# EDGAR Filing Document

**Accession Number:** 0000857156
**File Stem:** 0001193125-23-058083
**Filing Date:** 2023-3
**Character Count:** 1501383
**Document Hash:** f3894a8174600ac98fa385e87fe70976
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-058083.hdr.sgml**: 20230302

**ACCESSION NUMBER**: 0001193125-23-058083

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 76

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230302

**DATE AS OF CHANGE**: 20230302

**EFFECTIVENESS DATE**: 20230302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CHARLES SCHWAB FAMILY OF FUNDS
- **CENTRAL INDEX KEY:** 0000857156
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05954
- **FILM NUMBER:** 23698669

**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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SCHWAB CHARLES FAMILY OF FUNDS
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Schwab AMT Tax-Free Money Fund (Series ID: S000004500)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000039063 | Investor Shares | SWWXX           |
| C000219263 | Ultra Shares    | SCTXX           |

### Schwab Government Money Fund (Series ID: S000004506)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000012381 | Sweep Shares    | SWGXX           |
| C000151955 | Investor Shares | SNVXX           |
| C000222229 | Ultra Shares    | SGUXX           |

### Schwab U.S. Treasury Money Fund (Series ID: S000004507)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000198373 | Investor Shares | SNSXX           |
| C000222230 | Ultra Shares    | SUTXX           |

### Schwab Value Advantage Money Fund (Series ID: S000004508)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000012383 | Investor Shares | SWVXX           |
| C000038267 | Ultra Shares    | SNAXX           |

### Schwab Municipal Money Fund (Series ID: S000004511)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000012389 | Investor Shares | SWTXX           |
| C000012391 | Ultra Shares    | SWOXX           |

### Schwab California Municipal Money Fund (Series ID: S000004512)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000012393 | Investor Shares | SWKXX           |
| C000219264 | Ultra Shares    | SCAXX           |

### Schwab New York Municipal Money Fund (Series ID: S000004513)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000012395 | Investor Shares | SWYXX           |
| C000219265 | Ultra Shares    | SNYXX           |

### Schwab Treasury Obligations Money Fund (Series ID: S000036659)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000112046 | Investor Shares | SNOXX           |
| C000222231 | Ultra Shares    | SCOXX           |

### Schwab Variable Share Price Money Fund (Series ID: S000052458)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000164902 | Ultra Shares | SVUXX           |

### Schwab Retirement Government Money Fund (Series ID: S000053802)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000169257 | Schwab Retirement Government Money Fund | SNRXX           |

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM N-CSR** 

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**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

**Investment Company Act file number: 811-05954** 

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## The Charles Schwab Family of Funds
**(Exact name of registrant as specified in charter)** 

------

**211 Main Street, San Francisco, California 94105** 

**(Address of principal executive offices) (Zip code)** 

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**Jonathan de St. Paer** 

**The Charles Schwab Family of Funds** 

**211 Main Street, San Francisco, California 94105** 

**(Name and address of agent for service)** 

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

**Date of fiscal year end: December 31** 

**Date of reporting period: December 31, 2022** 

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**Item 1: Report(s) to Shareholders.** 

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g21476img215943051.jpg)

**Annual Report** \| December 31, 2022

Schwab Municipal Money Funds

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Schwab California Municipal <br>Money Fund

Schwab New York Municipal <br>Money Fund

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

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

**This page is intentionally left blank.**

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

**In This Report**

---

| | |
|:---|:---|
| [From the President](#xx_b94d1789-adc4-49d8-bf5b-1a3a91935aaa_1) | 2 |
| [State Investment Environment](#xx_6e4a166e-3cda-4a60-aa62-01e9d73d777a_1) | 3 |
| [Fund Management](#xx_cad0a9d7-056f-4a9d-89db-97f94721a69a_1) | 5 |
| [Performance and Fund Facts](#xx_801c7acb-dc2f-4269-95bf-dddfb372ff54_1) <br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab California Municipal Money Fund](#xx_801c7acb-dc2f-4269-95bf-dddfb372ff54_1) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab New York Municipal Money Fund](#xx_58037e03-f80c-4766-a161-42430417f5eb_1) | 9 |
| [Fund Expenses](#xx_d80e07eb-5bf3-45e6-91c0-c97d63196b6f_1)  | 12 |
| [Financial Statements and Portfolio Holdings](#xx_942020ea-2259-4350-a722-262cb76595d2_1) <br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab California Municipal Money Fund](#xx_942020ea-2259-4350-a722-262cb76595d2_1) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab New York Municipal Money Fund](#xx_7c554434-4d60-4219-ba5a-a9dce3bac8b5_1) | 34 |
| [Financial Notes](#xx_1607f24e-da03-43ef-b0ad-d534659e628d_1) | 49 |
| [Report of Independent Registered Public Accounting Firm](#xx_98e1c25d-5283-4ea4-8c7c-8286412df258_1) | 58 |
| [Other Federal Tax Information](#xx_fc831b84-9e56-458f-a834-a61cbf7da6e9_1)  | 59 |
| [Trustees and Officers](#xx_a135b842-f2f6-4773-85bb-c31953c73594_1) | 60 |
| [Glossary](#xx_2c252706-f224-410c-addb-3a025c528fb4_1) | 64 |

---

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

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

Schwab Municipal Money Funds \| Annual Report**1**

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Schwab Municipal Money Funds

From the President

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![](g21476img448ddb852.jpg)

**Jonathan de St. Paer** <br>President of Schwab Asset <br>Management and the funds <br> covered in this report.

Dear Shareholder,

Financial markets faced a tough environment in 2022, coming under pressure due to rampant inflation, rising interest rates, and increasing geopolitical uncertainty. Focus shifted early in the year from the ongoing COVID-19 pandemic to Russia's invasion of Ukraine in late-February. Inflation, already ticking up at the start of the year, accelerated in the face of spiking commodity prices exacerbated by the war in Ukraine. Central banks, led by the U.S. Federal Reserve, aggressively hiked interest rates to slow economic growth and curb inflation. The U.S. federal funds rate increased from near zero in January and February to over 4% by December, the most rapid increase since the early 1980s. U.S. economic growth slowed in the face of these challenges, with gross domestic product contracting during the first and second quarters of the year before rebounding into positive territory. Stocks and bonds declined sharply, with the S&P 500<sup>®</sup> Index, a bellwether for the overall U.S. equities market, posting its largest calendar year drop since the 2008 recession and the broad U.S. bond market, as measured by the Bloomberg US Aggregate Bond Index, suffering its steepest decline on record.

With stock and bond prices plunging, money market funds offered investors one of few safe havens available. Money market funds produced their strongest returns in years and investors relied on the funds as vehicles for capital preservation and daily liquidity. The Schwab Municipal Money Funds continue to focus on liquidity and stability to meet our clients' ongoing needs. The funds benefit from extensive credit research and analysis that aims to manage portfolio, credit, and interest rate risks. Our portfolio management team also evaluates stress tests designed to help them understand various scenarios, including the impact of factors such as decreases or increases in short-term rates, widening of credit spreads, and downgrades or defaults among issuers.

In regulatory matters, the U.S. Securities and Exchange Commission (SEC) continued work on proposed reforms that could change the way that money market funds operate in the future. At this time, the adoption and implementation of the proposed money market regulatory reform remains subject to the SEC's rulemaking and implementation process. The SEC continues to evaluate money market fund rules and may propose additional changes. As one of the largest money market fund managers in the industry, Schwab Asset Management continues to monitor and assess these proposals, and provide feedback to the SEC, as appropriate.

Thank you for investing with Schwab Asset Management, and for trusting us to help you achieve your financial goals. For more information about the Schwab Municipal Money Funds, please continue reading this report. In addition, you can find further details about these funds by visiting our website at www.schwabassetmanagement.com. We are also happy to hear from you at 1-877-824-5615.

Sincerely,

![](g21476img90fcd5803.jpg)

**"***Financial markets faced a tough environment in 2022, coming under pressure due to rampant inflation, rising interest rates, and increasing geopolitical uncertainty.***"**

Past performance is no guarantee of future results.

Management views may have changed since the report date.

Schwab Asset Management is the dba name for Charles Schwab Investment Management, Inc., the investment adviser for Schwab Funds and Schwab ETFs.

**2**Schwab Municipal Money Funds \| Annual Report

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Schwab Municipal Money Funds

State Investment Environment

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**<u>California</u>**

**California's fiscal outlook has weakened as high inflation, rising interest rates, and stock market declines have slowed the state's economy and impacted state tax revenues. Nevertheless, the state has significant flexibility to manage its budget in the near-term given increased financial reserves following several years of strong revenue growth.**

California's enacted fiscal 2023 budget (ending June 30, 2023) projected the state would collect $223 billion in revenue. The state's most recent budget update lowered revenue estimates by 5% to $211 billion, largely reflecting a 6% downward adjustment in personal income taxes. Personal income taxes, its largest revenue source, may vary significantly from year to year given the state's graduated income tax structure. The decline in the stock market in 2022 lowered capital gains tax expectations, while slower wage growth contributed to lower withholding taxes during the first half of fiscal 2023. Estimated sales taxes were also lowered by 3%, as high inflation and rising interest rates moderated consumer spending expectations. Spending under the enacted budget exceeded original revenue estimates by nearly $15 billion, as the state planned to use a portion of prior years' surpluses to pay for one-time projects. The budget update widened the projected shortfall to $31 billion. Given very strong financial performance in recent years, however, the state anticipates it will still have a high level of reserves at fiscal 2023 year-end of over $52 billion.

In January 2023, Governor Newsom proposed a $224 billion budget for fiscal 2024, based on projected revenues of $211 billion and the drawdown of $13 billion in reserves. The state's economy is assumed to slow but avoid a recession, leading to flat year-over-year revenue growth. The proposed budget trims spending by 5% compared to the enacted fiscal 2023 budget but continues to provide stable or increased funding for core services such as education. Funding for major multi-year program commitments remains largely intact, including expanded Medi-Cal coverage, investments in homeless housing, and initiatives to address climate change. The proposed budget anticipates the state will end fiscal 2024 with reserves of $40 billion, equal to nearly 18% of general fund spending.

The state's revenues could be lower than projected if the United States enters a recession. The Governor is expected to issue a revised fiscal 2024 budget proposal in May 2023. The state has flexibility should its fiscal outlook deteriorate further given a significant amount of discretionary, one-time spending that could be cut or deferred and its high amount of budget reserves.

Local governments may reduce services if the state's financial position weakens and state funding decreases. School districts could face a reduction in state aid as the Proposition 98 funding formula for K-14 education is tied to state revenues. However, the state is prohibited under the state constitution from reducing funding for school and community college districts below the Proposition 98 funding level. General obligation bonds issued by school and community college districts are paid from property taxes and would not be impacted by reductions in state aid. County tax collectors are required to set property tax levies sufficient to pay debt service on such bonds.

California's job recovery continued in 2022, albeit at a slower pace than 2021. By October 2022, the state had recovered all 2.8 million jobs lost at the height of the COVID-19 pandemic. The state's unemployment rate in November 2022 of 4.1% exceeded the U.S. average of 3.6% but was down from 5.8% in November 2021.

California's credit quality is strong. At the end of the reporting period, the state's general obligation ratings were AA- by S&P Global Ratings, Aa2 by Moody's Investors Service, and AA by Fitch Ratings. S&P Global Ratings carries a positive outlook, while Moody's Investor Services and Fitch Ratings maintain stable outlooks on their ratings.

Schwab Municipal Money Funds \| Annual Report**3**

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Schwab Municipal Money Funds

State Investment Environment (continued)

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**<u>New York</u>**

**New York State's financial position is strong due to good revenue performance and disciplined spending despite a slow economic recovery from the COVID-19 pandemic. Strong tax collections and federal aid have helped New York generate operating surpluses the past three years.**

While New York's economy has mostly bounced back from the COVID-19 outbreak, its recovery somewhat lags the nation. Before the pandemic, New York's unemployment rate tracked slightly above the nation, but since spring 2020, that gap has widened. The unemployment rate peaked at 16.5% in May 2020 compared to a peak of 14.7% nationally in April 2020. New York's unemployment rate recovered to 4.3% by November 2022, which was still notably above the national rate of 3.6%. As of November 2022, New York had recovered 97% of the private sector jobs lost in March and April 2020 while the United States had recovered 101%.

New York's current fiscal year (ending March 31, 2023) continues to benefit from the improved revenue landscape that began in fiscal 2022 despite the slower pace of recovery. When the Governor released her proposed fiscal 2024 budget, the State revised its projections for fiscal 2023. New York expects $5.9 billion more tax revenue than it estimated at its mid-year update. New York now anticipates an $8.7 billion general fund surplus due to the strong revenue performance and restrained spending despite a dramatic reduction in federal aid. The State plans to use the surplus to build balances and to pay down liabilities. It expects to end the year with a record general fund balance of $26.8 billion, net of funds set aside for settlements and tax credits, which is over 28% of expenses and $12 billion greater than fiscal 2022's net balance.

The Governor's proposed budget for the fiscal year beginning April 1, 2023, incorporates downward revisions to its revenues. Net tax revenues are expected to decrease nearly 2%, while spending, including transfers, is projected to grow by 13%. Spending priorities include helping the New York Metropolitan Transportation Authority, healthcare, and support for asylum seekers. The proposed budget would erode slightly its net general fund reserves by fiscal year end to a still strong $25.9 billion at the end of fiscal 2024, which is equal to a sound 24% of disbursements.

The State's revenues could be lower than projected. If the United States enters a recession, New York could collect lower than expected revenues. The State's mid-year budget updates provide an opportunity to adjust spending if revenues erode. This management and its very strong reserves provide financial flexibility.

New York local governments, including school districts, cities, and counties, have benefitted from positive economic trends and considerable federal COVID-19 aid. Like the State, cities and counties saw a very strong rebound in sales taxes in calendar 2022, surpassing pre-pandemic levels. The improving revenues could enable local governments to boost their reserves to cushion against possible economic stress.

New York State is a strong investment-grade credit due to its deep and diverse economy and its high personal wealth levels. The State's general obligation debt is rated Aa1 by Moody's Investors Services and AA+ by both Fitch Ratings and S&P Global Ratings. All three rating agencies maintain stable outlooks for the State, reflecting its sound governmental framework, solid revenue performance, and improved financial reserves.

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

Nothing in this report represents a recommendation of a security by the investment adviser.

Management views may have changed since the report date.

**4**Schwab Municipal Money Funds \| Annual Report

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Schwab Municipal Money Funds

Fund Management

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

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| | |
|:---|:---|
| ![](g21476img422590c64.jpg)<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Linda Klingman,** Managing Director and Head of Money Market Strategies for Schwab Asset Management, <br> leads the portfolio management teams for taxable and tax-exempt Schwab Money Funds, and has overall <br> responsibility for all aspects of the management of the funds. Prior to joining Schwab in 1990, she was a <br> senior money market trader with AIM Management, Inc. for five years. She has managed money market funds <br> since 1988.<br>|

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

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| | |
|:---|:---|
| ![](g21476imgb98816775.jpg)<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Kevin Shaughnessy, CFA,** Senior Portfolio Manager for Schwab Asset Management, is responsible for the <br> day-to-day co-management of the funds. Prior to joining Schwab in 2000, Mr. Shaughnessy spent four years <br> as a portfolio manager with Wells Capital Management, where he was responsible for managing the firm's <br> California municipal money fund, as well as short duration, private client assets.<br>|

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

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| | |
|:---|:---|
| ![](g21476img4e1b205a6.jpg)<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Cameron Ullyatt, CFA,** Senior Portfolio Manager for Schwab Asset Management, is responsible for the <br> day-to-day co-management of the funds. Prior to joining Schwab in 2008, Mr. Ullyatt was a vice president and <br> portfolio manager at OppenheimerFunds, where he was responsible for managing the firm's municipal money <br> fund assets. From 1999 to 2006, Mr. Ullyatt also worked as a credit analyst in OppenheimerFunds' municipal <br> bond and money market departments.<br>|

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Schwab Municipal Money Funds \| Annual Report**5**

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Schwab California Municipal Money Fund as of December 31, 2022

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**The Schwab California Municipal Money Fund's** (the fund) goal is to seek the highest current income that is consistent with stability of capital and liquidity, and is exempt from federal and California personal income tax. To pursue its goal, the fund invests in money market securities from California issuers and from municipal (muni) agencies, U.S. territories and possessions. For more information concerning the fund's investment objective, strategy, and risks, please see the fund's prospectus.

**Market Highlights.** During the 12-month reporting period ended December 31, 2022, interest rates rose as a result of persistently high inflation stemming from a tight labor market, supply chain constraints, and high energy prices in the wake of the COVID-19 pandemic and the war in Ukraine. After maintaining the federal funds rate in a range of 0.00% to 0.25% through mid-March, the U.S. Federal Reserve (Fed) shifted its stance as inflation continued to rise and indicators of economic activity and employment continued to strengthen. After issuing successively stronger signals that interest rates could begin to rise sooner in 2022 than previously anticipated, the Fed increased the federal funds rate seven times by the end of the year to end the reporting period in a range of 4.25% to 4.50%. In addition, the Fed's bond-buying program, which had begun to scale back in November 2021, was ended altogether in early March 2022. In June, the Fed also began to reduce the $9 trillion in assets it holds on its balance sheet.

Given expectations of further rate hikes into 2023, along with persistently high—albeit declining in the second half of the year—inflation, longer-term bond and equity markets weakened, with the S&P 500<sup>®</sup> Index and Bloomberg US Aggregate Bond Index posting their worst calendar year returns in more than a decade. Higher yields caused a spike in demand for muni money market funds, though flows varied throughout the year, with assets rising more than 20% year-over-year as investors sought higher returns than those available elsewhere. The yield on the SIFMA Municipal Swap Index, a widely used benchmark for yields on floating-rate muni securities, rose sharply over the reporting period, beginning the year at 0.10% and ending it at 3.66%, near its high for the year.

Monetary policy around the world varied as central banks responded to the rapidly changing conditions. Over the reporting period, the European Central Bank raised its interest rate four times and the Bank of England raised its key official bank rate eight times. In contrast, the Bank of Japan continued to uphold its short-term interest rate target of -0.1%, unchanged since 2016, but in late December unexpectedly announced that it would widen the band around the yield target of its 10-year government bond, which pushed the yen higher and effectively marked the end of an extended period in which Japan was the only major developed country to resist raising rates.

**Performance, Positioning, and Strategies.** Throughout the reporting period, the fund's investment adviser remained focused on liquidity and stability of capital as market conditions evolved, and on continuing a rigorous credit review process and ongoing monitoring for all issuers and regions in which the fund invests. In anticipation of the Fed's short-term interest rate increases early in the reporting period, followed by the Fed's subsequent actions, the fund's weighted average maturity (WAM) was shortened, beginning the reporting period at 28 days and ending it at 22 days. The fund experienced a significant growth in assets as a result of high demand for muni money funds. This significant growth in assets coincided with a tight supply of muni money market securities. As a result, the fund periodically invested in some taxable securities during the reporting period.

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

Management views and portfolio holdings may have changed since the report date.

**6**Schwab Municipal Money Funds \| Annual Report

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Schwab California Municipal Money Fund

Performance and Fund Facts as of December 31, 2022

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

**Portfolio Composition By Effective Maturity % of Investments**<sup>1</sup> <br>

![](g21476imgf19044ce7.jpg)

**Portfolio Composition by Security Type % of Investments**<sup>3</sup> <br>

![](g21476img3411c77f8.jpg)

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

**Statistics**

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| | |
|:---|:---|
| **Weighted Average Maturity**<sup>2</sup> | 22 Days |

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&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.

<sup>1</sup>

Maturity shown is the date the security matures, the date the interest rate on those securities is reset, or the date those securities can be redeemed through demand.

<sup>2</sup>

Money funds must maintain a dollar-weighted average maturity of no longer than 60 days and cannot invest in any security whose effective maturity is longer than 397 days (approximately 13 months).

<sup>3</sup>

Portfolio Composition is calculated using the Par Value (Face Value) of Investments and excludes cash.

Schwab Municipal Money Funds \| Annual Report**7**

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Schwab California Municipal Money Fund

Performance and Fund Facts as of December 31, 2022 (continued)

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**The performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be lower or higher than performance data quoted. To obtain more current performance information, please visit www.schwabassetmanagement.com/schwabfunds_prospectus.** 

**Seven-Day Average Yield Trend for Previous 12 Months**

![](g21476lg7d_2m48.jpg)

**Seven-Day Yields**

The seven-day yield is the income generated by the fund's portfolio holdings minus the fund's operating expenses. The seven-day yields are calculated using standard SEC formulas. The effective yield includes the effect of reinvesting daily dividends. Please remember that money market fund yields fluctuate.

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| | | |
|:---|:---|:---|
|  | **Schwab California Municipal Money Fund** | **Schwab California Municipal Money Fund** |
|  | Investor<br> Shares<br>| &nbsp;&nbsp;&nbsp; Ultra<br> Shares<br>|
| Ticker Symbol | SWKXX | SCAXX |
| Minimum Initial Investment<sup>1</sup> <br>|  | $1000000 |
| **Seven-Day Yield (with waivers)**<sup>2</sup> <br>| 2.75% | 2.90% |
| **Seven-Day Yield (without waivers)**<sup>2</sup> <br>| 2.72% | 2.87% |
| **Seven-Day Effective Yield (with waivers)**<sup>2</sup> <br>| 2.78% | 2.94% |
| **Seven-Day Taxable Equivalent Effective Yield**<sup>2,3</sup> <br>| 6.06% | 6.40% |

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

**You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.**

<sup>1</sup>

Please see prospectus for further detail and eligibility requirements.

<sup>2</sup>

The Seven-Day Yield (with waivers) is the average income paid out over the previous seven days assuming interest income is not reinvested and it reflects the effect of any applicable waivers. Absent such waivers, the fund's yield would have been lower. The Seven-Day Yield (without waivers) is the yield without the effect of any applicable waivers. The Seven-Day Effective Yield is the yield with waivers assuming that all interest income is reinvested in additional shares of the fund. For additional details, see financial note 5.

<sup>3</sup>

Taxable equivalent effective yield assumes a federal regular income tax rate of 40.80%, which includes a Medicare surcharge rate of 3.80%, and effective California state personal income tax rate of 13.30%. Your tax rate may be different.

**8**Schwab Municipal Money Funds \| Annual Report

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Schwab New York Municipal Money Fund as of December 31, 2022

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**The Schwab New York Municipal Money Fund's** (the fund) goal is to seek current income that is exempt from federal income and New York state and local income tax, consistent with preservation of capital and liquidity. To pursue its goal, the fund invests in money market securities from New York issuers and from municipal (muni) agencies, U.S. territories and possessions. For more information concerning the fund's investment objective, strategy, and risks, please see the fund's prospectus.

**Market Highlights.** During the 12-month reporting period ended December 31, 2022, interest rates rose as a result of persistently high inflation stemming from a tight labor market, supply chain constraints, and high energy prices in the wake of COVID-19 and the war in Ukraine. After maintaining the federal funds rate in a range of 0.00% to 0.25% through mid-March, the U.S. Federal Reserve (Fed) shifted its stance as inflation continued to rise and indicators of economic activity and employment continued to strengthen. After issuing successively stronger signals that interest rates could begin to rise sooner in 2022 than previously anticipated, the Fed increased the federal funds rate seven times by the end of the year to end the reporting period in a range of 4.25% to 4.50%. In addition, the Fed's bond-buying program, which had begun to scale back in November 2021, was ended altogether in early March 2022. In June, the Fed also began to reduce the $9 trillion in assets it holds on its balance sheet.

Given expectations of further rate hikes into 2023, along with persistently high—albeit declining in the second half of the year—inflation, longer-term bond and equity markets weakened, with the S&P 500<sup>®</sup> Index and Bloomberg US Aggregate Bond Index posting their worst calendar year returns in more than a decade. Higher yields caused a spike in demand for muni money market funds, though flows varied throughout the year, with assets rising more than 20% year-over-year as investors sought higher returns than those available elsewhere. The yield on the SIFMA Municipal Swap Index, a widely used benchmark for yields on floating-rate muni securities, rose sharply over the reporting period, beginning the year at 0.10% and ending it at 3.66%, near its high for the year.

Monetary policy around the world varied as central banks responded to the rapidly changing conditions. Over the reporting period, the European Central Bank raised its interest rate four times and the Bank of England raised its key official bank rate eight times. In contrast, the Bank of Japan continued to uphold its short-term interest rate target of -0.1%, unchanged since 2016, but in late December unexpectedly announced that it would widen the band around the yield target of its 10-year government bond, which pushed the yen higher and effectively marked the end of an extended period in which Japan was the only major developed country to resist raising rates.

**Performance, Positioning, and Strategies.** Throughout the reporting period, the fund's investment adviser remained focused on liquidity and stability of capital as market conditions evolved, and on continuing a rigorous credit review process and ongoing monitoring for all issuers and regions in which the fund invests. In anticipation of the Fed's short-term interest rate increases early in the reporting period, followed by the Fed's subsequent actions, the fund's weighted average maturity (WAM) was shortened, beginning the reporting period at 28 days and ending it at 17 days. The fund experienced a significant growth in assets as a result of high demand for muni money funds. This significant growth in assets coincided with a tight supply of muni money market securities. As a result, the fund periodically invested in some taxable securities during the reporting period.

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

Management views and portfolio holdings may have changed since the report date.

Schwab Municipal Money Funds \| Annual Report**9**

------

Schwab New York Municipal Money Fund

Performance and Fund Facts as of December 31, 2022

------

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

**Portfolio Composition By Effective Maturity % of Investments**<sup>1</sup> <br>

![](g21476img47dddab59.jpg)

**Portfolio Composition by Security Type % of Investments**<sup>3</sup> <br>

![](g21476img828808db10.jpg)

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

**Statistics**

---

| | |
|:---|:---|
| **Weighted Average Maturity**<sup>2</sup> | 17 Days |

---

&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.

<sup>1</sup>

Maturity shown is the date the security matures, the date the interest rate on those securities is reset, or the date those securities can be redeemed through demand.

<sup>2</sup>

Money funds must maintain a dollar-weighted average maturity of no longer than 60 days and cannot invest in any security whose effective maturity is longer than 397 days (approximately 13 months).

<sup>3</sup>

Portfolio Composition is calculated using the Par Value (Face Value) of Investments and excludes cash.

**10**Schwab Municipal Money Funds \| Annual Report

------

Schwab New York Municipal Money Fund

Performance and Fund Facts as of December 31, 2022 (continued)

------

**The performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be lower or higher than performance data quoted. To obtain more current performance information, please visit www.schwabassetmanagement.com/schwabfunds_prospectus.** 

**Seven-Day Average Yield Trend for Previous 12 Months**

![](g21476lg7d_2m57.jpg)

**Seven-Day Yields**

The seven-day yield is the income generated by the fund's portfolio holdings minus the fund's operating expenses. The seven-day yields are calculated using standard SEC formulas. The effective yield includes the effect of reinvesting daily dividends. Please remember that money market fund yields fluctuate.

---

| | | |
|:---|:---|:---|
|  | **Schwab New York Municipal Money Fund** | **Schwab New York Municipal Money Fund** |
|  | Investor<br> Shares<br>| &nbsp;&nbsp;&nbsp; Ultra<br> Shares<br>|
| Ticker Symbol | SWYXX | SNYXX |
| Minimum Initial Investment<sup>1</sup> <br>|  | $1000000 |
| **Seven-Day Yield (with waivers)**<sup>2</sup> <br>| 3.29% | 3.44% |
| **Seven-Day Yield (without waivers)**<sup>2</sup> <br>| 3.26% | 3.41% |
| **Seven-Day Effective Yield (with waivers)**<sup>2</sup> <br>| 3.34% | 3.50% |
| **Seven-Day Taxable Equivalent Effective Yield**<sup>2,3</sup> <br>| 6.93% | 7.25% |

---

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

**You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.**

<sup>1</sup>

Please see prospectus for further detail and eligibility requirements.

<sup>2</sup>

The Seven-Day Yield (with waivers) is the average income paid out over the previous seven days assuming interest income is not reinvested and it reflects the effect of any applicable waivers. Absent such waivers, the fund's yield would have been lower. The Seven-Day Yield (without waivers) is the yield without the effect of any applicable waivers. The Seven-Day Effective Yield is the yield with waivers assuming that all interest income is reinvested in additional shares of the fund. For additional details, see financial note 5.

<sup>3</sup>

Taxable equivalent effective yield assumes a federal regular income tax rate of 40.80%, which includes a Medicare surcharge rate of 3.80%, and effective New York State personal income tax rate of 10.90%. Your tax rate may be different.

Schwab Municipal Money Funds \| Annual Report**11**

------

Schwab Municipal Money Funds

Fund Expenses (Unaudited)

**Examples for a $1,000 Investment**

As a fund shareholder, you may incur two types of costs: (1) transaction costs; and (2) ongoing costs, including management fees, transfer agent and shareholder services fees, and other fund expenses.

The expense examples below are intended to help you understand your ongoing cost (in dollars) of investing in a fund and to compare this cost with the ongoing cost of investing in other mutual funds. These examples are based on an investment of $1,000 invested for six months beginning July 1, 2022 and held through December 31, 2022.

**Actual Return** lines in the table below provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then multiply the result by the number given for your fund or share class under the heading entitled "Expenses Paid During Period."

**Hypothetical Return** lines in the table below provide information about hypothetical account values and hypothetical expenses based on a fund's or share class' actual expense ratio and an assumed return of 5% per year before expenses. Because the return used is not an actual return, it may not be used to estimate the actual ending account value or expenses you paid for the period.

You may use this information to compare the ongoing costs of investing in a fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical return lines of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; EXPENSE RATIO <br>(ANNUALIZED)<sup>1</sup> <br>| &nbsp;&nbsp; BEGINNING <br>ACCOUNT VALUE <br>AT 7/1/22<br>| &nbsp;&nbsp; ENDING <br>ACCOUNT VALUE <br>(NET OF EXPENSES) <br>AT 12/31/22<br>| &nbsp;&nbsp; EXPENSES PAID <br>DURING PERIOD <br>7/1/22-12/31/22<sup>2</sup> <br>|
| **Schwab California Municipal Money Fund** |  |  |  |  |
| *Investor Shares* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual Return | 0.34% | $1000.00 | $1007.70 | $1.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 0.34% | $1000.00 | $1023.49 | $1.73 |
| *Ultra Shares* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual Return | 0.19% | $1000.00 | $1008.50 | $0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 0.19% | $1000.00 | $1024.25 | $0.97 |
| **Schwab New York Municipal Money Fund** |  |  |  |  |
| *Investor Shares* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual Return | 0.34% | $1000.00 | $1008.30 | $1.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 0.34% | $1000.00 | $1023.49 | $1.73 |
| *Ultra Shares* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual Return | 0.19% | $1000.00 | $1009.00 | $0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 0.19% | $1000.00 | $1024.25 | $0.97 |

---

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

<sup>1</sup> Based on the most recent six-month expense ratio; may differ from the expense ratio provided in the Financial Highlights.

<sup>2</sup> Expenses for each fund are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 days in the period, and divided by 365 days in the fiscal year. 

**12**Schwab Municipal Money Funds \| Annual Report

------

Schwab California Municipal Money Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Shares** | 1/1/22– <br>12/31/22<br>| 1/1/21– <br>12/31/21<br>| 1/1/20– <br>12/31/20<br>| 1/1/19– <br>12/31/19<br>| 1/1/18– <br>12/31/18<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; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp; 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp; 0.01 |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.01)<sup>3</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | &nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp; (0.00)<sup>2</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.01) |
| Net asset value at end of period | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Total return | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp; 1.10%<sup>3</sup> <br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net operating expenses | &nbsp;&nbsp;&nbsp; 0.30%<sup>4,5</sup> <br>| &nbsp;&nbsp;&nbsp; 0.10%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp; 0.28%<sup>5,6</sup> <br>| &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp; 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross operating expenses | &nbsp;&nbsp;&nbsp; 0.35%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp; 0.46% | &nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp; 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp; 0.37% | &nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp;&nbsp; 1.12% |
| Net assets, end of period (x 1,000,000) | $2604 | $2224 | $3405 | $6168 | $5526 |

---

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

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

<sup>2</sup> Per-share amount was less than $0.005.

<sup>3</sup> These amounts include a non-recurring special distribution. The effect on the distributions from net investment income was less than $0.005 and the effect on the total return was 0.01%. 

<sup>4</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>5</sup> Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation (see financial note 5 for additional information).

<sup>6</sup> Effective September 24, 2020, the contractual expense limitation changed. The ratio presented for period ended December 31, 2020 is a blended ratio.

*See financial notes*

Schwab Municipal Money Funds \| Annual Report**13**

------

Schwab California Municipal Money Fund

**FINANCIAL HIGHLIGHTS (continued)**

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

---

| | | | |
|:---|:---|:---|:---|
| **Ultra Shares** | 1/1/22– <br>12/31/22<br>| 1/1/21– <br>12/31/21<br>| 9/24/20<sup>1</sup>– <br>12/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $1.00 | $1.00 | $1.00 |
| Income (loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp; 0.00<sup>3</sup> <br>| &nbsp;&nbsp; 0.00<sup>3</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 0.00<sup>3</sup> <br>| &nbsp;&nbsp; 0.00<sup>3</sup> <br>| &nbsp;&nbsp; 0.00<sup>3</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp; 0.00<sup>3</sup> <br>| &nbsp;&nbsp; 0.00<sup>3</sup> <br>|
| Less distributions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | &nbsp;&nbsp; (0.01) | (0.00)<sup>3</sup> <br>| (0.00)<sup>3</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | &nbsp;&nbsp; (0.00)<sup>3</sup> <br>| (0.00)<sup>3</sup> <br>| (0.00)<sup>3</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp; (0.01) | (0.00)<sup>3</sup> <br>| (0.00)<sup>3</sup> <br>|
| Net asset value at end of period | &nbsp;&nbsp; $1.00 | $1.00 | $1.00 |
| Total return | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.03% | &nbsp;&nbsp; 0.01%<sup>4</sup> <br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net operating expenses | &nbsp;&nbsp;&nbsp; 0.19%<sup>5,6</sup> <br>| &nbsp;&nbsp; 0.09%<sup>6</sup> <br>| &nbsp;&nbsp; 0.16%<sup>6,7</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Gross operating expenses | &nbsp;&nbsp;&nbsp; 0.20%<sup>5</sup> <br>| &nbsp;&nbsp; 0.20% | &nbsp;&nbsp; 0.20%<sup>7</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; 1.45% | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; 0.01%<sup>7</sup> <br>|
| Net assets, end of period (x 1,000,000) | $5456 | $778 | $375 |

---

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

<sup>1</sup> Commencement of operations.

<sup>2</sup> Calculated based on the average shares outstanding during the period.

<sup>3</sup> Per-share amount was less than $0.005.

<sup>4</sup> Not annualized.

<sup>5</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>6</sup> Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation (see financial note 5 for additional information).

<sup>7</sup> Annualized.

*See financial notes*

**14**Schwab Municipal Money Funds \| Annual Report

------

Schwab California Municipal Money Fund

Portfolio Holdings as of December 31, 2022

------

This section shows all the securities in the fund's portfolio and their values as of the report date.

The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) monthly on Form N-MFP, which is available immediately upon filing. The fund's Form N-MFP is available on the SEC's website at www.sec.gov. The fund also makes available its complete schedule of portfolio holdings 5 business days after month end on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus.

