10/22/27 *(a)(b)* | 250000 | 250758 |
| 4.73%, 05/15/28 *(a)(b)* | 250000 | 252290 |
| **UBS AG** | **UBS AG** | **UBS AG** |
| 4.86%, 01/10/28 *(a)(b)* | 250000 | 252335 |
| 7.50%, 02/15/28  | 350000 | 377744 |
| 5.65%, 09/11/28  | 250000 | 261307 |
| **Wells Fargo & Co.** | **Wells Fargo & Co.** | **Wells Fargo & Co.** |
| 3.00%, 10/23/26  | 400000 | 394816 |
| 4.30%, 07/22/27  | 400000 | 401252 |
| 4.90%, 01/24/28 *(a)(b)* | 300000 | 302637 |
| 3.53%, 03/24/28 *(a)(b)* | 500000 | 494770 |
| 5.71%, 04/22/28 *(a)(b)* | 400000 | 409188 |
| 3.58%, 05/22/28 *(a)(b)* | 500000 | 494685 |
| 2.39%, 06/02/28 *(a)(b)* | 500000 | 484850 |
| 4.81%, 07/25/28 *(a)(b)* | 500000 | 505530 |
| 4.15%, 01/24/29 *(a)* | 350000 | 349909 |
| 4.97%, 04/23/29 *(a)(b)* | 250000 | 254772 |
| 5.57%, 07/25/29 *(a)(b)* | 700000 | 725817 |
| 6.30%, 10/23/29 *(a)(b)* | 400000 | 424112 |
| 5.20%, 01/23/30 *(a)(b)* | 400000 | 411752 |
| 2.88%, 10/30/30 *(a)(b)* | 350000 | 330662 |
| 5.24%, 01/24/31 *(a)(b)* | 400000 | 413324 |
| 2.57%, 02/11/31 *(a)(b)* | 200000 | 185302 |
| 4.48%, 04/04/31 *(a)(b)* | 450000 | 451768 |
| 5.15%, 04/23/31 *(a)(b)* | 450000 | 463716 |
| **Wells Fargo Bank NA** | **Wells Fargo Bank NA** | **Wells Fargo Bank NA** |
| 5.25%, 12/11/26 *(a)* | 250000 | 253540 |
| **Westpac Banking Corp.** | **Westpac Banking Corp.** | **Westpac Banking Corp.** |
| 3.35%, 03/08/27  | 200000 | 198368 |
| 5.46%, 11/18/27  | 250000 | 258060 |
| 3.40%, 01/25/28  | 200000 | 197870 |
| 5.54%, 11/17/28  | 200000 | 209714 |
| 1.95%, 11/20/28  | 200000 | 188202 |
| 2.65%, 01/16/30  | 100000 | 94497 |
| 4.35%, 07/01/30  | 100000 | 101142 |
| 4.32%, 11/23/31 *(a)(b)* | 300000 | 298899 |
| 4.11%, 07/24/34 *(a)(b)* | 150000 | 146768 |
|  |  | **120596575** |
| ***Brokerage/Asset Managers/Exchanges 0.4%***  | ***Brokerage/Asset Managers/Exchanges 0.4%***  | ***Brokerage/Asset Managers/Exchanges 0.4%***  |
| **Affiliated Managers Group, Inc.** | **Affiliated Managers Group, Inc.** | **Affiliated Managers Group, Inc.** |
| 3.30%, 06/15/30 *(a)* | 40000 | 38033 |
| **Ameriprise Financial, Inc.** | **Ameriprise Financial, Inc.** | **Ameriprise Financial, Inc.** |
| 5.70%, 12/15/28 *(a)* | 100000 | 104843 |
| **ARES Management Corp.** | **ARES Management Corp.** | **ARES Management Corp.** |
| 6.38%, 11/10/28 *(a)* | 100000 | 106120 |
| **BGC Group, Inc.** | **BGC Group, Inc.** | **BGC Group, Inc.** |
| 8.00%, 05/25/28 *(a)* | 75000 | 80221 |
| 6.60%, 06/10/29 *(a)* | 75000 | 78296 |
| 6.15%, 04/02/30 *(a)(c)* | 100000 | 102334 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **BlackRock Funding, Inc.** | **BlackRock Funding, Inc.** | **BlackRock Funding, Inc.** |
| 4.70%, 03/14/29 *(a)* | 100000 | 102568 |
| **BlackRock, Inc.** | **BlackRock, Inc.** | **BlackRock, Inc.** |
| 3.20%, 03/15/27  | 100000 | 99062 |
| 3.25%, 04/30/29 *(a)* | 100000 | 97881 |
| 2.40%, 04/30/30 *(a)* | 100000 | 92927 |
| **Brookfield Finance, Inc.** | **Brookfield Finance, Inc.** | **Brookfield Finance, Inc.** |
| 3.90%, 01/25/28 *(a)* | 200000 | 198598 |
| 4.85%, 03/29/29 *(a)* | 175000 | 178059 |
| **Cboe Global Markets, Inc.** | **Cboe Global Markets, Inc.** | **Cboe Global Markets, Inc.** |
| 3.65%, 01/12/27 *(a)* | 150000 | 149123 |
| **Charles Schwab Corp.** | **Charles Schwab Corp.** | **Charles Schwab Corp.** |
| 3.20%, 03/02/27 *(a)(d)* | 50000 | 49382 |
| 2.45%, 03/03/27 *(a)(d)* | 200000 | 195446 |
| 3.30%, 04/01/27 *(a)(d)* | 50000 | 49466 |
| 3.20%, 01/25/28 *(a)(d)* | 90000 | 88347 |
| 2.00%, 03/20/28 *(a)(d)* | 150000 | 143071 |
| 4.00%, 02/01/29 *(a)(d)* | 75000 | 74998 |
| 5.64%, 05/19/29 *(a)(b)(d)* | 150000 | 156067 |
| 3.25%, 05/22/29 *(a)(d)* | 75000 | 72995 |
| 2.75%, 10/01/29 *(a)(d)* | 50000 | 47547 |
| 6.20%, 11/17/29 *(a)(b)(d)* | 175000 | 186272 |
| 4.63%, 03/22/30 *(a)(d)* | 50000 | 51116 |
| **CME Group, Inc.** | **CME Group, Inc.** | **CME Group, Inc.** |
| 3.75%, 06/15/28 *(a)* | 100000 | 99688 |
| 4.40%, 03/15/30 *(a)* | 100000 | 101092 |
| **Intercontinental Exchange, Inc.** | **Intercontinental Exchange, Inc.** | **Intercontinental Exchange, Inc.** |
| 3.10%, 09/15/27 *(a)* | 100000 | 98179 |
| 4.00%, 09/15/27 *(a)* | 250000 | 249827 |
| 3.63%, 09/01/28 *(a)* | 150000 | 148073 |
| 3.75%, 09/21/28 *(a)* | 100000 | 99131 |
| 4.35%, 06/15/29 *(a)* | 100000 | 100833 |
| 2.10%, 06/15/30 *(a)* | 150000 | 136194 |
| **Jefferies Financial Group, Inc.** | **Jefferies Financial Group, Inc.** | **Jefferies Financial Group, Inc.** |
| 4.85%, 01/15/27  | 200000 | 201490 |
| 5.88%, 07/21/28 *(a)* | 150000 | 156412 |
| 4.15%, 01/23/30  | 100000 | 98762 |
| **Lazard Group LLC** | **Lazard Group LLC** | **Lazard Group LLC** |
| 4.38%, 03/11/29 *(a)* | 75000 | 74958 |
| **LPL Holdings, Inc.** | **LPL Holdings, Inc.** | **LPL Holdings, Inc.** |
| 4.90%, 04/03/28 *(a)* | 75000 | 75937 |
| 6.75%, 11/17/28 *(a)* | 100000 | 107079 |
| 5.20%, 03/15/30 *(a)* | 100000 | 102283 |
| 5.15%, 06/15/30 *(a)* | 70000 | 71443 |
| **Marex Group PLC** | **Marex Group PLC** | **Marex Group PLC** |
| 5.83%, 05/08/28 *(a)* | 100000 | 101405 |
| 6.40%, 11/04/29 *(a)* | 75000 | 77333 |
| **Nasdaq, Inc.** | **Nasdaq, Inc.** | **Nasdaq, Inc.** |
| 5.35%, 06/28/28 *(a)* | 175000 | 180605 |
| **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** |
| 2.33%, 01/22/27  | 200000 | 194600 |
| 5.84%, 01/18/28  | 200000 | 206946 |
| 6.07%, 07/12/28  | 200000 | 209630 |
| 2.17%, 07/14/28  | 200000 | 188800 |
| 4.90%, 07/01/30  | 200000 | 202880 |
| 2.68%, 07/16/30  | 200000 | 183514 |
| **Raymond James Financial, Inc.** | **Raymond James Financial, Inc.** | **Raymond James Financial, Inc.** |
| 4.65%, 04/01/30 *(a)* | 75000 | 76442 |
| **Stifel Financial Corp.** | **Stifel Financial Corp.** | **Stifel Financial Corp.** |
| 4.00%, 05/15/30 *(a)* | 100000 | 97988 |
|  |  | **6184296** |

---

*See financial notes*

**98**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Short-Term Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| ***Finance Companies 0.7%***  | ***Finance Companies 0.7%***  | ***Finance Companies 0.7%***  |
| **AerCap Ireland Capital DAC/AerCap Global Aviation Trust** | **AerCap Ireland Capital DAC/AerCap Global Aviation Trust** | **AerCap Ireland Capital DAC/AerCap Global Aviation Trust** |
| 2.45%, 10/29/26 *(a)* | 250000 | 244860 |
| 6.45%, 04/15/27 *(a)* | 250000 | 258125 |
| 3.65%, 07/21/27 *(a)* | 200000 | 198082 |
| 4.63%, 10/15/27 *(a)* | 150000 | 151075 |
| 4.88%, 04/01/28 *(a)* | 250000 | 253860 |
| 5.75%, 06/06/28 *(a)* | 150000 | 155581 |
| 3.00%, 10/29/28 *(a)* | 500000 | 481035 |
| 5.10%, 01/19/29 *(a)* | 150000 | 153598 |
| 4.63%, 09/10/29 *(a)* | 150000 | 151305 |
| 6.95%, 03/10/55 *(a)(b)* | 150000 | 157144 |
| **Air Lease Corp.** | **Air Lease Corp.** | **Air Lease Corp.** |
| 2.20%, 01/15/27 *(a)* | 200000 | 194682 |
| 5.85%, 12/15/27 *(a)* | 100000 | 103595 |
| 5.30%, 02/01/28 *(a)* | 150000 | 153624 |
| 4.63%, 10/01/28 *(a)* | 100000 | 101083 |
| 5.10%, 03/01/29 *(a)* | 100000 | 102736 |
| **Apollo Debt Solutions BDC** | **Apollo Debt Solutions BDC** | **Apollo Debt Solutions BDC** |
| 6.90%, 04/13/29 *(a)* | 200000 | 210340 |
| 5.88%, 08/30/30 *(a)(c)* | 50000 | 50754 |
| **ARES Capital Corp.** | **ARES Capital Corp.** | **ARES Capital Corp.** |
| 2.88%, 06/15/27 *(a)* | 100000 | 97502 |
| 2.88%, 06/15/28 *(a)* | 200000 | 190946 |
| 5.88%, 03/01/29 *(a)* | 150000 | 154453 |
| 5.95%, 07/15/29 *(a)* | 100000 | 103439 |
| **ARES Strategic Income Fund** | **ARES Strategic Income Fund** | **ARES Strategic Income Fund** |
| 5.70%, 03/15/28 *(a)* | 125000 | 126781 |
| 5.45%, 09/09/28 *(a)(c)* | 80000 | 80572 |
| 6.35%, 08/15/29 *(a)* | 125000 | 129406 |
| **Bain Capital Specialty Finance, Inc.** | **Bain Capital Specialty Finance, Inc.** | **Bain Capital Specialty Finance, Inc.** |
| 2.55%, 10/13/26 *(a)* | 50000 | 48764 |
| **Barings BDC, Inc.** | **Barings BDC, Inc.** | **Barings BDC, Inc.** |
| 3.30%, 11/23/26 *(a)* | 100000 | 98252 |
| **Barings Private Credit Corp.** | **Barings Private Credit Corp.** | **Barings Private Credit Corp.** |
| 6.15%, 06/11/30 *(a)(c)* | 50000 | 49890 |
| **Blackstone Private Credit Fund** | **Blackstone Private Credit Fund** | **Blackstone Private Credit Fund** |
| 4.95%, 09/26/27 *(a)* | 100000 | 100638 |
| 7.30%, 11/27/28 *(a)* | 150000 | 160437 |
| 4.00%, 01/15/29 *(a)* | 100000 | 97696 |
| 5.95%, 07/16/29 *(a)* | 100000 | 103159 |
| 5.60%, 11/22/29 *(a)* | 175000 | 178313 |
| 5.25%, 04/01/30 *(a)* | 100000 | 100465 |
| **Blackstone Secured Lending Fund** | **Blackstone Secured Lending Fund** | **Blackstone Secured Lending Fund** |
| 2.75%, 09/16/26 *(a)* | 150000 | 147277 |
| 2.13%, 02/15/27 *(a)* | 100000 | 96473 |
| 5.35%, 04/13/28 *(a)* | 75000 | 76089 |
| 2.85%, 09/30/28 *(a)* | 100000 | 94510 |
| 5.30%, 06/30/30 *(a)* | 70000 | 70589 |
| **Blue Owl Capital Corp.** | **Blue Owl Capital Corp.** | **Blue Owl Capital Corp.** |
| 8.45%, 11/15/26 *(a)* | 75000 | 77777 |
| 2.63%, 01/15/27 *(a)* | 50000 | 48490 |
| 3.13%, 04/13/27 *(a)* | 50000 | 48555 |
| 2.88%, 06/11/28 *(a)* | 100000 | 94507 |
| 5.95%, 03/15/29 *(a)* | 150000 | 152325 |
| 6.20%, 07/15/30 *(a)* | 70000 | 71845 |
| **Blue Owl Credit Income Corp.** | **Blue Owl Credit Income Corp.** | **Blue Owl Credit Income Corp.** |
| 3.13%, 09/23/26 *(a)* | 75000 | 73536 |
| 4.70%, 02/08/27 *(a)* | 75000 | 74780 |
| 7.75%, 09/16/27 *(a)* | 100000 | 105035 |
| 7.95%, 06/13/28 *(a)* | 100000 | 107120 |
| 7.75%, 01/15/29 *(a)* | 75000 | 80348 |
| 6.60%, 09/15/29 *(a)* | 175000 | 181965 |
| 5.80%, 03/15/30 *(a)* | 125000 | 126650 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Blue Owl Technology Finance Corp.** | **Blue Owl Technology Finance Corp.** | **Blue Owl Technology Finance Corp.** |
| 2.50%, 01/15/27 *(a)* | 75000 | 72454 |
| 6.10%, 03/15/28 *(a)(c)* | 100000 | 101345 |
| 6.75%, 04/04/29 *(a)* | 100000 | 103565 |
| **Franklin BSP Capital Corp.** | **Franklin BSP Capital Corp.** | **Franklin BSP Capital Corp.** |
| 7.20%, 06/15/29 *(a)* | 75000 | 77923 |
| **FS KKR Capital Corp.** | **FS KKR Capital Corp.** | **FS KKR Capital Corp.** |
| 2.63%, 01/15/27 *(a)* | 100000 | 96932 |
| 3.13%, 10/12/28 *(a)* | 100000 | 91895 |
| 7.88%, 01/15/29 *(a)* | 75000 | 78665 |
| 6.88%, 08/15/29 *(a)* | 50000 | 51077 |
| 6.13%, 01/15/30 *(a)* | 100000 | 99363 |
| **GATX Corp.** | **GATX Corp.** | **GATX Corp.** |
| 3.25%, 09/15/26 *(a)* | 100000 | 98752 |
| 5.40%, 03/15/27 *(a)* | 75000 | 76142 |
| 3.50%, 03/15/28 *(a)* | 75000 | 73610 |
| 4.00%, 06/30/30 *(a)* | 60000 | 58967 |
| **Goldman Sachs Private Credit Corp.** | **Goldman Sachs Private Credit Corp.** | **Goldman Sachs Private Credit Corp.** |
| 6.25%, 05/06/30 *(a)(c)* | 100000 | 102436 |
| **Golub Capital BDC, Inc.** | **Golub Capital BDC, Inc.** | **Golub Capital BDC, Inc.** |
| 2.05%, 02/15/27 *(a)* | 100000 | 96102 |
| 6.00%, 07/15/29 *(a)* | 75000 | 76835 |
| **Golub Capital Private Credit Fund** | **Golub Capital Private Credit Fund** | **Golub Capital Private Credit Fund** |
| 5.45%, 08/15/28 *(a)(c)* | 70000 | 70281 |
| 5.80%, 09/12/29 *(a)* | 145000 | 146657 |
| **Hercules Capital, Inc.** | **Hercules Capital, Inc.** | **Hercules Capital, Inc.** |
| 2.63%, 09/16/26 *(a)* | 75000 | 73297 |
| 3.38%, 01/20/27 *(a)* | 100000 | 97760 |
| 6.00%, 06/16/30 *(a)* | 50000 | 50780 |
| **HPS Corporate Lending Fund** | **HPS Corporate Lending Fund** | **HPS Corporate Lending Fund** |
| 5.45%, 01/14/28 *(a)* | 100000 | 100966 |
| 6.75%, 01/30/29 *(a)* | 100000 | 104372 |
| 6.25%, 09/30/29 *(a)(e)* | 75000 | 77643 |
| 5.85%, 06/05/30 *(a)(c)* | 70000 | 71169 |
| **Main Street Capital Corp.** | **Main Street Capital Corp.** | **Main Street Capital Corp.** |
| 6.50%, 06/04/27 *(a)* | 75000 | 76708 |
| 5.40%, 08/15/28 *(a)* | 50000 | 50227 |
| 6.95%, 03/01/29 *(a)* | 75000 | 78626 |
| **Morgan Stanley Direct Lending Fund** | **Morgan Stanley Direct Lending Fund** | **Morgan Stanley Direct Lending Fund** |
| 4.50%, 02/11/27 *(a)* | 100000 | 99729 |
| **MSD Investment Corp.** | **MSD Investment Corp.** | **MSD Investment Corp.** |
| 6.25%, 05/31/30 *(a)(c)* | 100000 | 101504 |
| **New Mountain Finance Corp.** | **New Mountain Finance Corp.** | **New Mountain Finance Corp.** |
| 6.20%, 10/15/27  | 50000 | 50884 |
| 6.88%, 02/01/29 *(a)* | 50000 | 51348 |
| **Oaktree Specialty Lending Corp.** | **Oaktree Specialty Lending Corp.** | **Oaktree Specialty Lending Corp.** |
| 7.10%, 02/15/29 *(a)* | 50000 | 51833 |
| 6.34%, 02/27/30 *(a)* | 50000 | 50470 |
| **Oaktree Strategic Credit Fund** | **Oaktree Strategic Credit Fund** | **Oaktree Strategic Credit Fund** |
| 8.40%, 11/14/28 *(a)* | 50000 | 54351 |
| 6.50%, 07/23/29 *(a)* | 75000 | 77910 |
| 6.19%, 07/15/30 *(a)(c)* | 50000 | 50819 |
| **Sixth Street Lending Partners** | **Sixth Street Lending Partners** | **Sixth Street Lending Partners** |
| 6.50%, 03/11/29 *(a)* | 200000 | 207928 |
| 5.75%, 01/15/30 *(a)* | 100000 | 101489 |
| 6.13%, 07/15/30 *(a)(c)* | 100000 | 103166 |
| **Sixth Street Specialty Lending, Inc.** | **Sixth Street Specialty Lending, Inc.** | **Sixth Street Specialty Lending, Inc.** |
| 6.13%, 03/01/29 *(a)* | 75000 | 77447 |
| 5.63%, 08/15/30 *(a)* | 40000 | 40507 |
|  |  | **10143997** |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**99**

------

Schwab Short-Term Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| ***Financial Other 0.0%***  | ***Financial Other 0.0%***  | ***Financial Other 0.0%***  |
| **ORIX Corp.** | **ORIX Corp.** | **ORIX Corp.** |
| 5.00%, 09/13/27  | 100000 | 101588 |
| 4.65%, 09/10/29  | 100000 | 101317 |
|  |  | **202905** |
| ***Insurance 0.9%***  | ***Insurance 0.9%***  | ***Insurance 0.9%***  |
| **ACE Capital Trust II** | **ACE Capital Trust II** | **ACE Capital Trust II** |
| 9.70%, 04/01/30  | 50000 | 60297 |
| **Aegon Ltd.** | **Aegon Ltd.** | **Aegon Ltd.** |
| 5.50%, 04/11/48 *(a)(b)* | 100000 | 100974 |
| **Aflac, Inc.** | **Aflac, Inc.** | **Aflac, Inc.** |
| 3.60%, 04/01/30 *(a)* | 175000 | 171243 |
| **Allstate Corp.** | **Allstate Corp.** | **Allstate Corp.** |
| 3.28%, 12/15/26 *(a)* | 100000 | 98910 |
| **American International Group, Inc.** | **American International Group, Inc.** | **American International Group, Inc.** |
| 4.85%, 05/07/30 *(a)* | 100000 | 102388 |
| 3.40%, 06/30/30 *(a)* | 40000 | 38486 |
| 5.75%, 04/01/48 *(a)(b)* | 50000 | 50950 |
| **American National Group, Inc.** | **American National Group, Inc.** | **American National Group, Inc.** |
| 5.00%, 06/15/27 *(a)* | 100000 | 100787 |
| 5.75%, 10/01/29 *(a)* | 75000 | 77527 |
| **Aon Corp.** | **Aon Corp.** | **Aon Corp.** |
| 3.75%, 05/02/29 *(a)* | 125000 | 123234 |
| 2.80%, 05/15/30 *(a)* | 100000 | 93834 |
| **Aon Corp./Aon Global Holdings PLC** | **Aon Corp./Aon Global Holdings PLC** | **Aon Corp./Aon Global Holdings PLC** |
| 2.85%, 05/28/27 *(a)* | 100000 | 97992 |
| **Aon North America, Inc.** | **Aon North America, Inc.** | **Aon North America, Inc.** |
| 5.13%, 03/01/27 *(a)* | 125000 | 126770 |
| 5.15%, 03/01/29 *(a)* | 150000 | 154426 |
| **Arch Capital Finance LLC** | **Arch Capital Finance LLC** | **Arch Capital Finance LLC** |
| 4.01%, 12/15/26 *(a)* | 150000 | 149724 |
| **Arthur J Gallagher & Co.** | **Arthur J Gallagher & Co.** | **Arthur J Gallagher & Co.** |
| 4.60%, 12/15/27 *(a)* | 100000 | 100961 |
| 4.85%, 12/15/29 *(a)* | 100000 | 101978 |
| **Aspen Insurance Holdings Ltd.** | **Aspen Insurance Holdings Ltd.** | **Aspen Insurance Holdings Ltd.** |
| 5.75%, 07/01/30 *(a)* | 40000 | 41540 |
| **Assurant, Inc.** | **Assurant, Inc.** | **Assurant, Inc.** |
| 4.90%, 03/27/28 *(a)* | 75000 | 76102 |
| **Assured Guaranty U.S. Holdings, Inc.** | **Assured Guaranty U.S. Holdings, Inc.** | **Assured Guaranty U.S. Holdings, Inc.** |
| 6.13%, 09/15/28 *(a)* | 75000 | 78985 |
| **Athene Holding Ltd.** | **Athene Holding Ltd.** | **Athene Holding Ltd.** |
| 4.13%, 01/12/28 *(a)* | 200000 | 199606 |
| **AXIS Specialty Finance LLC** | **AXIS Specialty Finance LLC** | **AXIS Specialty Finance LLC** |
| 4.90%, 01/15/40 *(a)(b)* | 100000 | 97036 |
| **AXIS Specialty Finance PLC** | **AXIS Specialty Finance PLC** | **AXIS Specialty Finance PLC** |
| 4.00%, 12/06/27 *(a)* | 100000 | 99410 |
| **Berkshire Hathaway Finance Corp.** | **Berkshire Hathaway Finance Corp.** | **Berkshire Hathaway Finance Corp.** |
| 2.30%, 03/15/27 *(a)* | 100000 | 97746 |
| 1.85%, 03/12/30 *(a)* | 100000 | 91313 |
| **Brighthouse Financial, Inc.** | **Brighthouse Financial, Inc.** | **Brighthouse Financial, Inc.** |
| 3.70%, 06/22/27 *(a)* | 125000 | 123332 |
| 5.63%, 05/15/30 *(a)(e)* | 100000 | 102542 |
| **Brown & Brown, Inc.** | **Brown & Brown, Inc.** | **Brown & Brown, Inc.** |
| 4.60%, 12/23/26  | 50000 | 50258 |
| 4.70%, 06/23/28 *(a)* | 70000 | 70734 |
| 4.90%, 06/23/30 *(a)* | 100000 | 101365 |
| **Centene Corp.** | **Centene Corp.** | **Centene Corp.** |
| 4.25%, 12/15/27 *(a)* | 400000 | 390920 |
| 2.45%, 07/15/28 *(a)* | 400000 | 369968 |
| 4.63%, 12/15/29 *(a)* | 450000 | 433714 |
| 3.38%, 02/15/30 *(a)* | 200000 | 182568 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Chubb INA Holdings LLC** | **Chubb INA Holdings LLC** | **Chubb INA Holdings LLC** |
| 4.65%, 08/15/29 *(a)* | 50000 | 51014 |
| **Cincinnati Financial Corp.** | **Cincinnati Financial Corp.** | **Cincinnati Financial Corp.** |
| 6.92%, 05/15/28  | 100000 | 107163 |
| **CNA Financial Corp.** | **CNA Financial Corp.** | **CNA Financial Corp.** |
| 3.90%, 05/01/29 *(a)* | 100000 | 98726 |
| 2.05%, 08/15/30 *(a)* | 60000 | 53387 |
| **CNO Financial Group, Inc.** | **CNO Financial Group, Inc.** | **CNO Financial Group, Inc.** |
| 5.25%, 05/30/29 *(a)* | 100000 | 102025 |
| **Corebridge Financial, Inc.** | **Corebridge Financial, Inc.** | **Corebridge Financial, Inc.** |
| 3.65%, 04/05/27 *(a)* | 175000 | 173455 |
| 3.85%, 04/05/29 *(a)* | 150000 | 147933 |
| 6.88%, 12/15/52 *(a)(b)* | 150000 | 155020 |
| **Elevance Health, Inc.** | **Elevance Health, Inc.** | **Elevance Health, Inc.** |
| 3.65%, 12/01/27 *(a)* | 250000 | 247875 |
| 4.10%, 03/01/28 *(a)* | 150000 | 149916 |
| 5.15%, 06/15/29 *(a)* | 150000 | 154582 |
| 2.88%, 09/15/29 *(a)* | 100000 | 94826 |
| 4.75%, 02/15/30 *(a)* | 100000 | 101708 |
| 2.25%, 05/15/30 *(a)* | 100000 | 91226 |
| **Enact Holdings, Inc.** | **Enact Holdings, Inc.** | **Enact Holdings, Inc.** |
| 6.25%, 05/28/29 *(a)* | 125000 | 130545 |
| **Enstar Finance LLC** | **Enstar Finance LLC** | **Enstar Finance LLC** |
| 5.50%, 01/15/42 *(a)(b)* | 75000 | 74351 |
| **Enstar Group Ltd.** | **Enstar Group Ltd.** | **Enstar Group Ltd.** |
| 4.95%, 06/01/29 *(a)* | 100000 | 100894 |
| **Equitable Holdings, Inc.** | **Equitable Holdings, Inc.** | **Equitable Holdings, Inc.** |
| 4.35%, 04/20/28 *(a)* | 200000 | 200628 |
| **Essent Group Ltd.** | **Essent Group Ltd.** | **Essent Group Ltd.** |
| 6.25%, 07/01/29 *(a)* | 75000 | 78692 |
| **F&G Annuities & Life, Inc.** | **F&G Annuities & Life, Inc.** | **F&G Annuities & Life, Inc.** |
| 7.40%, 01/13/28 *(a)* | 100000 | 105241 |
| 6.50%, 06/04/29 *(a)* | 75000 | 78176 |
| **Fairfax Financial Holdings Ltd.** | **Fairfax Financial Holdings Ltd.** | **Fairfax Financial Holdings Ltd.** |
| 4.85%, 04/17/28 *(a)* | 100000 | 101392 |
| 4.63%, 04/29/30 *(a)* | 75000 | 75274 |
| **Fidelity National Financial, Inc.** | **Fidelity National Financial, Inc.** | **Fidelity National Financial, Inc.** |
| 4.50%, 08/15/28 *(a)* | 50000 | 50213 |
| 3.40%, 06/15/30 *(a)* | 80000 | 75940 |
| **First American Financial Corp.** | **First American Financial Corp.** | **First American Financial Corp.** |
| 4.00%, 05/15/30 *(a)* | 100000 | 95816 |
| **Globe Life, Inc.** | **Globe Life, Inc.** | **Globe Life, Inc.** |
| 4.55%, 09/15/28 *(a)* | 75000 | 75662 |
| 2.15%, 08/15/30 *(a)* | 50000 | 44757 |
| **Hartford Insurance Group, Inc.** | **Hartford Insurance Group, Inc.** | **Hartford Insurance Group, Inc.** |
| 2.80%, 08/19/29 *(a)* | 50000 | 47439 |
| **Horace Mann Educators Corp.** | **Horace Mann Educators Corp.** | **Horace Mann Educators Corp.** |
| 7.25%, 09/15/28 *(a)* | 50000 | 53806 |
| **Humana, Inc.** | **Humana, Inc.** | **Humana, Inc.** |
| 1.35%, 02/03/27 *(a)* | 150000 | 144096 |
| 3.95%, 03/15/27 *(a)* | 150000 | 149578 |
| 5.75%, 12/01/28 *(a)* | 75000 | 78244 |
| 3.70%, 03/23/29 *(a)* | 100000 | 97987 |
| 3.13%, 08/15/29 *(a)* | 50000 | 47626 |
| 4.88%, 04/01/30 *(a)* | 75000 | 76022 |
| **Jackson Financial, Inc.** | **Jackson Financial, Inc.** | **Jackson Financial, Inc.** |
| 5.17%, 06/08/27 *(a)* | 100000 | 101361 |
| **Lincoln National Corp.** | **Lincoln National Corp.** | **Lincoln National Corp.** |
| 3.63%, 12/12/26 *(a)* | 100000 | 99228 |
| 3.05%, 01/15/30 *(a)* | 100000 | 95120 |
| **Loews Corp.** | **Loews Corp.** | **Loews Corp.** |
| 3.20%, 05/15/30 *(a)* | 75000 | 71704 |

---

*See financial notes*

**100**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Short-Term Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Manulife Financial Corp.** | **Manulife Financial Corp.** | **Manulife Financial Corp.** |
| 4.06%, 02/24/32 *(a)(b)* | 100000 | 99045 |
| **Markel Group, Inc.** | **Markel Group, Inc.** | **Markel Group, Inc.** |
| 3.50%, 11/01/27 *(a)* | 75000 | 73878 |
| **Marsh & McLennan Cos., Inc.** | **Marsh & McLennan Cos., Inc.** | **Marsh & McLennan Cos., Inc.** |
| 4.55%, 11/08/27 *(a)* | 125000 | 126454 |
| 4.38%, 03/15/29 *(a)* | 150000 | 151479 |
| 4.65%, 03/15/30 *(a)* | 100000 | 101811 |
| **Mercury General Corp.** | **Mercury General Corp.** | **Mercury General Corp.** |
| 4.40%, 03/15/27 *(a)* | 100000 | 99422 |
| **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** |
| 4.55%, 03/23/30 *(a)* | 100000 | 101832 |
| **MGIC Investment Corp.** | **MGIC Investment Corp.** | **MGIC Investment Corp.** |
| 5.25%, 08/15/28 *(a)* | 100000 | 100072 |
| **NMI Holdings, Inc.** | **NMI Holdings, Inc.** | **NMI Holdings, Inc.** |
| 6.00%, 08/15/29 *(a)* | 50000 | 51524 |
| **PartnerRe Finance B LLC** | **PartnerRe Finance B LLC** | **PartnerRe Finance B LLC** |
| 3.70%, 07/02/29 *(a)* | 75000 | 73412 |
| **Principal Financial Group, Inc.** | **Principal Financial Group, Inc.** | **Principal Financial Group, Inc.** |
| 3.70%, 05/15/29 *(a)* | 75000 | 73597 |
| 2.13%, 06/15/30 *(a)* | 70000 | 63398 |
| **Progressive Corp.** | **Progressive Corp.** | **Progressive Corp.** |
| 2.45%, 01/15/27  | 100000 | 98008 |
| 2.50%, 03/15/27 *(a)* | 100000 | 97736 |
| 4.00%, 03/01/29 *(a)* | 100000 | 100037 |
| 3.20%, 03/26/30 *(a)* | 100000 | 96325 |
| **Prudential Financial, Inc.** | **Prudential Financial, Inc.** | **Prudential Financial, Inc.** |
| 2.10%, 03/10/30 *(a)* | 100000 | 92170 |
| 4.50%, 09/15/47 *(a)(b)* | 100000 | 98723 |
| 5.70%, 09/15/48 *(a)(b)* | 150000 | 152647 |
| **Prudential Funding Asia PLC** | **Prudential Funding Asia PLC** | **Prudential Funding Asia PLC** |
| 3.13%, 04/14/30  | 150000 | 143365 |
| **Radian Group, Inc.** | **Radian Group, Inc.** | **Radian Group, Inc.** |
| 4.88%, 03/15/27 *(a)* | 150000 | 150376 |
| **Reinsurance Group of America, Inc.** | **Reinsurance Group of America, Inc.** | **Reinsurance Group of America, Inc.** |
| 3.90%, 05/15/29 *(a)* | 75000 | 74049 |
| 3.15%, 06/15/30 *(a)* | 70000 | 66214 |
| **RenaissanceRe Holdings Ltd.** | **RenaissanceRe Holdings Ltd.** | **RenaissanceRe Holdings Ltd.** |
| 3.60%, 04/15/29 *(a)* | 75000 | 73090 |
| **SiriusPoint Ltd.** | **SiriusPoint Ltd.** | **SiriusPoint Ltd.** |
| 7.00%, 04/05/29 *(a)* | 75000 | 79450 |
| **UnitedHealth Group, Inc.** | **UnitedHealth Group, Inc.** | **UnitedHealth Group, Inc.** |
| 3.45%, 01/15/27  | 100000 | 99178 |
| 3.70%, 05/15/27 *(a)* | 200000 | 198936 |
| 2.95%, 10/15/27  | 150000 | 146713 |
| 5.25%, 02/15/28 *(a)* | 200000 | 205676 |
| 3.85%, 06/15/28  | 150000 | 149358 |
| 4.40%, 06/15/28 *(a)* | 70000 | 70662 |
| 3.88%, 12/15/28  | 100000 | 99238 |
| 4.25%, 01/15/29 *(a)* | 200000 | 200714 |
| 4.70%, 04/15/29 *(a)* | 75000 | 76405 |
| 4.00%, 05/15/29 *(a)* | 125000 | 124420 |
| 2.88%, 08/15/29  | 50000 | 47639 |
| 4.80%, 01/15/30 *(a)* | 200000 | 204400 |
| 5.30%, 02/15/30 *(a)* | 200000 | 208130 |
| 2.00%, 05/15/30  | 100000 | 90438 |
| **Voya Financial, Inc.** | **Voya Financial, Inc.** | **Voya Financial, Inc.** |
| 4.70%, 01/23/48 *(a)(b)* | 50000 | 48562 |
| **Willis North America, Inc.** | **Willis North America, Inc.** | **Willis North America, Inc.** |
| 4.65%, 06/15/27 *(a)* | 150000 | 151045 |
| 4.50%, 09/15/28 *(a)* | 100000 | 100897 |
| 2.95%, 09/15/29 *(a)* | 100000 | 94743 |
|  |  | **13191536** |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| ***REITs 0.8%***  | ***REITs 0.8%***  | ***REITs 0.8%***  |
| **Agree LP** | **Agree LP** | **Agree LP** |
| 2.00%, 06/15/28 *(a)* | 100000 | 94316 |
| **Alexandria Real Estate Equities, Inc.** | **Alexandria Real Estate Equities, Inc.** | **Alexandria Real Estate Equities, Inc.** |
| 3.95%, 01/15/28 *(a)* | 100000 | 99388 |
| 2.75%, 12/15/29 *(a)* | 150000 | 140679 |
| 4.70%, 07/01/30 *(a)* | 60000 | 60470 |
| **American Homes 4 Rent LP** | **American Homes 4 Rent LP** | **American Homes 4 Rent LP** |
| 4.25%, 02/15/28 *(a)* | 100000 | 99887 |
| 4.90%, 02/15/29 *(a)* | 50000 | 50934 |
| 4.95%, 06/15/30 *(a)* | 90000 | 91714 |
| **AvalonBay Communities, Inc.** | **AvalonBay Communities, Inc.** | **AvalonBay Communities, Inc.** |
| 3.20%, 01/15/28 *(a)* | 100000 | 98226 |
| 1.90%, 12/01/28 *(a)* | 75000 | 70205 |
| 3.30%, 06/01/29 *(a)* | 100000 | 97111 |
| 2.30%, 03/01/30 *(a)* | 100000 | 92081 |
| **Boston Properties LP** | **Boston Properties LP** | **Boston Properties LP** |
| 2.75%, 10/01/26 *(a)* | 100000 | 98277 |
| 6.75%, 12/01/27 *(a)* | 100000 | 105234 |
| 4.50%, 12/01/28 *(a)* | 150000 | 150096 |
| 3.40%, 06/21/29 *(a)* | 100000 | 95900 |
| 2.90%, 03/15/30 *(a)* | 100000 | 92839 |
| **Brixmor Operating Partnership LP** | **Brixmor Operating Partnership LP** | **Brixmor Operating Partnership LP** |
| 3.90%, 03/15/27 *(a)* | 75000 | 74593 |
| 4.13%, 05/15/29 *(a)* | 100000 | 99119 |
| 4.05%, 07/01/30 *(a)* | 100000 | 98042 |
| **Camden Property Trust** | **Camden Property Trust** | **Camden Property Trust** |
| 5.85%, 11/03/26 *(a)* | 75000 | 76366 |
| 4.10%, 10/15/28 *(a)* | 50000 | 50078 |
| 3.15%, 07/01/29 *(a)* | 75000 | 72101 |
| **COPT Defense Properties LP** | **COPT Defense Properties LP** | **COPT Defense Properties LP** |
| 2.00%, 01/15/29 *(a)* | 75000 | 69319 |
| **Cousins Properties LP** | **Cousins Properties LP** | **Cousins Properties LP** |
| 5.25%, 07/15/30 *(a)* | 70000 | 71853 |
| **CubeSmart LP** | **CubeSmart LP** | **CubeSmart LP** |
| 3.13%, 09/01/26 *(a)* | 100000 | 98673 |
| 2.25%, 12/15/28 *(a)* | 100000 | 94186 |
| **Digital Realty Trust LP** | **Digital Realty Trust LP** | **Digital Realty Trust LP** |
| 3.70%, 08/15/27 *(a)* | 200000 | 198470 |
| 5.55%, 01/15/28 *(a)* | 150000 | 154554 |
| 4.45%, 07/15/28 *(a)* | 100000 | 100767 |
| **DOC Dr. LLC** | **DOC Dr. LLC** | **DOC Dr. LLC** |
| 3.95%, 01/15/28 *(a)* | 100000 | 99505 |
| **EPR Properties** | **EPR Properties** | **EPR Properties** |
| 4.75%, 12/15/26 *(a)* | 100000 | 100149 |
| 4.50%, 06/01/27 *(a)* | 100000 | 99762 |
| 3.75%, 08/15/29 *(a)* | 150000 | 144084 |
| **ERP Operating LP** | **ERP Operating LP** | **ERP Operating LP** |
| 2.85%, 11/01/26 *(a)* | 100000 | 98624 |
| 3.50%, 03/01/28 *(a)* | 100000 | 98733 |
| 3.00%, 07/01/29 *(a)* | 150000 | 143980 |
| **Essex Portfolio LP** | **Essex Portfolio LP** | **Essex Portfolio LP** |
| 1.70%, 03/01/28 *(a)* | 100000 | 94157 |
| 4.00%, 03/01/29 *(a)* | 75000 | 74312 |
| 3.00%, 01/15/30 *(a)* | 100000 | 94563 |
| **Extra Space Storage LP** | **Extra Space Storage LP** | **Extra Space Storage LP** |
| 5.70%, 04/01/28 *(a)* | 100000 | 103355 |
| 3.90%, 04/01/29 *(a)* | 150000 | 147867 |
| 4.00%, 06/15/29 *(a)* | 150000 | 148528 |
| 5.50%, 07/01/30 *(a)* | 110000 | 114990 |
| **Federal Realty OP LP** | **Federal Realty OP LP** | **Federal Realty OP LP** |
| 5.38%, 05/01/28 *(a)* | 50000 | 51430 |
| 3.50%, 06/01/30 *(a)* | 50000 | 48179 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**101**

------

Schwab Short-Term Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Healthcare Realty Holdings LP** | **Healthcare Realty Holdings LP** | **Healthcare Realty Holdings LP** |
| 3.75%, 07/01/27 *(a)* | 75000 | 74362 |
| 3.10%, 02/15/30 *(a)* | 75000 | 70567 |
| **Healthpeak OP LLC** | **Healthpeak OP LLC** | **Healthpeak OP LLC** |
| 2.13%, 12/01/28 *(a)* | 75000 | 70211 |
| 3.50%, 07/15/29 *(a)* | 75000 | 72928 |
| 3.00%, 01/15/30 *(a)* | 100000 | 94758 |
| **Highwoods Realty LP** | **Highwoods Realty LP** | **Highwoods Realty LP** |
| 4.13%, 03/15/28 *(a)* | 100000 | 98587 |
| 3.05%, 02/15/30 *(a)* | 75000 | 69283 |
| **Host Hotels & Resorts LP** | **Host Hotels & Resorts LP** | **Host Hotels & Resorts LP** |
| 3.38%, 12/15/29 *(a)* | 50000 | 47464 |
| **Invitation Homes Operating Partnership LP** | **Invitation Homes Operating Partnership LP** | **Invitation Homes Operating Partnership LP** |
| 2.30%, 11/15/28 *(a)* | 100000 | 94455 |
| 5.45%, 08/15/30 *(a)* | 60000 | 62421 |
| **Kilroy Realty LP** | **Kilroy Realty LP** | **Kilroy Realty LP** |
| 4.75%, 12/15/28 *(a)* | 75000 | 75187 |
| 4.25%, 08/15/29 *(a)* | 50000 | 48912 |
| 3.05%, 02/15/30 *(a)* | 75000 | 69031 |
| **Kimco Realty OP LLC** | **Kimco Realty OP LLC** | **Kimco Realty OP LLC** |
| 3.80%, 04/01/27 *(a)* | 100000 | 99396 |
| 1.90%, 03/01/28 *(a)* | 100000 | 94973 |
| **Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.** | **Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.** | **Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.** |
| 5.50%, 08/01/30 *(a)* | 70000 | 71370 |
| **Lineage OP LP** | **Lineage OP LP** | **Lineage OP LP** |
| 5.25%, 07/15/30 *(a)(c)* | 70000 | 70636 |
| **LXP Industrial Trust** | **LXP Industrial Trust** | **LXP Industrial Trust** |
| 6.75%, 11/15/28 *(a)* | 50000 | 53200 |
| **Mid-America Apartments LP** | **Mid-America Apartments LP** | **Mid-America Apartments LP** |
| 3.60%, 06/01/27 *(a)* | 150000 | 148971 |
| 3.95%, 03/15/29 *(a)* | 100000 | 99396 |
| **NNN REIT, Inc.** | **NNN REIT, Inc.** | **NNN REIT, Inc.** |
| 3.50%, 10/15/27 *(a)* | 100000 | 98703 |
| 4.30%, 10/15/28 *(a)* | 100000 | 100328 |
| **Omega Healthcare Investors, Inc.** | **Omega Healthcare Investors, Inc.** | **Omega Healthcare Investors, Inc.** |
| 4.50%, 04/01/27 *(a)* | 150000 | 150250 |
| 4.75%, 01/15/28 *(a)* | 50000 | 50439 |
| 3.63%, 10/01/29 *(a)* | 75000 | 71806 |
| 5.20%, 07/01/30 *(a)* | 80000 | 81175 |
| **Piedmont Operating Partnership LP** | **Piedmont Operating Partnership LP** | **Piedmont Operating Partnership LP** |
| 9.25%, 07/20/28 *(a)* | 100000 | 111164 |
| 6.88%, 07/15/29 *(a)* | 75000 | 79390 |
| 3.15%, 08/15/30 *(a)* | 40000 | 36208 |
| **Prologis LP** | **Prologis LP** | **Prologis LP** |
| 2.13%, 04/15/27 *(a)* | 100000 | 97066 |
| 4.88%, 06/15/28 *(a)* | 100000 | 102310 |
| 3.88%, 09/15/28 *(a)* | 100000 | 99451 |
| 4.00%, 09/15/28 *(a)* | 75000 | 74990 |
| 4.38%, 02/01/29 *(a)* | 75000 | 75721 |
| 2.25%, 04/15/30 *(a)* | 125000 | 114982 |
| 1.75%, 07/01/30 *(a)* | 40000 | 35614 |
| **Public Storage Operating Co.** | **Public Storage Operating Co.** | **Public Storage Operating Co.** |
| 1.50%, 11/09/26 *(a)* | 100000 | 97106 |
| 1.85%, 05/01/28 *(a)* | 100000 | 94637 |
| 1.95%, 11/09/28 *(a)* | 75000 | 70427 |
| 5.13%, 01/15/29 *(a)* | 100000 | 103536 |
| 4.38%, 07/01/30 *(a)* | 60000 | 60353 |
| **Realty Income Corp.** | **Realty Income Corp.** | **Realty Income Corp.** |
| 4.13%, 10/15/26 *(a)* | 150000 | 149877 |
| 3.00%, 01/15/27 *(a)* | 150000 | 147756 |
| 3.95%, 08/15/27 *(a)* | 150000 | 149740 |
| 3.65%, 01/15/28 *(a)* | 100000 | 99198 |
| 2.10%, 03/15/28 *(a)* | 75000 | 71534 |
| 4.75%, 02/15/29 *(a)* | 75000 | 76454 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.25%, 06/15/29 *(a)* | 75000 | 72648 |
| 4.00%, 07/15/29 *(a)* | 75000 | 74531 |
| 3.40%, 01/15/30 *(a)* | 100000 | 96641 |
| 4.85%, 03/15/30 *(a)* | 100000 | 102567 |
| **Regency Centers LP** | **Regency Centers LP** | **Regency Centers LP** |
| 3.60%, 02/01/27 *(a)* | 100000 | 99238 |
| 2.95%, 09/15/29 *(a)* | 75000 | 71539 |
| 3.70%, 06/15/30 *(a)* | 80000 | 77994 |
| **Sabra Health Care LP** | **Sabra Health Care LP** | **Sabra Health Care LP** |
| 3.90%, 10/15/29 *(a)* | 75000 | 72639 |
| **Simon Property Group LP** | **Simon Property Group LP** | **Simon Property Group LP** |
| 3.25%, 11/30/26 *(a)* | 150000 | 148456 |
| 1.38%, 01/15/27 *(a)* | 150000 | 144604 |
| 3.38%, 06/15/27 *(a)* | 100000 | 98981 |
| 3.38%, 12/01/27 *(a)* | 100000 | 98748 |
| 1.75%, 02/01/28 *(a)* | 50000 | 47455 |
| 2.45%, 09/13/29 *(a)* | 150000 | 140698 |
| 2.65%, 07/15/30 *(a)* | 90000 | 83687 |
| **Store Capital LLC** | **Store Capital LLC** | **Store Capital LLC** |
| 4.50%, 03/15/28 *(a)* | 50000 | 49749 |
| 4.63%, 03/15/29 *(a)* | 75000 | 74545 |
| **Sun Communities Operating LP** | **Sun Communities Operating LP** | **Sun Communities Operating LP** |
| 2.30%, 11/01/28 *(a)* | 50000 | 47354 |
| **Tanger Properties LP** | **Tanger Properties LP** | **Tanger Properties LP** |
| 3.13%, 09/01/26 *(a)* | 100000 | 98632 |
| **UDR, Inc.** | **UDR, Inc.** | **UDR, Inc.** |
| 3.50%, 07/01/27 *(a)* | 150000 | 148309 |
| 4.40%, 01/26/29 *(a)* | 50000 | 50158 |
| 3.20%, 01/15/30 *(a)* | 100000 | 95716 |
| **Ventas Realty LP** | **Ventas Realty LP** | **Ventas Realty LP** |
| 3.25%, 10/15/26 *(a)* | 100000 | 98835 |
| 4.00%, 03/01/28 *(a)* | 100000 | 99499 |
| 4.40%, 01/15/29 *(a)* | 100000 | 100345 |
| 3.00%, 01/15/30 *(a)* | 100000 | 94632 |
| **Welltower OP LLC** | **Welltower OP LLC** | **Welltower OP LLC** |
| 2.70%, 02/15/27 *(a)* | 100000 | 98191 |
| 4.25%, 04/15/28 *(a)* | 102000 | 102597 |
| 4.13%, 03/15/29 *(a)* | 75000 | 75011 |
| 3.10%, 01/15/30 *(a)* | 100000 | 95425 |
| 4.50%, 07/01/30 *(a)* | 80000 | 80795 |
| **WP Carey, Inc.** | **WP Carey, Inc.** | **WP Carey, Inc.** |
| 4.65%, 07/15/30 *(a)* | 50000 | 50331 |
|  |  | **11434569** |
|  |  | **161753878** |
| **Industrial 12.5%** | **Industrial 12.5%** | **Industrial 12.5%** |
| ***Basic Industry 0.5%***  | ***Basic Industry 0.5%***  | ***Basic Industry 0.5%***  |
| **Air Products & Chemicals, Inc.** | **Air Products & Chemicals, Inc.** | **Air Products & Chemicals, Inc.** |
| 4.30%, 06/11/28 *(a)* | 80000 | 80701 |
| 4.60%, 02/08/29 *(a)* | 100000 | 101789 |
| 2.05%, 05/15/30 *(a)* | 150000 | 136848 |
| **Albemarle Corp.** | **Albemarle Corp.** | **Albemarle Corp.** |
| 4.65%, 06/01/27 *(a)* | 150000 | 150114 |
| **ArcelorMittal SA** | **ArcelorMittal SA** | **ArcelorMittal SA** |
| 6.55%, 11/29/27 *(a)* | 200000 | 208664 |
| **BHP Billiton Finance USA Ltd.** | **BHP Billiton Finance USA Ltd.** | **BHP Billiton Finance USA Ltd.** |
| 5.25%, 09/08/26  | 100000 | 101109 |
| 4.75%, 02/28/28 *(a)* | 175000 | 178092 |
| 5.10%, 09/08/28 *(a)* | 150000 | 154501 |
| **Cabot Corp.** | **Cabot Corp.** | **Cabot Corp.** |
| 4.00%, 07/01/29 *(a)* | 75000 | 74194 |
| **Celulosa Arauco y Constitucion SA** | **Celulosa Arauco y Constitucion SA** | **Celulosa Arauco y Constitucion SA** |
| 3.88%, 11/02/27 *(a)* | 200000 | 197036 |

---

*See financial notes*

**102**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Short-Term Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Dow Chemical Co.** | **Dow Chemical Co.** | **Dow Chemical Co.** |
| 4.80%, 11/30/28 *(a)* | 100000 | 101371 |
| 7.38%, 11/01/29  | 54000 | 59885 |
| **DuPont de Nemours, Inc.** | **DuPont de Nemours, Inc.** | **DuPont de Nemours, Inc.** |
| 4.73%, 11/15/28 *(a)* | 350000 | 356818 |
| **Eastman Chemical Co.** | **Eastman Chemical Co.** | **Eastman Chemical Co.** |
| 5.00%, 08/01/29 *(a)* | 50000 | 50937 |
| **Ecolab, Inc.** | **Ecolab, Inc.** | **Ecolab, Inc.** |
| 2.70%, 11/01/26 *(a)* | 200000 | 196958 |
| 3.25%, 12/01/27 *(a)* | 150000 | 147876 |
| 4.80%, 03/24/30 *(a)* | 100000 | 102885 |
| **EIDP, Inc.** | **EIDP, Inc.** | **EIDP, Inc.** |
| 2.30%, 07/15/30 *(a)* | 60000 | 55124 |
| **FMC Corp.** | **FMC Corp.** | **FMC Corp.** |
| 3.20%, 10/01/26 *(a)* | 150000 | 148080 |
| 3.45%, 10/01/29 *(a)* | 75000 | 70992 |
| **Freeport-McMoRan, Inc.** | **Freeport-McMoRan, Inc.** | **Freeport-McMoRan, Inc.** |
| 5.00%, 09/01/27 *(a)* | 100000 | 100038 |
| 4.13%, 03/01/28 *(a)* | 100000 | 99545 |
| 5.25%, 09/01/29 *(a)* | 100000 | 101474 |
| 4.25%, 03/01/30 *(a)* | 100000 | 98834 |
| 4.63%, 08/01/30 *(a)* | 80000 | 80170 |
| **Georgia-Pacific LLC** | **Georgia-Pacific LLC** | **Georgia-Pacific LLC** |
| 7.75%, 11/15/29  | 75000 | 85360 |
| **International Flavors & Fragrances, Inc.** | **International Flavors & Fragrances, Inc.** | **International Flavors & Fragrances, Inc.** |
| 4.45%, 09/26/28 *(a)* | 75000 | 75401 |
| **Kinross Gold Corp.** | **Kinross Gold Corp.** | **Kinross Gold Corp.** |
| 4.50%, 07/15/27 *(a)* | 100000 | 100213 |
| **Linde, Inc.** | **Linde, Inc.** | **Linde, Inc.** |
| 1.10%, 08/10/30 *(a)* | 80000 | 69480 |
| **Mosaic Co.** | **Mosaic Co.** | **Mosaic Co.** |
| 4.05%, 11/15/27 *(a)* | 150000 | 149308 |
| 5.38%, 11/15/28 *(a)* | 50000 | 51581 |
| **Nucor Corp.** | **Nucor Corp.** | **Nucor Corp.** |
| 4.30%, 05/23/27 *(a)* | 100000 | 100307 |
| 3.95%, 05/01/28 *(a)* | 100000 | 99806 |
| 2.70%, 06/01/30 *(a)* | 60000 | 56038 |
| 4.65%, 06/01/30 *(a)* | 70000 | 71110 |
| **Nutrien Ltd.** | **Nutrien Ltd.** | **Nutrien Ltd.** |
| 4.50%, 03/12/27  | 100000 | 100515 |
| 4.90%, 03/27/28 *(a)* | 125000 | 127205 |
| 4.20%, 04/01/29 *(a)* | 175000 | 174617 |
| 2.95%, 05/13/30 *(a)* | 100000 | 94122 |
| **Packaging Corp. of America** | **Packaging Corp. of America** | **Packaging Corp. of America** |
| 3.00%, 12/15/29 *(a)* | 150000 | 143139 |
| **PPG Industries, Inc.** | **PPG Industries, Inc.** | **PPG Industries, Inc.** |
| 2.80%, 08/15/29 *(a)* | 50000 | 47483 |
| 2.55%, 06/15/30 *(a)* | 40000 | 36950 |
| **Reliance, Inc.** | **Reliance, Inc.** | **Reliance, Inc.** |
| 2.15%, 08/15/30 *(a)* | 60000 | 53818 |
| **Rio Tinto Finance USA Ltd.** | **Rio Tinto Finance USA Ltd.** | **Rio Tinto Finance USA Ltd.** |
| 7.13%, 07/15/28  | 150000 | 162543 |
| **Rio Tinto Finance USA PLC** | **Rio Tinto Finance USA PLC** | **Rio Tinto Finance USA PLC** |
| 4.38%, 03/12/27  | 100000 | 100620 |
| 4.50%, 03/14/28 *(a)* | 100000 | 101104 |
| 4.88%, 03/14/30 *(a)* | 200000 | 205180 |
| **RPM International, Inc.** | **RPM International, Inc.** | **RPM International, Inc.** |
| 3.75%, 03/15/27 *(a)* | 100000 | 99257 |
| **Sherwin-Williams Co.** | **Sherwin-Williams Co.** | **Sherwin-Williams Co.** |
| 3.45%, 06/01/27 *(a)* | 300000 | 296592 |
| 4.55%, 03/01/28 *(a)* | 50000 | 50519 |
| 4.30%, 08/15/28 *(a)* | 70000 | 70298 |
| 2.95%, 08/15/29 *(a)* | 50000 | 47607 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 2.30%, 05/15/30 *(a)* | 100000 | 91677 |
| 4.50%, 08/15/30 *(a)* | 70000 | 70408 |
| **Smurfit Kappa Treasury ULC** | **Smurfit Kappa Treasury ULC** | **Smurfit Kappa Treasury ULC** |
| 5.20%, 01/15/30 *(a)* | 200000 | 206462 |
| **Steel Dynamics, Inc.** | **Steel Dynamics, Inc.** | **Steel Dynamics, Inc.** |
| 1.65%, 10/15/27 *(a)* | 100000 | 94781 |
| 3.45%, 04/15/30 *(a)* | 75000 | 71960 |
| **Suzano Austria GmbH** | **Suzano Austria GmbH** | **Suzano Austria GmbH** |
| 6.00%, 01/15/29 *(a)* | 200000 | 206088 |
| 5.00%, 01/15/30 *(a)* | 200000 | 200054 |
| **Suzano International Finance BV** | **Suzano International Finance BV** | **Suzano International Finance BV** |
| 5.50%, 01/17/27  | 200000 | 202608 |
| **Vale Overseas Ltd.** | **Vale Overseas Ltd.** | **Vale Overseas Ltd.** |
| 3.75%, 07/08/30 *(a)* | 190000 | 181180 |
| **Westlake Corp.** | **Westlake Corp.** | **Westlake Corp.** |
| 3.38%, 06/15/30 *(a)* | 40000 | 38216 |
| **WestRock MWV LLC** | **WestRock MWV LLC** | **WestRock MWV LLC** |
| 8.20%, 01/15/30  | 100000 | 115241 |
| **Weyerhaeuser Co.** | **Weyerhaeuser Co.** | **Weyerhaeuser Co.** |
| 4.00%, 11/15/29 *(a)* | 100000 | 98943 |
| 4.00%, 04/15/30 *(a)* | 100000 | 98619 |
| **WRKCo, Inc.** | **WRKCo, Inc.** | **WRKCo, Inc.** |
| 4.00%, 03/15/28 *(a)* | 100000 | 99568 |
| 3.90%, 06/01/28 *(a)* | 100000 | 99339 |
|  |  | **7799352** |
| ***Capital Goods 1.5%***  | ***Capital Goods 1.5%***  | ***Capital Goods 1.5%***  |
| **3M Co.** | **3M Co.** | **3M Co.** |
| 2.25%, 09/19/26 *(a)* | 100000 | 98070 |
| 2.88%, 10/15/27 *(a)* | 200000 | 195454 |
| 3.38%, 03/01/29 *(a)* | 100000 | 97602 |
| 2.38%, 08/26/29 *(a)* | 125000 | 117051 |
| 4.80%, 03/15/30 *(a)* | 100000 | 102273 |
| **AGCO Corp.** | **AGCO Corp.** | **AGCO Corp.** |
| 5.45%, 03/21/27 *(a)* | 75000 | 76079 |
| **Allegion U.S. Holding Co., Inc.** | **Allegion U.S. Holding Co., Inc.** | **Allegion U.S. Holding Co., Inc.** |
| 3.55%, 10/01/27 *(a)* | 100000 | 98558 |
| **Amcor Finance USA, Inc.** | **Amcor Finance USA, Inc.** | **Amcor Finance USA, Inc.** |
| 4.50%, 05/15/28 *(a)* | 100000 | 100530 |
| **Amcor Flexibles North America, Inc.** | **Amcor Flexibles North America, Inc.** | **Amcor Flexibles North America, Inc.** |
| 4.80%, 03/17/28  | 100000 | 101134 |
| 5.10%, 03/17/30 *(a)* | 100000 | 102286 |
| 2.63%, 06/19/30 *(a)* | 60000 | 55225 |
| **Amcor Group Finance PLC** | **Amcor Group Finance PLC** | **Amcor Group Finance PLC** |
| 5.45%, 05/23/29 *(a)* | 75000 | 77680 |
| **Amphenol Corp.** | **Amphenol Corp.** | **Amphenol Corp.** |
| 4.38%, 06/12/28 *(a)* | 100000 | 100987 |
| 5.05%, 04/05/29 *(a)* | 75000 | 77398 |
| 4.35%, 06/01/29 *(a)* | 75000 | 75773 |
| 2.80%, 02/15/30 *(a)* | 100000 | 94595 |
| **Amrize Finance U.S. LLC** | **Amrize Finance U.S. LLC** | **Amrize Finance U.S. LLC** |
| 4.95%, 04/07/30 *(a)(c)* | 275000 | 280742 |
| **Avery Dennison Corp.** | **Avery Dennison Corp.** | **Avery Dennison Corp.** |
| 4.88%, 12/06/28 *(a)* | 75000 | 76388 |
| **Berry Global, Inc.** | **Berry Global, Inc.** | **Berry Global, Inc.** |
| 1.65%, 01/15/27 *(a)* | 100000 | 96563 |
| 5.50%, 04/15/28 *(a)* | 100000 | 103099 |
| **Boeing Co.** | **Boeing Co.** | **Boeing Co.** |
| 2.70%, 02/01/27 *(a)* | 200000 | 195538 |
| 6.26%, 05/01/27 *(a)* | 150000 | 154366 |
| 3.25%, 02/01/28 *(a)* | 150000 | 146466 |
| 3.25%, 03/01/28 *(a)* | 100000 | 97486 |
| 3.20%, 03/01/29 *(a)* | 150000 | 144423 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**103**

------

Schwab Short-Term Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 6.30%, 05/01/29 *(a)* | 350000 | 371794 |
| 5.15%, 05/01/30 *(a)* | 600000 | 615408 |
| **Carlisle Cos., Inc.** | **Carlisle Cos., Inc.** | **Carlisle Cos., Inc.** |
| 3.75%, 12/01/27 *(a)* | 100000 | 99104 |
| 2.75%, 03/01/30 *(a)* | 100000 | 93531 |
| **Carrier Global Corp.** | **Carrier Global Corp.** | **Carrier Global Corp.** |
| 2.49%, 02/15/27 *(a)* | 125000 | 122308 |
| 2.72%, 02/15/30 *(a)* | 200000 | 187932 |
| **Caterpillar Financial Services Corp.** | **Caterpillar Financial Services Corp.** | **Caterpillar Financial Services Corp.** |
| 1.15%, 09/14/26  | 150000 | 145678 |
| 4.45%, 10/16/26  | 100000 | 100548 |
| 5.00%, 05/14/27  | 200000 | 203446 |
| 3.60%, 08/12/27  | 200000 | 198894 |
| 1.10%, 09/14/27  | 200000 | 189362 |
| 4.40%, 10/15/27  | 50000 | 50517 |
| 4.10%, 08/15/28  | 100000 | 100362 |
| 4.85%, 02/27/29  | 150000 | 154113 |
| 4.38%, 08/16/29  | 50000 | 50738 |
| 4.70%, 11/15/29  | 150000 | 153771 |
| 4.80%, 01/08/30  | 100000 | 103181 |
| **Caterpillar, Inc.** | **Caterpillar, Inc.** | **Caterpillar, Inc.** |
| 2.60%, 04/09/30 *(a)* | 100000 | 93982 |
| **CNH Industrial Capital LLC** | **CNH Industrial Capital LLC** | **CNH Industrial Capital LLC** |
| 4.75%, 03/21/28 *(a)* | 100000 | 101155 |
| 5.10%, 04/20/29 *(a)* | 100000 | 102625 |
| **CNH Industrial NV** | **CNH Industrial NV** | **CNH Industrial NV** |
| 3.85%, 11/15/27 *(a)* | 100000 | 99531 |
| **CRH SMW Finance DAC** | **CRH SMW Finance DAC** | **CRH SMW Finance DAC** |
| 5.20%, 05/21/29 *(a)* | 200000 | 206452 |
| 5.13%, 01/09/30 *(a)* | 200000 | 205810 |
| **Deere & Co.** | **Deere & Co.** | **Deere & Co.** |
| 5.38%, 10/16/29  | 75000 | 78815 |
| **Dover Corp.** | **Dover Corp.** | **Dover Corp.** |
| 2.95%, 11/04/29 *(a)* | 75000 | 71447 |
| **Eaton Corp.** | **Eaton Corp.** | **Eaton Corp.** |
| 3.10%, 09/15/27 *(a)* | 100000 | 98416 |
| **Emerson Electric Co.** | **Emerson Electric Co.** | **Emerson Electric Co.** |
| 0.88%, 10/15/26 *(a)* | 200000 | 193362 |
| 1.80%, 10/15/27 *(a)* | 100000 | 95839 |
| **Fortune Brands Innovations, Inc.** | **Fortune Brands Innovations, Inc.** | **Fortune Brands Innovations, Inc.** |
| 3.25%, 09/15/29 *(a)* | 100000 | 95691 |
| **General Dynamics Corp.** | **General Dynamics Corp.** | **General Dynamics Corp.** |
| 3.50%, 04/01/27 *(a)* | 100000 | 99512 |
| 2.63%, 11/15/27 *(a)* | 150000 | 146061 |
| 3.75%, 05/15/28 *(a)* | 100000 | 99785 |
| **General Electric Co.** | **General Electric Co.** | **General Electric Co.** |
| 4.30%, 07/29/30 *(a)* | 130000 | 130629 |
| **HEICO Corp.** | **HEICO Corp.** | **HEICO Corp.** |
| 5.25%, 08/01/28 *(a)* | 100000 | 102803 |
| **Hexcel Corp.** | **Hexcel Corp.** | **Hexcel Corp.** |
| 4.20%, 02/15/27 *(a)* | 150000 | 149029 |
| **Honeywell International, Inc.** | **Honeywell International, Inc.** | **Honeywell International, Inc.** |
| 2.50%, 11/01/26 *(a)* | 200000 | 196388 |
| 1.10%, 03/01/27 *(a)* | 100000 | 95732 |
| 4.65%, 07/30/27 *(a)* | 100000 | 101245 |
| 4.25%, 01/15/29 *(a)* | 100000 | 100574 |
| 2.70%, 08/15/29 *(a)* | 50000 | 47595 |
| 4.88%, 09/01/29 *(a)* | 100000 | 103006 |
| 4.70%, 02/01/30 *(a)* | 150000 | 153004 |
| 1.95%, 06/01/30 *(a)* | 120000 | 108665 |
| **Howmet Aerospace, Inc.** | **Howmet Aerospace, Inc.** | **Howmet Aerospace, Inc.** |
| 5.90%, 02/01/27  | 100000 | 102270 |
| 6.75%, 01/15/28  | 50000 | 52834 |
| 3.00%, 01/15/29 *(a)* | 100000 | 96328 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Huntington Ingalls Industries, Inc.** | **Huntington Ingalls Industries, Inc.** | **Huntington Ingalls Industries, Inc.** |
| 3.48%, 12/01/27 *(a)* | 150000 | 147462 |
| 2.04%, 08/16/28 *(a)* | 100000 | 93796 |
| 5.35%, 01/15/30 *(a)* | 100000 | 103232 |
| 4.20%, 05/01/30 *(a)* | 100000 | 98729 |
| **IDEX Corp.** | **IDEX Corp.** | **IDEX Corp.** |
| 4.95%, 09/01/29 *(a)* | 100000 | 102219 |
| 3.00%, 05/01/30 *(a)* | 100000 | 94159 |
| **Illinois Tool Works, Inc.** | **Illinois Tool Works, Inc.** | **Illinois Tool Works, Inc.** |
| 2.65%, 11/15/26 *(a)* | 200000 | 197192 |
| **Ingersoll Rand, Inc.** | **Ingersoll Rand, Inc.** | **Ingersoll Rand, Inc.** |
| 5.40%, 08/14/28 *(a)* | 100000 | 103475 |
| 5.18%, 06/15/29 *(a)* | 100000 | 103388 |
| **John Deere Capital Corp.** | **John Deere Capital Corp.** | **John Deere Capital Corp.** |
| 2.25%, 09/14/26  | 100000 | 98228 |
| 1.30%, 10/13/26  | 150000 | 145741 |
| 4.50%, 01/08/27  | 100000 | 100750 |
| 1.70%, 01/11/27  | 100000 | 97140 |
| 1.75%, 03/09/27  | 100000 | 96749 |
| 4.20%, 07/15/27  | 100000 | 100634 |
| 4.15%, 09/15/27  | 200000 | 200906 |
| 4.65%, 01/07/28  | 100000 | 101745 |
| 4.75%, 01/20/28  | 200000 | 203738 |
| 4.90%, 03/03/28  | 125000 | 127905 |
| 1.50%, 03/06/28  | 175000 | 165032 |
| 4.25%, 06/05/28  | 90000 | 90788 |
| 4.95%, 07/14/28  | 250000 | 257005 |
| 4.50%, 01/16/29  | 200000 | 203210 |
| 3.45%, 03/07/29  | 150000 | 147343 |
| 4.85%, 06/11/29  | 150000 | 154339 |
| 2.45%, 01/09/30  | 100000 | 93560 |
| 4.55%, 06/05/30  | 100000 | 101626 |
| 4.70%, 06/10/30  | 130000 | 133335 |
| **Johnson Controls International PLC/Tyco Fire & Security Finance SCA** | **Johnson Controls International PLC/Tyco Fire & Security Finance SCA** | **Johnson Controls International PLC/Tyco Fire & Security Finance SCA** |
| 5.50%, 04/19/29 *(a)* | 100000 | 104267 |
| **Kennametal, Inc.** | **Kennametal, Inc.** | **Kennametal, Inc.** |
| 4.63%, 06/15/28 *(a)* | 75000 | 75581 |
| **L3Harris Technologies, Inc.** | **L3Harris Technologies, Inc.** | **L3Harris Technologies, Inc.** |
| 5.40%, 01/15/27  | 200000 | 203166 |
| 4.40%, 06/15/28 *(a)* | 200000 | 201224 |
| 5.05%, 06/01/29 *(a)* | 100000 | 102696 |
| 2.90%, 12/15/29 *(a)* | 100000 | 94494 |
| **Leggett & Platt, Inc.** | **Leggett & Platt, Inc.** | **Leggett & Platt, Inc.** |
| 4.40%, 03/15/29 *(a)* | 100000 | 98397 |
| **Lennox International, Inc.** | **Lennox International, Inc.** | **Lennox International, Inc.** |
| 5.50%, 09/15/28 *(a)* | 100000 | 103588 |
| **Lockheed Martin Corp.** | **Lockheed Martin Corp.** | **Lockheed Martin Corp.** |
| 5.10%, 11/15/27 *(a)* | 150000 | 153654 |
| 4.15%, 08/15/28 *(a)* | 70000 | 70385 |
| 4.50%, 02/15/29 *(a)* | 100000 | 101465 |
| 1.85%, 06/15/30 *(a)* | 50000 | 45078 |
| 4.40%, 08/15/30 *(a)* | 100000 | 100857 |
| **Martin Marietta Materials, Inc.** | **Martin Marietta Materials, Inc.** | **Martin Marietta Materials, Inc.** |
| 3.50%, 12/15/27 *(a)* | 100000 | 98693 |
| 2.50%, 03/15/30 *(a)* | 100000 | 92814 |
| **Masco Corp.** | **Masco Corp.** | **Masco Corp.** |
| 1.50%, 02/15/28 *(a)* | 100000 | 93680 |
| **Mohawk Industries, Inc.** | **Mohawk Industries, Inc.** | **Mohawk Industries, Inc.** |
| 5.85%, 09/18/28 *(a)* | 100000 | 104506 |
| 3.63%, 05/15/30 *(a)* | 100000 | 96366 |
| **Nordson Corp.** | **Nordson Corp.** | **Nordson Corp.** |
| 5.60%, 09/15/28 *(a)* | 75000 | 77849 |
| 4.50%, 12/15/29 *(a)* | 75000 | 75667 |

---

*See financial notes*

**104**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Short-Term Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Northrop Grumman Corp.** | **Northrop Grumman Corp.** | **Northrop Grumman Corp.** |
| 3.20%, 02/01/27 *(a)* | 100000 | 98788 |
| 3.25%, 01/15/28 *(a)* | 250000 | 245565 |
| 4.60%, 02/01/29 *(a)* | 75000 | 76211 |
| 4.40%, 05/01/30 *(a)* | 100000 | 100872 |
| 4.65%, 07/15/30 *(a)* | 70000 | 71171 |
| **nVent Finance SARL** | **nVent Finance SARL** | **nVent Finance SARL** |
| 4.55%, 04/15/28 *(a)* | 100000 | 100293 |
| **Oshkosh Corp.** | **Oshkosh Corp.** | **Oshkosh Corp.** |
| 4.60%, 05/15/28 *(a)* | 100000 | 100702 |
| **Otis Worldwide Corp.** | **Otis Worldwide Corp.** | **Otis Worldwide Corp.** |
| 5.25%, 08/16/28 *(a)* | 150000 | 154722 |
| 2.57%, 02/15/30 *(a)* | 200000 | 186446 |
| **Owens Corning** | **Owens Corning** | **Owens Corning** |
| 3.95%, 08/15/29 *(a)* | 50000 | 49442 |
| 3.88%, 06/01/30 *(a)* | 40000 | 39070 |
| **Parker-Hannifin Corp.** | **Parker-Hannifin Corp.** | **Parker-Hannifin Corp.** |
| 3.25%, 03/01/27 *(a)* | 150000 | 148293 |
| 4.25%, 09/15/27 *(a)* | 200000 | 200776 |
| 3.25%, 06/14/29 *(a)* | 150000 | 145516 |
| 4.50%, 09/15/29 *(a)* | 100000 | 101428 |
| **Pentair Finance SARL** | **Pentair Finance SARL** | **Pentair Finance SARL** |
| 4.50%, 07/01/29 *(a)* | 75000 | 75417 |
| **Regal Rexnord Corp.** | **Regal Rexnord Corp.** | **Regal Rexnord Corp.** |
| 6.05%, 04/15/28 *(a)* | 100000 | 103536 |
| 6.30%, 02/15/30 *(a)* | 150000 | 158808 |
| **Republic Services, Inc.** | **Republic Services, Inc.** | **Republic Services, Inc.** |
| 3.38%, 11/15/27 *(a)* | 150000 | 148323 |
| 3.95%, 05/15/28 *(a)* | 100000 | 100054 |
| 4.88%, 04/01/29 *(a)* | 100000 | 102625 |
| 2.30%, 03/01/30 *(a)* | 100000 | 92501 |
| 4.75%, 07/15/30 *(a)* | 70000 | 71849 |
| **Rockwell Automation, Inc.** | **Rockwell Automation, Inc.** | **Rockwell Automation, Inc.** |
| 3.50%, 03/01/29 *(a)* | 75000 | 73618 |
| **RTX Corp.** | **RTX Corp.** | **RTX Corp.** |
| 2.65%, 11/01/26 *(a)* | 100000 | 98309 |
| 5.75%, 11/08/26 *(a)* | 100000 | 101669 |
| 3.50%, 03/15/27 *(a)* | 150000 | 148701 |
| 3.13%, 05/04/27 *(a)* | 150000 | 147748 |
| 4.13%, 11/16/28 *(a)* | 450000 | 450463 |
| 5.75%, 01/15/29 *(a)* | 75000 | 78715 |
| 7.50%, 09/15/29  | 100000 | 112056 |
| 2.25%, 07/01/30 *(a)* | 120000 | 109727 |
| **Snap-on, Inc.** | **Snap-on, Inc.** | **Snap-on, Inc.** |
| 3.25%, 03/01/27 *(a)* | 100000 | 98818 |
| **Sonoco Products Co.** | **Sonoco Products Co.** | **Sonoco Products Co.** |
| 4.60%, 09/01/29 *(a)* | 100000 | 100460 |
| 3.13%, 05/01/30 *(a)* | 100000 | 94173 |
| **Stanley Black & Decker, Inc.** | **Stanley Black & Decker, Inc.** | **Stanley Black & Decker, Inc.** |
| 6.00%, 03/06/28 *(a)* | 100000 | 104177 |
| 2.30%, 03/15/30 *(a)* | 100000 | 91006 |
| **Teledyne Technologies, Inc.** | **Teledyne Technologies, Inc.** | **Teledyne Technologies, Inc.** |
| 2.25%, 04/01/28 *(a)* | 150000 | 142970 |
| **Textron, Inc.** | **Textron, Inc.** | **Textron, Inc.** |
| 3.65%, 03/15/27 *(a)* | 100000 | 99025 |
| 3.90%, 09/17/29 *(a)* | 50000 | 49341 |
| 3.00%, 06/01/30 *(a)* | 80000 | 75171 |
| **Timken Co.** | **Timken Co.** | **Timken Co.** |
| 4.50%, 12/15/28 *(a)* | 75000 | 75617 |
| **Trane Technologies Financing Ltd.** | **Trane Technologies Financing Ltd.** | **Trane Technologies Financing Ltd.** |
| 3.80%, 03/21/29 *(a)* | 100000 | 99058 |
| **Veralto Corp.** | **Veralto Corp.** | **Veralto Corp.** |
| 5.50%, 09/18/26 *(a)* | 100000 | 101019 |
| 5.35%, 09/18/28 *(a)* | 150000 | 154987 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Vontier Corp.** | **Vontier Corp.** | **Vontier Corp.** |
| 2.40%, 04/01/28 *(a)* | 100000 | 94996 |
| **Vulcan Materials Co.** | **Vulcan Materials Co.** | **Vulcan Materials Co.** |
| 4.95%, 12/01/29 *(a)* | 100000 | 102528 |
| 3.50%, 06/01/30 *(a)* | 90000 | 86909 |
| **Waste Connections, Inc.** | **Waste Connections, Inc.** | **Waste Connections, Inc.** |
| 4.25%, 12/01/28 *(a)* | 75000 | 75577 |
| **Waste Management, Inc.** | **Waste Management, Inc.** | **Waste Management, Inc.** |
| 3.88%, 01/15/29 *(a)* | 350000 | 347270 |
| 2.00%, 06/01/29 *(a)* | 200000 | 186106 |
| 4.63%, 02/15/30 *(a)* | 100000 | 101961 |
| 4.65%, 03/15/30 *(a)* | 100000 | 102039 |
| **Westinghouse Air Brake Technologies Corp.** | **Westinghouse Air Brake Technologies Corp.** | **Westinghouse Air Brake Technologies Corp.** |
| 3.45%, 11/15/26 *(a)* | 100000 | 99069 |
| 4.70%, 09/15/28 *(a)(f)* | 200000 | 202636 |
| 4.90%, 05/29/30 *(a)* | 100000 | 102256 |
| **Xylem, Inc.** | **Xylem, Inc.** | **Xylem, Inc.** |
| 3.25%, 11/01/26 *(a)* | 100000 | 98907 |
| 1.95%, 01/30/28 *(a)* | 100000 | 95530 |
|  |  | **21867911** |
| ***Communications 1.2%***  | ***Communications 1.2%***  | ***Communications 1.2%***  |
| **America Movil SAB de CV** | **America Movil SAB de CV** | **America Movil SAB de CV** |
| 2.88%, 05/07/30 *(a)* | 200000 | 186676 |
| **American Tower Corp.** | **American Tower Corp.** | **American Tower Corp.** |
| 1.45%, 09/15/26 *(a)* | 150000 | 145730 |
| 3.38%, 10/15/26 *(a)* | 150000 | 148578 |
| 2.75%, 01/15/27 *(a)* | 200000 | 196152 |
| 3.13%, 01/15/27 *(a)* | 100000 | 98514 |
| 3.65%, 03/15/27 *(a)* | 100000 | 99248 |
| 3.60%, 01/15/28 *(a)* | 100000 | 98710 |
| 5.25%, 07/15/28 *(a)* | 100000 | 102879 |
| 5.80%, 11/15/28 *(a)* | 100000 | 104581 |
| 5.20%, 02/15/29 *(a)* | 100000 | 102906 |
| 3.95%, 03/15/29 *(a)* | 100000 | 98952 |
| 3.80%, 08/15/29 *(a)* | 200000 | 195964 |
| 2.90%, 01/15/30 *(a)* | 100000 | 94048 |
| 5.00%, 01/31/30 *(a)* | 100000 | 102415 |
| 4.90%, 03/15/30 *(a)* | 100000 | 102072 |
| 2.10%, 06/15/30 *(a)* | 90000 | 80978 |
| **AppLovin Corp.** | **AppLovin Corp.** | **AppLovin Corp.** |
| 5.13%, 12/01/29 *(a)* | 125000 | 127865 |
| **AT&T, Inc.** | **AT&T, Inc.** | **AT&T, Inc.** |
| 4.25%, 03/01/27 *(a)* | 200000 | 200190 |
| 2.30%, 06/01/27 *(a)* | 400000 | 387516 |
| 1.65%, 02/01/28 *(a)* | 300000 | 283131 |
| 4.10%, 02/15/28 *(a)* | 250000 | 249767 |
| 4.35%, 03/01/29 *(a)* | 475000 | 477166 |
| 4.30%, 02/15/30 *(a)* | 400000 | 400428 |
| 4.70%, 08/15/30 *(a)* | 130000 | 131966 |
| **Charter Communications Operating LLC/Charter Communications Operating** <br> **Capital** | **Charter Communications Operating LLC/Charter Communications Operating** <br> **Capital** | **Charter Communications Operating LLC/Charter Communications Operating** <br> **Capital** |
| 3.75%, 02/15/28 *(a)* | 150000 | 147866 |
| 4.20%, 03/15/28 *(a)* | 175000 | 174004 |
| 2.25%, 01/15/29 *(a)* | 200000 | 186050 |
| 5.05%, 03/30/29 *(a)* | 225000 | 228625 |
| 6.10%, 06/01/29 *(a)* | 200000 | 210326 |
| **Comcast Corp.** | **Comcast Corp.** | **Comcast Corp.** |
| 2.35%, 01/15/27 *(a)* | 200000 | 195588 |
| 3.30%, 02/01/27 *(a)* | 200000 | 197788 |
| 3.30%, 04/01/27 *(a)* | 150000 | 148320 |
| 5.35%, 11/15/27 *(a)* | 150000 | 154167 |
| 3.15%, 02/15/28 *(a)* | 150000 | 147015 |
| 3.55%, 05/01/28 *(a)* | 150000 | 148237 |
| 4.15%, 10/15/28 *(a)* | 600000 | 601866 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**105**