For fixed-rate obligations, the rate shown is the coupon rate (the rate established when the obligation was issued) and if the coupon rate is not available, the effective yield at the time of purchase is shown. For variable-rate obligations, the rate shown is the interest rate as of the report date based on each security's rate reset date. 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 date shown in the maturity date column below is either the date on which the principal amount must be paid or the date payment must be made pursuant to a demand feature. If the security's structure includes one of a number of maturity-shortening provisions set forth in Rule 2a-7, such as an interest rate reset, demand feature or put feature, the effective maturity date is also disclosed. If the effective maturity and maturity date are the same, the date will only appear in the maturity date column.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **MUNICIPAL SECURITIES** 85.1% OF NET ASSETS | **MUNICIPAL SECURITIES** 85.1% OF NET ASSETS | **MUNICIPAL SECURITIES** 85.1% OF NET ASSETS | **MUNICIPAL SECURITIES** 85.1% OF NET ASSETS | **MUNICIPAL SECURITIES** 85.1% OF NET ASSETS | **MUNICIPAL SECURITIES** 85.1% OF NET ASSETS |
| **CALIFORNIA 85.1%** | **CALIFORNIA 85.1%** | **CALIFORNIA 85.1%** | **CALIFORNIA 85.1%** | **CALIFORNIA 85.1%** | **CALIFORNIA 85.1%** |
| **ABAG Finance Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Crossing Apts) Series 2002A (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.37% |  | 01/06/23 | &nbsp;&nbsp; 60650000 | &nbsp;&nbsp;&nbsp;&nbsp; 60650000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (La Terrazza Apts) Series 2002A (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.58% |  | 01/06/23 | &nbsp;&nbsp; 10175000 | &nbsp;&nbsp;&nbsp;&nbsp; 10175000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Lakeside Village) Series 2011A (**LOC**: FEDERAL <br> HOME LOAN MORTGAGE CORPORATION) <br>*(a)* | 3.11% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Sharp HealthCare) Series 2009C (**LOC**: TD BANK NA) <br> *(a)* | 2.88% |  | 01/06/23 | &nbsp;&nbsp; 11190000 | &nbsp;&nbsp;&nbsp;&nbsp; 11190000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Sharp HealthCare) Series 2009C (**LOC**: TD BANK NA) <br> *(a)* | 2.88% |  | 01/06/23 | &nbsp;&nbsp; 19835000 | &nbsp;&nbsp;&nbsp;&nbsp; 19835000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Sharp HealthCare) Series 2009D (**LOC**: TD BANK NA) <br> *(a)* | 2.88% |  | 01/06/23 | &nbsp;&nbsp; 17090000 | &nbsp;&nbsp;&nbsp;&nbsp; 17090000 |
| **Alameda Cnty IDA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Golden West Paper Converting Corp) Series 2008A (**LOC**: BANK <br> OF THE WEST) <br>*(a)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2405000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Oakland Pallet Co) Series 2008A (**LOC**: COMERICA BANK) <br> *(a)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Plastikon Industries) Series 2000A (**LOC**: COMERICA BANK) <br> *(a)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 1170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1170000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Segale Brothers Wood Products) Series 2002 (**LOC**: BANK OF THE <br> WEST) <br>*(a)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (White Brothers) Series 2007 (**LOC**: COMERICA BANK) <br> *(a)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 1305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1305000 |
| **Anaheim Housing Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing Refunding RB (Sage Park) Series 1998A (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION)<br>*(a)* | 3.37% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5500000 |
| **Antelope Valley CCD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series B (**LIQ**: BARCLAYS BANK PLC)<br> *(b)(c)(d)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500000 |
| **Bakersfield City SD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017A (**LIQ**: MORGAN STANLEY BANK NA)<br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 6910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6910000 |
| **Bay Area Toll Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Toll Bridge RB Series 2019S8 (**LIQ**: BANK OF AMERICA NA) <br> *(b)(c)(d)* | 3.65% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2650000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll Bridge RB Series 2007A2 (**LOC**: MUFG BANK LTD) <br> *(a)* | 3.20% |  | 01/06/23 | &nbsp;&nbsp; 44120000 | &nbsp;&nbsp;&nbsp;&nbsp; 44120000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll Bridge RB Series 2007B2 (**LOC**: SUMITOMO MITSUI BANKING <br> CORPORATION) <br>*(a)* | 3.08% |  | 01/06/23 | &nbsp;&nbsp; 40450000 | &nbsp;&nbsp;&nbsp;&nbsp; 40450000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll Bridge RB Series 2007G1 (**LOC**: BANK OF AMERICA NA) <br> *(a)* | 3.00% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll Bridge RB Series 2019A (**LOC**: BANK OF AMERICA NA) <br> *(a)* | 3.15% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9000000 |

---

*See financial notes*

Schwab Municipal Money Funds \| Annual Report**15**

------

Schwab California Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll Bridge RB Series 2019B (**LOC**: SUMITOMO MITSUI BANKING <br> CORPORATION) <br>*(a)* | 3.20% |  | 01/06/23 | &nbsp;&nbsp; 25360000 | &nbsp;&nbsp;&nbsp;&nbsp; 25360000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll Bridge RB Series 2019C (**LOC**: BANK OF AMERICA NA) <br> *(a)* | 2.91% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 8700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll Bridge RB Series 2019D (**LOC**: SUMITOMO MITSUI BANKING <br> CORPORATION) <br>*(a)* | 3.20% |  | 01/06/23 | &nbsp;&nbsp; 50070000 | &nbsp;&nbsp;&nbsp;&nbsp; 50070000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll Bridge Sub RB Series 2017S7 (**LIQ**: BANK OF AMERICA NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 14400000 | &nbsp;&nbsp;&nbsp;&nbsp; 14400000 |
| **California** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bond Series 2003C4 (**LOC**: US BANK NATIONAL ASSOCIATION) <br> *(a)* | 2.60% |  | 01/06/23 | &nbsp;&nbsp; 24005000 | &nbsp;&nbsp;&nbsp;&nbsp; 24005000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds  | 3.00% |  | 03/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 615269 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.68% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 5400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 8980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8980000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds (**LIQ**: MORGAN STANLEY BANK NA) <br> *(b)(c)(d)* | 3.66% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2625000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds (**LIQ**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds (**LIQ**: TORONTO-DOMINION BANK/THE) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2665000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds (**LIQ**: WELLS FARGO BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 1315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1315000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2003A1 (**LOC**: BARCLAYS BANK PLC) <br> *(a)* | 2.20% |  | 01/03/23 | &nbsp;&nbsp; 18635000 | &nbsp;&nbsp;&nbsp;&nbsp; 18635000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2004A2 (**LOC**: STATE STREET BANK AND TRUST <br> COMPANY) <br>*(a)* | 2.55% |  | 01/03/23 | &nbsp;&nbsp; 35305000 | &nbsp;&nbsp;&nbsp;&nbsp; 35305000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2004A3 (**LOC**: STATE STREET BANK AND TRUST <br> COMPANY) <br>*(a)* | 2.20% |  | 01/03/23 | &nbsp;&nbsp; 24705000 | &nbsp;&nbsp;&nbsp;&nbsp; 24705000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2005A21 (**LOC**: SUMITOMO MITSUI BANKING <br> CORPORATION) <br>*(a)* | 3.20% |  | 01/06/23 | &nbsp;&nbsp; 67105000 | &nbsp;&nbsp;&nbsp;&nbsp; 67105000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2005B1 (**LOC**: WELLS FARGO BANK NA) <br> *(a)* | 3.05% |  | 01/06/23 | &nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2005B5 (**LOC**: US BANK NATIONAL ASSOCIATION) <br> *(a)* | 2.22% |  | 01/03/23 | &nbsp;&nbsp; 56140000 | &nbsp;&nbsp;&nbsp;&nbsp; 56140000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2015A (**LIQ**: CITIBANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 19935000 | &nbsp;&nbsp;&nbsp;&nbsp; 19935000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO CP Series A1 (**LOC**: WELLS FARGO BANK NA)  | 2.35% |  | 01/12/23 | &nbsp;&nbsp; 22775000 | &nbsp;&nbsp;&nbsp;&nbsp; 22775000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO CP Series A1 (**LOC**: WELLS FARGO BANK NA)  | 2.37% |  | 01/18/23 | &nbsp;&nbsp;&nbsp; 4850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4850000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO CP Series A1 (**LOC**: WELLS FARGO BANK NA)  | 2.80% |  | 01/18/23 | &nbsp;&nbsp; 26635000 | &nbsp;&nbsp;&nbsp;&nbsp; 26635000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO CP Series A1 (**LOC**: WELLS FARGO BANK NA)  | 2.50% |  | 01/19/23 | &nbsp;&nbsp; 42395000 | &nbsp;&nbsp;&nbsp;&nbsp; 42395000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO CP Series A1 (**LOC**: WELLS FARGO BANK NA)  | 3.65% |  | 01/26/23 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO CP Series A1 (**LOC**: WELLS FARGO BANK NA)  | 3.05% |  | 02/15/23 | &nbsp;&nbsp; 12830000 | &nbsp;&nbsp;&nbsp;&nbsp; 12830000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO CP Series A2 (**LOC**: ROYAL BANK OF CANADA)  | 2.67% |  | 01/10/23 | &nbsp;&nbsp; 19050000 | &nbsp;&nbsp;&nbsp;&nbsp; 19050000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO CP Series A2 (**LOC**: ROYAL BANK OF CANADA)  | 2.30% |  | 01/11/23 | &nbsp;&nbsp; 36510000 | &nbsp;&nbsp;&nbsp;&nbsp; 36510000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO CP Series A2 (**LOC**: ROYAL BANK OF CANADA)  | 2.50% |  | 01/19/23 | &nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO CP Series A2 (**LOC**: ROYAL BANK OF CANADA)  | 2.85% |  | 02/02/23 | &nbsp;&nbsp; 14500000 | &nbsp;&nbsp;&nbsp;&nbsp; 14500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO CP Series A3 (**LOC**: UBS AG)  | 2.15% |  | 02/03/23 | &nbsp;&nbsp;&nbsp; 9455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9455000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO CP Series A3 (**LOC**: UBS AG)  | 2.65% |  | 02/03/23 | &nbsp;&nbsp; 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO CP Series A3 (**LOC**: UBS AG)  | 2.50% |  | 02/09/23 | &nbsp;&nbsp; 17500000 | &nbsp;&nbsp;&nbsp;&nbsp; 17500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO CP Series A4 (**LOC**: TORONTO-DOMINION BANK/THE)  | 2.80% |  | 01/12/23 | &nbsp;&nbsp; 15900000 | &nbsp;&nbsp;&nbsp;&nbsp; 15900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO CP Series A4 (**LOC**: TORONTO-DOMINION BANK/THE)  | 3.30% |  | 01/19/23 | &nbsp;&nbsp; 13015000 | &nbsp;&nbsp;&nbsp;&nbsp; 13015000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO CP Series A5 (**LOC**: US BANK NATIONAL ASSOCIATION)  | 2.67% |  | 01/10/23 | &nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO CP Series A5 (**LOC**: US BANK NATIONAL ASSOCIATION)  | 2.50% |  | 01/19/23 | &nbsp;&nbsp; 32090000 | &nbsp;&nbsp;&nbsp;&nbsp; 32090000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO CP Series A5 (**LOC**: US BANK NATIONAL ASSOCIATION)  | 2.50% |  | 02/06/23 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO CP Series A5 (**LOC**: US BANK NATIONAL ASSOCIATION)  | 2.70% |  | 02/06/23 | &nbsp;&nbsp;&nbsp; 5150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5150000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO CP Series A6 (**LOC**: BANK OF AMERICA NA)  | 2.40% |  | 01/19/23 | &nbsp;&nbsp; 40000000 | &nbsp;&nbsp;&nbsp;&nbsp; 40000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO CP Series A6 (**LOC**: BANK OF AMERICA NA)  | 2.15% |  | 02/03/23 | &nbsp;&nbsp; 45650000 | &nbsp;&nbsp;&nbsp;&nbsp; 45650000 |

---

*See financial notes*

**16**Schwab Municipal Money Funds \| Annual Report

------

Schwab California Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; GO CP Series A7 (**LOC**: STATE STREET BANK AND TRUST COMPANY)  | 2.40% |  | 01/12/23 | &nbsp;&nbsp;&nbsp; 2765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2765000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO CP Series A7 (**LOC**: STATE STREET BANK AND TRUST COMPANY)  | 2.50% |  | 02/07/23 | &nbsp;&nbsp; 48000000 | &nbsp;&nbsp;&nbsp;&nbsp; 48000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO CP Series A7 (**LOC**: STATE STREET BANK AND TRUST COMPANY)  | 2.70% |  | 02/07/23 | &nbsp;&nbsp; 21000000 | &nbsp;&nbsp;&nbsp;&nbsp; 21000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 17500000 | &nbsp;&nbsp;&nbsp;&nbsp; 17500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds (**LIQ**: CITIBANK NA) <br> *(b)(c)(d)* | 3.68% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 3655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3655000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds (**LIQ**: CITIBANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 6700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.58% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 4440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4440000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds (**LIQ**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds (**LIQ**: TORONTO-DOMINION BANK/THE) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 1705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1705000 |
| **California Dept of Water Resources** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Revenue CP Series 1 (**LIQ**: BANK OF AMERICA NA)  | 2.05% |  | 01/12/23 | &nbsp;&nbsp; 33793000 | &nbsp;&nbsp;&nbsp;&nbsp; 33793000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Revenue CP Series 1 (**LIQ**: BANK OF AMERICA NA)  | 2.15% |  | 01/12/23 | &nbsp;&nbsp; 63335000 | &nbsp;&nbsp;&nbsp;&nbsp; 63335000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Revenue CP Series 4 (**LIQ**: JPMORGAN CHASE BANK NA)  | 2.00% |  | 01/05/23 | &nbsp;&nbsp; 11458000 | &nbsp;&nbsp;&nbsp;&nbsp; 11458000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Revenue CP Series 4 (**LIQ**: JPMORGAN CHASE BANK NA)  | 2.05% |  | 01/19/23 | &nbsp;&nbsp; 14209000 | &nbsp;&nbsp;&nbsp;&nbsp; 14209000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Revenue CP Series 4 (**LIQ**: JPMORGAN CHASE BANK NA)  | 2.85% |  | 02/01/23 | &nbsp;&nbsp; 19033000 | &nbsp;&nbsp;&nbsp;&nbsp; 19033000 |
| **California Educational Facilities Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Notes (Stanford Univ) Series S1  | 2.50% |  | 05/05/23 | &nbsp;&nbsp; 13500000 | &nbsp;&nbsp;&nbsp;&nbsp; 13497694 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Notes (Stanford Univ) Series S4  | 2.40% |  | 04/05/23 | &nbsp;&nbsp; 32800000 | &nbsp;&nbsp;&nbsp;&nbsp; 32799609 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Notes (Stanford Univ) Series S4  | 2.50% |  | 05/05/23 | &nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (California Institute of Technology) Series 1994 <br> *(a)* | 3.05% | 01/05/23 | 01/06/23 | &nbsp;&nbsp;&nbsp; 3650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3650000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (California Institute of Technology) Series 2006A <br> *(a)* | 3.24% |  | 01/06/23 | &nbsp;&nbsp; 33000000 | &nbsp;&nbsp;&nbsp;&nbsp; 33000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (California Institute of Technology) Series 2006B <br> *(a)* | 3.05% |  | 01/06/23 | &nbsp;&nbsp; 27555000 | &nbsp;&nbsp;&nbsp;&nbsp; 27555000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Pepperdine Univ) Series 2015 (**LIQ**: MORGAN STANLEY BANK NA) <br> *(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | &nbsp;&nbsp;&nbsp; 6995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6995000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Standford Univ) Series V2 (**LIQ**: MORGAN STANLEY BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Stanford Univ) Series V1 (**LIQ**: UBS AG) <br> *(b)(c)(d)* | 3.66% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 6700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6700000 |
| **California Enterprise Development Finance Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IDRB (Gordon Brush) Series 2015 (**LOC**: WELLS FARGO BANK NA) <br> *(a)* | 3.78% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDRB (J Harris Industrial Water Treatment) Series 2015 (**LOC**: CITY <br> NATIONAL BANK) <br>*(a)(b)* | 3.78% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 4910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4910000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Sconza Candy) Series 2008A (**LOC**: COMERICA BANK) <br> *(a)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 8035000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8035000 |
| **California Health Facilities Financing Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Cedars-Sinai Medical Ctr) Series 2021A (**LIQ**: BARCLAYS BANK <br> PLC) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 41105000 | &nbsp;&nbsp;&nbsp;&nbsp; 41105000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Cedars-Sinai) Series 2021A (**LIQ**: MORGAN STANLEY BANK NA) <br> (SIFMA Municipal Swap Index + 0.15%)<br>*(b)(c)(d)* | 3.81% | 01/05/23 | 01/26/23 | &nbsp;&nbsp; 16050000 | &nbsp;&nbsp;&nbsp;&nbsp; 16050000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Dignity Health) Series 2012A (**GTY**: MIZUHO BANK LTD) <br> *(b)(c)(d)* | 3.70% |  | 01/03/23 | &nbsp;&nbsp; 27995000 | &nbsp;&nbsp;&nbsp;&nbsp; 27995000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2006E  | 1.98% |  | 01/05/23 | &nbsp;&nbsp; 14975000 | &nbsp;&nbsp;&nbsp;&nbsp; 14975000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2006E  | 2.40% |  | 01/10/23 | &nbsp;&nbsp; 27000000 | &nbsp;&nbsp;&nbsp;&nbsp; 27000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2006E  | 3.00% |  | 01/19/23 | &nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2006E  | 2.90% |  | 02/23/23 | &nbsp;&nbsp; 21700000 | &nbsp;&nbsp;&nbsp;&nbsp; 21700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2006E  | 2.65% |  | 03/08/23 | &nbsp;&nbsp;&nbsp; 7025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7025000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2017A2 (**LIQ**: CITIBANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 3671000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3671000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2017A2 (**LIQ**: ROYAL BANK OF <br> CANADA) (SIFMA Municipal Swap Index + 0.15%)<br>*(b)(c)(d)* | 3.81% | 01/05/23 | 05/01/23 | &nbsp;&nbsp;&nbsp; 2190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2190000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Scripps Health) Series 2012B <br> *(a)* | 3.35% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 4725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4725000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Scripps Health) Series 2012C <br> *(a)* | 3.00% |  | 01/06/23 | &nbsp;&nbsp; 32960000 | &nbsp;&nbsp;&nbsp;&nbsp; 32960000 |

---

*See financial notes*

Schwab Municipal Money Funds \| Annual Report**17**

------

Schwab California Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Sutter Health) Series 2013A (**ESCROW**) (**LIQ**: JPMORGAN CHASE <br> BANK NA) <br>*(b)(c)(d)* | 3.74% | 01/05/23 | 01/06/23 | &nbsp;&nbsp;&nbsp; 4565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4565000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Sutter Health) Series 2013A (**ESCROW**) <br> (**LIQ**: TORONTO-DOMINION BANK/THE) <br>*(b)(c)(d)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3750000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Stanford Hospital) Series 2008B1 <br> *(a)* | 3.05% |  | 01/06/23 | &nbsp;&nbsp; 31360000 | &nbsp;&nbsp;&nbsp;&nbsp; 31360000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Stanford Hospital) Series 2008B2-1  | 1.92% |  | 01/05/23 | &nbsp;&nbsp; 18600000 | &nbsp;&nbsp;&nbsp;&nbsp; 18600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Stanford Hospital) Series 2008B2-2  | 3.05% |  | 02/02/23 | &nbsp;&nbsp; 42050000 | &nbsp;&nbsp;&nbsp;&nbsp; 42050000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Sutter Health) Series 2015A (**ESCROW**) (**LIQ**: CITIBANK <br> NA) <br>*(b)(c)(d)* | 3.71% | 01/05/23 | 01/06/23 | &nbsp;&nbsp;&nbsp; 5330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5330000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Sutter Health) Series 2015A (**ESCROW**) (**LIQ**: MORGAN <br> STANLEY BANK NA) <br>*(b)(c)(d)* | 3.71% | 01/05/23 | 01/06/23 | &nbsp;&nbsp; 12470000 | &nbsp;&nbsp;&nbsp;&nbsp; 12470000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Sutter Health) Series 2017A <br> (**LOC**: TORONTO-DOMINION BANK/THE) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| **California Infrastructure & Economic Development Bank** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bay Area Toll Bridges RB Series 2003A (**ESCROW**) (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | &nbsp;&nbsp; 11250000 | &nbsp;&nbsp;&nbsp;&nbsp; 11250000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Brightline West Passenger Rail) Series 2020A (**ESCROW**)  | 0.85% |  | 01/26/23 | &nbsp;&nbsp; 61325000 | &nbsp;&nbsp;&nbsp;&nbsp; 60808781 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (St Margaret's Episcopal School) Series 2008 (**LOC**: FEDERAL <br> HOME LOAN BANKS) <br>*(a)* | 2.75% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 8575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8575000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (UCSF 2130 3rd St) Series 2017 (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7500000 |
| **California Municipal Finance Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Recovery Zone Facility RB (Chevron) Series 2010A <br> *(a)* | 3.11% |  | 01/03/23 | &nbsp;&nbsp; 77945000 | &nbsp;&nbsp;&nbsp;&nbsp; 77945000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recovery Zone Facility RB (Chevron) Series 2010B <br> *(a)* | 3.05% |  | 01/03/23 | &nbsp;&nbsp; 34350000 | &nbsp;&nbsp;&nbsp;&nbsp; 34350000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (ExxonMobil) Series 2007 <br> *(a)* | 3.22% |  | 01/03/23 | &nbsp;&nbsp; 26260000 | &nbsp;&nbsp;&nbsp;&nbsp; 26260000 |
| **California Pollution Control Financing Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Hilmar Cheese) Series 2010 (**LOC**: BANK OF THE WEST) <br> *(a)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 9695000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9695000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal RB (Ag Resources III) Series 2004 <br> (**LOC**: COBANK ACB) <br>*(a)* | 3.50% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 6320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6320000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal RB (Bidart Dairy) Series 2002 (**LOC**: COBANK <br> ACB) <br>*(a)* | 3.76% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal RB (Desert Properties) Series 2006B <br> (**LOC**: MUFG UNION BANK NA) <br>*(a)* | 3.50% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2860000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal RB (EDCO Disposal) Series 2007A (**LOC**: WELLS <br> FARGO BANK NA) <br>*(a)* | 3.50% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 5875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5875000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal RB (George Borba & Son Dairy) Series 2003 <br> (**LOC**: COBANK ACB) <br>*(a)* | 3.76% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 3800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal RB (J&D Wilson & Sons Dairy) Series 2004 <br> (**LOC**: COBANK ACB) <br>*(a)* | 3.76% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal RB (JDS Ranch) Series 2003 (**LOC**: WELLS <br> FARGO BANK NA) <br>*(a)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2350000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal RB (Recology) Series 2018A (**LOC**: WELLS <br> FARGO BANK NA) <br>*(a)(b)* | 3.56% |  | 01/06/23 | &nbsp;&nbsp; 62850000 | &nbsp;&nbsp;&nbsp;&nbsp; 62850000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal RB (Sierra Pacific Ind) Series 2014 (**LOC**: WELLS <br> FARGO BANK NA) <br>*(a)* | 3.50% |  | 01/06/23 | &nbsp;&nbsp; 30000000 | &nbsp;&nbsp;&nbsp;&nbsp; 30000000 |

---

*See financial notes*

**18**Schwab Municipal Money Funds \| Annual Report

------

Schwab California Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **California Public Finance Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Hoag Memorial Hospital Presbyterian) Series 2022B <br> (**LIQ**: JPMORGAN CHASE BANK NA) <br>*(a)* | 2.55% |  | 01/03/23 | &nbsp;&nbsp; 75795000 | &nbsp;&nbsp;&nbsp;&nbsp; 75795000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Hoag Memorial Hospital Presbyterian) Series 2022B1 <br> (**LIQ**: JPMORGAN CHASE BANK NA) <br>*(a)* | 2.55% |  | 01/03/23 | &nbsp;&nbsp; 62755000 | &nbsp;&nbsp;&nbsp;&nbsp; 62755000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Sharp Healthcare) Series 2017A (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 14000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Sharp Healthcare) Series 2017A (**LIQ**: TORONTO-DOMINION <br> BANK/THE) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Sharp Healthcare) Series 2017B (**LOC**: BARCLAYS BANK PLC) <br> *(a)* | 2.20% |  | 01/03/23 | &nbsp;&nbsp; 44995000 | &nbsp;&nbsp;&nbsp;&nbsp; 44995000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Sharp Healthcare) Series 2017C (**LOC**: BARCLAYS BANK PLC) <br> *(a)* | 2.20% |  | 01/03/23 | &nbsp;&nbsp;&nbsp; 6290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6290000 |
| **California Public Works Board** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease RB (California Air Resources Board) Series 2022D <br> (**LIQ**: BARCLAYS BANK PLC)<br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 14255000 | &nbsp;&nbsp;&nbsp;&nbsp; 14255000 |
| **California State Univ** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Series A (**GTY**: STATE STREET BANK AND TRUST COMPANY) <br> (**LOC**: WELLS FARGO BANK NA) <br>| 2.42% |  | 03/06/23 | &nbsp;&nbsp;&nbsp; 2571000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2571000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2016A (**LIQ**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 1330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1330000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2019A (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 6745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6745000 |
| **California Statewide Communities Development Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Avian Glen Apts) Series 2004CC (**LOC**: CITIBANK NA) <br> *(a)* | 3.76% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 3790000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3790000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Concord Green Apts) Series 1998S (**LOC**: FEDERAL <br> HOME LOAN BANKS) <br>*(a)* | 3.74% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 8700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Crossings West Apts) Series 2009E (**LOC**: FEDERAL <br> HOME LOAN MORTGAGE CORPORATION) <br>*(a)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Dublin Ranch Sr Apts) Series 2003OO <br> (**LOC**: FEDERAL NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.37% |  | 01/06/23 | &nbsp;&nbsp; 29990000 | &nbsp;&nbsp;&nbsp;&nbsp; 29990000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Dublin Ranch Sr Apts) Series 2006G (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.37% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 3010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3010000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Fairway Family Apts) Series 2003PP (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.37% |  | 01/06/23 | &nbsp;&nbsp; 27525000 | &nbsp;&nbsp;&nbsp;&nbsp; 27525000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Fairway Family Apts) Series 2006H (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.37% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 6100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Grande Garden Apts) Series 2004TT (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.37% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 1825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1825000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Laurel Park Sr Apts) Series 2002H (**LOC**: FEDERAL <br> HOME LOAN MORTGAGE CORPORATION) <br>*(a)* | 3.68% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Martin Luther Tower) Series 2005D (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.37% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 5550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5550000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Oak Center Towers) Series 2005L (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.37% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2720000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Stoneridge at Elk Grove) Series 2005Q <br> (**LOC**: CITIBANK NA) <br>*(a)* | 3.39% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 5140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5140000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Varenna Assisted Living Apts) Series 2006F <br> (**LOC**: FEDERAL HOME LOAN BANKS) <br>*(a)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 11385000 | &nbsp;&nbsp;&nbsp;&nbsp; 11385000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Wilshire Court Apts) Series 2003M (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.37% |  | 01/06/23 | &nbsp;&nbsp; 20290000 | &nbsp;&nbsp;&nbsp;&nbsp; 20290000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing Refunding RB (Crossings at Madera) Series 2005B <br> (**LOC**: CITIBANK NA) <br>*(a)* | 3.39% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2170000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing Refunding RB (Desert Palms Apts) Series 2010A <br> (**LOC**: FEDERAL HOME LOAN MORTGAGE CORPORATION) <br>*(a)* | 3.74% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000000 |

---

*See financial notes*

Schwab Municipal Money Funds \| Annual Report**19**

------

Schwab California Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing Refunding RB (Kelvin Court) Series 2012B <br> (**LOC**: FEDERAL NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.58% |  | 01/06/23 | &nbsp;&nbsp; 25810000 | &nbsp;&nbsp;&nbsp;&nbsp; 25810000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing Refunding RB (The Alexandria) Series 2013A <br> (**LOC**: FEDERAL HOME LOAN BANKS) <br>*(a)* | 3.74% |  | 01/06/23 | &nbsp;&nbsp; 15650000 | &nbsp;&nbsp;&nbsp;&nbsp; 15650000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2004E  | 2.00% |  | 01/03/23 | &nbsp;&nbsp; 25945000 | &nbsp;&nbsp;&nbsp;&nbsp; 25945000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2004E  | 3.20% |  | 02/07/23 | &nbsp;&nbsp; 14000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2004E  | 2.75% |  | 03/09/23 | &nbsp;&nbsp; 25540000 | &nbsp;&nbsp;&nbsp;&nbsp; 25540000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2004I  | 2.40% |  | 01/11/23 | &nbsp;&nbsp; 27800000 | &nbsp;&nbsp;&nbsp;&nbsp; 27800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2004I  | 2.80% |  | 03/15/23 | &nbsp;&nbsp; 14500000 | &nbsp;&nbsp;&nbsp;&nbsp; 14500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2004I  | 2.65% |  | 03/16/23 | &nbsp;&nbsp; 25790000 | &nbsp;&nbsp;&nbsp;&nbsp; 25790000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2004I  | 2.75% |  | 05/03/23 | &nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2004K  | 2.90% |  | 02/23/23 | &nbsp;&nbsp; 18900000 | &nbsp;&nbsp;&nbsp;&nbsp; 18900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2004K  | 3.10% |  | 03/02/23 | &nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2004K  | 2.80% |  | 03/14/23 | &nbsp;&nbsp; 37600000 | &nbsp;&nbsp;&nbsp;&nbsp; 37600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2004K  | 2.65% |  | 05/02/23 | &nbsp;&nbsp; 28890000 | &nbsp;&nbsp;&nbsp;&nbsp; 28890000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2006D  | 3.31% |  | 01/04/23 | &nbsp;&nbsp; 26500000 | &nbsp;&nbsp;&nbsp;&nbsp; 26500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2006D  | 2.40% |  | 01/18/23 | &nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2008B  | 2.05% |  | 01/04/23 | &nbsp;&nbsp; 17000000 | &nbsp;&nbsp;&nbsp;&nbsp; 17000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2008B  | 2.65% |  | 05/02/23 | &nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2008C  | 3.20% |  | 02/14/23 | &nbsp;&nbsp; 11500000 | &nbsp;&nbsp;&nbsp;&nbsp; 11500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2008C  | 2.98% |  | 03/02/23 | &nbsp;&nbsp; 23000000 | &nbsp;&nbsp;&nbsp;&nbsp; 23000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2008C  | 2.65% |  | 03/09/23 | &nbsp;&nbsp; 12865000 | &nbsp;&nbsp;&nbsp;&nbsp; 12865000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2008C  | 2.93% |  | 03/15/23 | &nbsp;&nbsp; 24400000 | &nbsp;&nbsp;&nbsp;&nbsp; 24400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2009B1  | 2.65% |  | 03/08/23 | &nbsp;&nbsp;&nbsp; 9700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2009B1  | 2.75% |  | 05/03/23 | &nbsp;&nbsp; 13000000 | &nbsp;&nbsp;&nbsp;&nbsp; 13000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2009B5  | 2.65% |  | 01/03/23 | &nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2009B5  | 2.45% |  | 01/19/23 | &nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2009B5  | 2.87% |  | 03/09/23 | &nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2009B6  | 2.00% |  | 01/04/23 | &nbsp;&nbsp; 27250000 | &nbsp;&nbsp;&nbsp;&nbsp; 27250000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Rady Children's Hospital) Series 2008B (**LOC**: WELLS FARGO <br> BANK NA) <br>*(a)* | 2.65% |  | 01/03/23 | &nbsp;&nbsp; 40300000 | &nbsp;&nbsp;&nbsp;&nbsp; 40300000 |
| **Chino Valley USD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2020B (**LIQ**: JPMORGAN CHASE BANK NA)<br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| **Chula Vista** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing Refunding RB (Teresina Apts) Series 2006A <br> (**LOC**: FEDERAL NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.00% |  | 01/06/23 | &nbsp;&nbsp; 33500000 | &nbsp;&nbsp;&nbsp;&nbsp; 33500000 |
| **Coast CCD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017D (**LIQ**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 9960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9960000 |
| **Contra Costa CCD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2013 (**ESCROW**) (**LIQ**: TORONTO-DOMINION <br> BANK/THE) <br>*(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | &nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2013 (**LIQ**: CITIBANK NA) <br> *(b)(c)(d)* | 3.68% | 01/05/23 | 01/06/23 | &nbsp;&nbsp;&nbsp; 7800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7800000 |
| **Contra Costa Water District** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Extendible CP | 2.87% | 02/09/23 | 08/11/23 | &nbsp;&nbsp; 17000000 | &nbsp;&nbsp;&nbsp;&nbsp; 17000000 |

---

*See financial notes*

**20**Schwab Municipal Money Funds \| Annual Report

------

Schwab California Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **East Bay Municipal Utility District** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Water CP Notes Series A1 (**LIQ**: SUMITOMO MITSUI BANKING <br> CORPORATION) <br>| 2.75% |  | 02/02/23 | &nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water CP Notes Series A1 (**LIQ**: SUMITOMO MITSUI BANKING <br> CORPORATION) <br>| 2.25% |  | 02/07/23 | &nbsp;&nbsp;&nbsp; 4960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4960000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water CP Notes Series A1 (**LIQ**: SUMITOMO MITSUI BANKING <br> CORPORATION) <br>| 2.24% |  | 03/02/23 | &nbsp;&nbsp; 19000000 | &nbsp;&nbsp;&nbsp;&nbsp; 19000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water CP Notes Series A2 (**LIQ**: BANK OF AMERICA NA)  | 2.52% |  | 01/04/23 | &nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water CP Notes Series A2 (**LIQ**: BANK OF AMERICA NA)  | 2.45% |  | 02/07/23 | &nbsp;&nbsp; 31200000 | &nbsp;&nbsp;&nbsp;&nbsp; 31200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water CP Notes Series A2 (**LIQ**: BANK OF AMERICA NA)  | 2.20% |  | 02/08/23 | &nbsp;&nbsp; 15790000 | &nbsp;&nbsp;&nbsp;&nbsp; 15790000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water CP Notes Series A2 (**LIQ**: BANK OF AMERICA NA)  | 2.25% |  | 02/09/23 | &nbsp;&nbsp; 17760000 | &nbsp;&nbsp;&nbsp;&nbsp; 17760000 |
| **Eastern Municipal Water District** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Wastewater Refunding RB Series 2018A (**LIQ**: BANK OF <br> AMERICA NA) <br>*(a)* | 2.58% |  | 01/03/23 | &nbsp;&nbsp; 45505000 | &nbsp;&nbsp;&nbsp;&nbsp; 45505000 |
| **Eastern Municipal Water Financing Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Wastewater RB Series 2017D (**LIQ**: TORONTO-DOMINION <br> BANK/THE)<br>*(b)(c)(d)* | 3.63% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 4800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4800000 |
| **El Camino CCD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018B (**LIQ**: BARCLAYS BANK PLC)<br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000000 |
| **Elk Grove USD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017 (**LIQ**: BANK OF AMERICA NA) <br> *(b)(c)(d)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017 (**LIQ**: US BANK NATIONAL ASSOCIATION) <br> *(b)(c)(d)* | 2.50% |  | 01/03/23 | &nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1600000 |
| **Fresno USD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2010D & 2016B (**LIQ**: ROYAL BANK OF CANADA)<br> *(b)(c)(d)* | 3.44% | 01/05/23 | 01/06/23 | &nbsp;&nbsp;&nbsp; 8390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8390000 |
| **Golden Gate Bridge & Highway District** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Series A (**LIQ**: JPMORGAN CHASE BANK NA) | 2.85% |  | 02/01/23 | &nbsp;&nbsp; 30500000 | &nbsp;&nbsp;&nbsp;&nbsp; 30500000 |
| **Grossmont-Cuyamaca CCD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018B (**LIQ**: ROYAL BANK OF CANADA)<br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2700000 |
| **Hayward** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Lord Tennyson Apts) Series 2005A (**LOC**: FEDERAL <br> HOME LOAN MORTGAGE CORPORATION)<br>*(a)* | 3.72% |  | 01/06/23 | &nbsp;&nbsp; 12920000 | &nbsp;&nbsp;&nbsp;&nbsp; 12920000 |
| **Hayward Area Recreation & Park District** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2016A (**LIQ**: MORGAN STANLEY BANK NA)<br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 5015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5015000 |
| **Hayward USD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017 (**LIQ**: BANK OF AMERICA NA) <br> *(b)(c)(d)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 32500000 | &nbsp;&nbsp;&nbsp;&nbsp; 32500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2019 (**LOC**: BANK OF AMERICA NA) <br> *(b)(c)(d)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 1480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1480000 |
| **Irvine Ranch Water District** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2016 (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 4160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4160000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2011A1 (SIFMA Municipal Swap Index + <br> 0.06%)<br>*(c)* | 3.72% | 01/05/23 | 03/01/23 | &nbsp;&nbsp;&nbsp; 1950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1950574 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2011A2 (SIFMA Municipal Swap Index + <br> 0.06%)<br>*(c)* | 3.72% | 01/05/23 | 03/01/23 | &nbsp;&nbsp; 19075000 | &nbsp;&nbsp;&nbsp;&nbsp; 19075000 |
| **Jurupa USD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017B (**LIQ**: MORGAN STANLEY BANK NA)<br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000000 |
| **Livermore Valley Joint USD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2019 (**LIQ**: UBS AG)<br> *(b)(c)(d)* | 3.68% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| **Long Beach CCD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2012B (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 3598000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3598000 |
| **Long Beach Harbor Dept** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2015D (**LIQ**: CITIBANK NA)<br> *(b)(c)(d)* | 3.49% | 01/05/23 | 01/06/23 | &nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 |

---

*See financial notes*

Schwab Municipal Money Funds \| Annual Report**21**

------

Schwab California Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Long Beach USD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2016A&2008E (**LIQ**: MORGAN STANLEY BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds 2012 (**LIQ**: MORGAN STANLEY BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 8715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8715000 |
| **Los Angeles** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TRAN 2022  | 4.00% |  | 06/29/23 | &nbsp;&nbsp; 16170000 | &nbsp;&nbsp;&nbsp;&nbsp; 16308798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wastewater System CP Notes Series A1 (**LOC**: BARCLAYS BANK PLC)  | 2.63% |  | 01/18/23 | &nbsp;&nbsp; 19400000 | &nbsp;&nbsp;&nbsp;&nbsp; 19400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wastewater System CP Series A2 (**LOC**: TORONTO-DOMINION <br> BANK/THE) <br>| 2.38% |  | 01/17/23 | &nbsp;&nbsp; 30024000 | &nbsp;&nbsp;&nbsp;&nbsp; 30024000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wastewater System CP Series A2 (**LOC**: TORONTO-DOMINION <br> BANK/THE) <br>| 2.62% |  | 01/17/23 | &nbsp;&nbsp; 24000000 | &nbsp;&nbsp;&nbsp;&nbsp; 24000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wastewater System CP Series A2 (**LOC**: TORONTO-DOMINION <br> BANK/THE) <br>| 3.35% |  | 01/17/23 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wastewater System RB Series 2015A (**LIQ**: JPMORGAN CHASE BANK <br> NA) <br>*(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | &nbsp;&nbsp;&nbsp; 2510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2510000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wastewater System Refunding RB Series 2015C & D (**LIQ**: ROYAL <br> BANK OF CANADA) (SIFMA Municipal Swap Index + 0.15%)<br>*(b)(c)(d)* | 3.81% | 01/05/23 | 06/01/23 | &nbsp;&nbsp;&nbsp; 6540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6540000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wastewater System Sub RB Series 2017A (**LIQ**: JPMORGAN CHASE <br> BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 3335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3335000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water System Sub RB Series 2022A (**LIQ**: WELLS FARGO BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 1330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1330000 |
| **Los Angeles Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TRAN 2022-2023  | 4.00% |  | 06/30/23 | &nbsp;&nbsp;&nbsp; 8015000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8083582 |
| **Los Angeles Cnty Capital Asset Leasing Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease Revenue CP Series A (**LOC**: BANK OF THE WEST)  | 2.72% |  | 02/15/23 | &nbsp;&nbsp; 14000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease Revenue CP Series B (**LOC**: US BANK NATIONAL ASSOCIATION)  | 3.35% |  | 01/12/23 | &nbsp;&nbsp; 13000000 | &nbsp;&nbsp;&nbsp;&nbsp; 13000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease Revenue CP Series B (**LOC**: US BANK NATIONAL ASSOCIATION)  | 2.40% |  | 01/18/23 | &nbsp;&nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease Revenue CP Series B (**LOC**: US BANK NATIONAL ASSOCIATION)  | 3.10% |  | 02/07/23 | &nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease Revenue CP Series C (**LOC**: WELLS FARGO BANK NA)  | 2.48% |  | 03/07/23 | &nbsp;&nbsp; 32257000 | &nbsp;&nbsp;&nbsp;&nbsp; 32257000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease Revenue CP Series C (**LOC**: WELLS FARGO BANK NA)  | 2.65% |  | 03/08/23 | &nbsp;&nbsp; 46080000 | &nbsp;&nbsp;&nbsp;&nbsp; 46080000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease Revenue CP Series C (**LOC**: WELLS FARGO BANK NA)  | 2.95% |  | 03/15/23 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease Revenue CP Series D (**LOC**: STATE STREET BANK AND TRUST <br> COMPANY) <br>| 2.70% |  | 02/06/23 | &nbsp;&nbsp; 28065000 | &nbsp;&nbsp;&nbsp;&nbsp; 28065000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease Revenue CP Series D (**LOC**: STATE STREET BANK AND TRUST <br> COMPANY) <br>| 2.48% |  | 03/07/23 | &nbsp;&nbsp;&nbsp; 8350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8350000 |
| **Los Angeles Cnty Facilities Inc Lease Revenue** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease RB (Vermont Corridor Cnty Administration Building) <br> Series 2018A (**LIQ**: BANK OF AMERICA NA)<br>*(b)(c)(d)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500000 |
| **Los Angeles Cnty Metro Transit Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prop C Sr Sales Tax RB Series 2019A (**LIQ**: JPMORGAN CHASE BANK <br> NA)<br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 4325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4325000 |
| **Los Angeles Cnty Metropolitan Transportation Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2nd Sub Sales Tax Revenue CP Notes Series ATE (**LOC**: BANK OF <br> AMERICA NA) <br>| 2.50% |  | 01/19/23 | &nbsp;&nbsp;&nbsp; 7667000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7667000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2nd Sub Sales Tax Revenue CP Notes Series ATE (**LOC**: BANK OF <br> AMERICA NA) <br>| 2.95% |  | 02/01/23 | &nbsp;&nbsp; 14167000 | &nbsp;&nbsp;&nbsp;&nbsp; 14167000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr Sales Tax RB Series 2017A (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 4880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4880000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr Sales Tax RB Series 2019A (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1400000 |
| **Los Angeles Community Redevelopment Agency** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Security Building) Series 2001A (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.81% |  | 01/06/23 | &nbsp;&nbsp; 10245000 | &nbsp;&nbsp;&nbsp;&nbsp; 10245000 |

---

*See financial notes*

**22**Schwab Municipal Money Funds \| Annual Report

------

Schwab California Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Los Angeles Dept of Airports** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr RB Series 2013A (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr RB Series 2020C (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 2.88% |  | 01/03/23 | &nbsp;&nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr RB Series 2022G (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 4975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4975000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr RB Series 2022G (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2250000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr RB Series 2022G (**LIQ**: MORGAN STANLEY BANK NA) <br> *(b)(c)(d)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr RB Series 2022G (**LIQ**: TORONTO-DOMINION BANK/THE) <br> *(b)(c)(d)* | 3.72% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr RB Series 2022H (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.70% |  | 01/03/23 | &nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub RB Series 2016A, 2017A, 2018A, 2018C, 2019F (**LIQ**: ROYAL <br> BANK OF CANADA) <br>*(b)(c)(d)* | 3.53% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 7345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7345000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub RB Series 2016B (**LIQ**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.72% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 5460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5460000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub RB Series 2017A & 2018D (**LIQ**: MORGAN STANLEY BANK NA) <br> *(b)(c)(d)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 11000000 | &nbsp;&nbsp;&nbsp;&nbsp; 11000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub RB Series 2018A (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 15580000 | &nbsp;&nbsp;&nbsp;&nbsp; 15580000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub RB Series 2018A (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 1670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1670000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub RB Series 2018A (**LIQ**: MORGAN STANLEY BANK NA) <br> *(b)(c)(d)* | 3.72% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub RB Series 2018C&D (**LIQ**: MORGAN STANLEY BANK NA) <br> *(b)(c)(d)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 12480000 | &nbsp;&nbsp;&nbsp;&nbsp; 12480000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub RB Series 2018D (**LIQ**: BANK OF AMERICA NA) <br> *(b)(c)(d)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 5510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5510000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub RB Series 2019A (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 7945000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7945000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub RB Series 2019F (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.61% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2665000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub RB Series 2019F (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.64% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 5780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5780000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub RB Series 2021D (**LIQ**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.53% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 3215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3215000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub RB Series 2022A (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 1940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1940000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Refunding RB Series 2021A (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2705000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Refunding RB Series 2021A (**LIQ**: TORONTO-DOMINION <br> BANK/THE) <br>*(b)(c)(d)* | 3.74% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 5600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Revenue CP Series A1 (**LOC**: PNC BANK NATIONAL <br> ASSOCIATION) <br>| 3.10% |  | 02/16/23 | &nbsp;&nbsp; 19184000 | &nbsp;&nbsp;&nbsp;&nbsp; 19184000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Revenue CP Series A3 (**LOC**: BANK OF AMERICA NA)  | 2.85% |  | 04/04/23 | &nbsp;&nbsp; 23457000 | &nbsp;&nbsp;&nbsp;&nbsp; 23457000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Revenue CP Series B1 (**LOC**: PNC BANK NATIONAL <br> ASSOCIATION) <br>| 2.75% |  | 04/04/23 | &nbsp;&nbsp; 50953000 | &nbsp;&nbsp;&nbsp;&nbsp; 50953000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Revenue CP Series B3 (**LOC**: BANK OF AMERICA NA)  | 3.00% |  | 02/16/23 | &nbsp;&nbsp; 19000000 | &nbsp;&nbsp;&nbsp;&nbsp; 19000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Revenue CP Series B3 (**LOC**: BANK OF AMERICA NA)  | 2.90% |  | 04/04/23 | &nbsp;&nbsp; 19082000 | &nbsp;&nbsp;&nbsp;&nbsp; 19082000 |
| **Los Angeles Dept of Water & Power** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Power System RB Series 2001B3 (**LIQ**: BARCLAYS BANK PLC) <br> *(a)* | 2.50% |  | 01/03/23 | &nbsp;&nbsp;&nbsp; 9500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power System RB Series 2001B5 (**LIQ**: BARCLAYS BANK PLC) <br> *(a)* | 3.00% |  | 01/06/23 | &nbsp;&nbsp; 22500000 | &nbsp;&nbsp;&nbsp;&nbsp; 22500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power System RB Series 2001B7 (**LIQ**: BARCLAYS BANK PLC) <br> *(a)* | 3.00% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power System RB Series 2002A5 (**LIQ**: BANK OF AMERICA NA) <br> *(a)* | 2.45% |  | 01/03/23 | &nbsp;&nbsp; 13275000 | &nbsp;&nbsp;&nbsp;&nbsp; 13275000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power System RB Series 2002A6 (**LIQ**: BANK OF AMERICA NA) <br> *(a)* | 2.58% |  | 01/03/23 | &nbsp;&nbsp; 10800000 | &nbsp;&nbsp;&nbsp;&nbsp; 10800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power System RB Series 2002A7 (**LIQ**: BANK OF AMERICA NA) <br> *(a)* | 2.56% |  | 01/03/23 | &nbsp;&nbsp; 24400000 | &nbsp;&nbsp;&nbsp;&nbsp; 24400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power System RB Series 2017A (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 1335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1335000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power System RB Series 2017A (**LIQ**: TORONTO-DOMINION <br> BANK/THE) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power System RB Series 2017A (**LIQ**: UBS AG) <br> *(b)(c)(d)* | 3.68% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 4325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4325000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power System RB Series 2017C (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 4800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power System RB Series 2022A (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 5885000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5885000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power System RB Series 2022E  | 5.00% |  | 07/01/23 | &nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4042014 |

---

*See financial notes*

Schwab Municipal Money Funds \| Annual Report**23**

------

Schwab California Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; Water System RB Series 2001B2 (**LIQ**: UBS AG) <br> *(a)* | 2.50% |  | 01/03/23 | &nbsp;&nbsp; 18800000 | &nbsp;&nbsp;&nbsp;&nbsp; 18800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water System RB Series 2001B3 (**LIQ**: UBS AG) <br> *(a)* | 3.05% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water System RB Series 2001B4 (**LIQ**: BARCLAYS BANK PLC) <br> *(a)* | 2.20% |  | 01/03/23 | &nbsp;&nbsp; 23700000 | &nbsp;&nbsp;&nbsp;&nbsp; 23700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water System RB Series 2014A (**LIQ**: MORGAN STANLEY BANK NA) <br> *(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | &nbsp;&nbsp;&nbsp; 8700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water System RB Series 2021A2 (**LIQ**: TD BANK NA) <br> *(a)* | 2.55% |  | 01/03/23 | &nbsp;&nbsp; 42660000 | &nbsp;&nbsp;&nbsp;&nbsp; 42660000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water System RB Series 2022B (**LIQ**: WELLS FARGO BANK NA) <br> *(b)(c)(d)* | 3.68% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 6250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6250000 |
| **Los Angeles Harbor Dept** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2016C (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.61% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3750000 |
| **Los Angeles IDA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (AAA Packing & Shipping) Series 2000 (**LOC**: CITY NATIONAL <br> BANK)<br>*(a)* | 3.74% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 1325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1325000 |
| **Los Angeles Municipal Improvement Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease Revenue CP Series A1 (**LOC**: BMO HARRIS BANK NA)  | 3.35% |  | 01/12/23 | &nbsp;&nbsp;&nbsp; 5250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5250000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease Revenue CP Series A2 (**LOC**: BANK OF AMERICA NA)  | 2.40% |  | 01/19/23 | &nbsp;&nbsp; 16200000 | &nbsp;&nbsp;&nbsp;&nbsp; 16200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease Revenue CP Series A2 (**LOC**: BANK OF AMERICA NA)  | 2.45% |  | 02/09/23 | &nbsp;&nbsp; 20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease Revenue CP Series A2 (**LOC**: BANK OF AMERICA NA)  | 3.40% |  | 03/02/23 | &nbsp;&nbsp; 13600000 | &nbsp;&nbsp;&nbsp;&nbsp; 13600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease Revenue CP Series A3 (**LOC**: US BANK NATIONAL <br> ASSOCIATION) <br>| 3.35% |  | 01/12/23 | &nbsp;&nbsp; 20170000 | &nbsp;&nbsp;&nbsp;&nbsp; 20170000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease Revenue CP Series A3 (**LOC**: US BANK NATIONAL <br> ASSOCIATION) <br>| 2.43% |  | 01/19/23 | &nbsp;&nbsp; 11000000 | &nbsp;&nbsp;&nbsp;&nbsp; 11000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease Revenue CP Series A3 (**LOC**: US BANK NATIONAL <br> ASSOCIATION) <br>| 3.10% |  | 02/09/23 | &nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease Revenue CP Series A3 (**LOC**: US BANK NATIONAL <br> ASSOCIATION) <br>| 3.40% |  | 03/02/23 | &nbsp;&nbsp; 13500000 | &nbsp;&nbsp;&nbsp;&nbsp; 13500000 |
| **Los Angeles USD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2020 RYQ (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.42% |  | 01/06/23 | &nbsp;&nbsp; 15660000 | &nbsp;&nbsp;&nbsp;&nbsp; 15660000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2022QRR (**LIQ**: MORGAN STANLEY BANK NA) <br> *(b)(c)(d)* | 3.66% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 4925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4925000 |
| **Marin Healthcare District** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2015A (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2495000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017A (**LIQ**: MORGAN STANLEY BANK NA) <br> *(b)(c)(d)* | 3.68% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 5100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017A (**LIQ**: MORGAN STANLEY BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 1530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1530000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017A (**LIQ**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
| **Mt. San Antonio CCD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2019A (**LIQ**: ROYAL BANK OF CANADA)<br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2730000 |
| **Nuveen California AMT-Free Municipal Income Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Demand Preferred Shares Series 3 <br> (**LOC**: TORONTO-DOMINION BANK/THE) <br>*(a)(b)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 13000000 | &nbsp;&nbsp;&nbsp;&nbsp; 13000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Demand Preferred Shares Series 4 (**LOC**: ROYAL BANK <br> OF CANADA) <br>*(a)(b)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 25000000 |
| **Nuveen California Quality Municipal Income Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Demand Preferred Shares Series 1 (**LOC**: SOCIETE <br> GENERALE SA) <br>*(a)(b)* | 3.75% |  | 01/06/23 | &nbsp;&nbsp; 56900000 | &nbsp;&nbsp;&nbsp;&nbsp; 56900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Demand Preferred Shares Series 4 (**LOC**: ROYAL BANK <br> OF CANADA) <br>*(a)(b)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 11000000 | &nbsp;&nbsp;&nbsp;&nbsp; 11000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Demand Preferred Shares Series 6 (**LOC**: JPMORGAN <br> CHASE BANK NA) <br>*(a)(b)* | 3.75% |  | 01/06/23 | &nbsp;&nbsp; 23500000 | &nbsp;&nbsp;&nbsp;&nbsp; 23500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Demand Preferred Shares Series 7 (**LOC**: ROYAL BANK <br> OF CANADA) <br>*(a)(b)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 54400000 | &nbsp;&nbsp;&nbsp;&nbsp; 54400000 |

---

*See financial notes*

**24**Schwab Municipal Money Funds \| Annual Report

------

Schwab California Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Oakland USD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2021A (**LOC**: ROYAL BANK OF CANADA)<br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 1865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1865000 |
| **Orange Cnty Water District** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue COP Series 2003A (**LOC**: BANK OF AMERICA NA) <br> *(a)* | 3.05% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 1765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1765000 |
| **Oxnard SD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2016A (**LOC**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 4010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4010000 |
| **Port of Oakland** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Notes D (**LOC**: BANK OF AMERICA NA)  | 2.75% |  | 01/12/23 | &nbsp;&nbsp; 25193000 | &nbsp;&nbsp;&nbsp;&nbsp; 25193000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Series A (**LOC**: BANK OF AMERICA NA)  | 2.75% |  | 01/12/23 | &nbsp;&nbsp;&nbsp; 7342000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7342000 |
| **Riverside** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Refunding RB Series 2011A (**LOC**: PNC BANK NATIONAL <br> ASSOCIATION)<br>*(a)* | 2.45% |  | 01/03/23 | &nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000000 |
| **Riverside Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TRAN 2022  | 5.00% |  | 06/30/23 | &nbsp;&nbsp; 22575000 | &nbsp;&nbsp;&nbsp;&nbsp; 22789566 |
| **Sacramento Area Flood Control Agency** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Capital Assessment District No 2 Bonds Series 2016A <br> (**LIQ**: JPMORGAN CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 11000000 | &nbsp;&nbsp;&nbsp;&nbsp; 11000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Capital Assessment District No 2 Bonds Series 2016A <br> (**LIQ**: MORGAN STANLEY BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 4750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4750000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Capital Assessment District No 2 Bonds Series 2016A <br> (**LIQ**: ROYAL BANK OF CANADA) (SIFMA Municipal Swap Index + <br> 0.15%)<br>*(b)(c)(d)* | 3.81% | 01/05/23 | 04/03/23 | &nbsp;&nbsp;&nbsp; 1210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1210000 |
| **Sacramento Cnty Housing Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Logan Park Apts) Series 2007E (**LOC**: FEDERAL <br> HOME LOAN MORTGAGE CORPORATION)<br>*(a)* | 3.74% |  | 01/06/23 | &nbsp;&nbsp; 46090000 | &nbsp;&nbsp;&nbsp;&nbsp; 46090000 |
| **Sacramento Housing Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Valencia Point Apts) Series 2006I (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION)<br>*(a)* | 3.37% |  | 01/06/23 | &nbsp;&nbsp; 10050000 | &nbsp;&nbsp;&nbsp;&nbsp; 10050000 |
| **Sacramento Municipal Utility District** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Series L1 (**LOC**: BARCLAYS BANK PLC)  | 2.65% |  | 01/18/23 | &nbsp;&nbsp; 30000000 | &nbsp;&nbsp;&nbsp;&nbsp; 30000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Series M1 (**LOC**: BANK OF AMERICA NA)  | 2.80% |  | 01/06/23 | &nbsp;&nbsp; 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Series M1 (**LOC**: BANK OF AMERICA NA)  | 2.23% |  | 01/10/23 | &nbsp;&nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric RB Series 2020H (**LIQ**: BANK OF AMERICA NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2665000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric RB Series 2020H (**LIQ**: TORONTO-DOMINION BANK/THE) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2700000 |
| **Sacramento Water Revenue** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Water RB Series 2017 (**LIQ**: ROYAL BANK OF CANADA)<br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 3800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3800000 |
| **San Bernardino CCD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2013A (**ESCROW**) <br> (**LIQ**: TORONTO-DOMINION BANK/THE)<br>*(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | &nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000000 |
| **San Bernardino Cnty Transportation Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales Tax RB Series 2014A (**LIQ**: CITIBANK NA)<br> *(b)(c)(d)* | 3.68% | 01/05/23 | 01/06/23 | &nbsp;&nbsp;&nbsp; 8300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8300000 |
| **San Diego Cnty Regional Airport Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr Airport RB Series 2013B (**ESCROW**) | 5.00% |  | 07/03/23 | &nbsp;&nbsp; 23280000 | &nbsp;&nbsp;&nbsp;&nbsp; 23527925 |
| **San Diego Cnty Regional Transportation Commission** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales Tax RB Series 2008A (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(a)* | 3.02% |  | 01/06/23 | &nbsp;&nbsp; 52750000 | &nbsp;&nbsp;&nbsp;&nbsp; 52750000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales Tax RB Series 2008B (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(a)* | 2.94% |  | 01/06/23 | &nbsp;&nbsp; 24850000 | &nbsp;&nbsp;&nbsp;&nbsp; 24850000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales Tax RB Series 2008C (**LIQ**: BANK OF AMERICA NA) <br> *(a)* | 3.40% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales Tax RB Series 2016A (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.41% |  | 01/03/23 | &nbsp;&nbsp;&nbsp; 1635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1635000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Sales Tax Revenue CP Series B (**LOC**: BANK OF AMERICA NA)  | 2.59% |  | 03/01/23 | &nbsp;&nbsp; 43030000 | &nbsp;&nbsp;&nbsp;&nbsp; 43030000 |

---

*See financial notes*

Schwab Municipal Money Funds \| Annual Report**25**

------

Schwab California Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **San Diego Cnty Water Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Series 10 (**LIQ**: BANK OF THE WEST)  | 2.38% |  | 01/18/23 | &nbsp;&nbsp; 29100000 | &nbsp;&nbsp;&nbsp;&nbsp; 29100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Series 10 (**LIQ**: BANK OF THE WEST)  | 2.20% |  | 02/07/23 | &nbsp;&nbsp; 11000000 | &nbsp;&nbsp;&nbsp;&nbsp; 11000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Series 10 (**LIQ**: BANK OF THE WEST)  | 2.24% |  | 03/02/23 | &nbsp;&nbsp; 29300000 | &nbsp;&nbsp;&nbsp;&nbsp; 29300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Series 9 (**LIQ**: BANK OF AMERICA NA)  | 2.30% |  | 01/11/23 | &nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Series 9 (**LIQ**: BANK OF AMERICA NA)  | 2.75% |  | 01/18/23 | &nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Series 9 (**LIQ**: BANK OF AMERICA NA)  | 3.10% |  | 02/15/23 | &nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 25000000 |
| **San Diego Housing Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Courthouse Commons) Series 2020F (**LOC**: MIZUHO <br> BANK LTD) <br>*(a)* | 3.35% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Park & Market Apts) Series 2017A (**LOC**: BANK OF <br> AMERICA NA) <br>*(a)(b)* | 3.35% |  | 01/06/23 | &nbsp;&nbsp; 13950000 | &nbsp;&nbsp;&nbsp;&nbsp; 13950000 |
| **San Diego Public Facilities Financing Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease Revenue CP Series A (**LOC**: WELLS FARGO BANK NA)  | 2.90% |  | 03/07/23 | &nbsp;&nbsp; 20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Water RB Series 2018A (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 8455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8455000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Water Revenue CP Series A (**LOC**: BANK OF AMERICA NA)  | 2.00% |  | 01/05/23 | &nbsp;&nbsp; 23575000 | &nbsp;&nbsp;&nbsp;&nbsp; 23575000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Water Revenue CP Series A (**LOC**: BANK OF AMERICA NA)  | 2.95% |  | 02/01/23 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Water Revenue CP Series A (**LOC**: BANK OF AMERICA NA)  | 2.85% |  | 02/07/23 | &nbsp;&nbsp; 29175000 | &nbsp;&nbsp;&nbsp;&nbsp; 29175000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Water Revenue CP Series A (**LOC**: BANK OF AMERICA NA)  | 2.50% |  | 02/08/23 | &nbsp;&nbsp; 24988000 | &nbsp;&nbsp;&nbsp;&nbsp; 24988000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Water Revenue CP Series A (**LOC**: BANK OF AMERICA NA)  | 2.75% |  | 02/09/23 | &nbsp;&nbsp; 35000000 | &nbsp;&nbsp;&nbsp;&nbsp; 35000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Water Revenue CP Series A (**LOC**: BANK OF AMERICA NA)  | 2.53% |  | 02/14/23 | &nbsp;&nbsp;&nbsp; 3143000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3143000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Water Revenue CP Series A (**LOC**: BANK OF AMERICA NA)  | 2.73% |  | 02/14/23 | &nbsp;&nbsp;&nbsp; 8090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8090000 |
| **San Diego USD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2013C (**ESCROW**) (**LIQ**: TORONTO-DOMINION <br> BANK/THE) <br>*(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | &nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017 (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017 & 2019 (**LIQ**: WELLS FARGO BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 16000000 | &nbsp;&nbsp;&nbsp;&nbsp; 16000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2022F2 (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; TRAN 2022-2023A  | 4.00% |  | 06/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 890000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 897425 |
| **San Francisco** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; COP (49 S. Van Ness) Series 2019A (**LIQ**: WELLS FARGO BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 3135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3135000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Carter Terrace Apts) Series 2002B (**LOC**: CITIBANK <br> NA) <br>*(a)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2875000 |
| **San Francisco Airport Commission** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2nd Series RB Series 2016B (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.76% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 4360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4360000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB 2nd Series 2017B (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 17000000 | &nbsp;&nbsp;&nbsp;&nbsp; 17000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB 2nd Series 2018B (**LOC**: BARCLAYS BANK PLC) <br> *(a)* | 3.10% |  | 01/06/23 | &nbsp;&nbsp; 16750000 | &nbsp;&nbsp;&nbsp;&nbsp; 16750000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB 2nd Series 2018C (**LOC**: SUMITOMO MITSUI BANKING <br> CORPORATION) <br>*(a)* | 3.12% |  | 01/06/23 | &nbsp;&nbsp; 15460000 | &nbsp;&nbsp;&nbsp;&nbsp; 15460000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB 2nd Series 2019 (**LOC**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 31205000 | &nbsp;&nbsp;&nbsp;&nbsp; 31205000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB 2nd Series 2019A (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 18755000 | &nbsp;&nbsp;&nbsp;&nbsp; 18755000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB 2nd Series 2019A (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.45% |  | 01/03/23 | &nbsp;&nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB 2nd Series 2019A&E (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 11350000 | &nbsp;&nbsp;&nbsp;&nbsp; 11350000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB 2nd Series 2019A, 2019E, 2018D (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 70085000 | &nbsp;&nbsp;&nbsp;&nbsp; 70085000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB 2nd Series 2019E, 2019A, 2018D (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 43395000 | &nbsp;&nbsp;&nbsp;&nbsp; 43395000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB 2nd Series 2022A (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 10400000 | &nbsp;&nbsp;&nbsp;&nbsp; 10400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB 2nd Series 2020A (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.76% |  | 01/06/23 | &nbsp;&nbsp; 11715000 | &nbsp;&nbsp;&nbsp;&nbsp; 11715000 |

---

*See financial notes*

**26**Schwab Municipal Money Funds \| Annual Report

------

Schwab California Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2010A1 (**LOC**: BANK OF AMERICA NA) <br> *(a)* | 3.13% |  | 01/06/23 | &nbsp;&nbsp; 34665000 | &nbsp;&nbsp;&nbsp;&nbsp; 34665000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2010A2 (**LOC**: BANK OF AMERICA NA) <br> *(a)* | 3.15% |  | 01/06/23 | &nbsp;&nbsp; 13605000 | &nbsp;&nbsp;&nbsp;&nbsp; 13605000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub CP Notes A-2 (**LOC**: SUMITOMO MITSUI BANKING <br> CORPORATION) <br>| 2.32% |  | 02/07/23 | &nbsp;&nbsp; 32600000 | &nbsp;&nbsp;&nbsp;&nbsp; 32600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub CP Notes A-2 (**LOC**: SUMITOMO MITSUI BANKING <br> CORPORATION) <br>| 2.47% |  | 02/07/23 | &nbsp;&nbsp; 17000000 | &nbsp;&nbsp;&nbsp;&nbsp; 17000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub CP Series A3 (**LOC**: BARCLAYS BANK PLC)  | 2.50% |  | 02/07/23 | &nbsp;&nbsp; 40025000 | &nbsp;&nbsp;&nbsp;&nbsp; 40023195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub CP Series A4 (**LOC**: US BANK NATIONAL ASSOCIATION)  | 2.45% |  | 02/07/23 | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp;&nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub CP Series B3 (**LOC**: BARCLAYS BANK PLC)  | 2.42% |  | 02/07/23 | &nbsp;&nbsp;&nbsp; 8500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8498087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub CP Series B4 (**LOC**: US BANK NATIONAL ASSOCIATION)  | 2.45% |  | 02/07/23 | &nbsp;&nbsp;&nbsp; 8535000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8535000 |
| **San Francisco Bay Area Rapid Transit District** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2020C1 (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.68% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2795000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2022D1 (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 12000000 | &nbsp;&nbsp;&nbsp;&nbsp; 12000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2022D1 (**LIQ**: TORONTO-DOMINION BANK/THE) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 1875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1875000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2022D1 & 2019B1 (**LIQ**: JPMORGAN CHASE BANK <br> NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2155000 |
| **San Francisco Finance Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease Refunding RB Series 20081 (**LOC**: TD BANK NA) <br> *(a)* | 3.20% |  | 01/06/23 | &nbsp;&nbsp; 14550000 | &nbsp;&nbsp;&nbsp;&nbsp; 14550000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease Refunding RB Series 20082 (**LOC**: TD BANK NA) <br> *(a)* | 3.20% |  | 01/06/23 | &nbsp;&nbsp; 24850000 | &nbsp;&nbsp;&nbsp;&nbsp; 24850000 |
| **San Francisco Housing Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing Refunding RB (Valencia Gardens) Series 2004 <br> (**LOC**: CITIBANK NA)<br>*(a)* | 3.67% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 1920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1920000 |
| **San Francisco Public Utilities Commission** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Power CP Notes Series A1 (**LOC**: BANK OF AMERICA NA)  | 2.15% |  | 02/08/23 | &nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wastewater CP Notes Series A2 (**LOC**: BANK OF AMERICA NA)  | 2.75% |  | 01/10/23 | &nbsp;&nbsp; 26754000 | &nbsp;&nbsp;&nbsp;&nbsp; 26754000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wastewater CP Series A1 (**LOC**: SUMITOMO MITSUI BANKING <br> CORPORATION) <br>| 2.83% |  | 01/05/23 | &nbsp;&nbsp; 26039000 | &nbsp;&nbsp;&nbsp;&nbsp; 26039000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wastewater CP Series A1 (**LOC**: SUMITOMO MITSUI BANKING <br> CORPORATION) <br>| 2.50% |  | 03/07/23 | 100000000 | &nbsp;&nbsp;&nbsp; 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wastewater CP Series A6 (**LIQ**: STATE STREET BANK AND TRUST <br> COMPANY) <br>| 2.50% |  | 03/07/23 | 150000000 | &nbsp;&nbsp;&nbsp; 150000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wastewater CP Series A7 (**LOC**: SUMITOMO MITSUI BANKING <br> CORPORATION) <br>| 2.75% |  | 01/10/23 | &nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wastewater CP Series A7 (**LOC**: SUMITOMO MITSUI BANKING <br> CORPORATION) <br>| 2.15% |  | 02/08/23 | &nbsp;&nbsp; 34300000 | &nbsp;&nbsp;&nbsp;&nbsp; 34300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wastewater RB Series 2021A (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 4570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4570000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water CP Series A2 (**LOC**: SUMITOMO MITSUI BANKING <br> CORPORATION) <br>| 2.83% |  | 01/05/23 | &nbsp;&nbsp; 65583000 | &nbsp;&nbsp;&nbsp;&nbsp; 65583000 |
| **San Francisco Redevelopment Agency** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (3rd & Mission) Series 1999C (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.02% |  | 01/06/23 | 100000000 | &nbsp;&nbsp;&nbsp; 100000000 |
| **San Jose** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Cinnabar Commons) Series 2003C (**LOC**: FEDERAL <br> HOME LOAN MORTGAGE CORPORATION) <br>*(a)* | 3.35% |  | 01/06/23 | &nbsp;&nbsp; 20800000 | &nbsp;&nbsp;&nbsp;&nbsp; 20800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Pollard Plaza Apts) Series 2002D (**LOC**: FEDERAL <br> HOME LOAN MORTGAGE CORPORATION) <br>*(a)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 795000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing Refunding RB (Las Ventanas Apts) Series 2008B <br> (**LOC**: FEDERAL HOME LOAN MORTGAGE CORPORATION) <br>*(a)* | 3.35% |  | 01/06/23 | &nbsp;&nbsp; 20900000 | &nbsp;&nbsp;&nbsp;&nbsp; 20900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Airport CP Notes Series B (**LOC**: BANK OF AMERICA NA)  | 3.15% |  | 02/23/23 | &nbsp;&nbsp; 24112000 | &nbsp;&nbsp;&nbsp;&nbsp; 24112000 |