------

Schwab Short-Term Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.55%, 01/15/29 *(a)* | 100000 | 101494 |
| 5.10%, 06/01/29 *(a)* | 100000 | 103452 |
| 2.65%, 02/01/30 *(a)* | 200000 | 187532 |
| 3.40%, 04/01/30 *(a)* | 200000 | 193388 |
| **Crown Castle, Inc.** | **Crown Castle, Inc.** | **Crown Castle, Inc.** |
| 2.90%, 03/15/27 *(a)* | 150000 | 146933 |
| 3.65%, 09/01/27 *(a)* | 150000 | 148196 |
| 5.00%, 01/11/28 *(a)* | 150000 | 152085 |
| 3.80%, 02/15/28 *(a)* | 100000 | 98817 |
| 4.80%, 09/01/28 *(a)* | 100000 | 101202 |
| 4.30%, 02/15/29 *(a)* | 75000 | 74652 |
| 5.60%, 06/01/29 *(a)* | 100000 | 103947 |
| 4.90%, 09/01/29 *(a)* | 200000 | 202654 |
| 3.30%, 07/01/30 *(a)* | 90000 | 85046 |
| **Deutsche Telekom International Finance BV** | **Deutsche Telekom International Finance BV** | **Deutsche Telekom International Finance BV** |
| 8.75%, 06/15/30 *(f)* | 540000 | 639052 |
| **Fox Corp.** | **Fox Corp.** | **Fox Corp.** |
| 4.71%, 01/25/29 *(a)* | 300000 | 303582 |
| **Interpublic Group of Cos., Inc.** | **Interpublic Group of Cos., Inc.** | **Interpublic Group of Cos., Inc.** |
| 4.65%, 10/01/28 *(a)* | 100000 | 100849 |
| 4.75%, 03/30/30 *(a)* | 100000 | 100833 |
| **Meta Platforms, Inc.** | **Meta Platforms, Inc.** | **Meta Platforms, Inc.** |
| 3.50%, 08/15/27 *(a)* | 225000 | 223738 |
| 4.60%, 05/15/28 *(a)* | 275000 | 280357 |
| 4.30%, 08/15/29 *(a)* | 100000 | 101340 |
| 4.80%, 05/15/30 *(a)* | 100000 | 103256 |
| **Netflix, Inc.** | **Netflix, Inc.** | **Netflix, Inc.** |
| 4.38%, 11/15/26  | 175000 | 176011 |
| 4.88%, 04/15/28  | 250000 | 255752 |
| 5.88%, 11/15/28  | 300000 | 316905 |
| **Omnicom Group, Inc.** | **Omnicom Group, Inc.** | **Omnicom Group, Inc.** |
| 4.20%, 06/01/30 *(a)* | 80000 | 79370 |
| **Paramount Global** | **Paramount Global** | **Paramount Global** |
| 2.90%, 01/15/27 *(a)* | 200000 | 195660 |
| 3.70%, 06/01/28 *(a)* | 100000 | 98152 |
| 7.88%, 07/30/30  | 130000 | 146818 |
| **Rogers Communications, Inc.** | **Rogers Communications, Inc.** | **Rogers Communications, Inc.** |
| 3.20%, 03/15/27 *(a)* | 200000 | 196868 |
| 5.00%, 02/15/29 *(a)* | 200000 | 204190 |
| **Sprint Capital Corp.** | **Sprint Capital Corp.** | **Sprint Capital Corp.** |
| 6.88%, 11/15/28  | 400000 | 430428 |
| **Take-Two Interactive Software, Inc.** | **Take-Two Interactive Software, Inc.** | **Take-Two Interactive Software, Inc.** |
| 3.70%, 04/14/27 *(a)* | 200000 | 198602 |
| 4.95%, 03/28/28 *(a)* | 100000 | 101949 |
| **Telefonica Emisiones SA** | **Telefonica Emisiones SA** | **Telefonica Emisiones SA** |
| 4.10%, 03/08/27  | 250000 | 249315 |
| **TELUS Corp.** | **TELUS Corp.** | **TELUS Corp.** |
| 2.80%, 02/16/27 *(a)* | 100000 | 97975 |
| 3.70%, 09/15/27 *(a)* | 100000 | 99057 |
| **T-Mobile USA, Inc.** | **T-Mobile USA, Inc.** | **T-Mobile USA, Inc.** |
| 3.75%, 04/15/27 *(a)* | 500000 | 496865 |
| 2.05%, 02/15/28 *(a)* | 250000 | 238020 |
| 4.95%, 03/15/28 *(a)* | 150000 | 152817 |
| 4.80%, 07/15/28 *(a)* | 150000 | 152811 |
| 4.85%, 01/15/29 *(a)* | 150000 | 153046 |
| 2.63%, 02/15/29 *(a)* | 150000 | 142205 |
| 2.40%, 03/15/29 *(a)* | 75000 | 70528 |
| 3.38%, 04/15/29 *(a)* | 300000 | 290778 |
| 4.20%, 10/01/29 *(a)* | 100000 | 99996 |
| 3.88%, 04/15/30 *(a)* | 900000 | 881793 |
| **TWDC Enterprises 18 Corp.** | **TWDC Enterprises 18 Corp.** | **TWDC Enterprises 18 Corp.** |
| 2.95%, 06/15/27  | 150000 | 147795 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Verizon Communications, Inc.** | **Verizon Communications, Inc.** | **Verizon Communications, Inc.** |
| 4.13%, 03/16/27  | 300000 | 300387 |
| 2.10%, 03/22/28 *(a)* | 350000 | 333200 |
| 4.33%, 09/21/28  | 500000 | 503540 |
| 4.02%, 12/03/29 *(a)* | 400000 | 396876 |
| 3.15%, 03/22/30 *(a)* | 200000 | 191004 |
| **Vodafone Group PLC** | **Vodafone Group PLC** | **Vodafone Group PLC** |
| 7.88%, 02/15/30  | 100000 | 114400 |
| **Walt Disney Co.** | **Walt Disney Co.** | **Walt Disney Co.** |
| 2.20%, 01/13/28  | 100000 | 96309 |
| 2.00%, 09/01/29 *(a)* | 300000 | 277959 |
| 3.80%, 03/22/30  | 200000 | 197896 |
| **Weibo Corp.** | **Weibo Corp.** | **Weibo Corp.** |
| 3.38%, 07/08/30 *(a)* | 200000 | 189288 |
|  |  | **18583254** |
| ***Consumer Cyclical 2.1%***  | ***Consumer Cyclical 2.1%***  | ***Consumer Cyclical 2.1%***  |
| **Alibaba Group Holding Ltd.** | **Alibaba Group Holding Ltd.** | **Alibaba Group Holding Ltd.** |
| 3.40%, 12/06/27 *(a)* | 400000 | 394832 |
| **Amazon.com, Inc.** | **Amazon.com, Inc.** | **Amazon.com, Inc.** |
| 3.30%, 04/13/27 *(a)* | 350000 | 347158 |
| 1.20%, 06/03/27 *(a)* | 100000 | 95687 |
| 3.15%, 08/22/27 *(a)* | 525000 | 518506 |
| 4.55%, 12/01/27 *(a)* | 300000 | 304425 |
| 1.65%, 05/12/28 *(a)* | 350000 | 330865 |
| 4.65%, 12/01/29 *(a)* | 200000 | 205372 |
| 1.50%, 06/03/30 *(a)* | 230000 | 205477 |
| **American Honda Finance Corp.** | **American Honda Finance Corp.** | **American Honda Finance Corp.** |
| 2.35%, 01/08/27  | 150000 | 146543 |
| 4.90%, 03/12/27  | 98000 | 99042 |
| 4.55%, 07/09/27  | 120000 | 120954 |
| 4.45%, 10/22/27  | 100000 | 100741 |
| 4.70%, 01/12/28  | 100000 | 101373 |
| 4.55%, 03/03/28  | 100000 | 101007 |
| 2.00%, 03/24/28  | 100000 | 94852 |
| 5.13%, 07/07/28  | 150000 | 154033 |
| 5.65%, 11/15/28  | 150000 | 156571 |
| 2.25%, 01/12/29  | 100000 | 93873 |
| 4.90%, 03/13/29  | 125000 | 127783 |
| 4.40%, 09/05/29  | 100000 | 100589 |
| 4.80%, 03/05/30  | 100000 | 102023 |
| 4.60%, 04/17/30  | 200000 | 202110 |
| **Aptiv Swiss Holdings Ltd.** | **Aptiv Swiss Holdings Ltd.** | **Aptiv Swiss Holdings Ltd.** |
| 4.35%, 03/15/29 *(a)* | 100000 | 99648 |
| **AutoNation, Inc.** | **AutoNation, Inc.** | **AutoNation, Inc.** |
| 1.95%, 08/01/28 *(a)* | 50000 | 46807 |
| 4.75%, 06/01/30 *(a)* | 60000 | 60282 |
| **AutoZone, Inc.** | **AutoZone, Inc.** | **AutoZone, Inc.** |
| 3.75%, 06/01/27 *(a)* | 200000 | 198624 |
| 4.50%, 02/01/28 *(a)* | 100000 | 101084 |
| 6.25%, 11/01/28 *(a)* | 100000 | 106224 |
| 5.10%, 07/15/29 *(a)* | 100000 | 103029 |
| 5.13%, 06/15/30 *(a)* | 70000 | 72314 |
| **Best Buy Co., Inc.** | **Best Buy Co., Inc.** | **Best Buy Co., Inc.** |
| 4.45%, 10/01/28 *(a)* | 75000 | 75578 |
| **Block Financial LLC** | **Block Financial LLC** | **Block Financial LLC** |
| 2.50%, 07/15/28 *(a)* | 75000 | 71105 |
| 3.88%, 08/15/30 *(a)* | 80000 | 76854 |
| **BorgWarner, Inc.** | **BorgWarner, Inc.** | **BorgWarner, Inc.** |
| 2.65%, 07/01/27 *(a)* | 200000 | 194750 |
| 4.95%, 08/15/29 *(a)* | 50000 | 51048 |
| **CBRE Services, Inc.** | **CBRE Services, Inc.** | **CBRE Services, Inc.** |
| 4.80%, 06/15/30 *(a)* | 80000 | 81203 |

---

*See financial notes*

**106**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Short-Term Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Choice Hotels International, Inc.** | **Choice Hotels International, Inc.** | **Choice Hotels International, Inc.** |
| 3.70%, 12/01/29 *(a)* | 50000 | 47828 |
| **Costco Wholesale Corp.** | **Costco Wholesale Corp.** | **Costco Wholesale Corp.** |
| 3.00%, 05/18/27 *(a)* | 100000 | 98712 |
| 1.38%, 06/20/27 *(a)* | 250000 | 239507 |
| 1.60%, 04/20/30 *(a)* | 200000 | 180092 |
| **Cummins, Inc.** | **Cummins, Inc.** | **Cummins, Inc.** |
| 4.90%, 02/20/29 *(a)* | 100000 | 102793 |
| **Darden Restaurants, Inc.** | **Darden Restaurants, Inc.** | **Darden Restaurants, Inc.** |
| 3.85%, 05/01/27 *(a)* | 150000 | 149040 |
| **Dollar General Corp.** | **Dollar General Corp.** | **Dollar General Corp.** |
| 3.88%, 04/15/27 *(a)* | 100000 | 99473 |
| 4.63%, 11/01/27 *(a)* | 100000 | 100778 |
| 4.13%, 05/01/28 *(a)* | 100000 | 99660 |
| 3.50%, 04/03/30 *(a)* | 150000 | 144194 |
| **Dollar Tree, Inc.** | **Dollar Tree, Inc.** | **Dollar Tree, Inc.** |
| 4.20%, 05/15/28 *(a)* | 200000 | 199558 |
| **DR Horton, Inc.** | **DR Horton, Inc.** | **DR Horton, Inc.** |
| 1.30%, 10/15/26 *(a)* | 200000 | 193894 |
| **eBay, Inc.** | **eBay, Inc.** | **eBay, Inc.** |
| 3.60%, 06/05/27 *(a)* | 150000 | 148853 |
| 2.70%, 03/11/30 *(a)* | 100000 | 93560 |
| **Expedia Group, Inc.** | **Expedia Group, Inc.** | **Expedia Group, Inc.** |
| 4.63%, 08/01/27 *(a)* | 150000 | 150966 |
| 3.80%, 02/15/28 *(a)* | 150000 | 148602 |
| 3.25%, 02/15/30 *(a)* | 100000 | 95398 |
| **Ford Motor Co.** | **Ford Motor Co.** | **Ford Motor Co.** |
| 4.35%, 12/08/26 *(a)* | 250000 | 248800 |
| **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** |
| 4.27%, 01/09/27 *(a)* | 200000 | 198124 |
| 5.80%, 03/05/27 *(a)* | 200000 | 201720 |
| 5.85%, 05/17/27 *(a)* | 200000 | 202146 |
| 4.95%, 05/28/27 *(a)* | 250000 | 249445 |
| 7.35%, 11/04/27 *(a)* | 250000 | 260337 |
| 5.92%, 03/20/28 *(a)* | 200000 | 203122 |
| 6.80%, 05/12/28 *(a)* | 250000 | 259662 |
| 6.80%, 11/07/28 *(a)* | 200000 | 208268 |
| 2.90%, 02/10/29 *(a)* | 200000 | 184344 |
| 5.80%, 03/08/29 *(a)* | 200000 | 202342 |
| 5.11%, 05/03/29 *(a)* | 200000 | 197294 |
| 5.88%, 11/07/29 *(a)* | 200000 | 202306 |
| 7.35%, 03/06/30 *(a)* | 200000 | 213048 |
| 7.20%, 06/10/30 *(a)* | 200000 | 212608 |
| **General Motors Co.** | **General Motors Co.** | **General Motors Co.** |
| 6.80%, 10/01/27 *(a)* | 200000 | 208798 |
| 5.35%, 04/15/28 *(a)* | 100000 | 102272 |
| 5.00%, 10/01/28 *(a)* | 100000 | 101685 |
| 5.40%, 10/15/29 *(a)* | 100000 | 103188 |
| 5.63%, 04/15/30 *(a)* | 100000 | 103349 |
| **General Motors Financial Co., Inc.** | **General Motors Financial Co., Inc.** | **General Motors Financial Co., Inc.** |
| 4.00%, 10/06/26 *(a)* | 200000 | 199116 |
| 4.35%, 01/17/27 *(a)* | 150000 | 149892 |
| 2.35%, 02/26/27 *(a)* | 250000 | 242990 |
| 5.00%, 04/09/27 *(a)* | 200000 | 201782 |
| 2.70%, 08/20/27 *(a)* | 200000 | 194234 |
| 6.00%, 01/09/28 *(a)* | 150000 | 155485 |
| 2.40%, 04/10/28 *(a)* | 200000 | 190554 |
| 5.80%, 06/23/28 *(a)* | 200000 | 207138 |
| 2.40%, 10/15/28 *(a)* | 200000 | 188716 |
| 5.80%, 01/07/29 *(a)* | 250000 | 259647 |
| 4.30%, 04/06/29 *(a)* | 150000 | 148515 |
| 5.55%, 07/15/29 *(a)* | 250000 | 257780 |
| 4.90%, 10/06/29 *(a)* | 150000 | 151223 |
| 5.35%, 01/07/30 *(a)* | 200000 | 204732 |
| 5.85%, 04/06/30 *(a)* | 150000 | 156789 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 3.60%, 06/21/30 *(a)* | 130000 | 123553 |
| 5.45%, 07/15/30 *(a)* | 130000 | 133636 |
| **Genuine Parts Co.** | **Genuine Parts Co.** | **Genuine Parts Co.** |
| 6.50%, 11/01/28 *(a)* | 75000 | 79844 |
| 4.95%, 08/15/29 *(a)* | 100000 | 102093 |
| **GLP Capital LP/GLP Financing II, Inc.** | **GLP Capital LP/GLP Financing II, Inc.** | **GLP Capital LP/GLP Financing II, Inc.** |
| 5.75%, 06/01/28 *(a)* | 50000 | 51487 |
| 5.30%, 01/15/29 *(a)* | 250000 | 254862 |
| 4.00%, 01/15/30 *(a)* | 100000 | 96720 |
| **Home Depot, Inc.** | **Home Depot, Inc.** | **Home Depot, Inc.** |
| 2.13%, 09/15/26 *(a)* | 150000 | 147195 |
| 2.50%, 04/15/27 *(a)* | 200000 | 195690 |
| 4.88%, 06/25/27 *(a)* | 150000 | 152526 |
| 2.80%, 09/14/27 *(a)* | 200000 | 195782 |
| 0.90%, 03/15/28 *(a)* | 100000 | 92984 |
| 1.50%, 09/15/28 *(a)* | 150000 | 139934 |
| 3.90%, 12/06/28 *(a)* | 150000 | 150303 |
| 2.95%, 06/15/29 *(a)* | 350000 | 337561 |
| 4.75%, 06/25/29 *(a)* | 200000 | 204916 |
| 2.70%, 04/15/30 *(a)* | 150000 | 141123 |
| **Honda Motor Co. Ltd.** | **Honda Motor Co. Ltd.** | **Honda Motor Co. Ltd.** |
| 2.53%, 03/10/27 *(a)* | 250000 | 244137 |
| 4.69%, 07/08/30 *(a)* | 170000 | 171681 |
| **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** |
| 5.05%, 03/30/28 *(a)* | 100000 | 101690 |
| 4.38%, 09/15/28 *(a)* | 100000 | 100123 |
| 5.75%, 04/23/30 *(a)(g)* | 75000 | 78009 |
| **JD.com, Inc.** | **JD.com, Inc.** | **JD.com, Inc.** |
| 3.38%, 01/14/30 *(a)(e)* | 200000 | 193814 |
| **Jones Lang LaSalle, Inc.** | **Jones Lang LaSalle, Inc.** | **Jones Lang LaSalle, Inc.** |
| 6.88%, 12/01/28 *(a)* | 75000 | 80673 |
| **Las Vegas Sands Corp.** | **Las Vegas Sands Corp.** | **Las Vegas Sands Corp.** |
| 5.90%, 06/01/27 *(a)* | 100000 | 102049 |
| 3.90%, 08/08/29 *(a)* | 50000 | 48270 |
| 6.00%, 08/15/29 *(a)* | 50000 | 51948 |
| 6.00%, 06/14/30 *(a)* | 150000 | 156271 |
| **Lear Corp.** | **Lear Corp.** | **Lear Corp.** |
| 3.80%, 09/15/27 *(a)* | 150000 | 148623 |
| **Lennar Corp.** | **Lennar Corp.** | **Lennar Corp.** |
| 5.00%, 06/15/27 *(a)* | 100000 | 100798 |
| 4.75%, 11/29/27 *(a)* | 150000 | 151220 |
| 5.20%, 07/30/30 *(a)* | 75000 | 77462 |
| **LKQ Corp.** | **LKQ Corp.** | **LKQ Corp.** |
| 5.75%, 06/15/28 *(a)* | 100000 | 103315 |
| **Lowe's Cos., Inc.** | **Lowe's Cos., Inc.** | **Lowe's Cos., Inc.** |
| 3.35%, 04/01/27 *(a)* | 100000 | 98867 |
| 3.10%, 05/03/27 *(a)* | 300000 | 295230 |
| 1.30%, 04/15/28 *(a)* | 200000 | 186716 |
| 1.70%, 09/15/28 *(a)* | 150000 | 139892 |
| 6.50%, 03/15/29  | 100000 | 108063 |
| 3.65%, 04/05/29 *(a)* | 200000 | 196510 |
| **Magna International, Inc.** | **Magna International, Inc.** | **Magna International, Inc.** |
| 5.05%, 03/14/29 *(a)* | 75000 | 76831 |
| 2.45%, 06/15/30 *(a)* | 90000 | 82889 |
| **Marriott International, Inc.** | **Marriott International, Inc.** | **Marriott International, Inc.** |
| 5.45%, 09/15/26 *(a)* | 75000 | 75903 |
| 4.20%, 07/15/27  | 50000 | 50082 |
| 5.00%, 10/15/27 *(a)* | 150000 | 152508 |
| 4.00%, 04/15/28 *(a)* | 100000 | 99663 |
| 5.55%, 10/15/28 *(a)* | 100000 | 103908 |
| 4.88%, 05/15/29 *(a)* | 150000 | 152863 |
| 4.80%, 03/15/30 *(a)* | 100000 | 101722 |
| 4.63%, 06/15/30 *(a)* | 130000 | 131052 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**107**

------

Schwab Short-Term Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **McDonald's Corp.** | **McDonald's Corp.** | **McDonald's Corp.** |
| 3.50%, 03/01/27 *(a)* | 200000 | 198326 |
| 3.80%, 04/01/28 *(a)* | 200000 | 199206 |
| 4.80%, 08/14/28 *(a)* | 200000 | 204472 |
| 2.63%, 09/01/29 *(a)* | 100000 | 94747 |
| 2.13%, 03/01/30 *(a)* | 100000 | 91627 |
| 4.60%, 05/15/30 *(a)* | 100000 | 101738 |
| 3.60%, 07/01/30 *(a)* | 130000 | 126864 |
| **MDC Holdings, Inc.** | **MDC Holdings, Inc.** | **MDC Holdings, Inc.** |
| 3.85%, 01/15/30 *(a)* | 75000 | 72135 |
| **NIKE, Inc.** | **NIKE, Inc.** | **NIKE, Inc.** |
| 2.38%, 11/01/26 *(a)* | 100000 | 98217 |
| 2.75%, 03/27/27 *(a)* | 150000 | 147326 |
| 2.85%, 03/27/30 *(a)* | 200000 | 189938 |
| **NVR, Inc.** | **NVR, Inc.** | **NVR, Inc.** |
| 3.00%, 05/15/30 *(a)* | 100000 | 94510 |
| **O'Reilly Automotive, Inc.** | **O'Reilly Automotive, Inc.** | **O'Reilly Automotive, Inc.** |
| 3.60%, 09/01/27 *(a)* | 100000 | 99057 |
| 4.35%, 06/01/28 *(a)* | 100000 | 100479 |
| 3.90%, 06/01/29 *(a)* | 75000 | 74298 |
| 4.20%, 04/01/30 *(a)* | 75000 | 74828 |
| **PACCAR Financial Corp.** | **PACCAR Financial Corp.** | **PACCAR Financial Corp.** |
| 2.00%, 02/04/27  | 200000 | 194708 |
| 4.25%, 06/23/27  | 50000 | 50318 |
| 4.45%, 08/06/27  | 50000 | 50613 |
| 4.60%, 01/10/28  | 100000 | 101683 |
| 4.00%, 08/08/28  | 50000 | 50138 |
| 4.95%, 08/10/28  | 100000 | 102979 |
| 4.60%, 01/31/29  | 150000 | 153108 |
| **PVH Corp.** | **PVH Corp.** | **PVH Corp.** |
| 5.50%, 06/13/30 *(a)* | 70000 | 71383 |
| **Ralph Lauren Corp.** | **Ralph Lauren Corp.** | **Ralph Lauren Corp.** |
| 2.95%, 06/15/30 *(a)* | 90000 | 84975 |
| **Royal Caribbean Cruises Ltd.** | **Royal Caribbean Cruises Ltd.** | **Royal Caribbean Cruises Ltd.** |
| 3.70%, 03/15/28 *(a)* | 100000 | 98264 |
| **Sands China Ltd.** | **Sands China Ltd.** | **Sands China Ltd.** |
| 2.30%, 03/08/27 *(a)(g)* | 200000 | 193462 |
| 5.40%, 08/08/28 *(a)(g)* | 300000 | 305877 |
| 4.38%, 06/18/30 *(a)(g)* | 200000 | 195312 |
| **Starbucks Corp.** | **Starbucks Corp.** | **Starbucks Corp.** |
| 2.00%, 03/12/27 *(a)* | 100000 | 96921 |
| 3.50%, 03/01/28 *(a)* | 100000 | 98822 |
| 4.50%, 05/15/28 *(a)* | 100000 | 101090 |
| 4.00%, 11/15/28 *(a)* | 150000 | 149775 |
| 3.55%, 08/15/29 *(a)* | 50000 | 49084 |
| 2.25%, 03/12/30 *(a)* | 100000 | 91843 |
| 4.80%, 05/15/30 *(a)* | 100000 | 102111 |
| **Tapestry, Inc.** | **Tapestry, Inc.** | **Tapestry, Inc.** |
| 4.13%, 07/15/27 *(a)* | 75000 | 74717 |
| 5.10%, 03/11/30 *(a)* | 100000 | 102215 |
| **Target Corp.** | **Target Corp.** | **Target Corp.** |
| 4.35%, 06/15/28 *(a)* | 70000 | 70746 |
| 3.38%, 04/15/29 *(a)* | 200000 | 195878 |
| 2.35%, 02/15/30 *(a)* | 250000 | 232747 |
| **TJX Cos., Inc.** | **TJX Cos., Inc.** | **TJX Cos., Inc.** |
| 2.25%, 09/15/26 *(a)* | 175000 | 172034 |
| 1.15%, 05/15/28 *(a)* | 100000 | 93070 |
| **Toll Brothers Finance Corp.** | **Toll Brothers Finance Corp.** | **Toll Brothers Finance Corp.** |
| 4.88%, 03/15/27 *(a)* | 100000 | 100697 |
| **Toyota Motor Corp.** | **Toyota Motor Corp.** | **Toyota Motor Corp.** |
| 3.67%, 07/20/28  | 150000 | 149826 |
| 2.76%, 07/02/29  | 100000 | 95510 |
| 4.45%, 06/30/30 *(a)* | 200000 | 202142 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Toyota Motor Credit Corp.** | **Toyota Motor Credit Corp.** | **Toyota Motor Credit Corp.** |
| 4.60%, 01/08/27  | 100000 | 100850 |
| 3.20%, 01/11/27  | 200000 | 198000 |
| 1.90%, 01/13/27  | 50000 | 48638 |
| 5.00%, 03/19/27  | 150000 | 152210 |
| 3.05%, 03/22/27  | 300000 | 295800 |
| 4.55%, 09/20/27  | 200000 | 202280 |
| 4.35%, 10/08/27  | 100000 | 100776 |
| 5.45%, 11/10/27  | 150000 | 154594 |
| 3.05%, 01/11/28  | 100000 | 97992 |
| 4.63%, 01/12/28  | 200000 | 202986 |
| 5.25%, 09/11/28  | 200000 | 207212 |
| 4.65%, 01/05/29  | 150000 | 152809 |
| 3.65%, 01/08/29  | 100000 | 98893 |
| 5.05%, 05/16/29  | 150000 | 154912 |
| 4.45%, 06/29/29  | 150000 | 151898 |
| 4.55%, 08/09/29  | 100000 | 101599 |
| 4.95%, 01/09/30  | 100000 | 103089 |
| 4.80%, 05/15/30  | 100000 | 102375 |
| **Uber Technologies, Inc.** | **Uber Technologies, Inc.** | **Uber Technologies, Inc.** |
| 4.30%, 01/15/30 *(a)* | 200000 | 200710 |
| **UL Solutions, Inc.** | **UL Solutions, Inc.** | **UL Solutions, Inc.** |
| 6.50%, 10/20/28 *(a)(c)* | 75000 | 79478 |
| **VICI Properties LP** | **VICI Properties LP** | **VICI Properties LP** |
| 4.75%, 02/15/28 *(a)* | 200000 | 201716 |
| 4.95%, 02/15/30 *(a)* | 150000 | 151787 |
| **Walmart, Inc.** | **Walmart, Inc.** | **Walmart, Inc.** |
| 1.05%, 09/17/26 *(a)* | 100000 | 97105 |
| 3.95%, 09/09/27 *(a)* | 200000 | 200688 |
| 3.90%, 04/15/28 *(a)* | 250000 | 250997 |
| 3.70%, 06/26/28 *(a)* | 250000 | 249750 |
| 1.50%, 09/22/28 *(a)* | 200000 | 186988 |
| 2.38%, 09/24/29 *(a)* | 100000 | 94469 |
| 4.35%, 04/28/30 *(a)* | 200000 | 202970 |
|  |  | **31413103** |
| ***Consumer Non-Cyclical 3.1%***  | ***Consumer Non-Cyclical 3.1%***  | ***Consumer Non-Cyclical 3.1%***  |
| **Abbott Laboratories** | **Abbott Laboratories** | **Abbott Laboratories** |
| 3.75%, 11/30/26 *(a)* | 150000 | 149776 |
| 1.15%, 01/30/28 *(a)* | 150000 | 141041 |
| 1.40%, 06/30/30 *(a)* | 70000 | 62277 |
| **AbbVie, Inc.** | **AbbVie, Inc.** | **AbbVie, Inc.** |
| 2.95%, 11/21/26 *(a)* | 600000 | 592344 |
| 4.80%, 03/15/27 *(a)* | 300000 | 303222 |
| 4.65%, 03/15/28 *(a)* | 200000 | 203324 |
| 4.25%, 11/14/28 *(a)* | 100000 | 100840 |
| 4.80%, 03/15/29 *(a)* | 400000 | 409424 |
| 3.20%, 11/21/29 *(a)* | 725000 | 698972 |
| 4.88%, 03/15/30 *(a)* | 100000 | 103036 |
| **Advocate Health & Hospitals Corp.** | **Advocate Health & Hospitals Corp.** | **Advocate Health & Hospitals Corp.** |
| 3.83%, 08/15/28 *(a)* | 75000 | 74611 |
| 2.21%, 06/15/30 *(a)* | 40000 | 36723 |
| **Agilent Technologies, Inc.** | **Agilent Technologies, Inc.** | **Agilent Technologies, Inc.** |
| 4.20%, 09/09/27 *(a)* | 100000 | 100125 |
| 2.75%, 09/15/29 *(a)* | 100000 | 94789 |
| 2.10%, 06/04/30 *(a)* | 60000 | 54390 |
| **Ahold Finance USA LLC** | **Ahold Finance USA LLC** | **Ahold Finance USA LLC** |
| 6.88%, 05/01/29  | 100000 | 109126 |
| **Altria Group, Inc.** | **Altria Group, Inc.** | **Altria Group, Inc.** |
| 2.63%, 09/16/26 *(a)* | 100000 | 98364 |
| 6.20%, 11/01/28 *(a)* | 100000 | 105747 |
| 4.80%, 02/14/29 *(a)* | 300000 | 304719 |
| 3.40%, 05/06/30 *(a)* | 100000 | 95879 |
| 4.50%, 08/06/30 *(a)* | 70000 | 69999 |

---

*See financial notes*

**108**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Short-Term Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Amgen, Inc.** | **Amgen, Inc.** | **Amgen, Inc.** |
| 2.20%, 02/21/27 *(a)* | 200000 | 194698 |
| 3.20%, 11/02/27 *(a)* | 200000 | 196330 |
| 5.15%, 03/02/28 *(a)* | 400000 | 409256 |
| 1.65%, 08/15/28 *(a)* | 150000 | 140108 |
| 3.00%, 02/22/29 *(a)* | 100000 | 96239 |
| 4.05%, 08/18/29 *(a)* | 100000 | 99551 |
| 2.45%, 02/21/30 *(a)* | 200000 | 185132 |
| 5.25%, 03/02/30 *(a)* | 400000 | 414304 |
| **Anheuser-Busch InBev Worldwide, Inc.** | **Anheuser-Busch InBev Worldwide, Inc.** | **Anheuser-Busch InBev Worldwide, Inc.** |
| 4.75%, 01/23/29 *(a)* | 400000 | 408940 |
| 3.50%, 06/01/30 *(a)* | 220000 | 214227 |
| **Archer-Daniels-Midland Co.** | **Archer-Daniels-Midland Co.** | **Archer-Daniels-Midland Co.** |
| 3.25%, 03/27/30 *(a)* | 100000 | 96277 |
| **Ascension Health** | **Ascension Health** | **Ascension Health** |
| 2.53%, 11/15/29 *(a)* | 100000 | 94047 |
| **Astrazeneca Finance LLC** | **Astrazeneca Finance LLC** | **Astrazeneca Finance LLC** |
| 4.80%, 02/26/27 *(a)* | 100000 | 101222 |
| 4.88%, 03/03/28 *(a)* | 200000 | 204584 |
| 1.75%, 05/28/28 *(a)* | 200000 | 189256 |
| 4.85%, 02/26/29 *(a)* | 200000 | 205418 |
| 4.90%, 03/03/30 *(a)* | 100000 | 103277 |
| **AstraZeneca PLC** | **AstraZeneca PLC** | **AstraZeneca PLC** |
| 3.13%, 06/12/27 *(a)* | 100000 | 98800 |
| 1.38%, 08/06/30 *(a)* | 300000 | 263463 |
| **BAT Capital Corp.** | **BAT Capital Corp.** | **BAT Capital Corp.** |
| 3.22%, 09/06/26 *(a)* | 200000 | 197754 |
| 3.56%, 08/15/27 *(a)* | 300000 | 296082 |
| 2.26%, 03/25/28 *(a)* | 150000 | 142913 |
| 3.46%, 09/06/29 *(a)* | 100000 | 96867 |
| 4.91%, 04/02/30 *(a)* | 150000 | 152835 |
| 6.34%, 08/02/30 *(a)* | 265000 | 286168 |
| **BAT International Finance PLC** | **BAT International Finance PLC** | **BAT International Finance PLC** |
| 4.45%, 03/16/28 *(a)* | 200000 | 200868 |
| 5.93%, 02/02/29 *(a)* | 100000 | 105103 |
| **Baxter International, Inc.** | **Baxter International, Inc.** | **Baxter International, Inc.** |
| 1.92%, 02/01/27 *(a)* | 300000 | 290229 |
| 2.27%, 12/01/28 *(a)* | 150000 | 140694 |
| 3.95%, 04/01/30 *(a)* | 75000 | 73688 |
| **Becton Dickinson & Co.** | **Becton Dickinson & Co.** | **Becton Dickinson & Co.** |
| 3.70%, 06/06/27 *(a)* | 250000 | 248210 |
| 4.69%, 02/13/28 *(a)* | 150000 | 152011 |
| 4.87%, 02/08/29 *(a)* | 100000 | 102032 |
| 2.82%, 05/20/30 *(a)* | 100000 | 93617 |
| **Biogen, Inc.** | **Biogen, Inc.** | **Biogen, Inc.** |
| 2.25%, 05/01/30 *(a)* | 200000 | 182100 |
| **Bon Secours Mercy Health, Inc.** | **Bon Secours Mercy Health, Inc.** | **Bon Secours Mercy Health, Inc.** |
| 3.46%, 06/01/30 *(a)* | 50000 | 48457 |
| **Boston Scientific Corp.** | **Boston Scientific Corp.** | **Boston Scientific Corp.** |
| 2.65%, 06/01/30 *(a)* | 140000 | 130742 |
| **Bristol-Myers Squibb Co.** | **Bristol-Myers Squibb Co.** | **Bristol-Myers Squibb Co.** |
| 4.90%, 02/22/27 *(a)* | 150000 | 151944 |
| 1.13%, 11/13/27 *(a)* | 175000 | 165179 |
| 3.45%, 11/15/27 *(a)* | 100000 | 99213 |
| 3.90%, 02/20/28 *(a)* | 200000 | 199990 |
| 4.90%, 02/22/29 *(a)* | 250000 | 256875 |
| 3.40%, 07/26/29 *(a)* | 350000 | 341162 |
| **Brunswick Corp.** | **Brunswick Corp.** | **Brunswick Corp.** |
| 5.85%, 03/18/29 *(a)* | 125000 | 129559 |
| **Bunge Ltd. Finance Corp.** | **Bunge Ltd. Finance Corp.** | **Bunge Ltd. Finance Corp.** |
| 4.90%, 04/21/27 *(a)* | 60000 | 60629 |
| 3.75%, 09/25/27 *(a)* | 75000 | 74483 |
| 4.10%, 01/07/28 *(a)* | 100000 | 100001 |
| 4.55%, 08/04/30 *(a)* | 90000 | 90503 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Campbell's Co.** | **Campbell's Co.** | **Campbell's Co.** |
| 5.20%, 03/19/27  | 100000 | 101527 |
| 4.15%, 03/15/28 *(a)* | 150000 | 149998 |
| 5.20%, 03/21/29 *(a)* | 100000 | 102759 |
| **Cardinal Health, Inc.** | **Cardinal Health, Inc.** | **Cardinal Health, Inc.** |
| 3.41%, 06/15/27 *(a)* | 175000 | 172769 |
| 5.13%, 02/15/29 *(a)* | 100000 | 102880 |
| 5.00%, 11/15/29 *(a)* | 100000 | 102457 |
| **Cencora, Inc.** | **Cencora, Inc.** | **Cencora, Inc.** |
| 3.45%, 12/15/27 *(a)* | 150000 | 147813 |
| 4.85%, 12/15/29 *(a)* | 100000 | 102131 |
| **Church & Dwight Co., Inc.** | **Church & Dwight Co., Inc.** | **Church & Dwight Co., Inc.** |
| 3.15%, 08/01/27 *(a)* | 75000 | 73824 |
| **Cigna Group** | **Cigna Group** | **Cigna Group** |
| 3.40%, 03/01/27 *(a)* | 250000 | 247382 |
| 4.38%, 10/15/28 *(a)* | 500000 | 502740 |
| 5.00%, 05/15/29 *(a)* | 150000 | 154099 |
| 2.40%, 03/15/30 *(a)* | 200000 | 184270 |
| **Clorox Co.** | **Clorox Co.** | **Clorox Co.** |
| 3.10%, 10/01/27 *(a)* | 75000 | 73602 |
| 3.90%, 05/15/28 *(a)* | 100000 | 99608 |
| 1.80%, 05/15/30 *(a)* | 100000 | 89523 |
| **Coca-Cola Co.** | **Coca-Cola Co.** | **Coca-Cola Co.** |
| 3.38%, 03/25/27  | 250000 | 248347 |
| 1.45%, 06/01/27  | 300000 | 288351 |
| 1.50%, 03/05/28  | 100000 | 94727 |
| 1.00%, 03/15/28  | 100000 | 93474 |
| 2.13%, 09/06/29  | 100000 | 93445 |
| 3.45%, 03/25/30  | 200000 | 195054 |
| 1.65%, 06/01/30  | 170000 | 152636 |
| **Coca-Cola Consolidated, Inc.** | **Coca-Cola Consolidated, Inc.** | **Coca-Cola Consolidated, Inc.** |
| 5.25%, 06/01/29 *(a)* | 100000 | 103310 |
| **Coca-Cola Femsa SAB de CV** | **Coca-Cola Femsa SAB de CV** | **Coca-Cola Femsa SAB de CV** |
| 2.75%, 01/22/30 *(a)* | 150000 | 141305 |
| **Colgate-Palmolive Co.** | **Colgate-Palmolive Co.** | **Colgate-Palmolive Co.** |
| 3.10%, 08/15/27 *(a)* | 150000 | 148386 |
| 4.60%, 03/01/28 *(a)* | 100000 | 101906 |
| **CommonSpirit Health** | **CommonSpirit Health** | **CommonSpirit Health** |
| 3.35%, 10/01/29 *(a)* | 200000 | 192940 |
| **Conagra Brands, Inc.** | **Conagra Brands, Inc.** | **Conagra Brands, Inc.** |
| 1.38%, 11/01/27 *(a)* | 150000 | 140727 |
| 7.00%, 10/01/28  | 100000 | 106944 |
| 4.85%, 11/01/28 *(a)* | 200000 | 202198 |
| 5.00%, 08/01/30 *(a)* | 70000 | 70676 |
| **Conopco, Inc.** | **Conopco, Inc.** | **Conopco, Inc.** |
| 7.25%, 12/15/26  | 50000 | 51987 |
| **Constellation Brands, Inc.** | **Constellation Brands, Inc.** | **Constellation Brands, Inc.** |
| 3.70%, 12/06/26 *(a)* | 75000 | 74497 |
| 3.50%, 05/09/27 *(a)* | 100000 | 98856 |
| 4.35%, 05/09/27 *(a)* | 50000 | 50131 |
| 4.65%, 11/15/28 *(a)* | 75000 | 75911 |
| 4.80%, 01/15/29 *(a)* | 75000 | 76159 |
| 3.15%, 08/01/29 *(a)* | 50000 | 47962 |
| 2.88%, 05/01/30 *(a)* | 150000 | 140385 |
| 4.80%, 05/01/30 *(a)* | 100000 | 101488 |
| **CVS Health Corp.** | **CVS Health Corp.** | **CVS Health Corp.** |
| 3.63%, 04/01/27 *(a)* | 50000 | 49529 |
| 1.30%, 08/21/27 *(a)* | 200000 | 188854 |
| 4.30%, 03/25/28 *(a)* | 700000 | 699804 |
| 5.00%, 01/30/29 *(a)* | 200000 | 204012 |
| 5.40%, 06/01/29 *(a)* | 200000 | 206716 |
| 3.25%, 08/15/29 *(a)* | 150000 | 143540 |
| 5.13%, 02/21/30 *(a)* | 200000 | 204834 |
| 3.75%, 04/01/30 *(a)* | 175000 | 169109 |
| 1.75%, 08/21/30 *(a)* | 265000 | 231639 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**109**

------

Schwab Short-Term Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **DENTSPLY SIRONA, Inc.** | **DENTSPLY SIRONA, Inc.** | **DENTSPLY SIRONA, Inc.** |
| 3.25%, 06/01/30 *(a)* | 90000 | 82735 |
| **DH Europe Finance II SARL** | **DH Europe Finance II SARL** | **DH Europe Finance II SARL** |
| 2.60%, 11/15/29 *(a)* | 100000 | 94164 |
| **Diageo Capital PLC** | **Diageo Capital PLC** | **Diageo Capital PLC** |
| 5.30%, 10/24/27 *(a)* | 200000 | 205244 |
| 2.38%, 10/24/29 *(a)* | 200000 | 187240 |
| 2.00%, 04/29/30 *(a)* | 200000 | 181826 |
| **Edwards Lifesciences Corp.** | **Edwards Lifesciences Corp.** | **Edwards Lifesciences Corp.** |
| 4.30%, 06/15/28 *(a)* | 100000 | 100560 |
| **Eli Lilly & Co.** | **Eli Lilly & Co.** | **Eli Lilly & Co.** |
| 4.50%, 02/09/27 *(a)* | 150000 | 151254 |
| 5.50%, 03/15/27  | 75000 | 76864 |
| 3.10%, 05/15/27 *(a)* | 100000 | 98745 |
| 4.15%, 08/14/27 *(a)* | 100000 | 100625 |
| 4.00%, 10/15/28 *(a)* | 130000 | 130330 |
| 4.50%, 02/09/29 *(a)* | 300000 | 305103 |
| 4.20%, 08/14/29 *(a)* | 150000 | 151311 |
| 4.75%, 02/12/30 *(a)* | 200000 | 205712 |
| **Estee Lauder Cos., Inc.** | **Estee Lauder Cos., Inc.** | **Estee Lauder Cos., Inc.** |
| 4.38%, 05/15/28 *(a)* | 125000 | 125873 |
| 2.38%, 12/01/29 *(a)* | 100000 | 92912 |
| 2.60%, 04/15/30 *(a)* | 75000 | 69732 |
| **Flowers Foods, Inc.** | **Flowers Foods, Inc.** | **Flowers Foods, Inc.** |
| 3.50%, 10/01/26 *(a)* | 100000 | 98905 |
| **GE HealthCare Technologies, Inc.** | **GE HealthCare Technologies, Inc.** | **GE HealthCare Technologies, Inc.** |
| 5.65%, 11/15/27 *(a)* | 250000 | 257845 |
| 4.80%, 08/14/29 *(a)* | 200000 | 204222 |
| 5.86%, 03/15/30 *(a)* | 100000 | 106204 |
| **General Mills, Inc.** | **General Mills, Inc.** | **General Mills, Inc.** |
| 3.20%, 02/10/27 *(a)* | 150000 | 148017 |
| 4.20%, 04/17/28 *(a)* | 200000 | 200344 |
| 5.50%, 10/17/28 *(a)* | 100000 | 103924 |
| 4.88%, 01/30/30 *(a)* | 100000 | 102286 |
| 2.88%, 04/15/30 *(a)* | 100000 | 93975 |
| **Gilead Sciences, Inc.** | **Gilead Sciences, Inc.** | **Gilead Sciences, Inc.** |
| 2.95%, 03/01/27 *(a)* | 300000 | 295503 |
| 4.80%, 11/15/29 *(a)* | 100000 | 102638 |
| **GlaxoSmithKline Capital PLC** | **GlaxoSmithKline Capital PLC** | **GlaxoSmithKline Capital PLC** |
| 4.32%, 03/12/27  | 100000 | 100639 |
| **GlaxoSmithKline Capital, Inc.** | **GlaxoSmithKline Capital, Inc.** | **GlaxoSmithKline Capital, Inc.** |
| 3.88%, 05/15/28  | 300000 | 299910 |
| 4.50%, 04/15/30 *(a)* | 150000 | 151899 |
| **Haleon U.S. Capital LLC** | **Haleon U.S. Capital LLC** | **Haleon U.S. Capital LLC** |
| 3.38%, 03/24/27 *(a)* | 250000 | 247180 |
| 3.38%, 03/24/29 *(a)* | 250000 | 244122 |
| **Hasbro, Inc.** | **Hasbro, Inc.** | **Hasbro, Inc.** |
| 3.55%, 11/19/26 *(a)* | 125000 | 123753 |
| 3.50%, 09/15/27 *(a)* | 100000 | 98534 |
| 3.90%, 11/19/29 *(a)* | 100000 | 97464 |
| **HCA, Inc.** | **HCA, Inc.** | **HCA, Inc.** |
| 4.50%, 02/15/27 *(a)* | 250000 | 250265 |
| 3.13%, 03/15/27 *(a)* | 150000 | 147622 |
| 5.20%, 06/01/28 *(a)* | 150000 | 153667 |
| 5.63%, 09/01/28 *(a)* | 200000 | 206364 |
| 5.88%, 02/01/29 *(a)* | 150000 | 156339 |
| 3.38%, 03/15/29 *(a)* | 100000 | 96831 |
| 4.13%, 06/15/29 *(a)* | 250000 | 247677 |
| 5.25%, 03/01/30 *(a)* | 100000 | 103319 |
| **Hershey Co.** | **Hershey Co.** | **Hershey Co.** |
| 2.45%, 11/15/29 *(a)* | 150000 | 140784 |
| 4.75%, 02/24/30 *(a)* | 75000 | 76897 |
| 1.70%, 06/01/30 *(a)* | 40000 | 35854 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Hormel Foods Corp.** | **Hormel Foods Corp.** | **Hormel Foods Corp.** |
| 1.70%, 06/03/28 *(a)* | 100000 | 94081 |
| 1.80%, 06/11/30 *(a)* | 120000 | 107621 |
| **Icon Investments Six DAC** | **Icon Investments Six DAC** | **Icon Investments Six DAC** |
| 5.85%, 05/08/29 *(a)* | 200000 | 209138 |
| **Illumina, Inc.** | **Illumina, Inc.** | **Illumina, Inc.** |
| 4.65%, 09/09/26  | 100000 | 100307 |
| 5.75%, 12/13/27 *(a)* | 100000 | 102880 |
| **Ingredion, Inc.** | **Ingredion, Inc.** | **Ingredion, Inc.** |
| 3.20%, 10/01/26 *(a)* | 75000 | 74163 |
| 2.90%, 06/01/30 *(a)* | 70000 | 65514 |
| **IQVIA, Inc.** | **IQVIA, Inc.** | **IQVIA, Inc.** |
| 5.70%, 05/15/28 *(a)* | 200000 | 206464 |
| 6.25%, 02/01/29 *(a)* | 150000 | 158119 |
| **J.M. Smucker Co.** | **J.M. Smucker Co.** | **J.M. Smucker Co.** |
| 3.38%, 12/15/27 *(a)* | 100000 | 98598 |
| 5.90%, 11/15/28 *(a)* | 100000 | 105072 |
| 2.38%, 03/15/30 *(a)* | 100000 | 92052 |
| **JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL** | **JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL** | **JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL** |
| 3.00%, 02/02/29 *(a)* | 200000 | 191498 |
| **Johnson & Johnson** | **Johnson & Johnson** | **Johnson & Johnson** |
| 2.95%, 03/03/27 *(a)* | 100000 | 98826 |
| 0.95%, 09/01/27 *(a)* | 200000 | 189672 |
| 2.90%, 01/15/28 *(a)* | 275000 | 270039 |
| 4.80%, 06/01/29 *(a)* | 150000 | 154858 |
| 6.95%, 09/01/29  | 100000 | 111612 |
| 4.70%, 03/01/30 *(a)* | 100000 | 103031 |
| **Kaiser Foundation Hospitals** | **Kaiser Foundation Hospitals** | **Kaiser Foundation Hospitals** |
| 3.15%, 05/01/27 *(a)* | 150000 | 148108 |
| **Kellanova** | **Kellanova** | **Kellanova** |
| 4.30%, 05/15/28 *(a)* | 100000 | 100698 |
| 2.10%, 06/01/30 *(a)* | 60000 | 54434 |
| **Kenvue, Inc.** | **Kenvue, Inc.** | **Kenvue, Inc.** |
| 5.05%, 03/22/28 *(a)* | 75000 | 76918 |
| 5.00%, 03/22/30 *(a)* | 100000 | 103448 |
| **Keurig Dr. Pepper, Inc.** | **Keurig Dr. Pepper, Inc.** | **Keurig Dr. Pepper, Inc.** |
| 5.10%, 03/15/27 *(a)* | 125000 | 126220 |
| 3.43%, 06/15/27 *(a)* | 150000 | 147640 |
| 4.60%, 05/25/28 *(a)* | 100000 | 100465 |
| 5.05%, 03/15/29 *(a)* | 125000 | 127353 |
| 3.95%, 04/15/29 *(a)* | 150000 | 147589 |
| 3.20%, 05/01/30 *(a)* | 100000 | 94271 |
| **Kimberly-Clark Corp.** | **Kimberly-Clark Corp.** | **Kimberly-Clark Corp.** |
| 3.20%, 04/25/29 *(a)* | 100000 | 97582 |
| 3.10%, 03/26/30 *(a)* | 100000 | 95965 |
| **Kraft Heinz Foods Co.** | **Kraft Heinz Foods Co.** | **Kraft Heinz Foods Co.** |
| 3.88%, 05/15/27 *(a)* | 250000 | 248415 |
| 3.75%, 04/01/30 *(a)* | 100000 | 97088 |
| **Kroger Co.** | **Kroger Co.** | **Kroger Co.** |
| 2.65%, 10/15/26 *(a)* | 100000 | 98346 |
| 4.50%, 01/15/29 *(a)* | 150000 | 151852 |
| 2.20%, 05/01/30 *(a)* | 100000 | 91470 |
| **Laboratory Corp. of America Holdings** | **Laboratory Corp. of America Holdings** | **Laboratory Corp. of America Holdings** |
| 2.95%, 12/01/29 *(a)* | 100000 | 94760 |
| 4.35%, 04/01/30 *(a)* | 75000 | 75027 |
| **McCormick & Co., Inc.** | **McCormick & Co., Inc.** | **McCormick & Co., Inc.** |
| 2.50%, 04/15/30 *(a)* | 75000 | 69287 |
| **McKesson Corp.** | **McKesson Corp.** | **McKesson Corp.** |
| 4.90%, 07/15/28 *(a)* | 100000 | 102244 |
| 4.25%, 09/15/29 *(a)* | 100000 | 100451 |
| 4.65%, 05/30/30 *(a)* | 75000 | 76280 |
| **Medtronic Global Holdings SCA** | **Medtronic Global Holdings SCA** | **Medtronic Global Holdings SCA** |
| 4.25%, 03/30/28 *(a)* | 150000 | 151104 |

---

*See financial notes*

**110**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Short-Term Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Merck & Co., Inc.** | **Merck & Co., Inc.** | **Merck & Co., Inc.** |
| 1.70%, 06/10/27 *(a)* | 150000 | 144571 |
| 4.05%, 05/17/28 *(a)* | 150000 | 150888 |
| 1.90%, 12/10/28 *(a)* | 150000 | 140855 |
| 3.40%, 03/07/29 *(a)* | 250000 | 245275 |
| 1.45%, 06/24/30 *(a)* | 140000 | 123747 |
| **Mondelez International, Inc.** | **Mondelez International, Inc.** | **Mondelez International, Inc.** |
| 2.63%, 03/17/27 *(a)* | 150000 | 146661 |
| 4.13%, 05/07/28 *(a)* | 100000 | 100222 |
| 2.75%, 04/13/30 *(a)* | 100000 | 93665 |
| 4.50%, 05/06/30 *(a)* | 100000 | 100700 |
| **Mylan, Inc.** | **Mylan, Inc.** | **Mylan, Inc.** |
| 4.55%, 04/15/28 *(a)* | 150000 | 149112 |
| **Novartis Capital Corp.** | **Novartis Capital Corp.** | **Novartis Capital Corp.** |
| 2.00%, 02/14/27 *(a)* | 200000 | 194978 |
| 3.10%, 05/17/27 *(a)* | 200000 | 197660 |
| 3.80%, 09/18/29 *(a)* | 100000 | 99726 |
| 2.20%, 08/14/30 *(a)* | 180000 | 165269 |
| **Pepsico Singapore Financing I Pte. Ltd.** | **Pepsico Singapore Financing I Pte. Ltd.** | **Pepsico Singapore Financing I Pte. Ltd.** |
| 4.65%, 02/16/27 *(a)* | 100000 | 101008 |
| 4.55%, 02/16/29 *(a)* | 325000 | 330424 |
| **PepsiCo, Inc.** | **PepsiCo, Inc.** | **PepsiCo, Inc.** |
| 2.38%, 10/06/26 *(a)* | 200000 | 196652 |
| 2.63%, 03/19/27 *(a)* | 100000 | 98093 |
| 3.00%, 10/15/27 *(a)* | 300000 | 295050 |
| 3.60%, 02/18/28 *(a)* | 100000 | 99521 |
| 4.45%, 05/15/28 *(a)* | 100000 | 101604 |
| 4.10%, 01/15/29 *(a)* | 100000 | 100265 |
| 7.00%, 03/01/29  | 100000 | 109852 |
| 2.63%, 07/29/29 *(a)* | 150000 | 142703 |
| 2.75%, 03/19/30 *(a)* | 200000 | 188858 |
| 1.63%, 05/01/30 *(a)* | 100000 | 89659 |
| 4.30%, 07/23/30 *(a)* | 90000 | 90581 |
| **Pfizer Investment Enterprises Pte. Ltd.** | **Pfizer Investment Enterprises Pte. Ltd.** | **Pfizer Investment Enterprises Pte. Ltd.** |
| 4.45%, 05/19/28 *(a)* | 700000 | 708323 |
| 4.65%, 05/19/30 *(a)* | 400000 | 407744 |
| **Pfizer, Inc.** | **Pfizer, Inc.** | **Pfizer, Inc.** |
| 3.00%, 12/15/26  | 300000 | 296691 |
| 3.60%, 09/15/28 *(a)* | 100000 | 99469 |
| 2.63%, 04/01/30 *(a)* | 150000 | 140856 |
| 1.70%, 05/28/30 *(a)* | 100000 | 89581 |
| **Pharmacia LLC** | **Pharmacia LLC** | **Pharmacia LLC** |
| 6.60%, 12/01/28  | 150000 | 161418 |
| **Philip Morris International, Inc.** | **Philip Morris International, Inc.** | **Philip Morris International, Inc.** |
| 4.75%, 02/12/27  | 100000 | 100915 |
| 5.13%, 11/17/27 *(a)* | 300000 | 306369 |
| 4.88%, 02/15/28 *(a)* | 300000 | 305568 |
| 3.13%, 03/02/28 *(a)* | 75000 | 73429 |
| 5.25%, 09/07/28 *(a)* | 100000 | 103337 |
| 4.88%, 02/13/29 *(a)* | 150000 | 153213 |
| 3.38%, 08/15/29 *(a)* | 50000 | 48563 |
| 4.63%, 11/01/29 *(a)* | 125000 | 127059 |
| 5.63%, 11/17/29 *(a)* | 200000 | 210522 |
| 5.13%, 02/15/30 *(a)* | 300000 | 310419 |
| 2.10%, 05/01/30 *(a)* | 150000 | 136520 |
| **Polaris, Inc.** | **Polaris, Inc.** | **Polaris, Inc.** |
| 6.95%, 03/15/29 *(a)* | 100000 | 105953 |
| **Procter & Gamble Co.** | **Procter & Gamble Co.** | **Procter & Gamble Co.** |
| 2.45%, 11/03/26  | 100000 | 98392 |
| 1.90%, 02/01/27  | 250000 | 243510 |
| 2.80%, 03/25/27  | 150000 | 147676 |
| 3.95%, 01/26/28  | 150000 | 150946 |
| 3.00%, 03/25/30  | 200000 | 192046 |
| 4.05%, 05/01/30  | 200000 | 201048 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Providence St. Joseph Health Obligated Group** | **Providence St. Joseph Health Obligated Group** | **Providence St. Joseph Health Obligated Group** |
| 2.75%, 10/01/26 *(a)* | 50000 | 49235 |
| **Quest Diagnostics, Inc.** | **Quest Diagnostics, Inc.** | **Quest Diagnostics, Inc.** |
| 4.60%, 12/15/27 *(a)* | 50000 | 50556 |
| 4.20%, 06/30/29 *(a)* | 100000 | 100125 |
| 4.63%, 12/15/29 *(a)* | 100000 | 101546 |
| 2.95%, 06/30/30 *(a)* | 100000 | 94183 |
| **Revvity, Inc.** | **Revvity, Inc.** | **Revvity, Inc.** |
| 1.90%, 09/15/28 *(a)* | 75000 | 69858 |
| 3.30%, 09/15/29 *(a)* | 100000 | 95575 |
| **Royalty Pharma PLC** | **Royalty Pharma PLC** | **Royalty Pharma PLC** |
| 1.75%, 09/02/27 *(a)* | 150000 | 142764 |
| 5.15%, 09/02/29 *(a)* | 100000 | 102690 |
| **Sanofi SA** | **Sanofi SA** | **Sanofi SA** |
| 3.63%, 06/19/28 *(a)* | 100000 | 99487 |
| **Shire Acquisitions Investments Ireland DAC** | **Shire Acquisitions Investments Ireland DAC** | **Shire Acquisitions Investments Ireland DAC** |
| 3.20%, 09/23/26 *(a)* | 250000 | 247420 |
| **Solventum Corp.** | **Solventum Corp.** | **Solventum Corp.** |
| 5.45%, 02/25/27 *(a)* | 100000 | 101959 |
| 5.40%, 03/01/29 *(a)* | 250000 | 260740 |
| **SSM Health Care Corp.** | **SSM Health Care Corp.** | **SSM Health Care Corp.** |
| 4.89%, 06/01/28 *(a)* | 100000 | 101870 |
| **Stryker Corp.** | **Stryker Corp.** | **Stryker Corp.** |
| 4.70%, 02/10/28 *(a)* | 75000 | 76174 |
| 4.85%, 12/08/28 *(a)* | 100000 | 102472 |
| 4.25%, 09/11/29 *(a)* | 100000 | 100425 |
| 4.85%, 02/10/30 *(a)* | 200000 | 205156 |
| 1.95%, 06/15/30 *(a)* | 120000 | 108263 |
| **Sysco Corp.** | **Sysco Corp.** | **Sysco Corp.** |
| 3.25%, 07/15/27 *(a)* | 100000 | 98649 |
| 5.75%, 01/17/29 *(a)* | 75000 | 78597 |
| 5.95%, 04/01/30 *(a)* | 150000 | 159546 |
| **Takeda Pharmaceutical Co. Ltd.** | **Takeda Pharmaceutical Co. Ltd.** | **Takeda Pharmaceutical Co. Ltd.** |
| 5.00%, 11/26/28 *(a)* | 200000 | 204628 |
| 2.05%, 03/31/30 *(a)* | 400000 | 362920 |
| **Thermo Fisher Scientific, Inc.** | **Thermo Fisher Scientific, Inc.** | **Thermo Fisher Scientific, Inc.** |
| 5.00%, 12/05/26 *(a)* | 150000 | 151680 |
| 1.75%, 10/15/28 *(a)* | 100000 | 93520 |
| 5.00%, 01/31/29 *(a)* | 300000 | 309054 |
| 2.60%, 10/01/29 *(a)* | 100000 | 94810 |
| 4.98%, 08/10/30 *(a)* | 100000 | 103618 |
| **Tyson Foods, Inc.** | **Tyson Foods, Inc.** | **Tyson Foods, Inc.** |
| 3.55%, 06/02/27 *(a)* | 200000 | 197888 |
| 4.35%, 03/01/29 *(a)* | 150000 | 150165 |
| 5.40%, 03/15/29 *(a)* | 100000 | 103649 |
| **Unilever Capital Corp.** | **Unilever Capital Corp.** | **Unilever Capital Corp.** |
| 2.90%, 05/05/27 *(a)* | 200000 | 197046 |
| 3.50%, 03/22/28 *(a)* | 150000 | 148684 |
| 4.88%, 09/08/28 *(a)* | 100000 | 102767 |
| 2.13%, 09/06/29 *(a)* | 100000 | 93033 |
| **Universal Health Services, Inc.** | **Universal Health Services, Inc.** | **Universal Health Services, Inc.** |
| 1.65%, 09/01/26 *(a)* | 150000 | 145890 |
| 4.63%, 10/15/29 *(a)* | 75000 | 74822 |
| **Viatris, Inc.** | **Viatris, Inc.** | **Viatris, Inc.** |
| 2.30%, 06/22/27 *(a)* | 125000 | 120033 |
| 2.70%, 06/22/30 *(a)* | 170000 | 152779 |
| **Zimmer Biomet Holdings, Inc.** | **Zimmer Biomet Holdings, Inc.** | **Zimmer Biomet Holdings, Inc.** |
| 5.35%, 12/01/28 *(a)* | 75000 | 77711 |
| 5.05%, 02/19/30 *(a)* | 75000 | 77198 |
| **Zoetis, Inc.** | **Zoetis, Inc.** | **Zoetis, Inc.** |
| 3.00%, 09/12/27 *(a)* | 150000 | 147108 |
| 4.15%, 08/17/28 *(a)* | 110000 | 110289 |
| 2.00%, 05/15/30 *(a)* | 75000 | 68057 |
|  |  | **46946564** |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**111**

------

Schwab Short-Term Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| ***Energy 1.4%***  | ***Energy 1.4%***  | ***Energy 1.4%***  |
| **APA Corp.** | **APA Corp.** | **APA Corp.** |
| 4.25%, 01/15/30 *(a)(c)* | 75000 | 72626 |
| **Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.** | **Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.** | **Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.** |
| 2.06%, 12/15/26 *(a)* | 150000 | 146024 |
| 3.34%, 12/15/27 *(a)* | 200000 | 196906 |
| 3.14%, 11/07/29 *(a)* | 75000 | 72230 |
| **Boardwalk Pipelines LP** | **Boardwalk Pipelines LP** | **Boardwalk Pipelines LP** |
| 4.45%, 07/15/27 *(a)* | 150000 | 150340 |
| **BP Capital Markets America, Inc.** | **BP Capital Markets America, Inc.** | **BP Capital Markets America, Inc.** |
| 3.02%, 01/16/27 *(a)* | 200000 | 197550 |
| 3.59%, 04/14/27 *(a)* | 100000 | 99392 |
| 5.02%, 11/17/27 *(a)* | 150000 | 153136 |
| 3.94%, 09/21/28 *(a)* | 100000 | 99750 |
| 4.23%, 11/06/28 *(a)* | 400000 | 401992 |
| 4.70%, 04/10/29 *(a)* | 150000 | 152953 |
| 4.97%, 10/17/29 *(a)* | 100000 | 103087 |
| 3.63%, 04/06/30 *(a)* | 200000 | 195682 |
| 1.75%, 08/10/30 *(a)* | 120000 | 106696 |
| **BP Capital Markets PLC** | **BP Capital Markets PLC** | **BP Capital Markets PLC** |
| 3.28%, 09/19/27 *(a)* | 200000 | 197170 |
| 3.72%, 11/28/28 *(a)* | 100000 | 98970 |
| **Canadian Natural Resources Ltd.** | **Canadian Natural Resources Ltd.** | **Canadian Natural Resources Ltd.** |
| 3.85%, 06/01/27 *(a)* | 200000 | 198646 |
| 5.00%, 12/15/29 *(a)(c)* | 100000 | 101957 |
| 2.95%, 07/15/30 *(a)* | 60000 | 55960 |
| **Cenovus Energy, Inc.** | **Cenovus Energy, Inc.** | **Cenovus Energy, Inc.** |
| 4.25%, 04/15/27 *(a)* | 50000 | 50009 |
| **Cheniere Corpus Christi Holdings LLC** | **Cheniere Corpus Christi Holdings LLC** | **Cheniere Corpus Christi Holdings LLC** |
| 5.13%, 06/30/27 *(a)* | 250000 | 252730 |
| 3.70%, 11/15/29 *(a)* | 150000 | 145812 |
| **Cheniere Energy Partners LP** | **Cheniere Energy Partners LP** | **Cheniere Energy Partners LP** |
| 4.50%, 10/01/29 *(a)* | 100000 | 99786 |
| **Cheniere Energy, Inc.** | **Cheniere Energy, Inc.** | **Cheniere Energy, Inc.** |
| 4.63%, 10/15/28 *(a)* | 250000 | 249825 |
| **Chevron Corp.** | **Chevron Corp.** | **Chevron Corp.** |
| 2.00%, 05/11/27 *(a)* | 200000 | 194120 |
| 2.24%, 05/11/30 *(a)* | 250000 | 230587 |
| **Chevron USA, Inc.** | **Chevron USA, Inc.** | **Chevron USA, Inc.** |
| 3.95%, 08/13/27  | 70000 | 70221 |
| 3.85%, 01/15/28 *(a)* | 100000 | 100195 |
| 4.48%, 02/26/28 *(a)* | 125000 | 126854 |
| 4.05%, 08/13/28 *(a)* | 90000 | 90540 |
| 3.25%, 10/15/29 *(a)* | 100000 | 97206 |
| 4.69%, 04/15/30 *(a)* | 150000 | 153438 |
| **ConocoPhillips Co.** | **ConocoPhillips Co.** | **ConocoPhillips Co.** |
| 4.70%, 01/15/30 *(a)* | 200000 | 203920 |
| **Continental Resources, Inc.** | **Continental Resources, Inc.** | **Continental Resources, Inc.** |
| 4.38%, 01/15/28 *(a)* | 175000 | 173973 |
| **Coterra Energy, Inc.** | **Coterra Energy, Inc.** | **Coterra Energy, Inc.** |
| 3.90%, 05/15/27 *(a)* | 125000 | 124235 |
| 4.38%, 03/15/29 *(a)* | 75000 | 74883 |
| **DCP Midstream Operating LP** | **DCP Midstream Operating LP** | **DCP Midstream Operating LP** |
| 5.63%, 07/15/27 *(a)* | 200000 | 204310 |
| 8.13%, 08/16/30  | 50000 | 57472 |
| **Devon Energy Corp.** | **Devon Energy Corp.** | **Devon Energy Corp.** |
| 4.50%, 01/15/30 *(a)* | 100000 | 100060 |
| **Diamondback Energy, Inc.** | **Diamondback Energy, Inc.** | **Diamondback Energy, Inc.** |
| 3.25%, 12/01/26 *(a)* | 150000 | 148292 |
| 3.50%, 12/01/29 *(a)* | 150000 | 144662 |
| 5.15%, 01/30/30 *(a)* | 100000 | 102810 |
| **Eastern Gas Transmission & Storage, Inc.** | **Eastern Gas Transmission & Storage, Inc.** | **Eastern Gas Transmission & Storage, Inc.** |
| 3.00%, 11/15/29 *(a)* | 75000 | 71438 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Enbridge, Inc.** | **Enbridge, Inc.** | **Enbridge, Inc.** |
| 1.60%, 10/04/26 *(a)* | 150000 | 145808 |
| 5.90%, 11/15/26 *(a)* | 100000 | 101774 |
| 4.25%, 12/01/26 *(a)* | 100000 | 100019 |
| 4.60%, 06/20/28 *(a)* | 50000 | 50560 |
| 5.30%, 04/05/29 *(a)* | 100000 | 103176 |
| 3.13%, 11/15/29 *(a)* | 150000 | 142938 |
| 4.90%, 06/20/30 *(a)* | 80000 | 81703 |
| 7.38%, 03/15/55 *(a)(b)* | 100000 | 105325 |
| **Energy Transfer LP** | **Energy Transfer LP** | **Energy Transfer LP** |
| 4.40%, 03/15/27 *(a)* | 200000 | 200430 |
| 4.20%, 04/15/27 *(a)* | 100000 | 99925 |
| 5.50%, 06/01/27 *(a)* | 200000 | 203552 |
| 5.55%, 02/15/28 *(a)* | 200000 | 205952 |
| 4.95%, 05/15/28 *(a)* | 100000 | 101651 |
| 4.95%, 06/15/28 *(a)* | 150000 | 152589 |
| 6.10%, 12/01/28 *(a)* | 75000 | 79013 |
| 5.25%, 04/15/29 *(a)* | 200000 | 205662 |
| 5.25%, 07/01/29 *(a)* | 150000 | 154645 |
| 3.75%, 05/15/30 *(a)* | 200000 | 193766 |
| **Eni USA, Inc.** | **Eni USA, Inc.** | **Eni USA, Inc.** |
| 7.30%, 11/15/27  | 50000 | 53203 |
| **Enterprise Products Operating LLC** | **Enterprise Products Operating LLC** | **Enterprise Products Operating LLC** |
| 3.95%, 02/15/27 *(a)* | 100000 | 99838 |
| 4.30%, 06/20/28 *(a)* | 70000 | 70512 |
| 4.15%, 10/16/28 *(a)* | 150000 | 150643 |
| 3.13%, 07/31/29 *(a)* | 200000 | 192704 |
| 2.80%, 01/31/30 *(a)* | 150000 | 141659 |
| 5.25%, 08/16/77 *(a)(b)* | 150000 | 148912 |
| 5.38%, 02/15/78 *(a)(b)* | 100000 | 99097 |
| **EOG Resources, Inc.** | **EOG Resources, Inc.** | **EOG Resources, Inc.** |
| 4.40%, 07/15/28 *(a)* | 70000 | 70701 |
| **EQT Corp.** | **EQT Corp.** | **EQT Corp.** |
| 3.90%, 10/01/27 *(a)* | 200000 | 198204 |
| 5.70%, 04/01/28 *(a)* | 50000 | 51716 |
| 4.50%, 01/15/29 *(a)(c)* | 100000 | 99788 |
| 5.00%, 01/15/29 *(a)* | 75000 | 75913 |
| 6.38%, 04/01/29 *(a)(c)* | 100000 | 103689 |
| 7.00%, 02/01/30 *(a)(f)* | 100000 | 108855 |
| 7.50%, 06/01/30 *(a)(c)* | 70000 | 77125 |
| **Expand Energy Corp.** | **Expand Energy Corp.** | **Expand Energy Corp.** |
| 5.38%, 02/01/29 *(a)* | 100000 | 100306 |
| 5.38%, 03/15/30 *(a)* | 200000 | 202228 |
| **Exxon Mobil Corp.** | **Exxon Mobil Corp.** | **Exxon Mobil Corp.** |
| 2.44%, 08/16/29 *(a)* | 100000 | 95066 |
| 3.48%, 03/19/30 *(a)* | 350000 | 342464 |
| **Halliburton Co.** | **Halliburton Co.** | **Halliburton Co.** |
| 2.92%, 03/01/30 *(a)* | 100000 | 94093 |
| **Helmerich & Payne, Inc.** | **Helmerich & Payne, Inc.** | **Helmerich & Payne, Inc.** |
| 4.65%, 12/01/27 *(a)* | 50000 | 50096 |
| 4.85%, 12/01/29 *(a)* | 140000 | 139506 |
| **Hess Corp.** | **Hess Corp.** | **Hess Corp.** |
| 4.30%, 04/01/27 *(a)* | 175000 | 175490 |
| **HF Sinclair Corp.** | **HF Sinclair Corp.** | **HF Sinclair Corp.** |
| 5.00%, 02/01/28 *(a)* | 100000 | 100206 |
| **Kinder Morgan, Inc.** | **Kinder Morgan, Inc.** | **Kinder Morgan, Inc.** |
| 1.75%, 11/15/26 *(a)* | 75000 | 72861 |
| 4.30%, 03/01/28 *(a)* | 125000 | 125480 |
| 5.00%, 02/01/29 *(a)* | 100000 | 102173 |
| 5.10%, 08/01/29 *(a)* | 200000 | 205570 |
| 5.15%, 06/01/30 *(a)* | 150000 | 154401 |
| **Marathon Petroleum Corp.** | **Marathon Petroleum Corp.** | **Marathon Petroleum Corp.** |
| 5.13%, 12/15/26 *(a)* | 100000 | 100846 |
| 3.80%, 04/01/28 *(a)* | 100000 | 99062 |
| 5.15%, 03/01/30 *(a)* | 200000 | 205816 |