---

*See financial notes*

Schwab Municipal Money Funds \| Annual Report**27**

------

Schwab California Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **San Luis Obispo Cnty CCD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2014A (**LIQ**: MORGAN STANLEY BANK NA) <br> *(b)(c)(d)* | 3.70% | 01/05/23 | 01/06/23 | &nbsp;&nbsp;&nbsp; 6580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6580000 |
| **San Marcos USD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series C (**ESCROW**) (**LIQ**: MORGAN STANLEY BANK NA) <br> *(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | &nbsp;&nbsp;&nbsp; 6665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6665000 |
| **San Mateo Cnty CCD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2015A (**LIQ**: MORGAN STANLEY BANK NA)<br> *(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | &nbsp;&nbsp;&nbsp; 8810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8810000 |
| **San Mateo Cnty Jt Powers Financing Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease RB Series 2019A (**LIQ**: JPMORGAN CHASE BANK NA)<br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 13555000 | &nbsp;&nbsp;&nbsp;&nbsp; 13555000 |
| **San Mateo Cnty Transportation Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Sales Tax RB Series 2020A (**LOC**: BANK OF AMERICA NA) <br> *(a)* | 3.26% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Sales Tax RB Series 2020B (**LOC**: BANK OF AMERICA NA) <br> *(a)* | 2.55% |  | 01/03/23 | &nbsp;&nbsp; 15870000 | &nbsp;&nbsp;&nbsp;&nbsp; 15870000 |
| **San Rafael Redevelopment Agency** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MF Hsg RB (San Rafael Commons Apts) Ser 2001A (**LOC**: CITIBANK <br> NA) <br>*(a)* | 3.40% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 1570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1570000 |
| **Santa Clara Cnty Housing Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing Refunding RB (Willows Apts) Series 2005A (**LOC**: MUFG <br> UNION BANK NA)<br>*(a)* | 3.40% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 3402000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3402000 |
| **Santa Clara Valley Transportation Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales Tax Refunding RB Series 2008A (**LIQ**: TORONTO-DOMINION <br> BANK/THE) <br>*(a)* | 2.93% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales Tax Refunding RB Series 2008C (**LIQ**: TORONTO-DOMINION <br> BANK/THE) <br>*(a)* | 2.55% |  | 01/03/23 | &nbsp;&nbsp; 38155000 | &nbsp;&nbsp;&nbsp;&nbsp; 38155000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales Tax Refunding RB Series 2008D (**LIQ**: TORONTO-DOMINION <br> BANK/THE) <br>*(a)* | 2.15% |  | 01/03/23 | &nbsp;&nbsp; 48695000 | &nbsp;&nbsp;&nbsp;&nbsp; 48695000 |
| **Santa Clara Valley Water District** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Series A (**LOC**: MUFG BANK LTD) | 1.95% |  | 01/04/23 | &nbsp;&nbsp; 27095000 | &nbsp;&nbsp;&nbsp;&nbsp; 27095000 |
| **Santa Cruz Cnty Successor Redevelopment Agency** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Shaffer Road Apts) Series 2002A (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.72% |  | 01/06/23 | &nbsp;&nbsp; 21525000 | &nbsp;&nbsp;&nbsp;&nbsp; 21525000 |
| **Solano CCD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series C (**LIQ**: MORGAN STANLEY BANK NA)<br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| **Southern California Metropolitan Water District** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Water RB Series 2017A (**LIQ**: PNC BANK NATIONAL ASSOCIATION) <br> *(a)* | 2.56% |  | 01/03/23 | &nbsp;&nbsp;&nbsp; 8245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8245000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Refunding RB Series 2016B2 (**LIQ**: TD BANK NA) <br> *(a)* | 2.55% |  | 01/03/23 | &nbsp;&nbsp;&nbsp; 4520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4520000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Refunding RB Series 2021B (**LIQ**: JPMORGAN CHASE BANK <br> NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 6655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6655000 |
| **Southern California Public Power Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Canyon Power) Series 2022B (**LOC**: SUMITOMO MITSUI <br> BANKING CORPORATION) <br>*(a)* | 2.93% |  | 01/06/23 | &nbsp;&nbsp; 33500000 | &nbsp;&nbsp;&nbsp;&nbsp; 33500000 |
| **Sweetwater UHSD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds (**LOC**: ROYAL BANK OF CANADA)<br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 5190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5190000 |
| **Union Elementary SD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series C (**LIQ**: MORGAN STANLEY BANK NA)<br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 8145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8145000 |
| **Univ of California** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Notes Series 2009A  | 2.50% |  | 02/06/23 | &nbsp;&nbsp;&nbsp; 7250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7250000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Notes Series 2009A  | 2.50% |  | 02/14/23 | &nbsp;&nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Notes Series 2009A  | 2.35% |  | 02/16/23 | &nbsp;&nbsp; 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; General RB Series 2013AI (**LIQ**: UBS AG) <br> *(b)(c)(d)* | 3.68% |  | 01/06/23 | &nbsp;&nbsp; 12000000 | &nbsp;&nbsp;&nbsp;&nbsp; 12000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; General RB Series 2018AZ (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.68% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; General RB Series 2018AZ (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 |

---

*See financial notes*

**28**Schwab Municipal Money Funds \| Annual Report

------

Schwab California Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; Limited Project RB Series 2017M (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.00% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 6460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6460000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Limited Project RB Series 2018O (**LIQ**: TORONTO-DOMINION <br> BANK/THE) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Limited Project RB Series 2021Q (**LIQ**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 11000000 | &nbsp;&nbsp;&nbsp;&nbsp; 11000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Limited Project RB Series 2022S (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2840000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medical Center Pooled RB Series 2013J (**LIQ**: JPMORGAN CHASE <br> BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medical Center Pooled RB Series 2016L (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.68% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 1875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1875000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medical Center Pooled RB Series 2016L (**LIQ**: JPMORGAN CHASE <br> BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2665000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medical Center Pooled RB Series 2022P (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.68% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2685000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medical Center Pooled RB Series 2022P (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 59245000 | &nbsp;&nbsp;&nbsp;&nbsp; 59245000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medical Center Pooled RB Series 2022P (**LIQ**: JPMORGAN CHASE <br> BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2250000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medical Center Pooled RB Series 2022P (**LIQ**: TORONTO-DOMINION <br> BANK/THE) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 1665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1665000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medical Center Pooled RB Series 2022P (**LIQ**: WELLS FARGO BANK <br> NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 18575000 | &nbsp;&nbsp;&nbsp;&nbsp; 18575000 |
| **Washington Township Health Care District** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2015B (**LOC**: ROYAL BANK OF CANADA)<br> *(b)(c)(d)* | 3.62% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1900000 |
| **Westminster Redevelopment Agency** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Brookhurst Royal) Series 2000A (**LOC**: MUFG UNION <br> BANK NA)<br>*(a)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 3635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3635000 |
| **Yosemite CCD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2010D (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 4553000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4553000 |
|  |  |  |  |  | **6862555519** |
| **Total Municipal Securities** <br>**(Cost $6,862,555,519)** | **Total Municipal Securities** <br>**(Cost $6,862,555,519)** | **Total Municipal Securities** <br>**(Cost $6,862,555,519)** | **Total Municipal Securities** <br>**(Cost $6,862,555,519)** | **Total Municipal Securities** <br>**(Cost $6,862,555,519)** | **6862555519** |
| **U.S. GOVERNMENT AGENCY DEBT** 13.2% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 13.2% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 13.2% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 13.2% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 13.2% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 13.2% OF NET ASSETS |
| **Federal Home Loan Banks** | **Federal Home Loan Banks** | **Federal Home Loan Banks** | **Federal Home Loan Banks** | **Federal Home Loan Banks** | **Federal Home Loan Banks** |
|  | 3.84% |  | 01/03/23 | 238200000 | &nbsp;&nbsp;&nbsp; 238200000 |
|  | 3.77% |  | 01/05/23 | 167000000 | &nbsp;&nbsp;&nbsp; 166965023 |
|  | 3.85% |  | 01/05/23 | 262452000 | &nbsp;&nbsp;&nbsp; 262395864 |
|  | 3.86% |  | 01/10/23 | 107200000 | &nbsp;&nbsp;&nbsp; 107119749 |
|  | 4.06% |  | 01/18/23 | &nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1497469 |
|  | 3.81% |  | 01/23/23 | 188000000 | &nbsp;&nbsp;&nbsp; 187603111 |
|  | 3.81% |  | 01/25/23 | &nbsp;&nbsp; 95800000 | &nbsp;&nbsp;&nbsp;&nbsp; 95577531 |
|  | 4.01% |  | 01/25/23 | &nbsp;&nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3391689 |
| **Total U.S. Government Agency Debt** <br>**(Cost $1,062,750,436)** | **Total U.S. Government Agency Debt** <br>**(Cost $1,062,750,436)** | **Total U.S. Government Agency Debt** <br>**(Cost $1,062,750,436)** | **Total U.S. Government Agency Debt** <br>**(Cost $1,062,750,436)** | **Total U.S. Government Agency Debt** <br>**(Cost $1,062,750,436)** | **1062750436** |

---

*See financial notes*

Schwab Municipal Money Funds \| Annual Report**29**

------

Schwab California Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| FOOTNOTES | RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **U.S. TREASURY DEBT** 0.6% OF NET ASSETS | **U.S. TREASURY DEBT** 0.6% OF NET ASSETS | **U.S. TREASURY DEBT** 0.6% OF NET ASSETS | **U.S. TREASURY DEBT** 0.6% OF NET ASSETS | **U.S. TREASURY DEBT** 0.6% OF NET ASSETS | **U.S. TREASURY DEBT** 0.6% OF NET ASSETS | **U.S. TREASURY DEBT** 0.6% OF NET ASSETS |
| **United States Treasury**  |  |  |  |  |  |  |
|  |  | 3.68% |  | 01/24/23 | &nbsp;&nbsp; 45000000 | &nbsp;&nbsp;&nbsp;&nbsp; 44903531 |
| **Total U.S. Treasury Debt** <br>**(Cost $44,903,531)** | **Total U.S. Treasury Debt** <br>**(Cost $44,903,531)** | **Total U.S. Treasury Debt** <br>**(Cost $44,903,531)** | **Total U.S. Treasury Debt** <br>**(Cost $44,903,531)** | **Total U.S. Treasury Debt** <br>**(Cost $44,903,531)** | **Total U.S. Treasury Debt** <br>**(Cost $44,903,531)** | **44903531** |
| **Total Investments in Securities** <br>**(Cost $7,970,209,486)** | **Total Investments in Securities** <br>**(Cost $7,970,209,486)** | **Total Investments in Securities** <br>**(Cost $7,970,209,486)** | **Total Investments in Securities** <br>**(Cost $7,970,209,486)** | **Total Investments in Securities** <br>**(Cost $7,970,209,486)** | **Total Investments in Securities** <br>**(Cost $7,970,209,486)** | **7970209486** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* 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;*(b)* 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 $1,459,432,000 or 18.1% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* Variable rate security; rate shown is effective rate at period end.

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* 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;

---

| | |
|:---|:---|
| CCD — | Community college district |
| COP — | Certificate of participation |
| CP — | Commercial paper |
| GO — | General obligation |
| HSG — | Housing |
| IDA — | Industrial development agency/authority |
| IDRB — | Industrial development revenue bond |
| IND — | Independent |
| LIQ — | Liquidity agreement |
| LOC — | Letter of credit |
| M/F — | Multi-family |
| RB — | Revenue bond |
| SD — | School district |
| 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 |
| TRAN — | Tax and revenue anticipation note |
| UHSD — | Union high school district |
| USD — | Unified school district |
| VRDN — | Variable rate demand note |

---

------

At December 31, 2022, all of the fund's investment securities were classified as Level 2. The breakdown of the fund's investments

into categories is disclosed on the Portfolio Holdings (see financial note 2(a) for additional information).

*See financial notes*

**30**Schwab Municipal Money Funds \| Annual Report

------

Schwab California Municipal Money Fund

Statement of Assets and Liabilities

------

As of December 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at cost and value - unaffiliated (Note 2a) |  | $7970209486 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3514339 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp; 100461943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23979866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| Prepaid expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81581 |
| **Total assets** |  | **8099247215** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18011775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15044055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5058935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1114117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 303 |
| Accrued expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 283268 |
| **Total liabilities** |  | **39571338** |
| **Net assets** |  | **$8059675877** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $8059675877 |
| **Net assets** |  | **$8059675877** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  |
| **Share Class**  | **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares** <br>**Outstanding** <br>| **=** | **NAV** |
| Investor Shares | $2603581958 |  | 2603002462 |  | $1.00 |
| Ultra Shares | $5456093919 |  | 5454970614 |  | $1.00 |

---

*See financial notes*

Schwab Municipal Money Funds \| Annual Report**31**

------

Schwab California Municipal Money Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2022 through December 31, 2022 | For the period January 1, 2022 through December 31, 2022 | For the period January 1, 2022 through December 31, 2022 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| **Interest received from securities - unaffiliated** |  | **$71165620** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp; 9335764 |
| Shareholder service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  | &nbsp;&nbsp;&nbsp;&nbsp; 3311793 |
| Registration fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191979 |
| Portfolio accounting fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146536 |
| Professional fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52101 |
| Custodian fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40875 |
| Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33072 |
| Proxy fees<sup>1</sup> <br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28396 |
| Shareholder reports |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17522 |
| Transfer agent fees  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1300 |
| Other expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39852 |
| **Total expenses** |  | **13199190** |
| Expense reduction | – | &nbsp;&nbsp;&nbsp;&nbsp; 1388778 |
| **Net expenses** | – | **11810412** |
| **Net investment income** |  | **59355208** |
| **REALIZED GAINS (LOSSES)** | **REALIZED GAINS (LOSSES)** | **REALIZED GAINS (LOSSES)** |
| **Net realized gains on sales of securities - unaffiliated** |  | **7694** |
| **Increase in net assets resulting from operations** |  | **$59362902** |

---

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

<sup>1</sup> Proxy fees are non-routine expenses (see financial note 5 for additional information).

*See financial notes*

**32**Schwab Municipal Money Funds \| Annual Report

------

Schwab California Municipal Money Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/21-12/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp; $59355208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $385267 |
| Net realized gains | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630301 |
| **Increase in net assets from operations** |  | **$59362902** | **$1015568** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| Investor Shares |  | &nbsp;&nbsp;&nbsp;&nbsp; ($20212511) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ($704169) |
| Ultra Shares | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39148424) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (217643) |
| **Total distributions** |  | **($59360935)** | **($921812)** |
| **TRANSACTIONS IN FUND SHARES\*** | **TRANSACTIONS IN FUND SHARES\*** | **TRANSACTIONS IN FUND SHARES\*** | **TRANSACTIONS IN FUND SHARES\*** |
| **Shares Sold** |  |  |  |
| Investor Shares |  | &nbsp;&nbsp;&nbsp; 2470121900 | &nbsp;&nbsp;&nbsp;&nbsp; 592595743 |
| Ultra Shares | + | &nbsp;&nbsp;&nbsp; 8449940707 | &nbsp;&nbsp;&nbsp; 1016702079 |
| **Total shares sold** |  | **10920062607** | **1609297822** |
| **Shares Reinvested** |  |  |  |
| Investor Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15263669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 557517 |
| Ultra Shares | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31087508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161412 |
| **Total shares reinvested** |  | **46351177** | **718929** |
| **Shares Redeemed** |  |  |  |
| Investor Shares |  | &nbsp;&nbsp; (2104896110) | &nbsp;&nbsp; (1773810017) |
| Ultra Shares | + | &nbsp;&nbsp; (3803930737) | &nbsp;&nbsp;&nbsp;&nbsp; (613925284) |
| **Total shares redeemed** |  | **(5908826847)** | **(2387735301)** |
| **Net transactions in fund shares** |  | **5057586937** | **(777718550)** |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of period |  | $3002086973 | $3779711767 |
| Total increase (decrease) | + | &nbsp;&nbsp;&nbsp; 5057588904 | &nbsp;&nbsp;&nbsp;&nbsp; (777624794) |
| **End of period** |  | **$8059675877** | **$3002086973** |

---

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

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

<sup>\*</sup> Transactions took place at $1.00 per share; figures for share quantities are the same as for dollars.

*See financial notes*

Schwab Municipal Money Funds \| Annual Report**33**

------

Schwab New York Municipal Money Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Shares** | 1/1/22– <br>12/31/22<br>| 1/1/21– <br>12/31/21<br>| 1/1/20– <br>12/31/20<br>| 1/1/19– <br>12/31/19<br>| 1/1/18– <br>12/31/18<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 | $1.00 | $1.00 | $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp; 0.01 | &nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp; 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.00)<sup>2</sup> <br>| &nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp; (0.00)<sup>2</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp; 0.01 | &nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp; 0.01 |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.01) | (0.00)<sup>2</sup> <br>| (0.00)<sup>2</sup> <br>| &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.01)<sup>3</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.00)<sup>2</sup> <br>| (0.00)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.01) | (0.00)<sup>2</sup> <br>| (0.00)<sup>2</sup> <br>| &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.01) |
| Net asset value at end of period | $1.00 | $1.00 | $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Total return | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.06% | &nbsp;&nbsp; 0.34% | &nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp; 1.16%<sup>3</sup> <br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net operating expenses | &nbsp;&nbsp; 0.31%<sup>4,5</sup> <br>| &nbsp;&nbsp; 0.12%<sup>5</sup> <br>| &nbsp;&nbsp; 0.30%<sup>5,6</sup> <br>| &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp; 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross operating expenses | &nbsp;&nbsp; 0.37%<sup>4</sup> <br>| &nbsp;&nbsp; 0.38% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp; 0.51% | &nbsp;&nbsp;&nbsp; 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; 0.43% | &nbsp;&nbsp;&nbsp; 1.16% | &nbsp;&nbsp;&nbsp; 1.16% |
| Net assets, end of period (x 1,000,000) | $702 | $470 | $668 | $1466 | $1126 |

---

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

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

<sup>2</sup> Per-share amount was less than $0.005.

<sup>3</sup> Amounts include special distributions. For the periods ended December 31, 2018 and December 31, 2017, the effects on the distributions from net investment income were less than $0.005 and $0.005, respectively, and the effects on total returns were 0.04% and 0.08%, respectively. 

<sup>4</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>5</sup> Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation (see financial note 5 for additional information).

<sup>6</sup> Effective September 24, 2020, the contractual expense limitation changed. The ratio presented for period ended December 31, 2020 is a blended ratio.

*See financial notes*

**34**Schwab Municipal Money Funds \| Annual Report

------

Schwab New York Municipal Money Fund

**FINANCIAL HIGHLIGHTS (continued)**

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

---

| | | | |
|:---|:---|:---|:---|
| **Ultra Shares** | 1/1/22– <br>12/31/22<br>| 1/1/21– <br>12/31/21<br>| 9/24/20<sup>1</sup>– <br>12/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $1.00 | $1.00 | $1.00 |
| Income (loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp; 0.00<sup>3</sup> <br>| &nbsp;&nbsp; 0.00<sup>3</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | &nbsp;&nbsp; (0.00)<sup>3</sup> <br>| &nbsp;&nbsp; 0.00<sup>3</sup> <br>| &nbsp;&nbsp; 0.00<sup>3</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp; 0.00<sup>3</sup> <br>| &nbsp;&nbsp; 0.00<sup>3</sup> <br>|
| Less distributions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | &nbsp;&nbsp; (0.01) | (0.00)<sup>3</sup> <br>| (0.00)<sup>3</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (0.00)<sup>3</sup> <br>| (0.00)<sup>3</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp; (0.01) | (0.00)<sup>3</sup> <br>| (0.00)<sup>3</sup> <br>|
| Net asset value at end of period | &nbsp;&nbsp; $1.00 | $1.00 | $1.00 |
| Total return | &nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 0.06% | &nbsp;&nbsp; 0.02%<sup>4</sup> <br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net operating expenses | &nbsp;&nbsp;&nbsp; 0.19%<sup>5,6</sup> <br>| &nbsp;&nbsp; 0.12%<sup>6</sup> <br>| &nbsp;&nbsp; 0.19%<sup>7</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Gross operating expenses | &nbsp;&nbsp;&nbsp; 0.22%<sup>5</sup> <br>| &nbsp;&nbsp; 0.23% | &nbsp;&nbsp; 0.22%<sup>7</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; 1.60% | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; 0.03%<sup>7</sup> <br>|
| Net assets, end of period (x 1,000,000) | $1058 | &nbsp;&nbsp; $98 | $119 |

---

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

<sup>1</sup> Commencement of operations.

<sup>2</sup> Calculated based on the average shares outstanding during the period.

<sup>3</sup> Per-share amount was less than $0.005.

<sup>4</sup> Not annualized.

<sup>5</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>6</sup> Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation (see financial note 5 for additional information).

<sup>7</sup> Annualized.

*See financial notes*

Schwab Municipal Money Funds \| Annual Report**35**

------

Schwab New York Municipal Money Fund

Portfolio Holdings as of December 31, 2022

------

This section shows all the securities in the fund's portfolio and their values as of the report date.

The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) monthly on Form N-MFP, which is available immediately upon filing. The fund's Form N-MFP is available on the SEC's website at www.sec.gov. The fund also makes available its complete schedule of portfolio holdings 5 business days after month end on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus.

For fixed-rate obligations and repurchase agreements, the rate shown is the coupon rate (the rate established when the obligation was issued) and if the coupon rate is not available, the effective yield at the time of purchase is shown. For variable-rate obligations, the rate shown is the interest rate as of the report date based on each security's rate reset date. 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 date shown in the maturity date column below is either the date on which the principal amount must be paid or the date payment must be made pursuant to a demand feature. If the security's structure includes one of a number of maturity-shortening provisions set forth in Rule 2a-7, such as an interest rate reset, demand feature or put feature, the effective maturity date is also disclosed. If the effective maturity and maturity date are the same, the date will only appear in the maturity date column.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **MUNICIPAL SECURITIES** 87.6% OF NET ASSETS | **MUNICIPAL SECURITIES** 87.6% OF NET ASSETS | **MUNICIPAL SECURITIES** 87.6% OF NET ASSETS | **MUNICIPAL SECURITIES** 87.6% OF NET ASSETS | **MUNICIPAL SECURITIES** 87.6% OF NET ASSETS | **MUNICIPAL SECURITIES** 87.6% OF NET ASSETS |
| **NEW YORK 87.6%** | **NEW YORK 87.6%** | **NEW YORK 87.6%** | **NEW YORK 87.6%** | **NEW YORK 87.6%** | **NEW YORK 87.6%** |
| **Battery Park City Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr RB Series 2019D1 (**LIQ**: TD BANK NA) <br> *(a)* | 3.60% |  | 01/06/23 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr RB Series 2019E (**LIQ**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | &nbsp;&nbsp; 5590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5590000 |
| **Bay Shore UFSD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TAN 2022-2023 | 3.75% |  | 06/23/23 | &nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9041375 |
| **Canandaigua SD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BAN 2022 | 3.25% |  | 06/23/23 | &nbsp;&nbsp; 8600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8654150 |
| **Clarence CSD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BAN 2022B | 4.00% |  | 06/22/23 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6045344 |
| **Colonie Local Development Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Shaker Pointe at Carondelet) Series 2011 (**LOC**: MANUFACTURERS <br> AND TRADERS TRUST CO) <br>*(a)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 8205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8205000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Shaker Pointe at Carondelet) Series 2013 (**LOC**: MANUFACTURERS <br> AND TRADERS TRUST CO) <br>*(a)* | 3.73% |  | 01/06/23 | 10090000 | &nbsp;&nbsp;&nbsp;&nbsp; 10090000 |
| **Connetquot CSD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TAN 2022-2023 | 4.00% |  | 06/28/23 | &nbsp;&nbsp; 9225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9268575 |
| **East Hampton UFSD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TAN 2022-2023 | 4.00% |  | 06/27/23 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10058354 |
| **East Rochester Hsg Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (Park Ridge Nursing Home) Series 2008 <br> (**LOC**: MANUFACTURERS AND TRADERS TRUST CO)<br>*(a)* | 3.73% |  | 01/06/23 | 11010000 | &nbsp;&nbsp;&nbsp;&nbsp; 11010000 |
| **Lancaster IDA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Civic Facility RB (GreenField Manor) Series 2000 <br> (**LOC**: MANUFACTURERS AND TRADERS TRUST CO) <br>*(a)* | 3.87% |  | 01/06/23 | &nbsp;&nbsp; 9800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDRB (Sealing Devices) Series 2007 (**LOC**: HSBC BANK USA NA) <br> *(a)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 955000 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDRB (Sealing Devices) Series 2016 (**LOC**: HSBC BANK USA NA) <br> *(a)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 2680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2680000 |
| **Lindenhurst Union Free SD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TAN 2022-2023 | 4.00% |  | 06/28/23 | 14800000 | &nbsp;&nbsp;&nbsp;&nbsp; 14868014 |
| **Metropolitan Transportation Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dedicated Tax Fund Bonds Series 2016B1 (**LIQ**: WELLS FARGO BANK <br> NA) <br>*(b)(c)(d)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dedicated Tax Fund Bonds Series 2016B-1 (**LIQ**: JPMORGAN CHASE <br> BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3335000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dedicated Tax Fund Bonds Series 2017A (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7500000 |

---

*See financial notes*

**36**Schwab Municipal Money Funds \| Annual Report

------

Schwab New York Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dedicated Tax Fund Bonds Series 2017B-1 (**LIQ**: MORGAN STANLEY <br> BANK NA) <br>*(b)(c)(d)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dedicated Tax Fund Refunding Bonds Series 2008A-1 (**LOC**: TD BANK <br> NA) <br>*(a)* | 3.49% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dedicated Tax Fund Refunding Bonds Series 2012A (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation RB Series 2005D2 (**LOC**: BANK OF MONTREAL) <br> *(a)* | 3.28% |  | 01/03/23 | &nbsp;&nbsp; 7700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation Refunding RB Series 2020B2 (**LOC**: PNC BANK <br> NATIONAL ASSOCIATION) <br>*(a)* | 3.67% |  | 01/06/23 | 20440000 | &nbsp;&nbsp;&nbsp;&nbsp; 20440000 |
| **Monroe Cnty IDA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Civic Facility RB (Margaret Woodbury Strong Museum) Series 2005 <br> (**LOC**: MANUFACTURERS AND TRADERS TRUST CO)<br>*(a)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 7485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7485000 |
| **New York City** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2006 Series I5 (**LIQ**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2006 Series I-8 (**LIQ**: STATE STREET BANK AND TRUST <br> COMPANY) <br>*(a)* | 3.60% |  | 01/03/23 | &nbsp;&nbsp; 1195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1195000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2006 Series I-8 (**LIQ**: STATE STREET BANK AND TRUST <br> COMPANY) <br>*(a)* | 3.60% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2012 Series A4 (**LOC**: MUFG BANK LTD) <br> *(a)* | 3.62% |  | 01/06/23 | 10850000 | &nbsp;&nbsp;&nbsp;&nbsp; 10850000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2012 Series A5 (**LIQ**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | 14165000 | &nbsp;&nbsp;&nbsp;&nbsp; 14165000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2012 Series D3B (**LIQ**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2012 Series G6 (**LOC**: MIZUHO BANK LTD) <br> *(a)* | 3.52% |  | 01/03/23 | &nbsp;&nbsp; 3295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3295000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2013 Series A3 (**LOC**: MIZUHO BANK LTD) <br> *(a)* | 3.60% |  | 01/03/23 | &nbsp;&nbsp; 6620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6620000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2013 Series F3 (**LIQ**: BANK OF AMERICA NA) <br> *(a)* | 3.56% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2014 Series I1  | 5.00% |  | 03/01/23 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180499 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2014 Series I3 (**LOC**: CITIBANK NA) <br> *(a)* | 3.58% |  | 01/06/23 | &nbsp;&nbsp; 5775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5775000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2015 Series F5 (**LIQ**: BARCLAYS BANK PLC) <br> *(a)* | 3.40% |  | 01/03/23 | &nbsp;&nbsp; 9400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2015 Series F7 (**LIQ**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 7830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7830000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2017 Series A4 (**LOC**: CITIBANK NA) <br> *(a)* | 3.58% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2017 Series A5 (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(a)* | 3.65% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2018 Series E1 (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 2.02% |  | 01/03/23 | &nbsp;&nbsp; 4375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4375000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2018 Series F1 (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3705000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2018 Series F1 (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2515000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2515000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2020 Series D (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 8650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8650000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2021 Series F1 (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2022 Series A1 (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2022 Series D1 (**LIQ**: BANK OF AMERICA NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3485000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2022 Series D3 (**LIQ**: STATE STREET BANK AND TRUST <br> COMPANY) <br>*(a)* | 3.60% |  | 01/03/23 | 13105000 | &nbsp;&nbsp;&nbsp;&nbsp; 13105000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2022 Series D4 (**LIQ**: STATE STREET BANK AND TRUST <br> COMPANY) <br>*(a)* | 3.60% |  | 01/03/23 | 18100000 | &nbsp;&nbsp;&nbsp;&nbsp; 18100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2023 Series A1 (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | 13500000 | &nbsp;&nbsp;&nbsp;&nbsp; 13500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2023 Series A3 (**LIQ**: BANK OF MONTREAL) <br> *(a)* | 3.49% |  | 01/03/23 | 14000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2023 Series A4 (**LIQ**: TD BANK NA) <br> *(a)* | 3.49% |  | 01/03/23 | &nbsp;&nbsp; 3180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3180000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2023 Series B1 (**LIQ**: CITIBANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1875000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2023 Series B1 (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 |

---

*See financial notes*

Schwab Municipal Money Funds \| Annual Report**37**

------

Schwab New York Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **New York City Housing Development Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Atlantic Court Apts) Series 2005A (**LOC**: FEDERAL <br> HOME LOAN MORTGAGE CORPORATION) <br>*(a)* | 3.67% |  | 01/06/23 | 20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB Series 2020I3 (**LIQ**: TD BANK NA) <br> *(a)* | 3.60% |  | 01/06/23 | &nbsp;&nbsp; 8500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB Series 2021F3 (**LIQ**: BARCLAYS BANK PLC) <br> *(a)* | 3.62% |  | 01/06/23 | &nbsp;&nbsp; 6100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB Series 2022C3 (**LIQ**: BARCLAYS BANK PLC) <br> *(a)* | 3.64% |  | 01/06/23 | &nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Mortgage RB (East Clarke Place Associates) Series 2005A <br> (**LOC**: JPMORGAN CHASE BANK NA) <br>*(a)* | 3.83% |  | 01/06/23 | &nbsp;&nbsp; 1430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1430000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Mortgage RB (Granville Payne Apts) Series 2006A (**LOC**: CITIBANK <br> NA) <br>*(a)* | 3.74% |  | 01/06/23 | &nbsp;&nbsp; 5360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5360000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Mortgage RB (State Renaissance Court) Series 2004A <br> (**LOC**: FEDERAL HOME LOAN MORTGAGE CORPORATION) <br>*(a)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 8100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Mortgage RB (Susan's Court) Series 2007A (**LOC**: CITIBANK NA) <br> *(a)* | 3.67% |  | 01/06/23 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Mortgage RB (West 26th Street) Series 2011A (**LOC**: FEDERAL <br> HOME LOAN MORTGAGE CORPORATION) <br>*(a)* | 3.62% |  | 01/06/23 | 18425000 | &nbsp;&nbsp;&nbsp;&nbsp; 18425000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Rental Housing RB (Related - W 89th St) Series 2000A <br> (**LOC**: FEDERAL NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.68% |  | 01/06/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Rental Housing RB (The Foundry) Series 2002A (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.67% |  | 01/06/23 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000000 |
| **New York City IDA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Empowerment Zone RB (Tiago Holdings) Series 2007 (**LOC**: TD BANK <br> NA) <br>*(a)* | 3.65% |  | 01/06/23 | 15040000 | &nbsp;&nbsp;&nbsp;&nbsp; 15040000 |
| **New York City Municipal Water Finance Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer 2nd Resolution System Fiscal 2015 Series BB3 <br> (**LIQ**: SUMITOMO MITSUI BANKING CORPORATION) <br>*(a)* | 3.59% |  | 01/06/23 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System 2nd General Resolution RB Fiscal 2017 <br> Series DD, Fiscal 2018 Series BB1&CC1 (**LIQ**: BARCLAYS BANK PLC) <br>*(b)(c)(d)* | 3.06% |  | 01/06/23 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System 2nd Resolution RB Fiscal 2007 Series CC2 <br> (**LIQ**: STATE STREET BANK AND TRUST COMPANY) <br>*(a)* | 3.50% |  | 01/03/23 | &nbsp;&nbsp; 8300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System 2nd Resolution RB Fiscal 2013 Series AA2 <br> (**LIQ**: MUFG BANK LTD) <br>*(a)* | 3.62% |  | 01/06/23 | &nbsp;&nbsp; 3650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3650000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System 2nd Resolution RB Fiscal 2013 Series AA2 <br> (**LIQ**: PNC BANK NATIONAL ASSOCIATION) <br>*(a)* | 3.68% |  | 01/06/23 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System 2nd Resolution RB Fiscal 2014 Series AA <br> (**LIQ**: MIZUHO BANK LTD) <br>*(a)* | 3.49% |  | 01/03/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System 2nd Resolution RB Fiscal 2014 Series AA3 <br> (**LIQ**: TD BANK NA) <br>*(a)* | 3.49% |  | 01/03/23 | &nbsp;&nbsp; 4755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4755000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System 2nd Resolution RB Fiscal 2014 Series AA6 <br> (**LIQ**: MIZUHO BANK LTD) <br>*(a)* | 3.65% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 680000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System 2nd Resolution RB Fiscal 2015 Series BB4 <br> (**LIQ**: BARCLAYS BANK PLC) <br>*(a)* | 3.40% |  | 01/03/23 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System 2nd Resolution RB Fiscal 2021 Series CC1 <br> (**LIQ**: JPMORGAN CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 665000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System 2nd Resolution RB Fiscal 2022 & 2021 <br> Series CC1 (**LIQ**: JPMORGAN CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System 2nd Resolution RB Fiscal 2023 Series AA1 <br> (**LIQ**: JPMORGAN CHASE BANK NA) <br>*(b)(c)(d)* | 3.70% |  | 01/03/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System 2nd Resolution RB Fiscal 2023 Series AA3 <br> (**LIQ**: WELLS FARGO BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1875000 |

---

*See financial notes*

**38**Schwab Municipal Money Funds \| Annual Report

------

Schwab New York Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System 2nd Resolution RB Fiscal 2023 Series BB1 <br> (**LIQ**: MIZUHO BANK LTD) <br>*(a)* | 3.40% |  | 01/03/23 | 34625000 | &nbsp;&nbsp;&nbsp;&nbsp; 34625000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System RB Fiscal 2008 Series BB3&BB4 (**LIQ**: ROYAL <br> BANK OF CANADA) <br>*(b)(c)(d)* | 3.55% |  | 01/03/23 | &nbsp;&nbsp; 4935000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4935000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System RB Fiscal 2016 Series AA2 (**LIQ**: PNC BANK <br> NATIONAL ASSOCIATION) <br>*(a)* | 3.68% |  | 01/06/23 | &nbsp;&nbsp; 9930000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9930000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System RB Fiscal 2016 Series AA3 (**LIQ**: ROYAL BANK <br> OF CANADA) <br>*(b)(c)(d)* | 3.55% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System RB Fiscal 2017 Series BB1B (**LIQ**: STATE <br> STREET BANK AND TRUST COMPANY) <br>*(a)* | 3.56% |  | 01/03/23 | &nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System RB Fiscal 2017 Series DD (**LIQ**: BARCLAYS <br> BANK PLC) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 4350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4350000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System RB Fiscal 2017 Series DD&EE (**LIQ**: BARCLAYS <br> BANK PLC) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System RB Fiscal 2019 Series BB (**LIQ**: TD BANK NA) <br> *(a)* | 3.60% |  | 01/06/23 | &nbsp;&nbsp; 2865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2865000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System RB Fiscal 2019 Series CC (**LIQ**: ROYAL BANK OF <br> CANADA) <br>*(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System RB Fiscal 2021 Series EE1 (**LIQ**: US BANK <br> NATIONAL ASSOCIATION) <br>*(a)* | 3.63% |  | 01/03/23 | 10800000 | &nbsp;&nbsp;&nbsp;&nbsp; 10800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System RB Fiscal 2023 Series AA3 (**LIQ**: BARCLAYS <br> BANK PLC) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 5600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer Systen 2nd Resolution RB Fiscal 2021 Series CC1 <br> (**LIQ**: BARCLAYS BANK PLC) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2665000 |
| **New York City Transitional Finance Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Aid RB Fiscal 2015 Series S2 (**LIQ**: TORONTO-DOMINION <br> BANK/THE) <br>*(b)(c)(d)* | 3.51% | 01/05/23 | 01/06/23 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Aid RB Fiscal 2021 Series S1 (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 6450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6450000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Sec Sub Bonds Fiscal Series 2018C3 & 2020B1 & 2021C1 <br> (**LIQ**: BANK OF AMERICA NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2010000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2016 Series E4 (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(a)* | 3.65% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2017 Series B1 & E1, Fiscal 2018 <br> Series B1 (**LIQ**: BARCLAYS BANK PLC) <br>*(b)(c)(d)* | 2.97% |  | 01/06/23 | &nbsp;&nbsp; 5295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5295000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2018 Series C3 (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1250000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2018 Series C6 (**LIQ**: SUMITOMO <br> MITSUI BANKING CORPORATION) <br>*(a)* | 3.65% |  | 01/06/23 | &nbsp;&nbsp; 1660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1660000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2019 Series A4 (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(a)* | 3.65% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2019 Series B4 (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(a)* | 3.65% |  | 01/03/23 | 23910000 | &nbsp;&nbsp;&nbsp;&nbsp; 23910000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2021 Series C1 (**LIQ**: BARCLAYS <br> BANK PLC) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2022 Series B1 (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2022 Series B1 (**LIQ**: ROYAL <br> BANK OF CANADA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1840000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2022 Series C1 (**LIQ**: BANK OF <br> AMERICA NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2325000 |

---

*See financial notes*

Schwab Municipal Money Funds \| Annual Report**39**

------

Schwab New York Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2022 Series C1 (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2022 Series F1 (**LIQ**: BARCLAYS <br> BANK PLC) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2023 Series A2 (**LIQ**: UBS AG) <br> *(a)* | 3.60% |  | 01/03/23 | 10200000 | &nbsp;&nbsp;&nbsp;&nbsp; 10200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2023 Series D1 (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1970000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2023 Series D1 (**LIQ**: WELLS <br> FARGO BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2400000 |
| **New York City Trust for Cultural Resources** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (American Museum of Natural History) Series 2014B1 <br> (SIFMA Municipal Swap Index + 0.20%)<br>*(c)* | 3.86% | 01/05/23 | 07/14/23 | 10045000 | &nbsp;&nbsp;&nbsp;&nbsp; 10045000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (American Museum of Natural History) Series 2014B2 <br> (SIFMA Municipal Swap Index + 0.10%)<br>*(c)* | 3.76% | 01/05/23 | 04/10/23 | 13000000 | &nbsp;&nbsp;&nbsp;&nbsp; 13000000 |
| **New York State Dormitory Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NYC Court Facilities Lease RB Series 2005B (**LOC**: ROYAL BANK OF <br> CANADA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Catholic Health System) Series 2019B (**LOC**: MANUFACTURERS <br> AND TRADERS TRUST CO) <br>*(a)* | 3.73% |  | 01/06/23 | 34000000 | &nbsp;&nbsp;&nbsp;&nbsp; 34000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Memorial Sloan-Kettering Cancer Center) Series 20221A <br> (**LIQ**: MORGAN STANLEY BANK NA) (SIFMA Municipal Swap Index + <br> 0.08%)<br>*(b)(c)(d)* | 3.74% | 01/05/23 | 01/19/23 | 17400000 | &nbsp;&nbsp;&nbsp;&nbsp; 17400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Northwell Health) Series 2022A (**LOC**: BANK OF AMERICA NA) <br> *(b)(c)(d)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 2665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2665000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (NYU Langone Hospitals) Series 2020A (**LOC**: BANK OF AMERICA <br> NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2250000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Royal Charter Properties-East) Series 2006A (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.63% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 990000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2013A (**ESCROW**) <br> (**LIQ**: JPMORGAN CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2014E  | 5.00% |  | 02/15/23 | &nbsp;&nbsp; 1240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1243263 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2015B  | 5.00% |  | 02/15/23 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115307 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2015B (**LIQ**: BARCLAYS BANK <br> PLC) <br>*(b)(c)(d)* | 2.78% |  | 01/06/23 | &nbsp;&nbsp; 1560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1560000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2018A, 2021E, 2022A, 2019A <br> (**LIQ**: BANK OF AMERICA NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 5775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5775000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2019D (**LIQ**: JPMORGAN CHASE <br> BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2019D (**LIQ**: MORGAN STANLEY <br> BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 9285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9285000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2020A (**LIQ**: BANK OF AMERICA <br> NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 9265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9265000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2020A (**LIQ**: BARCLAYS BANK <br> PLC) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2020A & 2021A (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(b)(c)(d)* | 3.65% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2020A & 2022A (**LIQ**: BARCLAYS <br> BANK PLC) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1725000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2020A 2021A (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 490000 |

---

*See financial notes*

**40**Schwab Municipal Money Funds \| Annual Report

------

Schwab New York Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2022A (**LIQ**: BARCLAYS BANK <br> PLC) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2022A (**LIQ**: JPMORGAN CHASE <br> BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2022A (**LIQ**: MORGAN STANLEY <br> BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2035000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2035000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2022A (**LIQ**: ROYAL BANK OF <br> CANADA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 5625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5625000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Sales Tax RB Series 2018C (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 7680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7680000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Sales Tax RB Series 2018E (**LIQ**: CITIBANK NA) <br> *(b)(c)(d)* | 3.68% |  | 01/06/23 | &nbsp;&nbsp; 9570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9570000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Sales Tax RB Series 2018E (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2350000 |
| **New York State Energy Research & Development Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Facilities RB (Consolidated Edison) Series 2010A3 (**LOC**: BANK OF <br> NOVA SCOTIA) <br>*(a)* | 3.65% |  | 01/06/23 | 35300000 | &nbsp;&nbsp;&nbsp;&nbsp; 35300000 |
| **New York State Environmental Facilities Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Clean Water & Drinking Water Revolving Funds Sub RB <br> Series 2017E (**LIQ**: JPMORGAN CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Revolving Funds RB Series 2022B (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2670000 |
| **New York State HFA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (10 Liberty St) Series 2003A (**LOC**: FEDERAL HOME LOAN <br> MORTGAGE CORPORATION) <br>*(a)* | 3.63% |  | 01/06/23 | 24260000 | &nbsp;&nbsp;&nbsp;&nbsp; 24260000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (100 Maiden Lane) Series 2004A (**LOC**: FEDERAL NATIONAL <br> MORTGAGE ASSOCIATION) <br>*(a)* | 3.60% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (1500 Lexington Ave) Series 2002A (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.63% |  | 01/06/23 | 12400000 | &nbsp;&nbsp;&nbsp;&nbsp; 12400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (250 W 93rd St) Series 2005A (**LOC**: LANDESBANK <br> HESSEN THUERINGEN GIROZENTRALE) <br>*(a)* | 3.71% |  | 01/06/23 | 26975000 | &nbsp;&nbsp;&nbsp;&nbsp; 26975000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (316 11th Ave) Series 2007A (**LOC**: FEDERAL NATIONAL <br> MORTGAGE ASSOCIATION) <br>*(a)* | 3.68% |  | 01/06/23 | 29995000 | &nbsp;&nbsp;&nbsp;&nbsp; 29995000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (360 W 43rd St) Series 2002A (**LOC**: FEDERAL NATIONAL <br> MORTGAGE ASSOCIATION) <br>*(a)* | 3.68% |  | 01/06/23 | 11100000 | &nbsp;&nbsp;&nbsp;&nbsp; 11100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (600 W 42nd St) Series 2008A (**LOC**: FEDERAL NATIONAL <br> MORTGAGE ASSOCIATION) <br>*(a)* | 3.85% |  | 01/06/23 | 31360000 | &nbsp;&nbsp;&nbsp;&nbsp; 31360000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (600 W 42nd Street) Series 2007A (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.83% |  | 01/06/23 | 29240000 | &nbsp;&nbsp;&nbsp;&nbsp; 29240000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (600 W 42nd Street) Series 2009A (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.72% |  | 01/06/23 | 16550000 | &nbsp;&nbsp;&nbsp;&nbsp; 16550000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (750 6th Ave) Series 1998A (**LOC**: LANDESBANK HESSEN <br> THUERINGEN GIROZENTRALE) <br>*(a)* | 3.75% |  | 01/06/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (8 East 102nd St) Series 2010A (**LOC**: TD BANK NA) <br> *(a)* | 3.61% |  | 01/06/23 | 13700000 | &nbsp;&nbsp;&nbsp;&nbsp; 13700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (900 8th Avenue) Series 2002A (**LOC**: FEDERAL NATIONAL <br> MORTGAGE ASSOCIATION) <br>*(a)* | 3.83% |  | 01/06/23 | &nbsp;&nbsp; 4100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (Clinton Green North) Series 2005A (**LOC**: FEDERAL HOME <br> LOAN MORTGAGE CORPORATION) <br>*(a)* | 3.68% |  | 01/06/23 | 14000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (Gateway to New Cassel) Series 2006A (**LOC**: JPMORGAN <br> CHASE BANK NA) <br>*(a)* | 3.76% |  | 01/06/23 | &nbsp;&nbsp; 5100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (Saville Housing) Series 2002A (**LOC**: FEDERAL HOME <br> LOAN MORTGAGE CORPORATION) <br>*(a)* | 3.67% |  | 01/06/23 | 29100000 | &nbsp;&nbsp;&nbsp;&nbsp; 29100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (Theatre Row Tower) Series 2000A (**LOC**: FEDERAL HOME <br> LOAN MORTGAGE CORPORATION) <br>*(a)* | 3.68% |  | 01/06/23 | 11700000 | &nbsp;&nbsp;&nbsp;&nbsp; 11700000 |

---

*See financial notes*

Schwab Municipal Money Funds \| Annual Report**41**

------

Schwab New York Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (Tribeca Park) Series 1997A (**LOC**: FEDERAL NATIONAL <br> MORTGAGE ASSOCIATION) <br>*(a)* | 3.68% |  | 01/06/23 | 31300000 | &nbsp;&nbsp;&nbsp;&nbsp; 31300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (W. 23rd St.) Series 2001A (**LOC**: FEDERAL NATIONAL <br> MORTGAGE ASSOCIATION) <br>*(a)* | 3.61% |  | 01/06/23 | 26000000 | &nbsp;&nbsp;&nbsp;&nbsp; 26000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (West Village Apts) Series 2008A (**LOC**: CITIBANK NA) <br> *(a)* | 3.76% |  | 01/06/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| **New York State Mortgage Agency** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Homeowner Mortgage RB Series 210 (**LIQ**: BARCLAYS BANK PLC) <br> *(a)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 4400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Homeowner Mortgage RB Series 236 (**LIQ**: UBS AG) <br> *(a)* | 3.65% |  | 01/06/23 | 12280000 | &nbsp;&nbsp;&nbsp;&nbsp; 12280000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Homeowner Mortgage RB Series 249 (**LIQ**: TD BANK NA) <br> *(a)* | 3.68% |  | 01/06/23 | &nbsp;&nbsp; 3310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3310000 |
| **New York State Power Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Series 2  | 3.20% |  | 01/04/23 | &nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Series 2  | 2.90% |  | 01/05/23 | &nbsp;&nbsp; 4528000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4528000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Series 2  | 2.50% |  | 01/09/23 | 18367000 | &nbsp;&nbsp;&nbsp;&nbsp; 18367000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2020A (**LIQ**: CITIBANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2020A (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2020A (**LIQ**: MORGAN STANLEY BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000000 |
| **New York State Thruway Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2021A1 (**LIQ**: BARCLAYS BANK <br> PLC) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 790000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 790000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2021A1 (**LIQ**: JPMORGAN CHASE <br> BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 6785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6785000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2021A1, 2022A (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 8700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2022A (**LIQ**: JPMORGAN CHASE <br> BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3750000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2022A (**LIQ**: MORGAN STANLEY <br> BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2022C (**LIQ**: JPMORGAN CHASE <br> BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3750000 |
| **New York State Urban Development Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2004A3C (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(a)* | 3.64% |  | 01/06/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2020C (**LIQ**: BARCLAYS BANK <br> PLC) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3390000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2022A (**LIQ**: JPMORGAN CHASE <br> BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1565000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1565000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2022A (**LIQ**: MORGAN STANLEY <br> BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Sales Tax RB Series 2021A  | 5.00% |  | 03/15/23 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351659 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Sales Tax RB Series 2021A (**LIQ**: BANK OF AMERICA NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3125000 |
| **Nuveen New York AMT-Free Quality Municipal Income Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Demand Preferred Shares Series 1 (**LOC**: SOCIETE <br> GENERALE SA) <br>*(a)(b)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 7200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Demand Preferred Shares Series 3 (**LOC**: SUMITOMO <br> MITSUI BANKING CORPORATION) <br>*(a)(b)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Demand Preferred Shares Series 5 <br> (**LOC**: TORONTO-DOMINION BANK/THE) <br>*(a)(b)* | 3.70% |  | 01/06/23 | 40000000 | &nbsp;&nbsp;&nbsp;&nbsp; 40000000 |

---

*See financial notes*

**42**Schwab Municipal Money Funds \| Annual Report

------

Schwab New York Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Onondaga Cnty IDA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IDRB (G.A. Braun Inc) Series 2007 (**LOC**: MANUFACTURERS AND <br> TRADERS TRUST CO)<br>*(a)* | 3.88% |  | 01/06/23 | &nbsp;&nbsp; 4695000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4695000 |
| **Patchogue-Medford UFSD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TAN 2022-2023 | 4.25% |  | 06/28/23 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10059569 |
| **Port Auth of New York & New Jersey** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Bonds 177th Series (**LIQ**: TORONTO-DOMINION <br> BANK/THE) <br>*(b)(c)(d)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Bonds 194th Series (**LIQ**: MORGAN STANLEY BANK NA) <br> *(b)(c)(d)* | 3.74% | 01/05/23 | 01/06/23 | 11200000 | &nbsp;&nbsp;&nbsp;&nbsp; 11200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Bonds 197th Series (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.12% |  | 01/06/23 | &nbsp;&nbsp; 2225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2225000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Bonds 205th Series (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 6390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6390000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Bonds 206th Series (**LIQ**: CITIBANK NA) <br> *(b)(c)(d)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Bonds 206th Series (**LIQ**: TORONTO-DOMINION <br> BANK/THE) <br>*(b)(c)(d)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Bonds 221st & 223rd Series (**LIQ**: BANK OF AMERICA NA) <br> *(b)(c)(d)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 5040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5040000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Bonds 221st Series (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 1310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1310000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Bonds 230th Series (**LIQ**: BANK OF AMERICA NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 895000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 895000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Bonds 231st Series (**LIQ**: BANK OF AMERICA NA) <br> *(b)(c)(d)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 655000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Bonds 236th Series (**LIQ**: BANK OF AMERICA NA) <br> *(b)(c)(d)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 2385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2385000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Series A  | 3.65% |  | 01/24/23 | 25190000 | &nbsp;&nbsp;&nbsp;&nbsp; 25190000 |
| **Rondout Valley CSD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO BANs 2022 | 3.50% |  | 06/28/23 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7020488 |
| **Sewanhaka Central HSD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TAN 2022-2023 | 4.00% |  | 06/20/23 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8053241 |
| **Tonawanda** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BAN 2022A | 4.00% |  | 08/25/23 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8081650 |
| **Triborough Bridge & Tunnel Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; General RB Series 2005A (**LOC**: BARCLAYS BANK PLC) <br> *(a)* | 3.62% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; General RB Series 2017A & 2017C2 (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.15% |  | 01/06/23 | &nbsp;&nbsp; 7740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7740000 |
| &nbsp;&nbsp;&nbsp;&nbsp; General RB Series 2018A (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1250000 |
| &nbsp;&nbsp;&nbsp;&nbsp; General RB Series 2018A & 2019C (**LIQ**: TORONTO-DOMINION <br> BANK/THE) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | 12250000 | &nbsp;&nbsp;&nbsp;&nbsp; 12250000 |
| &nbsp;&nbsp;&nbsp;&nbsp; General RB Series 2019C (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1585000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1585000 |
| &nbsp;&nbsp;&nbsp;&nbsp; General RB Series 2020A (**LIQ**: BANK OF AMERICA NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3860000 |
| &nbsp;&nbsp;&nbsp;&nbsp; General RB Series 2020A (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3655000 |
| &nbsp;&nbsp;&nbsp;&nbsp; General RB Series 2021A (**LIQ**: BANK OF AMERICA NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1665000 |
| &nbsp;&nbsp;&nbsp;&nbsp; General RB Series 2021A (**LIQ**: MORGAN STANLEY BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2750000 |
| &nbsp;&nbsp;&nbsp;&nbsp; General RB Series 2021A (**LIQ**: TORONTO-DOMINION BANK/THE) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payroll Mobility Tax Sr Lien Bonds Series 2022C (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1965000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1965000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payroll Mobility Tax Sr Lien Bonds Series 2022C (**LIQ**: MORGAN <br> STANLEY BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payroll Mobility Tax Sr Lien Bonds Series 2022D2 (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 4555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4555000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payroll Mobility Tax Sr. Lien Bonds Series 2021C1A (**LIQ**: BANK OF <br> AMERICA NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3340000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payroll Mobility Tax Sr. Lien Bonds Series 2022A (**LIQ**: MORGAN <br> STANLEY BANK NA) (SIFMA Municipal Swap Index + 0.15%)<br>*(b)(c)(d)* | 3.81% | 01/05/23 | 02/09/23 | 22455000 | &nbsp;&nbsp;&nbsp;&nbsp; 22455000 |

---

*See financial notes*

Schwab Municipal Money Funds \| Annual Report**43**

------

Schwab New York Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; Payroll Mobility Tax Sr. Lien Bonds Series 2022C (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2670000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payroll Mobility Tax Sr. Lien Bonds Series 2022C (**LIQ**: ROYAL BANK OF <br> CANADA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3150000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payroll Mobility Tax Sr. Lien Bonds Series 2022D2 (**LIQ**: BANK OF <br> AMERICA NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 5975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5975000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding General RB Series 2005B-3 (**LOC**: STATE STREET BANK AND <br> TRUST COMPANY) <br>*(a)* | 3.56% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales Tax RB Series 2022A (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | 13000000 | &nbsp;&nbsp;&nbsp;&nbsp; 13000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales Tax RB Series 2022A (**LIQ**: TORONTO-DOMINION BANK/THE) <br> *(b)(c)(d)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 2210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2210000 |
| **Warren & Washington Cnty IDA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Civic Facility RB (Glen at Hiland Meadows) Series 2000 <br> (**LOC**: MANUFACTURERS AND TRADERS TRUST CO)<br>*(a)* | 3.87% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 615000 |
|  |  |  |  |  | **1540996488** |
| **Total Municipal Securities** <br>**(Cost $1,540,996,488)** | **Total Municipal Securities** <br>**(Cost $1,540,996,488)** | **Total Municipal Securities** <br>**(Cost $1,540,996,488)** | **Total Municipal Securities** <br>**(Cost $1,540,996,488)** | **Total Municipal Securities** <br>**(Cost $1,540,996,488)** | **1540996488** |
| **U.S. GOVERNMENT AGENCY DEBT** 9.0% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 9.0% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 9.0% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 9.0% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 9.0% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 9.0% OF NET ASSETS |
| **Federal Home Loan Banks** | **Federal Home Loan Banks** | **Federal Home Loan Banks** | **Federal Home Loan Banks** | **Federal Home Loan Banks** | **Federal Home Loan Banks** |
|  | 3.84% |  | 01/03/23 | &nbsp;&nbsp; 5600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5600000 |
|  | 3.77% |  | 01/05/23 | 43000000 | &nbsp;&nbsp;&nbsp;&nbsp; 42990994 |
|  | 3.85% |  | 01/05/23 | 17733000 | &nbsp;&nbsp;&nbsp;&nbsp; 17729207 |
|  | 3.86% |  | 01/10/23 | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7494385 |
|  | 3.81% |  | 01/23/23 | 48000000 | &nbsp;&nbsp;&nbsp;&nbsp; 47898667 |
|  | 4.10% |  | 01/25/23 | 36300000 | &nbsp;&nbsp;&nbsp;&nbsp; 36215703 |
| **Total U.S. Government Agency Debt** <br>**(Cost $157,928,956)** | **Total U.S. Government Agency Debt** <br>**(Cost $157,928,956)** | **Total U.S. Government Agency Debt** <br>**(Cost $157,928,956)** | **Total U.S. Government Agency Debt** <br>**(Cost $157,928,956)** | **Total U.S. Government Agency Debt** <br>**(Cost $157,928,956)** | **157928956** |
| **U.S. TREASURY DEBT** 0.8% OF NET ASSETS | **U.S. TREASURY DEBT** 0.8% OF NET ASSETS | **U.S. TREASURY DEBT** 0.8% OF NET ASSETS | **U.S. TREASURY DEBT** 0.8% OF NET ASSETS | **U.S. TREASURY DEBT** 0.8% OF NET ASSETS | **U.S. TREASURY DEBT** 0.8% OF NET ASSETS |
| **United States Treasury**  |  |  |  |  |  |
|  | 3.68% |  | 01/24/23 | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14967844 |
| **Total U.S. Treasury Debt** <br>**(Cost $14,967,844)** | **Total U.S. Treasury Debt** <br>**(Cost $14,967,844)** | **Total U.S. Treasury Debt** <br>**(Cost $14,967,844)** | **Total U.S. Treasury Debt** <br>**(Cost $14,967,844)** | **Total U.S. Treasury Debt** <br>**(Cost $14,967,844)** | **14967844** |
| **Total Investments in Securities** <br>**(Cost $1,713,893,288)** | **Total Investments in Securities** <br>**(Cost $1,713,893,288)** | **Total Investments in Securities** <br>**(Cost $1,713,893,288)** | **Total Investments in Securities** <br>**(Cost $1,713,893,288)** | **Total Investments in Securities** <br>**(Cost $1,713,893,288)** | **1713893288** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* 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;*(b)* 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 $541,670,000 or 30.8% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* Variable rate security; rate shown is effective rate at period end.

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* 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;

*See financial notes*

**44**Schwab Municipal Money Funds \| Annual Report

------

Schwab New York Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | |
|:---|:---|
| BAN — | Bond anticipation note |
| CNTY — | County |
| CP — | Commercial paper |
| CSD — | Central school district |
| GO — | General obligation |
| HFA — | Housing finance agency/authority |
| HSD — | High school district |
| IDA — | Industrial development agency/authority |
| IDRB — | Industrial development revenue bond |
| LIQ — | Liquidity agreement |
| LOC — | Letter of credit |
| M/F — | Multi-family |
| RB — | Revenue bond |
| SD — | School district |
| 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>|
| TAN — | Tax anticipation note |
| TOB — | Tender option bond |
| UFSD — | Union free school district |
| VRDN — | Variable rate demand note |

---

------

At December 31, 2022, all of the fund's investment securities were classified as Level 2. The breakdown of the fund's investments

into categories is disclosed on the Portfolio Holdings (see financial note 2(a) for additional information).

*See financial notes*

Schwab Municipal Money Funds \| Annual Report**45**

------

Schwab New York Municipal Money Fund

Statement of Assets and Liabilities

------

As of December 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at cost and value - unaffiliated (Note 2a) |  | $1713893288 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77943 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62294956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6316584 |
| Prepaid expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48839 |
| **Total assets** |  | **1782631610** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10961436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8440445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments bought - delayed-delivery |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1070367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 |
| Accrued expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124262 |
| **Total liabilities** |  | **23019472** |
| **Net assets** |  | **$1759612138** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $1759651405 |
| Total distributable loss | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39267) |
| **Net assets** |  | **$1759612138** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  |
| **Share Class**  | **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares** <br>**Outstanding** <br>| **=** | **NAV** |
| Investor Shares | $702109396 |  | &nbsp;&nbsp; 701941864 |  | $1.00 |
| Ultra Shares | $1057502742 |  | 1057254149 |  | $1.00 |

---

*See financial notes*

**46**Schwab Municipal Money Funds \| Annual Report

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Schwab New York Municipal Money Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2022 through December 31, 2022 | For the period January 1, 2022 through December 31, 2022 | For the period January 1, 2022 through December 31, 2022 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| **Interest received from securities - unaffiliated** |  | **$15144897** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp; 1834576 |
| Shareholder service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 747591 |
| Portfolio accounting fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86787 |
| Registration fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72556 |
| Professional fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40292 |
| Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27663 |
| Custodian fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11455 |
| Shareholder reports |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7028 |
| Proxy fees<sup>1</sup> <br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6749 |
| Transfer agent fees  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1296 |
| Other expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13555 |
| **Total expenses** |  | **2849548** |
| Expense reduction | – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 431224 |
| **Net expenses** | – | **2418324** |
| **Net investment income** |  | **12726573** |
| **REALIZED GAINS (LOSSES)** | **REALIZED GAINS (LOSSES)** | **REALIZED GAINS (LOSSES)** |
| **Net realized losses on sales of securities - unaffiliated** |  | **(39267)** |
| **Increase in net assets resulting from operations** |  | **$12687306** |

---

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

<sup>1</sup> Proxy fees are non-routine expenses (see financial note 5 for additional information).

*See financial notes*

Schwab Municipal Money Funds \| Annual Report**47**

------

Schwab New York Municipal Money Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/21-12/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp; $12726573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $74939 |
| Net realized gains (losses) | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39267) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221870 |
| **Increase in net assets from operations** |  | **$12687306** | **$296809** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| Investor Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ($5256925) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ($297458) |
| Ultra Shares | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7469810) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59768) |
| **Total distributions** |  | **($12726735)** | **($357226)** |
| **TRANSACTIONS IN FUND SHARES\*** | **TRANSACTIONS IN FUND SHARES\*** | **TRANSACTIONS IN FUND SHARES\*** | **TRANSACTIONS IN FUND SHARES\*** |
| **Shares Sold** |  |  |  |
| Investor Shares |  | &nbsp;&nbsp;&nbsp;&nbsp; 680580405 | &nbsp;&nbsp; 113346323 |
| Ultra Shares | + | &nbsp;&nbsp;&nbsp; 1793692043 | &nbsp;&nbsp; 111772580 |
| **Total shares sold** |  | **2474272448** | **225118903** |
| **Shares Reinvested** |  |  |  |
| Investor Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4441839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264270 |
| Ultra Shares | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5592146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38346 |
| **Total shares reinvested** |  | **10033985** | **302616** |
| **Shares Redeemed** |  |  |  |
| Investor Shares |  | &nbsp;&nbsp;&nbsp;&nbsp; (452849124) | &nbsp;&nbsp; (311534023) |
| Ultra Shares | + | &nbsp;&nbsp;&nbsp;&nbsp; (839644803) | &nbsp;&nbsp; (133032255) |
| **Total shares redeemed** |  | **(1292493927)** | **(444566278)** |
| **Net transactions in fund shares** |  | **1191812506** | **(219144759)** |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of period |  | &nbsp;&nbsp;&nbsp; $567839061 | $787044237 |
| Total increase (decrease) | + | &nbsp;&nbsp;&nbsp; 1191773077 | &nbsp;&nbsp; (219205176) |
| **End of period** |  | **$1759612138** | **$567839061** |

---

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

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

<sup>\*</sup> Transactions took place at $1.00 per share; figures for share quantities are the same as for dollars.

*See financial notes*

**48**Schwab Municipal Money Funds \| Annual Report

------

Schwab Municipal Money 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 The Charles Schwab Family of Funds (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 funds in the trust as of the end of the period, including the funds discussed in this report, which are highlighted:

---

| | |
|:---|:---|
| **THE CHARLES SCHWAB FAMILY OF FUNDS (ORGANIZED OCTOBER 20, 1989)** | **THE CHARLES SCHWAB FAMILY OF FUNDS (ORGANIZED OCTOBER 20, 1989)** |
| Schwab Government Money Fund | Schwab Retirement Government Money Fund |
| Schwab U.S. Treasury Money Fund | Schwab Municipal Money Fund |
| Schwab Treasury Obligations Money Fund | Schwab AMT Tax-Free Money Fund |
| Schwab Value Advantage Money Fund<sup>®</sup> | **Schwab California Municipal Money Fund** |
| Schwab Variable Share Price Money Fund | **Schwab New York Municipal Money Fund** |

---

Schwab California Municipal Money Fund and Schwab New York Municipal Money Fund each offer two share classes: Investor Shares and Ultra Shares. Shares of each class represent interest in the same portfolio, but each class has different expenses and investment minimums.

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.

------

<br>**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 *Topic 946 Financial Services — Investment Companies*. The accounting policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).

**(a) Security Valuation:**

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees 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 and 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 in the funds are valued at amortized cost (which approximates fair value) as permitted in accordance with Rule 2a-7 of the 1940 Act. In the event that security valuations do not approximate fair value, securities may be fair valued as determined by the Valuation Designee. The Valuation Designee considers a number of factors, including unobservable market inputs, when arriving at fair value and 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.

Schwab Municipal Money Funds \| Annual Report**49**

------

Schwab Municipal Money Funds

Financial Notes (continued)

------

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

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

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, and whose values are therefore classified as Level 1 prices, include active listed equities, mutual funds and exchange-traded funds.

&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 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. Securities held by stable NAV money funds operating pursuant to Rule 2a-7 under the 1940 Act are valued at amortized cost which approximates current fair value and are considered to be valued using Level 2 inputs.

&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.

As disclosed in the Portfolio Holdings, as of December 31, 2022, all of the funds' investments were classified as Level 2.

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

**Delayed-Delivery and When-Issued Transactions:** 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. Effective August 19, 2022, the funds comply with Rule 18f-4 under the 1940 Act, where money market funds are only permitted to invest in a security on a delayed-delivery or when-issued basis, or with a non-standard settlement cycle, and the transaction will be deemed not to involve a senior security, provided that, (i) the funds intend to physically settle the transaction and (ii) the transaction will settle within 35 days of its trade date. Pursuant to Rule 18f-4 portfolio securities are no longer required to be segregated as collateral to cover delayed-delivery or when-issued securities held within the funds.

**(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).

**50**Schwab Municipal Money Funds \| Annual Report

------

Schwab Municipal Money Funds

Financial Notes (continued)

------

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

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

**(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 trusts generally are allocated among those funds in proportion to their average daily net assets.

For funds offering multiple share classes, the net investment income, other than class specific expenses, and the realized and unrealized gains or losses, are allocated daily to each class in proportion to their average daily net assets.

**(f) Distributions to Shareholders:**

The funds 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 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 respective 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) Regulatory Update:** 

Effective January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information deemed important for retail investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these rule and form amendment changes on the content of the current shareholder report and the newly created annual and semiannual streamlined shareholder reports.

Schwab Municipal Money Funds \| Annual Report**51**

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Schwab Municipal Money Funds

Financial Notes (continued)

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

**3. Credit and Liquidity Enhancements:**

A substantial 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 provide liquidity for the purchaser. The following table provides detail on the approximate percentage of total assets for each fund's investments in securities with these types of enhancements, as well as any entities providing enhancements to 10% or greater of investments in securities in each fund.

---

| | | |
|:---|:---|:---|
|  | SCHWAB<br> CALIFORNIA<br> MUNICIPAL<br> MONEY FUND<br>| &nbsp;&nbsp; SCHWAB<br> NEW YORK<br> MUNICIPAL<br> MONEY FUND<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; % of total assets in securities with credit enhancements <br> or liquidity enhancements<br>| 71% | 77% |
| &nbsp;&nbsp;&nbsp;&nbsp; % of total assets in securities with credit enhancements <br> or liquidity enhancements 10% or greater from a <br> single institution<br>| 13% | 11% |
|  | (Bank of America NA) | (Federal National Mortgage Association) |

---

For additional information, please refer to the funds' Portfolio Holdings. Investments with credit enhancements are tickmarked as letter of credit "LOC," guaranty "GTY" and/or liquidity agreement "LIQ," respectively, along with the institution providing the enhancement.

------

<br>**4. Risk Factors:**

**Market Risk.** Financial markets rise and fall in response to a variety of factors, sometimes rapidly and unpredictably. Markets may be impacted by economic, political, regulatory and other conditions, including economic sanctions and other government actions. In addition, the occurrence of global events, such as war, terrorism, environmental disasters, natural disasters and epidemics, may also negatively affect the financial markets. These events could reduce consumer demand or economic output; result in market closures, low or negative interest rates, travel restrictions or quarantines; and significantly adversely impact the economy. Governmental and quasi-governmental authorities and regulators throughout the world have in the past often responded to serious economic disruptions with a variety of significant fiscal and monetary policy changes which could have an unexpected impact on financial markets and a fund's investments. As with any investment whose performance is tied to these markets, the value of an investment in a fund will fluctuate, which means that an investor could lose money over short or long periods.

**Investment Risk.** You could lose money by investing in the funds. Although each fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The funds may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the funds' liquidity falls below required minimums because of market conditions or other factors. An investment in the funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The funds' sponsors have no legal obligation to provide financial support to the funds, and you should not expect that the sponsors will provide financial support to the funds at any time.

**Retail Money Market Fund Risk.** Each fund is a "retail money market fund," as such term is defined or interpreted under the rules governing money market funds. A "retail money market fund" is a money market fund that has policies and procedures reasonably designed to limit all beneficial owners of the fund to natural persons. A fund may involuntarily redeem any investor who is not a natural person. Each fund will provide advance notice of its intent to make any such involuntary redemption. Neither the fund nor the investment adviser will be responsible for any loss or tax liability in an investor's account resulting from such involuntary redemption. As a "retail money market fund," each fund is permitted to value its securities using the amortized cost method to seek to maintain a stable $1.00 share price. However, each fund may be subject to liquidity fees and/or redemption gates on fund redemptions if the fund's liquidity falls below required minimums because of market conditions or other factors.

**Interest Rate Risk.** Interest rates rise and fall over time. As with any investment whose yield reflects current interest rates, a fund's yield will change over time. During periods when interest rates are low or there are negative interest rates, a fund's yield (and total return) also could be low or even negative. In addition, a fund may be unable to pay expenses out of fund assets or maintain a stable $1.00 share price. Also, a change in a central bank's monetary policy or economic conditions may result in a change in interest rates, which could have sudden and unpredictable effects on the markets. A sudden or unpredictable rise or decline in interest rates may cause volatility. Volatility in the market may decrease liquidity in the money market securities markets, making it more difficult for a fund to sell its money market investments at a time when the investment adviser might wish to sell such investments. Decreased market liquidity also may make it more difficult to value some or all of a fund's money market securities holdings.