---

*See financial notes*

**112**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Short-Term Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **MPLX LP** | **MPLX LP** | **MPLX LP** |
| 4.13%, 03/01/27 *(a)* | 250000 | 249460 |
| 4.25%, 12/01/27 *(a)* | 150000 | 150124 |
| 4.00%, 03/15/28 *(a)* | 175000 | 174083 |
| 2.65%, 08/15/30 *(a)* | 175000 | 160022 |
| **National Fuel Gas Co.** | **National Fuel Gas Co.** | **National Fuel Gas Co.** |
| 4.75%, 09/01/28 *(a)* | 100000 | 100380 |
| 5.50%, 03/15/30 *(a)* | 100000 | 103399 |
| **NOV, Inc.** | **NOV, Inc.** | **NOV, Inc.** |
| 3.60%, 12/01/29 *(a)* | 100000 | 96694 |
| **Occidental Petroleum Corp.** | **Occidental Petroleum Corp.** | **Occidental Petroleum Corp.** |
| 8.50%, 07/15/27 *(a)* | 75000 | 79041 |
| 6.38%, 09/01/28 *(a)* | 100000 | 104470 |
| 5.20%, 08/01/29 *(a)* | 175000 | 177480 |
| 8.88%, 07/15/30 *(a)* | 150000 | 172666 |
| **ONEOK, Inc.** | **ONEOK, Inc.** | **ONEOK, Inc.** |
| 4.00%, 07/13/27 *(a)* | 100000 | 99685 |
| 4.25%, 09/24/27 *(a)* | 100000 | 100134 |
| 4.55%, 07/15/28 *(a)* | 100000 | 100807 |
| 5.65%, 11/01/28 *(a)* | 150000 | 155854 |
| 5.38%, 06/01/29 *(a)* | 100000 | 102982 |
| 3.40%, 09/01/29 *(a)* | 100000 | 96175 |
| 4.40%, 10/15/29 *(a)* | 75000 | 74971 |
| 3.10%, 03/15/30 *(a)* | 100000 | 94341 |
| 3.25%, 06/01/30 *(a)* | 60000 | 56761 |
| **Ovintiv, Inc.** | **Ovintiv, Inc.** | **Ovintiv, Inc.** |
| 5.65%, 05/15/28 *(a)* | 100000 | 103025 |
| **Patterson-UTI Energy, Inc.** | **Patterson-UTI Energy, Inc.** | **Patterson-UTI Energy, Inc.** |
| 3.95%, 02/01/28 *(a)* | 75000 | 73226 |
| **Phillips 66** | **Phillips 66** | **Phillips 66** |
| 3.90%, 03/15/28 *(a)* | 150000 | 149205 |
| **Phillips 66 Co.** | **Phillips 66 Co.** | **Phillips 66 Co.** |
| 3.75%, 03/01/28 *(a)* | 50000 | 49607 |
| 3.15%, 12/15/29 *(a)* | 100000 | 95827 |
| **Pioneer Natural Resources Co.** | **Pioneer Natural Resources Co.** | **Pioneer Natural Resources Co.** |
| 1.90%, 08/15/30 *(a)* | 130000 | 116415 |
| **Plains All American Pipeline LP/PAA Finance Corp.** | **Plains All American Pipeline LP/PAA Finance Corp.** | **Plains All American Pipeline LP/PAA Finance Corp.** |
| 3.55%, 12/15/29 *(a)* | 225000 | 216979 |
| **Sabine Pass Liquefaction LLC** | **Sabine Pass Liquefaction LLC** | **Sabine Pass Liquefaction LLC** |
| 5.00%, 03/15/27 *(a)* | 200000 | 201162 |
| 4.20%, 03/15/28 *(a)* | 125000 | 124995 |
| 4.50%, 05/15/30 *(a)* | 300000 | 300978 |
| **Schlumberger Investment SA** | **Schlumberger Investment SA** | **Schlumberger Investment SA** |
| 2.65%, 06/26/30 *(a)* | 60000 | 55823 |
| **Shell Finance U.S., Inc.** | **Shell Finance U.S., Inc.** | **Shell Finance U.S., Inc.** |
| 2.38%, 11/07/29 *(a)* | 150000 | 140405 |
| 2.75%, 04/06/30 *(a)* | 200000 | 188978 |
| **Shell International Finance BV** | **Shell International Finance BV** | **Shell International Finance BV** |
| 3.88%, 11/13/28 *(a)* | 200000 | 199834 |
| 2.75%, 04/06/30 *(a)* | 100000 | 94631 |
| **South Bow USA Infrastructure Holdings LLC** | **South Bow USA Infrastructure Holdings LLC** | **South Bow USA Infrastructure Holdings LLC** |
| 4.91%, 09/01/27 *(a)* | 50000 | 50464 |
| 5.03%, 10/01/29 *(a)* | 230000 | 233013 |
| **Spectra Energy Partners LP** | **Spectra Energy Partners LP** | **Spectra Energy Partners LP** |
| 3.38%, 10/15/26 *(a)* | 150000 | 148509 |
| **Targa Resources Corp.** | **Targa Resources Corp.** | **Targa Resources Corp.** |
| 5.20%, 07/01/27 *(a)* | 200000 | 203318 |
| 6.15%, 03/01/29 *(a)* | 150000 | 158427 |
| **Targa Resources Partners LP/Targa Resources Partners Finance Corp.** | **Targa Resources Partners LP/Targa Resources Partners Finance Corp.** | **Targa Resources Partners LP/Targa Resources Partners Finance Corp.** |
| 5.00%, 01/15/28 *(a)* | 150000 | 150199 |
| 5.50%, 03/01/30 *(a)* | 100000 | 101974 |
| **TC PipeLines LP** | **TC PipeLines LP** | **TC PipeLines LP** |
| 3.90%, 05/25/27 *(a)* | 100000 | 99417 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Tennessee Gas Pipeline Co. LLC** | **Tennessee Gas Pipeline Co. LLC** | **Tennessee Gas Pipeline Co. LLC** |
| 7.00%, 10/15/28  | 75000 | 80788 |
| **TotalEnergies Capital International SA** | **TotalEnergies Capital International SA** | **TotalEnergies Capital International SA** |
| 3.46%, 02/19/29 *(a)* | 150000 | 147756 |
| 2.83%, 01/10/30 *(a)* | 150000 | 143438 |
| **TotalEnergies Capital SA** | **TotalEnergies Capital SA** | **TotalEnergies Capital SA** |
| 3.88%, 10/11/28  | 150000 | 149898 |
| **TransCanada PipeLines Ltd.** | **TransCanada PipeLines Ltd.** | **TransCanada PipeLines Ltd.** |
| 4.25%, 05/15/28 *(a)* | 250000 | 250317 |
| 4.10%, 04/15/30 *(a)* | 150000 | 147819 |
| 7.00%, 06/01/65 *(a)(b)* | 100000 | 101720 |
| **Transcontinental Gas Pipe Line Co. LLC** | **Transcontinental Gas Pipe Line Co. LLC** | **Transcontinental Gas Pipe Line Co. LLC** |
| 4.00%, 03/15/28 *(a)* | 75000 | 74831 |
| 3.25%, 05/15/30 *(a)* | 100000 | 95246 |
| **Valero Energy Corp.** | **Valero Energy Corp.** | **Valero Energy Corp.** |
| 2.15%, 09/15/27 *(a)* | 100000 | 95980 |
| 4.35%, 06/01/28 *(a)* | 200000 | 200818 |
| **Valero Energy Partners LP** | **Valero Energy Partners LP** | **Valero Energy Partners LP** |
| 4.50%, 03/15/28 *(a)* | 100000 | 100695 |
| **Viper Energy Partners LLC** | **Viper Energy Partners LLC** | **Viper Energy Partners LLC** |
| 4.90%, 08/01/30 *(a)* | 70000 | 70566 |
| **Western Midstream Operating LP** | **Western Midstream Operating LP** | **Western Midstream Operating LP** |
| 4.50%, 03/01/28 *(a)* | 75000 | 74935 |
| 4.75%, 08/15/28 *(a)* | 100000 | 100641 |
| 6.35%, 01/15/29 *(a)* | 100000 | 105232 |
| 4.05%, 02/01/30 *(a)(g)* | 100000 | 97219 |
| **Williams Cos., Inc.** | **Williams Cos., Inc.** | **Williams Cos., Inc.** |
| 3.75%, 06/15/27 *(a)* | 250000 | 248025 |
| 5.30%, 08/15/28 *(a)* | 150000 | 154795 |
| 4.90%, 03/15/29 *(a)* | 175000 | 178407 |
| **Woodside Finance Ltd.** | **Woodside Finance Ltd.** | **Woodside Finance Ltd.** |
| 4.90%, 05/19/28 *(a)* | 100000 | 101314 |
| 5.40%, 05/19/30 *(a)* | 200000 | 205562 |
|  |  | **21237098** |
| ***Industrial Other 0.1%***  | ***Industrial Other 0.1%***  | ***Industrial Other 0.1%***  |
| **Cintas Corp. No. 2** | **Cintas Corp. No. 2** | **Cintas Corp. No. 2** |
| 3.70%, 04/01/27 *(a)* | 175000 | 174184 |
| **Jacobs Engineering Group, Inc.** | **Jacobs Engineering Group, Inc.** | **Jacobs Engineering Group, Inc.** |
| 6.35%, 08/18/28 *(a)* | 125000 | 131770 |
| **Leland Stanford Junior University** | **Leland Stanford Junior University** | **Leland Stanford Junior University** |
| 4.15%, 08/01/30 *(a)* | 70000 | 70323 |
| **MasTec, Inc.** | **MasTec, Inc.** | **MasTec, Inc.** |
| 5.90%, 06/15/29 *(a)* | 75000 | 78495 |
| **Quanta Services, Inc.** | **Quanta Services, Inc.** | **Quanta Services, Inc.** |
| 4.75%, 08/09/27 *(a)* | 50000 | 50540 |
| 4.30%, 08/09/28 *(a)* | 70000 | 70206 |
| **Trustees of Dartmouth College** | **Trustees of Dartmouth College** | **Trustees of Dartmouth College** |
| 4.27%, 06/01/30 *(a)* | 40000 | 40354 |
| **Trustees of Princeton University** | **Trustees of Princeton University** | **Trustees of Princeton University** |
| 4.65%, 07/01/30 *(a)* | 40000 | 41000 |
|  |  | **656872** |
| ***Technology 2.3%***  | ***Technology 2.3%***  | ***Technology 2.3%***  |
| **Accenture Capital, Inc.** | **Accenture Capital, Inc.** | **Accenture Capital, Inc.** |
| 3.90%, 10/04/27 *(a)* | 100000 | 100033 |
| 4.05%, 10/04/29 *(a)* | 200000 | 199910 |
| **Adobe, Inc.** | **Adobe, Inc.** | **Adobe, Inc.** |
| 2.15%, 02/01/27 *(a)* | 200000 | 195372 |
| 4.75%, 01/17/28 *(a)* | 100000 | 102022 |
| 4.95%, 01/17/30 *(a)* | 100000 | 103806 |
| 2.30%, 02/01/30 *(a)* | 200000 | 186002 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**113**

------

Schwab Short-Term Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Advanced Micro Devices, Inc.** | **Advanced Micro Devices, Inc.** | **Advanced Micro Devices, Inc.** |
| 4.21%, 09/24/26  | 100000 | 100197 |
| 4.32%, 03/24/28 *(a)* | 100000 | 101034 |
| **Alphabet, Inc.** | **Alphabet, Inc.** | **Alphabet, Inc.** |
| 0.80%, 08/15/27 *(a)* | 150000 | 141966 |
| 4.00%, 05/15/30 *(a)* | 100000 | 100637 |
| 1.10%, 08/15/30 *(a)* | 260000 | 227365 |
| **Amdocs Ltd.** | **Amdocs Ltd.** | **Amdocs Ltd.** |
| 2.54%, 06/15/30 *(a)* | 80000 | 73210 |
| **Analog Devices, Inc.** | **Analog Devices, Inc.** | **Analog Devices, Inc.** |
| 3.45%, 06/15/27 *(a)* | 100000 | 99247 |
| 4.25%, 06/15/28 *(a)* | 110000 | 110893 |
| 1.70%, 10/01/28 *(a)* | 100000 | 93459 |
| 4.50%, 06/15/30 *(a)* | 90000 | 91269 |
| **Apple, Inc.** | **Apple, Inc.** | **Apple, Inc.** |
| 2.05%, 09/11/26 *(a)* | 300000 | 294420 |
| 3.35%, 02/09/27 *(a)* | 400000 | 397280 |
| 3.20%, 05/11/27 *(a)* | 200000 | 197982 |
| 2.90%, 09/12/27 *(a)* | 350000 | 344407 |
| 3.00%, 11/13/27 *(a)* | 250000 | 246400 |
| 1.20%, 02/08/28 *(a)* | 200000 | 188224 |
| 4.00%, 05/10/28 *(a)* | 100000 | 100682 |
| 1.40%, 08/05/28 *(a)* | 300000 | 280881 |
| 3.25%, 08/08/29 *(a)* | 150000 | 146865 |
| 2.20%, 09/11/29 *(a)* | 300000 | 281037 |
| 1.65%, 05/11/30 *(a)* | 500000 | 450930 |
| 1.25%, 08/20/30 *(a)* | 265000 | 232734 |
| **Applied Materials, Inc.** | **Applied Materials, Inc.** | **Applied Materials, Inc.** |
| 3.30%, 04/01/27 *(a)* | 175000 | 173486 |
| 4.80%, 06/15/29 *(a)* | 150000 | 154104 |
| 1.75%, 06/01/30 *(a)* | 90000 | 80790 |
| **Arrow Electronics, Inc.** | **Arrow Electronics, Inc.** | **Arrow Electronics, Inc.** |
| 3.88%, 01/12/28 *(a)* | 100000 | 98739 |
| 5.15%, 08/21/29 *(a)* | 50000 | 51170 |
| **Atlassian Corp.** | **Atlassian Corp.** | **Atlassian Corp.** |
| 5.25%, 05/15/29 *(a)* | 75000 | 77254 |
| **Autodesk, Inc.** | **Autodesk, Inc.** | **Autodesk, Inc.** |
| 3.50%, 06/15/27 *(a)* | 100000 | 98923 |
| 2.85%, 01/15/30 *(a)* | 100000 | 94452 |
| **Automatic Data Processing, Inc.** | **Automatic Data Processing, Inc.** | **Automatic Data Processing, Inc.** |
| 1.70%, 05/15/28 *(a)* | 100000 | 94637 |
| **Avnet, Inc.** | **Avnet, Inc.** | **Avnet, Inc.** |
| 6.25%, 03/15/28 *(a)* | 100000 | 104164 |
| **Baidu, Inc.** | **Baidu, Inc.** | **Baidu, Inc.** |
| 4.38%, 03/29/28 *(a)* | 200000 | 201302 |
| **Broadcom Corp./Broadcom Cayman Finance Ltd.** | **Broadcom Corp./Broadcom Cayman Finance Ltd.** | **Broadcom Corp./Broadcom Cayman Finance Ltd.** |
| 3.88%, 01/15/27 *(a)* | 475000 | 473119 |
| **Broadcom, Inc.** | **Broadcom, Inc.** | **Broadcom, Inc.** |
| 5.05%, 07/12/27 *(a)* | 150000 | 152415 |
| 1.95%, 02/15/28 *(a)(c)* | 100000 | 95137 |
| 4.80%, 04/15/28 *(a)* | 200000 | 203692 |
| 4.11%, 09/15/28 *(a)* | 150000 | 149973 |
| 4.00%, 04/15/29 *(a)(c)* | 150000 | 149013 |
| 4.75%, 04/15/29 *(a)* | 250000 | 254610 |
| 5.05%, 07/12/29 *(a)* | 300000 | 308505 |
| 4.35%, 02/15/30 *(a)* | 200000 | 200456 |
| 5.00%, 04/15/30 *(a)* | 75000 | 77177 |
| 5.05%, 04/15/30 *(a)* | 150000 | 154654 |
| 4.60%, 07/15/30 *(a)* | 230000 | 232426 |
| **Broadridge Financial Solutions, Inc.** | **Broadridge Financial Solutions, Inc.** | **Broadridge Financial Solutions, Inc.** |
| 2.90%, 12/01/29 *(a)* | 100000 | 94651 |
| **Cadence Design Systems, Inc.** | **Cadence Design Systems, Inc.** | **Cadence Design Systems, Inc.** |
| 4.20%, 09/10/27  | 100000 | 100389 |
| 4.30%, 09/10/29 *(a)* | 100000 | 100631 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **CDW LLC/CDW Finance Corp.** | **CDW LLC/CDW Finance Corp.** | **CDW LLC/CDW Finance Corp.** |
| 2.67%, 12/01/26 *(a)* | 150000 | 146838 |
| 4.25%, 04/01/28 *(a)* | 100000 | 99502 |
| 3.28%, 12/01/28 *(a)* | 75000 | 72305 |
| 3.25%, 02/15/29 *(a)* | 100000 | 95727 |
| 5.10%, 03/01/30 *(a)* | 100000 | 101827 |
| **CGI, Inc.** | **CGI, Inc.** | **CGI, Inc.** |
| 1.45%, 09/14/26 *(a)* | 150000 | 145958 |
| 4.95%, 03/14/30 *(a)(c)* | 100000 | 102075 |
| **Cisco Systems, Inc.** | **Cisco Systems, Inc.** | **Cisco Systems, Inc.** |
| 2.50%, 09/20/26 *(a)* | 250000 | 246302 |
| 4.80%, 02/26/27 *(a)* | 300000 | 303927 |
| 4.85%, 02/26/29 *(a)* | 375000 | 385241 |
| **Concentrix Corp.** | **Concentrix Corp.** | **Concentrix Corp.** |
| 6.60%, 08/02/28 *(a)* | 175000 | 185281 |
| **Dell International LLC/EMC Corp.** | **Dell International LLC/EMC Corp.** | **Dell International LLC/EMC Corp.** |
| 4.90%, 10/01/26 *(a)* | 250000 | 251220 |
| 6.10%, 07/15/27 *(a)* | 100000 | 103275 |
| 5.25%, 02/01/28 *(a)* | 200000 | 205110 |
| 4.75%, 04/01/28 *(a)* | 150000 | 152109 |
| 5.30%, 10/01/29 *(a)* | 300000 | 310644 |
| 5.00%, 04/01/30 *(a)* | 150000 | 153742 |
| 6.20%, 07/15/30 *(a)* | 75000 | 80651 |
| **DXC Technology Co.** | **DXC Technology Co.** | **DXC Technology Co.** |
| 1.80%, 09/15/26 *(a)* | 150000 | 145893 |
| 2.38%, 09/15/28 *(a)* | 100000 | 93878 |
| **Equifax, Inc.** | **Equifax, Inc.** | **Equifax, Inc.** |
| 5.10%, 12/15/27 *(a)* | 100000 | 101934 |
| 5.10%, 06/01/28 *(a)* | 100000 | 102292 |
| 4.80%, 09/15/29 *(a)* | 100000 | 101658 |
| 3.10%, 05/15/30 *(a)* | 100000 | 94409 |
| **Equinix, Inc.** | **Equinix, Inc.** | **Equinix, Inc.** |
| 2.90%, 11/18/26 *(a)* | 150000 | 147579 |
| 1.55%, 03/15/28 *(a)* | 75000 | 70353 |
| 2.00%, 05/15/28 *(a)* | 100000 | 94551 |
| 3.20%, 11/18/29 *(a)* | 175000 | 167288 |
| 2.15%, 07/15/30 *(a)* | 130000 | 117295 |
| **FactSet Research Systems, Inc.** | **FactSet Research Systems, Inc.** | **FactSet Research Systems, Inc.** |
| 2.90%, 03/01/27 *(a)* | 100000 | 98189 |
| **Fidelity National Information Services, Inc.** | **Fidelity National Information Services, Inc.** | **Fidelity National Information Services, Inc.** |
| 1.65%, 03/01/28 *(a)* | 100000 | 94200 |
| **Fiserv, Inc.** | **Fiserv, Inc.** | **Fiserv, Inc.** |
| 2.25%, 06/01/27 *(a)* | 150000 | 145337 |
| 5.45%, 03/02/28 *(a)* | 150000 | 154288 |
| 5.38%, 08/21/28 *(a)* | 100000 | 103188 |
| 4.20%, 10/01/28 *(a)* | 100000 | 99947 |
| 3.50%, 07/01/29 *(a)* | 500000 | 485515 |
| 4.75%, 03/15/30 *(a)* | 100000 | 101474 |
| 2.65%, 06/01/30 *(a)* | 120000 | 110933 |
| **Flex Ltd.** | **Flex Ltd.** | **Flex Ltd.** |
| 4.88%, 06/15/29 *(a)* | 150000 | 151723 |
| 4.88%, 05/12/30 *(a)* | 100000 | 101149 |
| **Genpact Luxembourg SARL/Genpact USA, Inc.** | **Genpact Luxembourg SARL/Genpact USA, Inc.** | **Genpact Luxembourg SARL/Genpact USA, Inc.** |
| 6.00%, 06/04/29 *(a)* | 75000 | 78191 |
| **Global Payments, Inc.** | **Global Payments, Inc.** | **Global Payments, Inc.** |
| 2.15%, 01/15/27 *(a)* | 175000 | 170126 |
| 4.45%, 06/01/28 *(a)* | 100000 | 100289 |
| 3.20%, 08/15/29 *(a)* | 175000 | 166182 |
| 5.30%, 08/15/29 *(a)* | 50000 | 51203 |
| 2.90%, 05/15/30 *(a)* | 100000 | 92516 |
| **Hewlett Packard Enterprise Co.** | **Hewlett Packard Enterprise Co.** | **Hewlett Packard Enterprise Co.** |
| 4.40%, 09/25/27 *(a)* | 100000 | 100511 |
| 5.25%, 07/01/28 *(a)* | 100000 | 102917 |
| 4.55%, 10/15/29 *(a)* | 250000 | 251667 |

---

*See financial notes*

**114**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Short-Term Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **HP, Inc.** | **HP, Inc.** | **HP, Inc.** |
| 3.00%, 06/17/27 *(a)* | 175000 | 171512 |
| 4.75%, 01/15/28 *(a)* | 100000 | 101366 |
| 4.00%, 04/15/29 *(a)* | 100000 | 98750 |
| 5.40%, 04/25/30 *(a)* | 75000 | 77966 |
| 3.40%, 06/17/30 *(a)* | 60000 | 57127 |
| **IBM International Capital Pte. Ltd.** | **IBM International Capital Pte. Ltd.** | **IBM International Capital Pte. Ltd.** |
| 4.60%, 02/05/27 *(a)* | 100000 | 100691 |
| 4.60%, 02/05/29 *(a)* | 100000 | 101482 |
| **Intel Corp.** | **Intel Corp.** | **Intel Corp.** |
| 3.75%, 03/25/27 *(a)* | 250000 | 247720 |
| 3.75%, 08/05/27 *(a)* | 250000 | 247525 |
| 4.88%, 02/10/28 *(a)* | 200000 | 202670 |
| 1.60%, 08/12/28 *(a)* | 150000 | 139194 |
| 4.00%, 08/05/29 *(a)* | 50000 | 49277 |
| 2.45%, 11/15/29 *(a)* | 250000 | 230637 |
| 5.13%, 02/10/30 *(a)* | 200000 | 205008 |
| 3.90%, 03/25/30 *(a)* | 200000 | 195034 |
| **International Business Machines Corp.** | **International Business Machines Corp.** | **International Business Machines Corp.** |
| 3.30%, 01/27/27  | 100000 | 99015 |
| 2.20%, 02/09/27 *(a)* | 100000 | 97430 |
| 1.70%, 05/15/27 *(a)* | 150000 | 144347 |
| 4.15%, 07/27/27 *(a)* | 200000 | 200786 |
| 4.50%, 02/06/28 *(a)* | 200000 | 202190 |
| 3.50%, 05/15/29  | 500000 | 490150 |
| 4.80%, 02/10/30 *(a)* | 200000 | 204928 |
| 1.95%, 05/15/30 *(a)* | 100000 | 90360 |
| **Intuit, Inc.** | **Intuit, Inc.** | **Intuit, Inc.** |
| 5.13%, 09/15/28 *(a)* | 225000 | 232632 |
| 1.65%, 07/15/30 *(a)* | 60000 | 53421 |
| **Jabil, Inc.** | **Jabil, Inc.** | **Jabil, Inc.** |
| 4.25%, 05/15/27 *(a)* | 100000 | 99977 |
| 3.95%, 01/12/28 *(a)* | 75000 | 74393 |
| 3.60%, 01/15/30 *(a)* | 100000 | 96104 |
| **Juniper Networks, Inc.** | **Juniper Networks, Inc.** | **Juniper Networks, Inc.** |
| 3.75%, 08/15/29 *(a)* | 50000 | 48887 |
| **Keysight Technologies, Inc.** | **Keysight Technologies, Inc.** | **Keysight Technologies, Inc.** |
| 4.60%, 04/06/27 *(a)* | 150000 | 150705 |
| 5.35%, 07/30/30 *(a)* | 100000 | 103956 |
| **KLA Corp.** | **KLA Corp.** | **KLA Corp.** |
| 4.10%, 03/15/29 *(a)* | 100000 | 100223 |
| **Kyndryl Holdings, Inc.** | **Kyndryl Holdings, Inc.** | **Kyndryl Holdings, Inc.** |
| 2.05%, 10/15/26 *(a)* | 100000 | 97346 |
| 2.70%, 10/15/28 *(a)* | 50000 | 47576 |
| **Lam Research Corp.** | **Lam Research Corp.** | **Lam Research Corp.** |
| 4.00%, 03/15/29 *(a)* | 150000 | 149990 |
| 1.90%, 06/15/30 *(a)* | 90000 | 81347 |
| **Leidos, Inc.** | **Leidos, Inc.** | **Leidos, Inc.** |
| 4.38%, 05/15/30 *(a)* | 100000 | 99521 |
| **Marvell Technology, Inc.** | **Marvell Technology, Inc.** | **Marvell Technology, Inc.** |
| 2.45%, 04/15/28 *(a)* | 150000 | 143690 |
| 5.75%, 02/15/29 *(a)* | 75000 | 78302 |
| 4.75%, 07/15/30 *(a)* | 70000 | 70686 |
| **Mastercard, Inc.** | **Mastercard, Inc.** | **Mastercard, Inc.** |
| 3.30%, 03/26/27 *(a)* | 250000 | 247785 |
| 4.10%, 01/15/28 *(a)* | 100000 | 100739 |
| 4.88%, 03/09/28 *(a)* | 125000 | 128096 |
| 2.95%, 06/01/29 *(a)* | 200000 | 193414 |
| 3.35%, 03/26/30 *(a)* | 200000 | 194596 |
| **Microchip Technology, Inc.** | **Microchip Technology, Inc.** | **Microchip Technology, Inc.** |
| 4.90%, 03/15/28  | 150000 | 152197 |
| 5.05%, 03/15/29 *(a)* | 100000 | 102016 |
| 5.05%, 02/15/30 *(a)* | 150000 | 153121 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Micron Technology, Inc.** | **Micron Technology, Inc.** | **Micron Technology, Inc.** |
| 5.38%, 04/15/28 *(a)* | 100000 | 103089 |
| 5.33%, 02/06/29 *(a)* | 100000 | 102817 |
| 6.75%, 11/01/29 *(a)* | 200000 | 217172 |
| 4.66%, 02/15/30 *(a)* | 100000 | 100623 |
| **Microsoft Corp.** | **Microsoft Corp.** | **Microsoft Corp.** |
| 3.40%, 09/15/26 *(a)* | 200000 | 199168 |
| 3.30%, 02/06/27 *(a)* | 500000 | 496405 |
| 3.40%, 06/15/27 *(a)* | 75000 | 74782 |
| **Moody's Corp.** | **Moody's Corp.** | **Moody's Corp.** |
| 3.25%, 01/15/28 *(a)* | 150000 | 147617 |
| **Motorola Solutions, Inc.** | **Motorola Solutions, Inc.** | **Motorola Solutions, Inc.** |
| 4.60%, 02/23/28 *(a)* | 150000 | 151617 |
| 4.60%, 05/23/29 *(a)* | 100000 | 101100 |
| 4.85%, 08/15/30 *(a)* | 80000 | 81533 |
| **NetApp, Inc.** | **NetApp, Inc.** | **NetApp, Inc.** |
| 2.38%, 06/22/27 *(a)* | 100000 | 96814 |
| 2.70%, 06/22/30 *(a)* | 80000 | 73789 |
| **Nokia OYJ** | **Nokia OYJ** | **Nokia OYJ** |
| 4.38%, 06/12/27  | 100000 | 99414 |
| **NVIDIA Corp.** | **NVIDIA Corp.** | **NVIDIA Corp.** |
| 3.20%, 09/16/26 *(a)* | 100000 | 99236 |
| 1.55%, 06/15/28 *(a)* | 250000 | 235572 |
| 2.85%, 04/01/30 *(a)* | 150000 | 143466 |
| **NXP BV/NXP Funding LLC/NXP USA, Inc.** | **NXP BV/NXP Funding LLC/NXP USA, Inc.** | **NXP BV/NXP Funding LLC/NXP USA, Inc.** |
| 3.15%, 05/01/27 *(a)* | 100000 | 98321 |
| 4.40%, 06/01/27 *(a)* | 50000 | 50151 |
| 4.30%, 08/19/28 *(a)* | 70000 | 70151 |
| 4.30%, 06/18/29 *(a)* | 200000 | 199792 |
| 3.40%, 05/01/30 *(a)* | 100000 | 95759 |
| **Oracle Corp.** | **Oracle Corp.** | **Oracle Corp.** |
| 2.80%, 04/01/27 *(a)* | 200000 | 195812 |
| 3.25%, 11/15/27 *(a)* | 400000 | 392296 |
| 2.30%, 03/25/28 *(a)* | 350000 | 334463 |
| 4.50%, 05/06/28 *(a)* | 100000 | 100891 |
| 4.80%, 08/03/28 *(a)* | 150000 | 152847 |
| 4.20%, 09/27/29 *(a)* | 200000 | 199534 |
| 6.15%, 11/09/29 *(a)* | 150000 | 160396 |
| 2.95%, 04/01/30 *(a)* | 400000 | 376692 |
| 4.65%, 05/06/30 *(a)* | 200000 | 202786 |
| **Paychex, Inc.** | **Paychex, Inc.** | **Paychex, Inc.** |
| 5.10%, 04/15/30 *(a)* | 200000 | 205886 |
| **PayPal Holdings, Inc.** | **PayPal Holdings, Inc.** | **PayPal Holdings, Inc.** |
| 3.90%, 06/01/27 *(a)* | 100000 | 99922 |
| 4.45%, 03/06/28 *(a)* | 100000 | 101159 |
| 2.85%, 10/01/29 *(a)* | 200000 | 190720 |
| 2.30%, 06/01/30 *(a)* | 120000 | 110234 |
| **Qorvo, Inc.** | **Qorvo, Inc.** | **Qorvo, Inc.** |
| 4.38%, 10/15/29 *(a)* | 100000 | 98060 |
| **QUALCOMM, Inc.** | **QUALCOMM, Inc.** | **QUALCOMM, Inc.** |
| 3.25%, 05/20/27 *(a)* | 250000 | 247545 |
| 1.30%, 05/20/28 *(a)* | 150000 | 140282 |
| 2.15%, 05/20/30 *(a)* | 150000 | 137705 |
| **RELX Capital, Inc.** | **RELX Capital, Inc.** | **RELX Capital, Inc.** |
| 4.00%, 03/18/29 *(a)* | 100000 | 99686 |
| 4.75%, 03/27/30 *(a)* | 150000 | 153262 |
| **Roper Technologies, Inc.** | **Roper Technologies, Inc.** | **Roper Technologies, Inc.** |
| 3.80%, 12/15/26 *(a)* | 150000 | 149138 |
| 1.40%, 09/15/27 *(a)* | 100000 | 94758 |
| 4.20%, 09/15/28 *(a)* | 100000 | 100170 |
| 4.25%, 09/15/28 *(a)* | 70000 | 70279 |
| 2.95%, 09/15/29 *(a)* | 100000 | 95412 |
| 4.50%, 10/15/29 *(a)* | 75000 | 75660 |
| 2.00%, 06/30/30 *(a)* | 70000 | 62866 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**115**

------

Schwab Short-Term Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **S&P Global, Inc.** | **S&P Global, Inc.** | **S&P Global, Inc.** |
| 4.75%, 08/01/28 *(a)* | 100000 | 102013 |
| 2.70%, 03/01/29 *(a)* | 150000 | 143511 |
| 4.25%, 05/01/29 *(a)* | 150000 | 151009 |
| 2.50%, 12/01/29 *(a)* | 150000 | 140697 |
| 1.25%, 08/15/30 *(a)* | 70000 | 60936 |
| **Salesforce, Inc.** | **Salesforce, Inc.** | **Salesforce, Inc.** |
| 3.70%, 04/11/28 *(a)* | 150000 | 149535 |
| 1.50%, 07/15/28 *(a)* | 200000 | 187496 |
| **Synopsys, Inc.** | **Synopsys, Inc.** | **Synopsys, Inc.** |
| 4.55%, 04/01/27  | 100000 | 100612 |
| 4.65%, 04/01/28 *(a)* | 100000 | 101350 |
| 4.85%, 04/01/30 *(a)* | 275000 | 280698 |
| **TD SYNNEX Corp.** | **TD SYNNEX Corp.** | **TD SYNNEX Corp.** |
| 2.38%, 08/09/28 *(a)* | 100000 | 94846 |
| **Teledyne FLIR LLC** | **Teledyne FLIR LLC** | **Teledyne FLIR LLC** |
| 2.50%, 08/01/30 *(a)* | 60000 | 54890 |
| **Texas Instruments, Inc.** | **Texas Instruments, Inc.** | **Texas Instruments, Inc.** |
| 1.13%, 09/15/26 *(a)* | 150000 | 145823 |
| 2.90%, 11/03/27 *(a)* | 100000 | 98012 |
| 4.60%, 02/15/28 *(a)* | 100000 | 101699 |
| 4.60%, 02/08/29 *(a)* | 100000 | 102226 |
| 2.25%, 09/04/29 *(a)* | 100000 | 93604 |
| 1.75%, 05/04/30 *(a)* | 75000 | 67661 |
| **Trimble, Inc.** | **Trimble, Inc.** | **Trimble, Inc.** |
| 4.90%, 06/15/28 *(a)* | 100000 | 101467 |
| **TSMC Arizona Corp.** | **TSMC Arizona Corp.** | **TSMC Arizona Corp.** |
| 1.75%, 10/25/26 *(a)* | 350000 | 340788 |
| **Tyco Electronics Group SA** | **Tyco Electronics Group SA** | **Tyco Electronics Group SA** |
| 3.13%, 08/15/27 *(a)* | 100000 | 98257 |
| **Verisk Analytics, Inc.** | **Verisk Analytics, Inc.** | **Verisk Analytics, Inc.** |
| 4.13%, 03/15/29 *(a)* | 75000 | 75020 |
| 4.50%, 08/15/30 *(a)* | 100000 | 100416 |
| **Visa, Inc.** | **Visa, Inc.** | **Visa, Inc.** |
| 1.90%, 04/15/27 *(a)* | 200000 | 193902 |
| 2.75%, 09/15/27 *(a)* | 150000 | 146855 |
| 2.05%, 04/15/30 *(a)* | 150000 | 137804 |
| **VMware LLC** | **VMware LLC** | **VMware LLC** |
| 4.65%, 05/15/27 *(a)* | 100000 | 100633 |
| 3.90%, 08/21/27 *(a)* | 200000 | 198994 |
| 1.80%, 08/15/28 *(a)* | 100000 | 93549 |
| 4.70%, 05/15/30 *(a)* | 100000 | 101251 |
| **Western Digital Corp.** | **Western Digital Corp.** | **Western Digital Corp.** |
| 2.85%, 02/01/29 *(a)* | 75000 | 70619 |
| **Workday, Inc.** | **Workday, Inc.** | **Workday, Inc.** |
| 3.50%, 04/01/27 *(a)* | 200000 | 198108 |
| 3.70%, 04/01/29 *(a)* | 100000 | 98489 |
| **Xilinx, Inc.** | **Xilinx, Inc.** | **Xilinx, Inc.** |
| 2.38%, 06/01/30 *(a)* | 90000 | 83336 |
|  |  | **34761382** |
| ***Transportation 0.3%***  | ***Transportation 0.3%***  | ***Transportation 0.3%***  |
| **American Airlines 2014-1 Class A Pass-Through Trust** | **American Airlines 2014-1 Class A Pass-Through Trust** | **American Airlines 2014-1 Class A Pass-Through Trust** |
| 3.70%, 04/01/28  | 92123 | 91164 |
| **American Airlines 2015-1 Class A Pass-Through Trust** | **American Airlines 2015-1 Class A Pass-Through Trust** | **American Airlines 2015-1 Class A Pass-Through Trust** |
| 3.38%, 05/01/27  | 74928 | 73227 |
| **American Airlines 2016-1 Class AA Pass-Through Trust** | **American Airlines 2016-1 Class AA Pass-Through Trust** | **American Airlines 2016-1 Class AA Pass-Through Trust** |
| 3.58%, 07/15/29  | 57194 | 55791 |
| **American Airlines 2016-2 Class AA Pass-Through Trust** | **American Airlines 2016-2 Class AA Pass-Through Trust** | **American Airlines 2016-2 Class AA Pass-Through Trust** |
| 3.20%, 12/15/29  | 91050 | 87701 |
| **American Airlines 2017-1 Class AA Pass-Through Trust** | **American Airlines 2017-1 Class AA Pass-Through Trust** | **American Airlines 2017-1 Class AA Pass-Through Trust** |
| 3.65%, 08/15/30  | 118250 | 114697 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Canadian Pacific Railway Co.** | **Canadian Pacific Railway Co.** | **Canadian Pacific Railway Co.** |
| 1.75%, 12/02/26 *(a)* | 200000 | 194362 |
| 4.00%, 06/01/28 *(a)* | 100000 | 99930 |
| 2.05%, 03/05/30 *(a)* | 100000 | 91125 |
| 4.80%, 03/30/30 *(a)* | 100000 | 102463 |
| **CH Robinson Worldwide, Inc.** | **CH Robinson Worldwide, Inc.** | **CH Robinson Worldwide, Inc.** |
| 4.20%, 04/15/28 *(a)* | 100000 | 100141 |
| **CSX Corp.** | **CSX Corp.** | **CSX Corp.** |
| 3.25%, 06/01/27 *(a)* | 250000 | 246700 |
| 3.80%, 03/01/28 *(a)* | 150000 | 149269 |
| 2.40%, 02/15/30 *(a)* | 75000 | 69775 |
| **Delta Air Lines 2020-1 Class AA Pass-Through Trust** | **Delta Air Lines 2020-1 Class AA Pass-Through Trust** | **Delta Air Lines 2020-1 Class AA Pass-Through Trust** |
| 2.00%, 12/10/29  | 70103 | 67051 |
| **Delta Air Lines, Inc.** | **Delta Air Lines, Inc.** | **Delta Air Lines, Inc.** |
| 4.95%, 07/10/28 *(a)* | 130000 | 131582 |
| 3.75%, 10/28/29 *(a)* | 150000 | 145536 |
| 5.25%, 07/10/30 *(a)* | 130000 | 132721 |
| **FedEx Corp.** | **FedEx Corp.** | **FedEx Corp.** |
| 3.40%, 02/15/28 *(a)(c)* | 100000 | 98440 |
| 3.10%, 08/05/29 *(a)(c)* | 50000 | 47816 |
| 4.25%, 05/15/30 *(a)(c)* | 100000 | 99048 |
| **GXO Logistics, Inc.** | **GXO Logistics, Inc.** | **GXO Logistics, Inc.** |
| 6.25%, 05/06/29 *(a)* | 100000 | 104905 |
| **JB Hunt Transport Services, Inc.** | **JB Hunt Transport Services, Inc.** | **JB Hunt Transport Services, Inc.** |
| 4.90%, 03/15/30 *(a)* | 100000 | 102405 |
| **Kirby Corp.** | **Kirby Corp.** | **Kirby Corp.** |
| 4.20%, 03/01/28 *(a)* | 100000 | 99896 |
| **Norfolk Southern Corp.** | **Norfolk Southern Corp.** | **Norfolk Southern Corp.** |
| 3.80%, 08/01/28 *(a)* | 100000 | 99588 |
| 2.55%, 11/01/29 *(a)* | 75000 | 70621 |
| 5.05%, 08/01/30 *(a)* | 80000 | 82941 |
| **Ryder System, Inc.** | **Ryder System, Inc.** | **Ryder System, Inc.** |
| 1.75%, 09/01/26 *(a)* | 100000 | 97504 |
| 2.85%, 03/01/27 *(a)* | 200000 | 196064 |
| 5.25%, 06/01/28 *(a)* | 100000 | 102770 |
| 5.38%, 03/15/29 *(a)* | 100000 | 103447 |
| 4.95%, 09/01/29 *(a)* | 100000 | 102294 |
| 4.90%, 12/01/29 *(a)* | 100000 | 102090 |
| 4.85%, 06/15/30 *(a)* | 40000 | 40796 |
| **Southwest Airlines Co.** | **Southwest Airlines Co.** | **Southwest Airlines Co.** |
| 5.13%, 06/15/27 *(a)* | 350000 | 354102 |
| **Union Pacific Corp.** | **Union Pacific Corp.** | **Union Pacific Corp.** |
| 2.15%, 02/05/27 *(a)* | 100000 | 97495 |
| 3.00%, 04/15/27 *(a)* | 100000 | 98397 |
| 3.95%, 09/10/28 *(a)* | 100000 | 99957 |
| 6.63%, 02/01/29  | 100000 | 107966 |
| 3.70%, 03/01/29 *(a)* | 125000 | 123556 |
| **United Airlines 2014-2 Class A Pass-Through Trust** | **United Airlines 2014-2 Class A Pass-Through Trust** | **United Airlines 2014-2 Class A Pass-Through Trust** |
| 3.75%, 03/03/28  | 70823 | 70145 |
| **United Airlines 2016-1 Class AA Pass-Through Trust** | **United Airlines 2016-1 Class AA Pass-Through Trust** | **United Airlines 2016-1 Class AA Pass-Through Trust** |
| 3.10%, 01/07/30  | 43340 | 41728 |
| **United Airlines 2018-1 Class AA Pass-Through Trust** | **United Airlines 2018-1 Class AA Pass-Through Trust** | **United Airlines 2018-1 Class AA Pass-Through Trust** |
| 3.50%, 09/01/31  | 68029 | 64958 |
| **United Airlines 2020-1 Class A Pass-Through Trust** | **United Airlines 2020-1 Class A Pass-Through Trust** | **United Airlines 2020-1 Class A Pass-Through Trust** |
| 5.88%, 04/15/29 *(a)* | 184389 | 188438 |
| **United Parcel Service, Inc.** | **United Parcel Service, Inc.** | **United Parcel Service, Inc.** |
| 3.05%, 11/15/27 *(a)* | 150000 | 147484 |
| 3.40%, 03/15/29 *(a)* | 100000 | 98211 |
| 2.50%, 09/01/29 *(a)* | 100000 | 94277 |
|  |  | **5090574** |
|  |  | **188356110** |

---

*See financial notes*

**116**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Short-Term Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Utility 1.7%** | **Utility 1.7%** | **Utility 1.7%** |
| ***Electric 1.5%***  | ***Electric 1.5%***  | ***Electric 1.5%***  |
| **AEP Texas, Inc.** | **AEP Texas, Inc.** | **AEP Texas, Inc.** |
| 3.95%, 06/01/28 *(a)* | 100000 | 99284 |
| 5.45%, 05/15/29 *(a)* | 150000 | 155803 |
| 2.10%, 07/01/30 *(a)* | 70000 | 63109 |
| **AES Corp.** | **AES Corp.** | **AES Corp.** |
| 5.45%, 06/01/28 *(a)* | 150000 | 153670 |
| **Alabama Power Co.** | **Alabama Power Co.** | **Alabama Power Co.** |
| 3.75%, 09/01/27 *(a)* | 150000 | 149515 |
| **Ameren Corp.** | **Ameren Corp.** | **Ameren Corp.** |
| 1.95%, 03/15/27 *(a)* | 75000 | 72513 |
| 1.75%, 03/15/28 *(a)* | 75000 | 70778 |
| 5.00%, 01/15/29 *(a)* | 100000 | 102324 |
| **Ameren Illinois Co.** | **Ameren Illinois Co.** | **Ameren Illinois Co.** |
| 3.80%, 05/15/28 *(a)* | 100000 | 99704 |
| **American Electric Power Co., Inc.** | **American Electric Power Co., Inc.** | **American Electric Power Co., Inc.** |
| 3.20%, 11/13/27 *(a)* | 100000 | 98024 |
| 4.30%, 12/01/28 *(a)* | 100000 | 100534 |
| 5.20%, 01/15/29 *(a)* | 150000 | 154749 |
| 7.05%, 12/15/54 *(a)(b)* | 100000 | 104450 |
| 3.88%, 02/15/62 *(a)(b)* | 100000 | 97044 |
| **Arizona Public Service Co.** | **Arizona Public Service Co.** | **Arizona Public Service Co.** |
| 2.60%, 08/15/29 *(a)* | 100000 | 94015 |
| **Avangrid, Inc.** | **Avangrid, Inc.** | **Avangrid, Inc.** |
| 3.80%, 06/01/29 *(a)* | 100000 | 98350 |
| **Berkshire Hathaway Energy Co.** | **Berkshire Hathaway Energy Co.** | **Berkshire Hathaway Energy Co.** |
| 3.25%, 04/15/28 *(a)* | 100000 | 98275 |
| 3.70%, 07/15/30 *(a)* | 140000 | 137087 |
| **Black Hills Corp.** | **Black Hills Corp.** | **Black Hills Corp.** |
| 3.15%, 01/15/27 *(a)* | 100000 | 98513 |
| 5.95%, 03/15/28 *(a)* | 75000 | 78020 |
| 2.50%, 06/15/30 *(a)* | 50000 | 45915 |
| **CenterPoint Energy Houston Electric LLC** | **CenterPoint Energy Houston Electric LLC** | **CenterPoint Energy Houston Electric LLC** |
| 5.20%, 10/01/28 *(a)* | 100000 | 103279 |
| 4.80%, 03/15/30 *(a)* | 100000 | 102428 |
| **CenterPoint Energy, Inc.** | **CenterPoint Energy, Inc.** | **CenterPoint Energy, Inc.** |
| 5.40%, 06/01/29 *(a)* | 100000 | 103693 |
| 7.00%, 02/15/55 *(a)(b)* | 50000 | 52563 |
| 6.70%, 05/15/55 *(a)(b)* | 100000 | 102476 |
| **CMS Energy Corp.** | **CMS Energy Corp.** | **CMS Energy Corp.** |
| 3.45%, 08/15/27 *(a)* | 50000 | 49337 |
| 4.75%, 06/01/50 *(a)(b)* | 60000 | 58133 |
| **Commonwealth Edison Co.** | **Commonwealth Edison Co.** | **Commonwealth Edison Co.** |
| 3.70%, 08/15/28 *(a)* | 150000 | 148938 |
| **Connecticut Light & Power Co.** | **Connecticut Light & Power Co.** | **Connecticut Light & Power Co.** |
| 3.20%, 03/15/27 *(a)* | 100000 | 98816 |
| 4.95%, 01/15/30 *(a)* | 100000 | 102713 |
| **Consolidated Edison Co. of New York, Inc.** | **Consolidated Edison Co. of New York, Inc.** | **Consolidated Edison Co. of New York, Inc.** |
| 3.80%, 05/15/28 *(a)* | 100000 | 99621 |
| 4.00%, 12/01/28 *(a)* | 75000 | 75147 |
| 3.35%, 04/01/30 *(a)* | 100000 | 96944 |
| **Constellation Energy Generation LLC** | **Constellation Energy Generation LLC** | **Constellation Energy Generation LLC** |
| 5.60%, 03/01/28 *(a)* | 125000 | 129546 |
| **Consumers Energy Co.** | **Consumers Energy Co.** | **Consumers Energy Co.** |
| 4.65%, 03/01/28 *(a)* | 75000 | 76143 |
| 4.90%, 02/15/29 *(a)* | 75000 | 76945 |
| 4.60%, 05/30/29 *(a)* | 100000 | 101748 |
| 4.70%, 01/15/30 *(a)* | 100000 | 102152 |
| **Dayton Power & Light Co.** | **Dayton Power & Light Co.** | **Dayton Power & Light Co.** |
| 4.55%, 08/15/30 *(a)(c)* | 50000 | 50191 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Dominion Energy, Inc.** | **Dominion Energy, Inc.** | **Dominion Energy, Inc.** |
| 4.25%, 06/01/28 *(a)* | 100000 | 100224 |
| 3.38%, 04/01/30 *(a)* | 150000 | 144002 |
| 5.00%, 06/15/30 *(a)* | 110000 | 113021 |
| 6.88%, 02/01/55 *(a)(b)* | 250000 | 261830 |
| **DTE Electric Co.** | **DTE Electric Co.** | **DTE Electric Co.** |
| 1.90%, 04/01/28 *(a)* | 100000 | 94918 |
| 2.25%, 03/01/30 *(a)* | 100000 | 92280 |
| **DTE Energy Co.** | **DTE Energy Co.** | **DTE Energy Co.** |
| 2.85%, 10/01/26 *(a)* | 125000 | 123201 |
| 4.88%, 06/01/28 *(a)* | 150000 | 152685 |
| 5.10%, 03/01/29 *(a)* | 200000 | 205142 |
| 3.40%, 06/15/29 *(a)* | 100000 | 96776 |
| 5.20%, 04/01/30 *(a)* | 150000 | 154693 |
| **Duke Energy Carolinas LLC** | **Duke Energy Carolinas LLC** | **Duke Energy Carolinas LLC** |
| 3.95%, 11/15/28 *(a)* | 100000 | 100039 |
| 2.45%, 08/15/29 *(a)* | 100000 | 94063 |
| 4.85%, 03/15/30 *(a)* | 100000 | 102867 |
| **Duke Energy Corp.** | **Duke Energy Corp.** | **Duke Energy Corp.** |
| 2.65%, 09/01/26 *(a)* | 200000 | 197118 |
| 4.85%, 01/05/27  | 100000 | 100949 |
| 5.00%, 12/08/27 *(a)* | 150000 | 152872 |
| 4.30%, 03/15/28 *(a)* | 150000 | 150774 |
| 4.85%, 01/05/29 *(a)* | 125000 | 127546 |
| 3.40%, 06/15/29 *(a)* | 100000 | 97126 |
| 2.45%, 06/01/30 *(a)* | 100000 | 91983 |
| 3.25%, 01/15/82 *(a)(b)* | 100000 | 96647 |
| **Duke Energy Florida LLC** | **Duke Energy Florida LLC** | **Duke Energy Florida LLC** |
| 3.20%, 01/15/27 *(a)* | 200000 | 197982 |
| 2.50%, 12/01/29 *(a)* | 100000 | 93892 |
| 1.75%, 06/15/30 *(a)* | 60000 | 53624 |
| **Duke Energy Ohio, Inc.** | **Duke Energy Ohio, Inc.** | **Duke Energy Ohio, Inc.** |
| 3.65%, 02/01/29 *(a)* | 75000 | 73870 |
| 2.13%, 06/01/30 *(a)* | 50000 | 45505 |
| **Duke Energy Progress LLC** | **Duke Energy Progress LLC** | **Duke Energy Progress LLC** |
| 4.35%, 03/06/27  | 100000 | 100642 |
| 3.45%, 03/15/29 *(a)* | 75000 | 73499 |
| **Edison International** | **Edison International** | **Edison International** |
| 5.75%, 06/15/27 *(a)* | 150000 | 152787 |
| 4.13%, 03/15/28 *(a)* | 100000 | 98438 |
| 5.25%, 11/15/28 *(a)* | 100000 | 101052 |
| 6.95%, 11/15/29 *(a)* | 75000 | 79637 |
| 6.25%, 03/15/30 *(a)* | 100000 | 104084 |
| **Enel Americas SA** | **Enel Americas SA** | **Enel Americas SA** |
| 4.00%, 10/25/26 *(a)* | 150000 | 149137 |
| **Enel Chile SA** | **Enel Chile SA** | **Enel Chile SA** |
| 4.88%, 06/12/28 *(a)* | 150000 | 151894 |
| **Entergy Corp.** | **Entergy Corp.** | **Entergy Corp.** |
| 2.95%, 09/01/26 *(a)* | 100000 | 98617 |
| 1.90%, 06/15/28 *(a)* | 100000 | 94176 |
| 2.80%, 06/15/30 *(a)* | 70000 | 65195 |
| 7.13%, 12/01/54 *(a)(b)* | 150000 | 156292 |
| **Entergy Louisiana LLC** | **Entergy Louisiana LLC** | **Entergy Louisiana LLC** |
| 3.25%, 04/01/28 *(a)* | 100000 | 98257 |
| **Evergy Metro, Inc.** | **Evergy Metro, Inc.** | **Evergy Metro, Inc.** |
| 2.25%, 06/01/30 *(a)* | 50000 | 45799 |
| **Evergy, Inc.** | **Evergy, Inc.** | **Evergy, Inc.** |
| 2.90%, 09/15/29 *(a)* | 100000 | 94732 |
| 6.65%, 06/01/55 *(a)(b)* | 70000 | 71100 |
| **Eversource Energy** | **Eversource Energy** | **Eversource Energy** |
| 4.60%, 07/01/27 *(a)* | 100000 | 100648 |
| 3.30%, 01/15/28 *(a)* | 150000 | 147094 |
| 5.45%, 03/01/28 *(a)* | 225000 | 231403 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**117**

------

Schwab Short-Term Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.95%, 02/01/29 *(a)* | 125000 | 131186 |
| 1.65%, 08/15/30 *(a)* | 70000 | 61455 |
| **Exelon Corp.** | **Exelon Corp.** | **Exelon Corp.** |
| 2.75%, 03/15/27 *(a)* | 150000 | 146905 |
| 5.15%, 03/15/28 *(a)* | 100000 | 102344 |
| 5.15%, 03/15/29 *(a)* | 100000 | 102933 |
| 4.05%, 04/15/30 *(a)* | 150000 | 148408 |
| **FirstEnergy Corp.** | **FirstEnergy Corp.** | **FirstEnergy Corp.** |
| 3.90%, 07/15/27 *(a)(g)* | 200000 | 198666 |
| 2.65%, 03/01/30 *(a)* | 100000 | 92853 |
| **Florida Power & Light Co.** | **Florida Power & Light Co.** | **Florida Power & Light Co.** |
| 5.05%, 04/01/28 *(a)* | 150000 | 154074 |
| 4.40%, 05/15/28 *(a)* | 100000 | 101164 |
| 5.15%, 06/15/29 *(a)* | 100000 | 103844 |
| **Fortis, Inc.** | **Fortis, Inc.** | **Fortis, Inc.** |
| 3.06%, 10/04/26 *(a)* | 200000 | 197032 |
| **Georgia Power Co.** | **Georgia Power Co.** | **Georgia Power Co.** |
| 3.25%, 03/30/27 *(a)* | 50000 | 49426 |
| 4.65%, 05/16/28 *(a)* | 100000 | 101583 |
| 2.65%, 09/15/29 *(a)* | 100000 | 94652 |
| 4.55%, 03/15/30 *(a)* | 100000 | 101646 |
| **Indiana Michigan Power Co.** | **Indiana Michigan Power Co.** | **Indiana Michigan Power Co.** |
| 3.85%, 05/15/28 *(a)* | 100000 | 99560 |
| **Interstate Power & Light Co.** | **Interstate Power & Light Co.** | **Interstate Power & Light Co.** |
| 4.10%, 09/26/28 *(a)* | 100000 | 99988 |
| 3.60%, 04/01/29 *(a)* | 100000 | 98207 |
| 2.30%, 06/01/30 *(a)* | 50000 | 45627 |
| **IPALCO Enterprises, Inc.** | **IPALCO Enterprises, Inc.** | **IPALCO Enterprises, Inc.** |
| 4.25%, 05/01/30 *(a)* | 100000 | 97834 |
| **ITC Holdings Corp.** | **ITC Holdings Corp.** | **ITC Holdings Corp.** |
| 3.35%, 11/15/27 *(a)* | 150000 | 147199 |
| **MidAmerican Energy Co.** | **MidAmerican Energy Co.** | **MidAmerican Energy Co.** |
| 3.65%, 04/15/29 *(a)* | 100000 | 98662 |
| **National Grid PLC** | **National Grid PLC** | **National Grid PLC** |
| 5.60%, 06/12/28 *(a)* | 150000 | 155412 |
| **National Rural Utilities Cooperative Finance Corp.** | **National Rural Utilities Cooperative Finance Corp.** | **National Rural Utilities Cooperative Finance Corp.** |
| 5.10%, 05/06/27 *(a)* | 250000 | 254287 |
| 4.12%, 09/16/27 *(a)* | 100000 | 100241 |
| 3.40%, 02/07/28 *(a)* | 125000 | 123193 |
| 4.80%, 03/15/28 *(a)* | 100000 | 101947 |
| 4.15%, 08/25/28 *(a)* | 90000 | 90354 |
| 5.05%, 09/15/28 *(a)* | 75000 | 77074 |
| 4.85%, 02/07/29 *(a)* | 125000 | 128025 |
| 3.70%, 03/15/29 *(a)* | 75000 | 74017 |
| 2.40%, 03/15/30 *(a)* | 100000 | 92906 |
| 7.13%, 09/15/53 *(a)(b)* | 100000 | 105295 |
| **Nevada Power Co.** | **Nevada Power Co.** | **Nevada Power Co.** |
| 3.70%, 05/01/29 *(a)* | 200000 | 196992 |
| 6.25%, 05/15/55 *(a)(b)* | 50000 | 50267 |
| **NextEra Energy Capital Holdings, Inc.** | **NextEra Energy Capital Holdings, Inc.** | **NextEra Energy Capital Holdings, Inc.** |
| 1.88%, 01/15/27 *(a)* | 150000 | 145428 |
| 3.55%, 05/01/27 *(a)* | 250000 | 247570 |
| 4.63%, 07/15/27 *(a)* | 250000 | 252277 |
| 4.69%, 09/01/27  | 270000 | 272589 |
| 4.90%, 02/28/28 *(a)* | 200000 | 203558 |
| 1.90%, 06/15/28 *(a)* | 225000 | 212278 |
| 4.90%, 03/15/29 *(a)* | 200000 | 204426 |
| 3.50%, 04/01/29 *(a)* | 75000 | 73381 |
| 2.75%, 11/01/29 *(a)* | 125000 | 118061 |
| 5.00%, 02/28/30 *(a)* | 150000 | 154606 |
| 5.05%, 03/15/30 *(a)* | 100000 | 102966 |
| 2.25%, 06/01/30 *(a)* | 230000 | 209608 |
| 6.70%, 09/01/54 *(a)(b)* | 100000 | 103161 |
| 6.38%, 08/15/55 *(a)(b)* | 200000 | 206768 |
| 4.80%, 12/01/77 *(a)(b)* | 100000 | 96545 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 5.65%, 05/01/79 *(a)(b)* | 75000 | 75004 |
| 3.80%, 03/15/82 *(a)(b)* | 100000 | 96780 |
| **NSTAR Electric Co.** | **NSTAR Electric Co.** | **NSTAR Electric Co.** |
| 3.20%, 05/15/27 *(a)* | 150000 | 147964 |
| 4.85%, 03/01/30 *(a)* | 100000 | 102516 |
| 3.95%, 04/01/30 *(a)* | 75000 | 74391 |
| **OGE Energy Corp.** | **OGE Energy Corp.** | **OGE Energy Corp.** |
| 5.45%, 05/15/29 *(a)* | 75000 | 77974 |
| **Oklahoma Gas & Electric Co.** | **Oklahoma Gas & Electric Co.** | **Oklahoma Gas & Electric Co.** |
| 3.30%, 03/15/30 *(a)* | 100000 | 95900 |
| **Oncor Electric Delivery Co. LLC** | **Oncor Electric Delivery Co. LLC** | **Oncor Electric Delivery Co. LLC** |
| 4.50%, 03/20/27 *(c)* | 100000 | 100725 |
| 3.70%, 11/15/28 *(a)* | 100000 | 99037 |
| 5.75%, 03/15/29 *(a)* | 75000 | 78587 |
| 4.65%, 11/01/29 *(a)* | 75000 | 76370 |
| **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** |
| 5.45%, 06/15/27 *(a)* | 100000 | 101595 |
| 2.10%, 08/01/27 *(a)* | 150000 | 143799 |
| 3.30%, 12/01/27 *(a)* | 150000 | 146525 |
| 5.00%, 06/04/28 *(a)* | 50000 | 50764 |
| 3.00%, 06/15/28 *(a)* | 100000 | 96344 |
| 3.75%, 07/01/28  | 100000 | 98097 |
| 4.65%, 08/01/28 *(a)* | 100000 | 100234 |
| 6.10%, 01/15/29 *(a)* | 150000 | 156759 |
| 5.55%, 05/15/29 *(a)* | 125000 | 128638 |
| 4.55%, 07/01/30 *(a)* | 400000 | 396324 |
| **PacifiCorp** | **PacifiCorp** | **PacifiCorp** |
| 5.10%, 02/15/29 *(a)* | 75000 | 76868 |
| **Pinnacle West Capital Corp.** | **Pinnacle West Capital Corp.** | **Pinnacle West Capital Corp.** |
| 5.15%, 05/15/30 *(a)* | 100000 | 102935 |
| **Public Service Co. of New Hampshire** | **Public Service Co. of New Hampshire** | **Public Service Co. of New Hampshire** |
| 4.40%, 07/01/28  | 40000 | 40426 |
| **Public Service Electric & Gas Co.** | **Public Service Electric & Gas Co.** | **Public Service Electric & Gas Co.** |
| 2.25%, 09/15/26 *(a)* | 100000 | 98156 |
| 3.70%, 05/01/28 *(a)* | 75000 | 74591 |
| **Public Service Enterprise Group, Inc.** | **Public Service Enterprise Group, Inc.** | **Public Service Enterprise Group, Inc.** |
| 5.85%, 11/15/27 *(a)* | 100000 | 103604 |
| 5.88%, 10/15/28 *(a)* | 100000 | 104829 |
| 5.20%, 04/01/29 *(a)* | 100000 | 103211 |
| 4.90%, 03/15/30 *(a)* | 100000 | 102242 |
| 1.60%, 08/15/30 *(a)* | 60000 | 52399 |
| **Puget Energy, Inc.** | **Puget Energy, Inc.** | **Puget Energy, Inc.** |
| 2.38%, 06/15/28 *(a)* | 100000 | 94934 |
| 4.10%, 06/15/30 *(a)* | 70000 | 68254 |
| **San Diego Gas & Electric Co.** | **San Diego Gas & Electric Co.** | **San Diego Gas & Electric Co.** |
| 4.95%, 08/15/28 *(a)* | 100000 | 102687 |
| **Southern California Edison Co.** | **Southern California Edison Co.** | **Southern California Edison Co.** |
| 4.40%, 09/06/26  | 100000 | 100129 |
| 4.70%, 06/01/27 *(a)* | 150000 | 150807 |
| 3.65%, 03/01/28 *(a)* | 200000 | 196978 |
| 5.30%, 03/01/28 *(a)* | 125000 | 127821 |
| 5.65%, 10/01/28 *(a)* | 100000 | 103596 |
| 4.20%, 03/01/29 *(a)* | 75000 | 74384 |
| 2.85%, 08/01/29 *(a)* | 100000 | 94188 |
| 5.25%, 03/15/30 *(a)* | 100000 | 102433 |
| 2.25%, 06/01/30 *(a)* | 60000 | 53995 |
| **Southern Co.** | **Southern Co.** | **Southern Co.** |
| 5.11%, 08/01/27 *(g)* | 100000 | 101983 |
| 4.85%, 06/15/28 *(a)* | 100000 | 101967 |
| 5.50%, 03/15/29 *(a)* | 150000 | 156447 |
| 3.70%, 04/30/30 *(a)* | 150000 | 146264 |
| 3.75%, 09/15/51 *(a)(b)* | 200000 | 197520 |
| **Southwestern Electric Power Co.** | **Southwestern Electric Power Co.** | **Southwestern Electric Power Co.** |
| 4.10%, 09/15/28 *(a)* | 100000 | 99882 |

---

*See financial notes*

**118**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Short-Term Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **System Energy Resources, Inc.** | **System Energy Resources, Inc.** | **System Energy Resources, Inc.** |
| 6.00%, 04/15/28 *(a)* | 100000 | 104185 |
| **Tampa Electric Co.** | **Tampa Electric Co.** | **Tampa Electric Co.** |
| 4.90%, 03/01/29 *(a)* | 75000 | 76769 |
| **Tucson Electric Power Co.** | **Tucson Electric Power Co.** | **Tucson Electric Power Co.** |
| 1.50%, 08/01/30 *(a)* | 30000 | 26105 |
| **Union Electric Co.** | **Union Electric Co.** | **Union Electric Co.** |
| 3.50%, 03/15/29 *(a)* | 75000 | 73617 |
| 2.95%, 03/15/30 *(a)* | 100000 | 95239 |
| **Virginia Electric & Power Co.** | **Virginia Electric & Power Co.** | **Virginia Electric & Power Co.** |
| 3.50%, 03/15/27 *(a)* | 100000 | 99245 |
| 3.75%, 05/15/27 *(a)* | 150000 | 149269 |
| 3.80%, 04/01/28 *(a)* | 100000 | 99703 |
| **WEC Energy Group, Inc.** | **WEC Energy Group, Inc.** | **WEC Energy Group, Inc.** |
| 5.60%, 09/12/26 *(a)* | 42000 | 42551 |
| 5.15%, 10/01/27 *(a)* | 50000 | 50965 |
| 1.38%, 10/15/27 *(a)* | 150000 | 142059 |
| 4.75%, 01/15/28 *(a)* | 100000 | 101566 |
| 2.20%, 12/15/28 *(a)* | 75000 | 70541 |
| **Xcel Energy, Inc.** | **Xcel Energy, Inc.** | **Xcel Energy, Inc.** |
| 3.35%, 12/01/26 *(a)* | 150000 | 148341 |
| 1.75%, 03/15/27 *(a)* | 100000 | 96453 |
| 4.00%, 06/15/28 *(a)* | 100000 | 99828 |
| 2.60%, 12/01/29 *(a)* | 75000 | 70007 |
| 3.40%, 06/01/30 *(a)* | 70000 | 67076 |
|  |  | **23152457** |
| ***Natural Gas 0.2%***  | ***Natural Gas 0.2%***  | ***Natural Gas 0.2%***  |
| **Atmos Energy Corp.** | **Atmos Energy Corp.** | **Atmos Energy Corp.** |
| 3.00%, 06/15/27 *(a)* | 75000 | 73824 |
| 2.63%, 09/15/29 *(a)* | 100000 | 94506 |
| **CenterPoint Energy Resources Corp.** | **CenterPoint Energy Resources Corp.** | **CenterPoint Energy Resources Corp.** |
| 5.25%, 03/01/28 *(a)* | 200000 | 205488 |
| **NiSource, Inc.** | **NiSource, Inc.** | **NiSource, Inc.** |
| 3.49%, 05/15/27 *(a)* | 100000 | 98968 |
| 5.25%, 03/30/28 *(a)* | 150000 | 154099 |
| 5.20%, 07/01/29 *(a)* | 100000 | 103215 |
| 2.95%, 09/01/29 *(a)* | 100000 | 95464 |
| 3.60%, 05/01/30 *(a)* | 100000 | 97018 |
| 6.95%, 11/30/54 *(a)(b)* | 75000 | 78051 |
| **ONE Gas, Inc.** | **ONE Gas, Inc.** | **ONE Gas, Inc.** |
| 5.10%, 04/01/29 *(a)* | 75000 | 77445 |
| **Piedmont Natural Gas Co., Inc.** | **Piedmont Natural Gas Co., Inc.** | **Piedmont Natural Gas Co., Inc.** |
| 3.50%, 06/01/29 *(a)* | 75000 | 73256 |
| **Sempra** | **Sempra** | **Sempra** |
| 3.25%, 06/15/27 *(a)* | 100000 | 98295 |
| 3.40%, 02/01/28 *(a)* | 150000 | 147079 |
| 3.70%, 04/01/29 *(a)* | 75000 | 73576 |
| 4.13%, 04/01/52 *(a)(b)* | 200000 | 195006 |
| 6.88%, 10/01/54 *(a)(b)* | 100000 | 101979 |
| 6.63%, 04/01/55 *(a)(b)* | 50000 | 50170 |
| **Southern California Gas Co.** | **Southern California Gas Co.** | **Southern California Gas Co.** |
| 2.95%, 04/15/27 *(a)* | 100000 | 98319 |
| 2.55%, 02/01/30 *(a)* | 100000 | 93203 |
| **Southwest Gas Corp.** | **Southwest Gas Corp.** | **Southwest Gas Corp.** |
| 5.45%, 03/23/28 *(a)* | 100000 | 102982 |
| 3.70%, 04/01/28 *(a)* | 50000 | 49398 |
| 2.20%, 06/15/30 *(a)* | 50000 | 45304 |
|  |  | **2206645** |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| ***Utility Other 0.0%***  | ***Utility Other 0.0%***  | ***Utility Other 0.0%***  |
| **American Water Capital Corp.** | **American Water Capital Corp.** | **American Water Capital Corp.** |
| 2.95%, 09/01/27 *(a)* | 100000 | 97989 |
| 3.75%, 09/01/28 *(a)* | 100000 | 99354 |
| 2.80%, 05/01/30 *(a)* | 100000 | 93955 |
| **Essential Utilities, Inc.** | **Essential Utilities, Inc.** | **Essential Utilities, Inc.** |
| 4.80%, 08/15/27 *(a)* | 50000 | 50569 |
| 3.57%, 05/01/29 *(a)* | 75000 | 73044 |
| **United Utilities PLC** | **United Utilities PLC** | **United Utilities PLC** |
| 6.88%, 08/15/28  | 75000 | 80216 |
|  |  | **495127** |
|  |  | **25854229** |
| **Total Corporates** <br>**(Cost $370,127,410)** | **Total Corporates** <br>**(Cost $370,127,410)** | **375964217** |
| **TREASURIES** 67.9% OF NET ASSETS | **TREASURIES** 67.9% OF NET ASSETS | **TREASURIES** 67.9% OF NET ASSETS |
| **U.S. Treasury Bonds** | **U.S. Treasury Bonds** | **U.S. Treasury Bonds** |
| 6.50%, 11/15/26  | 999800 | 1035535 |
| 6.63%, 02/15/27  | 699800 | 730717 |
| 6.38%, 08/15/27  | 999800 | 1051879 |
| 6.13%, 11/15/27  | 1100000 | 1159512 |
| 5.50%, 08/15/28  | 800000 | 843750 |
| 5.25%, 11/15/28  | 1300000 | 1364289 |
| 5.25%, 02/15/29  | 700000 | 739074 |
| 6.13%, 08/15/29  | 500000 | 545547 |
| 6.25%, 05/15/30  | 1000000 | 1110000 |
| **U.S. Treasury Notes** | **U.S. Treasury Notes** | **U.S. Treasury Notes** |
| 4.63%, 09/15/26  | 6350000 | 6400354 |
| 0.88%, 09/30/26  | 1300000 | 1259730 |
| 1.63%, 09/30/26  | 2600000 | 2539977 |
| 3.50%, 09/30/26  | 9550000 | 9516239 |
| 4.63%, 10/15/26  | 6350000 | 6405687 |
| 1.13%, 10/31/26  | 7450000 | 7223444 |
| 1.63%, 10/31/26  | 3200000 | 3121438 |
| 4.13%, 10/31/26  | 9500000 | 9531543 |
| 2.00%, 11/15/26  | 6700000 | 6560242 |
| 4.63%, 11/15/26  | 6500000 | 6561826 |
| 1.25%, 11/30/26  | 7800000 | 7562191 |
| 1.63%, 11/30/26  | 2900000 | 2825064 |
| 4.25%, 11/30/26  | 9025000 | 9074003 |
| 4.38%, 12/15/26  | 6850000 | 6900840 |
| 1.25%, 12/31/26  | 7500000 | 7258008 |
| 1.75%, 12/31/26  | 3100000 | 3020502 |
| 4.25%, 12/31/26  | 8900000 | 8954408 |
| 4.00%, 01/15/27  | 6800000 | 6822047 |
| 1.50%, 01/31/27  | 10400000 | 10081500 |
| 4.13%, 01/31/27  | 9150000 | 9196286 |
| 2.25%, 02/15/27  | 6100000 | 5974188 |
| 4.13%, 02/15/27  | 7550000 | 7590699 |
| 1.13%, 02/28/27  | 1650000 | 1588641 |
| 1.88%, 02/28/27  | 7140000 | 6949925 |
| 4.13%, 02/28/27  | 9300000 | 9354129 |
| 4.25%, 03/15/27  | 7425000 | 7484458 |
| 0.63%, 03/31/27  | 3100000 | 2956080 |
| 2.50%, 03/31/27  | 6800000 | 6676617 |
| 3.88%, 03/31/27  | 9500000 | 9525791 |
| 4.50%, 04/15/27  | 8350000 | 8454701 |
| 0.50%, 04/30/27  | 4100000 | 3892758 |
| 2.75%, 04/30/27  | 6400000 | 6305375 |
| 3.75%, 04/30/27  | 9500000 | 9510947 |
| 2.38%, 05/15/27  | 7200000 | 7048266 |
| 4.50%, 05/15/27  | 7800000 | 7904965 |
| 0.50%, 05/31/27  | 4299800 | 4073053 |
| 2.63%, 05/31/27  | 6500000 | 6386631 |
| 3.88%, 05/31/27  | 10100000 | 10134916 |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**119**

------

Schwab Short-Term Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.63%, 06/15/27  | 8000000 | 8132188 |
| 0.50%, 06/30/27  | 5049800 | 4771962 |
| 3.25%, 06/30/27  | 6650000 | 6604151 |
| 3.75%, 06/30/27  | 10300000 | 10318508 |
| 4.38%, 07/15/27  | 8100000 | 8205680 |
| 0.38%, 07/31/27  | 5899800 | 5548808 |
| 2.75%, 07/31/27  | 6500000 | 6393867 |
| 3.88%, 07/31/27  | 9750000 | 9791514 |
| 2.25%, 08/15/27  | 5750000 | 5601309 |
| 3.75%, 08/15/27  | 8200000 | 8218098 |
| 0.50%, 08/31/27  | 4900000 | 4608584 |
| 3.13%, 08/31/27  | 5900000 | 5844688 |
| 3.63%, 08/31/27  | 7800000 | 7801676 |
| 3.38%, 09/15/27  | 8000000 | 7964062 |
| 0.38%, 09/30/27  | 6350000 | 5942955 |
| 4.13%, 09/30/27  | 5700000 | 5758336 |
| 3.88%, 10/15/27  | 7700000 | 7740605 |
| 0.50%, 10/31/27  | 6300000 | 5896898 |
| 4.13%, 10/31/27  | 5500000 | 5558008 |
| 2.25%, 11/15/27  | 6000000 | 5828906 |
| 4.13%, 11/15/27  | 7000000 | 7075742 |
| 0.63%, 11/30/27  | 6700000 | 6275492 |
| 3.88%, 11/30/27  | 2450000 | 2463973 |
| 4.00%, 12/15/27  | 7020000 | 7082522 |
| 0.63%, 12/31/27  | 7100000 | 6632676 |
| 3.88%, 12/31/27  | 5225000 | 5257452 |
| 4.25%, 01/15/28  | 7350000 | 7457092 |
| 0.75%, 01/31/28  | 7000000 | 6543906 |
| 3.50%, 01/31/28  | 5700000 | 5687754 |
| 2.75%, 02/15/28  | 7150000 | 7010072 |
| 4.25%, 02/15/28  | 7250000 | 7360449 |
| 1.13%, 02/29/28  | 7600000 | 7157656 |
| 4.00%, 02/29/28  | 5250000 | 5301064 |
| 3.88%, 03/15/28  | 7500000 | 7554492 |
| 1.25%, 03/31/28  | 6850000 | 6459336 |
| 3.63%, 03/31/28  | 4950000 | 4955607 |
| 3.75%, 04/15/28  | 6750000 | 6776367 |
| 1.25%, 04/30/28  | 8150000 | 7672461 |
| 3.50%, 04/30/28  | 5300000 | 5287992 |
| 2.88%, 05/15/28  | 8100000 | 7951922 |
| 3.75%, 05/15/28  | 7650000 | 7682572 |
| 1.25%, 05/31/28  | 8100000 | 7609254 |
| 3.63%, 05/31/28  | 5175000 | 5180054 |
| 3.88%, 06/15/28  | 7300000 | 7357316 |
| 1.25%, 06/30/28  | 7500000 | 7033887 |
| 4.00%, 06/30/28  | 6200000 | 6270234 |
| 3.88%, 07/15/28  | 7700000 | 7760457 |
| 1.00%, 07/31/28  | 8025000 | 7456667 |
| 4.13%, 07/31/28  | 5700000 | 5784387 |
| 2.88%, 08/15/28  | 8350000 | 8185936 |
| 3.63%, 08/15/28  | 4750000 | 4756494 |
| 1.13%, 08/31/28  | 8080000 | 7519134 |
| 4.38%, 08/31/28  | 5975000 | 6107804 |
| 1.25%, 09/30/28  | 8100000 | 7552617 |
| 4.63%, 09/30/28  | 6900000 | 7106730 |
| 1.38%, 10/31/28  | 7600000 | 7100656 |
| 4.88%, 10/31/28  | 6750000 | 7006025 |
| 3.13%, 11/15/28  | 8000000 | 7887188 |
| 1.50%, 11/30/28  | 7600000 | 7116688 |
| 4.38%, 11/30/28  | 7200000 | 7370156 |
| 1.38%, 12/31/28  | 7350000 | 6843826 |
| 3.75%, 12/31/28  | 7700000 | 7736094 |
| 1.75%, 01/31/29  | 6900000 | 6493008 |
| 4.00%, 01/31/29  | 8200000 | 8304102 |
| 2.63%, 02/15/29  | 7900000 | 7651582 |
| 1.88%, 02/28/29  | 6500000 | 6133867 |
| 4.25%, 02/28/29  | 8600000 | 8781406 |
| 2.38%, 03/31/29  | 6150000 | 5898234 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.13%, 03/31/29  | 8700000 | 8849191 |
| 2.88%, 04/30/29  | 5900000 | 5751578 |
| 4.63%, 04/30/29  | 9250000 | 9567607 |
| 2.38%, 05/15/29  | 6800000 | 6510734 |
| 2.75%, 05/31/29  | 5900000 | 5722078 |
| 4.50%, 05/31/29  | 9200000 | 9479594 |
| 3.25%, 06/30/29  | 5500000 | 5426953 |
| 4.25%, 06/30/29  | 9300000 | 9505254 |
| 2.63%, 07/31/29  | 5500000 | 5300840 |
| 4.00%, 07/31/29  | 9400000 | 9525945 |
| 1.63%, 08/15/29  | 6100000 | 5664184 |
| 3.13%, 08/31/29  | 5200000 | 5103516 |
| 3.63%, 08/31/29  | 9575000 | 9572756 |
| 3.50%, 09/30/29  | 9600000 | 9550500 |
| 3.88%, 09/30/29  | 4800000 | 4843500 |
| 4.00%, 10/31/29  | 5050000 | 5119635 |
| 4.13%, 10/31/29  | 9400000 | 9572211 |
| 1.75%, 11/15/29  | 4650000 | 4317053 |
| 3.88%, 11/30/29  | 4500000 | 4539023 |
| 4.13%, 11/30/29  | 9575000 | 9752287 |
| 3.88%, 12/31/29  | 4900000 | 4943449 |
| 4.38%, 12/31/29  | 9475000 | 9745556 |
| 3.50%, 01/31/30  | 4800000 | 4768313 |
| 4.25%, 01/31/30  | 9275000 | 9495281 |
| 1.50%, 02/15/30  | 7800000 | 7117805 |
| 4.00%, 02/28/30  | 13850000 | 14046930 |
| 3.63%, 03/31/30  | 4550000 | 4540580 |
| 4.00%, 03/31/30  | 9400000 | 9530352 |
| 3.50%, 04/30/30  | 4750000 | 4713818 |
| 3.88%, 04/30/30  | 9455000 | 9536623 |
| 0.63%, 05/15/30  | 10700000 | 9301895 |
| 3.75%, 05/31/30  | 4500000 | 4512656 |
| 4.00%, 05/31/30  | 9300000 | 9430781 |
| 3.75%, 06/30/30  | 4700000 | 4713035 |
| 3.88%, 06/30/30  | 9275000 | 9352896 |
| 3.88%, 07/31/30  | 9575000 | 9654293 |
| 4.00%, 07/31/30  | 4600000 | 4661633 |
| 0.63%, 08/15/30  | 13700000 | 11807688 |
| 3.63%, 08/31/30  | 9200000 | 9173227 |
| 4.13%, 08/31/30  | 5200000 | 5298516 |
| **Total Treasuries** <br>**(Cost $1,010,861,172)** | **Total Treasuries** <br>**(Cost $1,010,861,172)** | **1023408743** |
| **GOVERNMENT RELATED** 6.0% OF NET ASSETS | **GOVERNMENT RELATED** 6.0% OF NET ASSETS | **GOVERNMENT RELATED** 6.0% OF NET ASSETS |
| **Agency 2.3%** | **Agency 2.3%** | **Agency 2.3%** |
| **Foreign 1.2%**  | **Foreign 1.2%**  | **Foreign 1.2%**  |
| ***Austria 0.1%***  | ***Austria 0.1%***  | ***Austria 0.1%***  |
| **Oesterreichische Kontrollbank AG** | **Oesterreichische Kontrollbank AG** | **Oesterreichische Kontrollbank AG** |
| 5.00%, 10/23/26  | 250000 | 253080 |
| 4.25%, 03/01/28  | 250000 | 253467 |
| 4.00%, 05/28/28  | 200000 | 201822 |
| 4.13%, 01/18/29  | 200000 | 202716 |
| 3.75%, 09/05/29  | 250000 | 250243 |
| 4.50%, 01/24/30  | 200000 | 206014 |
|  |  | **1367342** |
| ***Canada 0.1%***  | ***Canada 0.1%***  | ***Canada 0.1%***  |
| **Export Development Canada** | **Export Development Canada** | **Export Development Canada** |
| 3.00%, 05/25/27  | 650000 | 641803 |
| 3.75%, 09/07/27  | 250000 | 250255 |
| 3.88%, 02/14/28  | 500000 | 502735 |

---

*See financial notes*

**120**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Short-Term Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.13%, 02/13/29  | 300000 | 304599 |
| 4.00%, 06/20/30  | 250000 | 252883 |
|  |  | **1952275** |
| ***Germany 0.5%***  | ***Germany 0.5%***  | ***Germany 0.5%***  |
| **Kreditanstalt fuer Wiederaufbau** | **Kreditanstalt fuer Wiederaufbau** | **Kreditanstalt fuer Wiederaufbau** |
| 1.00%, 10/01/26 *(h)* | 350000 | 339528 |
| 4.38%, 03/01/27 *(h)* | 500000 | 504640 |
| 3.00%, 05/20/27 *(h)* | 650000 | 642395 |
| 4.00%, 06/28/27 *(h)* | 390000 | 392223 |
| 3.50%, 08/27/27 *(h)* | 300000 | 299016 |
| 3.75%, 02/15/28 *(h)* | 500000 | 501655 |
| 2.88%, 04/03/28 *(h)* | 250000 | 245518 |
| 3.88%, 05/15/28 *(h)* | 450000 | 453055 |
| 3.88%, 06/15/28 *(h)* | 1000000 | 1007030 |
| 4.00%, 03/15/29 *(h)* | 1000000 | 1011920 |
| 1.75%, 09/14/29 *(h)* | 100000 | 92935 |
| 4.63%, 03/18/30 *(h)* | 400000 | 415468 |
| 3.75%, 07/15/30 *(h)* | 650000 | 650897 |
| **Landwirtschaftliche Rentenbank** | **Landwirtschaftliche Rentenbank** | **Landwirtschaftliche Rentenbank** |
| 2.50%, 11/15/27 *(h)* | 200000 | 195048 |
| 4.63%, 04/17/29 *(h)* | 100000 | 103202 |
| 4.13%, 05/28/30 *(h)* | 300000 | 305412 |
|  |  | **7159942** |
| ***Japan 0.2%***  | ***Japan 0.2%***  | ***Japan 0.2%***  |
| **Japan Bank for International Cooperation** | **Japan Bank for International Cooperation** | **Japan Bank for International Cooperation** |
| 2.25%, 11/04/26  | 300000 | 294108 |
| 2.88%, 06/01/27  | 400000 | 393360 |
| 2.88%, 07/21/27  | 250000 | 245550 |
| 2.75%, 11/16/27  | 250000 | 244358 |
| 4.63%, 07/19/28  | 250000 | 255762 |
| 3.25%, 07/20/28  | 200000 | 197138 |
| 3.50%, 10/31/28  | 200000 | 198260 |
| 2.13%, 02/16/29  | 200000 | 189010 |
| 2.00%, 10/17/29  | 200000 | 185908 |
| **Japan International Cooperation Agency** | **Japan International Cooperation Agency** | **Japan International Cooperation Agency** |
| 2.13%, 10/20/26  | 200000 | 195690 |
| 2.75%, 04/27/27  | 200000 | 196090 |
| 4.00%, 05/23/28  | 250000 | 250917 |
| 4.75%, 05/21/29  | 200000 | 205732 |
|  |  | **3051883** |
| ***Norway 0.0%***  | ***Norway 0.0%***  | ***Norway 0.0%***  |
| **Equinor ASA** | **Equinor ASA** | **Equinor ASA** |
| 3.00%, 04/06/27 *(a)* | 100000 | 98651 |
| 3.63%, 09/10/28 *(a)* | 250000 | 247885 |
| 3.13%, 04/06/30 *(a)* | 250000 | 239853 |
|  |  | **586389** |
| ***Republic of Korea 0.2%***  | ***Republic of Korea 0.2%***  | ***Republic of Korea 0.2%***  |
| **Export-Import Bank of Korea** | **Export-Import Bank of Korea** | **Export-Import Bank of Korea** |
| 1.13%, 12/29/26  | 200000 | 192544 |
| 1.63%, 01/18/27  | 250000 | 242382 |
| 2.38%, 04/21/27  | 200000 | 195156 |
| 5.00%, 01/11/28  | 200000 | 204846 |
| 4.63%, 01/14/28  | 200000 | 203180 |
| 4.50%, 01/11/29  | 200000 | 203164 |
| 4.88%, 01/14/30  | 200000 | 207054 |
| **Korea Development Bank** | **Korea Development Bank** | **Korea Development Bank** |
| 1.38%, 04/25/27  | 600000 | 575826 |
| 4.63%, 02/03/28  | 200000 | 203070 |
| 4.38%, 02/15/28  | 200000 | 202036 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| 4.50%, 02/15/29  | 200000 | 203330 |
| 4.88%, 02/03/30  | 200000 | 207222 |
|  |  | **2839810** |
| ***Sweden 0.1%***  | ***Sweden 0.1%***  | ***Sweden 0.1%***  |
| **Svensk Exportkredit AB** | **Svensk Exportkredit AB** | **Svensk Exportkredit AB** |
| 2.25%, 03/22/27  | 500000 | 487835 |
| 3.75%, 05/08/28  | 250000 | 250353 |
| 4.13%, 06/14/28  | 200000 | 202158 |
| 4.25%, 02/01/29  | 200000 | 203228 |
|  |  | **1143574** |
|  |  | **18101215** |
| **U.S. 1.1%** | **U.S. 1.1%** | **U.S. 1.1%** |
| **Federal Farm Credit Banks Funding Corp.** |  |  |
| 3.50%, 10/02/26  | 2000000 | 1992880 |
| 4.13%, 03/20/29  | 500000 | 507070 |
| 4.75%, 04/30/29  | 500000 | 517830 |
| **Federal Home Loan Banks** |  |  |
| 4.63%, 11/17/26  | 1000000 | 1010100 |
| 1.25%, 12/21/26  | 3000000 | 2904990 |
| 4.75%, 04/09/27  | 2000000 | 2032500 |
| 4.00%, 06/30/28  | 2000000 | 2021460 |
| 3.25%, 11/16/28  | 1000000 | 990180 |
| 4.13%, 06/14/30  | 1000000 | 1017380 |
| **Federal National Mortgage Association** |  |  |
| 0.75%, 10/08/27  | 3000000 | 2825610 |
| 7.25%, 05/15/30  | 1000000 | 1152390 |
|  |  | **16972390** |
|  |  | **35073605** |
| **Local Authority 0.5%** | **Local Authority 0.5%** | **Local Authority 0.5%** |
| **Foreign 0.4%**  | **Foreign 0.4%**  | **Foreign 0.4%**  |
| ***Canada 0.4%***  | ***Canada 0.4%***  | ***Canada 0.4%***  |
| **Hydro-Quebec** | **Hydro-Quebec** | **Hydro-Quebec** |
| 8.50%, 12/01/29  | 500000 | 588010 |
| **Province of Alberta** | **Province of Alberta** | **Province of Alberta** |
| 3.30%, 03/15/28  | 150000 | 148394 |
| 4.50%, 06/26/29  | 250000 | 256210 |
| 1.30%, 07/22/30  | 200000 | 177570 |
| **Province of British Columbia** | **Province of British Columbia** | **Province of British Columbia** |
| 4.70%, 01/24/28  | 500000 | 511160 |
| 4.80%, 11/15/28  | 300000 | 309501 |
| 4.90%, 04/24/29  | 400000 | 415252 |
| **Province of Manitoba** | **Province of Manitoba** | **Province of Manitoba** |
| 1.50%, 10/25/28  | 100000 | 93303 |
| **Province of Ontario** | **Province of Ontario** | **Province of Ontario** |
| 3.10%, 05/19/27  | 400000 | 395380 |
| 1.05%, 05/21/27  | 350000 | 334061 |
| 4.20%, 01/18/29  | 250000 | 253642 |
| 3.70%, 09/17/29  | 300000 | 299139 |
| 2.00%, 10/02/29  | 100000 | 93317 |
| 4.70%, 01/15/30  | 400000 | 414064 |
| **Province of Quebec** | **Province of Quebec** | **Province of Quebec** |
| 4.50%, 04/03/29  | 600000 | 614838 |
| 7.50%, 09/15/29  | 100000 | 113649 |
| 1.35%, 05/28/30  | 200000 | 178532 |
| **Province of Saskatchewan** | **Province of Saskatchewan** | **Province of Saskatchewan** |
| 3.25%, 06/08/27  | 225000 | 222680 |
| 4.65%, 01/28/30  | 100000 | 103324 |
|  |  | **5522026** |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**121**

------

Schwab Short-Term Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **U.S. 0.1%** | **U.S. 0.1%** | **U.S. 0.1%** |
| **Commonwealth of Massachusetts** |  |  |
| RB Series 2022 A |  |  |
| 3.77%, 07/15/29  | 50000 | 49680 |
| **New Jersey Economic Development Authority** |  |  |
| Series A |  |  |
| 7.43%, 02/15/29  | 116000 | 122290 |
| **Oregon School Boards Association** |  |  |
| Series B |  |  |
| 5.55%, 06/30/28  | 91100 | 92995 |
| **Port Authority of New York & New Jersey** |  |  |
| RB 2009 BAB |  |  |
| 6.04%, 12/01/29  | 100000 | 108010 |
| **State Board of Administration Finance Corp.** |  |  |
| Series A |  |  |
| 1.71%, 07/01/27  | 100000 | 96140 |
| Series A |  |  |
| 2.15%, 07/01/30  | 150000 | 136938 |
| **State of California** |  |  |
| 2.50%, 10/01/29  | 100000 | 95048 |
| GO Bonds Series 2019 |  |  |
| 2.38%, 10/01/26  | 40000 | 39346 |
| GO Bonds Series 2021A |  |  |
| 1.70%, 02/01/28  | 125000 | 119085 |
| GO Bonds Series 2024 |  |  |
| 5.13%, 09/01/29  | 150000 | 157269 |
| GO Bonds Series A |  |  |
| 3.05%, 04/01/29  | 50000 | 48764 |
| **State of Oregon** |  |  |
| GO Bonds (Pension Funding) Series <br> 2003<br>|  |  |
| 5.89%, 06/01/27  | 82784 | 84708 |
| **State of Wisconsin** |  |  |
| 3.15%, 05/01/27  | 100000 | 98948 |
| **State Public School Building Authority** |  |  |
| RB Series A |  |  |
| 5.00%, 09/15/27  | 20000 | 20368 |
| **Texas Department of Transportation State** <br> **Highway Fund**<br>|  |  |
| RB (Build America Bonds) Series B |  |  |
| 5.18%, 04/01/30  | 150000 | 153530 |
| **University of California** |  |  |
| RB Series 2019 BD |  |  |
| 3.35%, 07/01/29  | 100000 | 98288 |
| RB Series 2020 BG |  |  |
| 1.32%, 05/15/27 *(a)* | 150000 | 143941 |
|  |  | **1665348** |
|  |  | **7187374** |
| **Sovereign 0.7%** | **Sovereign 0.7%** | **Sovereign 0.7%** |
| ***Canada 0.1%***  | ***Canada 0.1%***  | ***Canada 0.1%***  |
| **Canada Government International Bonds** | **Canada Government International Bonds** | **Canada Government International Bonds** |
| 3.75%, 04/26/28  | 600000 | 602118 |
| 4.63%, 04/30/29  | 400000 | 413164 |
| 4.00%, 03/18/30  | 500000 | 506315 |
|  |  | **1521597** |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| ***Chile 0.1%***  | ***Chile 0.1%***  | ***Chile 0.1%***  |
| **Chile Government International Bonds** | **Chile Government International Bonds** | **Chile Government International Bonds** |
| 2.75%, 01/31/27 *(a)* | 400000 | 392728 |
| 3.24%, 02/06/28 *(a)* | 200000 | 195978 |
| 4.85%, 01/22/29 *(a)* | 200000 | 204398 |
|  |  | **793104** |
| ***Indonesia 0.1%***  | ***Indonesia 0.1%***  | ***Indonesia 0.1%***  |
| **Indonesia Government International Bonds** | **Indonesia Government International Bonds** | **Indonesia Government International Bonds** |
| 4.15%, 09/20/27 *(a)* | 200000 | 200468 |
| 3.50%, 01/11/28  | 200000 | 197644 |
| 4.55%, 01/11/28 *(a)* | 200000 | 202060 |
| 4.10%, 04/24/28  | 200000 | 200322 |
| 3.40%, 09/18/29  | 200000 | 194552 |
| 5.25%, 01/15/30 *(a)* | 200000 | 208268 |
|  |  | **1203314** |
| ***Israel 0.1%***  | ***Israel 0.1%***  | ***Israel 0.1%***  |
| **Israel Government International Bonds** | **Israel Government International Bonds** | **Israel Government International Bonds** |
| 5.38%, 03/12/29  | 500000 | 512565 |
| 5.38%, 02/19/30  | 300000 | 308373 |
| 2.75%, 07/03/30  | 200000 | 183130 |
|  |  | **1004068** |
| ***Italy 0.0%***  | ***Italy 0.0%***  | ***Italy 0.0%***  |
| **Republic of Italy Government International Bonds** | **Republic of Italy Government International Bonds** | **Republic of Italy Government International Bonds** |
| 2.88%, 10/17/29  | 250000 | 238342 |
| ***Mexico 0.1%***  | ***Mexico 0.1%***  | ***Mexico 0.1%***  |
| **Mexico Government International Bonds** | **Mexico Government International Bonds** | **Mexico Government International Bonds** |
| 4.15%, 03/28/27  | 300000 | 299247 |
| 3.75%, 01/11/28  | 400000 | 394480 |
| 4.50%, 04/22/29  | 400000 | 399052 |
| 5.00%, 05/07/29 *(a)* | 200000 | 202684 |
| 3.25%, 04/16/30 *(a)* | 200000 | 187294 |
| 6.00%, 05/13/30 *(a)* | 200000 | 209446 |
|  |  | **1692203** |
| ***Panama 0.0%***  | ***Panama 0.0%***  | ***Panama 0.0%***  |
| **Panama Government International Bonds** | **Panama Government International Bonds** | **Panama Government International Bonds** |
| 3.88%, 03/17/28 *(a)* | 200000 | 195960 |
| 9.38%, 04/01/29  | 200000 | 226394 |
| 3.16%, 01/23/30 *(a)* | 200000 | 184108 |
|  |  | **606462** |
| ***Peru 0.0%***  | ***Peru 0.0%***  | ***Peru 0.0%***  |
| **Peru Government International Bonds** | **Peru Government International Bonds** | **Peru Government International Bonds** |
| 4.13%, 08/25/27  | 200000 | 200956 |
| ***Philippines 0.1%***  | ***Philippines 0.1%***  | ***Philippines 0.1%***  |
| **Philippines Government International Bonds** | **Philippines Government International Bonds** | **Philippines Government International Bonds** |
| 3.00%, 02/01/28  | 200000 | 194532 |
| 3.75%, 01/14/29  | 400000 | 393972 |
| 9.50%, 02/02/30  | 300000 | 362376 |
| 4.38%, 03/05/30  | 200000 | 201990 |
|  |  | **1152870** |

---

*See financial notes*

**122**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Short-Term Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| ***Poland 0.1%***  | ***Poland 0.1%***  | ***Poland 0.1%***  |
| **Republic of Poland Government International Bonds** | **Republic of Poland Government International Bonds** | **Republic of Poland Government International Bonds** |
| 5.50%, 11/16/27 *(a)* | 200000 | 206748 |
| 4.63%, 03/18/29 *(a)* | 200000 | 203188 |
| 4.88%, 02/12/30  | 400000 | 411320 |
|  |  | **821256** |
| ***Republic of Korea 0.0%***  | ***Republic of Korea 0.0%***  | ***Republic of Korea 0.0%***  |
| **Korea International Bonds** | **Korea International Bonds** | **Korea International Bonds** |
| 2.75%, 01/19/27  | 200000 | 197138 |
| 2.50%, 06/19/29  | 200000 | 190690 |
|  |  | **387828** |
| ***Uruguay 0.0%***  | ***Uruguay 0.0%***  | ***Uruguay 0.0%***  |
| **Uruguay Government International Bonds** | **Uruguay Government International Bonds** | **Uruguay Government International Bonds** |
| 4.38%, 10/27/27  | 300000 | 301830 |
|  |  | **9923830** |
| **Supranational\* 2.5%** | **Supranational\* 2.5%** | **Supranational\* 2.5%** |
| **African Development Bank** | **African Development Bank** | **African Development Bank** |
| 4.63%, 01/04/27  | 300000 | 303195 |
| 4.38%, 11/03/27  | 500000 | 507395 |
| 4.38%, 03/14/28  | 400000 | 407140 |
| 3.88%, 06/12/28  | 260000 | 261745 |
| 3.50%, 09/18/29  | 100000 | 99247 |
| 4.00%, 03/18/30  | 300000 | 303444 |
| **Arab Energy Fund** | **Arab Energy Fund** | **Arab Energy Fund** |
| 1.48%, 10/06/26 *(c)* | 200000 | 193892 |
| **Asian Development Bank** | **Asian Development Bank** | **Asian Development Bank** |
| 1.50%, 01/20/27  | 750000 | 727050 |
| 3.13%, 08/20/27  | 500000 | 494810 |
| 2.50%, 11/02/27  | 500000 | 487930 |
| 4.38%, 01/14/28  | 700000 | 711774 |
| 2.75%, 01/19/28  | 500000 | 490060 |
| 3.75%, 04/25/28  | 1000000 | 1003130 |
| 4.50%, 08/25/28  | 500000 | 512295 |
| 4.38%, 03/06/29  | 500000 | 511875 |
| 3.63%, 08/28/29  | 500000 | 499320 |
| 1.75%, 09/19/29  | 500000 | 464055 |
| 1.88%, 01/24/30  | 200000 | 185280 |
| 4.13%, 05/30/30  | 500000 | 508745 |
| 3.75%, 08/28/30  | 390000 | 390347 |
| **Asian Infrastructure Investment Bank** | **Asian Infrastructure Investment Bank** | **Asian Infrastructure Investment Bank** |
| 3.75%, 09/14/27  | 500000 | 500765 |
| 4.00%, 01/18/28  | 350000 | 352951 |
| 4.13%, 01/18/29  | 450000 | 456534 |
| 4.50%, 01/16/30  | 300000 | 309483 |
| **Corp. Andina de Fomento** | **Corp. Andina de Fomento** | **Corp. Andina de Fomento** |
| 2.25%, 02/08/27  | 100000 | 97506 |
| 6.00%, 04/26/27  | 100000 | 103073 |
| 4.13%, 01/07/28  | 300000 | 301191 |
| 5.00%, 01/24/29  | 200000 | 206318 |
| 5.00%, 01/22/30  | 300000 | 311304 |
| **Council of Europe Development Bank** | **Council of Europe Development Bank** | **Council of Europe Development Bank** |
| 0.88%, 09/22/26  | 250000 | 242355 |
| 4.13%, 01/24/29  | 200000 | 203002 |
| 4.50%, 01/15/30  | 200000 | 206270 |
| **Council Of Europe Development Bank** | **Council Of Europe Development Bank** | **Council Of Europe Development Bank** |
| 3.63%, 01/26/28  | 200000 | 199940 |
| **European Bank for Reconstruction & Development** | **European Bank for Reconstruction & Development** | **European Bank for Reconstruction & Development** |
| 4.38%, 03/09/28  | 500000 | 508945 |
| 4.13%, 01/25/29  | 400000 | 406180 |

---

---

| | | |
|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **European Investment Bank** | **European Investment Bank** | **European Investment Bank** |
| 1.38%, 03/15/27  | 750000 | 723930 |
| 2.38%, 05/24/27  | 500000 | 489025 |
| 3.25%, 11/15/27  | 650000 | 644625 |
| 3.88%, 03/15/28  | 1000000 | 1006410 |
| 3.88%, 06/15/28  | 500000 | 503505 |
| 4.50%, 10/16/28  | 750000 | 769447 |
| 4.00%, 02/15/29  | 1000000 | 1011700 |
| 4.75%, 06/15/29  | 1000000 | 1038570 |
| 1.63%, 10/09/29  | 100000 | 92327 |
| 3.75%, 11/15/29  | 750000 | 752280 |
| 4.50%, 03/14/30  | 500000 | 516640 |
| 3.63%, 07/15/30  | 550000 | 547800 |
| **Inter-American Development Bank** | **Inter-American Development Bank** | **Inter-American Development Bank** |
| 1.50%, 01/13/27  | 850000 | 824304 |
| 2.38%, 07/07/27  | 850000 | 830025 |
| 1.13%, 07/20/28  | 200000 | 186372 |
| 3.13%, 09/18/28  | 200000 | 197082 |
| 4.13%, 02/15/29  | 750000 | 761392 |
| 2.25%, 06/18/29  | 350000 | 332556 |
| 3.50%, 09/14/29  | 300000 | 298038 |
| 4.50%, 02/15/30  | 600000 | 619326 |
| 3.75%, 06/14/30  | 260000 | 260302 |
| **Inter-American Investment Corp.** | **Inter-American Investment Corp.** | **Inter-American Investment Corp.** |
| 3.63%, 02/17/27  | 100000 | 99662 |
| 4.75%, 09/19/28  | 200000 | 205786 |
| 4.25%, 04/01/30  | 200000 | 203514 |
| **International Bank for Reconstruction & Development** | **International Bank for Reconstruction & Development** | **International Bank for Reconstruction & Development** |
| 1.88%, 10/27/26  | 500000 | 489010 |
| 3.13%, 06/15/27  | 600000 | 594144 |
| 2.50%, 11/22/27  | 500000 | 487775 |
| 0.75%, 11/24/27  | 1000000 | 938370 |
| 1.38%, 04/20/28  | 750000 | 707887 |
| 3.63%, 05/05/28  | 500000 | 500180 |
| 3.50%, 07/12/28  | 500000 | 498300 |
| 4.63%, 08/01/28  | 750000 | 770325 |
| 1.13%, 09/13/28  | 750000 | 696383 |
| 3.63%, 09/21/29  | 300000 | 299331 |
| 3.88%, 10/16/29  | 750000 | 755370 |
| 1.75%, 10/23/29  | 250000 | 231550 |
| 3.88%, 02/14/30  | 700000 | 704795 |
| 4.13%, 03/20/30  | 750000 | 762832 |
| 0.88%, 05/14/30  | 400000 | 351384 |
| 4.00%, 07/25/30  | 400000 | 404712 |
| 0.75%, 08/26/30  | 340000 | 294185 |
| **International Finance Corp.** | **International Finance Corp.** | **International Finance Corp.** |
| 0.75%, 10/08/26  | 100000 | 96691 |
| 4.50%, 01/21/28  | 300000 | 305943 |
| 4.50%, 07/13/28  | 400000 | 409456 |
| 4.25%, 07/02/29  | 300000 | 306189 |
| 3.88%, 07/02/30  | 300000 | 302109 |
| 0.75%, 08/27/30  | 110000 | 95171 |
| **Nordic Investment Bank** | **Nordic Investment Bank** | **Nordic Investment Bank** |
| 4.38%, 03/14/28  | 250000 | 254450 |
| 3.75%, 05/09/30  | 250000 | 250373 |
|  |  | **37890079** |
| **Total Government Related** <br>**(Cost $89,230,422)** | **Total Government Related** <br>**(Cost $89,230,422)** | **90074888** |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**123**

------

Schwab Short-Term Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Short-Term Investments** 0.6% OF NET ASSETS | **Short-Term Investments** 0.6% OF NET ASSETS | **Short-Term Investments** 0.6% OF NET ASSETS |
| **Money Market Funds 0.6%** | **Money Market Funds 0.6%** | **Money Market Funds 0.6%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.23% *(i)*<br>| 8710776 | 8710776 |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.23% *(i)(j)*<br>| 310790 | 310790 |
|  |  | **9021566** |
| **Total Short-Term Investments** <br>**(Cost $9,021,566)** | **Total Short-Term Investments** <br>**(Cost $9,021,566)** | **9021566** |
| **Total Investments in Securities** <br>**(Cost $1,479,240,570)** | **Total Investments in Securities** <br>**(Cost $1,479,240,570)** | **1498469414** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Supranational bonds represent the debt of international organizations or institutions such as the World Bank, the International Monetary Fund, regional multilateral development banks and others. 

*(a)* The effective maturity may be shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or as the result of embedded demand features (puts or calls). 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* Security is in a fixed-rate coupon period. Based on index eligibility requirements and the fund's investment objective this security will be removed from the index prior to converting to a floating rate security.

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers. At the period end, the value of these amounted to $2,904,300 or 0.2% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* Issuer is affiliated with the fund's investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* All or a portion of this security is on loan. Securities on loan were valued at $300,772.

&nbsp;&nbsp;&nbsp;&nbsp;*(f)* Interest rate is subject to adjustments from time to time if a nationally recognized statistical rating organization downgrades (or subsequently upgrades) the debt rating assigned to the bond.

&nbsp;&nbsp;&nbsp;&nbsp;*(g)* Step up bond that pays an initial coupon rate for a set period and increased coupon rates at one or more preset intervals. Rate shown is as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;*(h)* Guaranteed by the Republic of Germany.

&nbsp;&nbsp;&nbsp;&nbsp;*(i)* The rate shown is the annualized 7-day yield.

&nbsp;&nbsp;&nbsp;&nbsp;*(j)* Security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| DAC — | Designated Activity Company |
| GO — | General obligation |
| RB — | Revenue bond |
| REIT — | Real Estate Investment Trust |

---

Below is a summary of the fund's transactions with affiliated issuers during the period ended August 31, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY <br>RATE, MATURITY DATE<br>| VALUE AT<br> 8/31/24<br>| PURCHASES | SALES | REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| ACCRETION OF<br> DISCOUNTS<br> (AMORTIZATION<br> OF PREMIUMS)<br>| VALUE AT<br> 8/31/25<br>| FACE AMOUNT<br> AT 8/31/25<br>| INTEREST<br> INCOME EARNED<br>|
| **CORPORATES** 0.1% OF NET ASSETS | **CORPORATES** 0.1% OF NET ASSETS | **CORPORATES** 0.1% OF NET ASSETS | **CORPORATES** 0.1% OF NET ASSETS | **CORPORATES** 0.1% OF NET ASSETS | **CORPORATES** 0.1% OF NET ASSETS | **CORPORATES** 0.1% OF NET ASSETS | **CORPORATES** 0.1% OF NET ASSETS | **CORPORATES** 0.1% OF NET ASSETS | **CORPORATES** 0.1% OF NET ASSETS |
| **Financial Institutions 0.1%** | **Financial Institutions 0.1%** | **Financial Institutions 0.1%** | **Financial Institutions 0.1%** | **Financial Institutions 0.1%** | **Financial Institutions 0.1%** | **Financial Institutions 0.1%** | **Financial Institutions 0.1%** | **Financial Institutions 0.1%** | **Financial Institutions 0.1%** |
| **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** |
| Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |
| 3.45%, 02/13/26 | $39377 | $— | ($39624)<br>| ($1043)<br>| $1768 | ($478)<br>| $— | $— | $698 |
| 0.90%, 03/11/26 | 165492 |  | (169156)<br>| (5518)<br>| 8986 | 196 |  |  | 906 |
| 1.15%, 05/13/26 | 118170 |  | (121259)<br>| (3779)<br>| 6901 | (33)<br>|  |  | 1082 |
| 5.88%, 08/24/26 | 128173 |  | (126876)<br>| 1768 | (2949)<br>| (116)<br>|  |  | 7364 |
| 3.20%, 03/02/27 | 48529 |  |  |  | 636 | 217 | 49382 | 50000 | 1604 |
| 2.45%, 03/03/27 | 190554 |  |  |  | 2445 | 2447 | 195446 | 200000 | 4915 |
| 3.30%, 04/01/27 | 97209 |  | (49193)<br>| (628)<br>| 1929 | 149 | 49466 | 50000 | 2755 |
| 3.20%, 01/25/28 | 86544 |  |  |  | 298 | 1505 | 88347 | 90000 | 2888 |
| 2.00%, 03/20/28 | 138339 |  |  |  | 653 | 4079 | 143071 | 150000 | 3008 |
| 4.00%, 02/01/29 | 73839 |  |  |  | 623 | 536 | 74998 | 75000 | 3008 |
| 5.64%, 05/19/29 | 155263 |  |  |  | 775 | 29 | 156067 | 150000 | 8488 |
| 3.25%, 05/22/29 | 71397 |  |  |  | 799 | 799 | 72995 | 75000 | 2445 |
| 2.75%, 10/01/29 |  | 45859 |  |  | 1102 | 586 | 47547 | 50000 | 1031 |
| 6.20%, 11/17/29 | 185568 |  |  |  | 1437 | (733)<br>| 186272 | 175000 | 10873 |
| 4.63%, 03/22/30 |  | 50682 |  |  | 480 | (46)<br>| 51116 | 50000 | 777 |
| **Total** | **$1498454** | **$96541** | **($506108)**<br>| **($9200)**<br>| **$25883** | **$9137** | **$1114707** |  | **$51842** |

---

*See financial notes*

**124**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Short-Term Bond Index Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

The following is a summary of the inputs used to value the fund's investments as of August 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Corporates<sup>1</sup> <br>| $— | &nbsp;&nbsp; $375964217 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $375964217 |
| Treasuries<sup>1</sup> <br>|  | &nbsp;&nbsp; 1023408743 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1023408743 |
| Government Related<sup>1</sup> <br>|  | &nbsp;&nbsp; 90074888 | &nbsp;&nbsp; — | &nbsp;&nbsp; 90074888 |
| Short-Term Investments<sup>1</sup> <br>| 9021566 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9021566 |
| **Total** | **$9021566** | &nbsp;&nbsp; **$1489447848** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1498469414** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings.

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**125**

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Schwab Short-Term Bond Index Fund

Statement of Assets and Liabilities

------

As of August 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $1,089,661)  |  | $1114707 |
| Investments in securities, at value - unaffiliated issuers (cost $1,478,150,909) including securities on loan of $300,772 |  | 1497354707 |
| Cash |  | 129773 |
| Receivables: |  |  |
| Investments sold |  | 44058768 |
| Interest |  | 13886435 |
| Fund shares sold |  | 1735633 |
| Dividends |  | 24448 |
| Income from securities on loan | + | 1403 |
| **Total assets** |  | **1558305874** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 310790 |
| Payables: |  |  |
| Investments bought |  | 48260391 |
| Distributions to shareholders |  | 2070646 |
| Fund shares redeemed |  | 1598699 |
| Investment adviser fees | + | 78313 |
| **Total liabilities** |  | **52318839** |
| **Net assets** |  | **$1505987035** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $1621986105 |
| Total distributable loss | + | (115999070)<br>|
| **Net assets** |  | **$1505987035** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $1505987035 |  | &nbsp;&nbsp;&nbsp;&nbsp; 155304540 |  | &nbsp;&nbsp;&nbsp;&nbsp; $9.70 |

---

*See financial notes*

**126**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

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Schwab Short-Term Bond Index Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period September 1, 2024 through August 31, 2025 | For the period September 1, 2024 through August 31, 2025 | For the period September 1, 2024 through August 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Interest received from securities - unaffiliated issuers (net of foreign withholding tax of $1,201) |  | $60969787 |
| Dividends received from securities - unaffiliated issuers  |  | 247520 |
| Interest received from securities - affiliated issuers |  | 60979 |
| Securities on loan, net | + | 51133 |
| **Total investment income**  |  | **61329419** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 885673 |
| **Total expenses** | – | **885673** |
| **Net investment income** |  | **60443746** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - affiliated issuers |  | (9200)<br>|
| Net realized losses on sales of securities - unaffiliated issuers  | + | (2056342)<br>|
| **Net realized losses** |  | **(2065542)**<br>|
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 25883 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers | + | 9643902 |
| **Net change in unrealized appreciation (depreciation)** |  | **9669785** |
| **Net realized and unrealized gains** |  | **7604243** |
| **Increase in net assets resulting from operations** |  | **$68047989** |

---

*See financial notes*

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**127**

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Schwab Short-Term Bond Index Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 9/1/24-8/31/25 | 9/1/24-8/31/25 | 9/1/23-8/31/24 |
| Net investment income |  | $60443746 | &nbsp;&nbsp;&nbsp; $56642466 |
| Net realized losses |  | (2065542)<br>| &nbsp;&nbsp;&nbsp; (19720555)<br>|
| Net change in unrealized appreciation (depreciation) | + | 9669785 | &nbsp;&nbsp;&nbsp; 57620782 |
| **Increase in net assets resulting from operations** |  | **$68047989** | &nbsp;&nbsp;&nbsp; **$94542693** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($60444566)**<br>| &nbsp;&nbsp;&nbsp; **($56641401)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 9/1/24-8/31/25 | 9/1/24-8/31/25 | 9/1/24-8/31/25 | 9/1/23-8/31/24 | 9/1/23-8/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 43128811 | &nbsp;&nbsp;&nbsp; $414426513 | &nbsp;&nbsp;&nbsp; 48989775 | &nbsp;&nbsp;&nbsp; $463449896 |
| Shares reinvested |  | 3751874 | &nbsp;&nbsp;&nbsp; 36102565 | &nbsp;&nbsp;&nbsp; 3533837 | &nbsp;&nbsp;&nbsp; 33481302 |
| Shares redeemed | + | (46040034)<br>| &nbsp;&nbsp;&nbsp; (441804411)<br>| &nbsp;&nbsp;&nbsp; (58155331)<br>| &nbsp;&nbsp;&nbsp; (549995346)<br>|
| **Net transactions in fund shares**  |  | **840651** | &nbsp;&nbsp;&nbsp; **$8724667** | &nbsp;&nbsp;&nbsp; **(5631719)**<br>| &nbsp;&nbsp;&nbsp; **($53064148)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 9/1/24-8/31/25 | 9/1/24-8/31/25 | 9/1/24-8/31/25 | 9/1/23-8/31/24 | 9/1/23-8/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 154463889 | &nbsp;&nbsp;&nbsp; $1489658945 | &nbsp;&nbsp;&nbsp; 160095608 | &nbsp;&nbsp;&nbsp; $1504821801 |
| Total increase (decrease) | + | 840651 | &nbsp;&nbsp;&nbsp; 16328090 | &nbsp;&nbsp;&nbsp; (5631719)<br>| &nbsp;&nbsp;&nbsp; (15162856)<br>|
| **End of period** |  | **155304540** | &nbsp;&nbsp;&nbsp; **$1505987035** | &nbsp;&nbsp;&nbsp; **154463889** | &nbsp;&nbsp;&nbsp; **$1489658945** |

---

*See financial notes*

**128**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

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Schwab Taxable Bond Funds

Financial Notes

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Business Structure of the Funds:**

Each of the funds in this report is a series of Schwab Investments (the trust), a no-load, open-end management investment company. The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the 1940 Act). The list below shows all the operational funds in the trust as of the end of the period, including the funds discussed in this report, which are highlighted:

---

| | |
|:---|:---|
| **SCHWAB INVESTMENTS**  | **SCHWAB INVESTMENTS**  |
| **Schwab Treasury Inflation Protected Securities Index Fund** | Schwab California Tax-Free Bond Fund |
| **Schwab U.S. Aggregate Bond Index Fund** | Schwab Opportunistic Municipal Bond Fund |
| **Schwab Short-Term Bond Index Fund** | Schwab 1000 Index<sup>®</sup> Fund |
| Schwab Tax-Free Bond Fund | Schwab Global Real Estate Fund |

---

Each fund offers one share class. Shares are bought and sold at closing net asset value per share (NAV), which is the price for all outstanding shares of a fund. Each share has a par value of 1/1,000 of a cent, and the funds' Board of Trustees (the Board) may authorize the issuance of as many shares as necessary.

Each fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, each fund may also keep certain assets in segregated accounts, as required by securities law. The "Schwab Funds Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust.

**Investment Objectives** 

The **Schwab Treasury Inflation Protected Securities Index Fund's** goal is to track as closely as possible, before fees and expenses, the total return of an index composed of inflation-protected U.S. Treasury securities.

The **Schwab U.S. Aggregate Bond Index Fund's** goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of the broad U.S. investment-grade bond market.

The **Schwab Short-Term Bond Index Fund's** goal is to track as closely as possible, before fees and expenses, the total return of an index composed of U.S. investment grade government related and corporate bonds with maturities between 1-5 years.

------

**2. Significant Accounting Policies:**

The following is a summary of the significant accounting policies the funds use in their preparation of financial statements. The funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 946 Financial Services — Investment Companies. The accounting policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).

In this reporting period, the funds adopted FASB Accounting Standards Update 2023-07, ASC Topic 280 Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the funds' financial position or the results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The management committee of each fund's investment adviser acts as the funds' CODM. The CODM has determined that each fund operates as a single operating segment given each fund has a single defined investment strategy disclosed in its respective prospectus. The discrete financial information in the form of each fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, shares sold and shares redeemed), which is used by the CODM to assess performance against the prospectus and to make resource allocation decisions with respect to the funds, is presented within each of the fund's financial statements.

The funds may invest in mutual funds and exchange-traded funds (ETFs) which are referred to as "underlying funds." For more information about the underlying funds' operations and policies, please refer to those funds' semiannual and annual reports and holdings and financial statements, which are filed in Form N-CSR with the U.S. Securities and Exchange Commission (SEC) and available on the SEC's website at www.sec.gov.

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**129**

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Schwab Taxable Bond Funds

Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

**(a) Security Valuation:**

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated authority to a Valuation Designee, the funds' investment adviser, to make fair valuation determinations under adopted procedures, subject to Board oversight. The investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and liabilities as well as to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair value. The Valuation Designee may utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Securities held in the funds' portfolio are valued every business day. The following valuation policies and procedures are used by the Valuation Designee to value various types of securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Bonds and notes:** Fixed income investments are generally valued using an evaluated price at the mid-point of the bid/ask spread provided by an approved, independent pricing service (mid-price). To determine the evaluated mid-price, a pricing service may use a variety of techniques and inputs. Techniques may include, but are not limited to, spread models that calculate an investment-specific price relative to a benchmark or yield curve models that establish a price based on yields of comparable bonds along a range of maturities. Inputs differ by valuation approach and techniques, as appropriate, and examples of inputs may include, but are not limited to, interest rates, market conditions, comparable bonds, market trades, projected cash flows, credit reviews and issuer news.

&nbsp;&nbsp;&nbsp;&nbsp;● **Futures contracts:** Futures contracts are valued at their settlement prices as of the close of their exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Short-term securities (60 days or less to maturity):** Securities with remaining maturities of 60 days or less are generally valued at an evaluated price; however, such securities may be valued at their amortized cost if it approximates the security's fair value.

&nbsp;&nbsp;&nbsp;&nbsp;● **Mutual funds:** Mutual funds are valued at their respective NAVs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Securities for which no quoted value is available:** The Valuation Designee has adopted procedures to fair value a fund's securities when market prices are not "readily available" or are unreliable. For example, a security may be fair valued when it's de-listed or its trading is halted or suspended; when a security's primary pricing source is unable or unwilling to provide a price; or when a security's primary trading market is closed during regular market hours. Fair value determinations are made in good faith in accordance with adopted valuation procedures. The Valuation Designee considers a number of factors, including unobservable market inputs, when arriving at fair value. The Valuation Designee may employ methods such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. Due to the subjective and variable nature of fair value pricing, there can be no assurance that a fund could obtain the fair value assigned to the security upon the sale of such security.

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the funds disclose the fair value of their investments in a hierarchy that prioritizes the significant inputs to valuation methods used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If it is determined that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and the Valuation Designee's judgment will be required to estimate fair value.

The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical investments — Investments whose values are based on quoted market prices in active markets. These generally include active listed equities, mutual funds, ETFs and futures contracts. Mutual funds and ETFs are classified as Level 1 prices, without consideration to the classification level of the underlying securities held which could be Level 1, Level 2 or Level 3 in the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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

**130**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

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Schwab Taxable Bond Funds

Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

are classified as Level 2 prices. These generally include forward foreign currency exchange contracts, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 — significant unobservable inputs (including the Valuation Designee's assumptions 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 readily available for these securities, one or more valuation methods are used for which sufficient and reliable data is available. The inputs used 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 in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore a fund`s 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 levels associated with valuing the funds' investments as of August 31, 2025, are disclosed in each fund's Portfolio Holdings.

**(b) Accounting Policies for certain Portfolio Investments (if held):**

**Futures Contracts:** Futures contracts are instruments that represent an agreement between two parties that obligates one party to buy, and the other party to sell, specific instruments at an agreed upon price on a stipulated future date. A fund must give the broker a deposit of cash and/or securities (initial margin) whenever it enters into a futures contract. The amount of the deposit may vary from one contract to another. Subsequent payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized appreciation or depreciation until the contract is closed, at which time the gains or losses are realized. Futures contracts are traded publicly on exchanges, and their value may change daily.

**Inflation-Protected Securities:** The Schwab Treasury Inflation Protected Securities Index Fund invests in U.S. Treasury inflation-protected securities (TIPS). Inflation-protected securities are fixed-income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these instruments is generally fixed at issuance at a rate lower than typical bonds or notes. Over the life of an inflation-indexed instrument, however, interest will be paid based on a principal value, which is adjusted for any inflation or deflation. Any increase or decrease in the principal amount of an inflation-protected security will be included as an addition or reduction to interest income in the fund's Statement of Operations, even though investors do not receive their principal until maturity.

**TBA Commitments:** The Schwab U.S. Aggregate Bond Index Fund may enter into "TBA" (to-be-announced) commitments to purchase or sell securities for a fixed price at a future date. Payments or proceeds of TBA commitments are not delivered until the contractual settlement date. Unsettled TBA commitments are valued at the current market value generally according to the procedures described above in the Security Valuation section. The fund's use of TBA commitments may cause the fund to experience higher portfolio turnover and higher transaction costs.

**Agency MBS and TBA Transactions:** Under Financial Industry Regulatory Authority Rule 4210, broker-dealers are required to collect margin from most customers, such as funds, for the majority of covered agency transactions, including TBAs. The Schwab U.S. Aggregate Bond Index Fund posts and receives variation margin with certain counterparties in instances where the unrealized gain (loss) on such transactions exceeds certain pre-determined thresholds. The variation margin, if any, is disclosed in the Statement of Assets and Liabilities.

**Delayed-Delivery Transactions and When-Issued Securities:** The funds may transact in securities on a delayed-delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed-delivery or when-issued basis are identified as such in each fund's Portfolio Holdings, if any. The funds may receive compensation for interest forgone in the purchase of a delayed-delivery or when-issued security. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors. The funds comply with Rule 18f-4 under the 1940 Act, the funds operate as limited derivatives users, with respect to purchase commitments held within the funds, portfolio securities are no longer required to be segregated as collateral with a value at least equal to the amount of a purchase commitment and the funds' exposure is monitored under a derivatives risk management program.

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**131**

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Schwab Taxable Bond Funds

Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

**Securities Lending:** Under the trust's Securities Lending Program, a fund (lender) may make short-term loans of its securities to another party (borrower) to generate additional revenue for the fund. The borrower pledges collateral in the form of cash, securities issued or fully guaranteed by the U.S. government or foreign governments, or letters of credit issued by a bank. Collateral at the individual loan level is required to be maintained on a daily marked-to-market basis in an amount at least equal to the current value of the securities loaned. The lending agent provides a fund with indemnification against borrower default (the borrower fails to return the security on loan) reducing the risk of loss as a result of default. The cash collateral of securities loaned is currently invested in money market portfolios operating pursuant to Rule 2a-7 under the 1940 Act. Each fund bears the risk of loss with respect to the investment of cash collateral. The terms of the securities lending agreement allow the funds or the lending agent to terminate any loan at any given time and the securities must be returned within the earlier of the standard trade settlement period or the specified time period under the relevant securities lending agreement. Securities lending income, as disclosed in each fund's Statement of Operations, if applicable, represents the income earned from the investment of the cash collateral plus any fees paid by borrowers, less the fees paid to the lending agent and broker rebates which are subject to adjustments pursuant to the securities lending agreement. On loans not collateralized by cash, a fee is received from the borrower, and is allocated between a fund and the lending agent. The aggregate market value of securities loaned will not at any time exceed one-third of the total assets of a fund, including collateral received from the loan. Securities lending fees paid to the unaffiliated lending agent start at 9% of gross lending revenue, with subsequent breakpoints to a low of 5%. In this context, the gross lending revenue equals the income received from the investment of cash collateral and fees paid by borrowers less any rebates paid to the borrowers. Any expenses charged by the cash collateral fund are in addition to these fees. All remaining revenue is retained by the fund, as applicable. No portion of lending revenue is paid to or retained by the investment adviser or any of its affiliates.

As of August 31, 2025, the Schwab U.S. Aggregate Bond Index Fund and Schwab Short-Term Bond Index Fund had securities on loan, all of which were classified as corporate bonds and government related securities. The value of securities on loan and the related collateral as of August 31, 2025, are disclosed in each fund's Portfolio Holdings and Statement of Assets and Liabilities.

**(c) Security Transactions:** 

Security transactions are recorded as of the date the order to buy or sell the security is executed. Realized gains and losses from security transactions are based on the identified costs of the securities involved. Gains and losses from paydowns on mortgage and asset backed securities are recorded as adjustments to interest income.

When a fund closes out a futures contract position, it calculates the difference between the value of the position at the beginning and at the end of the contract, and records a realized gain or loss accordingly.

**(d) Investment Income:**

Interest income is recorded as it accrues. If a fund buys a debt security at a discount (less than face value) or a premium (more than face value), it amortizes premiums and accretes discounts from the purchase settlement date up to maturity. The fund then increases (in the case of discounts) or reduces (in the case of premiums) the income it records from the security. Certain securities may be callable (meaning that the issuer has the option to pay it off before its maturity date). The fund amortizes the premium and accretes the discount on each callable security to the security's maturity date, except when the purchase price is higher than the call price at the security's call date (in which case the premium is amortized to the call date). Any increase or decrease in the principal amount of an inflation-protected security is included as an addition or reduction to interest income in the Statement of Operations; such adjustments may have a significant impact on a fund's distributions. Dividends and distributions from underlying funds are recorded on the date they are effective (the ex-dividend date). Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

**(e) Expenses:**

Pursuant to the Amended and Restated Investment Advisory and Administration Agreement between the investment adviser and the Schwab Treasury Inflation Protected Securities Index Fund and the Investment Advisory and Administration Agreement between the investment adviser and the Schwab U.S. Aggregate Bond Index Fund and Schwab Short-Term Bond Index Fund, the investment adviser pays the operating expenses of the funds, excluding acquired fund fees and expenses, taxes, any brokerage expenses, and extraordinary or non-routine expenses. Taxes, any brokerage expenses and extraordinary or non-routine expenses that are specific to a fund are charged directly to the fund. Acquired fund fees and expenses are indirect expenses incurred by a fund through its investments in underlying funds and are reflected in the net asset values of the underlying funds.

**132**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

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Schwab Taxable Bond Funds

Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

**(f) U.S. Treasury, Agency Debt & Agency MBS Charges:**

Due to market conditions or other reasons, delivery of U.S. Treasury securities, agency debt and agency MBS may not occur on a timely basis. In these instances, a fund may fail to receive a security purchased causing the fund to be unable to deliver a security sold. The Treasury Market Practices Group of the Federal Reserve Bank of New York recommends voluntary fail charges when securities are not delivered as agreed by the parties. These fail charges, if any, are included in net realized gains (losses) on sales of securities - unaffiliated securities in each fund's Statement of Operations.

**(g) Distributions to Shareholders:**

The funds, except the Schwab Treasury Inflation Protected Securities Index Fund, declare distributions from net investment income, if any, every day they are open for business. These distributions, which are substantially equal to a fund's net investment income for that day, are paid out to shareholders once a month. The Schwab Treasury Inflation Protected Securities Index Fund declares and pays distributions from net investment income, if any, quarterly. The funds make distributions from net realized capital gains, if any, once a year. To receive a distribution, you must be a registered shareholder on the record date. Distributions are paid to shareholders on the payable date.

**(h) Accounting Estimates:**

The accounting policies described in this report conform to GAAP. Notwithstanding this, shareholders should understand that in order to follow these principles, fund management has to make estimates and assumptions that affect the information reported in the financial statements. It's possible that once the results are known, they may turn out to be different from these estimates and these differences may be material.

**(i) Federal Income Taxes:**

The funds intend to meet federal income and excise tax requirements for regulated investment companies under subchapter M of the Internal Revenue Code, as amended. Accordingly, the funds distribute substantially all of their net investment income and net realized capital gains, if any, to their shareholders each year. As long as a fund meets the tax requirements, it is not required to pay federal income tax.

**(j) Indemnification:**

Under the funds' organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business the funds enter into contracts with their vendors and others that provide general indemnifications. The funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the funds. However, based on experience, the funds expect the risk of loss attributable to these arrangements to be remote.

**(k) Recent Accounting Pronouncements:**

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The guidance is effective for annual periods beginning after December 15, 2024, and with early adoption permitted. At this time, management is evaluating the impact of this amendment but believes it will not have a material impact on the financial statements and income tax disclosures.

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**3. Affiliates and Affiliated Transactions:**

**Investment Adviser**

Charles Schwab Investment Management, Inc., dba Schwab Asset Management, a wholly owned subsidiary of The Charles Schwab Corporation, serves as each fund's investment adviser and administrator pursuant to the Amended and Restated Investment Advisory and Administration Agreement between the investment adviser and the trust.

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**133**

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Schwab Taxable Bond Funds

Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Affiliates and Affiliated Transactions (continued):** 

For its advisory and administrative services to the funds, the investment adviser is entitled to receive an annual fee, payable monthly, based on a percentage of each fund's average daily net assets as follows:

---

| | | |
|:---|:---|:---|
| SCHWAB<br> TREASURY INFLATION<br> PROTECTED SECURITIES<br> INDEX FUND<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCHWAB<br> U.S. AGGREGATE BOND<br> INDEX FUND<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCHWAB<br> SHORT-TERM BOND<br> INDEX FUND<br>|
| 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>|

---

**Investments from Affiliates**

Funds in the Schwab Funds Complex may own shares of other funds in the Schwab Funds Complex. The table below reflects the percentage of shares of each fund in this report that is owned by other funds in the Schwab Funds Complex as of August 31, 2025, as applicable:

---

| | | | |
|:---|:---|:---|:---|
|  | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS |
|  | SCHWAB<br> TREASURY INFLATION<br> PROTECTED SECURITIES<br> INDEX FUND<br>| SCHWAB<br> U.S. AGGREGATE BOND<br> INDEX FUND<br>| SCHWAB<br> SHORT-TERM BOND<br> INDEX FUND<br>|
| Schwab Balanced Fund | —<br> %<br>| 4.8<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab MarketTrack Balanced Portfolio | —<br> %<br>| 4.0<br> %<br>| 0.4<br> %<br>|
| Schwab MarketTrack Conservative Portfolio | —<br> %<br>| 2.1<br> %<br>| 0.1<br> %<br>|
| Schwab MarketTrack Growth Portfolio | —<br> %<br>| 3.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Monthly Income Fund - Flexible Payout | —<br> %<br>| 0.2<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Monthly Income Fund - Income Payout | —<br> %<br>| 0.3<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Monthly Income Fund - Target Payout  | —<br> %<br>| 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2010 Fund | 0.1<br> %<br>| 0.2<br> %<br>| 0.2<br> %<br>|
| Schwab Target 2015 Fund | 0.1<br> %<br>| 0.2<br> %<br>| 0.2<br> %<br>|
| Schwab Target 2020 Fund | 0.7<br> %<br>| 1.3<br> %<br>| 1.4<br> %<br>|
| Schwab Target 2025 Fund | 0.9<br> %<br>| 1.8<br> %<br>| 1.9<br> %<br>|
| Schwab Target 2030 Fund | 0.8<br> %<br>| 2.9<br> %<br>| 3.1<br> %<br>|
| Schwab Target 2035 Fund | 0.1<br> %<br>| 1.3<br> %<br>| 1.3<br> %<br>|
| Schwab Target 2040 Fund | —<br> %<br>| 1.7<br> %<br>| 1.8<br> %<br>|
| Schwab Target 2045 Fund | —<br> %<br>| 0.3<br> %<br>| 0.3<br> %<br>|
| Schwab Target 2050 Fund | —<br> %<br>| 0.2<br> %<br>| 0.2<br> %<br>|
| Schwab Target 2055 Fund | —<br> %<br>| 0.1<br> %<br>| 0.1<br> %<br>|
| Schwab Target 2060 Fund | —<br> %<br>| 0.0<br> %\*<br>| 0.0<br> %\*<br>|
| Schwab Target 2065 Fund | —<br> %<br>| 0.0<br> %\*<br>| 0.0<br> %\*<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Less than 0.05%

**Interfund Borrowing and Lending**

Pursuant to an exemptive order issued by the SEC, the funds may enter into interfund borrowing and lending transactions with other funds in the Schwab Funds Complex. All loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the overnight repurchase agreement rate and the short-term bank loan rate. All loans are subject to numerous conditions designed to ensure fair and equitable treatment of all participating funds. The interfund lending facility is subject to the oversight and periodic review by the Board. The funds had no interfund borrowing or lending activity during the period.

**134**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

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Schwab Taxable Bond Funds

Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Board of Trustees:**

The Board may include people who are officers and/or directors of the investment adviser or its affiliates. Federal securities law limits the percentage of such "interested persons" who may serve on a trust's board, and the trust was in compliance with these limitations throughout the report period. The funds did not pay any interested persons or non-interested persons (independent trustees). The independent trustees are paid by the investment adviser pursuant to the Advisory Agreement where the investment adviser pays the operational expenses of each fund which includes trustee fees.

------

**5. Borrowing from Banks:**

During the period, the funds were participants with other funds in the Schwab Funds Complex in a joint, syndicated, committed $1 billion line of credit (the Syndicated Credit Facility), which matured on September 26, 2024. On September 26, 2024, the Syndicated Credit Facility was amended to run for a new 364 day period with the line of credit amount increasing to $1.2 billion, maturing on September 25, 2025. Under the terms of the Syndicated Credit Facility, in addition to the investment adviser paying the interest charged on any borrowings by a fund, the investment adviser paid a commitment fee of 0.15% per annum on the funds' proportionate share of the unused portion of the Syndicated Credit Facility.

During the period, the funds were participants with other funds in the Schwab Funds Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility) with State Street Bank and Trust Company, which matured on September 26, 2024. On September 26, 2024, the Uncommitted Credit Facility was amended to run for a new 364 day period with the line of credit amount remaining unchanged, maturing on September 25, 2025. Under the terms of the Uncommitted Credit Facility, the investment adviser pays interest on the amount a fund borrows. There were no borrowings by any of the funds from either line of credit during the period.

The funds also have access to custodian overdraft facilities. A fund may have utilized the overdraft facility and incurred an interest expense, which is paid by the investment adviser, if any. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.

------

**6. Purchases and Sales/Maturities of Investment Securities:**

For the period ended August 31, 2025, purchases and sales/maturities of securities (excluding short-term obligations) were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | PURCHASES OF LONG-TERM <br>U.S. GOVERNMENT <br>SECURITIES\* <br>| PURCHASES OF OTHER <br>LONG-TERM SECURITIES <br>| TOTAL PURCHASES OF <br>LONG-TERM SECURITIES <br>|
| Schwab Treasury Inflation Protected Securities Index Fund | $910776207 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $910776207 |
| Schwab U.S. Aggregate Bond Index Fund | 2139255401 | &nbsp;&nbsp; 326015100 | &nbsp;&nbsp; 2465270501 |
| Schwab Short-Term Bond Index Fund | 549658901 | &nbsp;&nbsp; 164991741 | &nbsp;&nbsp; 714650642 |
|  | SALES/MATURITIES OF <br>LONG-TERM U.S. GOVERNMENT <br>SECURITIES\* <br>| SALES/MATURITIES OF <br>OTHER LONG-TERM SECURITIES <br>| TOTAL SALES/MATURITIES OF <br>LONG-TERM SECURITIES <br>|
| Schwab Treasury Inflation Protected Securities Index Fund | $782361310 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $782361310 |
| Schwab U.S. Aggregate Bond Index Fund | 1946483597 | &nbsp;&nbsp; 296333545 | &nbsp;&nbsp; 2242817142 |
| Schwab Short-Term Bond Index Fund | 549725159 | &nbsp;&nbsp; 169694301 | &nbsp;&nbsp; 719419460 |

---

\*

Includes securities guaranteed by U.S. Government Agencies.

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**135**

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Schwab Taxable Bond Funds

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. Federal Income Taxes:**

As of August 31, 2025, the tax basis cost of the funds' investments and gross unrealized appreciation and depreciation were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TAX COST | GROSS UNREALIZED <br>APPRECIATION<br>| GROSS UNREALIZED <br>DEPRECIATION<br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION)<br>|
| Schwab Treasury Inflation Protected Securities Index Fund | $2858867718 | &nbsp;&nbsp; $27644318 | &nbsp;&nbsp; ($187153946)<br>| &nbsp;&nbsp; ($159509628)<br>|
| Schwab U.S. Aggregate Bond Index Fund | 5638683892 | &nbsp;&nbsp; 43615708 | &nbsp;&nbsp; (326950029)<br>| &nbsp;&nbsp; (283334321)<br>|
| Schwab Short-Term Bond Index Fund | 1480308546 | &nbsp;&nbsp; 20622712 | &nbsp;&nbsp; (2461844)<br>| &nbsp;&nbsp; 18160868 |

---

The primary difference between book basis and tax basis unrealized appreciation or unrealized depreciation of investments is the tax deferral of losses on wash sales. The tax cost of the funds' investments, disclosed above, have been adjusted from their book amounts to reflect these unrealized appreciation or depreciation differences, as applicable.

As of August 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | UNDISTRIBUTED <br>ORDINARY <br>INCOME <br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION) <br>ON INVESTMENTS <br>| CAPITAL LOSS <br>CARRYFORWARDS <br>AND OTHER LOSSES <br>| TOTAL  |
| Schwab Treasury Inflation Protected Securities Index Fund | $47041044 | &nbsp;&nbsp; ($159509628)<br>| &nbsp;&nbsp; ($213560799)<br>| &nbsp;&nbsp; ($326029383)<br>|
| Schwab U.S. Aggregate Bond Index Fund | 3097205 | &nbsp;&nbsp; (283334321)<br>| &nbsp;&nbsp; (396765011)<br>| &nbsp;&nbsp; (677002127)<br>|
| Schwab Short-Term Bond Index Fund | 2082001 | &nbsp;&nbsp; 18160868 | &nbsp;&nbsp; (134171293)<br>| &nbsp;&nbsp; (113928424)<br>|

---

The components of distributable earnings on a tax basis may not match the Total distributable loss line item on the Statement of Assets and Liabilities due to other temporary timing differences.

Net investment income and realized capital gains and losses may differ for financial statement and tax purposes primarily due to differing treatments of paydown gains and losses and sales on TIPS.

Capital loss carryforwards have no expiration and may be used to offset future realized capital gains for federal income tax purposes. As of August 31, 2025, the funds had capital loss carryforwards available as follows:

---

| | |
|:---|:---|
| Schwab Treasury Inflation Protected Securities Index Fund | $213560799 |
| Schwab U.S. Aggregate Bond Index Fund | 396765011 |
| Schwab Short-Term Bond Index Fund | 134171293 |

---

The tax basis components of distributions paid during the current and prior fiscal years were as follows:

---

| | | |
|:---|:---|:---|
|  | CURRENT FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS |
|  | ORDINARY <br>INCOME<br>| ORDINARY <br>INCOME <br>|
| Schwab Treasury Inflation Protected <br> Securities Index Fund<br>| $88811994 | &nbsp;&nbsp; $93949390 |
| Schwab U.S. Aggregate Bond Index Fund | 214213453 | &nbsp;&nbsp; 171474159 |
| Schwab Short-Term Bond Index Fund | 60444566 | &nbsp;&nbsp; 56641401 |

---

Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts in the financial statements. The funds may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Permanent book and tax basis differences may result in reclassifications between components of net assets as required. The adjustments will have no impact on net assets or the results of operations.

**136**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

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Schwab Taxable Bond Funds

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. Federal Income Taxes (continued):** 

As of August 31, 2025, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the funds, and has determined that no provision for income tax is required in the funds' financial statements. The funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in each fund's Statement of Operations. During the fiscal year ended August 31, 2025, the funds did not incur any interest or penalties.

------

**8. Subsequent Events:**

Management has determined there are no subsequent events or transactions through the date the financial statements were issued that would have materially impacted the financial statements as presented.

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**137**

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Schwab Taxable Bond Funds

Report of Independent Registered Public Accounting Firm

------

To the Board of Trustees of Schwab Investments and Shareholders of Schwab Treasury Inflation Protected Securities Index Fund, Schwab U.S. Aggregate Bond Index Fund, and Schwab Short-Term Bond Index Fund:

***Opinion on the Financial Statements and Financial Highlights***

We have audited the accompanying statements of assets and liabilities, including the portfolio holdings, of Schwab Treasury Inflation Protected Securities Index Fund, Schwab U.S. Aggregate Bond Index Fund, and Schwab Short-Term Bond Index Fund (the "Funds"), three of the funds constituting Schwab Investments, as of August 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

**Deloitte & Touche LLP**

Denver, Colorado

October 22, 2025

We have served as the auditor of one or more investment companies in the Schwab Funds Complex since 2020.

**138**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

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Changes in and Disagreements with Accountants for Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**139**

------

Proxy Disclosures for Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

**140**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

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Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The remuneration paid to directors, officers and others are included under Item 7 (Financial Statements and Financial Highlights for Open-End Management Investment Companies).

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**141**

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Schwab Taxable Bond Funds

Investment Advisory Agreement Approval

------

The Investment Company Act of 1940, as amended (the 1940 Act), requires that the continuation of a fund's investment advisory agreement must be specifically approved (1) by the vote of the trustees or by a vote of the shareholders of the fund, and (2) by the vote of a majority of the trustees who are not parties to the investment advisory agreement or "interested persons" of any party thereto (the Independent Trustees), cast in person at a meeting called for the purpose of voting on such approval. In connection with such approvals, the fund's trustees must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the investment advisory agreement.

The Board of Trustees (the Board or the Trustees, as appropriate) calls and holds one or more meetings each year that are dedicated, in whole or in part, to considering whether to renew the investment advisory and administration agreement (the Agreement) between Schwab Investments (the Trust) and Charles Schwab Investment Management, Inc. (CSIM) (dba Schwab Asset Management) (the investment adviser) with respect to the existing funds in the Trust, including Schwab Treasury Inflation Protected Securities Index Fund, Schwab U.S. Aggregate Bond Index Fund and Schwab Short-Term Bond Index Fund (the Funds), and to review certain other agreements pursuant to which the investment adviser provides investment advisory services to certain other registered investment companies. In preparation for the meeting(s), the Board requests and reviews a wide variety of materials provided by the investment adviser, including information about the investment adviser's affiliates, personnel, business goals and priorities, profitability, oversight of third-party service providers, corporate structure and operations. As part of the renewal process, the Independent Trustees' legal counsel, on behalf of the Independent Trustees, sends an information request letter to the investment adviser seeking certain relevant information. The responses by the investment adviser are provided to the Trustees in the Board materials for their review prior to their meeting, and the Trustees are provided with the opportunity to request any additional materials. The Board also receives data provided by an independent provider of investment company data. This information is in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to the Funds' operations and performance, legal and compliance matters, risk management, portfolio turnover, and sales and marketing activity. In considering the renewal, the Independent Trustees receive advice from Independent Trustees' legal counsel, including a memorandum regarding the responsibilities of trustees for the approval of investment advisory agreements. In addition, the Independent Trustees participate in question and answer

sessions with representatives of the investment adviser and meet in executive session outside the presence of Fund management.

The Board, including a majority of the Independent Trustees, considered information specifically relating to the continuance of the Agreement with respect to the Funds at meetings held on May 7, 2025 and June 5, 2025, and approved the renewal of the Agreement with respect to the Funds for an additional one-year term at the meeting on June 5, 2025 called for the purpose of voting on such approval.

The Board's approval of the continuance of the Agreement with respect to the Funds was based on consideration and evaluation of a variety of specific factors discussed at these meetings and at prior meetings, including:

1. the nature, extent and quality of the services provided to each Fund under the Agreement, including the resources of the investment adviser and its affiliates dedicated to the Funds;

2. each Fund's investment performance and how it compared to that of certain other comparable mutual funds and benchmark data;

3. each Fund's expenses and how those expenses compared to those of certain other similar mutual funds;

4. the profitability of the investment adviser and its affiliates, including Charles Schwab & Co., Inc. (Schwab), with respect to each Fund, including both direct and indirect benefits accruing to the investment adviser and its affiliates; and

5. the extent to which economies of scale would be realized as each Fund grows and whether fee levels in the Agreement reflect those economies of scale for the benefit of Fund investors.

**Nature, Extent and Quality of Services.** The Board considered the nature, extent and quality of the services provided by the investment adviser to the Funds and the resources of the investment adviser and its affiliates dedicated to the Funds. In this regard, the Trustees evaluated, among other things, the investment adviser's experience, track record, compliance program, resources dedicated to hiring and retaining skilled personnel and specialized talent, and information security resources. The Trustees also considered information provided by the investment adviser relating to services and support provided with respect to the Funds' portfolio management team, portfolio strategy, and internal investment guidelines, as well as trading infrastructure, liquidity management, product design and analysis, shareholder communications, securities valuation, and vendor and risk oversight. The Trustees also considered the investment adviser's continued investment in its infrastructure, including the investment adviser's

**142**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

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Schwab Taxable Bond Funds

technology and use of data, business continuity, cybersecurity, due diligence, risk management processes, and information security programs. The Trustees considered Schwab's overall financial condition and reputation as a full service brokerage firm, as well as the wide range of products, services and account features that benefit Fund shareholders who are brokerage clients of Schwab. Following such evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services provided by the investment adviser to the Funds and the resources of the investment adviser and its affiliates dedicated to the Funds supported renewal of the Agreement with respect to the Funds.

**Fund Performance.** The Board considered each Fund's performance in determining whether to renew the Agreement with respect to such Fund. Specifically, the Trustees considered each Fund's performance relative to a peer category of other mutual funds and applicable indices/benchmarks, in light of portfolio yield and the market environment, as well as in consideration of each Fund's investment style and strategy. As part of this review, the Trustees considered the composition of the peer category, selection criteria and the reputation of the independent provider of investment company data who prepared the peer category analysis. In evaluating the performance of each Fund, the Trustees considered the risk profile for such Fund and such Fund's demonstrated performance in tracking its benchmark index. The Trustees noted that the Funds had closely tracked their respective indexes in 2024, with all of the Funds performing in their expected performance ranges. The Trustees further considered the level of Fund performance in the context of their review of Fund expenses and the investment adviser's profitability discussed below and also noted that the Board and a designated committee of the Board review performance throughout the year. Although the Schwab Short-Term Bond Index Fund had performance that ranked in the fourth quartile of a relevant peer group for more than one performance period considered, the Board noted that the Fund's performance peer group included actively managed peers and concluded that other factors relevant to performance supported renewal of the Agreement with respect to the Fund including that the underperformance was attributable, to a significant extent, to investment decisions by the investment adviser that were reasonable and consistent with the Fund's investment objective and policies. Following such evaluation, the Board concluded, within the context of its full deliberations, that the performance of each Fund supported renewal of the Agreement with respect to such Fund.

**Fund Expenses.** With respect to each Fund's expenses, the Trustees considered the rate of compensation called for by the Agreement and each Fund's net operating expense ratio, in each case, in comparison to those of other similar mutual funds, such peer groups and comparisons having been selected and calculated by an independent provider of

investment company data. The investment adviser reported to the Board, and the Board took into account, the risk assumed by the investment adviser in the development of the Funds and provision of services as well as the competitive marketplace for financial products. The Trustees also considered fees charged by the investment adviser to other mutual funds and exchange-traded funds that it manages. The Board evaluated the Funds' unitary fee through review of comparative information with respect to fees paid by other similar mutual funds tracking fixed income indices. Following such evaluation, the Board concluded, within the context of its full deliberations, that the expenses of each Fund are reasonable and supported renewal of the Agreement with respect to such Fund.

**Profitability.** The Trustees considered the compensation flowing to the investment adviser and its affiliates, directly or indirectly and reviewed profitability on a pre-tax basis, without regard to distribution expenses. The Trustees reviewed profitability of the investment adviser relating to the Schwab fund complex as a whole, noting the benefits to Fund shareholders of being part of the Schwab fund complex, including the allocations of certain costs across the Funds and other funds in the complex. The Trustees also considered any other benefits derived by the investment adviser from its relationship with the Funds, such as whether, by virtue of its management of the Funds, the investment adviser obtains investment information or other research resources that aid it in providing advisory services to other clients. The Trustees considered whether the compensation and profitability with respect to the Funds under the Agreement and other service agreements were reasonable in light of the quality of all services rendered to the Funds by the investment adviser and its affiliates. The Trustees noted that the investment adviser continues to invest substantial sums in its business in order to provide enhanced research capabilities, services and systems to benefit the Funds. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the profitability of the investment adviser is reasonable and supported renewal of the Agreement with respect to such Fund.

**Economies of Scale.** Although the Trustees recognized the difficulty of determining economies of scale with precision, and although the Funds do not have breakpoints in their advisory fees, the Trustees considered the potential existence of any economies of scale by way of the relatively low advisory fee and unitary fee structure of the Funds and whether those are passed along to a Fund's shareholders through (i) the enhancement of services provided to the Funds in return for fees paid, including through the investment adviser's continued investment in its infrastructure, and use of data and technology, increasing expertise and capabilities in key areas (including portfolio and trade operations), and improving business continuity, cybersecurity, due diligence and information security programs, which are designed to provide enhanced services to the Funds and their shareholders; and

Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

**143**

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Schwab Taxable Bond Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(ii) pricing a fund to scale and keeping overall expenses down as the fund grows. Based on this evaluation, the Board concluded, within the context of its full deliberations, that each Fund obtains reasonable benefits from economies of scale.

\* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \*

In the course of their deliberations, the Trustees may have accorded different weights to various factors and did not identify any particular information or factor that was all important or controlling. Based on the Trustees' deliberation

and their evaluation of the information described above, the Board, including all of the Independent Trustees, approved the continuation of the Agreement with respect to the Funds and concluded that the compensation under the Agreement with respect to the Funds is fair and reasonable in light of the services provided and the related expenses borne by the investment adviser and its affiliates and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment.

**144**Schwab Taxable Bond Funds \| Annual Holdings and Financial Statements

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g24236img02f1681d1.jpg)

MFR13655-28

00317404

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g49891img056732591.jpg)

**Annual Holdings and Financial Statements** \| August 31, 2025

Schwab Municipal Bond Funds

------

Schwab Tax-Free Bond Fund

Schwab California Tax-Free Bond Fund

Schwab Opportunistic Municipal Bond Fund

------

**In This Report**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 - Financial Statements and Financial Highlights for Open-End](#xx_b2a15b64-01d7-4f96-93bb-d8450bd800f7_1)**<br> **[Management Investment Companies](#xx_b2a15b64-01d7-4f96-93bb-d8450bd800f7_1)** <br>|  |
| [Financial Statements and Portfolio Holdings](#xx_b2a15b64-01d7-4f96-93bb-d8450bd800f7_1) <br>|  |
| [Schwab Tax-Free Bond Fund](#xx_b2a15b64-01d7-4f96-93bb-d8450bd800f7_1) | 2 |
| [Schwab California Tax-Free Bond Fund](#xx_b32ce0c0-63be-4843-9cfc-8965e875d60d_1) | 23 |
| [Schwab Opportunistic Municipal Bond Fund](#xx_74d14989-434c-4eac-b780-f0a5dd9500ca_1) | 40 |
| [Financial Notes](#xx_b61d2a4d-29e6-4f76-b1ba-b0d8e315e47d_1) | 57 |
| [Report of Independent Registered Public Accounting Firm](#xx_fb4fe98a-be61-46ae-a808-b0a064ca9b3c_1) | 65 |
| **[Item 8 – Changes in and Disagreements with Accountants for Open-End](#xx_3a692583-5320-4089-ae0c-3a5709a3d87d_1)**<br> **[Management Investment Companies](#xx_3a692583-5320-4089-ae0c-3a5709a3d87d_1)**<br>| 66 |
| **[Item 9 – Proxy Disclosures for Open-End Management Investment](#xx_df067a26-de8a-4699-ad58-09a6ba16e0ea_1)**<br> **[Companies](#xx_df067a26-de8a-4699-ad58-09a6ba16e0ea_1)**<br>| 67 |
| **[Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End](#xx_4b4f97e0-cdf1-41fd-8bd3-ec836fd65a5c_1)**<br> **[Management Investment Companies](#xx_4b4f97e0-cdf1-41fd-8bd3-ec836fd65a5c_1)**<br>| 68 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory](#xx_7e27ae3f-2c25-406a-8f7c-61f223deb907_1)**<br> **[Contract](#xx_7e27ae3f-2c25-406a-8f7c-61f223deb907_1)** <br>|  |
| [Investment Advisory Agreement Approval](#xx_7e27ae3f-2c25-406a-8f7c-61f223deb907_1) | 69  |

---

Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset Management<sup>®</sup>

Distributor: Charles Schwab & Co., Inc. (Schwab)

Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

**1**

------

Schwab Tax-Free Bond Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 9/1/24– <br>8/31/25<br>| 9/1/23– <br>8/31/24<br>| 9/1/22– <br>8/31/23<br>| 9/1/21– <br>8/31/22<br>| 9/1/20– <br>8/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $11.05 | &nbsp;&nbsp; $10.82 | &nbsp;&nbsp; $10.93 | &nbsp;&nbsp; $12.22 | &nbsp;&nbsp; $12.13 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.39 | 0.37 | 0.32 | 0.22 | 0.21 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (0.38)<br>| 0.23 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (1.24)<br>| 0.16 |
| Total from investment operations | 0.01 | 0.60 | 0.21 | &nbsp;&nbsp; (1.02)<br>| 0.37 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.21)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.07)<br>|
| Total distributions | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.28)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $10.68 | &nbsp;&nbsp; $11.05 | &nbsp;&nbsp; $10.82 | &nbsp;&nbsp; $10.93 | &nbsp;&nbsp; $12.22 |
| Total return | 0.14<br> %<br>| 5.64<br> %<br>| 1.93<br> %<br>| &nbsp;&nbsp; (8.48<br> %)<br>| 3.03<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Net expenses | 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.48 %<sup>2,3</sup><br>| 0.49<br> %<br>|
| Total expenses | 0.41<br> %<br>| 0.41<br> %<br>| 0.41<br> %<br>| 0.53 %<sup>3</sup><br>| 0.55<br> %<br>|
| Net investment income (loss) | 3.56<br> %<br>| 3.39<br> %<br>| 2.92<br> %<br>| 1.88<br> %<br>| 1.72<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 49 %<sup>4</sup><br>| &nbsp;&nbsp; 127 %<sup>5</sup><br>| &nbsp;&nbsp; 101 %<sup>5</sup><br>| &nbsp;&nbsp; 87 %<sup>5</sup><br>| &nbsp;&nbsp; 53 %<sup>5</sup><br>|
| Net assets, end of period (x 1,000) | &nbsp;&nbsp; $540656 | &nbsp;&nbsp; $591612 | &nbsp;&nbsp; $545929 | &nbsp;&nbsp; $542993 | &nbsp;&nbsp; $801234 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Effective July 1, 2022, the net operating expense limitation was lowered from 0.49% to 0.38%. The ratio presented for the year ended August 31, 2022, is a blended ratio.

<sup>3</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>4</sup> Portfolio turnover rate excludes variable rate demand note transactions (see financial note 2b for additional information).

<sup>5</sup> In the period ended August 31, 2025, variable rate demand notes are excluded from the portfolio turnover rate. In applying a similar exclusion for the periods ended August 31, 2024, August 31, 2023, August 31, 2022, and August 31, 2021, portfolio turnover rates would have been 50%, 50%, 42%, and 28%, respectively (see financial note 2b for additional information). 