**52**Schwab Municipal Money Funds \| Annual Report

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Schwab Municipal Money Funds

Financial Notes (continued)

------

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

**4. Risk Factors (continued):** 

**Stable Net Asset Value Risk.** If a fund or another money market fund fails to maintain a stable net asset value (or such perception exists in the market place), the fund could experience increased redemptions, which may adversely impact the fund's share price. Each fund is permitted, among other things, to reduce or withhold any income and/or gains generated from its portfolio to maintain a stable $1.00 share price.

**Credit Risk.** A decline in the credit quality of an issuer, guarantor or liquidity provider of a portfolio investment or a counterparty could cause a fund to lose money or underperform. A fund could lose money if, due to a decline in credit quality, the issuer, guarantor or liquidity provider of a portfolio investment or a counterparty fails to make, or is perceived as being unable or unwilling to make, timely principal or interest payments or otherwise honor its obligations. The credit quality of a fund's portfolio holdings can change rapidly in certain market environments and any downgrade or default on the part of a single portfolio investment could cause the fund's share price or yield to fall.

**Credit and Liquidity Enhancements Risk.** The funds may invest in securities with credit or liquidity enhancements provided by a bank or other financial institution, and the existence and nature of such enhancements may be a significant factor in the investment adviser's decision-making process. Generally, these enhancements are employed by the issuers of the securities to reduce credit risk and provide enhanced or back-up liquidity for purchasers, such as the funds. Adverse developments affecting these banks and financial institutions could therefore have a negative effect on the value of a fund's holdings. For example, a rating agency downgrade of a credit or liquidity enhancement provider may adversely affect the value of securities held by a fund. Any decline in the value of the securities held by a fund could cause the fund's share price or yield to fall. To the extent that a portion of a fund's underlying investments are enhanced by the same bank or financial institution, these risks may be increased.

**Management Risk.** Any actively managed mutual fund is subject to the risk that its investment adviser will select investments or allocate assets in a manner that could cause a fund to underperform or otherwise not meet its investment objective. A fund's investment adviser applies its own investment techniques and risk analyses in making investment decisions for the fund, but there can be no guarantee that they will produce the desired results. The investment adviser's maturity decisions will also affect a fund's yield, and potentially could affect its share price. To the extent that the investment adviser anticipates interest rate trends imprecisely, a fund's yield at times could lag the yields of other money market funds.

**State Risk.** Schwab New York Municipal Money Fund and Schwab California Municipal Money Fund invest primarily in securities issued by the state of New York and its municipalities and the state of California and its municipalities, respectively. Any reduction in the credit ratings of obligations of these issuers could adversely affect the market values and marketability of such securities, and, consequently, the value of a fund's portfolio. Further, a fund's share price and performance could be affected by local, state and regional factors, including erosion of the tax base and changes in the economic climate. Certain New York and California constitutional amendments, legislative measures, executive orders, administrative regulations and voter initiatives could result in adverse consequences affecting the states of New York and California and/or their municipalities. The possibility exists that a natural disaster, including an earthquake, could create a major dislocation of the California economy and significantly affect the ability of state and local governments to raise money to pay principal and interest on their municipal securities. National governmental actions, such as the elimination of tax-exempt status, also could affect performance. In addition, a municipality or municipal project that relies directly or indirectly on national governmental funding mechanisms may be negatively affected by the national government's current budgetary constraints.

**Investment Concentration Risk.** To the extent that a fund invests a substantial portion of its assets in municipal securities financing similar projects, the fund may be more sensitive to adverse economic, business or political developments affecting those projects. A change that affects one project, such as proposed legislation on the financing of the project, a shortage of materials needed for the project, or a declining need for the project, would likely affect all similar projects and the overall municipal securities market.

**Taxable Determinations Risk.** Some of a fund's income could be taxable. If certain types of investments a fund buys as tax-exempt are later ruled to be taxable, a portion of the fund's income could become taxable. This risk, although generally considered low, is somewhat higher for investments that have been structured as municipal money market securities than for investments in other types of municipal money market securities. Any defensive investments in taxable securities could generate taxable income. Also, some types of municipal securities produce income that is subject to the federal alternative minimum tax (AMT).

**Liquidity Risk.** Liquidity risk exists when particular investments are difficult to purchase, sell or value, especially during stressed market conditions. The market for certain investments may become illiquid due to specific adverse changes in the conditions of a particular issuer or under adverse market or economic conditions independent of the issuer. In addition, limited dealer inventories of certain securities could potentially lead to decreased liquidity. In such cases, a fund, due to limitations on investments in illiquid

Schwab Municipal Money Funds \| Annual Report**53**

------

Schwab Municipal Money Funds

Financial Notes (continued)

------

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

**4. Risk Factors (continued):** 

securities and the difficulty in readily purchasing and selling such securities at favorable times or prices, may decline in value, experience lower returns and/or be unable to achieve its desired level of exposure to a certain issuer or sector. Further, transactions in illiquid securities may entail transaction costs that are higher than those for transactions in liquid securities.

**Redemption Risk.** A fund may experience periods of heavy redemptions that could cause the fund to liquidate its assets at inopportune times or at a loss or depressed value, particularly during periods of declining or illiquid markets. Redemptions by a few large investors in a fund may have a significant adverse effect on the fund's ability to maintain a stable $1.00 share price. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the funds, could face a market-wide risk of increased redemption pressures, potentially jeopardizing the stability of their $1.00 share prices.

**Money Market Fund Regulation Risk**. The SEC and other regulatory agencies continue to review the regulation of money market funds. As of the date of this shareholder report, the SEC has proposed amendments to the rules that govern money market funds. These proposed amendments, if implemented, may affect the fund's investment strategies, performance, yield, expenses, operations and continued viability.

**Money Market Fund Risk.** The funds are not designed to offer capital appreciation. In exchange for their emphasis on stability and liquidity, money market investments may offer lower long-term performance than stock or bond investments.

Please refer to the funds' prospectus for a more complete description of the principal risks of investing in the funds.

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<br>**5. 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 an Investment Advisory and Administration Agreement between the investment advisor and the trust.

For its advisory and administrative services to the funds, the investment adviser is entitled to receive an annual fee, payable monthly, equal to 0.19% of each fund's average daily net assets.

**Shareholder Servicing**

The Board has adopted a Shareholder Servicing and Sweep Administration Plan (the Plan) on behalf of the funds. 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 are subject to an annual shareholder servicing fee up to the amount set forth in the table below. 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), and the funds will pay no more than the amounts listed in the table below, calculated based on the average annual daily net asset value of the fund shares owned by shareholders holding shares through such service providers.

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.

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| | |
|:---|:---|
|  | SHAREHOLDER SERVICING FEE |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares | n/a |

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**54**Schwab Municipal Money Funds \| Annual Report

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Schwab Municipal Money Funds

Financial Notes (continued)

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

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

**Contractual Expense Limitation**

The investment adviser and its affiliates have made an additional agreement with each fund, for so long as the investment adviser serves as the investment adviser to the funds, which 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 (expense limitation) as follows:

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| | | |
|:---|:---|:---|
|  | SCHWAB<br> CALIFORNIA<br> MUNICIPAL<br> MONEY FUND<br>| &nbsp;&nbsp; SCHWAB<br> NEW YORK<br> MUNICIPAL<br> MONEY FUND<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 0.34% | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares | 0.19% | 0.19% |

---

During the period ended December 31, 2022, the funds waived the following amounts, of which a portion was waived in accordance with the contractual expense limitation agreement and a portion was waived voluntarily.

---

| | | | |
|:---|:---|:---|:---|
|  | CONTRACTUAL EXPENSE <br>LIMITATION WAIVED AMOUNT <br>| &nbsp;&nbsp; VOLUNTARY YIELD WAIVER/ <br>REIMBURSEMENT AMOUNT <br>| &nbsp;&nbsp; TOTAL <br>WAIVED AMOUNT <br>|
| Schwab California Municipal Money Fund | $522593 | $866185 | $1388778 |
| Schwab New York Municipal Money Fund | &nbsp;&nbsp; 260608 | &nbsp;&nbsp; 170616 | &nbsp;&nbsp;&nbsp;&nbsp; 431224 |

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**Voluntary Yield Waiver/Reimbursement**

The investment adviser and its affiliates may waive and/or reimburse expenses to the extent necessary to maintain a positive net yield for each class of a fund.

**Interfund Transactions**

The funds may engage in direct transactions with certain other funds in the Fund Complex (for definition refer to the Trustees and Officers section) 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 is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs. This practice is limited to funds that share the same investment adviser, trustees and/or officers. For the period ended December 31, 2022, each fund's purchases and sales of securities with other funds in the Fund Complex as well as any realized gains (losses) were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | PURCHASE COST | SALE PROCEEDS | REALIZED GAINS (LOSSES) |
| Schwab California Municipal Money Fund | $340248639 | $3901517 | $0 |
| Schwab New York Municipal Money Fund | &nbsp;&nbsp;&nbsp; 59954436 | 78929600 | &nbsp;&nbsp; 0 |

---

**Interfund Borrowing and Lending**

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (SEC), the funds may enter into interfund borrowing and lending transactions with other funds in the Fund 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.

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<br>**6. 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 on each fund's Statement of Operations. For information regarding the trustees, please refer to the Trustees and Officers table at the end of this report.

Schwab Municipal Money Funds \| Annual Report**55**

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Schwab Municipal Money Funds

Financial Notes (continued)

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

**7. Borrowing from Banks:**

During the period, funds were participants with other funds in the Fund Complex in a joint, syndicated, committed $850 million line of credit (the Syndicated Credit Facility), which matured on September 29, 2022. On September 29, 2022, the Syndicated Credit Facility was amended to run for a new 364 day period with the line of credit amount increasing to $1 billion, maturing on September 28, 2023. 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 Fund 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 29, 2022. On September 29, 2022, 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 28, 2023. Under the terms of the Uncommitted Credit Facility, each fund pays interest on the amount a fund borrows. There were no borrowings 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 on each fund's Statement of Operations, if any. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.

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<br>**8. Federal Income Taxes:**

As of December 31, 2022, the tax basis cost of the funds' investments were as follows:

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| | |
|:---|:---|
|  | TAX COST  |
| Schwab California Municipal Money Fund | $7970209486 |
| Schwab New York Municipal Money Fund | &nbsp;&nbsp; 1713893288 |

---

As of December 31, 2022, the components of distributable earnings on a tax basis were as follows:

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| | | |
|:---|:---|:---|
|  | CAPITAL LOSS <br>CARRYFORWARDS <br>AND OTHER LOSSES <br>| TOTAL  |
| Schwab California Municipal Money Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |
| Schwab New York Municipal Money Fund | (39267) | (39267) |

---

Capital loss carryforwards have no expiration and may be used to offset future realized capital gains for federal income tax purposes. As of December 31, 2022, the funds had capital loss carryforwards as follows:

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| | |
|:---|:---|
| Schwab California Municipal Money Fund | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Schwab New York Municipal Money Fund | 39267 |

---

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | CURRENT FISCAL YEAR END DISTRIBUTIONS | CURRENT FISCAL YEAR END DISTRIBUTIONS | CURRENT FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS |
|  | TAX-EXEMPT <br>INCOME <br>| ORDINARY <br>INCOME <br>| LONG-TERM <br>CAPITAL <br>GAINS <br>| TAX-EXEMPT <br>INCOME <br>| ORDINARY <br>INCOME <br>| LONG-TERM <br>CAPITAL <br>GAINS <br>|
| Schwab California Municipal Money Fund | $52643749 | $6711459 | $5727 | $349944 | $156369 | $415499 |
| Schwab New York Municipal Money Fund | &nbsp;&nbsp; 12350475 | &nbsp;&nbsp;&nbsp;&nbsp; 376260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 67184 | &nbsp;&nbsp; 124300 | &nbsp;&nbsp; 165742 |

---

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 on 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.

**56**Schwab Municipal Money Funds \| Annual Report

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Schwab Municipal Money Funds

Financial Notes (continued)

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

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

As of December 31, 2022, 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 the Statement of Operations. During the fiscal year ended December 31, 2022, the funds did not incur any interest or penalties.

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<br>**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.

Schwab Municipal Money Funds \| Annual Report**57**

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Schwab Municipal Money Funds

Report of Independent Registered Public Accounting Firm

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To the Board of Trustees of The Charles Schwab Family of Funds and Shareholders of Schwab California Municipal Money Fund and Schwab New York Municipal Money 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 California Municipal Money Fund and Schwab New York Municipal Money Fund (the "Funds"), two of the funds constituting The Charles Schwab Family of Funds, as of December 31, 2022, 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 three years in the period then ended, and the related notes. 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 December 31, 2022, 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 three years in the period then ended in conformity with accounting principles generally accepted in the United States of America. The financial highlights for each of the two years in the period ended December 31, 2019 were audited by other auditors, whose report, dated February 18, 2020, expressed an unqualified opinion on such financial highlights.

***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 December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

**Deloitte & Touche LLP** <br>Denver, Colorado <br>February 16, 2023

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

**58**Schwab Municipal Money Funds \| Annual Report

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Schwab Municipal Money Funds

Other Federal Tax Information (unaudited)

------

The funds designate the following percentage of the distributions paid from net investment income as exempt-interest dividends under Internal Revenue Code section 852(b)(5) for the fiscal year ended December 31, 2022:

---

| | |
|:---|:---|
| Schwab California Municipal Money Fund | 88.69% |
| Schwab New York Municipal Money Fund | 97.04% |

---

Under section 852(b)(3)(C) of the Internal Revenue Code, the funds hereby designate the following amounts as long-term capital gain dividends for the fiscal year ended December 31, 2022:

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| | |
|:---|:---|
| Schwab California Municipal Money Fund | $7694 |
| Schwab New York Municipal Money Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

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For the fiscal year ended December 31, 2022, the funds designate the following percentage of dividend income as business interest income under section 163(j) of the Internal Revenue Code:

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| | |
|:---|:---|
| Schwab California Municipal Money Fund | 100.00% |
| Schwab New York Municipal Money Fund | 100.00% |

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Schwab Municipal Money Funds \| Annual Report**59**

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Schwab Municipal Money Funds

Trustees and Officers

------

The tables below give information about the trustees and officers of The Charles Schwab Family of Funds, which includes the funds covered in this report. The "Fund Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust. The Fund Complex includes 105 funds.

The address for all trustees and officers is 211 Main Street, San Francisco, CA 94105. You can find more information about the trustees and officers in the funds' Statement of Additional Information, which is available free by calling 1-877-824-5615.

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| | | | |
|:---|:---|:---|:---|
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Name, Year of Birth, and <br> Position(s) with the trust <br> (Terms of office, and <br> length of Time Served<sup>1</sup>)<br>| Principal Occupations<br> During the Past Five Years<br>| Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee<br>| Other Directorships |
| **Michael J. Beer**<br> 1961<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios, Schwab <br> Strategic Trust and Laudus Trust <br> since 2022)<br>| Retired. Director, President and Chief Executive Officer <br> (Dec. 2016 – Sept. 2019), Principal Funds (investment management).<br>| 105 | Director (2016 – 2019), <br> Principal Funds, Inc.<br>|
| **Robert W. Burns**<br> 1959<br> Trustee<br> (Trustee of Schwab Strategic Trust <br> since 2009; The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios and <br> Laudus Trust since 2016)<br>| Retired/Private Investor. | 105 |  |
| **Nancy F. Heller**<br> 1956<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios, Schwab <br> Strategic Trust and Laudus Trust <br> since 2018)<br>| Retired. | 105 |  |
| **David L. Mahoney**<br> 1954<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios and <br> Laudus Trust since 2011; Schwab <br> Strategic Trust since 2016)<br>| Private Investor. | 105 | Director <br> (2004 – present), <br> Corcept Therapeutics <br> Incorporated <br> Director (2009 – 2021), <br> Adamas <br> Pharmaceuticals, Inc.<br> Director (2003 – 2019), <br> Symantec Corporation<br>|
| **Jane P. Moncreiff**<br> 1961<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios, Schwab <br> Strategic Trust and Laudus Trust <br> since 2019)<br>| Consultant (2018 – present), Fulham Advisers LLC (management <br> consulting); Chief Investment Officer (2009 – 2017), CareGroup <br> Healthcare System, Inc. (healthcare).<br>| 105 |  |

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**60**Schwab Municipal Money Funds \| Annual Report

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Schwab Municipal Money Funds

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| | | | |
|:---|:---|:---|:---|
| **Independent Trustees (continued)** | **Independent Trustees (continued)** | **Independent Trustees (continued)** | **Independent Trustees (continued)** |
| Name, Year of Birth, and <br> Position(s) with the trust <br> (Terms of office, and <br> length of Time Served<sup>1</sup>)<br>| Principal Occupations<br> During the Past Five Years<br>| Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee<br>| Other Directorships |
| **Kimberly S. Patmore**<br> 1956<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios, Schwab <br> Strategic Trust and Laudus Trust <br> since 2016)<br>| Consultant (2008 – present), Patmore Management Consulting <br> (management consulting).<br>| 105 |  |
| **J. Derek Penn**<br> 1957<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios, Schwab <br> Strategic Trust and Laudus Trust <br> since 2021)<br>| Head of Equity Sales and Trading (2006 – 2018), BNY Mellon (financial <br> services).<br>| 105 |  |

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Schwab Municipal Money Funds \| Annual Report**61**

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Schwab Municipal Money Funds

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

---

| | | | |
|:---|:---|:---|:---|
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| Name, Year of Birth, and <br> Position(s) with the trust <br> (Terms of office, and <br> length of Time Served<sup>1</sup>)<br>| Principal Occupations<br> During the Past Five Years<br>| Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee<br>| Other Directorships |
| **Walter W. Bettinger II**<sup>2</sup> 1960<br> Chairman and Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust <br> and Schwab Annuity Portfolios since <br> 2008; Schwab Strategic Trust since <br> 2009; Laudus Trust since 2010)<br>| Co-Chairman of the Board (July 2022 – present), Director and Chief <br> Executive Officer (Oct. 2008 – present) and President <br> (Feb. 2007 – Oct. 2021), The Charles Schwab Corporation; President and <br> Chief Executive Officer (Oct. 2008 – Oct. 2021) and Director <br> (May 2008 – Oct. 2021), Charles Schwab & Co., Inc.; Director <br> (Apr. 2006 – present), Charles Schwab Bank, SSB; Director <br> (Nov. 2017 – present), Charles Schwab Premier Bank, SSB; Director <br> (July 2019 – present), Charles Schwab Trust Bank; Director <br> (May 2008 – present), Chief Executive Officer (Aug. 2017 – present) and <br> President (Aug. 2017 – Nov. 2021), Schwab Holdings, Inc.; Director <br> (Oct. 2020 – present), TD Ameritrade Holding Corporation; Director <br> (July 2016 – Oct. 2021), Charles Schwab Investment Management, Inc.<br>| 105 | Director <br> (2008 – present), The <br> Charles Schwab <br> Corporation <br>|
| **Richard A. Wurster**<sup>2</sup> 1973<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios, Schwab <br> Strategic Trust and Laudus Trust <br> since 2022)<br>| President (Oct. 2021 – present) and Executive Vice President – Schwab <br> Asset Management Solutions (Apr. 2019 – Oct. 2021), The Charles <br> Schwab Corporation; President, Director (Oct. 2021 – present), Executive <br> Vice President – Schwab Asset Management Solutions <br> (July 2019 – Oct. 2021) and Senior Vice President – Advisory <br> (May 2016 – July 2019), Charles Schwab & Co., Inc.; President <br> (Nov. 2021 – present), Schwab Holdings, Inc.; Director <br> (Oct. 2021 – present) and Chief Executive Officer (Nov. 2019 – Jan. 2022), <br> Charles Schwab Investment Management, Inc.; Director, Chief Executive <br> Officer and President (Mar. 2018 – Oct. 2022), Charles Schwab Investment <br> Advisory, Inc.; Chief Executive Officer (July 2016 – Apr. 2018) and <br> President (Mar. 2017 – Apr. 2018), ThomasPartners, Inc.; Chief Executive <br> Officer (July 2016 – Apr. 2018), Windhaven Investment Management, Inc.<br>| 105 |  |

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

---

| | |
|:---|:---|
| **Officers of the Trust** | **Officers of the Trust** |
| Name, Year of Birth, and Position(s) with the trust <br> (Terms of office, and length of Time Served<sup>3</sup>)<br>| Principal Occupations During the Past Five Years |
| **Jonathan de St. Paer**<br> 1973<br> President and Chief Executive Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios, Schwab Strategic Trust and Laudus Trust since <br> 2018)<br>| Director (Apr. 2019 – present), President (Oct. 2018 – present), Chief Operating Officer <br> (Jan. 2021 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab <br> Investment Management, Inc.; Senior Vice President (June 2020 – Mar. 2022) and Chief <br> Operating Officer (Jan. 2021 – Mar. 2022), Charles Schwab Investment Advisory, Inc.; Chief <br> Executive Officer (Apr. 2019 – present), President (Nov. 2018 – present) and Trustee <br> (Apr. 2019 – Dec. 2020), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director <br> (May 2022 – present), Senior Vice President (Apr. 2019 – May 2022) and Senior Vice <br> President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), Charles <br> Schwab & Co., Inc.<br>|
| **Mark Fischer**<br> 1970<br> Chief Operating Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios, Schwab Strategic Trust and Laudus Trust since <br> 2013)<br>| Chief Operating Officer (Dec. 2020 – present) and Treasurer and Chief Financial Officer <br> (Jan. 2016 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Chief Financial <br> Officer (Mar. 2020 – present) and Vice President (Oct. 2013 – present), Charles Schwab <br> Investment Management, Inc.<br>|
| **Dana Smith**<br> 1965<br> Treasurer and Chief Financial Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios, Schwab Strategic Trust and Laudus Trust since <br> 2023)<br>| Treasurer and Chief Financial Officer (Jan. 2023 – present) and Assistant Treasurer <br> (Dec. 2015 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Vice President <br> (Mar. 2022 – present) and Director (Oct. 2015 – Mar. 2022), Charles Schwab Investment <br> Management, Inc.<br>|

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**62**Schwab Municipal Money Funds \| Annual Report

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Schwab Municipal Money Funds

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| | |
|:---|:---|
| **Officers of the Trust (continued)** | **Officers of the Trust (continued)** |
| Name, Year of Birth, and Position(s) with the trust <br> (Terms of office, and length of Time Served<sup>3</sup>)<br>| Principal Occupations During the Past Five Years |
| **Omar Aguilar**<br> 1970<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios, Schwab Strategic Trust and Laudus Trust since <br> 2011)<br>| Chief Executive Officer (Jan. 2022 – present), Chief Investment Officer (Apr. 2011 – present) <br> and Senior Vice President (Apr. 2011 – Dec. 2021), Charles Schwab Investment <br> Management, Inc.; Director, Chief Executive Officer and President (Oct. 2022 – present), <br> Charles Schwab Investment Advisory, Inc.; Vice President and Chief Investment Officer <br> (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs.<br>|
| **Brett Wander**<br> 1961<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios, Schwab Strategic Trust and Laudus Trust since <br> 2011)<br>| Senior Vice President and Chief Investment Officer (Apr. 2011 – present), Charles Schwab <br> Investment Management, Inc.; Vice President and Chief Investment Officer <br> (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs.<br>|
| **William P. McMahon, Jr.**<br> 1972<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios, Schwab Strategic Trust and Laudus Trust since <br> 2021)<br>| Senior Vice President and Chief Investment Officer (Jan. 2020 – present), Charles Schwab <br> Investment Management, Inc.; Vice President and Chief Investment Officer <br> (June 2021 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Senior Vice President <br> and Chief Investment Officer – ThomasPartners Strategies (Apr. 2018 – Dec. 2019), Charles <br> Schwab Investment Advisory, Inc.; Senior Vice President and Chief Investment Officer <br> (May 2001 – Apr. 2018), ThomasPartners, Inc.<br>|
| **Catherine MacGregor**<br> 1964<br> Chief Legal Officer and Secretary, Schwab Funds and <br> Schwab ETFs<br> Chief Legal Officer, Vice President and Clerk, Laudus Trust<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios and Laudus Trust since 2005; Schwab Strategic <br> Trust since 2009)<br>| Chief Legal Officer (Mar. 2022 – present) and Vice President (Sept. 2005 – present), Charles <br> Schwab Investment Management, Inc.; Managing Director (May 2022 – present) and Vice <br> President (July 2005 – May 2022), Charles Schwab & Co., Inc.; Vice President <br> (Dec. 2005 – present) and Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus Trust; <br> Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President <br> (Nov. 2005 – Oct. 2021) and Assistant Secretary (June 2007 – Oct. 2021), Schwab Funds; <br> Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President and Assistant <br> Secretary (Oct. 2009 – Oct. 2021), Schwab ETFs.<br>|

---

<sup>1</sup>

Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed. The retirement policy requires that each independent trustee retire by December 31 of the year in which the Trustee turns 74 or the Trustee's twentieth year of service as an independent trustee on any trust in the Fund Complex, whichever occurs first.

<sup>2</sup>

Mr. Bettinger and Mr. Wurster are Interested Trustees. Mr. Bettinger and Mr. Wurster are Interested Trustees because each owns stock of The Charles Schwab Corporation (CSC), the parent company of Charles Schwab Investment Management, Inc., the investment adviser for the trusts in the Fund Complex, and is an employee of Charles Schwab & Co., Inc. (Schwab), the principal underwriter for The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust.

<sup>3</sup>

The President, Treasurer and Secretary/Clerk hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board.

Schwab Municipal Money Funds \| Annual Report**63**

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Schwab Municipal Money Funds

Glossary

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**144A securities** These securities may be sold only to qualified institutional buyers under Securities Act Rule 144A.

**Alternative Minimum Tax (AMT)** A federal income tax designed to limit the extent to which high-income taxpayers (including individuals, estates, trusts and corporations) can benefit from certain deductions and exemptions. For example, some types of income that are exempt from regular federal income tax are not exempt from the AMT.

**bond** A security representing a loan from the investor to the issuer. A bond typically pays interest at a fixed rate (the coupon rate) until a specified date (the maturity date), at which time the issuer returns the money borrowed (principal or face value) to the bondholder. Because of their structure, bonds are sometimes called "fixed-income securities" or "debt securities."

An individual bond is subject to the credit risk of the issuer. Changes in interest rates can affect a bond's market value prior to call or maturity. There is no guarantee that a bond's yield to call or maturity will provide a positive return over the rate of inflation.

**bond anticipation notes** Obligations sold by a state or local government on a short-term basis in anticipation of the issuance of a longer-term bond in the future.

**capital gain, capital loss** The difference between the amount paid for an investment and its value at a later time. If the investment has been sold, the capital gain or loss is considered a realized gain or loss. If the investment is still held, the gain or loss is still "on paper" and is considered unrealized.

**commercial paper** Promissory notes issued by banks, corporations and other entities to finance short-term credit needs. These securities generally are structured on a discounted basis but sometimes may be interest-bearing notes. Commercial paper, which may be unsecured, is subject to credit risk.

**credit-enhanced securities** Securities that are backed by the credit of an entity other than the issuer (such as a financial institution). Credit enhancements, which can equal up to 100% of the security's value, are designed to help lower the risk of default on a security and may also make the security more liquid.

**credit quality** The capacity of an issuer to make its interest and principal payments. Federal regulations strictly regulate the credit quality of the securities a money market fund can buy.

**credit ratings** Debt issuers, including corporations, states and municipalities, may arrange with a recognized independent rating organization, such as Standard & Poor's, Fitch, Inc., Moody's Investor Service, and DBRS, to rate their creditworthiness and/or the creditworthiness of their debt issues. For example, an issuer may obtain a long-term rating within the investment grade rating category, which is, from high to low, AAA, AA, A and BBB for Standard & Poor's, Fitch, and DBRS; and Aaa, Aa, A and Baa for Moody's.

**credit risk** The risk that a debt issuer may be unable to pay interest or repay principal to its debt holders.

**dollar-weighted average maturity** See weighted average maturity.

**effective yield** A measurement of a fund's yield that assumes that all interest income is reinvested in additional shares of the fund.

**escrow** The issuer of an escrowed bond deposits funds in a trust which are verified by a third party to be sufficient to pay the bond's principal and interest at maturity or at a call date. The funds in the trust are invested in high quality investments, typically US Treasury and Agency obligations which mature at or prior to the bond's maturity or call date.

**expense ratio** The amount that is taken from a mutual fund's assets each year to cover the fund's operating expenses. An expense ratio of 0.50% means that a fund's expenses amount to half of one percent of its average net assets a year.

**face value** The value of a bond, note, mortgage or other security as given on the certificate or instrument. Face value is also referred to as par value or nominal value.

**fixed rate notes** A security with a fixed rate or coupon and a short maturity (typically within thirteen months). For example, bond, revenue or tax anticipation notes.

**guaranty (GTY)** An instrument issued by a financial institution to unconditionally guarantee the repayment of a security's principal and interest at maturity. The security will typically carry the rating of the institution which provides the guaranty rather than that of the security's issuer.

**illiquid securities** Securities are generally considered illiquid if they cannot be disposed of promptly (typically within seven days) and in the ordinary course of business at approximately the amount at which a fund has valued the instruments.

**interest** Payments to holders of debt securities as compensation for loaning a security's principal to the issuer.

**letter of credit (LOC)** An instrument issued by a financial institution which unconditionally guarantees the repayment of principal and interest at maturity and upon demand. Many securities known as variable-rate demand obligations (VRDOs) carry LOCs to provide a source of payment to allow the holder of the security to demand repayment after a pre-defined number of days, typically daily or weekly.

**liquidity (LIQ)** A liquidity facility is issued by a financial institution to improve the ability of the issuer of the security to meet demands for payment. Many securities known as variable-rate demand obligations (VRDOs) carry liquidity facilities to provide a source of payment to allow the holder of the security to demand repayment after a pre-defined number of days, typically daily or weekly. The issuer of the security must maintain strong long-term ratings and credit characteristics while the liquidity facility is in effect. If the issuer fails to meet certain predetermined financial conditions, the financial institution may terminate its obligation without notice.

**liquidity-enhanced security** The security's structure includes a liquidity arrangement that requires an entity other than the issuer (such as a large financial institution) to provide funds to pay a tender under most circumstances. Liquidity enhancements are often used on variable-rate securities where the portfolio manager has an option to tender the securities for repayment within a specified time period (usually one day or one week) at any time prior to their final maturity.

**maturity** The date a debt security is scheduled to be "retired" and its principal amount repaid. The Maturity of an investment will generally reflect the security's final maturity date unless the security's structure includes a maturity-shortening provision such as an interest rate reset,

**64**Schwab Municipal Money Funds \| Annual Report

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Schwab Municipal Money Funds

demand feature or put feature (the "Effective Maturity Date"). For those securities with a maturity-shortening provision, including variable-rate demand securities, the Maturity is determined by using the Effective Maturity Date, as permitted by Rule 2a-7.

**money market securities** High-quality, short-term debt securities that may be issued by states and local governments and their agencies. Money market securities must have an effective maturity of no longer than 397 days. Examples include bond and tax anticipation notes, commercial paper, variable-rate demand obligations and tender option bonds.

**municipal securities** Debt securities issued by a state, its counties, municipalities, authorities and other subdivisions, or the territories and possessions of the United States and the District of Columbia, including their subdivisions, agencies and instrumentalities and corporations. These securities may be issued to obtain money for various public purposes, including the construction of a wide range of public facilities such as airports, bridges, highways, housing, hospitals, mass transportation, public utilities, schools, streets, and water and sewer works.

**net asset value per share (NAV)** The value of one share of a mutual fund. NAV is calculated by taking the fund's total assets, subtracting liabilities, and dividing by the number of shares outstanding. Certain money funds seek to maintain a steady NAV of $1.00.

**outstanding shares, shares outstanding** When speaking of a company or mutual fund, indicates all shares currently held by investors.

**restricted securities** Securities that are subject to contractual restrictions on resale. These securities are often purchased in private placement transactions.

**revenue anticipation notes** Obligations that are issued in expectation of the receipt of revenue, such as income taxes, property taxes, etc.

**taxable equivalent yield** The yield an investor would need to get from a taxable investment in order to match the yield paid by a given tax-exempt investment, once the effect of all applicable taxes is taken into account. For example, if your tax rate were 25%, a tax-exempt investment paying 4.5% would have a taxable equivalent yield for you of 6.0% (4.5% ÷ [1 – 0.25%] = 6.0%).

**tax anticipation notes** Notes that typically are sold to finance the cash flow needs of municipalities in anticipation of the receipt of taxes on a future date.

**total return** The percentage that an investor would have earned or lost on an investment in the fund assuming dividends and distributions were reinvested.

**variable rate demand obligations (VRDOs)** Securities that have long maturities but which, because of their structure, require them to repay principal plus accrued interest within a specified timeframe (usually one or seven days) upon the demand of the bond holder. Depending on their structure, the repayment may be made by the bond issuer or by a financial institution, such as a highly rated bank.

**variable rate demand preferred shares (VRDP)** Variable rate demand securities that are issued by single state or national closed-end municipal bond funds, which, in turn, invest primarily in portfolios of tax-exempt municipal bonds. It is anticipated that the interest on VRDPs will be exempt from federal income tax. These securities are considered "municipal money market securities" for purposes of the fund's investment policy as stated in the prospectus.

**weighted average maturity (WAM)** For money market mutual funds as per rule 2a-7, the maturity date or Effective Maturity Date (see definition of maturity) of all the debt securities in its portfolio, or the date the interest rate on those securities is reset, or the date those securities can be redeemed through demand, calculated as a weighted average. As a rule, the longer a fund's weighted average maturity, the greater its interest rate risk. Money funds are required to maintain a weighted average maturity of no more than 60 days.

**yield** The income paid out by an investment, expressed as a percentage of the investment's market value.

Schwab Municipal Money Funds \| Annual Report**65**

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

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

Notes

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

Notes

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Schwab Municipal Money Funds

Schwab Asset Management

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With a straightforward lineup of core products and solutions for building the foundation of a portfolio, Schwab Asset Management advocates for investors of all sizes with a steadfast focus on lowering costs and reducing unnecessary complexity. The list below shows all currently available Schwab Funds<sup>®</sup>.

**Investors should carefully consider information contained in the prospectus, or if available, the summary prospectus, including investment objectives, risks, charges and expenses before investing. Please call 1-877-824-5615 for a prospectus for any Schwab Fund. Please read the prospectus carefully before you invest. This report must be preceded or accompanied by a current 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/schwabfunds_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/schwabfunds_prospectus or the SEC's website at www.sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Schwab Funds**

**Equity Funds**

Schwab Core Equity Fund

Schwab Dividend Equity Fund

Schwab Large-Cap Growth Fund

Schwab Small-Cap Equity Fund

Schwab Health Care Fund

Schwab International Core Equity Fund

Schwab International Opportunities Fund

Schwab Select Large Cap Growth Fund

Schwab Fundamental US Large Company Index Fund

Schwab Fundamental US Small Company Index Fund

Schwab Fundamental International Large Company Index Fund

Schwab Fundamental International Small Company Index Fund

Schwab Fundamental Emerging Markets Large Company Index Fund

Schwab Fundamental Global Real Estate Index Fund

Schwab Global Real Estate Fund

Schwab S&P 500 Index Fund

Schwab 1000 Index<sup>®</sup> Fund

Schwab Small-Cap Index Fund<sup>®</sup>

Schwab Total Stock Market Index Fund<sup>®</sup>

Schwab U.S. Large-Cap Growth Index Fund

Schwab U.S. Large-Cap Value Index Fund

Schwab U.S. Mid-Cap Index Fund

Schwab International Index Fund<sup>®</sup>

**Asset Allocation Funds**

Schwab Balanced Fund

Schwab MarketTrack Portfolios<sup>®</sup>

Schwab Target Funds

Schwab Target Index Funds

Schwab Monthly Income Funds

**Bond Funds**

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<sup>1</sup>

Schwab California Tax-Free Bond Fund<sup>1</sup>

Schwab Opportunistic Municipal Bond Fund

**Schwab Money Funds**<sup>2</sup>

Schwab provides a broad choice of taxable and tax-exempt money market funds for both retail and institutional client types.