*See financial notes*

**2**Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Tax-Free Bond Fund

Portfolio Holdings as of August 31, 2025

------

For fixed rate securities, the rate shown is the interest rate (the rate established when the security was issued). For variable rate securities, the rate shown is the rate as of the report date based on each security's rate reset date and when a security is purchased with a zero coupon rate, the effective yield at the time of purchase is shown. The reference rate and spread used is shown parenthetically in the security description, if available; if not, the reference rate is described in a footnote. The maturity date shown for all the securities is the final legal maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **MUNICIPAL SECURITIES** 100.3% OF NET ASSETS | **MUNICIPAL SECURITIES** 100.3% OF NET ASSETS | **MUNICIPAL SECURITIES** 100.3% OF NET ASSETS | **MUNICIPAL SECURITIES** 100.3% OF NET ASSETS | **MUNICIPAL SECURITIES** 100.3% OF NET ASSETS |
| **ALABAMA** 3.3%  | **ALABAMA** 3.3%  | **ALABAMA** 3.3%  | **ALABAMA** 3.3%  | **ALABAMA** 3.3%  |
| **Auburn University** | **Auburn University** | **Auburn University** | **Auburn University** | **Auburn University** |
| Refunding RB Series 2025B  | 5.00% | 06/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 545028 |
| Refunding RB Series 2025B  | 5.00% | 06/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1107022 |
| Refunding RB Series 2025B  | 5.00% | 06/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1117897 |
| Refunding RB Series 2025B  | 5.00% | 06/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1126564 |
| **Black Belt Energy Gas District** | **Black Belt Energy Gas District** | **Black Belt Energy Gas District** | **Black Belt Energy Gas District** | **Black Belt Energy Gas District** |
| RB Series 2024B  | 5.00% | 10/01/55 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2663790 |
| Refunding RB Series 2022D-1  | 4.00% | 07/01/52 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2022895 |
| **County of Jefferson Sewer Revenue** | **County of Jefferson Sewer Revenue** | **County of Jefferson Sewer Revenue** | **County of Jefferson Sewer Revenue** | **County of Jefferson Sewer Revenue** |
| Refunding RB Series 2024  | 5.25% | 10/01/49 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1505607 |
| **Energy Southeast A Cooperative District** | **Energy Southeast A Cooperative District** | **Energy Southeast A Cooperative District** | **Energy Southeast A Cooperative District** | **Energy Southeast A Cooperative District** |
| RB Series 2024B  | 5.25% | 07/01/54 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2148340 |
| **Southeast Alabama Gas Supply District** | **Southeast Alabama Gas Supply District** | **Southeast Alabama Gas Supply District** | **Southeast Alabama Gas Supply District** | **Southeast Alabama Gas Supply District** |
| Refunding RB Series 2024B  | 5.00% | 06/01/49 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1597356 |
| **Southeast Energy Authority A Cooperative District** | **Southeast Energy Authority A Cooperative District** | **Southeast Energy Authority A Cooperative District** | **Southeast Energy Authority A Cooperative District** | **Southeast Energy Authority A Cooperative District** |
| RB Series 2021B  | 4.00% | 12/01/51 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1992632 |
| RB Series 2022A-1  | 5.50% | 01/01/53 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2143697 |
|  |  |  |  | &nbsp;&nbsp; **17970828** |
| **ARIZONA** 0.5%  | **ARIZONA** 0.5%  | **ARIZONA** 0.5%  | **ARIZONA** 0.5%  | **ARIZONA** 0.5%  |
| **Arizona Industrial Development Authority** | **Arizona Industrial Development Authority** | **Arizona Industrial Development Authority** | **Arizona Industrial Development Authority** | **Arizona Industrial Development Authority** |
| Equitable School Revolving Fund LLC Obligated Group RB Series 2023A  | 5.00% | 11/01/28 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; **2633492** |
| **ARKANSAS** 0.2%  | **ARKANSAS** 0.2%  | **ARKANSAS** 0.2%  | **ARKANSAS** 0.2%  | **ARKANSAS** 0.2%  |
| **Beaver Water District of Benton & Washington Counties** | **Beaver Water District of Benton & Washington Counties** | **Beaver Water District of Benton & Washington Counties** | **Beaver Water District of Benton & Washington Counties** | **Beaver Water District of Benton & Washington Counties** |
| RB Series 2025  | 5.00% | 04/15/35 *(b)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 544921 |
| RB Series 2025  | 4.50% | 04/15/42 *(b)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 491548 |
|  |  |  |  | &nbsp;&nbsp; **1036469** |
| **CALIFORNIA** 7.7%  | **CALIFORNIA** 7.7%  | **CALIFORNIA** 7.7%  | **CALIFORNIA** 7.7%  | **CALIFORNIA** 7.7%  |
| **Antelope Valley Community College District** | **Antelope Valley Community College District** | **Antelope Valley Community College District** | **Antelope Valley Community College District** | **Antelope Valley Community College District** |
| GO Bonds Series 2025D  | 4.66% | 08/01/45 *(b)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 382872 |
| **California Community Choice Financing Authority** | **California Community Choice Financing Authority** | **California Community Choice Financing Authority** | **California Community Choice Financing Authority** | **California Community Choice Financing Authority** |
| RB Series 2023C  | 5.25% | 01/01/54 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3155624 |
| RB Series 2024C  | 5.00% | 08/01/55 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1063006 |
| **California Municipal Finance Authority** | **California Municipal Finance Authority** | **California Municipal Finance Authority** | **California Municipal Finance Authority** | **California Municipal Finance Authority** |
| HumanGood California Obligated Group Refunding RB Series 2025A  | 5.00% | 10/01/41 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2014867 |
| Waste Management, Inc. RB Series 2020  | 4.13% | 10/01/45 *(b)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1250000 |
| **California Public Finance Authority** | **California Public Finance Authority** | **California Public Finance Authority** | **California Public Finance Authority** | **California Public Finance Authority** |
| P3 Irvine SL Holdings LLC Obligated Group RB Series 2024A  | 6.38% | 06/01/59 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 4655000 | &nbsp;&nbsp; 4153981 |

---

*See financial notes*

Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

**3**

------

Schwab Tax-Free Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **California State University** | **California State University** | **California State University** | **California State University** | **California State University** |
| Refunding RB Series 2025A  | 4.63% | 11/01/56 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1452993 |
| **California Statewide Communities Development Authority** | **California Statewide Communities Development Authority** | **California Statewide Communities Development Authority** | **California Statewide Communities Development Authority** | **California Statewide Communities Development Authority** |
| Loma Linda University Medical Center Obligated Group RB Series 2018A  | 5.25% | 12/01/43 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1065000 | &nbsp;&nbsp; 1044338 |
| **Hastings Campus Housing Finance Authority** | **Hastings Campus Housing Finance Authority** | **Hastings Campus Housing Finance Authority** | **Hastings Campus Housing Finance Authority** | **Hastings Campus Housing Finance Authority** |
| RB Series 2020A  | 5.00% | 07/01/45 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 3700000 | &nbsp;&nbsp; 3321381 |
| **Los Angeles Department of Water & Power** | **Los Angeles Department of Water & Power** | **Los Angeles Department of Water & Power** | **Los Angeles Department of Water & Power** | **Los Angeles Department of Water & Power** |
| Los Angeles Department of Water & Power Power System Revenue RB Series <br> 2021C <br>| 5.00% | 07/01/38 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1043085 |
| Power System Revenue Refunding RB Series 2025B  | 5.00% | 07/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp; 1791084 |
| **Pasadena Public Financing Authority** | **Pasadena Public Financing Authority** | **Pasadena Public Financing Authority** | **Pasadena Public Financing Authority** | **Pasadena Public Financing Authority** |
| Refunding RB Series 2024  | 4.48% | 06/01/44 *(b)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 400320 |
| Refunding RB Series 2024  | 4.63% | 06/01/47 *(b)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp; 278802 |
| **Pismo Beach Public Financing Agency** | **Pismo Beach Public Financing Agency** | **Pismo Beach Public Financing Agency** | **Pismo Beach Public Financing Agency** | **Pismo Beach Public Financing Agency** |
| RB Series 2024A  | 4.00% | 12/01/49 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 442821 |
| **Pleasant Valley School District/Ventura County** | **Pleasant Valley School District/Ventura County** | **Pleasant Valley School District/Ventura County** | **Pleasant Valley School District/Ventura County** | **Pleasant Valley School District/Ventura County** |
| Refunding GO Bonds Series 2002A  | 5.85% | 08/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 2505000 | &nbsp;&nbsp; 2686525 |
| **San Diego County Regional Airport Authority** | **San Diego County Regional Airport Authority** | **San Diego County Regional Airport Authority** | **San Diego County Regional Airport Authority** | **San Diego County Regional Airport Authority** |
| RB Series 2023B  | 5.00% | 07/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2741710 |
| **San Diego Unified School District** | **San Diego Unified School District** | **San Diego Unified School District** | **San Diego Unified School District** | **San Diego Unified School District** |
| GO Bonds Series 2010C  | 6.22% | 07/01/31 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1060394 |
| GO Bonds Series 2010C  | 6.32% | 07/01/32 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1222202 |
| GO Bonds Series 2010C  | 6.41% | 07/01/33 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 781762 |
| GO Bonds Series 2010C  | 6.46% | 07/01/35 *(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp; 922770 |
| **San Francisco City & County Airport Comm-San Francisco International Airport** | **San Francisco City & County Airport Comm-San Francisco International Airport** | **San Francisco City & County Airport Comm-San Francisco International Airport** | **San Francisco City & County Airport Comm-San Francisco International Airport** | **San Francisco City & County Airport Comm-San Francisco International Airport** |
| RB Series 2019E  | 5.00% | 05/01/39 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2450000 | &nbsp;&nbsp; 2475424 |
| RB Series 2019E  | 5.00% | 05/01/40 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp; 427254 |
| Refunding RB Series 2022A  | 5.00% | 05/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp; 869912 |
| Refunding RB Series 2022A  | 5.00% | 05/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 1695000 | &nbsp;&nbsp; 1851722 |
| **State of California** | **State of California** | **State of California** | **State of California** | **State of California** |
| Refunding GO Bonds Series 2024  | 4.00% | 08/01/36 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1033985 |
| **University of California** | **University of California** | **University of California** | **University of California** | **University of California** |
| Refunding RB Series 2024BS  | 5.00% | 05/15/38 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 3250000 | &nbsp;&nbsp; 3552497 |
|  |  |  |  | &nbsp;&nbsp; **41421331** |
| **COLORADO** 1.9%  | **COLORADO** 1.9%  | **COLORADO** 1.9%  | **COLORADO** 1.9%  | **COLORADO** 1.9%  |
| **Adams & Arapahoe Counties Joint School District 28J Aurora** | **Adams & Arapahoe Counties Joint School District 28J Aurora** | **Adams & Arapahoe Counties Joint School District 28J Aurora** | **Adams & Arapahoe Counties Joint School District 28J Aurora** | **Adams & Arapahoe Counties Joint School District 28J Aurora** |
| GO Bonds Series 2025  | 5.50% | 12/01/25 *(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1007613 |
| **City & County of Denver Airport System Revenue** | **City & County of Denver Airport System Revenue** | **City & County of Denver Airport System Revenue** | **City & County of Denver Airport System Revenue** | **City & County of Denver Airport System Revenue** |
| Refunding RB Series 2017A  | 5.00% | 11/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 1865000 | &nbsp;&nbsp; 1955537 |
| Refunding RB Series 2023B  | 5.00% | 11/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2179690 |
| Refunding RB Series 2023B  | 5.00% | 11/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1089006 |
| **City & County of Denver Pledged Excise Tax Revenue** | **City & County of Denver Pledged Excise Tax Revenue** | **City & County of Denver Pledged Excise Tax Revenue** | **City & County of Denver Pledged Excise Tax Revenue** | **City & County of Denver Pledged Excise Tax Revenue** |
| RB Series 2018A-2  | 3.96% | 08/01/31 *(b)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp; 302116 |
| **Colorado Educational & Cultural Facilities Authority** | **Colorado Educational & Cultural Facilities Authority** | **Colorado Educational & Cultural Facilities Authority** | **Colorado Educational & Cultural Facilities Authority** | **Colorado Educational & Cultural Facilities Authority** |
| Loveland Classical Schools RB Series 2023  | 4.75% | 07/01/43 *(b)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 610000 | &nbsp;&nbsp; 573041 |
| **Colorado Health Facilities Authority** | **Colorado Health Facilities Authority** | **Colorado Health Facilities Authority** | **Colorado Health Facilities Authority** | **Colorado Health Facilities Authority** |
| CommonSpirit Health Obligated Group RB Series 2022  | 5.00% | 11/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp; 1423412 |
| CommonSpirit Health Obligated Group RB Series 2022  | 5.00% | 11/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1646412 |
|  |  |  |  | &nbsp;&nbsp; **10176827** |

---

*See financial notes*

**4**Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Tax-Free Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **CONNECTICUT** 1.1%  | **CONNECTICUT** 1.1%  | **CONNECTICUT** 1.1%  | **CONNECTICUT** 1.1%  | **CONNECTICUT** 1.1%  |
| **Connecticut State Health & Educational Facilities Authority** | **Connecticut State Health & Educational Facilities Authority** | **Connecticut State Health & Educational Facilities Authority** | **Connecticut State Health & Educational Facilities Authority** | **Connecticut State Health & Educational Facilities Authority** |
| Yale University RB Series 2025B  | 5.00% | 07/01/64 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2806466 |
| **State of Connecticut** | **State of Connecticut** | **State of Connecticut** | **State of Connecticut** | **State of Connecticut** |
| GO Bonds Series 2020A  | 4.00% | 01/15/37 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2011986 |
| **State of Connecticut Special Tax Revenue** | **State of Connecticut Special Tax Revenue** | **State of Connecticut Special Tax Revenue** | **State of Connecticut Special Tax Revenue** | **State of Connecticut Special Tax Revenue** |
| RB Series 2024A-2  | 5.00% | 07/01/38 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1091089 |
|  |  |  |  | &nbsp;&nbsp; **5909541** |
| **FLORIDA** 5.9%  | **FLORIDA** 5.9%  | **FLORIDA** 5.9%  | **FLORIDA** 5.9%  | **FLORIDA** 5.9%  |
| **City of Hialeah Utility System** | **City of Hialeah Utility System** | **City of Hialeah Utility System** | **City of Hialeah Utility System** | **City of Hialeah Utility System** |
| Refunding RB Series 2022  | 5.00% | 10/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 1585000 | &nbsp;&nbsp; 1733836 |
| Refunding RB Series 2022  | 5.00% | 10/01/37 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2360000 | &nbsp;&nbsp; 2475073 |
| **City of Jacksonville** | **City of Jacksonville** | **City of Jacksonville** | **City of Jacksonville** | **City of Jacksonville** |
| Baptist Health System Obligated Group Refunding RB Series 2017  | 5.00% | 08/15/34 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 910000 | &nbsp;&nbsp; 931527 |
| **City of Tampa** | **City of Tampa** | **City of Tampa** | **City of Tampa** | **City of Tampa** |
| State of Florida Cigarette Tax Revenue RB Series 2020A  | 4.41% | 09/01/34 *(b)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 1005000 | &nbsp;&nbsp; 695215 |
| State of Florida Cigarette Tax Revenue RB Series 2020A  | 3.71% | 09/01/36 *(b)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp; 492827 |
| State of Florida Cigarette Tax Revenue RB Series 2020A  | 3.78% | 09/01/37 *(b)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 855000 | &nbsp;&nbsp; 494266 |
| State of Florida Cigarette Tax Revenue RB Series 2020A  | 3.85% | 09/01/38 *(b)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 540622 |
| **County of Miami-Dade Aviation Revenue** | **County of Miami-Dade Aviation Revenue** | **County of Miami-Dade Aviation Revenue** | **County of Miami-Dade Aviation Revenue** | **County of Miami-Dade Aviation Revenue** |
| Refunding RB Series 2020A  | 4.00% | 10/01/37 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2205000 | &nbsp;&nbsp; 2160339 |
| **County of Seminole** | **County of Seminole** | **County of Seminole** | **County of Seminole** | **County of Seminole** |
| Refunding RB Series 2022  | 5.00% | 10/01/52 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1005414 |
| **Florida Higher Educational Facilities Financing Authority** | **Florida Higher Educational Facilities Financing Authority** | **Florida Higher Educational Facilities Financing Authority** | **Florida Higher Educational Facilities Financing Authority** | **Florida Higher Educational Facilities Financing Authority** |
| Florida Institute of Technology, Inc. RB Series 2019  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 685000 | &nbsp;&nbsp; 710146 |
| **Florida Insurance Assistance Interlocal Agency, Inc.** | **Florida Insurance Assistance Interlocal Agency, Inc.** | **Florida Insurance Assistance Interlocal Agency, Inc.** | **Florida Insurance Assistance Interlocal Agency, Inc.** | **Florida Insurance Assistance Interlocal Agency, Inc.** |
| Florida Insurance Guaranty Association, Inc. RB Series 2023A-1  | 5.00% | 09/01/25 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp; 2750000 |
| **Hillsborough County Industrial Development Authority** | **Hillsborough County Industrial Development Authority** | **Hillsborough County Industrial Development Authority** | **Hillsborough County Industrial Development Authority** | **Hillsborough County Industrial Development Authority** |
| BayCare Obligated Group Refunding RB Series 2024C  | 5.00% | 11/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1097836 |
| **Lee County Industrial Development Authority** | **Lee County Industrial Development Authority** | **Lee County Industrial Development Authority** | **Lee County Industrial Development Authority** | **Lee County Industrial Development Authority** |
| Shell Point Obligated Group RB Series 2024B-2  | 4.38% | 11/15/29 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1008420 |
| Shell Point Obligated Group RB Series 2024B-3  | 4.13% | 11/15/29 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1008443 |
| Shell Point Obligated Group RB Series 2024C  | 5.00% | 11/15/44 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2897809 |
| **Miami Beach Health Facilities Authority** | **Miami Beach Health Facilities Authority** | **Miami Beach Health Facilities Authority** | **Miami Beach Health Facilities Authority** | **Miami Beach Health Facilities Authority** |
| Mount Sinai Medical Center of Florida Obligated Group Refunding RB Series 2014  | 5.00% | 11/15/25 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250294 |
| **Orange County Health Facilities Authority** | **Orange County Health Facilities Authority** | **Orange County Health Facilities Authority** | **Orange County Health Facilities Authority** | **Orange County Health Facilities Authority** |
| Orlando Health Obligated Group Refunding RB Series 2025A  | 5.00% | 10/01/39 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp; 901996 |
| Orlando Health Obligated Group Refunding RB Series 2025A  | 5.00% | 10/01/40 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 525140 |
| Presbyterian Retirement Communities, Inc. Obligated Group Refunding RB Series <br> 2024 <br>| 5.00% | 08/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 910000 | &nbsp;&nbsp; 966892 |
| Presbyterian Retirement Communities, Inc. Obligated Group Refunding RB Series <br> 2024 <br>| 5.00% | 08/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 960000 | &nbsp;&nbsp; 1028195 |
| **Osceola County School District Sales Tax Revenue** | **Osceola County School District Sales Tax Revenue** | **Osceola County School District Sales Tax Revenue** | **Osceola County School District Sales Tax Revenue** | **Osceola County School District Sales Tax Revenue** |
| RB Series 2025  | 5.00% | 10/01/35 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2237306 |
| **Tampa Bay Water** | **Tampa Bay Water** | **Tampa Bay Water** | **Tampa Bay Water** | **Tampa Bay Water** |
| RB Series 2022  | 5.25% | 10/01/47 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1545468 |
| Refunding RB Series 2025  | 5.00% | 10/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2244672 |

---

*See financial notes*

Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

**5**

------

Schwab Tax-Free Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Village Community Development District No. 15** | **Village Community Development District No. 15** | **Village Community Development District No. 15** | **Village Community Development District No. 15** | **Village Community Development District No. 15** |
| Special Assessment Series 2023  | 4.38% | 05/01/33 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp; 398501 |
| Special Assessment Series 2023  | 4.85% | 05/01/38 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 495000 | &nbsp;&nbsp; 499209 |
| Special Assessment Series 2023  | 5.25% | 05/01/54 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp; 475423 |
| Special Assessment Series 2024  | 3.75% | 05/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 251610 |
| Special Assessment Series 2024  | 4.00% | 05/01/34 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 246925 |
| Special Assessment Series 2024  | 4.55% | 05/01/44 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 231735 |
|  |  |  |  | &nbsp;&nbsp; **31805139** |
| **GEORGIA** 3.2%  | **GEORGIA** 3.2%  | **GEORGIA** 3.2%  | **GEORGIA** 3.2%  | **GEORGIA** 3.2%  |
| **Columbia County Hospital Authority** | **Columbia County Hospital Authority** | **Columbia County Hospital Authority** | **Columbia County Hospital Authority** | **Columbia County Hospital Authority** |
| WellStar Health System Obligated Group RB Series 2023A  | 5.75% | 04/01/53 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 522622 |
| **Gainesville & Hall County Hospital Authority** | **Gainesville & Hall County Hospital Authority** | **Gainesville & Hall County Hospital Authority** | **Gainesville & Hall County Hospital Authority** | **Gainesville & Hall County Hospital Authority** |
| Northeast Georgia Health System Obligated Group RB Series 2024  | 5.00% | 10/15/34  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 558216 |
| **Georgia Housing & Finance Authority** | **Georgia Housing & Finance Authority** | **Georgia Housing & Finance Authority** | **Georgia Housing & Finance Authority** | **Georgia Housing & Finance Authority** |
| RB Series 2025C  | 5.05% | 12/01/45 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2508732 |
| **Georgia State Road & Tollway Authority** | **Georgia State Road & Tollway Authority** | **Georgia State Road & Tollway Authority** | **Georgia State Road & Tollway Authority** | **Georgia State Road & Tollway Authority** |
| RB Series 2021A  | 4.00% | 07/15/37 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1515000 | &nbsp;&nbsp; 1520307 |
| **Main Street Natural Gas, Inc.** | **Main Street Natural Gas, Inc.** | **Main Street Natural Gas, Inc.** | **Main Street Natural Gas, Inc.** | **Main Street Natural Gas, Inc.** |
| RB Series 2022B  | 5.00% | 12/01/52 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3143302 |
| RB Series 2023D  | 5.00% | 05/01/54 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1329499 |
| RB Series 2024B  | 5.00% | 12/01/54 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2147563 |
| RB Series 2024C  | 5.00% | 12/01/54 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2126106 |
| RB Series 2024E  | 5.00% | 05/01/55 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2676607 |
| **Metropolitan Atlanta Rapid Transit Authority** | **Metropolitan Atlanta Rapid Transit Authority** | **Metropolitan Atlanta Rapid Transit Authority** | **Metropolitan Atlanta Rapid Transit Authority** | **Metropolitan Atlanta Rapid Transit Authority** |
| RB Series 2025A  | 5.25% | 07/01/50 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 785843 |
|  |  |  |  | &nbsp;&nbsp; **17318797** |
| **GUAM** 0.4%  | **GUAM** 0.4%  | **GUAM** 0.4%  | **GUAM** 0.4%  | **GUAM** 0.4%  |
| **Guam Government Waterworks Authority** | **Guam Government Waterworks Authority** | **Guam Government Waterworks Authority** | **Guam Government Waterworks Authority** | **Guam Government Waterworks Authority** |
| RB Series 2025A  | 5.00% | 07/01/38 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 655000 | &nbsp;&nbsp; 682996 |
| RB Series 2025A  | 5.25% | 07/01/39 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 526875 |
| Guam Waterworks Authority Water & Wastewater System Refunding RB Series <br> 2024A <br>| 5.00% | 07/01/38 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 519593 |
| Guam Waterworks Authority Water & Wastewater System Refunding RB Series <br> 2024A <br>| 5.00% | 07/01/40 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 511491 |
|  |  |  |  | &nbsp;&nbsp; **2240955** |
| **HAWAII** 0.3%  | **HAWAII** 0.3%  | **HAWAII** 0.3%  | **HAWAII** 0.3%  | **HAWAII** 0.3%  |
| **State of Hawaii Airports System Revenue** | **State of Hawaii Airports System Revenue** | **State of Hawaii Airports System Revenue** | **State of Hawaii Airports System Revenue** | **State of Hawaii Airports System Revenue** |
| RB Series 2020A  | 4.00% | 07/01/35 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; **1489450** |
| **IDAHO** 0.2%  | **IDAHO** 0.2%  | **IDAHO** 0.2%  | **IDAHO** 0.2%  | **IDAHO** 0.2%  |
| **Idaho Health Facilities Authority** | **Idaho Health Facilities Authority** | **Idaho Health Facilities Authority** | **Idaho Health Facilities Authority** | **Idaho Health Facilities Authority** |
| St. Luke's Health System Ltd. Obligated Group Refunding RB Series 2025A  | 5.00% | 03/01/41 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 516144 |
| **Jerome Lincoln & Gooding Counties Joint School District No. 261** | **Jerome Lincoln & Gooding Counties Joint School District No. 261** | **Jerome Lincoln & Gooding Counties Joint School District No. 261** | **Jerome Lincoln & Gooding Counties Joint School District No. 261** | **Jerome Lincoln & Gooding Counties Joint School District No. 261** |
| GO Bonds Series 2022  | 5.25% | 09/15/42 *(b)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 526272 |
|  |  |  |  | &nbsp;&nbsp; **1042416** |

---

*See financial notes*

**6**Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Tax-Free Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **ILLINOIS** 7.7%  | **ILLINOIS** 7.7%  | **ILLINOIS** 7.7%  | **ILLINOIS** 7.7%  | **ILLINOIS** 7.7%  |
| **Chicago Board of Education** | **Chicago Board of Education** | **Chicago Board of Education** | **Chicago Board of Education** | **Chicago Board of Education** |
| GO Bonds Series 2023A  | 5.00% | 12/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 781406 |
| **Chicago Housing Authority** | **Chicago Housing Authority** | **Chicago Housing Authority** | **Chicago Housing Authority** | **Chicago Housing Authority** |
| RB Series 2018A  | 5.00% | 01/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1030053 |
| RB Series 2018A  | 5.00% | 01/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1052643 |
| **Chicago Midway International Airport** | **Chicago Midway International Airport** | **Chicago Midway International Airport** | **Chicago Midway International Airport** | **Chicago Midway International Airport** |
| Refunding RB Series 2024A  | 5.00% | 01/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1076184 |
| Refunding RB Series 2024C  | 5.00% | 01/01/37 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp; 1823352 |
| **Chicago O'Hare International Airport** | **Chicago O'Hare International Airport** | **Chicago O'Hare International Airport** | **Chicago O'Hare International Airport** | **Chicago O'Hare International Airport** |
| Refunding RB Series 2016A  | 5.00% | 01/01/33 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 401492 |
| Refunding RB Series 2016C  | 5.00% | 01/01/31 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1006726 |
| **Chicago Park District** | **Chicago Park District** | **Chicago Park District** | **Chicago Park District** | **Chicago Park District** |
| Refunding GO Bonds Series 2023C  | 5.00% | 01/01/37 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 635197 |
| **Chicago Transit Authority Sales Tax Receipts Fund** | **Chicago Transit Authority Sales Tax Receipts Fund** | **Chicago Transit Authority Sales Tax Receipts Fund** | **Chicago Transit Authority Sales Tax Receipts Fund** | **Chicago Transit Authority Sales Tax Receipts Fund** |
| Refunding RB Series 2024A  | 5.00% | 12/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp; 1828597 |
| **City of Chicago** | **City of Chicago** | **City of Chicago** | **City of Chicago** | **City of Chicago** |
| GO Bonds Series 2019A  | 5.50% | 01/01/35 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1450000 | &nbsp;&nbsp; 1495198 |
| GO Bonds Series 2023A  | 5.00% | 01/01/34 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1033791 |
| GO Bonds Series 2023A  | 5.50% | 01/01/39 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1531927 |
| GO Bonds Series 2024A  | 5.00% | 01/01/45 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1695000 | &nbsp;&nbsp; 1592636 |
| **City of Chicago Wastewater Transmission Revenue** | **City of Chicago Wastewater Transmission Revenue** | **City of Chicago Wastewater Transmission Revenue** | **City of Chicago Wastewater Transmission Revenue** | **City of Chicago Wastewater Transmission Revenue** |
| Refunding RB Series 2024A  | 5.00% | 01/01/40 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1049940 |
| **Illinois Finance Authority** | **Illinois Finance Authority** | **Illinois Finance Authority** | **Illinois Finance Authority** | **Illinois Finance Authority** |
| Rosalind Franklin University of Medicine & Science Refunding RB Series 2017A  | 5.00% | 08/01/30 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp; 926273 |
| Rosalind Franklin University of Medicine & Science Refunding RB Series 2017A  | 5.00% | 08/01/33 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 960000 | &nbsp;&nbsp; 978526 |
| Rosalind Franklin University of Medicine & Science Refunding RB Series 2017A  | 5.00% | 08/01/34 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1330000 | &nbsp;&nbsp; 1352093 |
| Southern Illinois Healthcare Obligated Group Refunding RB Series 2017  | 5.00% | 03/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp; 705992 |
| Southern Illinois Healthcare Obligated Group Refunding RB Series 2017  | 5.00% | 03/01/30 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 409428 |
| **Illinois State Toll Highway Authority** | **Illinois State Toll Highway Authority** | **Illinois State Toll Highway Authority** | **Illinois State Toll Highway Authority** | **Illinois State Toll Highway Authority** |
| RB Series 2015A  | 5.00% | 01/01/37 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp; 2100817 |
| Refunding RB Series 2024A  | 5.00% | 01/01/38 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 809351 |
| **Kankakee River Metropolitan Agency** | **Kankakee River Metropolitan Agency** | **Kankakee River Metropolitan Agency** | **Kankakee River Metropolitan Agency** | **Kankakee River Metropolitan Agency** |
| Refunding RB Series 2016  | 5.00% | 05/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 1305000 | &nbsp;&nbsp; 1326411 |
| **Metropolitan Pier & Exposition Authority** | **Metropolitan Pier & Exposition Authority** | **Metropolitan Pier & Exposition Authority** | **Metropolitan Pier & Exposition Authority** | **Metropolitan Pier & Exposition Authority** |
| State of Illinois McCormick Place Expansion Project Fund RB Series 2015A  | 5.00% | 06/15/53 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1902331 |
| **Northern Illinois University** | **Northern Illinois University** | **Northern Illinois University** | **Northern Illinois University** | **Northern Illinois University** |
| RB Series 2021  | 5.00% | 10/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 338330 |
| RB Series 2021  | 5.00% | 10/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 350393 |
| Refunding RB Series 2020B  | 5.00% | 04/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 425595 |
| **State of Illinois** | **State of Illinois** | **State of Illinois** | **State of Illinois** | **State of Illinois** |
| GO Bonds Series 2018A  | 5.00% | 05/01/31 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1049522 |
| GO Bonds Series 2019A  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2623821 |
| GO Bonds Series 2021A  | 4.00% | 03/01/40 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1808713 |
| GO Bonds Series 2023B  | 4.50% | 05/01/48 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 440912 |
| GO Bonds Series 2024B  | 4.25% | 05/01/46 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 866824 |
| Refunding GO Bonds Series 2016  | 5.00% | 02/01/28 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1548915 |
| Refunding GO Bonds Series 2018B  | 5.00% | 10/01/33 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1564453 |
| Refunding GO Bonds Series 2024  | 5.00% | 02/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 806648 |
| Refunding GO Bonds Series 2024  | 5.00% | 02/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 1256433 |

---

*See financial notes*

Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

**7**

------

Schwab Tax-Free Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Village of Bellwood** | **Village of Bellwood** | **Village of Bellwood** | **Village of Bellwood** | **Village of Bellwood** |
| Refunding GO Bonds Series 2016B  | 5.00% | 12/01/28 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1855000 | &nbsp;&nbsp; 1903804 |
|  |  |  |  | &nbsp;&nbsp; **41834727** |
| **INDIANA** 0.3%  | **INDIANA** 0.3%  | **INDIANA** 0.3%  | **INDIANA** 0.3%  | **INDIANA** 0.3%  |
| **City of Whiting** | **City of Whiting** | **City of Whiting** | **City of Whiting** | **City of Whiting** |
| BP Products North America, Inc. RB Series 2008  | 4.20% | 06/01/44 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 604702 |
| **Indiana Finance Authority** | **Indiana Finance Authority** | **Indiana Finance Authority** | **Indiana Finance Authority** | **Indiana Finance Authority** |
| Republic Services, Inc. RB Series 2012  | 3.95% | 12/01/37 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000000 |
|  |  |  |  | &nbsp;&nbsp; **1604702** |
| **IOWA** 0.9%  | **IOWA** 0.9%  | **IOWA** 0.9%  | **IOWA** 0.9%  | **IOWA** 0.9%  |
| **PEFA, Inc.** | **PEFA, Inc.** | **PEFA, Inc.** | **PEFA, Inc.** | **PEFA, Inc.** |
| RB Series 2019  | 5.00% | 09/01/49 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; **5086158** |
| **KANSAS** 0.5%  | **KANSAS** 0.5%  | **KANSAS** 0.5%  | **KANSAS** 0.5%  | **KANSAS** 0.5%  |
| **Johnson & Miami Counties Unified School District No. 230 Spring Hills** | **Johnson & Miami Counties Unified School District No. 230 Spring Hills** | **Johnson & Miami Counties Unified School District No. 230 Spring Hills** | **Johnson & Miami Counties Unified School District No. 230 Spring Hills** | **Johnson & Miami Counties Unified School District No. 230 Spring Hills** |
| GO Bonds Series 2018A  | 5.00% | 09/01/31 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2575000 | &nbsp;&nbsp; **2705752** |
| **KENTUCKY** 1.3%  | **KENTUCKY** 1.3%  | **KENTUCKY** 1.3%  | **KENTUCKY** 1.3%  | **KENTUCKY** 1.3%  |
| **Kentucky Public Energy Authority** | **Kentucky Public Energy Authority** | **Kentucky Public Energy Authority** | **Kentucky Public Energy Authority** | **Kentucky Public Energy Authority** |
| Refunding RB Series 2024B  | 5.00% | 01/01/55 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3731730 |
| Refunding RB Series 2025A  | 5.25% | 06/01/55 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1331387 |
| **Louisville & Jefferson County Metropolitan Sewer District** | **Louisville & Jefferson County Metropolitan Sewer District** | **Louisville & Jefferson County Metropolitan Sewer District** | **Louisville & Jefferson County Metropolitan Sewer District** | **Louisville & Jefferson County Metropolitan Sewer District** |
| RB Series 2017A  | 3.25% | 05/15/46 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1655000 | &nbsp;&nbsp; 1299516 |
| **Northern Kentucky University** | **Northern Kentucky University** | **Northern Kentucky University** | **Northern Kentucky University** | **Northern Kentucky University** |
| RB Series 2019A  | 3.00% | 09/01/40 *(b)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 590903 |
|  |  |  |  | &nbsp;&nbsp; **6953536** |
| **LOUISIANA** 1.2%  | **LOUISIANA** 1.2%  | **LOUISIANA** 1.2%  | **LOUISIANA** 1.2%  | **LOUISIANA** 1.2%  |
| **Louisiana Housing Corp.** | **Louisiana Housing Corp.** | **Louisiana Housing Corp.** | **Louisiana Housing Corp.** | **Louisiana Housing Corp.** |
| RB Series 2023C  | 5.75% | 12/01/53 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1730000 | &nbsp;&nbsp; 1887375 |
| **Louisiana Offshore Terminal Authority** | **Louisiana Offshore Terminal Authority** | **Louisiana Offshore Terminal Authority** | **Louisiana Offshore Terminal Authority** | **Louisiana Offshore Terminal Authority** |
| Loop LLC Refunding RB Series 2007A  | 4.15% | 09/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3045937 |
| **Louisiana Public Facilities Authority** | **Louisiana Public Facilities Authority** | **Louisiana Public Facilities Authority** | **Louisiana Public Facilities Authority** | **Louisiana Public Facilities Authority** |
| Loyola University New Orleans RB Series 2023A  | 5.00% | 10/01/38 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1006339 |
| Ochsner Clinic Foundation Obligated Group Refunding RB Series 2017  | 5.00% | 05/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 518699 |
|  |  |  |  | &nbsp;&nbsp; **6458350** |
| **MAINE** 0.1%  | **MAINE** 0.1%  | **MAINE** 0.1%  | **MAINE** 0.1%  | **MAINE** 0.1%  |
| **City of Portland General Airport Revenue** | **City of Portland General Airport Revenue** | **City of Portland General Airport Revenue** | **City of Portland General Airport Revenue** | **City of Portland General Airport Revenue** |
| Refunding RB Series 2019  | 5.00% | 01/01/34 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp; **658873** |
| **MARYLAND** 0.5%  | **MARYLAND** 0.5%  | **MARYLAND** 0.5%  | **MARYLAND** 0.5%  | **MARYLAND** 0.5%  |
| **Maryland Health & Higher Educational Facilities Authority** | **Maryland Health & Higher Educational Facilities Authority** | **Maryland Health & Higher Educational Facilities Authority** | **Maryland Health & Higher Educational Facilities Authority** | **Maryland Health & Higher Educational Facilities Authority** |
| University of Maryland Medical System Obligated Group Refunding RB Series <br> 2025A <br>| 5.00% | 07/01/42 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp; 823243 |

---

*See financial notes*

**8**Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Tax-Free Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **State of Maryland** | **State of Maryland** | **State of Maryland** | **State of Maryland** | **State of Maryland** |
| GO Bonds Series 2018A  | 3.13% | 03/15/33 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2000448 |
|  |  |  |  | &nbsp;&nbsp; **2823691** |
| **MASSACHUSETTS** 3.1%  | **MASSACHUSETTS** 3.1%  | **MASSACHUSETTS** 3.1%  | **MASSACHUSETTS** 3.1%  | **MASSACHUSETTS** 3.1%  |
| **Massachusetts Bay Transportation Authority Sales Tax Revenue** | **Massachusetts Bay Transportation Authority Sales Tax Revenue** | **Massachusetts Bay Transportation Authority Sales Tax Revenue** | **Massachusetts Bay Transportation Authority Sales Tax Revenue** | **Massachusetts Bay Transportation Authority Sales Tax Revenue** |
| RB Series 2025B  | 5.00% | 07/01/37 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1671714 |
| RB Series 2025B  | 5.00% | 07/01/40 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1614750 |
| **Massachusetts Development Finance Agency** | **Massachusetts Development Finance Agency** | **Massachusetts Development Finance Agency** | **Massachusetts Development Finance Agency** | **Massachusetts Development Finance Agency** |
| Beth Israel Lahey Health Obligated Group RB Series 2023M  | 5.00% | 07/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2786852 |
| Beth Israel Lahey Health Obligated Group Refunding RB Series 2015F  | 5.00% | 08/15/28 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp; 950826 |
| Boston Medical Center Corp. Obligated Group Refunding RB Series 2016E  | 5.00% | 07/01/31 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2815000 | &nbsp;&nbsp; 2847947 |
| Boston Medical Center Corp. Obligated Group Refunding RB Series 2023G  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 865000 | &nbsp;&nbsp; 877503 |
| Suffolk University Refunding RB Series 2025  | 5.50% | 07/01/45 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3523626 |
| UMass Memorial Health Care Obligated Group Refunding RB Series 2016  | 5.00% | 07/01/36 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1815000 | &nbsp;&nbsp; 1828119 |
| **Massachusetts Housing Finance Agency** | **Massachusetts Housing Finance Agency** | **Massachusetts Housing Finance Agency** | **Massachusetts Housing Finance Agency** | **Massachusetts Housing Finance Agency** |
| Refunding RB Series 2018-203  | 4.50% | 12/01/48 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp; 656621 |
|  |  |  |  | &nbsp;&nbsp; **16757958** |
| **MICHIGAN** 2.2%  | **MICHIGAN** 2.2%  | **MICHIGAN** 2.2%  | **MICHIGAN** 2.2%  | **MICHIGAN** 2.2%  |
| **Detroit Downtown Development Authority** | **Detroit Downtown Development Authority** | **Detroit Downtown Development Authority** | **Detroit Downtown Development Authority** | **Detroit Downtown Development Authority** |
| Detroit Downtown Development Authority Catalyst Development Area Refunding <br> Tax Allocation Series 2024 <br>| 5.00% | 07/01/48 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1335000 | &nbsp;&nbsp; 1350581 |
| **Great Lakes Water Authority Water Supply System Revenue** | **Great Lakes Water Authority Water Supply System Revenue** | **Great Lakes Water Authority Water Supply System Revenue** | **Great Lakes Water Authority Water Supply System Revenue** | **Great Lakes Water Authority Water Supply System Revenue** |
| RB Series 2022B  | 5.25% | 07/01/47 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2063368 |
| RB Series 2025D  | 5.25% | 07/01/44 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp; 1358459 |
| **Karegnondi Water Authority** | **Karegnondi Water Authority** | **Karegnondi Water Authority** | **Karegnondi Water Authority** | **Karegnondi Water Authority** |
| County of Genesee Refunding RB Series 2024  | 5.00% | 11/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 450942 |
| County of Genesee Refunding RB Series 2024  | 5.00% | 11/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 452393 |
| **Michigan Finance Authority** | **Michigan Finance Authority** | **Michigan Finance Authority** | **Michigan Finance Authority** | **Michigan Finance Authority** |
| Detroit Public Lighting Authority Utility Users Tax Revenue Refunding RB Series <br> 2025A <br>| 5.00% | 07/01/34 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 557766 |
| Detroit Public Lighting Authority Utility Users Tax Revenue Refunding RB Series <br> 2025A <br>| 5.00% | 07/01/41 *(b)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 510000 | &nbsp;&nbsp; 528823 |
| Provident Group - HFH Energy LLC RB Series 2024  | 5.00% | 02/28/38 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 797163 |
| Provident Group - HFH Energy LLC RB Series 2024  | 5.00% | 02/28/39 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 789078 |
| **Michigan State Building Authority** | **Michigan State Building Authority** | **Michigan State Building Authority** | **Michigan State Building Authority** | **Michigan State Building Authority** |
| Refunding RB Series 2025I  | 5.00% | 04/15/42 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2092083 |
| **Michigan State University** | **Michigan State University** | **Michigan State University** | **Michigan State University** | **Michigan State University** |
| Refunding RB Series 2025A  | 5.00% | 02/15/41 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1588759 |
|  |  |  |  | &nbsp;&nbsp; **12029415** |
| **MINNESOTA** 0.7%  | **MINNESOTA** 0.7%  | **MINNESOTA** 0.7%  | **MINNESOTA** 0.7%  | **MINNESOTA** 0.7%  |
| **City of Minneapolis/St. Paul Housing & Redevelopment Authority** | **City of Minneapolis/St. Paul Housing & Redevelopment Authority** | **City of Minneapolis/St. Paul Housing & Redevelopment Authority** | **City of Minneapolis/St. Paul Housing & Redevelopment Authority** | **City of Minneapolis/St. Paul Housing & Redevelopment Authority** |
| Children's Health Care Obligated Group RB Series 2025  | 5.00% | 08/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1109616 |
| **Minnesota Health & Education Facilities Authority** | **Minnesota Health & Education Facilities Authority** | **Minnesota Health & Education Facilities Authority** | **Minnesota Health & Education Facilities Authority** | **Minnesota Health & Education Facilities Authority** |
| University of St Thomas/Minneapolis RB Series 2024A  | 5.00% | 10/01/42 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1017991 |
| **Stillwater Independent School District No. 834** | **Stillwater Independent School District No. 834** | **Stillwater Independent School District No. 834** | **Stillwater Independent School District No. 834** | **Stillwater Independent School District No. 834** |
| Refunding GO Bonds Series 2024A  | 5.00% | 02/01/37 *(b)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 1665000 | &nbsp;&nbsp; 1787033 |
|  |  |  |  | &nbsp;&nbsp; **3914640** |

---

*See financial notes*

Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

**9**

------

Schwab Tax-Free Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **MISSISSIPPI** 0.3%  | **MISSISSIPPI** 0.3%  | **MISSISSIPPI** 0.3%  | **MISSISSIPPI** 0.3%  | **MISSISSIPPI** 0.3%  |
| **Mississippi Development Bank** | **Mississippi Development Bank** | **Mississippi Development Bank** | **Mississippi Development Bank** | **Mississippi Development Bank** |
| Jackson Public School District RB Series 2018  | 5.00% | 10/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1001739 |
| Jackson Public School District RB Series 2018  | 5.00% | 10/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 590000 | &nbsp;&nbsp; 604693 |
|  |  |  |  | &nbsp;&nbsp; **1606432** |
| **MISSOURI** 1.9%  | **MISSOURI** 1.9%  | **MISSOURI** 1.9%  | **MISSOURI** 1.9%  | **MISSOURI** 1.9%  |
| **City of St. Louis** | **City of St. Louis** | **City of St. Louis** | **City of St. Louis** | **City of St. Louis** |
| GO Bonds Series 2023A  | 5.00% | 02/15/43 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp; 2450672 |
| **Health & Educational Facilities Authority of the State of Missouri** | **Health & Educational Facilities Authority of the State of Missouri** | **Health & Educational Facilities Authority of the State of Missouri** | **Health & Educational Facilities Authority of the State of Missouri** | **Health & Educational Facilities Authority of the State of Missouri** |
| Kansas City University RB Series 2017A  | 5.00% | 06/01/35 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1024697 |
| Kansas City University RB Series 2017A  | 5.00% | 06/01/36 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp; 1072984 |
| Lutheran Senior Services Obligated Group RB Series 2021  | 4.00% | 02/01/42 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 910000 | &nbsp;&nbsp; 765273 |
| Lutheran Senior Services Obligated Group Refunding RB Series 2016B  | 4.00% | 02/01/37 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1837522 |
| Lutheran Senior Services Obligated Group Refunding RB Series 2024A  | 5.25% | 02/01/44 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 680000 | &nbsp;&nbsp; 670248 |
| Lutheran Senior Services Obligated Group Refunding RB Series 2024A  | 5.25% | 02/01/48 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1955000 | &nbsp;&nbsp; 1875512 |
| **Missouri Housing Development Commission** | **Missouri Housing Development Commission** | **Missouri Housing Development Commission** | **Missouri Housing Development Commission** | **Missouri Housing Development Commission** |
| RB Series 2018A  | 4.25% | 05/01/49 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 695000 | &nbsp;&nbsp; 702287 |
|  |  |  |  | &nbsp;&nbsp; **10399195** |
| **MONTANA** 0.5%  | **MONTANA** 0.5%  | **MONTANA** 0.5%  | **MONTANA** 0.5%  | **MONTANA** 0.5%  |
| **Montana Board of Housing** | **Montana Board of Housing** | **Montana Board of Housing** | **Montana Board of Housing** | **Montana Board of Housing** |
| RB Series 2023B  | 6.00% | 12/01/53 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1995000 | &nbsp;&nbsp; 2156972 |
| Refunding RB Series 2018A  | 4.00% | 06/01/49 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 351535 |
|  |  |  |  | &nbsp;&nbsp; **2508507** |
| **NEBRASKA** 0.5%  | **NEBRASKA** 0.5%  | **NEBRASKA** 0.5%  | **NEBRASKA** 0.5%  | **NEBRASKA** 0.5%  |
| **Gretna Public Schools** | **Gretna Public Schools** | **Gretna Public Schools** | **Gretna Public Schools** | **Gretna Public Schools** |
| GO Bonds Series 2022B  | 5.00% | 12/15/27 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1509070 |
| **Village of Boys Town** | **Village of Boys Town** | **Village of Boys Town** | **Village of Boys Town** | **Village of Boys Town** |
| Father Flanagan's Boy's Home Refunding RB Series 2017  | 3.00% | 09/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 1115000 | &nbsp;&nbsp; 1123272 |
|  |  |  |  | &nbsp;&nbsp; **2632342** |
| **NEVADA** 0.6%  | **NEVADA** 0.6%  | **NEVADA** 0.6%  | **NEVADA** 0.6%  | **NEVADA** 0.6%  |
| **Carson City** | **Carson City** | **Carson City** | **Carson City** | **Carson City** |
| Carson Tahoe Regional Healthcare Obligated Group Refunding RB Series 2017A  | 5.00% | 09/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 600000 |
| Carson Tahoe Regional Healthcare Obligated Group Refunding RB Series 2017A  | 5.00% | 09/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 605000 | &nbsp;&nbsp; 626728 |
| **Clark County School District** | **Clark County School District** | **Clark County School District** | **Clark County School District** | **Clark County School District** |
| GO Bonds Series 2018A  | 4.00% | 06/15/36 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp; 1799981 |
|  |  |  |  | &nbsp;&nbsp; **3026709** |
| **NEW HAMPSHIRE** 0.5%  | **NEW HAMPSHIRE** 0.5%  | **NEW HAMPSHIRE** 0.5%  | **NEW HAMPSHIRE** 0.5%  | **NEW HAMPSHIRE** 0.5%  |
| **New Hampshire Business Finance Authority** | **New Hampshire Business Finance Authority** | **New Hampshire Business Finance Authority** | **New Hampshire Business Finance Authority** | **New Hampshire Business Finance Authority** |
| Novant Health Obligated Group RB Series 2025A  | 5.00% | 12/01/35 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1608334 |
| **New Hampshire Health & Education Facilities Authority Act** | **New Hampshire Health & Education Facilities Authority Act** | **New Hampshire Health & Education Facilities Authority Act** | **New Hampshire Health & Education Facilities Authority Act** | **New Hampshire Health & Education Facilities Authority Act** |
| Dartmouth Health Obligated Group Refunding RB Series 2025  | 5.00% | 08/01/41 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1035402 |
|  |  |  |  | &nbsp;&nbsp; **2643736** |

---

*See financial notes*

**10**Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Tax-Free Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **NEW JERSEY** 5.6%  | **NEW JERSEY** 5.6%  | **NEW JERSEY** 5.6%  | **NEW JERSEY** 5.6%  | **NEW JERSEY** 5.6%  |
| **New Jersey Educational Facilities Authority** | **New Jersey Educational Facilities Authority** | **New Jersey Educational Facilities Authority** | **New Jersey Educational Facilities Authority** | **New Jersey Educational Facilities Authority** |
| Trustees of Princeton University RB Series 2025A  | 5.00% | 07/01/64 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5553846 |
| Trustees of Princeton University RB Series 2025A  | 5.00% | 07/01/64 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2828148 |
| **New Jersey Transportation Trust Fund Authority** | **New Jersey Transportation Trust Fund Authority** | **New Jersey Transportation Trust Fund Authority** | **New Jersey Transportation Trust Fund Authority** | **New Jersey Transportation Trust Fund Authority** |
| RB Series 2014BB-1  | 5.00% | 06/15/33 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3690564 |
| RB Series 2019BB  | 5.00% | 06/15/44 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1003655 |
| RB Series 2023BB  | 5.00% | 06/15/34 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp; 1446110 |
| RB Series 2023BB  | 5.25% | 06/15/50 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2041138 |
| RB Series 2024CC  | 5.00% | 06/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1117639 |
| RB Series 2024CC  | 5.00% | 06/15/38 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1066345 |
| Refunding RB Series 2023A  | 4.25% | 06/15/40 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 2857594 |
| Refunding RB Series 2023AA  | 4.25% | 06/15/44 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 909725 |
| Refunding RB Series 2024A  | 5.00% | 06/15/36 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2732622 |
| Refunding RB Series 2024AA  | 5.00% | 06/15/42 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2562540 |
| **New Jersey Turnpike Authority** | **New Jersey Turnpike Authority** | **New Jersey Turnpike Authority** | **New Jersey Turnpike Authority** | **New Jersey Turnpike Authority** |
| RB Series 2022B  | 4.25% | 01/01/43 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp; 1670655 |
| **Township of Gloucester** | **Township of Gloucester** | **Township of Gloucester** | **Township of Gloucester** | **Township of Gloucester** |
| GO Bonds Series 2025  | 2.00% | 05/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 1035000 | &nbsp;&nbsp; 1019027 |
|  |  |  |  | &nbsp;&nbsp; **30499608** |
| **NEW MEXICO** 0.1%  | **NEW MEXICO** 0.1%  | **NEW MEXICO** 0.1%  | **NEW MEXICO** 0.1%  | **NEW MEXICO** 0.1%  |
| **New Mexico Mortgage Finance Authority** | **New Mexico Mortgage Finance Authority** | **New Mexico Mortgage Finance Authority** | **New Mexico Mortgage Finance Authority** | **New Mexico Mortgage Finance Authority** |
| RB Series 2018B  | 4.00% | 01/01/49 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 535000 | &nbsp;&nbsp; **538720** |
| **NEW YORK** 12.8%  | **NEW YORK** 12.8%  | **NEW YORK** 12.8%  | **NEW YORK** 12.8%  | **NEW YORK** 12.8%  |
| **City of New York** | **City of New York** | **City of New York** | **City of New York** | **City of New York** |
| GO Bonds Series 2013D4  | 3.90% | 08/01/40 *(b)(e)(f)* | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp; 650000 |
| GO Bonds Series 2016A5  | 3.95% | 08/01/44 *(b)(e)(f)* | &nbsp;&nbsp;&nbsp;&nbsp; 3330000 | &nbsp;&nbsp; 3330000 |
| GO Bonds Series 2021A-1  | 4.00% | 08/01/38 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1942124 |
| GO Bonds Series 2022A-4  | 3.90% | 09/01/49 *(b)(e)(f)* | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp; 160000 |
| GO Bonds Series 2025A-1  | 5.00% | 08/01/42 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1307827 |
| **Empire State Development Corp.** | **Empire State Development Corp.** | **Empire State Development Corp.** | **Empire State Development Corp.** | **Empire State Development Corp.** |
| State of New York Personal Income Tax Revenue Refunding RB Series 2020C  | 5.00% | 03/15/47 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3009969 |
| State of New York Personal Income Tax Revenue Refunding RB Series 2020C  | 3.00% | 03/15/48 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1060000 | &nbsp;&nbsp; 756026 |
| **Metropolitan Transportation Authority** | **Metropolitan Transportation Authority** | **Metropolitan Transportation Authority** | **Metropolitan Transportation Authority** | **Metropolitan Transportation Authority** |
| RB Series 2015A-2  | 5.00% | 11/15/45 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2845000 | &nbsp;&nbsp; 2991920 |
| RB Series 2020C-1  | 4.75% | 11/15/45 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1150331 |
| **Nassau County Local Economic Assistance Corp.** | **Nassau County Local Economic Assistance Corp.** | **Nassau County Local Economic Assistance Corp.** | **Nassau County Local Economic Assistance Corp.** | **Nassau County Local Economic Assistance Corp.** |
| Catholic Health Services of Long Island Obligated Group RB Series 2014  | 5.00% | 07/01/26 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250307 |
| **New York City Municipal Water Finance Authority** | **New York City Municipal Water Finance Authority** | **New York City Municipal Water Finance Authority** | **New York City Municipal Water Finance Authority** | **New York City Municipal Water Finance Authority** |
| Water & Sewer System RB Series 2025BB  | 5.00% | 06/15/43 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2606358 |
| Water & Sewer System Refunding RB Series 2025CC  | 5.00% | 06/15/37 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1107968 |
| **New York City Transitional Finance Authority** | **New York City Transitional Finance Authority** | **New York City Transitional Finance Authority** | **New York City Transitional Finance Authority** | **New York City Transitional Finance Authority** |
| Future Tax Secured Revenue RB Series 2025A  | 5.00% | 05/01/40 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1598583 |
| Future Tax Secured Revenue RB Series 2025H  | 5.00% | 11/01/44 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 514196 |
| Future Tax Secured Revenue Refunding RB Series 2025F-1  | 5.00% | 11/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 558626 |

---

*See financial notes*

Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

**11**

------

Schwab Tax-Free Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **New York City Transitional Finance Authority Building Aid Revenue** | **New York City Transitional Finance Authority Building Aid Revenue** | **New York City Transitional Finance Authority Building Aid Revenue** | **New York City Transitional Finance Authority Building Aid Revenue** | **New York City Transitional Finance Authority Building Aid Revenue** |
| Refunding RB Series 2018S-3A  | 5.00% | 07/15/35 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2089933 |
| Refunding RB Series 2018S-3A  | 5.00% | 07/15/36 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1450000 | &nbsp;&nbsp; 1507068 |
| Refunding RB Series 2025S-2  | 5.00% | 07/15/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 2600000 | &nbsp;&nbsp; 2776343 |
| **New York City Transitional Finance Authority Future Tax Secured Revenue** | **New York City Transitional Finance Authority Future Tax Secured Revenue** | **New York City Transitional Finance Authority Future Tax Secured Revenue** | **New York City Transitional Finance Authority Future Tax Secured Revenue** | **New York City Transitional Finance Authority Future Tax Secured Revenue** |
| RB Series 2016E-4  | 3.95% | 02/01/45 *(b)(e)(f)* | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp; 450000 |
| RB Series 2019A-2  | 5.00% | 05/01/39 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5147381 |
| **New York State Dormitory Authority** | **New York State Dormitory Authority** | **New York State Dormitory Authority** | **New York State Dormitory Authority** | **New York State Dormitory Authority** |
| RB Series 2025A  | 5.00% | 10/01/36 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1376726 |
| Montefiore Obligated Group RB Series 2024  | 5.25% | 11/01/41 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp; 386977 |
| Northwell Health Obligated Group Refunding RB Series 2024A  | 4.00% | 05/01/39 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 943148 |
| Personal Income Tax Revenue Refunding RB Series 2019A  | 5.00% | 03/15/46 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5043359 |
| Rochester Institute of Technology RB Series 2022A  | 5.00% | 07/01/39 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1053840 |
| Sales Tax Revenue Refunding RB Series 2024B  | 5.00% | 03/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1363769 |
| Sales Tax Revenue Refunding RB Series 2024B  | 5.00% | 03/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1665817 |
| State University of New York Dormitory Facilities Revenue Refunding RB Series <br> 2025B <br>| 4.00% | 07/01/37 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1205000 | &nbsp;&nbsp; 1199959 |
| White Plains Hospital Obligated Group RB Series 2024  | 5.00% | 10/01/36 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 367539 |
| White Plains Hospital Obligated Group RB Series 2024  | 5.00% | 10/01/37 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 519379 |
| White Plains Hospital Obligated Group RB Series 2024  | 5.25% | 10/01/49 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 728022 |
| **New York State Thruway Authority** | **New York State Thruway Authority** | **New York State Thruway Authority** | **New York State Thruway Authority** | **New York State Thruway Authority** |
| Refunding RB Series 2021O  | 4.00% | 01/01/40 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1865000 | &nbsp;&nbsp; 1755688 |
| Refunding RB Series 2024P  | 5.00% | 01/01/38 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 547585 |
| **New York Transportation Development Corp.** | **New York Transportation Development Corp.** | **New York Transportation Development Corp.** | **New York Transportation Development Corp.** | **New York Transportation Development Corp.** |
| JFK NTO LLC RB Series 2023  | 5.50% | 06/30/38 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1031605 |
| JFK NTO LLC RB Series 2024  | 5.00% | 06/30/54 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1191369 |
| JFK NTO LLC RB Series 2024  | 5.50% | 06/30/60 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1924959 |
| JFK NTO LLC RB Series 2025  | 5.50% | 06/30/39 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1050107 |
| JFK NTO LLC RB Series 2025  | 6.00% | 06/30/40 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 539429 |
| JFK NTO LLC RB Series 2025  | 6.00% | 06/30/41 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 535150 |
| **Port Authority of New York & New Jersey** | **Port Authority of New York & New Jersey** | **Port Authority of New York & New Jersey** | **Port Authority of New York & New Jersey** | **Port Authority of New York & New Jersey** |
| RB Series 2020-221  | 5.00% | 07/15/34 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2835000 | &nbsp;&nbsp; 2977267 |
| RB Series 2022-236  | 5.00% | 01/15/37 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1052229 |
| RB Series 2022-236  | 5.00% | 01/15/38 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1042021 |
| Refunding RB Series 2021-227  | 3.00% | 10/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2001388 |
| Refunding RB Series 2025250  | 5.00% | 10/15/40 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2148073 |
| **Triborough Bridge & Tunnel Authority** | **Triborough Bridge & Tunnel Authority** | **Triborough Bridge & Tunnel Authority** | **Triborough Bridge & Tunnel Authority** | **Triborough Bridge & Tunnel Authority** |
| RB Series 2025A  | 5.00% | 11/15/37 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 552659 |
| Refunding RB Series 2025A-2  | 5.00% | 11/15/37 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 675000 | &nbsp;&nbsp; 746090 |
| **Triborough Bridge & Tunnel Authority Sales Tax Revenue** | **Triborough Bridge & Tunnel Authority Sales Tax Revenue** | **Triborough Bridge & Tunnel Authority Sales Tax Revenue** | **Triborough Bridge & Tunnel Authority Sales Tax Revenue** | **Triborough Bridge & Tunnel Authority Sales Tax Revenue** |
| RB Series 2023A  | 4.00% | 05/15/48 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1741722 |
|  |  |  |  | &nbsp;&nbsp; **69390836** |
| **NORTH CAROLINA** 2.4%  | **NORTH CAROLINA** 2.4%  | **NORTH CAROLINA** 2.4%  | **NORTH CAROLINA** 2.4%  | **NORTH CAROLINA** 2.4%  |
| **County of Brunswick** | **County of Brunswick** | **County of Brunswick** | **County of Brunswick** | **County of Brunswick** |
| GO Bonds Series 2018  | 3.20% | 08/01/34 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2230000 | &nbsp;&nbsp; 2194749 |
| **Greater Asheville Regional Airport Authority** | **Greater Asheville Regional Airport Authority** | **Greater Asheville Regional Airport Authority** | **Greater Asheville Regional Airport Authority** | **Greater Asheville Regional Airport Authority** |
| RB Series 2022A  | 5.50% | 07/01/47 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2034208 |

---

*See financial notes*

**12**Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Tax-Free Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **North Carolina Capital Facilities Finance Agency** | **North Carolina Capital Facilities Finance Agency** | **North Carolina Capital Facilities Finance Agency** | **North Carolina Capital Facilities Finance Agency** | **North Carolina Capital Facilities Finance Agency** |
| Meredith College Refunding RB Series 2018  | 5.00% | 06/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 1735000 | &nbsp;&nbsp; 1745286 |
| Meredith College Refunding RB Series 2018  | 5.00% | 06/01/30 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1003720 |
| Meredith College Refunding RB Series 2018  | 5.00% | 06/01/31 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1305000 | &nbsp;&nbsp; 1307973 |
| Meredith College Refunding RB Series 2018  | 5.00% | 06/01/32 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1255000 | &nbsp;&nbsp; 1256188 |
| **North Carolina Medical Care Commission** | **North Carolina Medical Care Commission** | **North Carolina Medical Care Commission** | **North Carolina Medical Care Commission** | **North Carolina Medical Care Commission** |
| Carolina Meadows, Inc. Obligated Group RB Series 2024  | 5.25% | 12/01/49 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2350000 | &nbsp;&nbsp; 2279007 |
| United Methodist Retirement Homes, Inc. Obligated Group RB Series 2024A  | 5.13% | 10/01/54 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 952753 |
|  |  |  |  | &nbsp;&nbsp; **12773884** |
| **OHIO** 2.0%  | **OHIO** 2.0%  | **OHIO** 2.0%  | **OHIO** 2.0%  | **OHIO** 2.0%  |
| **Buckeye Tobacco Settlement Financing Authority** | **Buckeye Tobacco Settlement Financing Authority** | **Buckeye Tobacco Settlement Financing Authority** | **Buckeye Tobacco Settlement Financing Authority** | **Buckeye Tobacco Settlement Financing Authority** |
| Refunding RB Series 2020A-2  | 5.00% | 06/01/34 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1945000 | &nbsp;&nbsp; 2025660 |
| Refunding RB Series 2020A-2  | 5.00% | 06/01/35 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 3055000 | &nbsp;&nbsp; 3157675 |
| **City of Cleveland Airport System Revenue** | **City of Cleveland Airport System Revenue** | **City of Cleveland Airport System Revenue** | **City of Cleveland Airport System Revenue** | **City of Cleveland Airport System Revenue** |
| Refunding RB Series 2019B  | 5.00% | 01/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 1045000 | &nbsp;&nbsp; 1052949 |
| **City of Columbus** | **City of Columbus** | **City of Columbus** | **City of Columbus** | **City of Columbus** |
| GO Bonds Series 2017A  | 3.15% | 04/01/35 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2405860 |
| **Ohio Air Quality Development Authority** | **Ohio Air Quality Development Authority** | **Ohio Air Quality Development Authority** | **Ohio Air Quality Development Authority** | **Ohio Air Quality Development Authority** |
| American Electric Power Co., Inc. Refunding RB Series 2005B  | 3.70% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2005233 |
|  |  |  |  | &nbsp;&nbsp; **10647377** |
| **OKLAHOMA** 0.0%  | **OKLAHOMA** 0.0%  | **OKLAHOMA** 0.0%  | **OKLAHOMA** 0.0%  | **OKLAHOMA** 0.0%  |
| **Oklahoma Development Finance Authority** | **Oklahoma Development Finance Authority** | **Oklahoma Development Finance Authority** | **Oklahoma Development Finance Authority** | **Oklahoma Development Finance Authority** |
| RB Series 2014E  | 4.00% | 06/01/27 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 29000 | &nbsp;&nbsp; **29029** |
| **OREGON** 1.7%  | **OREGON** 1.7%  | **OREGON** 1.7%  | **OREGON** 1.7%  | **OREGON** 1.7%  |
| **Astoria Hospital Facilities Authority** | **Astoria Hospital Facilities Authority** | **Astoria Hospital Facilities Authority** | **Astoria Hospital Facilities Authority** | **Astoria Hospital Facilities Authority** |
| Columbia Lutheran Charities Obligated Group RB Series 2024  | 5.25% | 08/01/49 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 720367 |
| **City of Seaside Transient Lodging Tax Revenue** | **City of Seaside Transient Lodging Tax Revenue** | **City of Seaside Transient Lodging Tax Revenue** | **City of Seaside Transient Lodging Tax Revenue** | **City of Seaside Transient Lodging Tax Revenue** |
| RB Series 2018  | 5.00% | 12/15/37 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1875000 | &nbsp;&nbsp; 1932434 |
| **Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow** | **Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow** | **Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow** | **Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow** | **Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow** |
| GO Bonds Series 2019A  | 3.44% | 06/15/34 *(b)(d)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 207323 |
| GO Bonds Series 2019A  | 3.49% | 06/15/35 *(b)(d)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 173080 |
| GO Bonds Series 2019A  | 3.54% | 06/15/36 *(b)(d)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp; 258452 |
| GO Bonds Series 2019A  | 3.59% | 06/15/37 *(b)(d)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 289190 |
| **Oregon State Lottery** | **Oregon State Lottery** | **Oregon State Lottery** | **Oregon State Lottery** | **Oregon State Lottery** |
| Refunding RB Series 2025A  | 5.00% | 04/01/38 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1100261 |
| **Port of Portland Airport Revenue** | **Port of Portland Airport Revenue** | **Port of Portland Airport Revenue** | **Port of Portland Airport Revenue** | **Port of Portland Airport Revenue** |
| RB Series 2020-27A  | 4.00% | 07/01/39 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1861384 |
| **Umatilla County School District No. 6R Umatilla** | **Umatilla County School District No. 6R Umatilla** | **Umatilla County School District No. 6R Umatilla** | **Umatilla County School District No. 6R Umatilla** | **Umatilla County School District No. 6R Umatilla** |
| GO Bonds Series 2017  | 5.00% | 06/15/29 *(b)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp; 354280 |
| GO Bonds Series 2017  | 5.00% | 06/15/30 *(b)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 311674 |
| GO Bonds Series 2017  | 5.00% | 06/15/32 *(b)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 361002 |
| GO Bonds Series 2017  | 5.00% | 06/15/33 *(b)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp; 534832 |
| GO Bonds Series 2017  | 5.00% | 06/15/34 *(b)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 358958 |
| GO Bonds Series 2017  | 5.00% | 06/15/35 *(b)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp; 419418 |
| GO Bonds Series 2023B  | 5.08% | 06/15/53 *(b)(d)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp; 352527 |
|  |  |  |  | &nbsp;&nbsp; **9235182** |

---

*See financial notes*

Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

**13**

------

Schwab Tax-Free Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **PENNSYLVANIA** 4.8%  | **PENNSYLVANIA** 4.8%  | **PENNSYLVANIA** 4.8%  | **PENNSYLVANIA** 4.8%  | **PENNSYLVANIA** 4.8%  |
| **City of Philadelphia** | **City of Philadelphia** | **City of Philadelphia** | **City of Philadelphia** | **City of Philadelphia** |
| Refunding GO Bonds Series 2025C  | 5.00% | 08/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1391198 |
| **Lancaster County Hospital Authority** | **Lancaster County Hospital Authority** | **Lancaster County Hospital Authority** | **Lancaster County Hospital Authority** | **Lancaster County Hospital Authority** |
| Penn State Health Obligated Group RB Series 2021  | 5.00% | 11/01/46 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 984588 |
| **Northampton County General Purpose Authority** | **Northampton County General Purpose Authority** | **Northampton County General Purpose Authority** | **Northampton County General Purpose Authority** | **Northampton County General Purpose Authority** |
| St. Luke's Hospital Obligated Group RB Series 2024B  | 3.90% | 08/15/54 *(b)(e)(f)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000000 |
| **Pennsylvania Economic Development Financing Authority** | **Pennsylvania Economic Development Financing Authority** | **Pennsylvania Economic Development Financing Authority** | **Pennsylvania Economic Development Financing Authority** | **Pennsylvania Economic Development Financing Authority** |
| UPMC Obligated Group Refunding RB Series 2025A  | 5.00% | 03/15/60 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2142560 |
| Waste Management, Inc. RB Series 2017A  | 3.88% | 08/01/37 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1250390 |
| **Pennsylvania Higher Educational Facilities Authority** | **Pennsylvania Higher Educational Facilities Authority** | **Pennsylvania Higher Educational Facilities Authority** | **Pennsylvania Higher Educational Facilities Authority** | **Pennsylvania Higher Educational Facilities Authority** |
| Thomas Jefferson University Obligated Group RB Series 2024D-3  | 3.95% | 11/01/61 *(b)(e)(f)* | &nbsp;&nbsp;&nbsp;&nbsp; 5530000 | &nbsp;&nbsp; 5530000 |
| Thomas Jefferson University Obligated Group Refunding RB Series 2024B-1  | 5.25% | 11/01/40 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1063081 |
| Thomas Jefferson University Obligated Group Refunding RB Series 2024B-1  | 4.00% | 11/01/42 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1782936 |
| **Pennsylvania Housing Finance Agency** | **Pennsylvania Housing Finance Agency** | **Pennsylvania Housing Finance Agency** | **Pennsylvania Housing Finance Agency** | **Pennsylvania Housing Finance Agency** |
| Refunding RB Series 2025150A  | 4.90% | 10/01/40 *(b)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2011180 |
| **Pennsylvania Turnpike Commission** | **Pennsylvania Turnpike Commission** | **Pennsylvania Turnpike Commission** | **Pennsylvania Turnpike Commission** | **Pennsylvania Turnpike Commission** |
| RB Series 2025A  | 5.00% | 12/01/39 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp; 696905 |
| Refunding RB Series 2022B  | 5.00% | 12/01/47 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1009920 |
| Refunding RB Series 2022B  | 5.25% | 12/01/52 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 765884 |
| **Pennsylvania Turnpike Commission Oil Franchise Tax Revenue** | **Pennsylvania Turnpike Commission Oil Franchise Tax Revenue** | **Pennsylvania Turnpike Commission Oil Franchise Tax Revenue** | **Pennsylvania Turnpike Commission Oil Franchise Tax Revenue** | **Pennsylvania Turnpike Commission Oil Franchise Tax Revenue** |
| Refunding RB Series 2021B  | 4.00% | 12/01/51 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 1161365 |
| **Pocono Mountains Industrial Park Authority** | **Pocono Mountains Industrial Park Authority** | **Pocono Mountains Industrial Park Authority** | **Pocono Mountains Industrial Park Authority** | **Pocono Mountains Industrial Park Authority** |
| St. Luke's Hospital Obligated Group RB Series 2015A  | 5.00% | 08/15/40 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2000172 |
| **Redevelopment Authority of the City of Philadelphia** | **Redevelopment Authority of the City of Philadelphia** | **Redevelopment Authority of the City of Philadelphia** | **Redevelopment Authority of the City of Philadelphia** | **Redevelopment Authority of the City of Philadelphia** |
| RB Series 2023B  | 5.00% | 09/01/43 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3073812 |
|  |  |  |  | &nbsp;&nbsp; **25863991** |
| **PUERTO RICO** 0.6%  | **PUERTO RICO** 0.6%  | **PUERTO RICO** 0.6%  | **PUERTO RICO** 0.6%  | **PUERTO RICO** 0.6%  |
| **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue** |
| RB Series 2018A-1  | 5.00% | 07/01/58 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 3321000 | &nbsp;&nbsp; **3046214** |
| **RHODE ISLAND** 0.7%  | **RHODE ISLAND** 0.7%  | **RHODE ISLAND** 0.7%  | **RHODE ISLAND** 0.7%  | **RHODE ISLAND** 0.7%  |
| **Rhode Island Health & Educational Building Corp.** | **Rhode Island Health & Educational Building Corp.** | **Rhode Island Health & Educational Building Corp.** | **Rhode Island Health & Educational Building Corp.** | **Rhode Island Health & Educational Building Corp.** |
| Bryant University Refunding RB Series 2024  | 5.00% | 06/01/40 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2077296 |
| Lifespan Corp. Obligated Group RB Series 2024  | 5.00% | 05/15/38 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 786257 |
| Lifespan Corp. Obligated Group RB Series 2024  | 5.00% | 05/15/39 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 622186 |
| Lifespan Corp. Obligated Group RB Series 2024  | 5.00% | 05/15/44 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 565000 | &nbsp;&nbsp; 555430 |
|  |  |  |  | &nbsp;&nbsp; **4041169** |
| **SOUTH CAROLINA** 1.8%  | **SOUTH CAROLINA** 1.8%  | **SOUTH CAROLINA** 1.8%  | **SOUTH CAROLINA** 1.8%  | **SOUTH CAROLINA** 1.8%  |
| **Clemson University** | **Clemson University** | **Clemson University** | **Clemson University** | **Clemson University** |
| Athletic Facilities Revenue RB Series 2025A  | 5.00% | 05/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp; 431964 |
| Athletic Facilities Revenue RB Series 2025A  | 5.00% | 05/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 515000 | &nbsp;&nbsp; 576771 |
| **South Carolina Public Service Authority** | **South Carolina Public Service Authority** | **South Carolina Public Service Authority** | **South Carolina Public Service Authority** | **South Carolina Public Service Authority** |
| RB Series 2024A  | 5.25% | 12/01/49 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1018990 |
| RB Series 2025A  | 5.00% | 12/01/36 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 273579 |
| RB Series 2025A  | 5.00% | 12/01/40 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp; 394224 |
| Refunding RB Series 2020A  | 4.00% | 12/01/40 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 3735379 |

---

*See financial notes*

**14**Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Tax-Free Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding RB Series 2024B  | 4.13% | 12/01/44 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 986689 |
| Refunding RB Series 2025B  | 5.00% | 12/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 539769 |
| **South Carolina State Housing Finance & Development Authority** | **South Carolina State Housing Finance & Development Authority** | **South Carolina State Housing Finance & Development Authority** | **South Carolina State Housing Finance & Development Authority** | **South Carolina State Housing Finance & Development Authority** |
| RB Series 2025B  | 5.00% | 01/01/55 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1605000 | &nbsp;&nbsp; 1594379 |
|  |  |  |  | &nbsp;&nbsp; **9551744** |
| **SOUTH DAKOTA** 0.2%  | **SOUTH DAKOTA** 0.2%  | **SOUTH DAKOTA** 0.2%  | **SOUTH DAKOTA** 0.2%  | **SOUTH DAKOTA** 0.2%  |
| **South Dakota Health & Educational Facilities Authority** | **South Dakota Health & Educational Facilities Authority** | **South Dakota Health & Educational Facilities Authority** | **South Dakota Health & Educational Facilities Authority** | **South Dakota Health & Educational Facilities Authority** |
| Sanford Obligated Group Refunding RB Series 2015  | 5.00% | 11/01/26 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; **1003989** |
| **TENNESSEE** 1.2%  | **TENNESSEE** 1.2%  | **TENNESSEE** 1.2%  | **TENNESSEE** 1.2%  | **TENNESSEE** 1.2%  |
| **Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board** | **Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board** | **Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board** | **Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board** | **Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board** |
| Belmont University RB Series 2023  | 5.25% | 05/01/48 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1510593 |
| **Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue** | **Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue** | **Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue** | **Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue** | **Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue** |
| Refunding RB Series 2025  | 5.00% | 07/01/41 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 530978 |
| Refunding RB Series 2025  | 5.00% | 07/01/42 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 315730 |
| **Metropolitan Nashville Airport Authority** | **Metropolitan Nashville Airport Authority** | **Metropolitan Nashville Airport Authority** | **Metropolitan Nashville Airport Authority** | **Metropolitan Nashville Airport Authority** |
| RB Series 2022B  | 5.25% | 07/01/47 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1512909 |
| RB Series 2022B  | 5.50% | 07/01/52 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1277153 |
| **Shelby County Health Educational & Housing Facilities Board** | **Shelby County Health Educational & Housing Facilities Board** | **Shelby County Health Educational & Housing Facilities Board** | **Shelby County Health Educational & Housing Facilities Board** | **Shelby County Health Educational & Housing Facilities Board** |
| Baptist Memorial Health Care Obligated Group RB Series 2024B  | 5.00% | 09/01/49 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1067120 |
| **Tennessee Housing Development Agency** | **Tennessee Housing Development Agency** | **Tennessee Housing Development Agency** | **Tennessee Housing Development Agency** | **Tennessee Housing Development Agency** |
| RB Series 2023-3A  | 6.25% | 01/01/54 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 465000 | &nbsp;&nbsp; 508747 |
|  |  |  |  | &nbsp;&nbsp; **6723230** |
| **TEXAS** 12.2%  | **TEXAS** 12.2%  | **TEXAS** 12.2%  | **TEXAS** 12.2%  | **TEXAS** 12.2%  |
| **Central Texas Regional Mobility Authority** | **Central Texas Regional Mobility Authority** | **Central Texas Regional Mobility Authority** | **Central Texas Regional Mobility Authority** | **Central Texas Regional Mobility Authority** |
| RB Series 2015A  | 5.00% | 01/01/27 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1101861 |
| **City of Allen** | **City of Allen** | **City of Allen** | **City of Allen** | **City of Allen** |
| Refunding GO Bonds Series 2024  | 5.00% | 08/15/37 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1083526 |
| **City of Alvin Water & Sewer System Revenue** | **City of Alvin Water & Sewer System Revenue** | **City of Alvin Water & Sewer System Revenue** | **City of Alvin Water & Sewer System Revenue** | **City of Alvin Water & Sewer System Revenue** |
| RB Series 2023  | 4.00% | 02/01/37 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1105000 | &nbsp;&nbsp; 1098457 |
| **City of Austin Airport System Revenue** | **City of Austin Airport System Revenue** | **City of Austin Airport System Revenue** | **City of Austin Airport System Revenue** | **City of Austin Airport System Revenue** |
| RB Series 2022  | 5.00% | 11/15/32  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 545497 |
| **City of Corpus Christi Utility System Revenue** | **City of Corpus Christi Utility System Revenue** | **City of Corpus Christi Utility System Revenue** | **City of Corpus Christi Utility System Revenue** | **City of Corpus Christi Utility System Revenue** |
| RB Series 2022B  | 5.00% | 07/15/47 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4034092 |
| **City of Dallas** | **City of Dallas** | **City of Dallas** | **City of Dallas** | **City of Dallas** |
| Special Tax Series 2023  | 6.00% | 08/15/53 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5008753 |
| **City of Galveston Wharves & Terminal Revenue** | **City of Galveston Wharves & Terminal Revenue** | **City of Galveston Wharves & Terminal Revenue** | **City of Galveston Wharves & Terminal Revenue** | **City of Galveston Wharves & Terminal Revenue** |
| RB Series 2023  | 6.00% | 08/01/43 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1319616 |
| **City of Houston Airport System Revenue** | **City of Houston Airport System Revenue** | **City of Houston Airport System Revenue** | **City of Houston Airport System Revenue** | **City of Houston Airport System Revenue** |
| RB Series 2025A  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 793552 |
| **City of Lubbock Water & Wastewater System** | **City of Lubbock Water & Wastewater System** | **City of Lubbock Water & Wastewater System** | **City of Lubbock Water & Wastewater System** | **City of Lubbock Water & Wastewater System** |
| RB Series 2025  | 5.00% | 02/15/40 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 427700 |
| RB Series 2025  | 5.00% | 02/15/41 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 263591 |
| **City of San Antonio** | **City of San Antonio** | **City of San Antonio** | **City of San Antonio** | **City of San Antonio** |
| GO Bonds Series 2023  | 4.00% | 02/01/42 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1875614 |
| Refunding GO Bonds Series 2019  | 3.00% | 08/01/35 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1445000 | &nbsp;&nbsp; 1320162 |
| **City of San Antonio Electric & Gas Systems Revenue** | **City of San Antonio Electric & Gas Systems Revenue** | **City of San Antonio Electric & Gas Systems Revenue** | **City of San Antonio Electric & Gas Systems Revenue** | **City of San Antonio Electric & Gas Systems Revenue** |
| RB Series 2024A  | 5.25% | 02/01/49 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 514677 |

---

*See financial notes*

Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

**15**

------

Schwab Tax-Free Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **City of Waxahachie** | **City of Waxahachie** | **City of Waxahachie** | **City of Waxahachie** | **City of Waxahachie** |
| GO Bonds Series 2023  | 4.13% | 08/01/41 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 385603 |
| GO Bonds Series 2023  | 4.25% | 08/01/43 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 472829 |
| **Clifton Higher Education Finance Corp.** | **Clifton Higher Education Finance Corp.** | **Clifton Higher Education Finance Corp.** | **Clifton Higher Education Finance Corp.** | **Clifton Higher Education Finance Corp.** |
| International Leadership of Texas, Inc. Refunding RB Series 2025A  | 5.00% | 02/15/27 *(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1035196 |
| International Leadership of Texas, Inc. Refunding RB Series 2025A  | 5.00% | 02/15/29 *(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp; 618121 |
| International Leadership of Texas, Inc. Refunding RB Series 2025A  | 5.00% | 02/15/32 *(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 2875000 | &nbsp;&nbsp; 3164409 |
| **Georgetown Independent School District** | **Georgetown Independent School District** | **Georgetown Independent School District** | **Georgetown Independent School District** | **Georgetown Independent School District** |
| GO Bonds Series 2024  | 5.00% | 02/15/35 *(b)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp; 1901767 |
| GO Bonds Series 2024  | 4.25% | 02/15/54 *(b)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1325263 |
| **Greater Texoma Utility Authority** | **Greater Texoma Utility Authority** | **Greater Texoma Utility Authority** | **Greater Texoma Utility Authority** | **Greater Texoma Utility Authority** |
| City of Sherman Water & Sewer System Revenue RB Series 2023A  | 4.38% | 10/01/53 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1772640 |
| **Greenwood Independent School District** | **Greenwood Independent School District** | **Greenwood Independent School District** | **Greenwood Independent School District** | **Greenwood Independent School District** |
| GO Bonds Series 2024  | 4.00% | 02/15/54 *(b)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 851245 |
| **Harris County Cultural Education Facilities Finance Corp.** | **Harris County Cultural Education Facilities Finance Corp.** | **Harris County Cultural Education Facilities Finance Corp.** | **Harris County Cultural Education Facilities Finance Corp.** | **Harris County Cultural Education Facilities Finance Corp.** |
| Baylor College of Medicine RB Series 2024A  | 5.00% | 05/15/29 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2144535 |
| **Harris County Hospital District** | **Harris County Hospital District** | **Harris County Hospital District** | **Harris County Hospital District** | **Harris County Hospital District** |
| GO Bonds Series 2025  | 5.00% | 02/15/40 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1576267 |
| **Humble Independent School District** | **Humble Independent School District** | **Humble Independent School District** | **Humble Independent School District** | **Humble Independent School District** |
| Refunding GO Bonds Series 2025  | 5.00% | 02/15/30 *(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1383542 |
| Refunding GO Bonds Series 2025  | 5.00% | 02/15/31 *(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2242096 |
| **Mission Economic Development Corp.** | **Mission Economic Development Corp.** | **Mission Economic Development Corp.** | **Mission Economic Development Corp.** | **Mission Economic Development Corp.** |
| Waste Management, Inc. RB Series 2020A  | 3.95% | 05/01/46 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1500000 |
| Waste Management, Inc. Refunding RB Series 2020B  | 3.78% | 07/01/40 *(a)(b)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp; 1750000 |
| **Newark Higher Education Finance Corp.** | **Newark Higher Education Finance Corp.** | **Newark Higher Education Finance Corp.** | **Newark Higher Education Finance Corp.** | **Newark Higher Education Finance Corp.** |
| Hughen Center, Inc. RB Series 2022A  | 5.00% | 08/15/37 *(b)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 534015 |
| Hughen Center, Inc. RB Series 2022A  | 5.00% | 08/15/42 *(b)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 616462 |
| Hughen Center, Inc. RB Series 2022A  | 5.00% | 08/15/47 *(b)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 680000 | &nbsp;&nbsp; 684494 |
| Hughen Center, Inc. RB Series 2022A  | 5.00% | 08/15/52 *(b)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 499445 |
| Orenda Education RB Series 2023A  | 5.00% | 08/15/43 *(b)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 1865000 | &nbsp;&nbsp; 1905065 |
| Orenda Education RB Series 2023A  | 4.00% | 08/15/48 *(b)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 863906 |
| **North Texas Municipal Water District Water System Revenue** | **North Texas Municipal Water District Water System Revenue** | **North Texas Municipal Water District Water System Revenue** | **North Texas Municipal Water District Water System Revenue** | **North Texas Municipal Water District Water System Revenue** |
| Refunding RB Series 2025  | 5.00% | 09/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 789294 |
| Refunding RB Series 2025  | 5.00% | 09/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1076849 |
| **Northside Independent School District** | **Northside Independent School District** | **Northside Independent School District** | **Northside Independent School District** | **Northside Independent School District** |
| Refunding GO Bonds Series 2024B  | 3.45% | 08/01/54 *(a)(b)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 2465000 | &nbsp;&nbsp; 2488891 |
| **Permanent University Fund - Texas A&M University System** | **Permanent University Fund - Texas A&M University System** | **Permanent University Fund - Texas A&M University System** | **Permanent University Fund - Texas A&M University System** | **Permanent University Fund - Texas A&M University System** |
| Refunding RB Series 2025A  | 5.00% | 07/01/31 *(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2809426 |
| **Prosper Independent School District** | **Prosper Independent School District** | **Prosper Independent School District** | **Prosper Independent School District** | **Prosper Independent School District** |
| GO Bonds Series 2019B  | 4.00% | 02/15/50 *(a)(b)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2531913 |
| GO Bonds Series 2025  | 4.75% | 02/15/55 *(b)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1465093 |
| **Rockwall Independent School District** | **Rockwall Independent School District** | **Rockwall Independent School District** | **Rockwall Independent School District** | **Rockwall Independent School District** |
| GO Bonds Series 2023  | 4.00% | 02/15/53 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1718310 |
| **Tarrant County Cultural Education Facilities Finance Corp.** | **Tarrant County Cultural Education Facilities Finance Corp.** | **Tarrant County Cultural Education Facilities Finance Corp.** | **Tarrant County Cultural Education Facilities Finance Corp.** | **Tarrant County Cultural Education Facilities Finance Corp.** |
| Baylor Scott & White Health Obligated Group RB Series 2022D  | 5.00% | 11/15/51 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 991736 |
| **Texas Department of Housing & Community Affairs** | **Texas Department of Housing & Community Affairs** | **Texas Department of Housing & Community Affairs** | **Texas Department of Housing & Community Affairs** | **Texas Department of Housing & Community Affairs** |
| RB Series 2018A  | 4.75% | 03/01/49 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 455000 | &nbsp;&nbsp; 460617 |
| RB Series 2019A  | 4.75% | 01/01/49 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 680000 | &nbsp;&nbsp; 690545 |
| **Texas Municipal Gas Acquisition & Supply Corp. III** | **Texas Municipal Gas Acquisition & Supply Corp. III** | **Texas Municipal Gas Acquisition & Supply Corp. III** | **Texas Municipal Gas Acquisition & Supply Corp. III** | **Texas Municipal Gas Acquisition & Supply Corp. III** |
| Refunding RB Series 2021  | 5.00% | 12/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1336493 |