**Investment Adviser**

Charles Schwab Investment Management, Inc., dba Schwab Asset Management

211 Main Street, San Francisco, CA 94105

**Funds**

Schwab Funds

1-877-824-5615© 2023 Charles Schwab & Co., Inc. All rights reserved. <br>Member SIPC<sup>®</sup> <br>Printed on recycled paper.

¹

**State, local, and the Federal Alternative Minimum Tax may apply. Capital gains are not exempt from Federal Taxation.**

²

**You could lose money by investing in the Schwab Money Funds. All Schwab Money Funds with the exception of Schwab Variable Share Price Money Fund seek to preserve the value of your investment at $1.00 per share, but cannot guarantee they will do so. Because the share price of Schwab Variable Share Price Money Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. All Schwab Money Funds with the exception of Schwab Government Money Fund, Schwab Retirement Government Money Fund, Schwab U.S. Treasury Money Fund, Schwab Treasury Obligations Money Fund and Schwab Government Money Market Portfolio may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Schwab Money Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Schwab Money Funds' sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time.**

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g21476img215943051.jpg)

MFR13859-26 <br> 00282282

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g109284imgdc6183151.jpg)

**Annual Report** \| December 31, 2022

Schwab Value Advantage Money Fund<sup>®</sup>

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

**In This Report**

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| | |
|:---|:---|
| [From the President](#xx_21f31420-17b5-48b8-ae81-a88b27b333e6_1) | 2 |
| [Fund Management](#xx_f0572cce-c223-4839-a2c3-73410ab57c38_1) | 3 |
| [Performance and Fund Facts](#xx_8076e562-2f71-4ddc-b5b9-a7568297cd9a_1) | 4 |
| [Fund Expenses](#xx_7ab93ced-4346-4d60-8d39-8cb0ed78cdd8_1)  | 6 |
| [Financial Statements and Portfolio Holdings](#xx_84473756-8403-4beb-9ce8-4a6bba359a19_1) | 7 |
| [Financial Notes](#xx_f13790f9-0adc-4256-a76d-492969b5fab1_1) | 29 |
| [Report of Independent Registered Public Accounting Firm](#xx_5184bdf6-a65a-45a3-a8c7-7f5d5a7cf123_1) | 37 |
| [Other Federal Tax Information](#xx_82833ab2-570a-42b2-b512-780873b23908_1)  | 38 |
| [Trustees and Officers](#xx_e0d00264-b4e2-4650-9607-c709483e2a58_1) | 39 |
| [Glossary](#xx_9f0efa2d-7f23-4d3a-88de-118e9be9aeb1_1) | 43 |

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

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

Schwab Value Advantage Money Fund \| Annual Report**1**

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Schwab Value Advantage Money Fund

From the President

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![](g109284img1db22b412.jpg)

**Jonathan de St. Paer** <br>President of Schwab Asset <br>Management and the fund <br> covered in this report.

Dear Shareholder,

Financial markets faced a tough environment in 2022, coming under pressure due to rampant inflation, rising interest rates, and increasing geopolitical uncertainty. Focus shifted early in the year from the ongoing COVID-19 pandemic to Russia's invasion of Ukraine in late-February. Inflation, already ticking up at the start of the year, accelerated in the face of spiking commodity prices exacerbated by the war in Ukraine. Central banks, led by the U.S. Federal Reserve, aggressively hiked interest rates to slow economic growth and curb inflation. The U.S. federal funds rate increased from near zero in January and February to over 4% by December, the most rapid increase since the early 1980s. U.S. economic growth slowed in the face of these challenges, with gross domestic product contracting during the first and second quarters of the year before rebounding into positive territory. Stocks and bonds declined sharply, with the S&P 500<sup>®</sup> Index, a bellwether for the overall U.S. equities market, posting its largest calendar year drop since the 2008 recession and the broad U.S. bond market, as measured by the Bloomberg US Aggregate Bond Index, suffering its steepest decline on record.

With stock and bond prices plunging, money market funds offered investors one of few safe havens available. Money market funds produced their strongest returns in years and investors relied on the funds as vehicles for capital preservation and daily liquidity. The Schwab Value Advantage Money Fund continues to focus on liquidity and stability to meet our clients' ongoing needs. The fund benefits from extensive credit research and analysis that aims to manage portfolio, credit, and interest rate risks. Our portfolio management team also evaluates stress tests designed to help them understand various scenarios, including the impact of factors such as decreases or increases in short-term rates, widening of credit spreads, and downgrades or defaults among issuers.

In regulatory matters, the U.S. Securities and Exchange Commission (SEC) continued work on proposed reforms that could change the way that money market funds operate in the future. At this time, the adoption and implementation of the proposed money market regulatory reform remains subject to the SEC's rulemaking and implementation process. The SEC continues to evaluate money market fund rules and may propose additional changes. As one of the largest money market fund managers in the industry, Schwab Asset Management continues to monitor and assess these proposals, and provide feedback to the SEC, as appropriate.

Thank you for investing with Schwab Asset Management, and for trusting us to help you achieve your financial goals. For more information about the Schwab Value Advantage Money Fund, please continue reading this report. In addition, you can find further details about this fund by visiting our website at www.schwabassetmanagement.com. We are also happy to hear from you at 1-877-824-5615.

Sincerely,

![](g109284img937bbcb33.jpg)

**"***Financial markets faced a tough environment in 2022, coming under pressure due to rampant inflation, rising interest rates, and increasing geopolitical uncertainty.***"**

Past performance is no guarantee of future results.

Management views may have changed since the report date.

Schwab Asset Management is the dba name for Charles Schwab Investment Management, Inc., the investment adviser for Schwab Funds and Schwab ETFs.

**2**Schwab Value Advantage Money Fund \| Annual Report

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Schwab Value Advantage Money Fund

Fund Management

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

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| | |
|:---|:---|
| ![](g109284img33ef513a4.jpg)<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Linda Klingman,** Managing Director and Head of Money Market Strategies for Schwab Asset Management, <br> leads the portfolio management teams for taxable and tax-exempt Schwab Money Funds, and has overall <br> responsibility for all aspects of the management of the fund. Prior to joining Schwab in 1990, she was a senior <br> money market trader with AIM Management, Inc. for five years. She has managed money market funds since <br> &nbsp;&nbsp;&nbsp;&nbsp;1988.<br>|

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|:---|:---|
| ![](g109284imgaff0de135.jpg)<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Michael Lin,** Senior Portfolio Manager for Schwab Asset Management, is responsible for the day-to-day <br> co-management of the fund. Mr. Lin has been a portfolio manager with Schwab Asset Management since <br> 2006, and also worked in Schwab Asset Management's fund administration group for nearly four years, where <br> he focused on security pricing and valuation of the Schwab Funds. Prior to joining Schwab, he was a senior <br> trader of the taxable money market funds at American Century Investments for three years.<br>|

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|:---|:---|
| ![](g109284imga3efa5806.jpg)<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Jonathan Roman,** Senior Portfolio Manager for Schwab Asset Management, is responsible for the day-to-day <br> co-management of the fund. Mr. Roman has been a portfolio manager with Schwab Asset Management since <br> 2010 and has held a number of positions at Schwab since beginning his tenure in 2005. In 2009, he joined the <br> portfolio management group as a trader, and prior to that he worked in portfolio operations and analytics, <br> providing trading support to the taxable money market desk.<br>|

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

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| | |
|:---|:---|
| ![](g109284imga6a9d0a97.jpg)<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Jonathan Feske, CFA,** Senior Portfolio Manager for Schwab Asset Management, is responsible for the <br> day-to-day co-management of the fund. Mr. Feske previously was responsible for credit and investment <br> research for global banks for the Schwab Taxable Bond Funds and Schwab Money Funds. Prior to joining <br> Schwab in 2011, Mr. Feske was a high-yield bond analyst for more than two years at Miller Tabak Roberts <br> Securities, a boutique corporate bond broker-dealer. He covered both U.S. and emerging market credits, <br> focusing on distressed situations in various industrial sectors. Previously, Mr. Feske was employed in the <br> securities industry as an equity trader for three years.<br>|

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|:---|:---|
| ![](g109284imga8f9d9e88.jpg)<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Karim Menoufy,** Portfolio Manager for Schwab Asset Management, is responsible for the day-to-day <br> co-management of the fund. Mr. Menoufy has been a portfolio manager with Schwab Asset Management <br> since 2013, when he started as an associate portfolio manager and was promoted to portfolio manager in <br> &nbsp;&nbsp;&nbsp;&nbsp;2020. He held several positions prior to that supporting the taxable and tax-exempt money funds during his <br> tenure at the firm. Before joining Schwab in 2007, he spent several years as a mortgage specialist at <br> JPMorgan Chase and an equity plan administrator for Delegata Corporation.<br>|

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Schwab Value Advantage Money Fund \| Annual Report**3**

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Schwab Value Advantage Money Fund

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**The Schwab Value Advantage Money Fund's** (the fund) goal is to seek the highest current income consistent with stability of capital and liquidity. To pursue its goal, the fund invests in high-quality short-term money market investments issued by U.S. and foreign issuers. Examples of these securities include commercial paper, promissory notes, certificates of deposit and time deposits, variable- and floating-rate debt securities, bank notes and bankers' acceptances, repurchase agreements, and obligations issued by the U.S. government, its agencies, or instrumentalities. For more information concerning the fund's investment objective, strategy, and risks, please see the fund's prospectus.

**Market Highlights.** During the 12-month reporting period ended December 31, 2022, interest rates rose as a result of persistently high inflation stemming from a tight labor market, supply chain constraints, and high energy prices in the wake of the COVID-19 pandemic and the war in Ukraine. After maintaining the federal funds rate in a range of 0.00% to 0.25% through mid-March, the U.S. Federal Reserve (Fed) shifted its stance as inflation continued to rise and indicators of economic activity and employment continued to strengthen. After issuing successively stronger signals that interest rates could begin to rise sooner in 2022 than previously anticipated, the Fed increased the federal funds rate seven times by the end of the year to end the reporting period in a range of 4.25% to 4.50%. In addition, the Fed's bond-buying program, which had begun to scale back in November 2021, was ended altogether in early March 2022. In June, the Fed also began to reduce the $9 trillion in assets it holds on its balance sheet.

Given expectations of further rate hikes into 2023, along with persistently high—albeit declining in the second half of the year—inflation, longer-term bond and equity markets weakened, with the S&P 500<sup>®</sup> Index and Bloomberg US Aggregate Bond Index posting their worst calendar year returns in more than a decade. Yields on short-term money market securities increased and demand remained high. At the same time, supply of U.S. Treasuries declined as the U.S. Treasury's borrowing needs decreased. As a result, high demand for the Fed's Overnight Reverse Repurchase Agreement facility drove usage to an all-time high.

Monetary policy around the world varied as central banks responded to the rapidly changing conditions. Over the reporting period, the European Central Bank raised its interest rate four times and the Bank of England raised its key official bank rate eight times. In contrast, the Bank of Japan continued to uphold its short-term interest rate target of -0.1%, unchanged since 2016, but in late December unexpectedly announced that it would widen the band around the yield target of its 10-year government bond, which pushed the yen higher and effectively marked the end of an extended period in which Japan was the only major developed country to resist raising rates.

**Performance, Positioning, and Strategies.** Throughout the reporting period, the fund's investment adviser remained focused on liquidity and stability of capital as market conditions evolved, and on continuing a rigorous credit review process and ongoing monitoring for all issuers and regions in which the fund invests. In anticipation of the Fed's short-term interest rate increases early in the reporting period, followed by the Fed's subsequent actions, the fund's weighted average maturity (WAM) was shortened, beginning the reporting period at 41 days and ending it at 17 days.

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

**Portfolio Composition By Effective Maturity % of Investments**<sup>1</sup> <br>

![](g109284img7267b0fb9.jpg)

**Portfolio Composition by Security Type % of Investments**<sup>3</sup> <br>

![](g109284imga2209a7410.jpg)

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

**Statistics**

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| | |
|:---|:---|
| **Weighted Average Maturity**<sup>2</sup> | 17 Days |

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

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

Management views and portfolio holdings may have changed since the report date.

<sup>1</sup>

Maturity shown is the date the security matures, the date the interest rate on those securities is reset, or the date those securities can be redeemed through demand.

<sup>2</sup>

Money funds must maintain a dollar-weighted average maturity of no longer than 60 days and cannot invest in any security whose effective maturity is longer than 397 days (approximately 13 months).

<sup>3</sup>

The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.

**4**Schwab Value Advantage Money Fund \| Annual Report

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Schwab Value Advantage Money Fund

Performance and Fund Facts as of December 31, 2022

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**The performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be lower or higher than performance data quoted. To obtain more current performance information, please visit www.schwabassetmanagement.com/schwabfunds_prospectus.** 

**Seven-Day Average Yield Trend for Previous 12 Months**

![](g109284lg7d_2mn4.jpg)

**Seven-Day Yields**

The seven-day yield is the income generated by the fund's portfolio holdings minus the fund's operating expenses. The seven-day yields are calculated using standard SEC formulas. The effective yield includes the effect of reinvesting daily dividends. Please remember that money market fund yields fluctuate.

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| | | |
|:---|:---|:---|
|  | **Schwab Value Advantage Money Fund** | **Schwab Value Advantage Money Fund** |
|  | Investor<br> Shares<br>| &nbsp;&nbsp;&nbsp; Ultra<br> Shares<br>|
| Ticker Symbol | SWVXX | SNAXX |
| Minimum Initial Investment<sup>1</sup> <br>|  | $1000000 |
| **Seven-Day Yield (with waivers)**<sup>2</sup> <br>| 4.27% | 4.42% |
| **Seven-Day Yield (without waivers)**<sup>2</sup> <br>| 4.25% | 4.40% |
| **Seven-Day Effective Yield (with waivers)**<sup>2</sup> <br>| 4.36% | 4.52% |

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

**You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.**

<sup>1</sup>

Please see prospectus for further detail and eligibility requirements.

<sup>2</sup>

The Seven-Day Yield (with waivers) is the average income paid out over the previous seven days assuming interest income is not reinvested and it reflects the effect of any applicable waivers. Absent such waivers, the fund's yield would have been lower. The Seven-Day Yield (without waivers) is the yield without the effect of any applicable waivers. The Seven-Day Effective Yield is the yield with waivers assuming that all interest income is reinvested in additional shares of the fund. For additional details, see financial note 4.

Schwab Value Advantage Money Fund \| Annual Report**5**

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Schwab Value Advantage Money Fund

Fund Expenses (Unaudited)

**Examples for a $1,000 Investment**

As a fund shareholder, you may incur two types of costs: (1) transaction costs; and (2) ongoing costs, including management fees, transfer agent and shareholder services fees, and other fund expenses.

The expense examples below are intended to help you understand your ongoing cost (in dollars) of investing in the fund and to compare this cost with the ongoing cost of investing in other mutual funds. These examples are based on an investment of $1,000 invested for six months beginning July 1, 2022 and held through December 31, 2022.

**Actual Return** lines in the table below provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then multiply the result by the number given for your fund under the heading entitled "Expenses Paid During Period."

**Hypothetical Return** lines in the table below provide information about hypothetical account values and hypothetical expenses based on the fund's or share class' actual expense ratio and an assumed return of 5% per year before expenses. Because the return used is not an actual return, it may not be used to estimate the actual ending account value or expenses you paid for the period.

You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical return lines of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; EXPENSE RATIO <br>(ANNUALIZED)<sup>1</sup> <br>| &nbsp;&nbsp; BEGINNING <br>ACCOUNT VALUE <br>AT 7/1/22<br>| &nbsp;&nbsp; ENDING <br>ACCOUNT VALUE <br>(NET OF EXPENSES) <br>AT 12/31/22<br>| &nbsp;&nbsp; EXPENSES PAID <br>DURING PERIOD <br>7/1/22-12/31/22<sup>2</sup> <br>|
| **Schwab Value Advantage Money Fund** |  |  |  |  |
| *Investor Shares* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual Return | 0.34% | $1000.00 | $1014.10 | $1.73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 0.34% | $1000.00 | $1023.49 | $1.73 |
| *Ultra Shares* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual Return | 0.19% | $1000.00 | $1014.80 | $0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 0.19% | $1000.00 | $1024.25 | $0.97 |

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

<sup>1</sup> Based on the most recent six-month expense ratio; may differ from the expense ratio provided in the Financial Highlights.

<sup>2</sup> Expenses for the fund are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 days in the period, and divided by 365 days in the fiscal year. 

**6**Schwab Value Advantage Money Fund \| Annual Report

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Schwab Value Advantage Money Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Shares** | 1/1/22– <br>12/31/22<br>| 1/1/21– <br>12/31/21<br>| 1/1/20– <br>12/31/20<br>| 1/1/19– <br>12/31/19<br>| 1/1/18– <br>12/31/18<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;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp;&nbsp; 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>2</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp;&nbsp; 0.02 |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>23</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 1.54% | &nbsp;&nbsp;&nbsp;&nbsp; 0.04%<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44% | &nbsp;&nbsp;&nbsp;&nbsp; 2.07% | &nbsp;&nbsp;&nbsp;&nbsp; 1.79% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net operating expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.31%<sup>4,5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28%<sup>5,6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34% | &nbsp;&nbsp;&nbsp;&nbsp; 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross operating expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.41% | &nbsp;&nbsp;&nbsp;&nbsp; 0.42% | &nbsp;&nbsp;&nbsp;&nbsp; 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 1.97% | &nbsp;&nbsp;&nbsp;&nbsp; 0.04% | &nbsp;&nbsp;&nbsp;&nbsp; 0.47% | &nbsp;&nbsp;&nbsp;&nbsp; 2.02% | &nbsp;&nbsp;&nbsp;&nbsp; 1.87% |
| Net assets, end of period (x 1,000,000) | $94290 | $42245 | $56419 | $74972 | $47721 |

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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> Per-share amount was less than $0.005.

<sup>3</sup> These amounts include a non-recurring special distribution. The effect on the distributions from net investment income was less than $0.005 and the effect on the total return was 0.01%. 

<sup>4</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>5</sup> Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation (see financial note 4 for additional information).

<sup>6</sup> Effective September 24, 2020, the contractual expense limitation changed. The ratio presented for period ended December 31, 2020 is a blended ratio.

*See financial notes*

Schwab Value Advantage Money Fund \| Annual Report**7**

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Schwab Value Advantage Money Fund

**FINANCIAL HIGHLIGHTS (continued)**

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ultra Shares** | 1/1/22– <br>12/31/22<br>| 1/1/21– <br>12/31/21<br>| 1/1/20– <br>12/31/20<br>| 1/1/19– <br>12/31/19<br>| 1/1/18– <br>12/31/18<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;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp;&nbsp; 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>2</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp;&nbsp; 0.02 |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>23</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 1.66% | &nbsp;&nbsp;&nbsp;&nbsp; 0.04%<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53% | &nbsp;&nbsp;&nbsp;&nbsp; 2.22% | &nbsp;&nbsp;&nbsp;&nbsp; 1.94% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net operating expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.18%<sup>4,5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18%<sup>5,6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp;&nbsp; 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross operating expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.20%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp;&nbsp; 0.26% | &nbsp;&nbsp;&nbsp;&nbsp; 0.27% | &nbsp;&nbsp;&nbsp;&nbsp; 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 2.09% | &nbsp;&nbsp;&nbsp;&nbsp; 0.04% | &nbsp;&nbsp;&nbsp;&nbsp; 0.56% | &nbsp;&nbsp;&nbsp;&nbsp; 2.17% | &nbsp;&nbsp;&nbsp;&nbsp; 2.00% |
| Net assets, end of period (x 1,000,000) | $69065 | $33078 | $37882 | $47497 | $29554 |

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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> Per-share amount was less than $0.005.

<sup>3</sup> These amounts include a non-recurring special distribution. The effect on the distributions from net investment income was less than $0.005 and the effect on the total return was 0.01%. 

<sup>4</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>5</sup> Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation (see financial note 4 for additional information).

<sup>6</sup> Effective September 24, 2020, the contractual expense limitation changed. The ratio presented for period ended December 31, 2020 is a blended ratio.

*See financial notes*

**8**Schwab Value Advantage Money Fund \| Annual Report

------

Schwab Value Advantage Money Fund

Portfolio Holdings as of December 31, 2022

------

This section shows all the securities in the fund's portfolio and their values as of the report date.

The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) monthly on Form N-MFP, which is available immediately upon filing. The fund's Form N-MFP is available on the SEC's website at www.sec.gov. The fund also makes available its complete schedule of portfolio holdings 5 business days after month end on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus.

For fixed-rate obligations and repurchase agreements, the rate shown is the coupon rate (the rate established when the obligation was issued) and if the coupon rate is not available, the effective yield at the time of purchase is shown. For variable-rate obligations, the rate shown is the interest rate as of the report date based on each security's rate reset date. 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 date shown in the maturity date column below is either the date on which the principal amount must be paid or the date payment must be made pursuant to a demand feature. If the security's structure includes one of a number of maturity-shortening provisions set forth in Rule 2a-7, such as an interest rate reset, demand feature or put feature, the effective maturity date is also disclosed. If the effective maturity and maturity date are the same, the date will only appear in the maturity date column.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
| **CERTIFICATES OF DEPOSIT** 27.0% OF NET ASSETS | **CERTIFICATES OF DEPOSIT** 27.0% OF NET ASSETS | **CERTIFICATES OF DEPOSIT** 27.0% OF NET ASSETS | **CERTIFICATES OF DEPOSIT** 27.0% OF NET ASSETS | **CERTIFICATES OF DEPOSIT** 27.0% OF NET ASSETS | **CERTIFICATES OF DEPOSIT** 27.0% OF NET ASSETS |
| **BANK OF NOVA SCOTIA (HOUSTON BRANCH)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.40%)<br> *(a)* | 4.70% | 01/03/23 | 01/09/23 | &nbsp;&nbsp; 359500000 | &nbsp;&nbsp;&nbsp;&nbsp; 359500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.46%)<br> *(a)* | 4.76% | 01/03/23 | 02/13/23 | &nbsp;&nbsp; 114000000 | &nbsp;&nbsp;&nbsp;&nbsp; 114000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.56%)<br> *(a)* | 4.86% | 01/03/23 | 03/10/23 | &nbsp;&nbsp; 400000000 | &nbsp;&nbsp;&nbsp;&nbsp; 400000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.50%)<br> *(a)* | 4.80% | 01/03/23 | 03/13/23 | &nbsp;&nbsp; 297000000 | &nbsp;&nbsp;&nbsp;&nbsp; 297000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.50%)<br> *(a)* | 4.80% | 01/03/23 | 03/16/23 | &nbsp;&nbsp; 129000000 | &nbsp;&nbsp;&nbsp;&nbsp; 129000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.51%)<br> *(a)* | 4.81% | 01/03/23 | 03/16/23 | &nbsp;&nbsp;&nbsp;&nbsp; 95000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94999933 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.51%)<br> *(a)* | 4.81% | 01/03/23 | 03/24/23 | &nbsp;&nbsp; 277000000 | &nbsp;&nbsp;&nbsp;&nbsp; 277000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.50%)<br> *(a)* | 4.80% | 01/03/23 | 05/25/23 | &nbsp;&nbsp; 154000000 | &nbsp;&nbsp;&nbsp;&nbsp; 154000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.47%)<br> *(a)* | 4.77% | 01/03/23 | 06/06/23 | &nbsp;&nbsp; 113000000 | &nbsp;&nbsp;&nbsp;&nbsp; 113000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.45%)<br> *(a)* | 4.75% | 01/03/23 | 06/20/23 | &nbsp;&nbsp; 167000000 | &nbsp;&nbsp;&nbsp;&nbsp; 167000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.65%)<br> *(a)* | 4.95% | 01/03/23 | 09/07/23 | &nbsp;&nbsp; 241000000 | &nbsp;&nbsp;&nbsp;&nbsp; 241000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.50%)<br> *(a)* | 4.80% | 01/03/23 | 09/29/23 | &nbsp;&nbsp; 388000000 | &nbsp;&nbsp;&nbsp;&nbsp; 388000000 |
| **BARCLAYS BANK PLC (NEW YORK BRANCH)** |  |  |  |  |  |
|  | 3.45% |  | 02/02/23 | &nbsp;&nbsp; 158000000 | &nbsp;&nbsp;&nbsp;&nbsp; 158000000 |
|  | 4.80% |  | 02/10/23 | &nbsp;&nbsp; 498000000 | &nbsp;&nbsp;&nbsp;&nbsp; 498000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.57%)<br> *(a)* | 4.87% | 01/03/23 | 02/10/23 | &nbsp;&nbsp;&nbsp;&nbsp; 81000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.57%)<br> *(a)* | 4.87% | 01/03/23 | 02/13/23 | &nbsp;&nbsp; 113000000 | &nbsp;&nbsp;&nbsp;&nbsp; 113000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.39%)<br> *(a)* | 4.69% | 01/03/23 | 03/08/23 | &nbsp;&nbsp; 152000000 | &nbsp;&nbsp;&nbsp;&nbsp; 152000000 |
|  | 4.70% |  | 03/13/23 | &nbsp;&nbsp; 245000000 | &nbsp;&nbsp;&nbsp;&nbsp; 245000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.35%)<br> *(a)* | 4.65% | 01/03/23 | 03/22/23 | &nbsp;&nbsp; 268000000 | &nbsp;&nbsp;&nbsp;&nbsp; 268000000 |
| **BNP PARIBAS (NEW YORK BRANCH)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.35%)<br> *(a)* | 4.65% | 01/03/23 | 03/16/23 | &nbsp;&nbsp; 300000000 | &nbsp;&nbsp;&nbsp;&nbsp; 300000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.53%)<br> *(a)* | 4.83% | 01/03/23 | 04/11/23 | &nbsp;&nbsp; 260000000 | &nbsp;&nbsp;&nbsp;&nbsp; 260000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.67%)<br> *(a)* | 4.97% | 01/03/23 | 06/01/23 | &nbsp;&nbsp; 515000000 | &nbsp;&nbsp;&nbsp;&nbsp; 515000000 |
| **CANADIAN IMPERIAL BANK OF COMMERCE (NEW YORK BRANCH)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.66%)<br> *(a)* | 4.96% | 01/03/23 | 05/02/23 | &nbsp;&nbsp; 644000000 | &nbsp;&nbsp;&nbsp;&nbsp; 644000000 |
| **CITIBANK NA** |  |  |  |  |  |
|  | 3.02% |  | 01/03/23 | &nbsp;&nbsp; 395000000 | &nbsp;&nbsp;&nbsp;&nbsp; 395000000 |
|  | 3.55% |  | 02/01/23 | &nbsp;&nbsp; 300000000 | &nbsp;&nbsp;&nbsp;&nbsp; 300000000 |
|  | 3.60% |  | 02/07/23 | &nbsp;&nbsp; 560000000 | &nbsp;&nbsp;&nbsp;&nbsp; 560000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.73%)<br> *(a)* | 5.03% | 01/03/23 | 05/04/23 | &nbsp;&nbsp; 395000000 | &nbsp;&nbsp;&nbsp;&nbsp; 395000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.78%)<br> *(a)* | 5.08% | 01/03/23 | 05/24/23 | &nbsp;&nbsp; 280000000 | &nbsp;&nbsp;&nbsp;&nbsp; 280000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.55%)<br> *(a)* | 4.85% | 01/03/23 | 06/02/23 | &nbsp;&nbsp; 400000000 | &nbsp;&nbsp;&nbsp;&nbsp; 400000000 |

---

*See financial notes*

Schwab Value Advantage Money Fund \| Annual Report**9**

------

Schwab Value Advantage Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.50%)<br> *(a)* | 4.80% | 01/03/23 | 06/21/23 | &nbsp;&nbsp; 142000000 | &nbsp;&nbsp;&nbsp;&nbsp; 142000000 |
|  | 5.40% |  | 09/19/23 | &nbsp;&nbsp; 460000000 | &nbsp;&nbsp;&nbsp;&nbsp; 460000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.60%)<br> *(a)* | 4.90% | 01/03/23 | 09/25/23 | &nbsp;&nbsp; 480000000 | &nbsp;&nbsp;&nbsp;&nbsp; 480000000 |
| **COMMONWEALTH BANK OF AUSTRALIA (NEW YORK BRANCH)** |  |  |  |  |  |
|  | 5.24% |  | 06/02/23 | &nbsp;&nbsp; 100000000 | &nbsp;&nbsp;&nbsp;&nbsp; 100000000 |
| **COOPERATIEVE RABOBANK UA (LONDON BRANCH)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.47%)<br> *(a)* | 4.77% | 01/03/23 | 06/20/23 | &nbsp;&nbsp; 275000000 | &nbsp;&nbsp;&nbsp;&nbsp; 275000000 |
|  | 5.21% |  | 06/20/23 | &nbsp;&nbsp; 500000000 | &nbsp;&nbsp;&nbsp;&nbsp; 500000000 |
| **COOPERATIEVE RABOBANK UA (NEW YORK BRANCH)** |  |  |  |  |  |
|  | 5.20% |  | 06/06/23 | &nbsp;&nbsp; 100000000 | &nbsp;&nbsp;&nbsp;&nbsp; 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.55%)<br> *(a)* | 4.85% | 01/03/23 | 07/03/23 | &nbsp;&nbsp; 150000000 | &nbsp;&nbsp;&nbsp;&nbsp; 150000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.65%)<br> *(a)* | 4.95% | 01/03/23 | 08/22/23 | &nbsp;&nbsp; 250000000 | &nbsp;&nbsp;&nbsp;&nbsp; 250000000 |
| **CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK (LONDON** <br> **BRANCH)**<br>|  |  |  |  |  |
|  | 4.78% |  | 02/17/23 | &nbsp;&nbsp; 238000000 | &nbsp;&nbsp;&nbsp;&nbsp; 238000000 |
| **CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK (NEW** <br> **YORK BRANCH)**<br>|  |  |  |  |  |
|  | 4.52% |  | 01/31/23 | &nbsp;&nbsp;&nbsp;&nbsp; 82000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82000000 |
|  | 4.72% |  | 03/13/23 | &nbsp;&nbsp; 250000000 | &nbsp;&nbsp;&nbsp;&nbsp; 250000000 |
|  | 4.70% |  | 03/15/23 | &nbsp;&nbsp; 500000000 | &nbsp;&nbsp;&nbsp;&nbsp; 500000000 |
|  | 4.75% |  | 04/03/23 | &nbsp;&nbsp; 235000000 | &nbsp;&nbsp;&nbsp;&nbsp; 235000000 |
| **CREDIT AGRICOLE SA (LONDON BRANCH)** |  |  |  |  |  |
|  | 4.80% |  | 02/22/23 | &nbsp;&nbsp; 485000000 | &nbsp;&nbsp;&nbsp;&nbsp; 485000000 |
|  | 4.76% |  | 03/20/23 | &nbsp;&nbsp; 198000000 | &nbsp;&nbsp;&nbsp;&nbsp; 198000000 |
| **LANDESBANK BADEN WUERTTEMBERG (NEW YORK BRANCH)** |  |  |  |  |  |
|  | 4.31% |  | 01/05/23 | &nbsp;&nbsp; 679000000 | &nbsp;&nbsp;&nbsp;&nbsp; 679000000 |
|  | 4.31% |  | 01/09/23 | &nbsp;&nbsp; 485000000 | &nbsp;&nbsp;&nbsp;&nbsp; 485000000 |
| **MITSUBISHI UFJ TRUST AND BANKING CORP (LONDON BRANCH)** |  |  |  |  |  |
|  | 3.89% |  | 01/04/23 | &nbsp;&nbsp;&nbsp;&nbsp; 70000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69992520 |
|  | 4.49% |  | 01/17/23 | &nbsp;&nbsp; 140000000 | &nbsp;&nbsp;&nbsp;&nbsp; 139758437 |
|  | 3.72% |  | 02/17/23 | &nbsp;&nbsp;&nbsp;&nbsp; 46000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46000000 |
|  | 4.81% |  | 03/01/23 | &nbsp;&nbsp;&nbsp;&nbsp; 30000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29774240 |
|  | 4.87% |  | 03/20/23 | &nbsp;&nbsp; 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98984256 |
|  | 4.87% |  | 04/04/23 | &nbsp;&nbsp; 148000000 | &nbsp;&nbsp;&nbsp;&nbsp; 146200234 |
|  | 5.22% |  | 04/20/23 | &nbsp;&nbsp;&nbsp;&nbsp; 54000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54000000 |
| **MITSUBISHI UFJ TRUST AND BANKING CORPORATION (NEW YORK** <br> **BRANCH)**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.60%)<br> *(a)* | 4.90% | 01/03/23 | 01/31/23 | &nbsp;&nbsp; 215000000 | &nbsp;&nbsp;&nbsp;&nbsp; 215000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.56%)<br> *(a)* | 4.86% | 01/03/23 | 02/14/23 | &nbsp;&nbsp;&nbsp;&nbsp; 51000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.52%)<br> *(a)* | 4.82% | 01/03/23 | 02/15/23 | &nbsp;&nbsp; 208000000 | &nbsp;&nbsp;&nbsp;&nbsp; 208000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.50%)<br> *(a)* | 4.80% | 01/03/23 | 03/01/23 | &nbsp;&nbsp; 143000000 | &nbsp;&nbsp;&nbsp;&nbsp; 143000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.46%)<br> *(a)* | 4.76% | 01/03/23 | 03/07/23 | &nbsp;&nbsp; 309000000 | &nbsp;&nbsp;&nbsp;&nbsp; 309000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.80%)<br> *(a)* | 5.10% | 01/03/23 | 05/01/23 | &nbsp;&nbsp; 214000000 | &nbsp;&nbsp;&nbsp;&nbsp; 214000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.75%)<br> *(a)* | 5.05% | 01/03/23 | 05/03/23 | &nbsp;&nbsp; 141000000 | &nbsp;&nbsp;&nbsp;&nbsp; 141000000 |
|  | 5.20% |  | 05/08/23 | &nbsp;&nbsp;&nbsp;&nbsp; 31000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31000000 |
|  | 5.27% |  | 05/31/23 | &nbsp;&nbsp;&nbsp;&nbsp; 75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000000 |