---

*See financial notes*

**16**Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Tax-Free Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Texas Municipal Power Agency** | **Texas Municipal Power Agency** | **Texas Municipal Power Agency** | **Texas Municipal Power Agency** | **Texas Municipal Power Agency** |
| Refunding RB Series 2021  | 3.00% | 09/01/30 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp; 875248 |
| **Texas Private Activity Bond Surface Transportation Corp.** | **Texas Private Activity Bond Surface Transportation Corp.** | **Texas Private Activity Bond Surface Transportation Corp.** | **Texas Private Activity Bond Surface Transportation Corp.** | **Texas Private Activity Bond Surface Transportation Corp.** |
| NTE Mobility Partners LLC RB Series 2023  | 5.50% | 12/31/58 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1835000 | &nbsp;&nbsp; 1849481 |
| **Texas State Affordable Housing Corp.** | **Texas State Affordable Housing Corp.** | **Texas State Affordable Housing Corp.** | **Texas State Affordable Housing Corp.** | **Texas State Affordable Housing Corp.** |
| RB Series 2019A  | 4.25% | 03/01/49 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp; 575419 |
|  |  |  |  | &nbsp;&nbsp; **66273313** |
| **UTAH** 0.5%  | **UTAH** 0.5%  | **UTAH** 0.5%  | **UTAH** 0.5%  | **UTAH** 0.5%  |
| **Downtown Revitalization Public Infrastructure District** | **Downtown Revitalization Public Infrastructure District** | **Downtown Revitalization Public Infrastructure District** | **Downtown Revitalization Public Infrastructure District** | **Downtown Revitalization Public Infrastructure District** |
| City of Salt Lake City Revitalization Sales Tax Revenue RB Series 2025A  | 5.00% | 06/01/40 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 532283 |
| City of Salt Lake City Revitalization Sales Tax Revenue RB Series 2025A  | 5.25% | 06/01/43 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 526610 |
| City of Salt Lake City Revitalization Sales Tax Revenue RB Series 2025B  | 5.00% | 06/01/40 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 532283 |
| City of Salt Lake City Revitalization Sales Tax Revenue RB Series 2025B  | 5.25% | 06/01/43 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 526610 |
| **Utah Board of Higher Education** | **Utah Board of Higher Education** | **Utah Board of Higher Education** | **Utah Board of Higher Education** | **Utah Board of Higher Education** |
| Salt Lake Community College Student Building Fee Revenue RB Series 2018  | 5.00% | 03/01/27 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 360000 | &nbsp;&nbsp; 361648 |
| Salt Lake Community College Student Building Fee Revenue RB Series 2018  | 5.00% | 03/01/28 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp; 425720 |
|  |  |  |  | &nbsp;&nbsp; **2905154** |
| **VERMONT** 0.1%  | **VERMONT** 0.1%  | **VERMONT** 0.1%  | **VERMONT** 0.1%  | **VERMONT** 0.1%  |
| **Vermont Housing Finance Agency** | **Vermont Housing Finance Agency** | **Vermont Housing Finance Agency** | **Vermont Housing Finance Agency** | **Vermont Housing Finance Agency** |
| RB Series 2017D  | 4.00% | 05/01/48 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50036 |
| RB Series 2018C  | 4.75% | 11/01/48 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 401000 | &nbsp;&nbsp; 404387 |
|  |  |  |  | &nbsp;&nbsp; **454423** |
| **VIRGINIA** 0.9%  | **VIRGINIA** 0.9%  | **VIRGINIA** 0.9%  | **VIRGINIA** 0.9%  | **VIRGINIA** 0.9%  |
| **Albemarle County Economic Development Authority** | **Albemarle County Economic Development Authority** | **Albemarle County Economic Development Authority** | **Albemarle County Economic Development Authority** | **Albemarle County Economic Development Authority** |
| Sentara Healthcare Obligated Group Refunding RB Series 2018B  | 3.90% | 10/01/48 *(b)(e)(f)* | &nbsp;&nbsp;&nbsp;&nbsp; 970000 | &nbsp;&nbsp; 970000 |
| **Fairfax County Industrial Development Authority** | **Fairfax County Industrial Development Authority** | **Fairfax County Industrial Development Authority** | **Fairfax County Industrial Development Authority** | **Fairfax County Industrial Development Authority** |
| Inova Health System Obligated Group RB Series 2024  | 4.13% | 05/15/54 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2162785 |
| **Lynchburg Economic Development Authority** | **Lynchburg Economic Development Authority** | **Lynchburg Economic Development Authority** | **Lynchburg Economic Development Authority** | **Lynchburg Economic Development Authority** |
| Centra Health Obligated Group Refunding RB Series 2021  | 4.00% | 01/01/40 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp; 542106 |
| **Virginia Small Business Financing Authority** | **Virginia Small Business Financing Authority** | **Virginia Small Business Financing Authority** | **Virginia Small Business Financing Authority** | **Virginia Small Business Financing Authority** |
| Carilion Clinic Obligated Group RB Series 2008A  | 3.90% | 07/01/42 *(b)(e)(f)* | &nbsp;&nbsp;&nbsp;&nbsp; 990000 | &nbsp;&nbsp; 990000 |
|  |  |  |  | &nbsp;&nbsp; **4664891** |
| **WASHINGTON** 2.7%  | **WASHINGTON** 2.7%  | **WASHINGTON** 2.7%  | **WASHINGTON** 2.7%  | **WASHINGTON** 2.7%  |
| **Central Puget Sound Regional Transit Authority** | **Central Puget Sound Regional Transit Authority** | **Central Puget Sound Regional Transit Authority** | **Central Puget Sound Regional Transit Authority** | **Central Puget Sound Regional Transit Authority** |
| Central Puget Sound Regional Transit Authority Sales Motor Vehicle & Rental Car <br> Tax RB Series 2016S-1 <br>| 5.00% | 11/01/46  | &nbsp;&nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp; 2406933 |
| **Grant County School District No. 161 Moses Lake** | **Grant County School District No. 161 Moses Lake** | **Grant County School District No. 161 Moses Lake** | **Grant County School District No. 161 Moses Lake** | **Grant County School District No. 161 Moses Lake** |
| GO Bonds Series 2018  | 5.00% | 12/01/34 *(b)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1043463 |
| GO Bonds Series 2018  | 5.00% | 12/01/35 *(b)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1299198 |
| **King County School District No. 403 Renton** | **King County School District No. 403 Renton** | **King County School District No. 403 Renton** | **King County School District No. 403 Renton** | **King County School District No. 403 Renton** |
| GO Bonds Series 2023  | 4.00% | 12/01/41 *(b)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 949547 |
| **King County School District No. 406 Tukwila** | **King County School District No. 406 Tukwila** | **King County School District No. 406 Tukwila** | **King County School District No. 406 Tukwila** | **King County School District No. 406 Tukwila** |
| GO Bonds Series 2018  | 5.00% | 12/01/37 *(b)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 2830000 | &nbsp;&nbsp; 2919304 |
| **Port of Seattle** | **Port of Seattle** | **Port of Seattle** | **Port of Seattle** | **Port of Seattle** |
| RB Series 2025B  | 5.00% | 10/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1065826 |

---

*See financial notes*

Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

**17**

------

Schwab Tax-Free Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Skagit County Public Hospital District No. 1** | **Skagit County Public Hospital District No. 1** | **Skagit County Public Hospital District No. 1** | **Skagit County Public Hospital District No. 1** | **Skagit County Public Hospital District No. 1** |
| RB Series 2024  | 5.50% | 12/01/38 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 317537 |
| RB Series 2024  | 5.50% | 12/01/39 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 525167 |
| **Washington Health Care Facilities Authority** | **Washington Health Care Facilities Authority** | **Washington Health Care Facilities Authority** | **Washington Health Care Facilities Authority** | **Washington Health Care Facilities Authority** |
| Overlake Hospital Medical Center Obligated Group Refunding RB Series 2014  | 5.00% | 07/01/29 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 780000 | &nbsp;&nbsp; 780423 |
| Overlake Hospital Medical Center Obligated Group Refunding RB Series 2017B  | 5.00% | 07/01/32 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1845000 | &nbsp;&nbsp; 1887588 |
| **Washington State Housing Finance Commission** | **Washington State Housing Finance Commission** | **Washington State Housing Finance Commission** | **Washington State Housing Finance Commission** | **Washington State Housing Finance Commission** |
| Provident Group-SH I Properties LLC RB Series 2024  | 5.00% | 07/01/54 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1408642 |
|  |  |  |  | &nbsp;&nbsp; **14603628** |
| **WEST VIRGINIA** 0.5%  | **WEST VIRGINIA** 0.5%  | **WEST VIRGINIA** 0.5%  | **WEST VIRGINIA** 0.5%  | **WEST VIRGINIA** 0.5%  |
| **West Virginia Hospital Finance Authority** | **West Virginia Hospital Finance Authority** | **West Virginia Hospital Finance Authority** | **West Virginia Hospital Finance Authority** | **West Virginia Hospital Finance Authority** |
| Vandalia Health, Inc. Obligated Group RB Series 2023B  | 6.00% | 09/01/48 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1062202 |
| West Virginia United Health System Obligated Group RB Series 2023A  | 4.25% | 06/01/47 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1772608 |
|  |  |  |  | &nbsp;&nbsp; **2834810** |
| **WISCONSIN** 2.0%  | **WISCONSIN** 2.0%  | **WISCONSIN** 2.0%  | **WISCONSIN** 2.0%  | **WISCONSIN** 2.0%  |
| **Public Finance Authority** | **Public Finance Authority** | **Public Finance Authority** | **Public Finance Authority** | **Public Finance Authority** |
| Waste Management, Inc. Refunding RB Series 2017A-2  | 3.85% | 10/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 6000096 |
| **Wisconsin Center District** | **Wisconsin Center District** | **Wisconsin Center District** | **Wisconsin Center District** | **Wisconsin Center District** |
| RB Series 2020D  | 3.12% | 12/15/34 *(b)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 820000 | &nbsp;&nbsp; 575833 |
| RB Series 2020D  | 3.20% | 12/15/35 *(b)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 2900000 | &nbsp;&nbsp; 1930264 |
| **Wisconsin Health & Educational Facilities Authority** | **Wisconsin Health & Educational Facilities Authority** | **Wisconsin Health & Educational Facilities Authority** | **Wisconsin Health & Educational Facilities Authority** | **Wisconsin Health & Educational Facilities Authority** |
| Franciscan Sisters of Christian Charity Sponsored Ministries, Inc. Obligated Group <br> RB Series 2017A <br>| 5.00% | 09/01/31 *(b)(g)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1051390 |
| Franciscan Sisters of Christian Charity Sponsored Ministries, Inc. Obligated Group <br> RB Series 2017A <br>| 5.00% | 09/01/32 *(b)(g)* | &nbsp;&nbsp;&nbsp;&nbsp; 1025000 | &nbsp;&nbsp; 1077675 |
|  |  |  |  | &nbsp;&nbsp; **10635258** |
| **Total Municipal Securities** <br>**(Cost $546,670,012)** | **Total Municipal Securities** <br>**(Cost $546,670,012)** | **Total Municipal Securities** <br>**(Cost $546,670,012)** | **Total Municipal Securities** <br>**(Cost $546,670,012)** | &nbsp;&nbsp; **542406418** |
| **Total Investments in Securities** <br>**(Cost $546,670,012)** | **Total Investments in Securities** <br>**(Cost $546,670,012)** | **Total Investments in Securities** <br>**(Cost $546,670,012)** | **Total Investments in Securities** <br>**(Cost $546,670,012)** | &nbsp;&nbsp; **542406418** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* Bond currently pays a fixed coupon rate and will be remarketed at a to be determined rate at the end of the current fixed rate term.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* The effective maturity may be shorter than the final maturity shown because the security is subject to a put, demand or call feature.

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* Security or a portion of the security purchased on a delayed-delivery or when-issued basis.

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* Zero coupon bond. When a security is purchased with a zero coupon rate the effective yield at the time of purchase is shown.

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* Credit-enhanced or liquidity-enhanced.

&nbsp;&nbsp;&nbsp;&nbsp;*(f)* VRDN is a municipal security which allows holders to sell their security through a put or tender feature, at par value plus accrued interest. The interest rate resets on a periodic basis, the majority of which are weekly but may be daily or monthly. Unless a reference rate and spread is shown parenthetically, the Remarketing Agent, generally a dealer, determines the interest rate for the security at each interest rate reset date. The rate is typically based on the SIFMA Municipal Swap Index.

&nbsp;&nbsp;&nbsp;&nbsp;*(g)* Refunded bond.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| GO — | General obligation |
| RB — | Revenue bond |
| SIFMA — | Securities Industry and Financial Markets Association. The SIFMA Municipal Swap Index is a market index comprised of high-grade 7-day tax-exempt Variable Rate <br> Demand Obligations with certain characteristics.<br>|
| VRDN — | Variable rate demand note |

---

*See financial notes*

**18**Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Tax-Free Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

The following is a summary of the inputs used to value the fund's investments as of August 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Municipal Securities<sup>1</sup> <br>| $— | &nbsp;&nbsp; $542406418 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $542406418 |
| **Total** | **$—** | &nbsp;&nbsp; **$542406418** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$542406418** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings.

*See financial notes*

Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

**19**

------

Schwab Tax-Free Bond Fund

Statement of Assets and Liabilities

------

As of August 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $546,670,012) |  | $542406418 |
| Cash |  | 7224 |
| Receivables: |  |  |
| Interest |  | 5866679 |
| Fund shares sold |  | 365244 |
| Prepaid expenses | + | 23022 |
| **Total assets** |  | **548668587** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought - delayed-delivery |  | 6894376 |
| Distributions to shareholders |  | 669488 |
| Fund shares redeemed |  | 194445 |
| Investment adviser fees |  | 93627 |
| Shareholder service fees |  | 67665 |
| Independent trustees' fees |  | 31 |
| Accrued expenses | + | 93430 |
| **Total liabilities** |  | **8013062** |
| **Net assets** |  | **$540655525** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $586062451 |
| Total distributable loss | + | (45406926)<br>|
| **Net assets** |  | **$540655525** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $540655525 |  | &nbsp;&nbsp;&nbsp;&nbsp; 50610507 |  | &nbsp;&nbsp;&nbsp;&nbsp; $10.68 |

---

*See financial notes*

**20**Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Tax-Free Bond Fund

Statement of Operations

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| | | |
|:---|:---|:---|
| For the period September 1, 2024 through August 31, 2025 | For the period September 1, 2024 through August 31, 2025 | For the period September 1, 2024 through August 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| **Interest received from securities - unaffiliated issuers** |  | **$22212079** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser and administrator fees |  | 1243014 |
| Shareholder service fees |  | 818176 |
| Portfolio accounting fees |  | 93768 |
| Registration fees |  | 56855 |
| Professional fees |  | 38325 |
| Shareholder reports |  | 21717 |
| Independent trustees' fees |  | 10951 |
| Transfer agent fees  |  | 1493 |
| Custodian fees |  | 537 |
| Other expenses | + | 8778 |
| **Total expenses** |  | **2293614** |
| Expense reduction | – | 145039 |
| **Net expenses** | – | **2148575** |
| **Net investment income** |  | **20063504** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| **Net realized losses on sales of securities - unaffiliated issuers**  |  | **(6981582)**<br>|
| **Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers** | + | **(12565919)**<br>|
| **Net realized and unrealized losses** |  | **(19547501)**<br>|
| **Increase in net assets resulting from operations** |  | **$516003** |

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*See financial notes*

Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

**21**

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Schwab Tax-Free Bond Fund

Statement of Changes in Net Assets

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For the current and prior report periods

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| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 9/1/24-8/31/25 | 9/1/24-8/31/25 | 9/1/23-8/31/24 |
| Net investment income |  | $20063504 | &nbsp;&nbsp;&nbsp; $19634679 |
| Net realized losses |  | (6981582)<br>| &nbsp;&nbsp;&nbsp; (6565404)<br>|
| Net change in unrealized appreciation (depreciation) | + | (12565919)<br>| &nbsp;&nbsp;&nbsp; 16811496 |
| **Increase in net assets resulting from operations** |  | **$516003** | &nbsp;&nbsp;&nbsp; **$29880771** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($20045944)**<br>| &nbsp;&nbsp;&nbsp; **($19607926)**<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 9/1/24-8/31/25 | 9/1/24-8/31/25 | 9/1/24-8/31/25 | 9/1/23-8/31/24 | 9/1/23-8/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 19771931 | &nbsp;&nbsp;&nbsp; $214308683 | &nbsp;&nbsp;&nbsp; 25033618 | &nbsp;&nbsp;&nbsp; $273928894 |
| Shares reinvested |  | 994641 | &nbsp;&nbsp;&nbsp; 10774942 | &nbsp;&nbsp;&nbsp; 946594 | &nbsp;&nbsp;&nbsp; 10313538 |
| Shares redeemed | + | (23708478)<br>| &nbsp;&nbsp;&nbsp; (256509852)<br>| &nbsp;&nbsp;&nbsp; (22865362)<br>| &nbsp;&nbsp;&nbsp; (248832858)<br>|
| **Net transactions in fund shares**  |  | **(2941906)**<br>| &nbsp;&nbsp;&nbsp; **($31426227)**<br>| &nbsp;&nbsp;&nbsp; **3114850** | &nbsp;&nbsp;&nbsp; **$35409574** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 9/1/24-8/31/25 | 9/1/24-8/31/25 | 9/1/24-8/31/25 | 9/1/23-8/31/24 | 9/1/23-8/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 53552413 | &nbsp;&nbsp;&nbsp; $591611693 | &nbsp;&nbsp;&nbsp; 50437563 | &nbsp;&nbsp;&nbsp; $545929274 |
| Total increase (decrease) | + | (2941906)<br>| &nbsp;&nbsp;&nbsp; (50956168)<br>| &nbsp;&nbsp;&nbsp; 3114850 | &nbsp;&nbsp;&nbsp; 45682419 |
| **End of period** |  | **50610507** | &nbsp;&nbsp;&nbsp; **$540655525** | &nbsp;&nbsp;&nbsp; **53552413** | &nbsp;&nbsp;&nbsp; **$591611693** |

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*See financial notes*

**22**Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

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Schwab California Tax-Free Bond Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 9/1/24– <br>8/31/25<br>| 9/1/23– <br>8/31/24<br>| 9/1/22– <br>8/31/23<br>| 9/1/21– <br>8/31/22<br>| 9/1/20– <br>8/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $11.17 | &nbsp;&nbsp; $10.91 | &nbsp;&nbsp; $11.01 | &nbsp;&nbsp; $12.24 | &nbsp;&nbsp; $12.26 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.36 | 0.34 | 0.28 | 0.21 | 0.20 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (0.34)<br>| 0.26 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (1.17)<br>| 0.07 |
| Total from investment operations | 0.02 | 0.60 | 0.18 | &nbsp;&nbsp; (0.96)<br>| 0.27 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.20)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.09)<br>|
| Total distributions | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.29)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $10.84 | &nbsp;&nbsp; $11.17 | &nbsp;&nbsp; $10.91 | &nbsp;&nbsp; $11.01 | &nbsp;&nbsp; $12.24 |
| Total return | 0.21<br> %<br>| 5.55<br> %<br>| 1.65<br> %<br>| &nbsp;&nbsp; (7.97<br> %)<br>| 2.25<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Net expenses | 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.48 %<sup>2,3</sup><br>| 0.49<br> %<br>|
| Total expenses | 0.41<br> %<br>| 0.41<br> %<br>| 0.41<br> %<br>| 0.56 %<sup>3</sup><br>| 0.58<br> %<br>|
| Net investment income (loss) | 3.24<br> %<br>| 3.05<br> %<br>| 2.55<br> %<br>| 1.78<br> %<br>| 1.64<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 35 %<sup>4</sup><br>| &nbsp;&nbsp; 81 %<sup>5</sup><br>| &nbsp;&nbsp; 65 %<sup>5</sup><br>| &nbsp;&nbsp; 67 %<sup>5</sup><br>| &nbsp;&nbsp; 43 %<sup>5</sup><br>|
| Net assets, end of period (x 1,000) | &nbsp;&nbsp; $468247 | &nbsp;&nbsp; $439249 | &nbsp;&nbsp; $399865 | &nbsp;&nbsp; $419849 | &nbsp;&nbsp; $504491 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Effective July 1, 2022, the net operating expense limitation was lowered from 0.49% to 0.38%. The ratio presented for the year ended August 31, 2022, is a blended ratio.

<sup>3</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>4</sup> Portfolio turnover rate excludes variable rate demand note transactions (see financial note 2b for additional information).

<sup>5</sup> In the period ended August 31, 2025, variable rate demand notes are excluded from the portfolio turnover rate. In applying a similar exclusion for the periods ended August 31, 2024, August 31, 2023, August 31, 2022, and August 31, 2021, portfolio turnover rates would have been 41%, 36%, 35%, and 25%, respectively (see financial note 2b for additional information). 

*See financial notes*

Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

**23**

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Schwab California Tax-Free Bond Fund

Portfolio Holdings as of August 31, 2025

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For fixed rate securities, the rate shown is the interest rate (the rate established when the security was issued). For variable rate securities, the rate shown is the rate as of the report date based on each security's rate reset date and when a security is purchased with a zero coupon rate, the effective yield at the time of purchase is shown. The reference rate and spread used is shown parenthetically in the security description, if available; if not, the reference rate is described in a footnote. The maturity date shown for all the securities is the final legal maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **MUNICIPAL SECURITIES** 100.7% OF NET ASSETS | **MUNICIPAL SECURITIES** 100.7% OF NET ASSETS | **MUNICIPAL SECURITIES** 100.7% OF NET ASSETS | **MUNICIPAL SECURITIES** 100.7% OF NET ASSETS | **MUNICIPAL SECURITIES** 100.7% OF NET ASSETS |
| **CALIFORNIA** 98.6%  | **CALIFORNIA** 98.6%  | **CALIFORNIA** 98.6%  | **CALIFORNIA** 98.6%  | **CALIFORNIA** 98.6%  |
| **Alameda Corridor Transportation Authority** | **Alameda Corridor Transportation Authority** | **Alameda Corridor Transportation Authority** | **Alameda Corridor Transportation Authority** | **Alameda Corridor Transportation Authority** |
| RB Series 2024C  | 4.90% | 10/01/49 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 297388 |
| RB Series 2024C  | 5.03% | 10/01/53 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 238607 |
| Refunding RB Series 2022A  | 5.40% | 10/01/50 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 1672639 |
| **Alameda County Fire Department** | **Alameda County Fire Department** | **Alameda County Fire Department** | **Alameda County Fire Department** | **Alameda County Fire Department** |
| GO Bonds Series 2025  | 5.00% | 06/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp; 663003 |
| GO Bonds Series 2025  | 5.00% | 06/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1225000 | &nbsp;&nbsp; 1270564 |
| **Alhambra Unified School District** | **Alhambra Unified School District** | **Alhambra Unified School District** | **Alhambra Unified School District** | **Alhambra Unified School District** |
| GO Bonds Series 2023B  | 5.25% | 08/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1042325 |
| **American Canyon Financing Authority** | **American Canyon Financing Authority** | **American Canyon Financing Authority** | **American Canyon Financing Authority** | **American Canyon Financing Authority** |
| American Canyon Road East Assessment District Refunding Special Assessment <br> Series 2015 <br>| 5.00% | 09/02/25  | &nbsp;&nbsp;&nbsp;&nbsp; 690000 | &nbsp;&nbsp; 690000 |
| **Anaheim Housing & Public Improvements Authority** | **Anaheim Housing & Public Improvements Authority** | **Anaheim Housing & Public Improvements Authority** | **Anaheim Housing & Public Improvements Authority** | **Anaheim Housing & Public Improvements Authority** |
| Electric System Revenue RB Series 2025A  | 5.00% | 10/01/32 *(a)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp; 497336 |
| Electric System Revenue Refunding RB Series 2025B  | 5.00% | 10/01/32 *(a)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 552595 |
| **Antelope Valley Community College District** | **Antelope Valley Community College District** | **Antelope Valley Community College District** | **Antelope Valley Community College District** | **Antelope Valley Community College District** |
| GO Bonds Series 2025D  | 4.65% | 08/01/44 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp; 344958 |
| GO Bonds Series 2025D  | 4.71% | 08/01/46 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 362682 |
| **Banning Financing Authority** | **Banning Financing Authority** | **Banning Financing Authority** | **Banning Financing Authority** | **Banning Financing Authority** |
| Refunding RB Series 2015  | 5.00% | 06/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp; 650817 |
| **Bay Area Toll Authority** | **Bay Area Toll Authority** | **Bay Area Toll Authority** | **Bay Area Toll Authority** | **Bay Area Toll Authority** |
| Refunding RB Series 2023B  | 3.15% | 04/01/55 *(a)(e)(f)* | &nbsp;&nbsp;&nbsp;&nbsp; 4145000 | &nbsp;&nbsp; 4145000 |
| **Beverly Hills Unified School District** | **Beverly Hills Unified School District** | **Beverly Hills Unified School District** | **Beverly Hills Unified School District** | **Beverly Hills Unified School District** |
| GO Bonds Series 2009  | 4.04% | 08/01/26 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 555000 | &nbsp;&nbsp; 544746 |
| GO Bonds Series 2017  | 4.06% | 08/01/34 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 7705000 | &nbsp;&nbsp; 5391582 |
| **Burbank-Glendale-Pasadena Airport Authority Brick Campaign** | **Burbank-Glendale-Pasadena Airport Authority Brick Campaign** | **Burbank-Glendale-Pasadena Airport Authority Brick Campaign** | **Burbank-Glendale-Pasadena Airport Authority Brick Campaign** | **Burbank-Glendale-Pasadena Airport Authority Brick Campaign** |
| RB Series 2024B  | 4.38% | 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1343264 |
| **California Community Choice Financing Authority** | **California Community Choice Financing Authority** | **California Community Choice Financing Authority** | **California Community Choice Financing Authority** | **California Community Choice Financing Authority** |
| RB Series 2022A-1  | 4.00% | 05/01/53 *(a)(g)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5063235 |
| RB Series 2023C  | 5.25% | 01/01/54 *(a)(g)* | &nbsp;&nbsp;&nbsp;&nbsp; 3750000 | &nbsp;&nbsp; 3944530 |
| RB Series 2023D  | 5.50% | 05/01/54 *(a)(g)* | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 6359704 |
| RB Series 2023F  | 5.50% | 10/01/54 *(a)(g)* | &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp; 4835949 |
| RB Series 2023G  | 5.25% | 11/01/54 *(a)(g)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2141829 |
| RB Series 2024E  | 5.00% | 02/01/55 *(a)(g)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2144463 |
| RB Series 2025B  | 5.00% | 03/01/56 *(a)(g)* | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3210556 |
| **California County Tobacco Securitization Agency** | **California County Tobacco Securitization Agency** | **California County Tobacco Securitization Agency** | **California County Tobacco Securitization Agency** | **California County Tobacco Securitization Agency** |
| Los Angeles County Securitization Corp. Refunding RB Series 2020A  | 4.00% | 06/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp; 317351 |
| **California Educational Facilities Authority** | **California Educational Facilities Authority** | **California Educational Facilities Authority** | **California Educational Facilities Authority** | **California Educational Facilities Authority** |
| Leland Stanford Junior University RB Series 2025V-4  | 5.00% | 03/01/55 *(a)(g)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1137937 |
| Leland Stanford Junior University RB Series 2025V-5  | 5.00% | 03/01/55 *(a)(g)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1451295 |
| St. Mary's College of California Refunding RB Series 2023A  | 5.25% | 10/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 665000 | &nbsp;&nbsp; 634403 |

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*See financial notes*

**24**Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

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Schwab California Tax-Free Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| University of Redlands RB Series 2022A  | 5.00% | 10/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1942118 |
| University of Southern California RB Series 2025A  | 5.00% | 10/01/35  | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3554278 |
| **California Enterprise Development Authority** | **California Enterprise Development Authority** | **California Enterprise Development Authority** | **California Enterprise Development Authority** | **California Enterprise Development Authority** |
| Sage Hill School Refunding RB Series 2024  | 5.00% | 12/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp; 599819 |
| **California Health Facilities Financing Authority** | **California Health Facilities Financing Authority** | **California Health Facilities Financing Authority** | **California Health Facilities Financing Authority** | **California Health Facilities Financing Authority** |
| Adventist Health System/West Obligated Group RB Series 2024A  | 5.25% | 12/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 513067 |
| CommonSpirit Health Obligated Group RB Series 2024A  | 5.00% | 12/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1165000 | &nbsp;&nbsp; 1237369 |
| CommonSpirit Health Obligated Group RB Series 2024A  | 5.00% | 12/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1294138 |
| CommonSpirit Health Obligated Group Refunding RB Series 2020A  | 4.00% | 04/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2439411 |
| CommonSpirit Health Obligated Group Refunding RB Series 2020A  | 4.00% | 04/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2750000 | &nbsp;&nbsp; 2410962 |
| El Camino Healthcare Obligated Group Refunding RB Series 2025C  | 3.35% | 02/01/55 *(a)(e)(f)* | &nbsp;&nbsp;&nbsp;&nbsp; 760000 | &nbsp;&nbsp; 760000 |
| Episcopal Communities & Services for Seniors Obligated Group RB Series 2024A  | 3.85% | 11/15/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp; 1301219 |
| Kaiser Foundation Hospitals RB Series 2017A-2  | 4.00% | 11/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1782071 |
| Marshall Medical Center Refunding RB Series 2015  | 5.00% | 11/01/25 *(a)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200378 |
| Marshall Medical Center Refunding RB Series 2015  | 5.00% | 11/01/28 *(a)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp; 801572 |
| On Lok Senior Health Services Obligated Group Refunding RB Series 2020  | 5.00% | 08/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 758157 |
| **California Housing Finance Agency** | **California Housing Finance Agency** | **California Housing Finance Agency** | **California Housing Finance Agency** | **California Housing Finance Agency** |
| City & County of San Francisco RB Series 2020N  | 4.00% | 04/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 565000 | &nbsp;&nbsp; 554111 |
| **California Infrastructure & Economic Development Bank** | **California Infrastructure & Economic Development Bank** | **California Infrastructure & Economic Development Bank** | **California Infrastructure & Economic Development Bank** | **California Infrastructure & Economic Development Bank** |
| Academy of Motion Picture Arts & Sciences Obligated Group Refunding RB Series <br> 2023A <br>| 4.00% | 11/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1913887 |
| Broad RB Series 2025A  | 5.00% | 06/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2333759 |
| Walt Disney Family Museum LLC Refunding RB Series 2016  | 5.00% | 02/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 252664 |
| Walt Disney Family Museum LLC Refunding RB Series 2016  | 5.00% | 02/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp; 333387 |
| Walt Disney Family Museum LLC Refunding RB Series 2016  | 5.00% | 02/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 353353 |
| **California Municipal Finance Authority** | **California Municipal Finance Authority** | **California Municipal Finance Authority** | **California Municipal Finance Authority** | **California Municipal Finance Authority** |
| Aldersly RB Series 2023A  | 5.00% | 05/15/53 *(a)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2536752 |
| California Municipal Finance Authority BOLD Program Special Tax Series 2023B  | 5.75% | 09/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1024533 |
| Caritas Corp. CMFA Mobile Home Park Financing RB Series 2023A  | 5.25% | 08/15/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp; 912889 |
| Caritas Corp. CMFA Mobile Home Park Financing 2024 Portfolio Refunding RB <br> Series 2024A <br>| 5.00% | 08/15/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 655000 | &nbsp;&nbsp; 712809 |
| Caritas Corp. CMFA Mobile Home Park Financing 2024 Portfolio Refunding RB <br> Series 2024A <br>| 5.00% | 08/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp; 389567 |
| Channing House Refunding RB Series 2017A  | 5.00% | 05/15/27 *(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 366371 |
| Channing House Refunding RB Series 2017A  | 5.00% | 05/15/34 *(a)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 1040000 | &nbsp;&nbsp; 1070508 |
| Eisenhower Medical Center Refunding RB Series 2017B  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 620558 |
| Eisenhower Medical Center Refunding RB Series 2017B  | 5.00% | 07/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 1178645 |
| HumanGood California Obligated Group Refunding RB Series 2019A  | 4.00% | 10/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 655000 | &nbsp;&nbsp; 660823 |
| HumanGood California Obligated Group Refunding RB Series 2019A  | 4.00% | 10/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 755626 |
| HumanGood California Obligated Group Refunding RB Series 2019A  | 4.00% | 10/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 502811 |
| HumanGood California Obligated Group Refunding RB Series 2025A  | 5.00% | 10/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp; 1611893 |
| HumanGood California Obligated Group Refunding RB Series 2025A  | 5.00% | 10/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2010587 |
| Ignatian Corp. RB Series 2024A  | 5.00% | 09/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 515000 | &nbsp;&nbsp; 588788 |
| Ignatian Corp. RB Series 2024A  | 5.00% | 09/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1649220 |
| Inland Christian Home, Inc. RB Series 2020  | 4.00% | 12/01/39 *(a)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 498015 |
| Institute on Aging Refunding RB Series 2017  | 5.00% | 08/15/29 *(a)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 262616 |
| Institute on Aging Refunding RB Series 2017  | 5.00% | 08/15/31 *(a)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp; 600856 |
| Institute on Aging Refunding RB Series 2017  | 5.00% | 08/15/32 *(a)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 260288 |
| Institute on Aging Refunding RB Series 2017  | 5.00% | 08/15/33 *(a)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 259331 |
| Palomar Health Obligated Group COP Series 2022A  | 5.00% | 11/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104065 |
| Palomar Health Obligated Group COP Series 2022A  | 5.00% | 11/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp; 121528 |

---

*See financial notes*

Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

**25**

------

Schwab California Tax-Free Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Palomar Health Obligated Group COP Series 2022A  | 5.00% | 11/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 133826 |
| Palomar Health Obligated Group COP Series 2022A  | 5.00% | 11/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107707 |
| Palomar Health Obligated Group COP Series 2022A  | 5.25% | 11/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2004845 |
| PRS-California Obligated Group Refunding RB Series 2024A  | 5.00% | 04/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 945721 |
| Republic Services, Inc. Refunding RB Series 2021A  | 3.75% | 07/01/41 *(a)(g)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 999946 |
| Samuel Merritt University RB Series 2022  | 5.25% | 06/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2052098 |
| Scripps College RB Series 2025  | 5.00% | 07/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 329483 |
| Scripps College RB Series 2025  | 5.00% | 07/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 465000 | &nbsp;&nbsp; 513829 |
| Scripps College RB Series 2025  | 5.00% | 07/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 554773 |
| Scripps College RB Series 2025  | 5.00% | 07/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 739141 |
| System Management Group RB Series 2019A  | 5.00% | 04/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp; 659488 |
| System Management Group RB Series 2019A  | 5.00% | 04/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1147205 |
| University of La Verne Refunding RB Series 2017A  | 5.00% | 06/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1033616 |
| University of La Verne Refunding RB Series 2017A  | 5.00% | 06/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1029304 |
| Waste Management, Inc. RB Series 2024A  | 4.16% | 11/01/46 *(a)(g)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2000000 |
| **California Pollution Control Financing Authority** | **California Pollution Control Financing Authority** | **California Pollution Control Financing Authority** | **California Pollution Control Financing Authority** | **California Pollution Control Financing Authority** |
| Republic Services, Inc. RB Series 2017A-1  | 3.85% | 11/01/42 *(a)(g)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1500121 |
| Republic Services, Inc. RB Series 2019A2  | 3.85% | 11/01/42 *(a)(g)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 750060 |
| **California Public Finance Authority** | **California Public Finance Authority** | **California Public Finance Authority** | **California Public Finance Authority** | **California Public Finance Authority** |
| Henry Mayo Newhall Hospital Obligated Group Refunding RB Series 2017  | 5.00% | 10/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp; 430099 |
| Henry Mayo Newhall Hospital Obligated Group Refunding RB Series 2017  | 5.00% | 10/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 559090 |
| Hoag Memorial Hospital Presbyterian Obligated Group RB Series 2022B1  | 3.40% | 07/15/62 *(a)(e)(f)* | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 215000 |
| P3 Irvine SL Holdings LLC Obligated Group RB Series 2024A  | 6.50% | 06/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3224824 |
| PIH Health, Inc. Obligated Group Refunding RB Series 2024A  | 5.00% | 06/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | &nbsp;&nbsp; 1248960 |
| **California School Finance Authority** | **California School Finance Authority** | **California School Finance Authority** | **California School Finance Authority** | **California School Finance Authority** |
| Granada Hills Charter High School Obligated Group RB Series 2024A  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp; 249311 |
| Granada Hills Charter High School Obligated Group RB Series 2024A  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 268812 |
| Granada Hills Charter High School Obligated Group RB Series 2024A  | 5.00% | 07/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 283406 |
| Granada Hills Charter High School Obligated Group RB Series 2024A  | 5.00% | 07/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp; 302650 |
| Kipp SoCal Public Schools Obligated Group RB Series 2017A  | 5.00% | 07/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 590000 | &nbsp;&nbsp; 596167 |
| **California State Public Works Board** | **California State Public Works Board** | **California State Public Works Board** | **California State Public Works Board** | **California State Public Works Board** |
| RB Series 2025A  | 5.00% | 04/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1082359 |
| Refunding RB Series 2022C  | 5.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2865000 | &nbsp;&nbsp; 3134330 |
| Refunding RB Series 2024C  | 5.00% | 09/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1144569 |
| **California State University** | **California State University** | **California State University** | **California State University** | **California State University** |
| RB Series 2015A  | 5.00% | 11/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2460000 | &nbsp;&nbsp; 2470550 |
| Refunding RB Series 2015A  | 5.00% | 11/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40056 |
| Refunding RB Series 2016B-3  | 3.13% | 11/01/51 *(a)(g)* | &nbsp;&nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp; 2204652 |
| Refunding RB Series 2025A  | 5.00% | 11/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 1065000 | &nbsp;&nbsp; 1158999 |
| Refunding RB Series 2025A  | 5.00% | 11/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2129793 |
| **California Statewide Communities Development Authority** | **California Statewide Communities Development Authority** | **California Statewide Communities Development Authority** | **California Statewide Communities Development Authority** | **California Statewide Communities Development Authority** |
| Adventist Health System/West Obligated Group Refunding RB Series 2018A  | 5.00% | 03/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1765000 | &nbsp;&nbsp; 1695539 |
| California Statewide Communities Development Authority Community Facilities <br> District No. 2021- Special Tax Series 2023 <br>| 5.00% | 09/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp; 1750161 |
| CHF-Irvine LLC Refunding RB Series 2016  | 5.00% | 05/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 505891 |
| CHF-Irvine LLC Refunding RB Series 2016  | 5.00% | 05/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1261685 |
| City of Salinas Measure X Sales Tax Revenue COP Series 2018B  | 5.00% | 12/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1075000 | &nbsp;&nbsp; 1141262 |
| City of Salinas Measure X Sales Tax Revenue COP Series 2018B  | 5.00% | 12/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1475000 | &nbsp;&nbsp; 1544202 |
| Loma Linda University Medical Center Obligated Group RB Series 2018A  | 5.25% | 12/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2451499 |
| Redlands Community Hospital Obligated Group Refunding RB Series 2016  | 5.00% | 10/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp; 809296 |
| Redlands Community Hospital Obligated Group Refunding RB Series 2016  | 5.00% | 10/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp; 705905 |

---

*See financial notes*

**26**Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

------

Schwab California Tax-Free Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| USC Obligated Group RB Series 2018  | 5.00% | 01/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp; 1789743 |
| USC Obligated Group RB Series 2018  | 5.00% | 01/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1355000 | &nbsp;&nbsp; 1414013 |
| Viamonte Senior Living 1, Inc. RB Series 2018A  | 5.00% | 07/01/29 *(a)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 321822 |
| Viamonte Senior Living 1, Inc. RB Series 2018A  | 5.00% | 07/01/30 *(a)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; 251397 |
| Viamonte Senior Living 1, Inc. RB Series 2018A  | 5.00% | 07/01/32 *(a)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp; 952283 |
| Viamonte Senior Living 1, Inc. RB Series 2018A  | 4.00% | 07/01/35 *(a)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 277170 |
| Viamonte Senior Living 1, Inc. RB Series 2018A  | 4.00% | 07/01/36 *(a)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp; 427178 |
| **Cambria Community Healthcare District** | **Cambria Community Healthcare District** | **Cambria Community Healthcare District** | **Cambria Community Healthcare District** | **Cambria Community Healthcare District** |
| GO Bonds Series 2025A  | 5.00% | 08/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1022975 |
| **Central Valley Energy Authority** | **Central Valley Energy Authority** | **Central Valley Energy Authority** | **Central Valley Energy Authority** | **Central Valley Energy Authority** |
| RB Series 2025  | 5.00% | 12/01/55 *(a)(g)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1074898 |
| **Chaffey Joint Union High School District** | **Chaffey Joint Union High School District** | **Chaffey Joint Union High School District** | **Chaffey Joint Union High School District** | **Chaffey Joint Union High School District** |
| GO Bonds Series 2023G  | 4.30% | 08/01/37 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 609923 |
| GO Bonds Series 2023G  | 4.41% | 08/01/38 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 286477 |
| GO Bonds Series 2023G  | 4.57% | 08/01/41 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 714623 |
| GO Bonds Series 2023G  | 4.60% | 08/01/42 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 452579 |
| **Chico Unified School District** | **Chico Unified School District** | **Chico Unified School District** | **Chico Unified School District** | **Chico Unified School District** |
| GO Bonds Series 2021C  | 4.00% | 08/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1325000 | &nbsp;&nbsp; 1220477 |
| **Chino Valley Unified School District** | **Chino Valley Unified School District** | **Chino Valley Unified School District** | **Chino Valley Unified School District** | **Chino Valley Unified School District** |
| GO Bonds Series 2024D  | 4.27% | 08/01/40 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 655000 | &nbsp;&nbsp; 323804 |
| **City & County of San Francisco** | **City & County of San Francisco** | **City & County of San Francisco** | **City & County of San Francisco** | **City & County of San Francisco** |
| GO Bonds Series 2021E-1  | 4.00% | 06/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1960000 | &nbsp;&nbsp; 1934419 |
| **City of Clovis Sewer Revenue** | **City of Clovis Sewer Revenue** | **City of Clovis Sewer Revenue** | **City of Clovis Sewer Revenue** | **City of Clovis Sewer Revenue** |
| Refunding RB Series 2015  | 5.25% | 08/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1060000 | &nbsp;&nbsp; 1062067 |
| **City of Irvine** | **City of Irvine** | **City of Irvine** | **City of Irvine** | **City of Irvine** |
| City of Irvine Community Facilities District No. 2013-3 Area No. 1 Refunding <br> Special Tax Series 2024 <br>| 4.82% | 09/01/50 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1170000 | &nbsp;&nbsp; 310872 |
| City of Irvine Community Facilities District No. 2013-3 Area No. 1 Refunding <br> Special Tax Series 2024 <br>| 4.83% | 09/01/51 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 187868 |
| **City of Long Beach Airport System Revenue** | **City of Long Beach Airport System Revenue** | **City of Long Beach Airport System Revenue** | **City of Long Beach Airport System Revenue** | **City of Long Beach Airport System Revenue** |
| RB Series 2022C  | 5.25% | 06/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1001720 |
| **City of Los Angeles** | **City of Los Angeles** | **City of Los Angeles** | **City of Los Angeles** | **City of Los Angeles** |
| Revenue Notes Series 2025  | 5.00% | 06/25/26  | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5120865 |
| **City of Los Angeles Department of Airports** | **City of Los Angeles Department of Airports** | **City of Los Angeles Department of Airports** | **City of Los Angeles Department of Airports** | **City of Los Angeles Department of Airports** |
| RB Series 2018A  | 5.00% | 05/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 795000 | &nbsp;&nbsp; 826620 |
| RB Series 2018A  | 5.00% | 05/15/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1225000 | &nbsp;&nbsp; 1264892 |
| RB Series 2019F  | 5.00% | 05/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp; 873929 |
| RB Series 2020C  | 5.00% | 05/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 1290000 | &nbsp;&nbsp; 1341308 |
| RB Series 2022A  | 5.00% | 05/15/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2160000 | &nbsp;&nbsp; 2275411 |
| Refunding RB Series 2018B  | 5.00% | 05/15/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1037713 |
| Refunding RB Series 2018D  | 5.00% | 05/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 1060000 | &nbsp;&nbsp; 1102160 |
| Refunding RB Series 2021A  | 5.00% | 05/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1477172 |
| Refunding RB Series 2022C  | 5.00% | 05/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1039773 |
| Refunding RB Series 2025A  | 5.25% | 05/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2129975 |
| Refunding RB Series 2025A  | 5.25% | 05/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2533380 |
| **City of Los Angeles Wastewater System Revenue** | **City of Los Angeles Wastewater System Revenue** | **City of Los Angeles Wastewater System Revenue** | **City of Los Angeles Wastewater System Revenue** | **City of Los Angeles Wastewater System Revenue** |
| Refunding RB Series 2025A  | 5.00% | 06/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 2690000 | &nbsp;&nbsp; 3085644 |
| Refunding RB Series 2025A  | 5.00% | 06/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 1655000 | &nbsp;&nbsp; 1936454 |
| Refunding RB Series 2025C  | 5.00% | 06/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1145918 |
| **City of Oakland** | **City of Oakland** | **City of Oakland** | **City of Oakland** | **City of Oakland** |
| Refunding GO Bonds Series 2015A  | 5.00% | 01/15/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp; 621114 |

---

*See financial notes*

Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

**27**

------

Schwab California Tax-Free Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **City of Palo Alto** | **City of Palo Alto** | **City of Palo Alto** | **City of Palo Alto** | **City of Palo Alto** |
| COP Series 2021  | 2.00% | 11/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 294691 |
| **City of Pasadena** | **City of Pasadena** | **City of Pasadena** | **City of Pasadena** | **City of Pasadena** |
| Refunding COP Series 2015A  | 5.00% | 02/01/26 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 601043 |
| **City of Reedley Water System Revenue** | **City of Reedley Water System Revenue** | **City of Reedley Water System Revenue** | **City of Reedley Water System Revenue** | **City of Reedley Water System Revenue** |
| Refunding RB Series 2017  | 5.00% | 09/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 540000 | &nbsp;&nbsp; 540000 |
| **City of San Francisco Public Utilities Commission Water Revenue** | **City of San Francisco Public Utilities Commission Water Revenue** | **City of San Francisco Public Utilities Commission Water Revenue** | **City of San Francisco Public Utilities Commission Water Revenue** | **City of San Francisco Public Utilities Commission Water Revenue** |
| Refunding RB Series 2025F  | 5.00% | 11/01/36  | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1753493 |
| **City of Susanville Natural Gas Revenue** | **City of Susanville Natural Gas Revenue** | **City of Susanville Natural Gas Revenue** | **City of Susanville Natural Gas Revenue** | **City of Susanville Natural Gas Revenue** |
| Refunding RB Series 2019  | 4.00% | 06/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 615000 | &nbsp;&nbsp; 640024 |
| Refunding RB Series 2019  | 4.00% | 06/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 680000 | &nbsp;&nbsp; 706673 |
| **City of Vernon Electric System Revenue** | **City of Vernon Electric System Revenue** | **City of Vernon Electric System Revenue** | **City of Vernon Electric System Revenue** | **City of Vernon Electric System Revenue** |
| RB Series 2021A  | 5.00% | 10/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1024013 |
| **City of Victorville Electric Revenue** | **City of Victorville Electric Revenue** | **City of Victorville Electric Revenue** | **City of Victorville Electric Revenue** | **City of Victorville Electric Revenue** |
| Refunding RB Series 2022A  | 5.00% | 05/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 553800 |
| **Compton Community College District** | **Compton Community College District** | **Compton Community College District** | **Compton Community College District** | **Compton Community College District** |
| GO Bonds Series 2024B  | 4.00% | 08/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 970000 | &nbsp;&nbsp; 921412 |
| **Compton Unified School District** | **Compton Unified School District** | **Compton Unified School District** | **Compton Unified School District** | **Compton Unified School District** |
| Refunding GO Bonds Series 2016F  | 5.50% | 06/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 768176 |
| **Corona-Norco Unified School District** | **Corona-Norco Unified School District** | **Corona-Norco Unified School District** | **Corona-Norco Unified School District** | **Corona-Norco Unified School District** |
| GO Bonds Series 2002D  | 3.85% | 09/01/27 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp; 2284756 |
| **County of Sacramento Airport System Revenue** | **County of Sacramento Airport System Revenue** | **County of Sacramento Airport System Revenue** | **County of Sacramento Airport System Revenue** | **County of Sacramento Airport System Revenue** |
| RB Series 2025A  | 5.00% | 07/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 816203 |
| RB Series 2025A  | 5.00% | 07/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1358739 |
| **County of San Diego** | **County of San Diego** | **County of San Diego** | **County of San Diego** | **County of San Diego** |
| Sanford Burnham Prebys Medical Discovery Institute Refunding RB Series 2015A  | 5.00% | 11/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 351396 |
| Sanford Burnham Prebys Medical Discovery Institute Refunding RB Series 2015A  | 5.00% | 11/01/26 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1003777 |
| **Desert Sands Unified School District** | **Desert Sands Unified School District** | **Desert Sands Unified School District** | **Desert Sands Unified School District** | **Desert Sands Unified School District** |
| GO Bonds Series 2025  | 4.00% | 08/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 635000 | &nbsp;&nbsp; 620067 |
| **Dinuba Unified School District** | **Dinuba Unified School District** | **Dinuba Unified School District** | **Dinuba Unified School District** | **Dinuba Unified School District** |
| COP Series 2023  | 5.50% | 06/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1251072 |
| **Discovery Bay Public Financing Authority** | **Discovery Bay Public Financing Authority** | **Discovery Bay Public Financing Authority** | **Discovery Bay Public Financing Authority** | **Discovery Bay Public Financing Authority** |
| Discovery Bay Community Services District RB Series 2022  | 5.00% | 12/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1026963 |
| **East Bay Municipal Utility District Water System Revenue** | **East Bay Municipal Utility District Water System Revenue** | **East Bay Municipal Utility District Water System Revenue** | **East Bay Municipal Utility District Water System Revenue** | **East Bay Municipal Utility District Water System Revenue** |
| RB Series 2025A  | 5.00% | 06/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1325179 |
| **El Camino Community College District Foundation** | **El Camino Community College District Foundation** | **El Camino Community College District Foundation** | **El Camino Community College District Foundation** | **El Camino Community College District Foundation** |
| GO Bonds Series 2024E  | 4.00% | 08/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 475644 |
| **Foothill-Eastern Transportation Corridor Agency** | **Foothill-Eastern Transportation Corridor Agency** | **Foothill-Eastern Transportation Corridor Agency** | **Foothill-Eastern Transportation Corridor Agency** | **Foothill-Eastern Transportation Corridor Agency** |
| Refunding RB Series 2014A  | 6.85% | 01/15/42 *(a)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1124613 |
| **Fresno Joint Powers Financing Authority** | **Fresno Joint Powers Financing Authority** | **Fresno Joint Powers Financing Authority** | **Fresno Joint Powers Financing Authority** | **Fresno Joint Powers Financing Authority** |
| RB Series 2025A  | 5.25% | 04/01/50 *(a)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1551903 |
| Refunding RB Series 2017A  | 5.00% | 04/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp; 863546 |
| Refunding RB Series 2017A  | 5.00% | 04/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1415000 | &nbsp;&nbsp; 1476907 |
| **Fresno Unified School District** | **Fresno Unified School District** | **Fresno Unified School District** | **Fresno Unified School District** | **Fresno Unified School District** |
| GO Bonds Series 2018A  | 4.08% | 08/01/33 *(a)(b)(h)* | &nbsp;&nbsp;&nbsp;&nbsp; 1120000 | &nbsp;&nbsp; 825762 |
| GO Bonds Series 2018A  | 4.18% | 08/01/34 *(a)(b)(h)* | &nbsp;&nbsp;&nbsp;&nbsp; 1900000 | &nbsp;&nbsp; 1334891 |
| **Goleta Water District** | **Goleta Water District** | **Goleta Water District** | **Goleta Water District** | **Goleta Water District** |
| Refunding RB Series 2023A  | 5.00% | 09/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 442241 |
| **Greenfield Redevelopment Agency** | **Greenfield Redevelopment Agency** | **Greenfield Redevelopment Agency** | **Greenfield Redevelopment Agency** | **Greenfield Redevelopment Agency** |
| Refunding Tax Allocation Series 2016  | 5.00% | 02/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 730000 | &nbsp;&nbsp; 737810 |

---

*See financial notes*

**28**Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

------

Schwab California Tax-Free Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Hacienda La Puente Unified School District** | **Hacienda La Puente Unified School District** | **Hacienda La Puente Unified School District** | **Hacienda La Puente Unified School District** | **Hacienda La Puente Unified School District** |
| GO Bonds Series 2023A  | 4.00% | 08/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1046089 |
| **Hastings Campus Housing Finance Authority** | **Hastings Campus Housing Finance Authority** | **Hastings Campus Housing Finance Authority** | **Hastings Campus Housing Finance Authority** | **Hastings Campus Housing Finance Authority** |
| RB Series 2020A  | 5.00% | 07/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp; 2513477 |
| **Imperial Unified School District** | **Imperial Unified School District** | **Imperial Unified School District** | **Imperial Unified School District** | **Imperial Unified School District** |
| GO Bonds Series 2017A  | 5.25% | 08/01/43 *(a)(h)* | &nbsp;&nbsp;&nbsp;&nbsp; 1430000 | &nbsp;&nbsp; 1515022 |
| **Independent Cities Finance Authority** | **Independent Cities Finance Authority** | **Independent Cities Finance Authority** | **Independent Cities Finance Authority** | **Independent Cities Finance Authority** |
| Millennium Housing of California Refunding RB Series 2019  | 4.25% | 05/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 810000 | &nbsp;&nbsp; 816606 |
| Millennium Housing of California Refunding RB Series 2019  | 5.00% | 05/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1971783 |
| **Indian Wells Redevelopment Successor Agency** | **Indian Wells Redevelopment Successor Agency** | **Indian Wells Redevelopment Successor Agency** | **Indian Wells Redevelopment Successor Agency** | **Indian Wells Redevelopment Successor Agency** |
| Refunding Tax Allocation Series 2015A  | 5.00% | 09/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1252442 |
| **Inglewood Redevelopment Successor Agency** | **Inglewood Redevelopment Successor Agency** | **Inglewood Redevelopment Successor Agency** | **Inglewood Redevelopment Successor Agency** | **Inglewood Redevelopment Successor Agency** |
| Refunding Tax Allocation Series 2017A  | 5.00% | 05/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 508337 |
| **Inglewood Unified School District** | **Inglewood Unified School District** | **Inglewood Unified School District** | **Inglewood Unified School District** | **Inglewood Unified School District** |
| GO Bonds Series 2018B  | 5.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 203014 |
| GO Bonds Series 2018B  | 5.00% | 08/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 720000 | &nbsp;&nbsp; 728264 |
| **Irvine Ranch Water District** | **Irvine Ranch Water District** | **Irvine Ranch Water District** | **Irvine Ranch Water District** | **Irvine Ranch Water District** |
| Refunding Special Assessment Series 2011A-2  | 3.58% | 10/01/37 *(a)(e)(f)(g)* | &nbsp;&nbsp;&nbsp;&nbsp; 3935000 | &nbsp;&nbsp; 3935000 |
| **Kern County Water Agency Improvement District No. 4** | **Kern County Water Agency Improvement District No. 4** | **Kern County Water Agency Improvement District No. 4** | **Kern County Water Agency Improvement District No. 4** | **Kern County Water Agency Improvement District No. 4** |
| Refunding RB Series 2016A  | 5.00% | 05/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1527910 |
| **Kern High School District** | **Kern High School District** | **Kern High School District** | **Kern High School District** | **Kern High School District** |
| GO Bonds Series 2017A  | 3.00% | 08/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1006688 |
| **Lake Tahoe Unified School District** | **Lake Tahoe Unified School District** | **Lake Tahoe Unified School District** | **Lake Tahoe Unified School District** | **Lake Tahoe Unified School District** |
| GO Bonds Series 2025A  | 5.00% | 08/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2455000 | &nbsp;&nbsp; 2520882 |
| **Lancaster Redevelopment Successor Agency** | **Lancaster Redevelopment Successor Agency** | **Lancaster Redevelopment Successor Agency** | **Lancaster Redevelopment Successor Agency** | **Lancaster Redevelopment Successor Agency** |
| Refunding Tax Allocation Series 2017  | 4.00% | 08/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 1360000 | &nbsp;&nbsp; 1375859 |
| Refunding Tax Allocation Series 2017  | 5.00% | 08/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 820000 | &nbsp;&nbsp; 839169 |
| **Livermore Valley Joint Unified School District** | **Livermore Valley Joint Unified School District** | **Livermore Valley Joint Unified School District** | **Livermore Valley Joint Unified School District** | **Livermore Valley Joint Unified School District** |
| GO Bonds Series 2019  | 4.00% | 08/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp; 336128 |
| **Los Alamitos Unified School District** | **Los Alamitos Unified School District** | **Los Alamitos Unified School District** | **Los Alamitos Unified School District** | **Los Alamitos Unified School District** |
| Refunding GO Bonds Series 2016  | 3.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2605000 | &nbsp;&nbsp; 2382428 |
| **Los Angeles County Development Authority** | **Los Angeles County Development Authority** | **Los Angeles County Development Authority** | **Los Angeles County Development Authority** | **Los Angeles County Development Authority** |
| Building 402 LP RB Series 2023F  | 3.38% | 01/01/46 *(a)(g)* | &nbsp;&nbsp;&nbsp;&nbsp; 3250000 | &nbsp;&nbsp; 3252424 |
| **Los Angeles County Public Works Financing Authority** | **Los Angeles County Public Works Financing Authority** | **Los Angeles County Public Works Financing Authority** | **Los Angeles County Public Works Financing Authority** | **Los Angeles County Public Works Financing Authority** |
| RB Series 2025J  | 5.00% | 12/01/38 *(a)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2207418 |
| RB Series 2025J  | 5.00% | 12/01/42 *(a)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 632388 |
| Refunding RB Series 2024H  | 5.00% | 12/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1711342 |
| Refunding RB Series 2024H  | 5.00% | 12/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 3550000 | &nbsp;&nbsp; 4133577 |
| **Los Angeles County Sanitation Districts Financing Authority** | **Los Angeles County Sanitation Districts Financing Authority** | **Los Angeles County Sanitation Districts Financing Authority** | **Los Angeles County Sanitation Districts Financing Authority** | **Los Angeles County Sanitation Districts Financing Authority** |
| Los Angeles County Sanitation District No. 14 Refunding RB Series 2015A  | 5.00% | 10/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3880000 | &nbsp;&nbsp; 3886056 |
| **Los Angeles Department of Water & Power** | **Los Angeles Department of Water & Power** | **Los Angeles Department of Water & Power** | **Los Angeles Department of Water & Power** | **Los Angeles Department of Water & Power** |
| Los Angeles Department of Water & Power Power System Revenue RB Series <br> 2016B <br>| 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1265000 | &nbsp;&nbsp; 1268199 |
| Los Angeles Department of Water & Power Power System Revenue RB Series <br> 2021C <br>| 5.00% | 07/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 745000 | &nbsp;&nbsp; 777098 |
| Los Angeles Department of Water & Power Power System Revenue Refunding RB <br> Series 2024B <br>| 5.00% | 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1365000 | &nbsp;&nbsp; 1484118 |
| Los Angeles Department of Water & Power Power System Revenue Refunding RB <br> Series 2025A <br>| 5.00% | 07/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 790098 |
| Los Angeles Department of Water & Power Power System Revenue Refunding RB <br> Series 2025A <br>| 5.00% | 07/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 102558 |

---

*See financial notes*

Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

**29**

------

Schwab California Tax-Free Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| System Revenue Refunding RB Series 2025B  | 5.00% | 07/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3906154 |
| System Revenue Refunding RB Series 2025B  | 5.00% | 07/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1118237 |
| **Los Angeles Department of Water & Power Water System Revenue** | **Los Angeles Department of Water & Power Water System Revenue** | **Los Angeles Department of Water & Power Water System Revenue** | **Los Angeles Department of Water & Power Water System Revenue** | **Los Angeles Department of Water & Power Water System Revenue** |
| RB Series 2024A  | 5.00% | 07/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2109066 |
| Refunding RB Series 2025A  | 5.00% | 01/01/30 *(a)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2156710 |
| **Los Angeles Unified School District** | **Los Angeles Unified School District** | **Los Angeles Unified School District** | **Los Angeles Unified School District** | **Los Angeles Unified School District** |
| COP Series 2023A  | 5.00% | 10/01/25 *(h)* | &nbsp;&nbsp;&nbsp;&nbsp; 685000 | &nbsp;&nbsp; 686405 |
| COP Series 2023A  | 5.00% | 10/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 465000 | &nbsp;&nbsp; 466019 |
| GO Bonds Series 2021RYRR  | 4.00% | 07/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 770000 | &nbsp;&nbsp; 688397 |
| GO Bonds Series 2024QRR  | 5.00% | 07/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 725000 | &nbsp;&nbsp; 844975 |
| GO Bonds Series 2024QRR  | 5.00% | 07/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1505000 | &nbsp;&nbsp; 1575584 |
| **Los Osos Community Services Waste Water Assessment District No. 1** | **Los Osos Community Services Waste Water Assessment District No. 1** | **Los Osos Community Services Waste Water Assessment District No. 1** | **Los Osos Community Services Waste Water Assessment District No. 1** | **Los Osos Community Services Waste Water Assessment District No. 1** |
| Refunding Special Assessment Series 2019  | 5.00% | 09/02/26  | &nbsp;&nbsp;&nbsp;&nbsp; 740000 | &nbsp;&nbsp; 756839 |
| **Madera Irrigation District** | **Madera Irrigation District** | **Madera Irrigation District** | **Madera Irrigation District** | **Madera Irrigation District** |
| Refunding RB Series 2015  | 5.00% | 09/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2205000 | &nbsp;&nbsp; 2210153 |
| **Merced City School District** | **Merced City School District** | **Merced City School District** | **Merced City School District** | **Merced City School District** |
| GO Bonds Series 2025  | 5.00% | 08/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1017722 |
| **Metropolitan Water District of Southern California** | **Metropolitan Water District of Southern California** | **Metropolitan Water District of Southern California** | **Metropolitan Water District of Southern California** | **Metropolitan Water District of Southern California** |
| RB Series 2016A  | 5.00% | 07/01/34 *(a)(h)* | &nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp; 393682 |
| Refunding RB Series 2024C  | 5.00% | 04/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1104333 |
| **Midpeninsula Regional Open Space District Field Employees Corp.** | **Midpeninsula Regional Open Space District Field Employees Corp.** | **Midpeninsula Regional Open Space District Field Employees Corp.** | **Midpeninsula Regional Open Space District Field Employees Corp.** | **Midpeninsula Regional Open Space District Field Employees Corp.** |
| GO Bonds Series 2024  | 4.00% | 03/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 775000 | &nbsp;&nbsp; 690284 |
| **Modesto Irrigation District** | **Modesto Irrigation District** | **Modesto Irrigation District** | **Modesto Irrigation District** | **Modesto Irrigation District** |
| Modesto Irrigation District Electric System Revenue RB Series 2015A  | 5.00% | 10/01/26 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1252637 |
| Modesto Irrigation District Electric System Revenue RB Series 2015A  | 5.00% | 10/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2001533 |
| **Moreno Valley Unified School District** | **Moreno Valley Unified School District** | **Moreno Valley Unified School District** | **Moreno Valley Unified School District** | **Moreno Valley Unified School District** |
| GO Bonds Series 2025A  | 5.25% | 08/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1115000 | &nbsp;&nbsp; 1185702 |
| GO Bonds Series 2025A  | 5.25% | 08/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp; 1376225 |
| **Moulton-Niguel Water District Public Facilities Corp.** | **Moulton-Niguel Water District Public Facilities Corp.** | **Moulton-Niguel Water District Public Facilities Corp.** | **Moulton-Niguel Water District Public Facilities Corp.** | **Moulton-Niguel Water District Public Facilities Corp.** |
| COP Series 2021  | 2.25% | 09/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 954982 |
| **Mount Diablo Unified School District** | **Mount Diablo Unified School District** | **Mount Diablo Unified School District** | **Mount Diablo Unified School District** | **Mount Diablo Unified School District** |
| GO Bonds Series 2025C  | 5.00% | 08/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1115482 |
| GO Bonds Series 2025C  | 5.00% | 08/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 675000 | &nbsp;&nbsp; 728976 |
| **Mount San Antonio Community College District** | **Mount San Antonio Community College District** | **Mount San Antonio Community College District** | **Mount San Antonio Community College District** | **Mount San Antonio Community College District** |
| GO Bonds Series 2021E  | 4.27% | 08/01/46 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1430000 | &nbsp;&nbsp; 498914 |
| **Mountain View School District School Facilities Improvement District No. 2** | **Mountain View School District School Facilities Improvement District No. 2** | **Mountain View School District School Facilities Improvement District No. 2** | **Mountain View School District School Facilities Improvement District No. 2** | **Mountain View School District School Facilities Improvement District No. 2** |
| GO Bonds Series 2024  | 3.95% | 07/01/29 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1096407 |
| **New Haven Unified School District** | **New Haven Unified School District** | **New Haven Unified School District** | **New Haven Unified School District** | **New Haven Unified School District** |
| GO Bonds Series 2025A  | 4.50% | 08/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1912834 |
| **Northern California Energy Authority** | **Northern California Energy Authority** | **Northern California Energy Authority** | **Northern California Energy Authority** | **Northern California Energy Authority** |
| Refunding RB Series 2024  | 5.00% | 12/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3200583 |
| **Oakland Unified School District/Alameda County** | **Oakland Unified School District/Alameda County** | **Oakland Unified School District/Alameda County** | **Oakland Unified School District/Alameda County** | **Oakland Unified School District/Alameda County** |
| GO Bonds Series 2019A  | 5.00% | 08/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 520982 |
| GO Bonds Series 2023A  | 5.00% | 08/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 1251394 |
| **Oakley Redevelopment Agency** | **Oakley Redevelopment Agency** | **Oakley Redevelopment Agency** | **Oakley Redevelopment Agency** | **Oakley Redevelopment Agency** |
| Refunding Tax Allocation Series 2018  | 5.00% | 09/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 535569 |
| Refunding Tax Allocation Series 2018  | 5.00% | 09/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 660000 | &nbsp;&nbsp; 702025 |
| Refunding Tax Allocation Series 2018  | 5.00% | 09/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 725000 | &nbsp;&nbsp; 765333 |
| **Oceanside Unified School District** | **Oceanside Unified School District** | **Oceanside Unified School District** | **Oceanside Unified School District** | **Oceanside Unified School District** |
| GO Bonds Series 2023B  | 4.00% | 08/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1379812 |

---

*See financial notes*

**30**Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

------

Schwab California Tax-Free Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Ojai Unified School District** | **Ojai Unified School District** | **Ojai Unified School District** | **Ojai Unified School District** | **Ojai Unified School District** |
| GO Bonds Series 2023B  | 5.25% | 08/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1145974 |
| GO Bonds Series 2023B  | 5.50% | 08/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp; 1837012 |
| **Orange County Local Transportation Authority Sales Tax Revenue** | **Orange County Local Transportation Authority Sales Tax Revenue** | **Orange County Local Transportation Authority Sales Tax Revenue** | **Orange County Local Transportation Authority Sales Tax Revenue** | **Orange County Local Transportation Authority Sales Tax Revenue** |
| Refunding RB Series 2025  | 5.00% | 02/15/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1094206 |
| **Orange County Water District** | **Orange County Water District** | **Orange County Water District** | **Orange County Water District** | **Orange County Water District** |
| COP Series 2003A  | 2.65% | 08/01/42 *(a)(e)(f)* | &nbsp;&nbsp;&nbsp;&nbsp; 2120000 | &nbsp;&nbsp; 2120000 |
| **Oxnard Financing Authority** | **Oxnard Financing Authority** | **Oxnard Financing Authority** | **Oxnard Financing Authority** | **Oxnard Financing Authority** |
| Refunding RB Series 2018  | 5.00% | 06/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1322035 |
| Refunding RB Series 2018  | 5.00% | 06/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1235000 | &nbsp;&nbsp; 1304900 |
| Refunding RB Series 2018  | 5.00% | 06/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 770000 | &nbsp;&nbsp; 809418 |
| **Oxnard Union High School District** | **Oxnard Union High School District** | **Oxnard Union High School District** | **Oxnard Union High School District** | **Oxnard Union High School District** |
| GO Bonds Series 2022C  | 3.50% | 08/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1031561 |
| **Pacifica Financing Authority** | **Pacifica Financing Authority** | **Pacifica Financing Authority** | **Pacifica Financing Authority** | **Pacifica Financing Authority** |
| City of Pacifica Wastewater Revenue RB Series 2017  | 5.00% | 10/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1030000 | &nbsp;&nbsp; 1075096 |
| **Palmdale Elementary School District** | **Palmdale Elementary School District** | **Palmdale Elementary School District** | **Palmdale Elementary School District** | **Palmdale Elementary School District** |
| GO Bonds Series 2017B  | 5.25% | 08/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2552316 |
| **Pasadena Public Financing Authority** | **Pasadena Public Financing Authority** | **Pasadena Public Financing Authority** | **Pasadena Public Financing Authority** | **Pasadena Public Financing Authority** |
| Refunding RB Series 2024  | 4.54% | 06/01/45 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 377052 |
| Refunding RB Series 2024  | 4.65% | 06/01/48 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 159449 |
| **Perris Elementary School District** | **Perris Elementary School District** | **Perris Elementary School District** | **Perris Elementary School District** | **Perris Elementary School District** |
| GO Bonds Series 2023  | 4.00% | 08/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1635000 | &nbsp;&nbsp; 1465096 |
| GO Bonds Series 2023  | 5.00% | 08/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1065000 | &nbsp;&nbsp; 1112061 |
| **Pico Rivera Public Financing Authority** | **Pico Rivera Public Financing Authority** | **Pico Rivera Public Financing Authority** | **Pico Rivera Public Financing Authority** | **Pico Rivera Public Financing Authority** |
| Refunding RB Series 2016  | 5.50% | 09/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 362145 |
| Refunding RB Series 2016  | 5.25% | 09/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp; 823143 |
| **Pismo Beach Public Financing Agency** | **Pismo Beach Public Financing Agency** | **Pismo Beach Public Financing Agency** | **Pismo Beach Public Financing Agency** | **Pismo Beach Public Financing Agency** |
| RB Series 2024A  | 4.00% | 12/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 885641 |
| **Pittsburg Unified School District** | **Pittsburg Unified School District** | **Pittsburg Unified School District** | **Pittsburg Unified School District** | **Pittsburg Unified School District** |
| GO Bonds Series 2023D  | 5.00% | 08/01/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2041631 |
| **Pleasant Valley School District/Ventura County** | **Pleasant Valley School District/Ventura County** | **Pleasant Valley School District/Ventura County** | **Pleasant Valley School District/Ventura County** | **Pleasant Valley School District/Ventura County** |
| Refunding GO Bonds Series 2002A  | 5.85% | 08/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 1670000 | &nbsp;&nbsp; 1791017 |
| **Pleasanton Unified School District** | **Pleasanton Unified School District** | **Pleasanton Unified School District** | **Pleasanton Unified School District** | **Pleasanton Unified School District** |
| GO Bonds Series 2025  | 5.00% | 08/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp; 769589 |
| **Port of Los Angeles** | **Port of Los Angeles** | **Port of Los Angeles** | **Port of Los Angeles** | **Port of Los Angeles** |
| Refunding RB Series 2024A-1  | 5.00% | 08/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1107819 |
| Refunding RB Series 2024A-1  | 5.00% | 08/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp; 1950491 |
| **Port of Oakland** | **Port of Oakland** | **Port of Oakland** | **Port of Oakland** | **Port of Oakland** |
| RB Series 2021H  | 5.00% | 05/01/26 *(h)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5085 |
| RB Series 2021H  | 5.00% | 05/01/28 *(h)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp; 16029 |
| Refunding RB Series 2021H  | 5.00% | 05/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 1745000 | &nbsp;&nbsp; 1769576 |
| Refunding RB Series 2021H  | 5.00% | 05/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 1235000 | &nbsp;&nbsp; 1299126 |
| **Ravenswood City School District** | **Ravenswood City School District** | **Ravenswood City School District** | **Ravenswood City School District** | **Ravenswood City School District** |
| GO Bonds Series 2023  | 4.50% | 08/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1226270 |
| GO Bonds Series 2023  | 5.25% | 08/01/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3639883 |
| **Redwood City Public Facilities & Infrastructure Authority** | **Redwood City Public Facilities & Infrastructure Authority** | **Redwood City Public Facilities & Infrastructure Authority** | **Redwood City Public Facilities & Infrastructure Authority** | **Redwood City Public Facilities & Infrastructure Authority** |
| RB Series 2021  | 3.00% | 06/01/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1790000 | &nbsp;&nbsp; 1227879 |

---

*See financial notes*

Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

**31**

------

Schwab California Tax-Free Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Rialto Unified School District** | **Rialto Unified School District** | **Rialto Unified School District** | **Rialto Unified School District** | **Rialto Unified School District** |
| COP Series 2024  | 5.00% | 09/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 390158 |
| COP Series 2024  | 5.00% | 09/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 364768 |
| COP Series 2024  | 5.00% | 09/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp; 508394 |
| **Rib Floater Trust Various States** | **Rib Floater Trust Various States** | **Rib Floater Trust Various States** | **Rib Floater Trust Various States** | **Rib Floater Trust Various States** |
| RB Series 2022-008  | 3.09% | 05/31/26 *(a)(e)(i)(j)* | &nbsp;&nbsp;&nbsp;&nbsp; 3100000 | &nbsp;&nbsp; 3100000 |
| **Riverside Community College District** | **Riverside Community College District** | **Riverside Community College District** | **Riverside Community College District** | **Riverside Community College District** |
| GO Bonds Series 2025A  | 4.00% | 08/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp; 685927 |
| GO Bonds Series 2025A  | 4.00% | 08/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 577814 |
| GO Bonds Series 2025A  | 4.00% | 08/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 815000 | &nbsp;&nbsp; 767411 |
| **Riverside County Infrastructure Financing Authority** | **Riverside County Infrastructure Financing Authority** | **Riverside County Infrastructure Financing Authority** | **Riverside County Infrastructure Financing Authority** | **Riverside County Infrastructure Financing Authority** |
| RB Series 2015A  | 5.00% | 11/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 1020000 | &nbsp;&nbsp; 1024426 |
| **Riverside County Transportation Commission** | **Riverside County Transportation Commission** | **Riverside County Transportation Commission** | **Riverside County Transportation Commission** | **Riverside County Transportation Commission** |
| Refunding RB Series 2021B-1  | 4.00% | 06/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 3749614 |
| **Ross Valley Public Financing Authority** | **Ross Valley Public Financing Authority** | **Ross Valley Public Financing Authority** | **Ross Valley Public Financing Authority** | **Ross Valley Public Financing Authority** |
| RB Series 2013  | 5.00% | 10/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200380 |
| RB Series 2013  | 5.00% | 10/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1001534 |
| **San Bernardino Community College District** | **San Bernardino Community College District** | **San Bernardino Community College District** | **San Bernardino Community College District** | **San Bernardino Community College District** |
| GO Bonds Series 2023B  | 4.13% | 08/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3375000 | &nbsp;&nbsp; 3034356 |
| **San Diego Community College District** | **San Diego Community College District** | **San Diego Community College District** | **San Diego Community College District** | **San Diego Community College District** |
| GO Bonds Series 2024  | 4.00% | 08/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1169487 |
| **San Diego County Regional Airport Authority** | **San Diego County Regional Airport Authority** | **San Diego County Regional Airport Authority** | **San Diego County Regional Airport Authority** | **San Diego County Regional Airport Authority** |
| RB Series 2017B  | 5.00% | 07/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1980000 | &nbsp;&nbsp; 2050541 |
| RB Series 2017B  | 5.00% | 07/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1028093 |
| RB Series 2023B  | 5.00% | 07/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 2245000 | &nbsp;&nbsp; 2457863 |
| **San Diego Public Facilities Financing Authority** | **San Diego Public Facilities Financing Authority** | **San Diego Public Facilities Financing Authority** | **San Diego Public Facilities Financing Authority** | **San Diego Public Facilities Financing Authority** |
| Refunding RB Series 2024A  | 5.00% | 10/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp; 921256 |
| City of San Diego Sewer Utility Revenue RB Series 2024A  | 5.00% | 05/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1145000 | &nbsp;&nbsp; 1292305 |
| City of San Diego Sewer Utility Revenue RB Series 2024A  | 5.00% | 05/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1120000 | &nbsp;&nbsp; 1248910 |
| **San Diego Unified Port District** | **San Diego Unified Port District** | **San Diego Unified Port District** | **San Diego Unified Port District** | **San Diego Unified Port District** |
| Refunding RB Series 2013A  | 5.00% | 09/01/25 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp; 245000 |
| **San Diego Unified School District** | **San Diego Unified School District** | **San Diego Unified School District** | **San Diego Unified School District** | **San Diego Unified School District** |
| GO Bonds Series 2010C  | 3.55% | 07/01/33 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp; 85994 |
| Refunding GO Bonds Series 2025ZR-6A  | 5.00% | 07/01/43  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 543379 |
| **San Francisco City & County Airport Comm-San Francisco International Airport** | **San Francisco City & County Airport Comm-San Francisco International Airport** | **San Francisco City & County Airport Comm-San Francisco International Airport** | **San Francisco City & County Airport Comm-San Francisco International Airport** | **San Francisco City & County Airport Comm-San Francisco International Airport** |
| RB Series 2019E  | 5.00% | 05/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2450000 | &nbsp;&nbsp; 2475424 |
| RB Series 2019E  | 5.00% | 05/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp; 427255 |
| Refunding RB Series 2018G  | 5.00% | 05/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1244833 |
| Refunding RB Series 2020A  | 5.00% | 05/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3590200 |
| Refunding RB Series 2022A  | 5.00% | 05/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp; 869912 |
| Refunding RB Series 2022A  | 5.00% | 05/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 1690000 | &nbsp;&nbsp; 1846259 |
| Refunding RB Series 2023C  | 5.00% | 05/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5474002 |
| **San Francisco City & County Redevelopment Successor Agency** | **San Francisco City & County Redevelopment Successor Agency** | **San Francisco City & County Redevelopment Successor Agency** | **San Francisco City & County Redevelopment Successor Agency** | **San Francisco City & County Redevelopment Successor Agency** |
| Refunding Tax Allocation Series 2014C  | 5.00% | 08/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 305482 |
| Refunding Tax Allocation Series 2014C  | 5.00% | 08/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp; 430637 |
| City & County of San Francisco Community Facilities District No. 6 Refunding <br> Special Tax Series 2023 <br>| 5.25% | 08/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp; 958792 |
| City & County of San Francisco Community Facilities District No. 6 Refunding <br> Special Tax Series 2023 <br>| 5.25% | 08/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1087021 |

---

*See financial notes*

**32**Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

------

Schwab California Tax-Free Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Mission Bay South Redevelopment Area Tax Increment Financing District <br> Refunding Tax Allocation Series 2025B <br>| 5.00% | 08/01/35  | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp; 1829821 |
| Mission Bay South Redevelopment Area Tax Increment Financing District <br> Refunding Tax Allocation Series 2025B <br>| 5.00% | 08/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp; 1525418 |
| **San Francisco Community College District** | **San Francisco Community College District** | **San Francisco Community College District** | **San Francisco Community College District** | **San Francisco Community College District** |
| GO Bonds Series 2024B  | 5.25% | 06/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1566955 |
| Refunding GO Bonds Series 2025  | 5.00% | 06/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 1170000 | &nbsp;&nbsp; 1309874 |
| Refunding GO Bonds Series 2025  | 5.00% | 06/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1360370 |
| **San Jacinto Unified School District** | **San Jacinto Unified School District** | **San Jacinto Unified School District** | **San Jacinto Unified School District** | **San Jacinto Unified School District** |
| GO Bonds Series 2017  | 5.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1155000 | &nbsp;&nbsp; 1196602 |
| **San Luis Obispo County Community College District** | **San Luis Obispo County Community College District** | **San Luis Obispo County Community College District** | **San Luis Obispo County Community College District** | **San Luis Obispo County Community College District** |
| GO Bonds Series 2024D  | 4.00% | 08/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 495093 |
| GO Bonds Series 2024D  | 4.00% | 08/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 268533 |
| **Santa Monica Public Financing Authority** | **Santa Monica Public Financing Authority** | **Santa Monica Public Financing Authority** | **Santa Monica Public Financing Authority** | **Santa Monica Public Financing Authority** |
| RB Series 2018  | 5.00% | 07/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp; 593369 |
| **Santa Monica-Malibu Unified School District** | **Santa Monica-Malibu Unified School District** | **Santa Monica-Malibu Unified School District** | **Santa Monica-Malibu Unified School District** | **Santa Monica-Malibu Unified School District** |
| GO Bonds Series 2024C  | 4.00% | 08/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 963023 |
| **Santa Rosa High School District** | **Santa Rosa High School District** | **Santa Rosa High School District** | **Santa Rosa High School District** | **Santa Rosa High School District** |
| GO Bonds Series 2025B  | 5.00% | 08/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 531001 |
| GO Bonds Series 2025B  | 5.00% | 08/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 527643 |
| **Sierra View Local Health Care District** | **Sierra View Local Health Care District** | **Sierra View Local Health Care District** | **Sierra View Local Health Care District** | **Sierra View Local Health Care District** |
| Refunding RB Series 2020  | 4.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 302514 |
| Refunding RB Series 2020  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 630000 | &nbsp;&nbsp; 653297 |
| Refunding RB Series 2020  | 5.00% | 07/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 645000 | &nbsp;&nbsp; 698679 |
| **South San Francisco Public Facilities Financing Authority** | **South San Francisco Public Facilities Financing Authority** | **South San Francisco Public Facilities Financing Authority** | **South San Francisco Public Facilities Financing Authority** | **South San Francisco Public Facilities Financing Authority** |
| RB Series 2021A  | 4.00% | 06/01/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1339218 |
| **South San Francisco Unified School District** | **South San Francisco Unified School District** | **South San Francisco Unified School District** | **South San Francisco Unified School District** | **South San Francisco Unified School District** |
| GO Bonds Series 2023  | 4.00% | 09/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 885226 |
| **Southern California Public Power Authority** | **Southern California Public Power Authority** | **Southern California Public Power Authority** | **Southern California Public Power Authority** | **Southern California Public Power Authority** |
| Los Angeles Department of Water & Power Power System Revenue RB Series <br> 20251 <br>| 5.25% | 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 529907 |
| Los Angeles Department of Water & Power Power System Revenue RB Series <br> 20251 <br>| 5.25% | 07/01/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 527544 |
| Los Angeles Department of Water & Power Power System Revenue Refunding RB <br> Series 2023-1 <br>| 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2606100 |
| Los Angeles Department of Water & Power Power System Revenue Refunding RB <br> Series 2023-1 <br>| 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1067066 |
| **Stanislaus Union School District** | **Stanislaus Union School District** | **Stanislaus Union School District** | **Stanislaus Union School District** | **Stanislaus Union School District** |
| GO Bonds Series 2025A  | 4.50% | 08/01/54 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1520000 | &nbsp;&nbsp; 1422324 |
| **State of California** | **State of California** | **State of California** | **State of California** | **State of California** |
| GO Bonds Series 2020  | 4.00% | 03/01/36 *(a)(h)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp; 32052 |
| GO Bonds Series 2020  | 4.00% | 03/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1365000 | &nbsp;&nbsp; 1392689 |
| GO Bonds Series 2022  | 5.00% | 09/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1340964 |
| GO Bonds Series 2024  | 5.00% | 08/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1136833 |
| GO Bonds Series 2024  | 5.25% | 08/01/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1420000 | &nbsp;&nbsp; 1522064 |
| GO Bonds Series 2025  | 5.00% | 03/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 1815000 | &nbsp;&nbsp; 1988232 |
| GO Bonds Series 2025  | 5.00% | 03/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 429390 |
| Refunding GO Bonds Series 2007  | 5.25% | 08/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 3250000 | &nbsp;&nbsp; 3720248 |
| Refunding GO Bonds Series 2013  | 5.00% | 10/01/26 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5010 |
| Refunding GO Bonds Series 2015  | 5.00% | 08/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3504486 |
| Refunding GO Bonds Series 2016  | 5.00% | 09/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1290000 | &nbsp;&nbsp; 1324157 |

---

*See financial notes*

Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

**33**

------

Schwab California Tax-Free Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Refunding GO Bonds Series 2016  | 4.00% | 09/01/33 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1508989 |
| Refunding GO Bonds Series 2017  | 3.50% | 08/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1536767 |
| Refunding GO Bonds Series 2017  | 5.00% | 08/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2041066 |
| Refunding GO Bonds Series 2019  | 5.00% | 10/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5011119 |
| Refunding GO Bonds Series 2019  | 5.00% | 04/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 1930000 | &nbsp;&nbsp; 2155485 |
| Refunding GO Bonds Series 2023  | 5.00% | 10/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2216954 |
| Refunding GO Bonds Series 2024  | 5.00% | 08/01/35 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5705581 |
| Refunding GO Bonds Series 2025  | 5.00% | 03/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1113503 |
| Refunding GO Bonds Series 2025  | 5.00% | 03/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 525085 |
| **Temescal Valley Water District Public Financing Authority** | **Temescal Valley Water District Public Financing Authority** | **Temescal Valley Water District Public Financing Authority** | **Temescal Valley Water District Public Financing Authority** | **Temescal Valley Water District Public Financing Authority** |
| Refunding Special Tax Series 2024  | 5.00% | 09/01/33  | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp; 628382 |
| Refunding Special Tax Series 2024  | 5.00% | 09/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp; 545059 |
| **Tender Option Bond Trust Receipts/Certificates** | **Tender Option Bond Trust Receipts/Certificates** | **Tender Option Bond Trust Receipts/Certificates** | **Tender Option Bond Trust Receipts/Certificates** | **Tender Option Bond Trust Receipts/Certificates** |
| RB Series 2025XX-1369  | 3.80% | 04/13/33 *(a)(e)(i)(j)* | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp; 315000 |
| **Truckee-Donner Public Utility District Water System Revenue** | **Truckee-Donner Public Utility District Water System Revenue** | **Truckee-Donner Public Utility District Water System Revenue** | **Truckee-Donner Public Utility District Water System Revenue** | **Truckee-Donner Public Utility District Water System Revenue** |
| RB Series 2022A  | 5.00% | 11/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1538385 |
| Refunding RB Series 2015  | 4.00% | 11/15/25  | &nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp; 461499 |
| **Twin Rivers Unified School District** | **Twin Rivers Unified School District** | **Twin Rivers Unified School District** | **Twin Rivers Unified School District** | **Twin Rivers Unified School District** |
| GO Bonds Series 2025B  | 4.50% | 08/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1923699 |
| **University of California** | **University of California** | **University of California** | **University of California** | **University of California** |
| RB Series 2017M  | 5.00% | 05/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2005746 |
| RB Series 2025CA  | 5.00% | 05/15/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2203960 |
| RB Series 2025CB  | 5.00% | 05/15/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1678768 |
| Refunding RB Series 2021Q  | 3.00% | 05/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 930000 | &nbsp;&nbsp; 652852 |
| Refunding RB Series 2024BS  | 5.00% | 05/15/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1048980 |
| Refunding RB Series 2024BV  | 5.00% | 05/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 537621 |
| Refunding RB Series 2024BW  | 5.00% | 05/15/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1075242 |
| **University of California Hastings College of the Law** | **University of California Hastings College of the Law** | **University of California Hastings College of the Law** | **University of California Hastings College of the Law** | **University of California Hastings College of the Law** |
| Refunding RB Series 2017  | 5.00% | 04/01/32 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1138502 |
| Refunding RB Series 2017  | 5.00% | 04/01/34 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1115000 | &nbsp;&nbsp; 1148904 |
| **Vallejo City Unified School District** | **Vallejo City Unified School District** | **Vallejo City Unified School District** | **Vallejo City Unified School District** | **Vallejo City Unified School District** |
| GO Bonds Series 2025  | 4.00% | 08/01/42 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 924277 |
| **West Contra Costa Unified School District** | **West Contra Costa Unified School District** | **West Contra Costa Unified School District** | **West Contra Costa Unified School District** | **West Contra Costa Unified School District** |
| Refunding GO Bonds Series 2025A  | 5.00% | 08/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp; 499422 |
| Refunding GO Bonds Series 2025A  | 5.00% | 08/01/38 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 437809 |
| **West Hills Community College District** | **West Hills Community College District** | **West Hills Community College District** | **West Hills Community College District** | **West Hills Community College District** |
| Refunding GO Bonds Series 2016B  | 5.00% | 08/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp; 461505 |
| Refunding GO Bonds Series 2016B  | 5.00% | 08/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 595000 | &nbsp;&nbsp; 609998 |
| Refunding GO Bonds Series 2016B  | 5.00% | 08/01/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 635000 | &nbsp;&nbsp; 649911 |
|  |  |  |  | &nbsp;&nbsp; **461520240** |
| **GUAM** 1.6%  | **GUAM** 1.6%  | **GUAM** 1.6%  | **GUAM** 1.6%  | **GUAM** 1.6%  |
| **Guam Government Waterworks Authority** | **Guam Government Waterworks Authority** | **Guam Government Waterworks Authority** | **Guam Government Waterworks Authority** | **Guam Government Waterworks Authority** |
| RB Series 2025A  | 5.25% | 07/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 645000 | &nbsp;&nbsp; 674779 |
| RB Series 2025A  | 5.25% | 07/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 585000 | &nbsp;&nbsp; 606381 |
| RB Series 2025A  | 5.25% | 07/01/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 251329 |
| Guam Waterworks Authority Water & Wastewater System Refunding RB Series <br> 2024A <br>| 5.00% | 07/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 609862 |

---

*See financial notes*

**34**Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

------

Schwab California Tax-Free Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Guam Power Authority** | **Guam Power Authority** | **Guam Power Authority** | **Guam Power Authority** | **Guam Power Authority** |
| Refunding RB Series 2022A  | 5.00% | 10/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2196078 |
| Refunding RB Series 2022A  | 5.00% | 10/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1190000 | &nbsp;&nbsp; 1232560 |
| Refunding RB Series 2024A  | 5.00% | 10/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 431864 |
| Refunding RB Series 2024A  | 5.00% | 10/01/37 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp; 453203 |
| **Territory of Guam** | **Territory of Guam** | **Territory of Guam** | **Territory of Guam** | **Territory of Guam** |
| Refunding RB Series 2025G  | 5.00% | 01/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 522281 |
| Refunding RB Series 2025G  | 5.00% | 01/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 542904 |
|  |  |  |  | &nbsp;&nbsp; **7521241** |
| **PUERTO RICO** 0.5%  | **PUERTO RICO** 0.5%  | **PUERTO RICO** 0.5%  | **PUERTO RICO** 0.5%  | **PUERTO RICO** 0.5%  |
| **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue** |
| RB Series 2018A-1  | 5.00% | 07/01/58 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp; **2293146** |
| **Total Municipal Securities** <br>**(Cost $475,191,229)** | **Total Municipal Securities** <br>**(Cost $475,191,229)** | **Total Municipal Securities** <br>**(Cost $475,191,229)** | **Total Municipal Securities** <br>**(Cost $475,191,229)** | &nbsp;&nbsp; **471334627** |
| **Total Investments in Securities** <br>**(Cost $475,191,229)** | **Total Investments in Securities** <br>**(Cost $475,191,229)** | **Total Investments in Securities** <br>**(Cost $475,191,229)** | **Total Investments in Securities** <br>**(Cost $475,191,229)** | &nbsp;&nbsp; **471334627** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* The effective maturity may be shorter than the final maturity shown because the security is subject to a put, demand or call feature.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* Zero coupon bond. When a security is purchased with a zero coupon rate the effective yield at the time of purchase is shown.

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* Step up bond that pays an initial coupon rate for a set period and increased coupon rates at one or more preset intervals. Rate shown is as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* Security or a portion of the security purchased on a delayed-delivery or when-issued basis.

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* Credit-enhanced or liquidity-enhanced.

&nbsp;&nbsp;&nbsp;&nbsp;*(f)* VRDN is a municipal security which allows holders to sell their security through a put or tender feature, at par value plus accrued interest. The interest rate resets on a periodic basis, the majority of which are weekly but may be daily or monthly. Unless a reference rate and spread is shown parenthetically, the Remarketing Agent, generally a dealer, determines the interest rate for the security at each interest rate reset date. The rate is typically based on the SIFMA Municipal Swap Index.

&nbsp;&nbsp;&nbsp;&nbsp;*(g)* Bond currently pays a fixed coupon rate and will be remarketed at a to be determined rate at the end of the current fixed rate term.

&nbsp;&nbsp;&nbsp;&nbsp;*(h)* Refunded bond.

&nbsp;&nbsp;&nbsp;&nbsp;*(i)* Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers. At the period end, the value of these amounted to $3,415,000 or 0.7% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;*(j)* TOB is a synthetically created VRDN where the owner of a long-term bond places the bond in a trust in combination with a liquidity facility. The trust then sells certificates which mirror the VRDN sold directly by a municipal issuer. VRDN is a municipal security which allows holders to sell their security through a put or tender feature, at par value plus accrued interest. The interest rate resets on a periodic basis, the majority of which are weekly but may be daily or monthly. Unless a reference rate and spread is shown parenthetically, the Remarketing Agent, generally a dealer, determines the interest rate for the security at each interest rate reset date. The rate is typically based on the SIFMA Municipal Swap Index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| COP — | Certificate of participation |
| GO — | General obligation |
| RB — | Revenue bond |
| SIFMA — | Securities Industry and Financial Markets Association. The SIFMA Municipal Swap Index is a market index comprised of high-grade 7-day tax-exempt Variable Rate <br> Demand Obligations with certain characteristics.<br>|
| TOB — | Tender option bond |
| VRDN — | Variable rate demand note |

---

*See financial notes*

Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

**35**

------

Schwab California Tax-Free Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

The following is a summary of the inputs used to value the fund's investments as of August 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Municipal Securities<sup>1</sup> <br>| $— | &nbsp;&nbsp; $471334627 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $471334627 |
| **Total** | **$—** | &nbsp;&nbsp; **$471334627** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$471334627** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings.

*See financial notes*

**36**Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

------

Schwab California Tax-Free Bond Fund

Statement of Assets and Liabilities

------

As of August 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $475,191,229) |  | $471334627 |
| Cash |  | 10038 |
| Receivables: |  |  |
| Interest |  | 5105253 |
| Fund shares sold |  | 276719 |
| Investments sold |  | 44744 |
| Prepaid expenses | + | 5927 |
| **Total assets** |  | **476777308** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought - delayed-delivery |  | 7574338 |
| Distributions to shareholders |  | 561212 |
| Fund shares redeemed |  | 175413 |
| Investment adviser fees |  | 78892 |
| Shareholder service fees |  | 59032 |
| Independent trustees' fees |  | 31 |
| Accrued expenses | + | 81585 |
| **Total liabilities** |  | **8530503** |
| **Net assets** |  | **$468246805** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $497223071 |
| Total distributable loss | + | (28976266)<br>|
| **Net assets** |  | **$468246805** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $468246805 |  | &nbsp;&nbsp;&nbsp;&nbsp; 43199254 |  | &nbsp;&nbsp;&nbsp;&nbsp; $10.84 |

---

*See financial notes*

Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

**37**

------

Schwab California Tax-Free Bond Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period September 1, 2024 through August 31, 2025 | For the period September 1, 2024 through August 31, 2025 | For the period September 1, 2024 through August 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| **Interest received from securities - unaffiliated issuers** |  | **$16324408** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser and administrator fees |  | 995590 |
| Shareholder service fees |  | 653336 |
| Portfolio accounting fees |  | 89191 |
| Professional fees |  | 54770 |
| Registration fees |  | 25695 |
| Shareholder reports |  | 11385 |
| Independent trustees' fees |  | 10619 |
| Custodian fees |  | 2990 |
| Transfer agent fees  |  | 1143 |
| Other expenses | + | 7682 |
| **Total expenses** |  | **1852401** |
| Expense reduction | – | 131461 |
| **Net expenses** | – | **1720940** |
| **Net investment income** |  | **14603468** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| **Net realized losses on sales of securities - unaffiliated issuers**  |  | **(4252900)**<br>|
| **Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers** | + | **(9245253)**<br>|
| **Net realized and unrealized losses** |  | **(13498153)**<br>|
| **Increase in net assets resulting from operations** |  | **$1105315** |

---

*See financial notes*

**38**Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

------

Schwab California Tax-Free Bond Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 9/1/24-8/31/25 | 9/1/24-8/31/25 | 9/1/23-8/31/24 |
| Net investment income |  | $14603468 | &nbsp;&nbsp;&nbsp; $12989574 |
| Net realized losses |  | (4252900)<br>| &nbsp;&nbsp;&nbsp; (3301834)<br>|
| Net change in unrealized appreciation (depreciation) | + | (9245253)<br>| &nbsp;&nbsp;&nbsp; 13707872 |
| **Increase in net assets resulting from operations** |  | **$1105315** | &nbsp;&nbsp;&nbsp; **$23395612** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($14559021)**<br>| &nbsp;&nbsp;&nbsp; **($12975696)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 9/1/24-8/31/25 | 9/1/24-8/31/25 | 9/1/24-8/31/25 | 9/1/23-8/31/24 | 9/1/23-8/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 17218792 | &nbsp;&nbsp;&nbsp; $188388507 | &nbsp;&nbsp;&nbsp; 12432791 | &nbsp;&nbsp;&nbsp; $135836881 |
| Shares reinvested |  | 737724 | &nbsp;&nbsp;&nbsp; 8094529 | &nbsp;&nbsp;&nbsp; 675367 | &nbsp;&nbsp;&nbsp; 7449493 |
| Shares redeemed | + | (14086604)<br>| &nbsp;&nbsp;&nbsp; (154031307)<br>| &nbsp;&nbsp;&nbsp; (10413792)<br>| &nbsp;&nbsp;&nbsp; (114322764)<br>|
| **Net transactions in fund shares**  |  | **3869912** | &nbsp;&nbsp;&nbsp; **$42451729** | &nbsp;&nbsp;&nbsp; **2694366** | &nbsp;&nbsp;&nbsp; **$28963610** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 9/1/24-8/31/25 | 9/1/24-8/31/25 | 9/1/24-8/31/25 | 9/1/23-8/31/24 | 9/1/23-8/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 39329342 | &nbsp;&nbsp;&nbsp; $439248782 | &nbsp;&nbsp;&nbsp; 36634976 | &nbsp;&nbsp;&nbsp; $399865256 |
| Total increase | + | 3869912 | &nbsp;&nbsp;&nbsp; 28998023 | &nbsp;&nbsp;&nbsp; 2694366 | &nbsp;&nbsp;&nbsp; 39383526 |
| **End of period** |  | **43199254** | &nbsp;&nbsp;&nbsp; **$468246805** | &nbsp;&nbsp;&nbsp; **39329342** | &nbsp;&nbsp;&nbsp; **$439248782** |

---

*See financial notes*

Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

**39**

------

Schwab Opportunistic Municipal Bond Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 9/1/24– <br>8/31/25<br>| 9/1/23– <br>8/31/24<br>| 9/1/22– <br>8/31/23<br>| 9/1/21– <br>8/31/22<br>| 9/1/20– <br>8/31/21<sup>1</sup> <br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $9.09 | &nbsp;&nbsp; $8.81 | &nbsp;&nbsp; $9.20 | &nbsp;&nbsp; $10.64 | &nbsp;&nbsp; $10.42 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| 0.34 <br><sup>3</sup><br>| 0.32 | 0.56 <br><sup>3</sup><br>| 0.27 | 0.32 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (0.52)<br>| 0.32 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (1.43)<br>| 0.23 |
| Total from investment operations | &nbsp;&nbsp; (0.18)<br>| 0.64 | 0.19 | &nbsp;&nbsp; (1.16)<br>| 0.55 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.36 )<sup>3</sup><br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.58 )<sup>3</sup><br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.26)<br>|
| Distributions from net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>|
| Total distributions | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.33)<br>|
| Redemption fees<sup>2</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>4</sup><br>|
| Net asset value at end of period | &nbsp;&nbsp; $8.55 | &nbsp;&nbsp; $9.09 | &nbsp;&nbsp; $8.81 | &nbsp;&nbsp; $9.20 | &nbsp;&nbsp; $10.64 |
| Total return | &nbsp;&nbsp; (1.98<br> %)<br>| 7.39<br> %<br>| 2.14<br> %<br>| &nbsp;&nbsp; (11.10<br> %)<br>| 5.36<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Net expenses | 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50 %<sup>5</sup><br>| 0.58 %<sup>6</sup><br>|
| Total expenses | 0.59<br> %<br>| 0.60<br> %<br>| 0.68<br> %<br>| 0.55 %<sup>5</sup><br>| 0.70<br> %<br>|
| Net investment income (loss) | 3.81 %<sup>3</sup><br>| 3.56<br> %<br>| 6.28 %<sup>3</sup><br>| 2.63<br> %<br>| 2.99<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 39 %<sup>7</sup><br>| &nbsp;&nbsp; 181 %<sup>8</sup><br>| &nbsp;&nbsp; 157 %<sup>8</sup><br>| &nbsp;&nbsp; 126 %<sup>8</sup><br>| &nbsp;&nbsp; 83 %<sup>8</sup><br>|
| Net assets, end of period (x 1,000) | &nbsp;&nbsp; $72883 | &nbsp;&nbsp; $67548 | &nbsp;&nbsp; $41279 | &nbsp;&nbsp; $48588 | &nbsp;&nbsp; $69314 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Effective July 1, 2021, the Schwab High Yield Municipal Bond Fund changed its name to Schwab Opportunistic Municipal Bond Fund.

<sup>2</sup> Calculated based on the average shares outstanding during the period.

<sup>3</sup> Includes a payment of past due interest income received from defaulted securities. At August 31, 2025, the per share effect on net investment income and distributions from net investment income was $0.01 and ($0.04), respectively. At August 31, 2023, the per share effect on net investment income and distributions from net investment income was $0.27 and ($0.27), respectively. The effect on net investment income to average net assets at August 31, 2025, and August 31, 2023, was 0.13% and 2.77%, respectively (see financial note 2(d) for additional information). 

<sup>4</sup> Effective July 1, 2021, redemption fees were eliminated.

<sup>5</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>6</sup> Effective July 1, 2021, the net operating expense limitation was lowered from 0.60% to 0.50%. The ratio presented for the year ended August 31, 2021, is a blended ratio.

<sup>7</sup> Portfolio turnover rate excludes variable rate demand note transactions (see financial note 2b for additional information).

<sup>8</sup> In the period ended August 31, 2025, variable rate demand notes are excluded from the portfolio turnover rate. In applying a similar exclusion for the periods ended August 31, 2024, August 31, 2023, August 31, 2022, and August 31, 2021, portfolio turnover rates would have been 67%, 82%, 57%, and 47%, respectively (see financial note 2b for additional information). 

*See financial notes*

**40**Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Opportunistic Municipal Bond Fund

Portfolio Holdings as of August 31, 2025

------

For fixed rate securities, the rate shown is the interest rate (the rate established when the security was issued). For variable rate securities, the rate shown is the rate as of the report date based on each security's rate reset date and when a security is purchased with a zero coupon rate, the effective yield at the time of purchase is shown. The reference rate and spread used is shown parenthetically in the security description, if available; if not, the reference rate is described in a footnote. The maturity date shown for all the securities is the final legal maturity.

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **MUNICIPAL SECURITIES** 101.7% OF NET ASSETS | **MUNICIPAL SECURITIES** 101.7% OF NET ASSETS | **MUNICIPAL SECURITIES** 101.7% OF NET ASSETS | **MUNICIPAL SECURITIES** 101.7% OF NET ASSETS | **MUNICIPAL SECURITIES** 101.7% OF NET ASSETS |
| **ALABAMA** 3.0%  | **ALABAMA** 3.0%  | **ALABAMA** 3.0%  | **ALABAMA** 3.0%  | **ALABAMA** 3.0%  |
| **Black Belt Energy Gas District** | **Black Belt Energy Gas District** | **Black Belt Energy Gas District** | **Black Belt Energy Gas District** | **Black Belt Energy Gas District** |
| RB Series 2023C  | 5.50% | 10/01/54 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 271064 |
| RB Series 2024D  | 5.00% | 03/01/55 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 263707 |
| Refunding RB Series 2022D-1  | 4.00% | 07/01/52 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 505724 |
| **County of Jefferson Sewer Revenue** | **County of Jefferson Sewer Revenue** | **County of Jefferson Sewer Revenue** | **County of Jefferson Sewer Revenue** | **County of Jefferson Sewer Revenue** |
| Refunding RB Series 2024  | 5.50% | 10/01/53 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 585000 | &nbsp;&nbsp; 596448 |
| **Energy Southeast A Cooperative District** | **Energy Southeast A Cooperative District** | **Energy Southeast A Cooperative District** | **Energy Southeast A Cooperative District** | **Energy Southeast A Cooperative District** |
| RB Series 2023B-1  | 5.75% | 04/01/54 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 275756 |
| **Southeast Energy Authority A Cooperative District** | **Southeast Energy Authority A Cooperative District** | **Southeast Energy Authority A Cooperative District** | **Southeast Energy Authority A Cooperative District** | **Southeast Energy Authority A Cooperative District** |
| RB Series 2024C  | 5.00% | 10/01/55 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 266710 |
|  |  |  |  | &nbsp;&nbsp; **2179409** |
| **ARIZONA** 2.3%  | **ARIZONA** 2.3%  | **ARIZONA** 2.3%  | **ARIZONA** 2.3%  | **ARIZONA** 2.3%  |
| **Arizona Health Facilities Authority** | **Arizona Health Facilities Authority** | **Arizona Health Facilities Authority** | **Arizona Health Facilities Authority** | **Arizona Health Facilities Authority** |
| Banner Health Obligated Group RB Series 2015C  | 3.95% | 01/01/46 *(b)(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 855000 | &nbsp;&nbsp; 855000 |
| **Arizona Industrial Development Authority** | **Arizona Industrial Development Authority** | **Arizona Industrial Development Authority** | **Arizona Industrial Development Authority** | **Arizona Industrial Development Authority** |
| Equitable School Revolving Fund LLC Obligated Group RB Series 2023A  | 5.00% | 11/01/33 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 161715 |
| Equitable School Revolving Fund LLC Obligated Group RB Series 2024A  | 5.00% | 11/01/49 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 238518 |
| **La Paz County Industrial Development Authority** | **La Paz County Industrial Development Authority** | **La Paz County Industrial Development Authority** | **La Paz County Industrial Development Authority** | **La Paz County Industrial Development Authority** |
| Harmony Public Schools RB Series 2018A  | 5.00% | 02/15/38 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 396235 |
|  |  |  |  | &nbsp;&nbsp; **1651468** |
| **CALIFORNIA** 9.8%  | **CALIFORNIA** 9.8%  | **CALIFORNIA** 9.8%  | **CALIFORNIA** 9.8%  | **CALIFORNIA** 9.8%  |
| **Antelope Valley Community College District** | **Antelope Valley Community College District** | **Antelope Valley Community College District** | **Antelope Valley Community College District** | **Antelope Valley Community College District** |
| GO Bonds Series 2025D  | 4.62% | 08/01/43 *(b)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp; 301741 |
| **Burbank-Glendale-Pasadena Airport Authority Brick Campaign** | **Burbank-Glendale-Pasadena Airport Authority Brick Campaign** | **Burbank-Glendale-Pasadena Airport Authority Brick Campaign** | **Burbank-Glendale-Pasadena Airport Authority Brick Campaign** | **Burbank-Glendale-Pasadena Airport Authority Brick Campaign** |
| RB Series 2024B  | 5.25% | 07/01/54 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100982 |
| **California Community Choice Financing Authority** | **California Community Choice Financing Authority** | **California Community Choice Financing Authority** | **California Community Choice Financing Authority** | **California Community Choice Financing Authority** |
| RB Series 2023C  | 5.25% | 01/01/54 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 262969 |
| RB Series 2024A-1  | 5.00% | 05/01/54 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 267142 |
| **California Educational Facilities Authority** | **California Educational Facilities Authority** | **California Educational Facilities Authority** | **California Educational Facilities Authority** | **California Educational Facilities Authority** |
| St. Mary's College of California Refunding RB Series 2023A  | 5.00% | 10/01/38 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200135 |
| **California Municipal Finance Authority** | **California Municipal Finance Authority** | **California Municipal Finance Authority** | **California Municipal Finance Authority** | **California Municipal Finance Authority** |
| HumanGood California Obligated Group Refunding RB Series 2025A  | 5.00% | 10/01/41 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 211561 |
| Republic Services, Inc. RB Series 2021B  | 3.85% | 07/01/51 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250037 |
| **California Public Finance Authority** | **California Public Finance Authority** | **California Public Finance Authority** | **California Public Finance Authority** | **California Public Finance Authority** |
| Henry Mayo Newhall Hospital Obligated Group Refunding RB Series 2021A  | 4.00% | 10/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 358572 |
| P3 Irvine SL Holdings LLC Obligated Group RB Series 2024A  | 6.20% | 06/01/44 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 232681 |

---

*See financial notes*

Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

**41**

------

Schwab Opportunistic Municipal Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **California School Finance Authority** | **California School Finance Authority** | **California School Finance Authority** | **California School Finance Authority** | **California School Finance Authority** |
| Granada Hills Charter High School Obligated Group RB Series 2024A  | 5.00% | 07/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 233609 |
| Granada Hills Charter High School Obligated Group RB Series 2024A  | 5.00% | 07/01/43 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp; 170595 |
| Granada Hills Charter High School Obligated Group RB Series 2024A  | 5.00% | 07/01/44 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp; 178609 |
| **Chaffey Joint Union High School District** | **Chaffey Joint Union High School District** | **Chaffey Joint Union High School District** | **Chaffey Joint Union High School District** | **Chaffey Joint Union High School District** |
| GO Bonds Series 2024H  | 4.46% | 08/01/49 *(b)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 151074 |
| **City of Palo Alto** | **City of Palo Alto** | **City of Palo Alto** | **City of Palo Alto** | **City of Palo Alto** |
| COP Series 2021  | 2.00% | 11/01/38 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 184182 |
| **City of San Francisco Public Utilities Commission Water Revenue** | **City of San Francisco Public Utilities Commission Water Revenue** | **City of San Francisco Public Utilities Commission Water Revenue** | **City of San Francisco Public Utilities Commission Water Revenue** | **City of San Francisco Public Utilities Commission Water Revenue** |
| RB Series 2025D  | 5.00% | 11/01/51 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 255656 |
| **Compton Community College District** | **Compton Community College District** | **Compton Community College District** | **Compton Community College District** | **Compton Community College District** |
| GO Bonds Series 2024B  | 4.00% | 08/01/43 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 234354 |
| **Fresno Joint Powers Financing Authority** | **Fresno Joint Powers Financing Authority** | **Fresno Joint Powers Financing Authority** | **Fresno Joint Powers Financing Authority** | **Fresno Joint Powers Financing Authority** |
| City of Fresno RB Series 2025A  | 5.25% | 04/01/55 *(b)(f)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 257566 |
| **Hawthorne Public Financing Authority** | **Hawthorne Public Financing Authority** | **Hawthorne Public Financing Authority** | **Hawthorne Public Financing Authority** | **Hawthorne Public Financing Authority** |
| RB 2024  | 5.00% | 11/01/49 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 258338 |
| **Los Angeles County Public Works Financing Authority** | **Los Angeles County Public Works Financing Authority** | **Los Angeles County Public Works Financing Authority** | **Los Angeles County Public Works Financing Authority** | **Los Angeles County Public Works Financing Authority** |
| RB Series 2025J  | 5.00% | 12/01/44 *(b)(f)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 259900 |
| **Los Angeles Department of Water & Power** | **Los Angeles Department of Water & Power** | **Los Angeles Department of Water & Power** | **Los Angeles Department of Water & Power** | **Los Angeles Department of Water & Power** |
| Los Angeles Department of Water & Power Power System Revenue RB Series 2022B  | 5.00% | 07/01/43 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 203716 |
| **Los Angeles Department of Water & Power Water System Revenue** | **Los Angeles Department of Water & Power Water System Revenue** | **Los Angeles Department of Water & Power Water System Revenue** | **Los Angeles Department of Water & Power Water System Revenue** | **Los Angeles Department of Water & Power Water System Revenue** |
| RB Series 2024A  | 5.00% | 07/01/39 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 163453 |
| **Pacifica School District** | **Pacifica School District** | **Pacifica School District** | **Pacifica School District** | **Pacifica School District** |
| GO Bonds Series 2024  | 4.00% | 08/01/42 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 140000 | &nbsp;&nbsp; 133205 |
| GO Bonds Series 2024  | 4.00% | 08/01/43 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 187448 |
| **Pasadena Public Financing Authority** | **Pasadena Public Financing Authority** | **Pasadena Public Financing Authority** | **Pasadena Public Financing Authority** | **Pasadena Public Financing Authority** |
| Refunding RB Series 2024  | 4.38% | 06/01/42 *(b)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 225958 |
| **Poway Unified School District** | **Poway Unified School District** | **Poway Unified School District** | **Poway Unified School District** | **Poway Unified School District** |
| Poway Unified School District Facilities Improvement District No. 2007-1 GO Bonds <br> Series 2011 <br>| 4.67% | 08/01/51 *(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 159401 |
| **San Diego County Regional Airport Authority** | **San Diego County Regional Airport Authority** | **San Diego County Regional Airport Authority** | **San Diego County Regional Airport Authority** | **San Diego County Regional Airport Authority** |
| RB Series 2021B  | 4.00% | 07/01/46 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 214786 |
| RB Series 2023B  | 5.25% | 07/01/34 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 277275 |
| **San Francisco City & County Airport Comm-San Francisco International Airport** | **San Francisco City & County Airport Comm-San Francisco International Airport** | **San Francisco City & County Airport Comm-San Francisco International Airport** | **San Francisco City & County Airport Comm-San Francisco International Airport** | **San Francisco City & County Airport Comm-San Francisco International Airport** |
| RB Series 2019E  | 5.00% | 05/01/38 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 208073 |
| **Santa Rosa High School District** | **Santa Rosa High School District** | **Santa Rosa High School District** | **Santa Rosa High School District** | **Santa Rosa High School District** |
| GO Bonds Series 2025B  | 4.75% | 08/01/54 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 246146 |
| **Southern California Public Power Authority** | **Southern California Public Power Authority** | **Southern California Public Power Authority** | **Southern California Public Power Authority** | **Southern California Public Power Authority** |
| City of Anaheim Electric System Revenue RB Series 2024A  | 5.00% | 04/01/55 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 264977 |
| **State of California** | **State of California** | **State of California** | **State of California** | **State of California** |
| GO Bonds Series 2022  | 3.00% | 04/01/52 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp; 233516 |
| Refunding GO Bonds Series 2025  | 5.00% | 03/01/37 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 280138 |
|  |  |  |  | &nbsp;&nbsp; **7167795** |
| **COLORADO** 2.9%  | **COLORADO** 2.9%  | **COLORADO** 2.9%  | **COLORADO** 2.9%  | **COLORADO** 2.9%  |
| **City & County of Denver Airport System Revenue** | **City & County of Denver Airport System Revenue** | **City & County of Denver Airport System Revenue** | **City & County of Denver Airport System Revenue** | **City & County of Denver Airport System Revenue** |
| RB Series 2022A  | 4.13% | 11/15/53 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 417116 |
| **Colorado Educational & Cultural Facilities Authority** | **Colorado Educational & Cultural Facilities Authority** | **Colorado Educational & Cultural Facilities Authority** | **Colorado Educational & Cultural Facilities Authority** | **Colorado Educational & Cultural Facilities Authority** |
| Loveland Classical Schools RB Series 2023  | 5.00% | 07/01/53 *(b)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp; 346476 |

---

*See financial notes*

**42**Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Opportunistic Municipal Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Colorado Health Facilities Authority** | **Colorado Health Facilities Authority** | **Colorado Health Facilities Authority** | **Colorado Health Facilities Authority** | **Colorado Health Facilities Authority** |
| CommonSpirit Health Obligated Group Refunding RB Series 2019A-1  | 5.00% | 08/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 228394 |
| CommonSpirit Health Obligated Group Refunding RB Series 2019A-1  | 4.00% | 08/01/44 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 173135 |
| CommonSpirit Health Obligated Group Refunding RB Series 2024A  | 5.25% | 12/01/54 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249159 |
| Intermountain Healthcare Obligated Group Refunding RB Series 2019A  | 4.00% | 01/01/35 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp; 375923 |
| **Whispering Pines Metropolitan District No. 1** | **Whispering Pines Metropolitan District No. 1** | **Whispering Pines Metropolitan District No. 1** | **Whispering Pines Metropolitan District No. 1** | **Whispering Pines Metropolitan District No. 1** |
| Refunding GO Bonds Series 2023  | 5.00% | 12/01/43 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 330149 |
|  |  |  |  | &nbsp;&nbsp; **2120352** |
| **CONNECTICUT** 0.7%  | **CONNECTICUT** 0.7%  | **CONNECTICUT** 0.7%  | **CONNECTICUT** 0.7%  | **CONNECTICUT** 0.7%  |
| **Connecticut State Health & Educational Facilities Authority** | **Connecticut State Health & Educational Facilities Authority** | **Connecticut State Health & Educational Facilities Authority** | **Connecticut State Health & Educational Facilities Authority** | **Connecticut State Health & Educational Facilities Authority** |
| Yale University RB Series 2025B  | 5.00% | 07/01/64 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 284129 |
| **State of Connecticut** | **State of Connecticut** | **State of Connecticut** | **State of Connecticut** | **State of Connecticut** |
| GO Bonds Series 2020A  | 4.00% | 01/15/37 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 251498 |
|  |  |  |  | &nbsp;&nbsp; **535627** |
| **DISTRICT OF COLUMBIA** 1.0%  | **DISTRICT OF COLUMBIA** 1.0%  | **DISTRICT OF COLUMBIA** 1.0%  | **DISTRICT OF COLUMBIA** 1.0%  | **DISTRICT OF COLUMBIA** 1.0%  |
| **Metropolitan Washington Airports Authority Aviation Revenue** | **Metropolitan Washington Airports Authority Aviation Revenue** | **Metropolitan Washington Airports Authority Aviation Revenue** | **Metropolitan Washington Airports Authority Aviation Revenue** | **Metropolitan Washington Airports Authority Aviation Revenue** |
| Refunding RB Series 2024A  | 5.00% | 10/01/44 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 248730 |
| Refunding RB Series 2025A  | 5.00% | 10/01/50 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 247416 |
| **Metropolitan Washington Airports Authority Dulles Toll Road Revenue** | **Metropolitan Washington Airports Authority Dulles Toll Road Revenue** | **Metropolitan Washington Airports Authority Dulles Toll Road Revenue** | **Metropolitan Washington Airports Authority Dulles Toll Road Revenue** | **Metropolitan Washington Airports Authority Dulles Toll Road Revenue** |
| Refunding RB Series 2019A  | 5.00% | 10/01/44 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250721 |
|  |  |  |  | &nbsp;&nbsp; **746867** |
| **FLORIDA** 7.0%  | **FLORIDA** 7.0%  | **FLORIDA** 7.0%  | **FLORIDA** 7.0%  | **FLORIDA** 7.0%  |
| **Alachua County Health Facilities Authority** | **Alachua County Health Facilities Authority** | **Alachua County Health Facilities Authority** | **Alachua County Health Facilities Authority** | **Alachua County Health Facilities Authority** |
| Shands Teaching Hospital & Clinics Obligated Group RB Series 2019A  | 3.00% | 12/01/46 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 173788 |
| **City of Cape Coral Water & Sewer Revenue** | **City of Cape Coral Water & Sewer Revenue** | **City of Cape Coral Water & Sewer Revenue** | **City of Cape Coral Water & Sewer Revenue** | **City of Cape Coral Water & Sewer Revenue** |
| Refunding RB Series 2025  | 5.25% | 10/01/55 *(b)(f)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 255872 |
| **City of Hialeah Utility System** | **City of Hialeah Utility System** | **City of Hialeah Utility System** | **City of Hialeah Utility System** | **City of Hialeah Utility System** |
| Refunding RB Series 2022  | 5.00% | 10/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 218781 |
| **City of Tampa** | **City of Tampa** | **City of Tampa** | **City of Tampa** | **City of Tampa** |
| RB Series 2021C  | 2.00% | 10/01/40 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 168990 |
| H Lee Moffitt Cancer Center & Research Institute Obligated Group RB Series 2020B  | 5.00% | 07/01/34 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp; 270213 |
| **County of Miami-Dade Seaport Department** | **County of Miami-Dade Seaport Department** | **County of Miami-Dade Seaport Department** | **County of Miami-Dade Seaport Department** | **County of Miami-Dade Seaport Department** |
| Refunding RB Series 2023A  | 5.00% | 10/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp; 214845 |
| **Florida Development Finance Corp.** | **Florida Development Finance Corp.** | **Florida Development Finance Corp.** | **Florida Development Finance Corp.** | **Florida Development Finance Corp.** |
| Florida Health Sciences Center, Inc. Obligated Group RB Series 2024A  | 4.50% | 08/01/55 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 262586 |
| **Greater Orlando Aviation Authority** | **Greater Orlando Aviation Authority** | **Greater Orlando Aviation Authority** | **Greater Orlando Aviation Authority** | **Greater Orlando Aviation Authority** |
| RB Series 2024  | 5.00% | 10/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 272585 |
| **Hillsborough County Industrial Development Authority** | **Hillsborough County Industrial Development Authority** | **Hillsborough County Industrial Development Authority** | **Hillsborough County Industrial Development Authority** | **Hillsborough County Industrial Development Authority** |
| BayCare Obligated Group Refunding RB Series 2024C  | 5.50% | 11/15/54 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 260056 |
| **JEA Electric System Revenue** | **JEA Electric System Revenue** | **JEA Electric System Revenue** | **JEA Electric System Revenue** | **JEA Electric System Revenue** |
| Refunding RB Series 2024A  | 5.00% | 10/01/38 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 271195 |
| Refunding RB Series 2024A  | 5.00% | 10/01/39 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 268762 |
| **Lee County Industrial Development Authority** | **Lee County Industrial Development Authority** | **Lee County Industrial Development Authority** | **Lee County Industrial Development Authority** | **Lee County Industrial Development Authority** |
| Shell Point Obligated Group RB Series 2024A  | 5.25% | 11/15/44 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 276239 |
| Shell Point Obligated Group RB Series 2024B-1  | 4.75% | 11/15/29 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp; 606051 |
| Shell Point Obligated Group RB Series 2024C  | 5.00% | 11/15/54 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 228476 |

---

*See financial notes*

Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

**43**

------

Schwab Opportunistic Municipal Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Miami Beach Redevelopment Agency** | **Miami Beach Redevelopment Agency** | **Miami Beach Redevelopment Agency** | **Miami Beach Redevelopment Agency** | **Miami Beach Redevelopment Agency** |
| Tax Allocation Series 2025  | 5.00% | 02/01/43 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 253969 |
| **Palm Beach County Health Facilities Authority** | **Palm Beach County Health Facilities Authority** | **Palm Beach County Health Facilities Authority** | **Palm Beach County Health Facilities Authority** | **Palm Beach County Health Facilities Authority** |
| Baptist Health South Florida Foundation, Inc. RB Series 2019  | 3.00% | 08/15/44 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 109807 |
| **School Board of Miami-Dade County** | **School Board of Miami-Dade County** | **School Board of Miami-Dade County** | **School Board of Miami-Dade County** | **School Board of Miami-Dade County** |
| Refunding COP Series 2016C  | 3.25% | 02/01/33 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 261343 |
| **Village Community Development District No. 15** | **Village Community Development District No. 15** | **Village Community Development District No. 15** | **Village Community Development District No. 15** | **Village Community Development District No. 15** |
| Phase I Special Assessment Special Assessment Series 2023  | 5.00% | 05/01/43 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 242961 |
| Phase I Special Assessment Special Assessment Series 2024  | 4.20% | 05/01/39 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 233811 |
| Phase I Special Assessment Special Assessment Series 2024  | 4.80% | 05/01/55 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 223307 |
|  |  |  |  | &nbsp;&nbsp; **5073637** |
| **GEORGIA** 1.4%  | **GEORGIA** 1.4%  | **GEORGIA** 1.4%  | **GEORGIA** 1.4%  | **GEORGIA** 1.4%  |
| **Brookhaven Development Authority** | **Brookhaven Development Authority** | **Brookhaven Development Authority** | **Brookhaven Development Authority** | **Brookhaven Development Authority** |
| Children's Healthcare of Atlanta Obligated Group RB Series 2019A  | 3.00% | 07/01/46 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 225506 |
| **Columbia County Hospital Authority** | **Columbia County Hospital Authority** | **Columbia County Hospital Authority** | **Columbia County Hospital Authority** | **Columbia County Hospital Authority** |
| WellStar Health System Obligated Group RB Series 2023A  | 5.13% | 04/01/53 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 248194 |
| **Main Street Natural Gas, Inc.** | **Main Street Natural Gas, Inc.** | **Main Street Natural Gas, Inc.** | **Main Street Natural Gas, Inc.** | **Main Street Natural Gas, Inc.** |
| RB Series 2023D  | 5.00% | 05/01/54 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 265900 |
| **Metropolitan Atlanta Rapid Transit Authority** | **Metropolitan Atlanta Rapid Transit Authority** | **Metropolitan Atlanta Rapid Transit Authority** | **Metropolitan Atlanta Rapid Transit Authority** | **Metropolitan Atlanta Rapid Transit Authority** |
| Refunding RB Series 2025B  | 5.00% | 07/01/36  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 286247 |
|  |  |  |  | &nbsp;&nbsp; **1025847** |
| **IDAHO** 0.8%  | **IDAHO** 0.8%  | **IDAHO** 0.8%  | **IDAHO** 0.8%  | **IDAHO** 0.8%  |
| **Idaho Housing & Finance Association** | **Idaho Housing & Finance Association** | **Idaho Housing & Finance Association** | **Idaho Housing & Finance Association** | **Idaho Housing & Finance Association** |
| White Pine Charter School, Inc. RB Series 2023A  | 5.25% | 05/01/38 *(b)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 309918 |
| White Pine Charter School, Inc. RB Series 2023A  | 5.50% | 05/01/43 *(b)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 234369 |
|  |  |  |  | &nbsp;&nbsp; **544287** |
| **ILLINOIS** 5.8%  | **ILLINOIS** 5.8%  | **ILLINOIS** 5.8%  | **ILLINOIS** 5.8%  | **ILLINOIS** 5.8%  |
| **Chicago Board of Education** | **Chicago Board of Education** | **Chicago Board of Education** | **Chicago Board of Education** | **Chicago Board of Education** |
| GO Bonds Series 2023A  | 5.50% | 12/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp; 479790 |
| **Chicago O'Hare International Airport** | **Chicago O'Hare International Airport** | **Chicago O'Hare International Airport** | **Chicago O'Hare International Airport** | **Chicago O'Hare International Airport** |
| RB Series 2022A  | 5.25% | 01/01/53 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 299996 |
| **Chicago Park District** | **Chicago Park District** | **Chicago Park District** | **Chicago Park District** | **Chicago Park District** |
| Refunding GO Bonds Series 2023C  | 5.00% | 01/01/38 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 209709 |
| **City of Chicago** | **City of Chicago** | **City of Chicago** | **City of Chicago** | **City of Chicago** |
| GO Bonds Series 2019A  | 5.50% | 01/01/49 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 239114 |
| GO Bonds Series 2023A  | 5.50% | 01/01/43 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 495928 |
| GO Bonds Series 2024A  | 5.00% | 01/01/45 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp; 413428 |
| **City of Chicago Waterworks Revenue** | **City of Chicago Waterworks Revenue** | **City of Chicago Waterworks Revenue** | **City of Chicago Waterworks Revenue** | **City of Chicago Waterworks Revenue** |
| Refunding RB Series 2023B  | 5.00% | 11/01/35 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 268420 |
| **Illinois Finance Authority** | **Illinois Finance Authority** | **Illinois Finance Authority** | **Illinois Finance Authority** | **Illinois Finance Authority** |
| Northwestern Memorial Healthcare Obligated Group Refunding RB Series 2021A  | 4.00% | 07/15/35 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; 236326 |
| State of Illinois Water Revolving Fund - Clean Water Program RB Series 2025A  | 5.00% | 07/01/45 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 257433 |
| **Metropolitan Pier & Exposition Authority** | **Metropolitan Pier & Exposition Authority** | **Metropolitan Pier & Exposition Authority** | **Metropolitan Pier & Exposition Authority** | **Metropolitan Pier & Exposition Authority** |
| State of Illinois McCormick Place Expansion Project Fund Refunding RB Series 2010  | 4.77% | 06/15/43 *(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 405000 | &nbsp;&nbsp; 163713 |
| State of Illinois McCormick Place Expansion Project Fund Refunding RB Series 2022A  | 4.20% | 06/15/41 *(b)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 224615 |

---

*See financial notes*

**44**Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Opportunistic Municipal Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **State of Illinois** | **State of Illinois** | **State of Illinois** | **State of Illinois** | **State of Illinois** |
| GO Bonds Series 2016  | 4.00% | 06/01/35 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 247084 |
| GO Bonds Series 2023B  | 5.25% | 05/01/39 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 261421 |
| GO Bonds Series 2024B  | 5.25% | 05/01/49 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 201104 |
| **University of Illinois Auxiliary Facilities System** | **University of Illinois Auxiliary Facilities System** | **University of Illinois Auxiliary Facilities System** | **University of Illinois Auxiliary Facilities System** | **University of Illinois Auxiliary Facilities System** |
| Refunding RB Series 2024A  | 5.25% | 04/01/44 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 257273 |
|  |  |  |  | &nbsp;&nbsp; **4255354** |
| **INDIANA** 0.2%  | **INDIANA** 0.2%  | **INDIANA** 0.2%  | **INDIANA** 0.2%  | **INDIANA** 0.2%  |
| **City of Whiting** | **City of Whiting** | **City of Whiting** | **City of Whiting** | **City of Whiting** |
| BP Products North America, Inc. RB Series 2008  | 4.20% | 06/01/44 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; **151175** |
| **KENTUCKY** 0.9%  | **KENTUCKY** 0.9%  | **KENTUCKY** 0.9%  | **KENTUCKY** 0.9%  | **KENTUCKY** 0.9%  |
| **Kenton County School District Finance Corp.** | **Kenton County School District Finance Corp.** | **Kenton County School District Finance Corp.** | **Kenton County School District Finance Corp.** | **Kenton County School District Finance Corp.** |
| RB Series 2021  | 2.00% | 12/01/27 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp; 321460 |
| **Louisville & Jefferson County Metropolitan Sewer District** | **Louisville & Jefferson County Metropolitan Sewer District** | **Louisville & Jefferson County Metropolitan Sewer District** | **Louisville & Jefferson County Metropolitan Sewer District** | **Louisville & Jefferson County Metropolitan Sewer District** |
| RB Series 2017A  | 3.25% | 05/15/46 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 157041 |
| **Northern Kentucky University** | **Northern Kentucky University** | **Northern Kentucky University** | **Northern Kentucky University** | **Northern Kentucky University** |
| RB Series 2019A  | 3.00% | 09/01/40 *(b)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp; 189089 |
|  |  |  |  | &nbsp;&nbsp; **667590** |
| **LOUISIANA** 1.4%  | **LOUISIANA** 1.4%  | **LOUISIANA** 1.4%  | **LOUISIANA** 1.4%  | **LOUISIANA** 1.4%  |
| **Louisiana Housing Corp.** | **Louisiana Housing Corp.** | **Louisiana Housing Corp.** | **Louisiana Housing Corp.** | **Louisiana Housing Corp.** |
| RB Series 2023C  | 5.75% | 12/01/53 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp; 223648 |
| **Louisiana Public Facilities Authority** | **Louisiana Public Facilities Authority** | **Louisiana Public Facilities Authority** | **Louisiana Public Facilities Authority** | **Louisiana Public Facilities Authority** |
| Ochsner Clinic Foundation Obligated Group Refunding RB Series 2020A  | 3.00% | 05/15/47 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp; 150452 |
| **Louisiana Stadium & Exposition District** | **Louisiana Stadium & Exposition District** | **Louisiana Stadium & Exposition District** | **Louisiana Stadium & Exposition District** | **Louisiana Stadium & Exposition District** |
| Refunding RB Series 2023A  | 5.00% | 07/01/48 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 348997 |
| **State of Louisiana Gasoline & Fuels Tax Revenue** | **State of Louisiana Gasoline & Fuels Tax Revenue** | **State of Louisiana Gasoline & Fuels Tax Revenue** | **State of Louisiana Gasoline & Fuels Tax Revenue** | **State of Louisiana Gasoline & Fuels Tax Revenue** |
| RB Series 2025B  | 5.00% | 05/01/35  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 283555 |
|  |  |  |  | &nbsp;&nbsp; **1006652** |
| **MAINE** 0.4%  | **MAINE** 0.4%  | **MAINE** 0.4%  | **MAINE** 0.4%  | **MAINE** 0.4%  |
| **Maine Health & Higher Educational Facilities Authority** | **Maine Health & Higher Educational Facilities Authority** | **Maine Health & Higher Educational Facilities Authority** | **Maine Health & Higher Educational Facilities Authority** | **Maine Health & Higher Educational Facilities Authority** |
| MaineHealth Obligated Group RB Series 2023B  | 5.25% | 07/01/48 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; **255604** |
| **MARYLAND** 0.8%  | **MARYLAND** 0.8%  | **MARYLAND** 0.8%  | **MARYLAND** 0.8%  | **MARYLAND** 0.8%  |
| **Maryland Economic Development Corp.** | **Maryland Economic Development Corp.** | **Maryland Economic Development Corp.** | **Maryland Economic Development Corp.** | **Maryland Economic Development Corp.** |
| Ports America Chesapeake LLC Refunding RB Series 2017A  | 5.00% | 06/01/35 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 255030 |
| **Maryland Health & Higher Educational Facilities Authority** | **Maryland Health & Higher Educational Facilities Authority** | **Maryland Health & Higher Educational Facilities Authority** | **Maryland Health & Higher Educational Facilities Authority** | **Maryland Health & Higher Educational Facilities Authority** |
| Frederick Health, Inc. Obligated Group Refunding RB Series 2023  | 5.00% | 07/01/39 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp; 358263 |
|  |  |  |  | &nbsp;&nbsp; **613293** |
| **MASSACHUSETTS** 2.9%  | **MASSACHUSETTS** 2.9%  | **MASSACHUSETTS** 2.9%  | **MASSACHUSETTS** 2.9%  | **MASSACHUSETTS** 2.9%  |
| **City of Quincy** | **City of Quincy** | **City of Quincy** | **City of Quincy** | **City of Quincy** |
| GO Bonds Series 2021  | 2.00% | 01/15/39 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 147544 |
| **Massachusetts Bay Transportation Authority Sales Tax Revenue** | **Massachusetts Bay Transportation Authority Sales Tax Revenue** | **Massachusetts Bay Transportation Authority Sales Tax Revenue** | **Massachusetts Bay Transportation Authority Sales Tax Revenue** | **Massachusetts Bay Transportation Authority Sales Tax Revenue** |
| RB Series 2025B  | 5.25% | 07/01/55 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 519025 |

---

*See financial notes*

Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

**45**

------

Schwab Opportunistic Municipal Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Massachusetts Development Finance Agency** | **Massachusetts Development Finance Agency** | **Massachusetts Development Finance Agency** | **Massachusetts Development Finance Agency** | **Massachusetts Development Finance Agency** |
| Boston Medical Center Corp. Obligated Group Refunding RB Series 2023G  | 5.25% | 07/01/52 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp; 269408 |
| Emerson College RB Series 2018  | 5.00% | 01/01/43 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 480465 |
| Smith College Refunding RB Series 2025  | 4.00% | 07/01/45 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 454288 |
| Suffolk University Refunding RB Series 2025  | 6.00% | 07/01/50 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 260471 |
|  |  |  |  | &nbsp;&nbsp; **2131201** |
| **MICHIGAN** 2.3%  | **MICHIGAN** 2.3%  | **MICHIGAN** 2.3%  | **MICHIGAN** 2.3%  | **MICHIGAN** 2.3%  |
| **Anchor Bay School District** | **Anchor Bay School District** | **Anchor Bay School District** | **Anchor Bay School District** | **Anchor Bay School District** |
| GO Bonds Series 2025II  | 5.00% | 11/01/44 *(b)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 255338 |
| **Lansing Board of Water & Light** | **Lansing Board of Water & Light** | **Lansing Board of Water & Light** | **Lansing Board of Water & Light** | **Lansing Board of Water & Light** |
| Refunding RB Series 2024A  | 5.00% | 07/01/49 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 254883 |
| **Michigan Finance Authority** | **Michigan Finance Authority** | **Michigan Finance Authority** | **Michigan Finance Authority** | **Michigan Finance Authority** |
| Detroit Public Lighting Authority Utility Users Tax Revenue Refunding RB Series <br> 2025A <br>| 5.00% | 07/01/43 *(b)(f)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 509525 |
| **Southfield Public Schools** | **Southfield Public Schools** | **Southfield Public Schools** | **Southfield Public Schools** | **Southfield Public Schools** |
| Go Bonds 2025  | 5.00% | 05/01/36 *(b)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp; 246588 |
| **State of Michigan Trunk Line Revenue** | **State of Michigan Trunk Line Revenue** | **State of Michigan Trunk Line Revenue** | **State of Michigan Trunk Line Revenue** | **State of Michigan Trunk Line Revenue** |
| RB Series 2023  | 5.50% | 11/15/49 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 264425 |
| **Waverly Community Schools** | **Waverly Community Schools** | **Waverly Community Schools** | **Waverly Community Schools** | **Waverly Community Schools** |
| GO Bonds Series 2022I  | 3.00% | 11/01/47 *(b)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 147207 |
|  |  |  |  | &nbsp;&nbsp; **1677966** |
| **MINNESOTA** 1.6%  | **MINNESOTA** 1.6%  | **MINNESOTA** 1.6%  | **MINNESOTA** 1.6%  | **MINNESOTA** 1.6%  |
| **City of Minneapolis/St. Paul Housing & Redevelopment Authority** | **City of Minneapolis/St. Paul Housing & Redevelopment Authority** | **City of Minneapolis/St. Paul Housing & Redevelopment Authority** | **City of Minneapolis/St. Paul Housing & Redevelopment Authority** | **City of Minneapolis/St. Paul Housing & Redevelopment Authority** |
| Children's Health Care Obligated Group RB Series 2025  | 5.00% | 08/15/31  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 279617 |
| **Eden Prairie Independent School District No. 272** | **Eden Prairie Independent School District No. 272** | **Eden Prairie Independent School District No. 272** | **Eden Prairie Independent School District No. 272** | **Eden Prairie Independent School District No. 272** |
| GO Bonds Series 2019B  | 3.00% | 02/01/34 *(b)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp; 314651 |
| **Hopkins Independent School District No. 270** | **Hopkins Independent School District No. 270** | **Hopkins Independent School District No. 270** | **Hopkins Independent School District No. 270** | **Hopkins Independent School District No. 270** |
| GO Bonds Series 2019A  | 3.00% | 02/01/34 *(b)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 285000 | &nbsp;&nbsp; 272168 |
| **Minneapolis-St. Paul Metropolitan Airports Commission** | **Minneapolis-St. Paul Metropolitan Airports Commission** | **Minneapolis-St. Paul Metropolitan Airports Commission** | **Minneapolis-St. Paul Metropolitan Airports Commission** | **Minneapolis-St. Paul Metropolitan Airports Commission** |
| RB Series 2024B  | 5.00% | 01/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 271039 |
|  |  |  |  | &nbsp;&nbsp; **1137475** |
| **MISSOURI** 1.2%  | **MISSOURI** 1.2%  | **MISSOURI** 1.2%  | **MISSOURI** 1.2%  | **MISSOURI** 1.2%  |
| **City of St. Louis Airport Revenue** | **City of St. Louis Airport Revenue** | **City of St. Louis Airport Revenue** | **City of St. Louis Airport Revenue** | **City of St. Louis Airport Revenue** |
| RB Series 2024A  | 5.25% | 07/01/49 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 258002 |
| **Health & Educational Facilities Authority of the State of Missouri** | **Health & Educational Facilities Authority of the State of Missouri** | **Health & Educational Facilities Authority of the State of Missouri** | **Health & Educational Facilities Authority of the State of Missouri** | **Health & Educational Facilities Authority of the State of Missouri** |
| Lutheran Senior Services Obligated Group Refunding RB Series 2024A  | 5.25% | 02/01/48 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp; 283006 |
| **Kansas City Industrial Development Authority** | **Kansas City Industrial Development Authority** | **Kansas City Industrial Development Authority** | **Kansas City Industrial Development Authority** | **Kansas City Industrial Development Authority** |
| City of Kansas City Airport Revenue RB Series 2020A  | 5.00% | 03/01/32 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp; 364110 |
|  |  |  |  | &nbsp;&nbsp; **905118** |
| **NEBRASKA** 0.4%  | **NEBRASKA** 0.4%  | **NEBRASKA** 0.4%  | **NEBRASKA** 0.4%  | **NEBRASKA** 0.4%  |
| **Omaha Airport Authority** | **Omaha Airport Authority** | **Omaha Airport Authority** | **Omaha Airport Authority** | **Omaha Airport Authority** |
| RB Series 2024  | 5.00% | 12/15/33  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; **272017** |

---

*See financial notes*

**46**Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Opportunistic Municipal Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **NEVADA** 0.3%  | **NEVADA** 0.3%  | **NEVADA** 0.3%  | **NEVADA** 0.3%  | **NEVADA** 0.3%  |
| **County of Clark Department of Aviation** | **County of Clark Department of Aviation** | **County of Clark Department of Aviation** | **County of Clark Department of Aviation** | **County of Clark Department of Aviation** |
| Refunding RB Series 2021B  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp; **244331** |
| **NEW HAMPSHIRE** 1.0%  | **NEW HAMPSHIRE** 1.0%  | **NEW HAMPSHIRE** 1.0%  | **NEW HAMPSHIRE** 1.0%  | **NEW HAMPSHIRE** 1.0%  |
| **New Hampshire Business Finance Authority** | **New Hampshire Business Finance Authority** | **New Hampshire Business Finance Authority** | **New Hampshire Business Finance Authority** | **New Hampshire Business Finance Authority** |
| Novant Health Obligated Group RB Series 2025A  | 5.00% | 06/01/55 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 234646 |
| Waste Management, Inc. Refunding RB Series 2018A  | 4.00% | 10/01/33 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250078 |
| **New Hampshire Health & Education Facilities Authority Act** | **New Hampshire Health & Education Facilities Authority Act** | **New Hampshire Health & Education Facilities Authority Act** | **New Hampshire Health & Education Facilities Authority Act** | **New Hampshire Health & Education Facilities Authority Act** |
| Dartmouth Health Obligated Group Refunding RB Series 2025  | 5.50% | 08/01/50 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 259642 |
|  |  |  |  | &nbsp;&nbsp; **744366** |
| **NEW JERSEY** 3.7%  | **NEW JERSEY** 3.7%  | **NEW JERSEY** 3.7%  | **NEW JERSEY** 3.7%  | **NEW JERSEY** 3.7%  |
| **New Jersey Economic Development Authority** | **New Jersey Economic Development Authority** | **New Jersey Economic Development Authority** | **New Jersey Economic Development Authority** | **New Jersey Economic Development Authority** |
| RB Series 2017B  | 5.00% | 06/15/30 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp; 257979 |
| **New Jersey Transportation Trust Fund Authority** | **New Jersey Transportation Trust Fund Authority** | **New Jersey Transportation Trust Fund Authority** | **New Jersey Transportation Trust Fund Authority** | **New Jersey Transportation Trust Fund Authority** |
| RB Series 2020AA  | 4.00% | 06/15/50 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 153361 |
| RB Series 2023BB  | 5.00% | 06/15/46 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 251063 |
| RB Series 2024CC  | 5.25% | 06/15/50 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 254894 |
| Refunding RB Series 2019A  | 5.00% | 12/15/33 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp; 239917 |
| **New Jersey Turnpike Authority** | **New Jersey Turnpike Authority** | **New Jersey Turnpike Authority** | **New Jersey Turnpike Authority** | **New Jersey Turnpike Authority** |
| RB Series 2022B  | 4.50% | 01/01/48 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 479308 |
| RB Series 2025B  | 5.00% | 01/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 264908 |
| RB Series 2025B  | 5.00% | 01/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 278743 |
| **Tobacco Settlement Financing Corp.** | **Tobacco Settlement Financing Corp.** | **Tobacco Settlement Financing Corp.** | **Tobacco Settlement Financing Corp.** | **Tobacco Settlement Financing Corp.** |
| Refunding RB Series 2018A  | 5.25% | 06/01/46 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 495591 |
|  |  |  |  | &nbsp;&nbsp; **2675764** |
| **NEW YORK** 15.9%  | **NEW YORK** 15.9%  | **NEW YORK** 15.9%  | **NEW YORK** 15.9%  | **NEW YORK** 15.9%  |
| **Build NYC Resource Corp.** | **Build NYC Resource Corp.** | **Build NYC Resource Corp.** | **Build NYC Resource Corp.** | **Build NYC Resource Corp.** |
| Success Academy Charter Schools, Inc. Obligated Group RB Series 2024  | 5.00% | 09/01/39 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 257492 |
| Success Academy Charter Schools, Inc. Obligated Group RB Series 2024  | 4.00% | 09/01/40 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 231615 |
| **City of New York** | **City of New York** | **City of New York** | **City of New York** | **City of New York** |
| GO Bonds Series 2015F5  | 3.85% | 06/01/44 *(b)(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400000 |
| GO Bonds Series 2019B-1  | 3.00% | 10/01/44 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 197550 |
| GO Bonds Series 2021A-1  | 4.00% | 08/01/38 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 242766 |
| GO Bonds Series 2021F-1  | 4.00% | 03/01/47 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp; 257090 |
| GO Bonds Series 2022D-1  | 5.50% | 05/01/46 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 260069 |
| GO Bonds Series 2025A-1  | 5.25% | 08/01/53 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 256678 |
| GO Bonds Series 2025G-1  | 5.00% | 02/01/39 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 268438 |
| **Metropolitan Transportation Authority** | **Metropolitan Transportation Authority** | **Metropolitan Transportation Authority** | **Metropolitan Transportation Authority** | **Metropolitan Transportation Authority** |
| RB Series 2020C-1  | 4.75% | 11/15/45 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 479305 |
| Refunding RB Series 2016C-2A  | 3.00% | 11/15/38 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 155207 |
| **New York City Municipal Water Finance Authority** | **New York City Municipal Water Finance Authority** | **New York City Municipal Water Finance Authority** | **New York City Municipal Water Finance Authority** | **New York City Municipal Water Finance Authority** |
| New York City Water & Sewer System RB Series 2024CC-1  | 4.25% | 06/15/54 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 222140 |
| New York City Water & Sewer System Refunding RB Series 2025CC  | 5.00% | 06/15/46 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 255654 |
| Water & Sewer System RB Series 2016BB  | 4.00% | 06/15/49 *(b)(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp; 190000 |
| Water & Sewer System RB Series 2024AA  | 5.00% | 06/15/51 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 253198 |
| Water & Sewer System Refunding RB Series 2022BB1  | 3.85% | 06/15/44 *(b)(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp; 850000 |

---

*See financial notes*

Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

**47**

------

Schwab Opportunistic Municipal Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **New York City Transitional Finance Authority** | **New York City Transitional Finance Authority** | **New York City Transitional Finance Authority** | **New York City Transitional Finance Authority** | **New York City Transitional Finance Authority** |
| Future Tax Secured Revenue RB Series 2025A  | 5.25% | 05/01/52 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 257572 |
| New York City Transitional Finance Authority Future Tax Secured Revenue RB Series <br> 2023B <br>| 4.38% | 05/01/53 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 229685 |
| New York City Transitional Finance Authority Future Tax Secured Revenue RB Series <br> 2024G-1 <br>| 5.25% | 05/01/51 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 513665 |
| New York City Transitional Finance Authority Future Tax Secured Revenue RB Series <br> 2025E <br>| 5.00% | 11/01/37 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 272006 |
| New York City Transitional Finance Authority Future Tax Secured Revenue RB Series <br> 2025H <br>| 5.50% | 11/01/51 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 262865 |
| New York City Transitional Finance Authority Future Tax Secured Revenue Refunding <br> RB Series 2025F-1 <br>| 5.00% | 11/01/37 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 273000 |
| **New York City Transitional Finance Authority Building Aid Revenue** | **New York City Transitional Finance Authority Building Aid Revenue** | **New York City Transitional Finance Authority Building Aid Revenue** | **New York City Transitional Finance Authority Building Aid Revenue** | **New York City Transitional Finance Authority Building Aid Revenue** |
| RB Series 2025S-1  | 5.00% | 07/15/34  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 282828 |
| RB Series 2025S-1  | 5.00% | 07/15/35  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 282321 |
| **New York City Transitional Finance Authority Future Tax Secured Revenue** | **New York City Transitional Finance Authority Future Tax Secured Revenue** | **New York City Transitional Finance Authority Future Tax Secured Revenue** | **New York City Transitional Finance Authority Future Tax Secured Revenue** | **New York City Transitional Finance Authority Future Tax Secured Revenue** |
| RB Series 2019A-2  | 5.00% | 05/01/39 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp; 288253 |
| RB Series 2022A-1  | 4.00% | 08/01/48 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 433631 |
| RB Series 2022C-1  | 4.00% | 02/01/39 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 238186 |
| **New York State Dormitory Authority** | **New York State Dormitory Authority** | **New York State Dormitory Authority** | **New York State Dormitory Authority** | **New York State Dormitory Authority** |
| New York Institute of Technology RB Series 2024  | 5.00% | 07/01/43 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 501454 |
| State of New York Personal Income Tax Revenue Refunding RB Series 2017A  | 4.00% | 02/15/36 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 496124 |
| State University of New York Dormitory Facilities Revenue RB Series 2025A  | 5.25% | 07/01/55 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 256157 |
| **New York State Thruway Authority** | **New York State Thruway Authority** | **New York State Thruway Authority** | **New York State Thruway Authority** | **New York State Thruway Authority** |
| State of New York Personal Income Tax Revenue Refunding RB Series 2021A-1  | 4.00% | 03/15/47 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 241688 |
| **New York Transportation Development Corp.** | **New York Transportation Development Corp.** | **New York Transportation Development Corp.** | **New York Transportation Development Corp.** | **New York Transportation Development Corp.** |
| JFK Millennium Partners LLC Refunding RB Series 2024A  | 5.50% | 12/31/54 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 243260 |
| JFK NTO LLC RB Series 2023  | 5.50% | 06/30/39 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 257174 |
| JFK NTO LLC RB Series 2024  | 5.25% | 06/30/49 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 240132 |
| JFK NTO LLC RB Series 2025  | 6.00% | 06/30/50 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 258574 |
| **Port Authority of New York & New Jersey** | **Port Authority of New York & New Jersey** | **Port Authority of New York & New Jersey** | **Port Authority of New York & New Jersey** | **Port Authority of New York & New Jersey** |
| Refunding RB Series 2025250  | 5.25% | 10/15/51 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 259806 |
| **Triborough Bridge & Tunnel Authority** | **Triborough Bridge & Tunnel Authority** | **Triborough Bridge & Tunnel Authority** | **Triborough Bridge & Tunnel Authority** | **Triborough Bridge & Tunnel Authority** |
| Refunding RB Series 2001C  | 3.85% | 01/01/32 *(b)(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp; 155000 |
| Metropolitan Transportation Authority Payroll Mobility Tax Revenue RB Series <br> 2022D-2 <br>| 5.50% | 05/15/52 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 240295 |
| Metropolitan Transportation Authority Payroll Mobility Tax Revenue Refunding RB <br> Series 2024C <br>| 5.00% | 11/15/38 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 349464 |
|  |  |  |  | &nbsp;&nbsp; **11610342** |
| **NORTH CAROLINA** 2.0%  | **NORTH CAROLINA** 2.0%  | **NORTH CAROLINA** 2.0%  | **NORTH CAROLINA** 2.0%  | **NORTH CAROLINA** 2.0%  |
| **City of Sanford Utility Systems Revenue** | **City of Sanford Utility Systems Revenue** | **City of Sanford Utility Systems Revenue** | **City of Sanford Utility Systems Revenue** | **City of Sanford Utility Systems Revenue** |
| RB Series 2024  | 4.00% | 06/01/49 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 216398 |
| **Greater Asheville Regional Airport Authority** | **Greater Asheville Regional Airport Authority** | **Greater Asheville Regional Airport Authority** | **Greater Asheville Regional Airport Authority** | **Greater Asheville Regional Airport Authority** |
| RB Series 2022A  | 5.50% | 07/01/52 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 253417 |
| **North Carolina Medical Care Commission** | **North Carolina Medical Care Commission** | **North Carolina Medical Care Commission** | **North Carolina Medical Care Commission** | **North Carolina Medical Care Commission** |
| Carolina Meadows, Inc. Obligated Group RB Series 2024  | 5.25% | 12/01/49 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 484895 |
| United Methodist Retirement Homes, Inc. Obligated Group RB Series 2024A  | 5.00% | 10/01/49 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 510000 | &nbsp;&nbsp; 483192 |
|  |  |  |  | &nbsp;&nbsp; **1437902** |

---

*See financial notes*

**48**Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Opportunistic Municipal Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **OHIO** 1.4%  | **OHIO** 1.4%  | **OHIO** 1.4%  | **OHIO** 1.4%  | **OHIO** 1.4%  |
| **City of Columbus** | **City of Columbus** | **City of Columbus** | **City of Columbus** | **City of Columbus** |
| GO Bonds Series 2017A  | 3.15% | 04/01/35 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 240586 |
| **Columbus Regional Airport Authority** | **Columbus Regional Airport Authority** | **Columbus Regional Airport Authority** | **Columbus Regional Airport Authority** | **Columbus Regional Airport Authority** |
| Refunding RB Series 2025A  | 5.50% | 01/01/50 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 255971 |
| **County of Hamilton** | **County of Hamilton** | **County of Hamilton** | **County of Hamilton** | **County of Hamilton** |
| UC Health Obligated Group Refunding RB Series 2025A  | 5.50% | 08/01/45 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 248209 |
| **University of Cincinnati** | **University of Cincinnati** | **University of Cincinnati** | **University of Cincinnati** | **University of Cincinnati** |
| RB Series 2024A  | 5.25% | 06/01/54 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 256212 |
|  |  |  |  | &nbsp;&nbsp; **1000978** |
| **OKLAHOMA** 1.2%  | **OKLAHOMA** 1.2%  | **OKLAHOMA** 1.2%  | **OKLAHOMA** 1.2%  | **OKLAHOMA** 1.2%  |
| **Oklahoma Development Finance Authority** | **Oklahoma Development Finance Authority** | **Oklahoma Development Finance Authority** | **Oklahoma Development Finance Authority** | **Oklahoma Development Finance Authority** |
| OU Medicine Obligated Group RB Series 2018B  | 5.50% | 08/15/57 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 473433 |
| **Oklahoma Water Resources Board** | **Oklahoma Water Resources Board** | **Oklahoma Water Resources Board** | **Oklahoma Water Resources Board** | **Oklahoma Water Resources Board** |
| RB Series 2021C  | 3.00% | 10/01/36 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 175631 |
| **University of Oklahoma** | **University of Oklahoma** | **University of Oklahoma** | **University of Oklahoma** | **University of Oklahoma** |
| Refunding RB Series 2024A  | 4.13% | 07/01/54 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 214939 |
|  |  |  |  | &nbsp;&nbsp; **864003** |
| **OREGON** 1.5%  | **OREGON** 1.5%  | **OREGON** 1.5%  | **OREGON** 1.5%  | **OREGON** 1.5%  |
| **Astoria Hospital Facilities Authority** | **Astoria Hospital Facilities Authority** | **Astoria Hospital Facilities Authority** | **Astoria Hospital Facilities Authority** | **Astoria Hospital Facilities Authority** |
| Columbia Lutheran Charities Obligated Group RB Series 2024  | 5.25% | 08/01/54 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 237546 |
| **Lane County School District No. 40 Creswell** | **Lane County School District No. 40 Creswell** | **Lane County School District No. 40 Creswell** | **Lane County School District No. 40 Creswell** | **Lane County School District No. 40 Creswell** |
| GO Bonds Series 2023  | 5.18% | 06/15/43 *(b)(c)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp; 362751 |
| **Oregon State Lottery** | **Oregon State Lottery** | **Oregon State Lottery** | **Oregon State Lottery** | **Oregon State Lottery** |
| Refunding RB Series 2025A  | 5.00% | 04/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 253736 |
| **Port of Portland Airport Revenue** | **Port of Portland Airport Revenue** | **Port of Portland Airport Revenue** | **Port of Portland Airport Revenue** | **Port of Portland Airport Revenue** |
| RB Series 2020-27A  | 4.00% | 07/01/39 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 232673 |
|  |  |  |  | &nbsp;&nbsp; **1086706** |
| **PENNSYLVANIA** 3.2%  | **PENNSYLVANIA** 3.2%  | **PENNSYLVANIA** 3.2%  | **PENNSYLVANIA** 3.2%  | **PENNSYLVANIA** 3.2%  |
| **Commonwealth Financing Authority** | **Commonwealth Financing Authority** | **Commonwealth Financing Authority** | **Commonwealth Financing Authority** | **Commonwealth Financing Authority** |
| RB Series 2018  | 5.00% | 06/01/35 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 517675 |
| **Commonwealth of Pennsylvania** | **Commonwealth of Pennsylvania** | **Commonwealth of Pennsylvania** | **Commonwealth of Pennsylvania** | **Commonwealth of Pennsylvania** |
| GO Bonds Series 20241ST  | 5.00% | 08/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp; 320916 |
| **Pennsylvania Economic Development Financing Authority** | **Pennsylvania Economic Development Financing Authority** | **Pennsylvania Economic Development Financing Authority** | **Pennsylvania Economic Development Financing Authority** | **Pennsylvania Economic Development Financing Authority** |
| Republic Services, Inc. Refunding RB Series 2019A  | 3.85% | 04/01/34 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250020 |
| Waste Management Obligated Group RB Series 2013  | 3.85% | 08/01/45 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250032 |
| Waste Management, Inc. RB Series 2021A  | 4.00% | 06/01/41 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249755 |
| **Pennsylvania Housing Finance Agency** | **Pennsylvania Housing Finance Agency** | **Pennsylvania Housing Finance Agency** | **Pennsylvania Housing Finance Agency** | **Pennsylvania Housing Finance Agency** |
| Refunding RB Series 2025150A  | 4.15% | 04/01/36 *(b)(f)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 149354 |
| Refunding RB Series 2025150A  | 4.25% | 10/01/36 *(b)(f)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99597 |
| **Pennsylvania Turnpike Commission** | **Pennsylvania Turnpike Commission** | **Pennsylvania Turnpike Commission** | **Pennsylvania Turnpike Commission** | **Pennsylvania Turnpike Commission** |
| Refunding RB Series 2022B  | 5.00% | 12/01/47 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 504960 |
|  |  |  |  | &nbsp;&nbsp; **2342309** |

---

*See financial notes*

Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

**49**

------

Schwab Opportunistic Municipal Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **PUERTO RICO** 0.3%  | **PUERTO RICO** 0.3%  | **PUERTO RICO** 0.3%  | **PUERTO RICO** 0.3%  | **PUERTO RICO** 0.3%  |
| **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue** | **Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue** |
| RB Series 2018A-1  | 5.00% | 07/01/58 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; **229315** |
| **RHODE ISLAND** 0.9%  | **RHODE ISLAND** 0.9%  | **RHODE ISLAND** 0.9%  | **RHODE ISLAND** 0.9%  | **RHODE ISLAND** 0.9%  |
| **Rhode Island Health & Educational Building Corp.** | **Rhode Island Health & Educational Building Corp.** | **Rhode Island Health & Educational Building Corp.** | **Rhode Island Health & Educational Building Corp.** | **Rhode Island Health & Educational Building Corp.** |
| Bryant University Refunding RB Series 2024  | 5.00% | 06/01/43 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp; 464954 |
| Lifespan Corp. Obligated Group RB Series 2024  | 5.00% | 05/15/40 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204830 |
|  |  |  |  | &nbsp;&nbsp; **669784** |
| **SOUTH CAROLINA** 1.7%  | **SOUTH CAROLINA** 1.7%  | **SOUTH CAROLINA** 1.7%  | **SOUTH CAROLINA** 1.7%  | **SOUTH CAROLINA** 1.7%  |
| **South Carolina Ports Authority** | **South Carolina Ports Authority** | **South Carolina Ports Authority** | **South Carolina Ports Authority** | **South Carolina Ports Authority** |
| RB Series 2018  | 4.00% | 07/01/55 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp; 209608 |
| **South Carolina Public Service Authority** | **South Carolina Public Service Authority** | **South Carolina Public Service Authority** | **South Carolina Public Service Authority** | **South Carolina Public Service Authority** |
| RB Series 2022E  | 5.75% | 12/01/47 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 528183 |
| RB Series 2024A  | 5.00% | 12/01/30  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 276710 |
| Refunding RB Series 2016B  | 5.00% | 12/01/56 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 244948 |
|  |  |  |  | &nbsp;&nbsp; **1259449** |
| **TENNESSEE** 2.4%  | **TENNESSEE** 2.4%  | **TENNESSEE** 2.4%  | **TENNESSEE** 2.4%  | **TENNESSEE** 2.4%  |
| **Chattanooga Health Educational & Housing Facility Board** | **Chattanooga Health Educational & Housing Facility Board** | **Chattanooga Health Educational & Housing Facility Board** | **Chattanooga Health Educational & Housing Facility Board** | **Chattanooga Health Educational & Housing Facility Board** |
| CDFI Phase I LLC Refunding RB Series 2015  | 5.00% | 10/01/29 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500268 |
| **Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board** | **Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board** | **Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board** | **Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board** | **Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board** |
| Belmont University RB Series 2023  | 5.25% | 05/01/53 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249436 |
| **Metropolitan Government Nashville & Davidson County Industrial Development Board** | **Metropolitan Government Nashville & Davidson County Industrial Development Board** | **Metropolitan Government Nashville & Davidson County Industrial Development Board** | **Metropolitan Government Nashville & Davidson County Industrial Development Board** | **Metropolitan Government Nashville & Davidson County Industrial Development Board** |
| Waste Management, Inc. of Tennessee RB Series 2001  | 3.88% | 08/01/31 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250242 |
| **Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue** | **Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue** | **Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue** | **Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue** | **Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue** |
| Refunding RB Series 2025  | 5.25% | 07/01/55 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 258186 |
| **Metropolitan Nashville Airport Authority** | **Metropolitan Nashville Airport Authority** | **Metropolitan Nashville Airport Authority** | **Metropolitan Nashville Airport Authority** | **Metropolitan Nashville Airport Authority** |
| RB Series 2022B  | 5.25% | 07/01/47 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 252151 |
| **Tennessee Housing Development Agency** | **Tennessee Housing Development Agency** | **Tennessee Housing Development Agency** | **Tennessee Housing Development Agency** | **Tennessee Housing Development Agency** |
| RB Series 2023-3A  | 6.25% | 01/01/54 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp; 251638 |
|  |  |  |  | &nbsp;&nbsp; **1761921** |
| **TEXAS** 12.0%  | **TEXAS** 12.0%  | **TEXAS** 12.0%  | **TEXAS** 12.0%  | **TEXAS** 12.0%  |
| **Aldine Independent School District** | **Aldine Independent School District** | **Aldine Independent School District** | **Aldine Independent School District** | **Aldine Independent School District** |
| GO Bonds Series 2024  | 4.00% | 02/15/54 *(b)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 173808 |
| **Arlington Higher Education Finance Corp.** | **Arlington Higher Education Finance Corp.** | **Arlington Higher Education Finance Corp.** | **Arlington Higher Education Finance Corp.** | **Arlington Higher Education Finance Corp.** |
| Harmony Public Schools RB Series 2024  | 4.00% | 02/15/44 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 451833 |
| **Board of Regents of the University of Texas System** | **Board of Regents of the University of Texas System** | **Board of Regents of the University of Texas System** | **Board of Regents of the University of Texas System** | **Board of Regents of the University of Texas System** |
| RB Series 2024B  | 4.00% | 08/15/54 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 209741 |
| **Cedar Hill Independent School District** | **Cedar Hill Independent School District** | **Cedar Hill Independent School District** | **Cedar Hill Independent School District** | **Cedar Hill Independent School District** |
| GO Bonds Series 2024  | 4.00% | 02/15/50 *(b)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 216505 |
| **City of Corpus Christi Utility System Revenue** | **City of Corpus Christi Utility System Revenue** | **City of Corpus Christi Utility System Revenue** | **City of Corpus Christi Utility System Revenue** | **City of Corpus Christi Utility System Revenue** |
| Refunding RB Series 2024  | 4.25% | 07/15/54 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 354431 |
| **City of Dallas** | **City of Dallas** | **City of Dallas** | **City of Dallas** | **City of Dallas** |
| Special Tax Series 2023  | 6.25% | 08/15/53 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp; 245047 |
| **City of Garland Electric Utility System Revenue** | **City of Garland Electric Utility System Revenue** | **City of Garland Electric Utility System Revenue** | **City of Garland Electric Utility System Revenue** | **City of Garland Electric Utility System Revenue** |
| RB Series 2023  | 4.25% | 03/01/48 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 230511 |

---

*See financial notes*

**50**Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Opportunistic Municipal Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **City of Houston** | **City of Houston** | **City of Houston** | **City of Houston** | **City of Houston** |
| GO Bonds Series 2024A  | 4.13% | 03/01/51 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 217725 |
| **City of Houston Airport System Revenue** | **City of Houston Airport System Revenue** | **City of Houston Airport System Revenue** | **City of Houston Airport System Revenue** | **City of Houston Airport System Revenue** |
| RB Series 2021A  | 4.00% | 07/01/46 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 212783 |
| Refunding RB Series 2023A  | 5.00% | 07/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 300341 |
| **City of San Antonio** | **City of San Antonio** | **City of San Antonio** | **City of San Antonio** | **City of San Antonio** |
| GO Bonds Series 2023  | 4.00% | 02/01/43 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 231105 |
| **City of San Antonio Electric & Gas Systems Revenue** | **City of San Antonio Electric & Gas Systems Revenue** | **City of San Antonio Electric & Gas Systems Revenue** | **City of San Antonio Electric & Gas Systems Revenue** | **City of San Antonio Electric & Gas Systems Revenue** |
| RB Series 2023B  | 4.00% | 02/01/43 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 224875 |
| RB Series 2024C  | 5.00% | 02/01/54 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250891 |
| **City of Terrell** | **City of Terrell** | **City of Terrell** | **City of Terrell** | **City of Terrell** |
| GO Bonds Series 2023C  | 4.50% | 08/15/53 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 465535 |
| **Clifton Higher Education Finance Corp.** | **Clifton Higher Education Finance Corp.** | **Clifton Higher Education Finance Corp.** | **Clifton Higher Education Finance Corp.** | **Clifton Higher Education Finance Corp.** |
| International Leadership of Texas, Inc. Refunding RB Series 2025A  | 5.00% | 02/15/30 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 271971 |
| **Community Independent School District** | **Community Independent School District** | **Community Independent School District** | **Community Independent School District** | **Community Independent School District** |
| Refunding GO Bonds Series 2024  | 5.00% | 02/15/40 *(b)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp; 180746 |
| **County of Harris Toll Road Revenue** | **County of Harris Toll Road Revenue** | **County of Harris Toll Road Revenue** | **County of Harris Toll Road Revenue** | **County of Harris Toll Road Revenue** |
| RB Series 2024A  | 4.00% | 08/15/49 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp; 345829 |
| **Denton County Municipal Utility District No. 6** | **Denton County Municipal Utility District No. 6** | **Denton County Municipal Utility District No. 6** | **Denton County Municipal Utility District No. 6** | **Denton County Municipal Utility District No. 6** |
| GO Bonds Series 2021  | 2.50% | 09/01/39 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 111900 |
| **El Paso County Hospital District** | **El Paso County Hospital District** | **El Paso County Hospital District** | **El Paso County Hospital District** | **El Paso County Hospital District** |
| Refunding GO Bonds Series 2017  | 5.00% | 08/15/33 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 167859 |
| Refunding GO Bonds Series 2017  | 5.00% | 08/15/35 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 202348 |
| **Garland Independent School District** | **Garland Independent School District** | **Garland Independent School District** | **Garland Independent School District** | **Garland Independent School District** |
| GO Bonds Series 2023A  | 5.00% | 02/15/48 *(b)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 252930 |
| **Gonzales Independent School District** | **Gonzales Independent School District** | **Gonzales Independent School District** | **Gonzales Independent School District** | **Gonzales Independent School District** |
| GO Bonds Series 2024  | 5.00% | 08/01/44 *(b)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 256473 |
| **Harris County Hospital District** | **Harris County Hospital District** | **Harris County Hospital District** | **Harris County Hospital District** | **Harris County Hospital District** |
| GO Bonds Series 2025  | 5.25% | 02/15/50 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 256113 |
| Refunding RB Series 2016  | 3.25% | 02/15/42 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 149604 |
| **Martin County Hospital District** | **Martin County Hospital District** | **Martin County Hospital District** | **Martin County Hospital District** | **Martin County Hospital District** |
| Refunding GO Bonds Series 2021  | 4.00% | 04/01/36 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp; 279783 |
| **Midland County Hospital District** | **Midland County Hospital District** | **Midland County Hospital District** | **Midland County Hospital District** | **Midland County Hospital District** |
| RB Series 2024A  | 4.00% | 05/15/44 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 223991 |
| **New Hope Cultural Education Facilities Finance Corp.** | **New Hope Cultural Education Facilities Finance Corp.** | **New Hope Cultural Education Facilities Finance Corp.** | **New Hope Cultural Education Facilities Finance Corp.** | **New Hope Cultural Education Facilities Finance Corp.** |
| Beta Foundation RB Series 2019  | 5.00% | 08/15/49 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 432376 |
| **Newark Higher Education Finance Corp.** | **Newark Higher Education Finance Corp.** | **Newark Higher Education Finance Corp.** | **Newark Higher Education Finance Corp.** | **Newark Higher Education Finance Corp.** |
| Hughen Center, Inc. RB Series 2024A  | 5.25% | 08/15/44 *(b)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 259182 |
| Hughen Center, Inc. RB Series 2024A  | 4.13% | 08/15/49 *(b)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 218728 |
| Orenda Education RB Series 2023A  | 4.25% | 08/15/58 *(b)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 173005 |
| **Permanent University Fund - Texas A&M University System** | **Permanent University Fund - Texas A&M University System** | **Permanent University Fund - Texas A&M University System** | **Permanent University Fund - Texas A&M University System** | **Permanent University Fund - Texas A&M University System** |
| Refunding RB Series 2025A  | 5.00% | 07/01/52 *(b)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 252931 |
| **Prosper Independent School District** | **Prosper Independent School District** | **Prosper Independent School District** | **Prosper Independent School District** | **Prosper Independent School District** |
| GO Bonds Series 2023  | 4.00% | 02/15/53 *(b)(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 215799 |
| **Texas Municipal Gas Acquisition & Supply Corp. III** | **Texas Municipal Gas Acquisition & Supply Corp. III** | **Texas Municipal Gas Acquisition & Supply Corp. III** | **Texas Municipal Gas Acquisition & Supply Corp. III** | **Texas Municipal Gas Acquisition & Supply Corp. III** |
| Refunding RB Series 2021  | 5.00% | 12/15/28 *(c)* | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp; 289443 |
| **Texas Private Activity Bond Surface Transportation Corp.** | **Texas Private Activity Bond Surface Transportation Corp.** | **Texas Private Activity Bond Surface Transportation Corp.** | **Texas Private Activity Bond Surface Transportation Corp.** | **Texas Private Activity Bond Surface Transportation Corp.** |
| NTE Mobility Partners LLC RB Series 2023  | 5.50% | 12/31/58 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 166302 |

---

*See financial notes*

Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

**51**

------

Schwab Opportunistic Municipal Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **University of Houston** | **University of Houston** | **University of Houston** | **University of Houston** | **University of Houston** |
| RB Series 2024A  | 4.00% | 02/15/49 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 215373 |
|  |  |  |  | &nbsp;&nbsp; **8707817** |
| **UTAH** 2.1%  | **UTAH** 2.1%  | **UTAH** 2.1%  | **UTAH** 2.1%  | **UTAH** 2.1%  |
| **City of Salt Lake City Airport Revenue** | **City of Salt Lake City Airport Revenue** | **City of Salt Lake City Airport Revenue** | **City of Salt Lake City Airport Revenue** | **City of Salt Lake City Airport Revenue** |
| RB Series 2021A  | 5.00% | 07/01/46 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp; 261748 |
| RB Series 2023A  | 5.00% | 07/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp; 451228 |
| RB Series 2023A  | 5.25% | 07/01/40 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 260429 |
| **Duchesne County School District** | **Duchesne County School District** | **Duchesne County School District** | **Duchesne County School District** | **Duchesne County School District** |
| RB Series 2025  | 5.00% | 06/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 324333 |
| **Utah Housing Corp.** | **Utah Housing Corp.** | **Utah Housing Corp.** | **Utah Housing Corp.** | **Utah Housing Corp.** |
| Daybreak I Holdings LP RB Series 2025  | 2.95% | 04/01/46 *(a)(b)(f)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250005 |
|  |  |  |  | &nbsp;&nbsp; **1547743** |
| **VIRGINIA** 0.9%  | **VIRGINIA** 0.9%  | **VIRGINIA** 0.9%  | **VIRGINIA** 0.9%  | **VIRGINIA** 0.9%  |
| **Albemarle County Economic Development Authority** | **Albemarle County Economic Development Authority** | **Albemarle County Economic Development Authority** | **Albemarle County Economic Development Authority** | **Albemarle County Economic Development Authority** |
| Sentara Healthcare Obligated Group Refunding RB Series 2018B  | 3.90% | 10/01/48 *(b)(c)(d)* | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp; 195000 |
| **Fairfax County Industrial Development Authority** | **Fairfax County Industrial Development Authority** | **Fairfax County Industrial Development Authority** | **Fairfax County Industrial Development Authority** | **Fairfax County Industrial Development Authority** |
| Inova Health System Obligated Group RB Series 2024  | 4.13% | 05/15/54 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 432557 |
|  |  |  |  | &nbsp;&nbsp; **627557** |
| **WASHINGTON** 2.8%  | **WASHINGTON** 2.8%  | **WASHINGTON** 2.8%  | **WASHINGTON** 2.8%  | **WASHINGTON** 2.8%  |
| **City of Pasco Water & Sewer Revenue** | **City of Pasco Water & Sewer Revenue** | **City of Pasco Water & Sewer Revenue** | **City of Pasco Water & Sewer Revenue** | **City of Pasco Water & Sewer Revenue** |
| Refunding RB Series 2023A  | 5.00% | 12/01/43 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 258468 |
| **Port of Seattle** | **Port of Seattle** | **Port of Seattle** | **Port of Seattle** | **Port of Seattle** |
| RB Series 2018A  | 5.00% | 05/01/28 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp; 170618 |
| RB Series 2025B  | 5.00% | 10/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; 274854 |
| **Port of Vancouver** | **Port of Vancouver** | **Port of Vancouver** | **Port of Vancouver** | **Port of Vancouver** |
| GO Bonds Series 2022A  | 5.00% | 12/01/33 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 535541 |
| **Skagit County Public Hospital District No. 1** | **Skagit County Public Hospital District No. 1** | **Skagit County Public Hospital District No. 1** | **Skagit County Public Hospital District No. 1** | **Skagit County Public Hospital District No. 1** |
| RB Series 2024  | 5.50% | 12/01/42 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp; 307365 |
| **State of Washington** | **State of Washington** | **State of Washington** | **State of Washington** | **State of Washington** |
| GO Bonds Series 2024C  | 5.00% | 02/01/34  | &nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp; 508258 |
|  |  |  |  | &nbsp;&nbsp; **2055104** |
| **WEST VIRGINIA** 0.4%  | **WEST VIRGINIA** 0.4%  | **WEST VIRGINIA** 0.4%  | **WEST VIRGINIA** 0.4%  | **WEST VIRGINIA** 0.4%  |
| **West Virginia Hospital Finance Authority** | **West Virginia Hospital Finance Authority** | **West Virginia Hospital Finance Authority** | **West Virginia Hospital Finance Authority** | **West Virginia Hospital Finance Authority** |
| Vandalia Health, Inc. Obligated Group RB Series 2023B  | 6.00% | 09/01/53 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp; **263977** |
| **WISCONSIN** 1.2%  | **WISCONSIN** 1.2%  | **WISCONSIN** 1.2%  | **WISCONSIN** 1.2%  | **WISCONSIN** 1.2%  |
| **State of Wisconsin** | **State of Wisconsin** | **State of Wisconsin** | **State of Wisconsin** | **State of Wisconsin** |
| GO Bonds Series 20253  | 5.00% | 05/01/37 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 361519 |

---

*See financial notes*

**52**Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Opportunistic Municipal Bond Fund

Portfolio Holdings as of August 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Wisconsin Health & Educational Facilities Authority** | **Wisconsin Health & Educational Facilities Authority** | **Wisconsin Health & Educational Facilities Authority** | **Wisconsin Health & Educational Facilities Authority** | **Wisconsin Health & Educational Facilities Authority** |
| Ascension Health Credit Group Refunding RB Series 2016A  | 4.00% | 11/15/46 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 107376 |
| Hudson Senior Housing, Inc. RB Series 2014  | 5.25% | 12/01/49 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp; 411262 |
|  |  |  |  | &nbsp;&nbsp; **880157** |
| **Total Municipal Securities** <br>**(Cost $76,352,152)** | **Total Municipal Securities** <br>**(Cost $76,352,152)** | **Total Municipal Securities** <br>**(Cost $76,352,152)** | **Total Municipal Securities** <br>**(Cost $76,352,152)** | &nbsp;&nbsp; **74128259** |
| **Total Investments in Securities** <br>**(Cost $76,352,152)** | **Total Investments in Securities** <br>**(Cost $76,352,152)** | **Total Investments in Securities** <br>**(Cost $76,352,152)** | **Total Investments in Securities** <br>**(Cost $76,352,152)** | &nbsp;&nbsp; **74128259** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* Bond currently pays a fixed coupon rate and will be remarketed at a to be determined rate at the end of the current fixed rate term.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* The effective maturity may be shorter than the final maturity shown because the security is subject to a put, demand or call feature.

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* Credit-enhanced or liquidity-enhanced.

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* VRDN is a municipal security which allows holders to sell their security through a put or tender feature, at par value plus accrued interest. The interest rate resets on a periodic basis, the majority of which are weekly but may be daily or monthly. Unless a reference rate and spread is shown parenthetically, the Remarketing Agent, generally a dealer, determines the interest rate for the security at each interest rate reset date. The rate is typically based on the SIFMA Municipal Swap Index.

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* Zero coupon bond. When a security is purchased with a zero coupon rate the effective yield at the time of purchase is shown.

&nbsp;&nbsp;&nbsp;&nbsp;*(f)* Security or a portion of the security purchased on a delayed-delivery or when-issued basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| CDFI — | Community Development Financial Institution |
| COP — | Certificate of participation |
| GO — | General obligation |
| RB — | Revenue bond |
| SIFMA — | Securities Industry and Financial Markets Association. The SIFMA Municipal Swap Index is a market index comprised of high-grade 7-day tax-exempt Variable Rate <br> Demand Obligations with certain characteristics.<br>|
| VRDN — | Variable rate demand note |

---

------

The following is a summary of the inputs used to value the fund's investments as of August 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Municipal Securities<sup>1</sup> <br>| $— | &nbsp;&nbsp; $74128259 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $74128259 |
| **Total** | **$—** | &nbsp;&nbsp; **$74128259** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$74128259** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings.

*See financial notes*

Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

**53**

------

Schwab Opportunistic Municipal Bond Fund

Statement of Assets and Liabilities

------

As of August 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $76,352,152) |  | $74128259 |
| Cash |  | 93978 |
| Receivables: |  |  |
| Interest |  | 722555 |
| Fund shares sold |  | 7884 |
| Prepaid expenses | + | 14847 |
| **Total assets** |  | **74967523** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought - delayed-delivery |  | 1779400 |
| Distributions to shareholders |  | 122642 |
| Fund shares redeemed |  | 105254 |
| Investment adviser fees |  | 17548 |
| Accrued expenses | + | 59310 |
| **Total liabilities** |  | **2084154** |
| **Net assets** |  | **$72883369** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $84050253 |
| Total distributable loss | + | (11166884)<br>|
| **Net assets** |  | **$72883369** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $72883369 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8523794 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.55 |

---

*See financial notes*

**54**Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Opportunistic Municipal Bond Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period September 1, 2024 through August 31, 2025 | For the period September 1, 2024 through August 31, 2025 | For the period September 1, 2024 through August 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Interest received from securities - unaffiliated issuers |  | $2988254 |
| Interest received from defaulted securities - unaffiliated issuers<sup>1</sup> <br>| + | 94435 |
| **Total investment income**  |  | **3082689** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser and administrator fees |  | 285849 |
| Portfolio accounting fees |  | 50003 |
| Professional fees |  | 30800 |
| Registration fees |  | 28597 |
| Independent trustees' fees |  | 9589 |
| Shareholder reports |  | 5326 |
| Custodian fees |  | 4307 |
| Transfer agent fees  |  | 2850 |
| Other expenses | + | 5081 |
| **Total expenses** |  | **422402** |
| Expense reduction | – | 64904 |
| **Net expenses** | – | **357498** |
| **Net investment income** |  | **2725191** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| **Net realized losses on sales of securities - unaffiliated issuers**  |  | **(727986)**<br>|
| **Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers** | + | **(3500000)**<br>|
| **Net realized and unrealized losses** |  | **(4227986)**<br>|
| **Decrease in net assets resulting from operations** |  | **($1502795)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Includes a payment of past due interest income received from defaulted securities (see financial note 2(d) for additional information).

*See financial notes*

Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

**55**

------

Schwab Opportunistic Municipal Bond Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 9/1/24-8/31/25 | 9/1/24-8/31/25 | 9/1/23-8/31/24 |
| Net investment income |  | $2725191 <br><sup>1</sup><br>| &nbsp;&nbsp;&nbsp; $1875754 |
| Net realized losses |  | (727986)<br>| &nbsp;&nbsp;&nbsp; (442706)<br>|
| Net change in unrealized appreciation (depreciation) | + | (3500000)<br>| &nbsp;&nbsp;&nbsp; 2228346 |
| **Increase (decrease) in net assets resulting from operations** |  | **($1502795)**<br>| &nbsp;&nbsp;&nbsp; **$3661394** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($2934977)** <br><sup>1</sup><br>| &nbsp;&nbsp;&nbsp; **($2125904)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 9/1/24-8/31/25 | 9/1/24-8/31/25 | 9/1/24-8/31/25 | 9/1/23-8/31/24 | 9/1/23-8/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 5673599 | &nbsp;&nbsp;&nbsp; $50192634 | &nbsp;&nbsp;&nbsp; 5288501 | &nbsp;&nbsp;&nbsp; $47453243 |
| Shares reinvested |  | 161918 | &nbsp;&nbsp;&nbsp; 1426780 | &nbsp;&nbsp;&nbsp; 124448 | &nbsp;&nbsp;&nbsp; 1109806 |
| Shares redeemed | + | (4742462)<br>| &nbsp;&nbsp;&nbsp; (41846193)<br>| &nbsp;&nbsp;&nbsp; (2667612)<br>| &nbsp;&nbsp;&nbsp; (23829560)<br>|
| **Net transactions in fund shares**  |  | **1093055** | &nbsp;&nbsp;&nbsp; **$9773221** | &nbsp;&nbsp;&nbsp; **2745337** | &nbsp;&nbsp;&nbsp; **$24733489** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 9/1/24-8/31/25 | 9/1/24-8/31/25 | 9/1/24-8/31/25 | 9/1/23-8/31/24 | 9/1/23-8/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 7430739 | &nbsp;&nbsp;&nbsp; $67547920 | &nbsp;&nbsp;&nbsp; 4685402 | &nbsp;&nbsp;&nbsp; $41278941 |
| Total increase | + | 1093055 | &nbsp;&nbsp;&nbsp; 5335449 | &nbsp;&nbsp;&nbsp; 2745337 | &nbsp;&nbsp;&nbsp; 26268979 |
| **End of period** |  | **8523794** | &nbsp;&nbsp;&nbsp; **$72883369** | &nbsp;&nbsp;&nbsp; **7430739** | &nbsp;&nbsp;&nbsp; **$67547920** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Includes a payment of past due interest income received from defaulted securities (see financial note 2(d) for additional information).

*See financial notes*

**56**Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond Funds

Financial Notes

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Business Structure of the Funds:**

Each of the funds in this report is a series of Schwab Investments (the trust), a no-load, open-end management investment company. The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the 1940 Act). The list below shows all the operational funds in the trust as of the end of the period, including the funds discussed in this report, which are highlighted:

---

| | |
|:---|:---|
| **SCHWAB INVESTMENTS**  | **SCHWAB INVESTMENTS**  |
| **Schwab Tax-Free Bond Fund** | Schwab U.S. Aggregate Bond Index Fund |
| **Schwab California Tax-Free Bond Fund** | Schwab Short-Term Bond Index Fund |
| **Schwab Opportunistic Municipal Bond Fund** | Schwab 1000 Index<sup>®</sup> Fund |
| Schwab Treasury Inflation Protected Securities Index Fund | Schwab Global Real Estate Fund |

---

Each fund offers one share class. Shares are bought and sold at closing net asset value per share (NAV), which is the price for all outstanding shares of a fund. Each share has a par value of 1/1,000 of a cent, and the funds' Board of Trustees (the Board) may authorize the issuance of as many shares as necessary.

Each fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, each fund may also keep certain assets in segregated accounts, as required by securities law. The "Schwab Funds Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust.

**Investment Objectives** 

The **Schwab Tax-Free Bond Fund** seeks high current income that is exempt from federal income tax, consistent with capital preservation. The fund normally invests at least 80% of its net assets (including, for this purpose, any borrowings for investment purposes) in municipal securities the interest from which is exempt from federal income tax, including the federal alternative minimum tax.

The **Schwab California Tax-Free Bond Fund** seeks high current income exempt from federal and California personal income tax that is consistent with capital preservation. The fund normally invests at least 80% of its net assets (including, for this purpose, any borrowings for investment purposes) in municipal securities the interest from which is exempt from federal and California personal income tax and federal alternative minimum tax.

The **Schwab Opportunistic Municipal Bond Fund** seeks to generate interest income that is not subject to federal income tax. Under normal market conditions, the fund invests at least 80% of its net assets (including, for this purpose, any borrowings for investment purposes) in municipal securities that pay interest not subject to regular federal income tax.

------

**2. Significant Accounting Policies:**

The following is a summary of the significant accounting policies the funds use in their preparation of financial statements. The funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 946 Financial Services — Investment Companies. The accounting policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).

In this reporting period, the funds adopted FASB Accounting Standards Update 2023-07, ASC Topic 280 Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the funds' financial position or the results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The management committee of each fund's investment adviser acts as the funds' CODM. The CODM has determined that each fund operates as a single operating segment given each fund has a single defined investment strategy disclosed in its respective prospectus. The discrete financial information in the form of each fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, shares sold and shares redeemed), which is used by the CODM to assess performance against the prospectus and to make resource allocation decisions with respect to the funds, is presented within each of the fund's financial statements.

Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

**57**

------

Schwab Municipal Bond Funds

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

**(a) Security Valuation:**

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated authority to a Valuation Designee, the funds' investment adviser, to make fair valuation determinations under adopted procedures, subject to Board oversight. The investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and liabilities as well as to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair value. The Valuation Designee may utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Securities held in the funds' portfolio are valued every business day. The following valuation policies and procedures are used by the Valuation Designee to value various types of securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Bonds and notes:** Fixed income investments are generally valued using an evaluated price at the mid-point of the bid/ask spread provided by an approved, independent pricing service (mid-price). To determine the evaluated mid-price, a pricing service may use a variety of techniques and inputs. Techniques may include, but are not limited to, spread models that calculate an investment-specific price relative to a benchmark or yield curve models that establish a price based on yields of comparable bonds along a range of maturities. Inputs differ by valuation approach and techniques, as appropriate, and examples of inputs may include, but are not limited to, interest rates, market conditions, comparable bonds, market trades, projected cash flows, credit reviews and issuer news.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Short-term securities (60 days or less to maturity):** Securities with remaining maturities of 60 days or less are generally valued at an evaluated price; however, such securities may be valued at their amortized cost if it approximates the security's fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Securities for which no quoted value is available:** The Valuation Designee has adopted procedures to fair value a fund's securities when market prices are not "readily available" or are unreliable. For example, a security may be fair valued when it's de-listed or its trading is halted or suspended; when a security's primary pricing source is unable or unwilling to provide a price; or when a security's primary trading market is closed during regular market hours. Fair value determinations are made in good faith in accordance with adopted valuation procedures. The Valuation Designee considers a number of factors, including unobservable market inputs, when arriving at fair value. The Valuation Designee may employ methods such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. Due to the subjective and variable nature of fair value pricing, there can be no assurance that a fund could obtain the fair value assigned to the security upon the sale of such security.

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the funds disclose the fair value of their investments in a hierarchy that prioritizes the significant inputs to valuation methods used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If it is determined that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and the Valuation Designee's judgment will be required to estimate fair value.

The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical investments — Investments whose values are based on quoted market prices in active markets. These generally include active listed equities, mutual funds, exchange-traded funds (ETFs) and futures contracts. Mutual funds and ETFs are classified as Level 1 prices, without consideration to the classification level of the underlying securities held which could be Level 1, Level 2 or Level 3 in the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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 forward foreign currency exchange contracts, 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.

**58**Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond Funds

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 — significant unobservable inputs (including the Valuation Designee's assumptions 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 readily available for these securities, one or more valuation methods are used for which sufficient and reliable data is available. The inputs used 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 in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore a fund's 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 levels associated with valuing the funds' investments as of August 31, 2025, are disclosed in each fund's Portfolio Holdings.

**(b) Accounting Policies for certain Portfolio Investments (if held):**

**Delayed-Delivery Transactions and When-Issued Securities:** The funds may transact in securities on a delayed-delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed-delivery or when-issued basis are identified as such in the funds' Portfolio Holdings, if any. The funds may receive compensation for interest forgone in the purchase of a delayed-delivery or when-issued security. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors. The funds comply with Rule 18f-4 under the 1940 Act, the funds operate as limited derivatives users, with respect to purchase commitments held within the funds, portfolio securities are no longer required to be segregated as collateral with a value at least equal to the amount of a purchase commitment and the funds' exposure is monitored under a derivatives risk management program.

**Variable Rate Demand Note:** A Variable Rate Demand Note (VRDN) is an asset class in the short-term municipal bond market with a variable (or floating) interest rate which allows holders to sell their security through a put or tender feature, at par value plus accrued interest. The interest rate resets on a periodic basis, the majority of which are daily and weekly, but could be monthly. The put feature entitles the holder to the right to demand repayment in full or to resell at a specific price and/or time, shortening the legal maturity of the VRDN. These put features are daily and weekly, but could be monthly, making these liquid and short-term investments. While the demand feature is intended to reduce credit risks, it is not always unconditional and may be subject to termination if the issuer's credit rating falls below investment grade or if the issuer fails to make payments on other debt. While most variable-rate demand securities allow a fund to exercise its demand rights at any time, some such securities may only allow a fund to exercise its demand rights at certain times, which reduces the liquidity usually associated with this type of security. A fund could suffer losses in the event that the demand feature provider, usually a bank, fails to meet its obligation to pay the demand.

**(c) Security Transactions:** 

Security transactions are recorded as of the date the order to buy or sell the security is executed. Realized gains and losses from security transactions are based on the identified costs of the securities involved.

**(d) Investment Income:**

Interest income is recorded as it accrues. If a fund buys a debt security at a discount (less than face value) or a premium (more than face value), it amortizes premiums and accretes discounts from the purchase settlement date up to maturity. The fund then increases (in the case of discounts) or reduces (in the case of premiums) the income it records from the security. Certain securities may be callable (meaning that the issuer has the option to pay it off before its maturity date). The fund amortizes the premium and accretes the discount on each callable security to the security's maturity date, except when the purchase price is higher than the call price at the security's call date (in which case the premium is amortized to the call date). Debt securities may be placed on non-accrual status and set to accrue at a rate of interest less than the contractual coupon or have the interest receivable written off when the collection of all or a portion of interest has become doubtful.

The Schwab Opportunistic Municipal Bond Fund held Southcentral Minnesota Multi-County Housing and Redevelopment Authority (Southcentral) bonds which were received in-kind by the Wasmer Schroeder High Yield Municipal Fund (predecessor fund) in 2014 when the predecessor fund commenced investment operations. The Southcentral bonds were purchased as distressed debt instruments in default (as the bonds were not making full payments of interest and principal when due at the time of purchase) prior

Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

**59**

------

Schwab Municipal Bond Funds

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

to the transfer in-kind to the predecessor fund. During the period ended August 31, 2023, the underlying properties that represented collateral for the Southcentral bonds were sold; the proceeds from the sale of collateral were collected by the bond trustee which resulted in a substantial distribution payment to bondholders. Due to the sale of the underlying properties, accruals for interest were suspended. A portion of the distribution payment received in April 2023 consisted of past due unpaid interest income and the fund's shareholders received an income distribution payment of the past due interest income which represented $0.27 per share on record date. During the period ended August 31, 2025, a final residual distribution payment was made to bond holders which consisted of county tax levy deficit payments collected less trust operating, administration, and legal expenses related to liquidating the trust. The total residual distribution payment made was $841,310 of which the fund allocated $94,435 as past due unpaid interest income which is disclosed as Interest received from defaulted securities — unaffiliated issuers in the fund's Statement of Operations. In addition, the fund's shareholders received a distribution of net investment income on a tax basis of past due interest income in June 2025 in the amount of $307,864 which represented $0.04 per share on record date (see financial note 8 Federal income taxes for additional information).

**(e) Expenses:**

Expenses that are specific to a fund are charged directly to the fund. Expenses that are common to more than one fund in the Schwab Funds Complex generally are allocated among those funds in proportion to their average daily net assets.

**(f) Distributions to Shareholders:**

The funds, except the Schwab Opportunistic Municipal Bond Fund, declare distributions from net investment income, if any, every day they are open for business. These distributions, which are substantially equal to a fund's net investment income for that day, are paid out to shareholders once a month. The Schwab Opportunistic Municipal Bond Fund declares and pays distributions from net investment income, if any, on the last business day of every month. The funds make distributions from net realized capital gains, if any, once a year. To receive a distribution, you must be a registered shareholder on the record date. Distributions are paid to shareholders on the payable date.

**(g) Accounting Estimates:**

The accounting policies described in this report conform to GAAP. Notwithstanding this, shareholders should understand that in order to follow these principles, fund management has to make estimates and assumptions that affect the information reported in the financial statements. It's possible that once the results are known, they may turn out to be different from these estimates and these differences may be material.

**(h) Federal Income Taxes:**

The funds intend to meet federal income and excise tax requirements for regulated investment companies under subchapter M of the Internal Revenue Code, as amended. Accordingly, the funds distribute substantially all of their net investment income and net realized capital gains, if any, to their shareholders each year. As long as a fund meets the tax requirements, it is not required to pay federal income tax.

**(i) Indemnification:**

Under the funds' organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business the funds enter into contracts with their vendors and others that provide general indemnifications. The funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the funds. However, based on experience, the funds expect the risk of loss attributable to these arrangements to be remote.

**(j) Recent Accounting Pronouncements:**

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The guidance is effective for annual periods beginning after December 15, 2024, and with early adoption permitted. At this time, management is evaluating the impact of this amendment but believes it will not have a material impact on the financial statements and income tax disclosures.

**60**Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond Funds

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Credit and Liquidity Enhancements:**

A portion of the funds' investments are in securities with credit enhancements and/or liquidity enhancements from financial institutions or corporations. These enhancements are employed by the issuers of the securities to reduce credit risk and/or provide liquidity to the purchaser. At August 31, 2025, as a percentage of the total assets the Schwab Tax-Free Bond Fund and Schwab Opportunistic Municipal Bond Fund had credit and/or liquidity enhancements in the amount of 10% and 12% of total assets, respectively, with no single entity providing greater than 10% of total assets in credit and/or liquidity enhancements. The Schwab California Tax-Free Bond Fund held less than 10% of total assets in securities with credit and/or liquidity enhancements.

------

**4. Affiliates and Affiliated Transactions:**

**Investment Adviser**

Charles Schwab Investment Management, Inc., dba Schwab Asset Management, a wholly owned subsidiary of The Charles Schwab Corporation, serves as each fund's investment adviser and administrator pursuant to the Amended and Restated Investment Advisory and Administration Agreement between the investment adviser and the trust.

For its advisory and administrative services to the funds, the investment adviser is entitled to receive an annual fee, payable monthly, based on a percentage of each fund's average daily net assets as follows:

---

| | | |
|:---|:---|:---|
| SCHWAB<br> TAX-FREE<br> BOND FUND<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCHWAB<br> CALIFORNIA TAX-FREE<br> BOND FUND<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCHWAB<br> OPPORTUNISTIC MUNICIPAL<br> BOND FUND<br>|
| 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|

---

**Shareholder Servicing**

The Board has adopted a Shareholder Servicing Plan (the Plan) on behalf of the funds, except the Schwab Opportunistic Municipal Bond Fund. The Plan enables each fund to bear expenses relating to the provision by financial intermediaries, including Charles Schwab & Co., Inc. (Schwab), a broker-dealer affiliate of the investment adviser (together, service providers), of certain account maintenance, customer liaison and shareholder services to the current shareholders of the funds.

Pursuant to the Plan, each fund's shares, excluding the Schwab Opportunistic Municipal Bond Fund, are subject to an annual shareholder servicing fee up to 0.15%. The shareholder servicing fee paid to a particular service provider is made pursuant to its written agreement with Schwab, as distributor of the funds (or, in the case of payments made to Schwab acting as a service provider, pursuant to Schwab's written agreement with the funds). Payments under the Plan are made as described above without regard to whether the fee is more or less than the service provider's actual cost of providing the services, and if more, such excess may be retained as profit by the service provider.

**Expense Limitation**

The investment adviser and its affiliates have agreed with the trust, for so long as the investment adviser serves as the investment adviser to the funds, in which the agreement may only be amended or terminated with the approval of the Board, to limit the total annual fund operating expenses charged, excluding interest, taxes and certain non-routine expenses, as follows:

---

| | | |
|:---|:---|:---|
| SCHWAB<br> TAX-FREE<br> BOND FUND<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCHWAB<br> CALIFORNIA TAX-FREE<br> BOND FUND<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCHWAB<br> OPPORTUNISTIC MUNICIPAL<br> BOND FUND<br>|
| 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|

---

**Interfund Transactions**

The funds may engage in direct transactions with other funds in the Schwab Funds Complex in accordance with procedures adopted by the Board pursuant to Rule 17a-7 under the 1940 Act. When one fund is seeking to sell a security that another fund is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs while allowing each fund to execute the transaction at the current market price. This practice is limited to funds that share the same investment adviser. For the period ended August 31, 2025, the funds did not have any purchases and sales of securities with other funds managed by the investment adviser.

Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

**61**

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Schwab Municipal Bond Funds

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Affiliates and Affiliated Transactions (continued):** 

**Interfund Borrowing and Lending**

Pursuant to an exemptive order issued by the SEC, the funds may enter into interfund borrowing and lending transactions with other funds in the Schwab Funds Complex. All loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the overnight repurchase agreement rate and the short-term bank loan rate. All loans are subject to numerous conditions designed to ensure fair and equitable treatment of all participating funds. The interfund lending facility is subject to the oversight and periodic review by the Board. The funds had no interfund borrowing or lending activity during the period.

------

**5. Board of Trustees:**

The Board may include people who are officers and/or directors of the investment adviser or its affiliates. Federal securities law limits the percentage of such "interested persons" who may serve on a trust's board, and the trust was in compliance with these limitations throughout the report period. The funds did not pay any of these interested persons for their services as trustees, but did pay non-interested persons (independent trustees), as noted in each fund's Statement of Operations.

------

**6. Borrowing from Banks:**

During the period, the funds were participants with other funds in the Schwab Funds Complex in a joint, syndicated, committed $1 billion line of credit (the Syndicated Credit Facility), which matured on September 26, 2024. On September 26, 2024, the Syndicated Credit Facility was amended to run for a new 364 day period with the line of credit amount increasing to $1.2 billion, maturing on September 25, 2025. Under the terms of the Syndicated Credit Facility, in addition to the interest charged on any borrowings by a fund, each fund paid a commitment fee of 0.15% per annum on the funds' proportionate share of the unused portion of the Syndicated Credit Facility.

During the period, the funds were participants with other funds in the Schwab Funds Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility) with State Street Bank and Trust Company, which matured on September 26, 2024. On September 26, 2024, the Uncommitted Credit Facility was amended to run for a new 364 day period with the line of credit amount remaining unchanged, maturing on September 25, 2025. Under the terms of the Uncommitted Credit Facility, each fund pays interest on the amount a fund borrows. There were no borrowings by any of the funds from either line of credit during the period.

The funds also have access to custodian overdraft facilities. A fund may have utilized the overdraft facility and incurred an interest expense, which is disclosed in each fund's Statement of Operations, if any. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.

------

**7. Purchases and Sales/Maturities of Investment Securities:**

For the period ended August 31, 2025, purchases and sales/maturities of securities (excluding short-term obligations) were as follows:

---

| | | |
|:---|:---|:---|
|  | PURCHASES <br>OF SECURITIES <br>| SALES/MATURITIES <br>OF SECURITIES<br>|
| Schwab Tax-Free Bond Fund | $273297905 | &nbsp;&nbsp; $302861069 |
| Schwab California Tax-Free Bond Fund | 194357166 | &nbsp;&nbsp; 151936945 |
| Schwab Opportunistic Municipal Bond Fund | 37342109 | &nbsp;&nbsp; 27382667 |

---

**62**Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond Funds

Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Federal Income Taxes:**

As of August 31, 2025, the tax basis cost of the funds' investments and gross unrealized appreciation and depreciation were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TAX COST | GROSS UNREALIZED <br>APPRECIATION<br>| GROSS UNREALIZED <br>DEPRECIATION<br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION)<br>|
| Schwab Tax-Free Bond Fund | $546778743 | &nbsp;&nbsp; $4707895 | &nbsp;&nbsp; ($9080220)<br>| &nbsp;&nbsp; ($4372325)<br>|
| Schwab California Tax-Free Bond Fund | 475390796 | &nbsp;&nbsp; 3520362 | &nbsp;&nbsp; (7576531)<br>| &nbsp;&nbsp; (4056169)<br>|
| Schwab Opportunistic Municipal Bond Fund | 76352152 | &nbsp;&nbsp; 382947 | &nbsp;&nbsp; (2606840)<br>| &nbsp;&nbsp; (2223893)<br>|

---

The primary differences between book basis and tax basis unrealized appreciation or unrealized depreciation of investments are the tax deferral of losses on wash sales and the differing treatment of amortization of bond discounts and premiums. The tax cost of the funds' investments, disclosed above, have been adjusted from their book amounts to reflect these unrealized appreciation or depreciation differences, as applicable.

As of August 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | UNDISTRIBUTED <br>TAX-EXEMPT <br>INCOME <br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION) <br>ON INVESTMENTS <br>| CAPITAL LOSS <br>CARRYFORWARDS <br>AND OTHER LOSSES <br>| TOTAL  |
| Schwab Tax-Free Bond Fund | $710944 | &nbsp;&nbsp; ($4372325)<br>| &nbsp;&nbsp; ($41076057)<br>| &nbsp;&nbsp; ($44737438)<br>|
| Schwab California Tax-Free Bond Fund | 557526 | &nbsp;&nbsp; (4056169)<br>| &nbsp;&nbsp; (24916411)<br>| &nbsp;&nbsp; (28415054)<br>|
| Schwab Opportunistic Municipal Bond Fund | 226225 | &nbsp;&nbsp; (2223893)<br>| &nbsp;&nbsp; (9046574)<br>| &nbsp;&nbsp; (11044242)<br>|

---

The components of distributable earnings on a tax basis may not match the Total distributable loss line item on the Statement of Assets and Liabilities due to other temporary timing differences.

Net investment income and realized capital gains and losses may differ for financial statement and tax purposes primarily due to differing treatments of amortization of bond discounts and premiums.

Capital loss carryforwards have no expiration and may be used to offset future realized capital gains for federal income tax purposes. As of August 31, 2025, the funds had capital loss carryforwards available as follows:

---

| | |
|:---|:---|
| Schwab Tax-Free Bond Fund | $41076057 |
| Schwab California Tax-Free Bond Fund | 24916411 |
| Schwab Opportunistic Municipal Bond Fund | 8517074 |

---

The Schwab Opportunistic Municipal Bond Fund had a shareholder ownership change during the period ended August 31, 2023, which limits the availability of capital loss carryforwards to offset potential future capital gains. In addition to the available capital loss carryforward disclosed above for the Schwab Opportunistic Municipal Bond Fund, there are additional capital loss carryforwards as of the ownership change date in the amount of $529,500, all of which will be available in the next fiscal year.

The tax basis components of distributions paid during the current and prior fiscal years were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | CURRENT FISCAL YEAR END DISTRIBUTIONS | CURRENT FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS |
|  | TAX-EXEMPT <br>INCOME <br>| ORDINARY <br>INCOME<br>| TAX-EXEMPT <br>INCOME <br>| ORDINARY <br>INCOME <br>|
| Schwab Tax-Free Bond Fund | $20045944 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19607926 | &nbsp;&nbsp; $— |
| Schwab California Tax-Free Bond Fund | 14557296 | &nbsp;&nbsp; 1725 | &nbsp;&nbsp; 12975696 | &nbsp;&nbsp; — |
| Schwab Opportunistic Municipal Bond Fund | 2903886 | &nbsp;&nbsp; 31091 | &nbsp;&nbsp; 2120921 | &nbsp;&nbsp; 4983 |

---

Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts in the financial statements. The funds may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

**63**

------

Schwab Municipal Bond Funds

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Federal Income Taxes (continued):** 

Permanent book and tax basis differences may result in reclassifications between components of net assets as required. The adjustments will have no impact on net assets or the results of operations.

As of August 31, 2025, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the funds, and has determined that no provision for income tax is required in the funds' financial statements. The funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in each fund's Statement of Operations. During the fiscal year ended August 31, 2025, the funds did not incur any interest or penalties.

------

**9. Subsequent Events:**

Management has determined there are no subsequent events or transactions through the date the financial statements were issued that would have materially impacted the financial statements as presented.

**64**Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond Funds

Report of Independent Registered Public Accounting Firm

------

To the Board of Trustees of Schwab Investments and Shareholders of Schwab Tax-Free Bond Fund, Schwab California Tax-Free Bond Fund, and Schwab Opportunistic Municipal Bond Fund:

***Opinion on the Financial Statements and Financial Highlights***

We have audited the accompanying statements of assets and liabilities, including the portfolio holdings, of Schwab Tax-Free Bond Fund, Schwab California Tax-Free Bond Fund, and Schwab Opportunistic Municipal Bond Fund (the "Funds"), three of the funds constituting Schwab Investments, as of August 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion

**Deloitte & Touche LLP**

Denver, Colorado

October 22, 2025

We have served as the auditor of one or more investment companies in the Schwab Funds Complex since 2020.

Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

**65**

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Changes in and Disagreements with Accountants for Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

**66**Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

------

Proxy Disclosures for Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

**67**

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Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The remuneration paid to directors, officers and others are included under Item 7 (Financial Statements and Financial Highlights for Open-End Management Investment Companies).

**68**Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond Funds

Investment Advisory Agreement Approval

------

The Investment Company Act of 1940, as amended (the 1940 Act), requires that the continuation of a fund's investment advisory agreement must be specifically approved (1) by the vote of the trustees or by a vote of the shareholders of the fund, and (2) by the vote of a majority of the trustees who are not parties to the investment advisory agreement or "interested persons" of any party thereto (the Independent Trustees), cast in person at a meeting called for the purpose of voting on such approval. In connection with such approvals, the fund's trustees must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the investment advisory agreement.

The Board of Trustees (the Board or the Trustees, as appropriate) calls and holds one or more meetings each year that are dedicated, in whole or in part, to considering whether to renew the investment advisory and administration agreement (the Agreement) between Schwab Investments (the Trust) and Charles Schwab Investment Management, Inc. (CSIM) (dba Schwab Asset Management) (the investment adviser) with respect to the existing funds in the Trust, including Schwab Tax-Free Bond Fund, Schwab California Tax-Free Bond Fund and Schwab Opportunistic Municipal Bond Fund (the Funds), and to review certain other agreements pursuant to which the investment adviser provides investment advisory services to certain other registered investment companies. In preparation for the meeting(s), the Board requests and reviews a wide variety of materials provided by the investment adviser, including information about the investment adviser's affiliates, personnel, business goals and priorities, profitability, oversight of third-party service providers, corporate structure and operations. As part of the renewal process, the Independent Trustees' legal counsel, on behalf of the Independent Trustees, sends an information request letter to the investment adviser seeking certain relevant information. The responses by the investment adviser are provided to the Trustees in the Board materials for their review prior to their meeting, and the Trustees are provided with the opportunity to request any additional materials. The Board also receives data provided by an independent provider of investment company data. This information is in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to the Funds' operations and performance, legal and compliance matters, risk management, portfolio turnover, and sales and marketing activity. In considering the renewal, the Independent Trustees receive advice from Independent Trustees' legal counsel, including a memorandum regarding the responsibilities of trustees for the approval of investment advisory agreements. In addition, the Independent Trustees participate in question and answer sessions with

representatives of the investment adviser and meet in executive session outside the presence of Fund management.

The Board, including a majority of the Independent Trustees, considered information specifically relating to the continuance of the Agreement with respect to the Funds at meetings held on May 7, 2025 and June 5, 2025, and approved the renewal of the Agreement with respect to the Funds for an additional one-year term at the meeting on June 5, 2025 called for the purpose of voting on such approval.

The Board's approval of the continuance of the Agreement with respect to the Funds was based on consideration and evaluation of a variety of specific factors discussed at these meetings and at prior meetings, including:

1. the nature, extent and quality of the services provided to each Fund under the Agreement, including the resources of the investment adviser and its affiliates dedicated to the Funds;

2. each Fund's investment performance and how it compared to that of certain other comparable mutual funds and benchmark data;

3. each Fund's expenses and how those expenses compared to those of certain other similar mutual funds;

4. the profitability of the investment adviser and its affiliates, including Charles Schwab & Co., Inc. (Schwab), with respect to each Fund, including both direct and indirect benefits accruing to the investment adviser and its affiliates; and

5. the extent to which economies of scale would be realized as each Fund grows and whether fee levels in the Agreement reflect those economies of scale for the benefit of Fund investors.

**Nature, Extent and Quality of Services.** The Board considered the nature, extent and quality of the services provided by the investment adviser to the Funds and the resources of the investment adviser and its affiliates dedicated to the Funds. In this regard, the Trustees evaluated, among other things, the investment adviser's experience, track record, compliance program, resources dedicated to hiring and retaining skilled personnel and specialized talent, and information security resources. The Trustees also considered information provided by the investment adviser relating to services and support provided with respect to the Funds' portfolio management team, portfolio strategy, and internal investment guidelines, as well as trading infrastructure, liquidity management, product design and analysis, shareholder communications, securities valuation, and vendor and risk oversight. The Trustees also considered the investment adviser's continued investment in its infrastructure, including the investment adviser's technology and use of data, business continuity, cybersecurity,

Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

**69**

------

Schwab Municipal Bond Funds

due diligence, risk management processes, and information security programs. The Trustees considered Schwab's overall financial condition and its reputation as a full service brokerage firm, as well as the wide range of products, services and account features that benefit Fund shareholders who are brokerage clients of Schwab. Following such evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services provided by the investment adviser to the Funds and the resources of the investment adviser and its affiliates dedicated to the Funds supported renewal of the Agreement with respect to the Funds.

**Fund Performance.** The Board considered each Fund's performance in determining whether to renew the Agreement with respect to such Fund. Specifically, the Trustees considered each Fund's performance relative to a peer category of other mutual funds and applicable indices/benchmarks, in light of portfolio yield and the market environment, as well as in consideration of each Fund's investment style and strategy. As part of this review, the Trustees considered the composition of the peer category, selection criteria and the reputation of the independent provider of investment company data who prepared the peer category analysis. In evaluating the performance of each Fund, the Trustees considered the risk profile for such Fund and the appropriateness of the benchmark used to compare the performance of each Fund. The Trustees further considered the level of Fund performance in the context of their review of Fund expenses and the investment adviser's profitability discussed below and also noted that the Board and a designated committee of the Board review performance throughout the year. Following such evaluation, the Board concluded, within the context of its full deliberations, that the performance of each Fund supported renewal of the Agreement with respect to such Fund.

**Fund Expenses.** With respect to each Fund's expenses, the Trustees considered the rate of compensation called for by the Agreement and each Fund's net operating expense ratio, in each case, in comparison to those of other similar mutual funds, such peer groups and comparisons having been selected and calculated by an independent provider of investment company data. The investment adviser reported to the Board, and the Board took into account, the risk assumed by the investment adviser in the development of the Funds and provision of services as well as the competitive marketplace for financial products. The Trustees considered the effects of the investment adviser's and Schwab's practice of waiving certain fees to prevent total annual operating expenses of the Funds from exceeding a specified cap. The Trustees also considered the investment adviser's contractual commitment to limit the total annual operating expenses of each Fund for so long as the investment adviser serves as the adviser to the Fund. The Trustees also considered fees charged by the investment adviser to other mutual funds that it manages. Following such evaluation, the Board concluded, within the context of its full

deliberations, that the expenses of each Fund are reasonable and supported renewal of the Agreement with respect to such Fund.

**Profitability.** The Trustees considered the compensation flowing to the investment adviser and its affiliates, directly or indirectly and reviewed profitability on a pre-tax basis, without regard to distribution expenses. The Trustees reviewed profitability of the investment adviser relating to the Schwab fund complex as a whole, noting the benefits to Fund shareholders of being part of the Schwab fund complex, including the allocations of certain costs across the Funds and other funds in the complex. The Trustees also considered any other benefits derived by the investment adviser from its relationship with the Funds, such as whether, by virtue of its management of the Funds, the investment adviser obtains investment information or other research resources that aid it in providing advisory services to other clients. The Trustees considered whether the compensation and profitability with respect to the Funds under the Agreement and other service agreements were reasonable in light of the quality of all services rendered to the Funds by the investment adviser and its affiliates. The Trustees noted that the investment adviser continues to invest substantial sums in its business in order to provide enhanced research capabilities, services and systems to benefit the Funds. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the profitability of the investment adviser is reasonable and supported renewal of the Agreement with respect to such Fund.

**Economies of Scale.** Although the Trustees recognized the difficulty of determining economies of scale with precision, and although the Funds do not have breakpoints in their advisory fees, the Trustees considered the potential existence of any economies of scale and whether those are passed along to a Fund's shareholders through (i) the enhancement of services provided to the Funds in return for fees paid, including through the investment adviser's continued investment in its infrastructure, and use of data and technology, increasing expertise and capabilities in key areas (including portfolio and trade operations), and improving business continuity, cybersecurity, due diligence and information security programs, which are designed to provide enhanced services to the Funds and their shareholders; and (ii) fee waivers or expense caps by the investment adviser and its affiliates for those funds in the Schwab fund complex with such features; and (iii) pricing a fund to scale and keeping overall expenses down as the fund grows. The Trustees considered that the investment adviser and its affiliates may employ contractual expense caps to protect shareholders from higher fees when fund assets are relatively small, for example, in the case of newer funds or funds with investment strategies that are from time to time out of favor, because, among other reasons, shareholders may benefit from the continued availability of such funds at or below contractual expense caps. Based on

**70**Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

------

Schwab Municipal Bond Funds

this evaluation, the Board concluded, within the context of its full deliberations, that each Fund obtains reasonable benefits from economies of scale.

\* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \*

In the course of their deliberations, the Trustees may have accorded different weights to various factors and did not identify any particular information or factor that was all important or controlling. Based on the Trustees' deliberation

and their evaluation of the information described above, the Board, including all of the Independent Trustees, approved the continuation of the Agreement with respect to the Funds and concluded that the compensation under the Agreement with respect to the Funds is fair and reasonable in light of the services provided and the related expenses borne by the investment adviser and its affiliates and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment.

Schwab Municipal Bond Funds \| Annual Holdings and Financial Statements

**71**

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g49891img056732591.jpg)

MFR13656-28

00317403

------

#### Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
The changes in and disagreements with accountants for open-end management investment companies are included under Item 7 of this Form.

#### Item 9: Proxy Disclosures for Open-End Management Investment Companies.
The proxy disclosures for open-end management investment companies are included under Item 7 of this Form.

#### Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The remuneration paid to directors, officers and others are included under Item 7 of this Form.

#### Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract.
The statement regarding basis for approval of investment advisory contract is included under Item 7 of this Form.

#### Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14: Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15: Submission of Matters to a Vote of Security Holders.
Not applicable.

#### Item 16: 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 Principal Executive Officer, Omar Aguilar and Registrant's Principal Financial Officer, Dana Smith, 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 the period covered by this report, there have been no changes in Registrant's internal control over financial reporting 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 17: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18: Recovery of Erroneously Awarded Compensation.
(a) Not applicable.

(b) Not applicable

#### Item 19: Exhibits.
(a) (1) [Registrant's code of ethics (that is the subject of the disclosure required by Item 2(a)) is attached.](d42625dex99codeeth.htm)

(2) Not applicable.

------

(3) [Separate certifications for Registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (the "1940 Act"), are attached.](d42625dex99cert.htm)

(b) [A certification for Registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act, is attached. This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. section 1350 and is not being filed as part of the Form N-CSR with the Commission.](d42625dex99906cert.htm)

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) <u>Schwab Investments -</u> Schwab Taxable Bond Funds and Schwab Municipal Bond Funds

---

| | |
|:---|:---|
| By: | /s/ Omar Aguilar |
|  | Omar Aguilar<br> Principal Executive Officer (Chief Executive Officer) |
| Date: | October 22, 2025 |

---

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/ Omar Aguilar |
|  | Omar Aguilar<br> Principal Executive Officer (Chief Executive Officer) |
| Date: | October 22, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Dana Smith |
|  | Dana Smith<br> Principal Financial Officer (Chief Financial Officer) |
| Date: | October 22, 2025 |

---

## Ex-99.Codeeth

---

| | |
|:---|:---|
| **F.II.1.B.** | **CODE OF BUSINESS CONDUCT AND ETHICS** |

---

**CODE OF BUSINESS CONDUCT AND ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS SCHWAB FUNDS:** 

THE CHARLES SCHWAB FAMILY OF FUNDS

SCHWAB INVESTMENTS

SCHWAB CAPITAL TRUST

SCHWAB ANNUITY PORTFOLIOS

LAUDUS TRUST

**SCHWAB ETFS:** 

SCHWAB STRATEGIC TRUST

**I.** **SCOPE** 

This Code of Business Conduct and Ethics (the "Code") for the Schwab Funds and Schwab ETFs (the "Funds") covers the Principal Executive Officer and Principal Financial Officer and any other officers who serve a similar function (each an "Officer") of all of the investment companies within the Funds' complex and applies to their service to the Funds.

**II.** **INTRODUCTION** 

The Funds are committed to the highest standards of ethical conduct. The Code consists of an outline of policies regarding conduct pertaining to legal compliance, personal conflicts of interest, confidentiality and privacy, and certain business practices. You are responsible for reviewing the Code and for acting in compliance with the Code in your daily activities.

The Code is not exhaustive; it provides guidance for carrying out your responsibilities on behalf of the Funds and observing the highest standards of ethical conduct. Because the Code does not address every possible situation that may arise, you are responsible for exercising good judgment, applying ethical principles, and raising questions when in doubt. Your integrity and good judgment reflect on the Funds' brand and reputation, and are the foundation of trust for our shareholder and business relationships.

If you are unsure of what to do in any situation or how to interpret the provisions of the Code, seek guidance before you act. Use the Funds' resources, including the Chief Legal Officer or the Chief Compliance Officer. If you feel that it is not appropriate to discuss a matter with the Chief Legal Officer or the Chief Compliance Officer, you may contact the Ombudsperson for The Charles Schwab Corporation.

CONTACT INFORMATION

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|:---|:---|:---|
| **Title** | **Name** | **Phone Number** |
| Chief Compliance Officer | Mark Hunter | 512-682-7627 |
| Chief Legal Officer of Schwab | Catherine MacGregor | 415-667-0650 |
| Funds and Schwab ETFs |  |  |
| The Charles Schwab | Amy Pimentel, Esq, | 617-535-3948 |
| Corporation Ombudsperson | McDermott Will & Emery LLP |  |

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**III.** **POLICIES** 

In executing your responsibilities on behalf of the Funds, your conduct should reflect positively on the Funds. A strong personal sense of ethics should always play a significant role in guiding you towards a proper course of action. The appearance of impropriety can be as harmful to the Funds' reputation as improper conduct.

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| **The information contained herein is the property of Charles Schwab and may not be copied, used or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic, mechanical, reprographic, recording, or otherwise) outside of Charles Schwab without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or his/her designee.** | 1 |

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|:---|:---|
| **F.II.1.B.** | **CODE OF BUSINESS CONDUCT AND ETHICS** |

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The Funds' business is subject to various laws, rules and regulations, including federal securities and state and local laws. Although you are not expected to know the details of the myriad of laws governing our business, you are expected to be familiar with and comply with policies and procedures that apply to your business unit and complete any required training that applies to you (e.g., training regarding privacy or anti-money laundering).

A. PERSONAL CONFLICTS OF INTEREST

It is important that you do not place yourself in a position that would cloud your judgment in carrying out the business affairs of the Funds. A "personal conflict of interest" occurs when your private interest interferes in any way — or even appears to interfere — with the interests of the Funds. You have a duty to report any material transaction or relationship to the Chief Compliance Officer that reasonably could be expected to be or to create a conflict of interest with the Funds.

Officers, in addition to their obligation to the Funds, may also be an officer or employee of CSIM or a CSIM affiliate. As a result, this Code recognizes that the Officers will, in the normal course of their duties (whether formally for the Funds, for CSIM, for CSIM's affiliate or for more than one entity), be involved in establishing policies and implementing decisions that will have different effects on CSIM, CSIM's affiliates and the Funds. The participation of the Officers in such activities is inherent in the contractual relationship between the Funds and CSIM and is consistent with the performance by the Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act of 1940, as amended (the "1940 Act"), and the Investment Advisers Act of 1940, as amended (the "Advisers Act"), such activities will be deemed under the Code to have been handled ethically. In addition, it is recognized by the Trustees that the Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

B. INSIDE INFORMATION

Do not trade on inside information or disclose inside information to anyone except those who have a need to know it in order to fulfill their responsibilities for the Funds and in accordance with the Funds' policy. This applies to information regarding the Funds, The Charles Schwab Corporation and its subsidiaries, and any other publicly traded company.

Generally, material information is any information that an investor would likely consider important in deciding whether to buy, sell or hold securities or that could affect the market price of the securities. Examples include actual or estimated financial results or change in dividends; significant discoveries or product developments; possible mergers, acquisitions or divestitures; major changes in business strategies; obtaining or losing significant contracts; and threatened major litigation or related developments. If you have or receive information and are unsure whether it is within the definition of inside information or whether its release might be contrary to a fiduciary or other obligation, contact the Chief Compliance Officer prior to disclosing any such information.

You must not use the Funds' non-public holdings or transactions information in any way to influence your trades or the trades of other shareholders, including those of other employees, officers and directors. Trading ahead of shareholder or the Funds' transactions (frontrunning) and following shareholder or the Funds' transactions (piggybacking or shadowing) is prohibited.

C. ACCEPTANCE OF GIFTS OR ENTERTAINMENT

You must not accept gifts or entertainment from shareholders, vendors, suppliers, competitors or other employees where they present a conflict of interest or create the appearance of impropriety. You must adhere to the CSIM and The Charles Schwab Corporation policies regarding gifts and entertainment, and apply the more stringent restrictions. In addition, if you are an employee of another CSIM affiliate you must also adhere to that affiliate's policies regarding gifts and entertainment, and apply the more stringent restrictions.

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| **The information contained herein is the property of Charles Schwab and may not be copied, used or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic, mechanical, reprographic, recording, or otherwise) outside of Charles Schwab without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or his/her designee.** | 2.0 |

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|:---|:---|
| **F.II.1.B.** | **CODE OF BUSINESS CONDUCT AND ETHICS** |

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D. CONFIDENTIALITY OF INFORMATION AND PRIVACY

Information concerning the identity of the Funds' underlying shareholders and their transactions and accounts is confidential. Such information may not be disclosed to persons working on behalf of the Funds except as they may need to know it in order to fulfill their responsibilities to the Funds. You may not disclose such information to anyone or any firm outside the Funds unless (i) the outside firm needs to know the information in order to perform services for the Funds and is bound to maintain its confidentiality; (ii) when the shareholder has consented or been given an opportunity to request that the information not be shared; (iii) as required by law; or (iv) as authorized by the Chief Legal Officer or Chief Compliance Officer.

The Funds are committed to safeguarding their customers' privacy. We do not sell any personally identifiable customer information. Sharing of such information with third parties is limited to situations related to the processing and servicing of customer accounts, and to specifically delineated exceptions in the federal privacy law. We share information with our affiliates to the extent permitted by federal law. You must be familiar with the procedural and systemic safeguards we maintain to protect this information.

You have the responsibility to safeguard the Funds' proprietary information. Proprietary information includes intellectual property (copyrights, trademarks or patents or trade secrets), particular know-how (business or organizational designs, or business, marketing or service plans or ideas) and sensitive information about the Funds (databases, records, salary information or unpublished financial reports).

E. PROTECTION AND USE OF FUNDS '
ASSETS

You are obligated to protect the Funds' assets and ensure their efficient use. Theft, carelessness and waste have a direct impact on the Funds. The Funds' equipment should not be used for non-Funds' business, though incidental personal use may be permitted.

F. FINANCIAL DISCLOSURES

The Funds are committed to providing full, fair, accurate, timely and understandable disclosure in reports and documents that the Funds file with, or submit to, the Securities and Exchange Commission and other regulatory agencies and in other public communications made by the Funds. You are required to comply with the Funds' policies and procedures to provide such full, fair, accurate, timely and understandable disclosure.

G. CONDUCT OF AUDITS

Neither you nor any other person acting under your direction shall directly or indirectly take any action to fraudulently influence, coerce, manipulate, or mislead any independent public or certified public accountant engaged in the performance of an audit or review of the Funds' financial statements.

Types of conduct that constitute improper influence include, but are not limited to, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Offering or paying bribes or other financial incentives, including offering future employment or contracts for non-audit services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing an auditor with inaccurate or misleading legal analysis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Threatening to cancel or canceling existing non-audit or audit
engagements if the auditor objects to the issuer's accounting

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| **The information contained herein is the property of Charles Schwab and may not be copied, used or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic, mechanical, reprographic, recording, or otherwise) outside of Charles Schwab without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or his/her designee.** | 3.0 |

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| **F.II.1.B.** | **CODE OF BUSINESS CONDUCT AND ETHICS** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Seeking to have a partner removed from the audit engagement because the partner objects to the Funds'
accounting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Blackmailing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Making physical threats

H. RECORDKEEPING

You must be familiar with the Funds' record retention policies and always retain or destroy records according to them. In the event of litigation, governmental investigation or the threat of such action, you should consult the Chief Legal Officer or the Chief Compliance Officer regarding record retention.

The Funds' books, records and accounts must conform both to applicable legal requirements and to the Funds' internal controls and policies.

Unrecorded or "off-the-books" funds or assets are prohibited unless permitted by applicable law or regulation. Business records must not contain exaggeration, derogatory remarks, guesswork, or inappropriate characterizations of people and companies. This applies equally to email, internal memoranda, formal reports, and all other forms of business records.

I. SALES PRACTICES

If you transact business for shareholders, you are required to know and observe the Funds' specific policies and procedures for shareholder sales and transactions, such as the content and use of sales materials, documentation for transactions, quotations and suitability. Likewise, if you transact business with third parties (such as vendors or suppliers), you will be required to know and observe the Funds' policies and procedures for such transactions, such as marketing policies, procedures for performing due diligence on third parties, and obtaining proper authorizations for any agreements. You must be familiar with any enumerated policies and procedures governing your sales activities and use good judgment in complying with them.

J. COMPETITION AND FAIR DEALING

We operate our business fairly and honestly. We seek competitive advantage through performance and never through unethical or illegal business practices. It is our policy to comply with anti-trust laws. These laws are complex and not easily summarized, but at a minimum require that there be no agreement or understanding between the Funds and their competitors that affect prices, terms or conditions of sale or that unreasonably restrain full and fair competition. You must always respect the rights of and deal fairly with the Funds' shareholders and competitors. You must never take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair dealing practice.

K. PROHIBITION OF BRIBERY AND KICKBACKS

Our policies prohibit bribery or kickbacks of any kind and to anyone in the conduct of our business. The U.S. government has a number of laws and regulations applicable specifically to business gratuities that may be offered to or accepted by U.S. and foreign government personnel. The promise, offer or delivery to an official or employee of the U.S. government or an official, employee or candidate of a foreign government of a gift, favor, payment or other gratuity in violation of these rules would not only violate the Funds' policy but could also be a criminal offense. Similarly, federal law, as well as the laws of many states, prohibits engaging in "commercial bribery." Commercial bribery involves soliciting, demanding or agreeing to accept anything of value from any person intending to influence or be rewarded in connection with any business or transaction, and prohibits all such behavior, for example, with respect to vendors, competitors, shareholders, and government employees.

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| **The information contained herein is the property of Charles Schwab and may not be copied, used or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic, mechanical, reprographic, recording, or otherwise) outside of Charles Schwab without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or his/her designee.** | 4.0 |

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|:---|:---|
| **F.II.1.B.** | **CODE OF BUSINESS CONDUCT AND ETHICS** |

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L. WAIVERS

Waivers of the Code may be made only by the Trustees and will be promptly disclosed publicly as required by law.

M. CODE AMENDMENTS

This Code may not be amended except in written form, which is specifically approved or ratified by a majority of the Trustees including a majority of the independent Trustees. Any amendments will, to the extent required, be disclosed in accordance with law.

N. CONFIDENTIALITY

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trustees, CSIM, The Charles Schwab Corporation and their respective counsel. However, nothing contained in this Code or in any applicable employment or severance agreement(s) should be interpreted as prohibiting employees or former employees from voluntarily communicating with the Securities and Exchange Commission or other authorities regarding possible violations of law or from recovering a whistleblower award.

**IV.** **ESCALATION AND PROHIBITION AGAINST RETALIATION** 

If you know of, or reasonably believe there is, a violation of this Code, you must report that information immediately to the Funds' Chief Compliance Officer. Depending on the possible violation, you may also be required to report it pursuant to The Charles Schwab Corporation Code of Business Conduct and CSIM and/or CSIM's affiliate's compliance policies and procedures. You should not conduct preliminary investigations unless authorized to do so by the Compliance Department.

No Officer will be retaliated against for making a good faith complaint or for bringing inappropriate conduct to the attention of the Funds' personnel, Ombudsperson of The Charles Schwab Corporation or Trustees, for assisting another employee or applicant in making a good faith report, for cooperating in an investigation, or for filing an administrative claim with a state or federal governmental agency. Any Officer who in good faith raises an issue regarding a possible violation of law, regulation or company policy or any suspected illegal or unethical behavior will be protected from retaliation.

If you have violated the Code, however, making a report will not protect you from the consequences of your actions. You can be subject to discipline up to and including termination of employment if you violate the Code or fail to report violations that come to your attention.

Any employee who engages in retaliatory conduct in violation of our policies will be subject to disciplinary action, up to and including termination of employment. If you reasonably believe retaliatory conduct has occurred, you must report such conduct to the Funds' Chief Compliance Officer.

**V.** **PROCEDURES** 

A. OFFICERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Read and be familiar with conduct rules outlined in the Code, and periodically review them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Affirm in writing to the Trustees that you have received, read and understand the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually affirm to the Trustees that you have complied with the requirements of the Code.

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| **The information contained herein is the property of Charles Schwab and may not be copied, used or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic, mechanical, reprographic, recording, or otherwise) outside of Charles Schwab without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or his/her designee.** | 5.0 |

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| **F.II.1.B.** | **CODE OF BUSINESS CONDUCT AND ETHICS** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comply with the conduct standards outlined in this Code in all dealings and actions, including those with
shareholders, the public, and vendors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report any material transaction or relationship to the Chief Compliance Officer that reasonably could be expected
to be or to create a personal conflict of interest with the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report in a timely manner to the Chief Compliance Officer any conduct that may constitute a violation of the
Code, the Funds' policies, or laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raise questions or concerns about conduct issues with your supervisor, the Chief Legal Officer or Chief
Compliance Officer, and seek advice when in doubt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cooperate with management during fact-finding investigations and comply with any confidentiality rules imposed.

B. CHIEF COMPLIANCE OFFICER

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Chief Compliance Officer, upon becoming notified of potential violation of this Code, will conduct,
facilitate or delegate a review of the matter and will report to the Chairperson of the affected Fund's Audit, Compliance and Valuation Committee any violations of this Code that he or she believes to be material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Chief Compliance Officer, upon becoming notified of a personal conflict of interest between an Officer and
the Funds that the Chief Compliance Officer deems to be material, will report the issue to the Chairperson of the affected Fund's Audit, Compliance and Valuation Committee and will work with the Chief Legal Officer and other appropriate
parties to ensure that any required disclosures are made.

C. TRUSTEES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Board of Trustees will consider appropriate action to address any violations of the Code that they deem to be
material, which may include review of and appropriate modification to applicable policies and procedures, notification to appropriate personnel of CSIM or its board of directors, notification to appropriate personnel of The Charles Schwab
Corporation or its board of directors, or a recommendation to dismiss the Officer.

**VI.** **REGULATORY AUTHORITY** 

This Code constitutes the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, CSIM, CSIM's affiliates, The Charles Schwab Corporation or other Fund service providers govern or purport to govern the behavior or activities of an Officer who is subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. CSIM's, the Funds' and Charles Schwab & Co. Inc.'s (as distributor) joint code of ethics under Rule 17j-1 pursuant to the 1940 Act and Rule 204A-1 of the Advisers Act, and CSIM's, CSIM's affiliates', and The Charles Schwab Corporation's policies and procedures set forth in their respective compliance manuals and elsewhere are separate requirements applying to the Officers and are not part of this Code.

<u>VERSION HISTORY</u> 

Adopted Schwab and Laudus Funds: June 15, 2011, Schwab ETFs: August 4, 2011

Revised August 8, 2013; December 11, 2015; August 25, 2016; December 11, 2017; September 25, 2018 (no changes); December 12, 2019; November 3, 2020; October 7, 2021; December 13, 2022; December 11, 2023; December 19, 2024

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| **The information contained herein is the property of Charles Schwab and may not be copied, used or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic, mechanical, reprographic, recording, or otherwise) outside of Charles Schwab without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or his/her designee.** | 6.0 |

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## Ex-99.Cert

**<u>CERTIFICATIONS</u>**

I, Omar Aguilar, certify that:

1. I have reviewed this report on Form N-CSR for the following series of Schwab Investments: Schwab Treasury Inflation Protected Securities Index Fund, Schwab U.S. Aggregate Bond Index Fund, Schwab Short-Term Bond Index Fund, Schwab Tax-Free Bond Fund, Schwab California Tax-Free Bond Fund and Schwab Opportunistic Municipal Bond Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosures and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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|:---|:---|:---|
| Date: | October 22, 2025 | /s/ Omar Aguilar |
|  |  | Omar Aguilar<br> Principal Executive Officer (Chief Executive Officer) |

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**<u>CERTIFICATIONS</u>**

I, Dana Smith, certify that:

1. I have reviewed this report on Form N-CSR for the following series of Schwab Investments: Schwab Treasury Inflation Protected Securities Index Fund, Schwab U.S. Aggregate Bond Index Fund, Schwab Short-Term Bond Index Fund, Schwab Tax-Free Bond Fund, Schwab California Tax-Free Bond Fund and Schwab Opportunistic Municipal Bond Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosures and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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|:---|:---|:---|
| Date: | October 22, 2025 | /s/ Dana Smith |
|  |  | Dana Smith<br> Principal Financial Officer (Chief Financial Officer) |

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## Exhibit 99.906

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES**-**OXLEY ACT OF 2002

In connection with the Annual Report for the following series of Schwab Investments: Schwab Treasury Inflation Protected Securities Index Fund, Schwab U.S. Aggregate Bond Index Fund, Schwab Short-Term Bond Index Fund, Schwab Tax-Free Bond Fund, Schwab California Tax-Free Bond Fund and Schwab Opportunistic Municipal Bond Fund (the "Funds") on Form N-CSR for the period ended August 31, 2025 ("periodic report"), each of the undersigned, being the Principal Executive Officer and Principal Financial Officer, respectively, hereby certifies, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes**-**Oxley Act of 2002, that to the best of my knowledge:

(1) The periodic report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the periodic report fairly presents, in all material respects, the financial condition and results of operations of the Funds for the period presented therein.

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| | | |
|:---|:---|:---|
| /s/ Omar Aguilar | Date: | October 22, 2025 |
| Omar Aguilar |  |  |
| Principal Executive Officer (Chief Executive Officer) |  |  |
| /s/ Dana Smith | Date: | October 22, 2025 |
| Dana Smith |  |  |
| Principal Financial Officer (Chief Financial Officer) |  |  |

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This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. section 1350 and is not being filed as part of the Form N-CSR with the Commission.