---

*See financial notes*

**10**Schwab Value Advantage Money Fund \| Annual Report

------

Schwab Value Advantage Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
| **MIZUHO BANK LTD (NEW YORK BRANCH)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.25%)<br> *(a)* | 4.55% | 01/03/23 | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 95000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.30%)<br> *(a)* | 4.60% | 01/03/23 | 01/17/23 | &nbsp;&nbsp; 140000000 | &nbsp;&nbsp;&nbsp;&nbsp; 140000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.30%)<br> *(a)* | 4.60% | 01/03/23 | 01/19/23 | &nbsp;&nbsp; 160000000 | &nbsp;&nbsp;&nbsp;&nbsp; 160000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.50%)<br> *(a)* | 4.80% | 01/03/23 | 01/25/23 | &nbsp;&nbsp; 349000000 | &nbsp;&nbsp;&nbsp;&nbsp; 349000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.56%)<br> *(a)* | 4.86% | 01/03/23 | 02/06/23 | &nbsp;&nbsp; 175000000 | &nbsp;&nbsp;&nbsp;&nbsp; 175000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.47%)<br> *(a)* | 4.77% | 01/03/23 | 02/23/23 | &nbsp;&nbsp; 193000000 | &nbsp;&nbsp;&nbsp;&nbsp; 193000000 |
|  | 4.80% |  | 03/08/23 | &nbsp;&nbsp; 433000000 | &nbsp;&nbsp;&nbsp;&nbsp; 433000000 |
|  | 4.77% |  | 03/13/23 | &nbsp;&nbsp; 240000000 | &nbsp;&nbsp;&nbsp;&nbsp; 240000000 |
| **MUFG BANK LTD (LONDON BRANCH)** |  |  |  |  |  |
|  | 4.80% |  | 03/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 38000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37704806 |
|  | 4.80% |  | 03/08/23 | &nbsp;&nbsp;&nbsp;&nbsp; 51000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50569960 |
|  | 4.86% |  | 03/20/23 | &nbsp;&nbsp; 132000000 | &nbsp;&nbsp;&nbsp;&nbsp; 132000000 |
|  | 4.85% |  | 03/31/23 | &nbsp;&nbsp;&nbsp;&nbsp; 70000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000000 |
| **MUFG BANK LTD (NEW YORK BRANCH)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.50%)<br> *(a)* | 4.80% | 01/03/23 | 01/06/23 | &nbsp;&nbsp; 249000000 | &nbsp;&nbsp;&nbsp;&nbsp; 249000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.55%)<br> *(a)* | 4.85% | 01/03/23 | 01/11/23 | &nbsp;&nbsp; 485000000 | &nbsp;&nbsp;&nbsp;&nbsp; 485000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.56%)<br> *(a)* | 4.86% | 01/03/23 | 01/17/23 | &nbsp;&nbsp; 201000000 | &nbsp;&nbsp;&nbsp;&nbsp; 201000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.58%)<br> *(a)* | 4.88% | 01/03/23 | 02/09/23 | &nbsp;&nbsp; 385000000 | &nbsp;&nbsp;&nbsp;&nbsp; 385000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.36%)<br> *(a)* | 4.66% | 01/03/23 | 02/13/23 | &nbsp;&nbsp; 160000000 | &nbsp;&nbsp;&nbsp;&nbsp; 160000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.45%)<br> *(a)* | 4.75% | 01/03/23 | 02/27/23 | &nbsp;&nbsp; 300000000 | &nbsp;&nbsp;&nbsp;&nbsp; 300000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.44%)<br> *(a)* | 4.74% | 01/03/23 | 02/28/23 | &nbsp;&nbsp; 171000000 | &nbsp;&nbsp;&nbsp;&nbsp; 171000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.43%)<br> *(a)* | 4.73% | 01/03/23 | 03/01/23 | &nbsp;&nbsp; 172000000 | &nbsp;&nbsp;&nbsp;&nbsp; 172000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.52%)<br> *(a)* | 4.82% | 01/03/23 | 04/11/23 | &nbsp;&nbsp; 300000000 | &nbsp;&nbsp;&nbsp;&nbsp; 300000000 |
|  | 4.79% |  | 04/24/23 | &nbsp;&nbsp;&nbsp;&nbsp; 80000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.69%)<br> *(a)* | 4.99% | 01/03/23 | 05/08/23 | &nbsp;&nbsp; 302000000 | &nbsp;&nbsp;&nbsp;&nbsp; 302000000 |
|  | 5.16% |  | 05/15/23 | &nbsp;&nbsp; 205000000 | &nbsp;&nbsp;&nbsp;&nbsp; 205000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.61%)<br> *(a)* | 4.91% | 01/03/23 | 05/17/23 | &nbsp;&nbsp; 220000000 | &nbsp;&nbsp;&nbsp;&nbsp; 220000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.60%)<br> *(a)* | 4.90% | 01/03/23 | 05/22/23 | &nbsp;&nbsp; 260000000 | &nbsp;&nbsp;&nbsp;&nbsp; 260000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.57%)<br> *(a)* | 4.87% | 01/03/23 | 06/02/23 | &nbsp;&nbsp; 142000000 | &nbsp;&nbsp;&nbsp;&nbsp; 142000000 |
| **NATIXIS (NEW YORK BRANCH)** |  |  |  |  |  |
|  | 4.68% |  | 03/01/23 | &nbsp;&nbsp; 200000000 | &nbsp;&nbsp;&nbsp;&nbsp; 200000000 |
| **OVERSEA CHINESE BANKING CORPORATION LTD (NEW YORK** <br> **BRANCH)**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.48%)<br> *(a)* | 4.78% | 01/03/23 | 02/27/23 | &nbsp;&nbsp;&nbsp;&nbsp; 83100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83100000 |
|  | 4.63% |  | 03/13/23 | &nbsp;&nbsp;&nbsp;&nbsp; 91540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91536219 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.53%)<br> *(a)* | 4.83% | 01/03/23 | 03/22/23 | &nbsp;&nbsp; 200000000 | &nbsp;&nbsp;&nbsp;&nbsp; 200000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.40%)<br> *(a)* | 4.70% | 01/03/23 | 04/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 99000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.71%)<br> *(a)* | 5.01% | 01/03/23 | 07/21/23 | &nbsp;&nbsp; 195000000 | &nbsp;&nbsp;&nbsp;&nbsp; 195000000 |
| **ROYAL BANK OF CANADA (NEW YORK BRANCH)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.51%)<br> *(a)* | 4.81% | 01/03/23 | 01/05/23 | &nbsp;&nbsp; 495000000 | &nbsp;&nbsp;&nbsp;&nbsp; 495000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(EFFR + 0.46%)<br> *(a)* | 4.79% | 01/03/23 | 02/06/23 | &nbsp;&nbsp; 176000000 | &nbsp;&nbsp;&nbsp;&nbsp; 176000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.50%)<br> *(a)* | 4.80% | 01/03/23 | 03/06/23 | &nbsp;&nbsp; 238000000 | &nbsp;&nbsp;&nbsp;&nbsp; 238000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.50%)<br> *(a)* | 4.80% | 01/03/23 | 03/16/23 | &nbsp;&nbsp; 344500000 | &nbsp;&nbsp;&nbsp;&nbsp; 344500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.70%)<br> *(a)* | 5.00% | 01/03/23 | 05/22/23 | &nbsp;&nbsp; 654000000 | &nbsp;&nbsp;&nbsp;&nbsp; 654000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.67%)<br> *(a)* | 4.97% | 01/03/23 | 06/09/23 | &nbsp;&nbsp; 100000000 | &nbsp;&nbsp;&nbsp;&nbsp; 100000000 |
|  | 4.08% |  | 07/14/23 | &nbsp;&nbsp; 149000000 | &nbsp;&nbsp;&nbsp;&nbsp; 149000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.50%)<br> *(a)* | 4.80% | 01/03/23 | 07/17/23 | &nbsp;&nbsp; 275000000 | &nbsp;&nbsp;&nbsp;&nbsp; 275000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.50%)<br> *(a)* | 4.80% | 01/03/23 | 07/19/23 | &nbsp;&nbsp;&nbsp;&nbsp; 79000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79000000 |

---

*See financial notes*

Schwab Value Advantage Money Fund \| Annual Report**11**

------

Schwab Value Advantage Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.60%)<br> *(a)* | 4.90% | 01/03/23 | 08/31/23 | &nbsp;&nbsp; 400000000 | &nbsp;&nbsp;&nbsp;&nbsp; 400000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.57%)<br> *(a)* | 4.87% | 01/03/23 | 09/14/23 | &nbsp;&nbsp; 475000000 | &nbsp;&nbsp;&nbsp;&nbsp; 475000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.71%)<br> *(a)* | 5.01% | 01/03/23 | 10/02/23 | &nbsp;&nbsp; 600000000 | &nbsp;&nbsp;&nbsp;&nbsp; 600000000 |
| **STATE STREET BANK AND TRUST COMPANY** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.62%)<br> *(a)* | 4.92% | 01/03/23 | 04/12/23 | &nbsp;&nbsp; 495000000 | &nbsp;&nbsp;&nbsp;&nbsp; 495000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.64%)<br> *(a)* | 4.94% | 01/03/23 | 04/14/23 | &nbsp;&nbsp; 390000000 | &nbsp;&nbsp;&nbsp;&nbsp; 390000000 |
| **SUMITOMO MITSUI BANKING CORP (NEW YORK BRANCH)** |  |  |  |  |  |
|  | 3.10% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 74000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.52%)<br> *(a)* | 4.82% | 01/03/23 | 01/13/23 | &nbsp;&nbsp; 163000000 | &nbsp;&nbsp;&nbsp;&nbsp; 163000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.58%)<br> *(a)* | 4.88% | 01/03/23 | 02/03/23 | &nbsp;&nbsp; 514000000 | &nbsp;&nbsp;&nbsp;&nbsp; 514000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.48%)<br> *(a)* | 4.78% | 01/03/23 | 02/21/23 | &nbsp;&nbsp; 193000000 | &nbsp;&nbsp;&nbsp;&nbsp; 193000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.43%)<br> *(a)* | 4.73% | 01/03/23 | 03/02/23 | &nbsp;&nbsp; 242000000 | &nbsp;&nbsp;&nbsp;&nbsp; 242000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.40%)<br> *(a)* | 4.70% | 01/03/23 | 03/08/23 | &nbsp;&nbsp;&nbsp;&nbsp; 96000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.40%)<br> *(a)* | 4.70% | 01/03/23 | 03/15/23 | &nbsp;&nbsp;&nbsp;&nbsp; 57000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.52%)<br> *(a)* | 4.82% | 01/03/23 | 04/06/23 | &nbsp;&nbsp; 197500000 | &nbsp;&nbsp;&nbsp;&nbsp; 197500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.65%)<br> *(a)* | 4.95% | 01/03/23 | 04/19/23 | &nbsp;&nbsp; 111000000 | &nbsp;&nbsp;&nbsp;&nbsp; 111000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.78%)<br> *(a)* | 5.08% | 01/03/23 | 04/24/23 | &nbsp;&nbsp;&nbsp;&nbsp; 52000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.63%)<br> *(a)* | 4.93% | 01/03/23 | 05/26/23 | &nbsp;&nbsp; 493000000 | &nbsp;&nbsp;&nbsp;&nbsp; 493000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.40%)<br> *(a)* | 4.70% | 01/03/23 | 07/05/23 | &nbsp;&nbsp; 480000000 | &nbsp;&nbsp;&nbsp;&nbsp; 480000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.40%)<br> *(a)* | 4.70% | 01/03/23 | 07/07/23 | &nbsp;&nbsp; 500000000 | &nbsp;&nbsp;&nbsp;&nbsp; 500000000 |
| **SUMITOMO MITSUI TRUST BANK LTD (LONDON BRANCH)** |  |  |  |  |  |
|  | 4.80% |  | 03/13/23 | &nbsp;&nbsp; 240000000 | &nbsp;&nbsp;&nbsp;&nbsp; 240000000 |
| **SUMITOMO MITSUI TRUST BANK LTD (NEW YORK BRANCH)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.48%)<br> *(a)* | 4.78% | 01/03/23 | 01/23/23 | &nbsp;&nbsp; 195000000 | &nbsp;&nbsp;&nbsp;&nbsp; 195000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.57%)<br> *(a)* | 4.87% | 01/03/23 | 02/07/23 | &nbsp;&nbsp; 182000000 | &nbsp;&nbsp;&nbsp;&nbsp; 182000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.52%)<br> *(a)* | 4.82% | 01/03/23 | 02/15/23 | &nbsp;&nbsp; 300000000 | &nbsp;&nbsp;&nbsp;&nbsp; 300000000 |
|  | 4.78% |  | 02/28/23 | &nbsp;&nbsp; 120000000 | &nbsp;&nbsp;&nbsp;&nbsp; 120000000 |
|  | 4.78% |  | 03/01/23 | &nbsp;&nbsp; 129000000 | &nbsp;&nbsp;&nbsp;&nbsp; 129000000 |
|  | 4.78% |  | 03/03/23 | &nbsp;&nbsp; 325000000 | &nbsp;&nbsp;&nbsp;&nbsp; 325000000 |
|  | 4.80% |  | 03/06/23 | &nbsp;&nbsp; 170000000 | &nbsp;&nbsp;&nbsp;&nbsp; 170000000 |
|  | 4.80% |  | 03/14/23 | &nbsp;&nbsp; 330000000 | &nbsp;&nbsp;&nbsp;&nbsp; 330000000 |
| **SVENSKA HANDELSBANKEN AB (NEW YORK BRANCH)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.55%)<br> *(a)* | 4.85% | 01/03/23 | 01/26/23 | &nbsp;&nbsp; 499000000 | &nbsp;&nbsp;&nbsp;&nbsp; 499000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.60%)<br> *(a)* | 4.90% | 01/03/23 | 04/06/23 | &nbsp;&nbsp; 285000000 | &nbsp;&nbsp;&nbsp;&nbsp; 285000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.60%)<br> *(a)* | 4.90% | 01/03/23 | 04/12/23 | &nbsp;&nbsp; 200000000 | &nbsp;&nbsp;&nbsp;&nbsp; 200000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.62%)<br> *(a)* | 4.92% | 01/03/23 | 04/19/23 | &nbsp;&nbsp; 196000000 | &nbsp;&nbsp;&nbsp;&nbsp; 196000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.55%)<br> *(a)* | 4.85% | 01/03/23 | 05/19/23 | &nbsp;&nbsp; 186000000 | &nbsp;&nbsp;&nbsp;&nbsp; 186000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.48%)<br> *(a)* | 4.78% | 01/03/23 | 06/01/23 | &nbsp;&nbsp; 279000000 | &nbsp;&nbsp;&nbsp;&nbsp; 279000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.44%)<br> *(a)* | 4.74% | 01/03/23 | 06/14/23 | &nbsp;&nbsp; 200000000 | &nbsp;&nbsp;&nbsp;&nbsp; 200000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.60%)<br> *(a)* | 4.90% | 01/03/23 | 06/29/23 | &nbsp;&nbsp; 189000000 | &nbsp;&nbsp;&nbsp;&nbsp; 189000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.65%)<br> *(a)* | 4.95% | 01/03/23 | 07/14/23 | &nbsp;&nbsp; 330000000 | &nbsp;&nbsp;&nbsp;&nbsp; 330000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.69%)<br> *(a)* | 4.99% | 01/03/23 | 08/29/23 | &nbsp;&nbsp; 475000000 | &nbsp;&nbsp;&nbsp;&nbsp; 475000000 |
| **SWEDBANK AB (NEW YORK BRANCH)** |  |  |  |  |  |
|  | 4.78% |  | 04/10/23 | &nbsp;&nbsp; 200000000 | &nbsp;&nbsp;&nbsp;&nbsp; 200000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.64%)<br> *(a)* | 4.94% | 01/03/23 | 05/19/23 | &nbsp;&nbsp; 500000000 | &nbsp;&nbsp;&nbsp;&nbsp; 500000000 |
| **TORONTO-DOMINION BANK (NEW YORK BRANCH)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.42%)<br> *(a)* | 4.72% | 01/03/23 | 01/04/23 | &nbsp;&nbsp; 225000000 | &nbsp;&nbsp;&nbsp;&nbsp; 225000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.41%)<br> *(a)* | 4.71% | 01/03/23 | 01/17/23 | &nbsp;&nbsp; 139100000 | &nbsp;&nbsp;&nbsp;&nbsp; 139100000 |

---

*See financial notes*

**12**Schwab Value Advantage Money Fund \| Annual Report

------

Schwab Value Advantage Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
|  | 3.50% |  | 02/08/23 | &nbsp;&nbsp;&nbsp;&nbsp; 50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000000 |
|  | 3.65% |  | 02/15/23 | &nbsp;&nbsp; 100000000 | &nbsp;&nbsp;&nbsp;&nbsp; 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.48%)<br> *(a)* | 4.78% | 01/03/23 | 02/21/23 | &nbsp;&nbsp; 483000000 | &nbsp;&nbsp;&nbsp;&nbsp; 483000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.48%)<br> *(a)* | 4.78% | 01/03/23 | 02/24/23 | &nbsp;&nbsp; 283000000 | &nbsp;&nbsp;&nbsp;&nbsp; 283000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.49%)<br> *(a)* | 4.79% | 01/03/23 | 02/27/23 | &nbsp;&nbsp; 403000000 | &nbsp;&nbsp;&nbsp;&nbsp; 403000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.58%)<br> *(a)* | 4.88% | 01/03/23 | 02/27/23 | &nbsp;&nbsp; 343000000 | &nbsp;&nbsp;&nbsp;&nbsp; 343000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.50%)<br> *(a)* | 4.80% | 01/03/23 | 03/02/23 | &nbsp;&nbsp; 228800000 | &nbsp;&nbsp;&nbsp;&nbsp; 228800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.40%)<br> *(a)* | 4.70% | 01/03/23 | 03/29/23 | &nbsp;&nbsp; 118000000 | &nbsp;&nbsp;&nbsp;&nbsp; 118000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.40%)<br> *(a)* | 4.70% | 01/03/23 | 04/06/23 | &nbsp;&nbsp; 158000000 | &nbsp;&nbsp;&nbsp;&nbsp; 158000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.64%)<br> *(a)* | 4.94% | 01/03/23 | 05/11/23 | &nbsp;&nbsp; 495000000 | &nbsp;&nbsp;&nbsp;&nbsp; 495000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(EFFR + 0.68%)<br> *(a)* | 5.01% | 01/03/23 | 05/15/23 | &nbsp;&nbsp; 252000000 | &nbsp;&nbsp;&nbsp;&nbsp; 252000000 |
|  | 5.25% |  | 06/08/23 | &nbsp;&nbsp;&nbsp;&nbsp; 82000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.66%)<br> *(a)* | 4.96% | 01/03/23 | 06/12/23 | &nbsp;&nbsp; 148000000 | &nbsp;&nbsp;&nbsp;&nbsp; 148000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.48%)<br> *(a)* | 4.78% | 01/03/23 | 06/13/23 | &nbsp;&nbsp; 119000000 | &nbsp;&nbsp;&nbsp;&nbsp; 119000000 |
|  | 5.21% |  | 07/28/23 | &nbsp;&nbsp; 494000000 | &nbsp;&nbsp;&nbsp;&nbsp; 494000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.71%)<br> *(a)* | 5.01% | 01/03/23 | 08/22/23 | &nbsp;&nbsp; 185000000 | &nbsp;&nbsp;&nbsp;&nbsp; 185000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.57%)<br> *(a)* | 4.87% | 01/03/23 | 09/20/23 | &nbsp;&nbsp; 106000000 | &nbsp;&nbsp;&nbsp;&nbsp; 106000000 |
|  | 5.40% |  | 10/13/23 | &nbsp;&nbsp; 240000000 | &nbsp;&nbsp;&nbsp;&nbsp; 240000000 |
| **TRUIST BANK** |  |  |  |  |  |
|  | 4.31% |  | 01/03/23 | &nbsp;&nbsp; 146000000 | &nbsp;&nbsp;&nbsp;&nbsp; 146000000 |
|  | 4.45% |  | 01/31/23 | 1000000000 | &nbsp;&nbsp;&nbsp; 1000000000 |
|  | 4.48% |  | 02/02/23 | 1930000000 | &nbsp;&nbsp;&nbsp; 1930000000 |
| **WESTPAC BANKING CORPORATION (NEW YORK BRANCH)** |  |  |  |  |  |
|  | 5.15% |  | 05/04/23 | &nbsp;&nbsp; 250000000 | &nbsp;&nbsp;&nbsp;&nbsp; 250000000 |
| **Total Certificates Of Deposit** <br>**(Cost $44,006,020,605)** | **Total Certificates Of Deposit** <br>**(Cost $44,006,020,605)** | **Total Certificates Of Deposit** <br>**(Cost $44,006,020,605)** | **Total Certificates Of Deposit** <br>**(Cost $44,006,020,605)** | **Total Certificates Of Deposit** <br>**(Cost $44,006,020,605)** | **44006020605** |
| **ASSET-BACKED COMMERCIAL PAPER** 6.8% OF NET ASSETS | **ASSET-BACKED COMMERCIAL PAPER** 6.8% OF NET ASSETS | **ASSET-BACKED COMMERCIAL PAPER** 6.8% OF NET ASSETS | **ASSET-BACKED COMMERCIAL PAPER** 6.8% OF NET ASSETS | **ASSET-BACKED COMMERCIAL PAPER** 6.8% OF NET ASSETS | **ASSET-BACKED COMMERCIAL PAPER** 6.8% OF NET ASSETS |
| **ANTALIS SA** |  |  |  |  |  |
| <br>*(b)(c)* | 4.35% |  | 01/04/23 | &nbsp;&nbsp;&nbsp;&nbsp; 97000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96988279 |
| <br>*(b)(c)* | 4.35% |  | 01/05/23 | &nbsp;&nbsp;&nbsp;&nbsp; 39000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38990575 |
| <br>*(b)(c)* | 4.83% |  | 03/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 78980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78362574 |
| **ATLANTIC ASSET SECURITIZATION LLC** <br>*(b)(c)* | 4.70% |  | 02/15/23 | &nbsp;&nbsp;&nbsp;&nbsp; 29827000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29661336 |
| **BARTON CAPITAL SA** <br>*(b)(c)* | 4.71% |  | 03/07/23 | &nbsp;&nbsp;&nbsp;&nbsp; 88000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87283900 |
| **BEDFORD ROW FUNDING CORP** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.45%)<br> *(a)(b)(c)* | 4.75% | 01/03/23 | 02/01/23 | &nbsp;&nbsp; 128000000 | &nbsp;&nbsp;&nbsp;&nbsp; 128000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.45%)<br> *(a)(b)(c)* | 4.75% | 01/03/23 | 02/02/23 | &nbsp;&nbsp;&nbsp;&nbsp; 89000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.48%)<br> *(a)(b)(c)* | 4.78% | 01/03/23 | 02/15/23 | &nbsp;&nbsp; 250000000 | &nbsp;&nbsp;&nbsp;&nbsp; 250000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.40%)<br> *(a)(b)(c)* | 4.70% | 01/03/23 | 03/08/23 | &nbsp;&nbsp; 111000000 | &nbsp;&nbsp;&nbsp;&nbsp; 111000000 |
| <br>*(b)(c)* | 3.83% |  | 03/15/23 | &nbsp;&nbsp;&nbsp;&nbsp; 40000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39703378 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.54%)<br> *(a)(b)(c)* | 4.84% | 01/03/23 | 03/24/23 | &nbsp;&nbsp; 191000000 | &nbsp;&nbsp;&nbsp;&nbsp; 191000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.38%)<br> *(a)(b)(c)* | 4.68% | 01/03/23 | 04/17/23 | &nbsp;&nbsp;&nbsp;&nbsp; 50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000000 |
| <br>*(b)(c)* | 5.18% |  | 06/08/23 | &nbsp;&nbsp;&nbsp;&nbsp; 50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48905833 |
| **BENNINGTON STARK CAPITAL COMPANY LLC** |  |  |  |  |  |
| <br>*(b)(c)* | 4.32% |  | 01/04/23 | &nbsp;&nbsp; 228783000 | &nbsp;&nbsp;&nbsp;&nbsp; 228755610 |
| <br>*(b)(c)* | 4.65% |  | 01/23/23 | &nbsp;&nbsp;&nbsp;&nbsp; 56000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55856889 |

---

*See financial notes*

Schwab Value Advantage Money Fund \| Annual Report**13**

------

Schwab Value Advantage Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
| **CAFCO LLC** |  |  |  |  |  |
| <br>*(b)(c)* | 4.31% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 92300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92300000 |
| <br>*(b)(c)* | 4.98% |  | 03/10/23 | &nbsp;&nbsp;&nbsp;&nbsp; 50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49550833 |
| <br>*(b)(c)* | 4.34% |  | 03/20/23 | &nbsp;&nbsp;&nbsp;&nbsp; 50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49551389 |
| <br>*(b)(c)* | 5.18% |  | 04/27/23 | &nbsp;&nbsp;&nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24600208 |
| **CHARIOT FUNDING LLC** |  |  |  |  |  |
| <br>*(b)(c)* | 4.86% |  | 02/28/23 | &nbsp;&nbsp; 115000000 | &nbsp;&nbsp;&nbsp;&nbsp; 114144911 |
| <br>*(b)(c)* | 4.79% |  | 03/08/23 | &nbsp;&nbsp; 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99160889 |
| <br>*(b)(c)* | 5.18% |  | 05/09/23 | &nbsp;&nbsp; 305000000 | &nbsp;&nbsp;&nbsp;&nbsp; 299609125 |
| <br>*(b)(c)* | 5.18% |  | 05/15/23 | &nbsp;&nbsp; 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98148333 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.58%)<br> *(a)(b)(c)* | 4.88% | 01/03/23 | 05/30/23 | &nbsp;&nbsp; 100000000 | &nbsp;&nbsp;&nbsp;&nbsp; 100000000 |
| <br>*(b)(c)* | 5.18% |  | 05/31/23 | &nbsp;&nbsp;&nbsp;&nbsp; 30000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29377167 |
| <br>*(b)(c)* | 5.19% |  | 06/08/23 | &nbsp;&nbsp; 150000000 | &nbsp;&nbsp;&nbsp;&nbsp; 146717500 |
| **CHARTA LLC** |  |  |  |  |  |
| <br>*(b)(c)* | 4.31% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 97800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97800000 |
| <br>*(b)(c)* | 4.31% |  | 01/05/23 | &nbsp;&nbsp;&nbsp;&nbsp; 49000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48988267 |
| <br>*(b)(c)* | 3.51% |  | 02/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24925729 |
| <br>*(b)(c)* | 4.88% |  | 03/01/23 | &nbsp;&nbsp; 123000000 | &nbsp;&nbsp;&nbsp;&nbsp; 122065200 |
| <br>*(b)(c)* | 4.98% |  | 03/10/23 | &nbsp;&nbsp;&nbsp;&nbsp; 50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49550833 |
| <br>*(b)(c)* | 4.86% |  | 03/16/23 | &nbsp;&nbsp;&nbsp;&nbsp; 70000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69330800 |
| <br>*(b)(c)* | 5.13% |  | 04/20/23 | &nbsp;&nbsp;&nbsp;&nbsp; 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19702778 |
| **COLLATERALIZED COMMERCIAL PAPER V CO LLC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.54%)<br> *(a)(b)* | 4.84% | 01/03/23 | 01/17/23 | &nbsp;&nbsp;&nbsp;&nbsp; 85000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.58%)<br> *(a)(b)* | 4.88% | 01/03/23 | 02/06/23 | &nbsp;&nbsp; 150000000 | &nbsp;&nbsp;&nbsp;&nbsp; 150000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.40%)<br> *(a)(b)* | 4.70% | 01/03/23 | 03/01/23 | &nbsp;&nbsp; 163000000 | &nbsp;&nbsp;&nbsp;&nbsp; 163000000 |
| <br>*(b)* | 4.66% |  | 03/03/23 | &nbsp;&nbsp; 200000000 | &nbsp;&nbsp;&nbsp;&nbsp; 198488945 |
| <br>*(b)* | 4.87% |  | 03/09/23 | &nbsp;&nbsp; 193000000 | &nbsp;&nbsp;&nbsp;&nbsp; 191330818 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.39%)<br> *(a)(b)* | 4.69% | 01/03/23 | 04/03/23 | &nbsp;&nbsp; 110000000 | &nbsp;&nbsp;&nbsp;&nbsp; 110000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.45%)<br> *(a)(b)* | 4.75% | 01/03/23 | 04/05/23 | &nbsp;&nbsp;&nbsp;&nbsp; 72000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72000000 |
| <br>*(b)* | 4.80% |  | 04/18/23 | &nbsp;&nbsp; 183000000 | &nbsp;&nbsp;&nbsp;&nbsp; 180480700 |
| <br>*(b)* | 4.83% |  | 04/21/23 | &nbsp;&nbsp; 300000000 | &nbsp;&nbsp;&nbsp;&nbsp; 295725000 |
| **CRC FUNDING LLC** |  |  |  |  |  |
| <br>*(b)(c)* | 4.31% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 49300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49300000 |
| <br>*(b)(c)* | 4.65% |  | 02/14/23 | &nbsp;&nbsp;&nbsp;&nbsp; 75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74597500 |
| <br>*(b)(c)* | 4.93% |  | 03/17/23 | &nbsp;&nbsp;&nbsp;&nbsp; 75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74262396 |
| <br>*(b)(c)* | 4.34% |  | 03/20/23 | &nbsp;&nbsp;&nbsp;&nbsp; 60000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59461667 |
| <br>*(b)(c)* | 4.90% |  | 04/12/23 | &nbsp;&nbsp; 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98674500 |
| <br>*(b)(c)* | 5.13% |  | 04/20/23 | &nbsp;&nbsp;&nbsp;&nbsp; 50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49256945 |
| <br>*(b)(c)* | 5.24% |  | 06/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24453514 |
| **GOTHAM FUNDING CORP** |  |  |  |  |  |
| <br>*(b)(c)* | 4.66% |  | 02/01/23 | &nbsp;&nbsp;&nbsp;&nbsp; 73000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72729495 |
| <br>*(b)(c)* | 4.72% |  | 02/07/23 | &nbsp;&nbsp; 180490000 | &nbsp;&nbsp;&nbsp;&nbsp; 179672280 |
| <br>*(b)(c)* | 4.95% |  | 03/07/23 | &nbsp;&nbsp; 148000000 | &nbsp;&nbsp;&nbsp;&nbsp; 146738670 |
| **LEGACY CAPITAL COMPANY LLC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.68%)<br> *(a)(b)(c)* | 4.98% | 01/03/23 | 02/16/23 | &nbsp;&nbsp; 194000000 | &nbsp;&nbsp;&nbsp;&nbsp; 194000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.42%)<br> *(a)(b)(c)* | 4.72% | 01/03/23 | 03/01/23 | &nbsp;&nbsp;&nbsp;&nbsp; 96000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96000000 |
| <br>*(b)(c)* | 4.75% |  | 03/06/23 | &nbsp;&nbsp; 100000000 | &nbsp;&nbsp;&nbsp;&nbsp; 100000000 |

---

*See financial notes*

**14**Schwab Value Advantage Money Fund \| Annual Report

------

Schwab Value Advantage Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
| **LIBERTY STREET FUNDING LLC** |  |  |  |  |  |
| <br>*(b)(c)* | 4.61% |  | 02/01/23 | &nbsp;&nbsp; 146000000 | &nbsp;&nbsp;&nbsp;&nbsp; 145464870 |
| <br>*(b)(c)* | 4.77% |  | 02/07/23 | &nbsp;&nbsp;&nbsp;&nbsp; 48000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47780667 |
| <br>*(b)(c)* | 4.87% |  | 02/13/23 | &nbsp;&nbsp;&nbsp;&nbsp; 40000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39781333 |
| <br>*(b)(c)* | 4.71% |  | 02/21/23 | &nbsp;&nbsp;&nbsp;&nbsp; 46000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45708858 |
| **LMA AMERICAS LLC** |  |  |  |  |  |
| <br>*(b)(c)* | 4.62% |  | 01/30/23 | &nbsp;&nbsp; 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99658000 |
| <br>*(b)(c)* | 4.66% |  | 01/31/23 | &nbsp;&nbsp;&nbsp;&nbsp; 50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49821111 |
| <br>*(b)(c)* | 4.84% |  | 02/14/23 | &nbsp;&nbsp;&nbsp;&nbsp; 50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49721750 |
| <br>*(b)(c)* | 4.71% |  | 02/16/23 | &nbsp;&nbsp;&nbsp;&nbsp; 40000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39772667 |
| <br>*(b)(c)* | 4.71% |  | 03/01/23 | &nbsp;&nbsp;&nbsp;&nbsp; 50500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50128194 |
| **MANHATTAN ASSET FUNDING COMPANY LLC** |  |  |  |  |  |
| <br>*(b)(c)* | 4.32% |  | 01/05/23 | &nbsp;&nbsp;&nbsp;&nbsp; 73000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72982480 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.38%)<br> *(a)(b)(c)* | 4.68% | 01/03/23 | 03/15/23 | &nbsp;&nbsp;&nbsp;&nbsp; 75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75000000 |
| <br>*(b)(c)* | 4.87% |  | 03/21/23 | &nbsp;&nbsp;&nbsp;&nbsp; 23000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22763867 |
| <br>*(b)(c)* | 4.66% |  | 03/28/23 | &nbsp;&nbsp;&nbsp;&nbsp; 47000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46495533 |
| <br>*(b)(c)* | 5.18% |  | 04/24/23 | &nbsp;&nbsp;&nbsp;&nbsp; 50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49221458 |
| **NIEUW AMSTERDAM RECEIVABLES CORPORATION BV** <br>*(b)(c)* | 4.31% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 76761000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76761000 |
| **OLD LINE FUNDING LLC** |  |  |  |  |  |
| <br>*(b)(c)* | 3.58% |  | 01/24/23 | &nbsp;&nbsp; 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99794083 |
| <br>*(b)(c)* | 3.58% |  | 02/07/23 | &nbsp;&nbsp;&nbsp;&nbsp; 90000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89692000 |
| <br>*(b)(c)* | 3.84% |  | 03/15/23 | &nbsp;&nbsp;&nbsp;&nbsp; 98000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97271343 |
| <br>*(b)(c)* | 5.18% |  | 06/08/23 | &nbsp;&nbsp; 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97811667 |
| **PRICOA SHORT TERM FUNDING LLC** <br>*(b)(c)* | 5.18% |  | 04/24/23 | &nbsp;&nbsp;&nbsp;&nbsp; 85000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83676479 |
| **RIDGEFIELD FUNDING COMPANY LLC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.55%)<br> *(a)(b)(c)* | 4.85% | 01/03/23 | 02/01/23 | &nbsp;&nbsp; 290000000 | &nbsp;&nbsp;&nbsp;&nbsp; 290000000 |
| <br>*(b)(c)* | 4.77% |  | 03/01/23 | &nbsp;&nbsp;&nbsp;&nbsp; 45000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44665125 |
| <br>*(b)(c)* | 4.70% |  | 03/07/23 | &nbsp;&nbsp;&nbsp;&nbsp; 90367000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89631639 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.39%)<br> *(a)(b)(c)* | 4.69% | 01/03/23 | 04/03/23 | &nbsp;&nbsp; 250000000 | &nbsp;&nbsp;&nbsp;&nbsp; 250000000 |
| **SHEFFIELD RECEIVABLES COMPANY LLC** |  |  |  |  |  |
| <br>*(b)(c)* | 4.81% |  | 02/09/23 | &nbsp;&nbsp; 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99512833 |
| <br>*(b)(c)* | 4.81% |  | 02/10/23 | &nbsp;&nbsp;&nbsp;&nbsp; 99000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98504670 |
| <br>*(b)(c)* | 4.82% |  | 02/13/23 | &nbsp;&nbsp; 338000000 | &nbsp;&nbsp;&nbsp;&nbsp; 336167665 |
| <br>*(b)(c)* | 4.81% |  | 02/21/23 | &nbsp;&nbsp; 246000000 | &nbsp;&nbsp;&nbsp;&nbsp; 244412890 |
| <br>*(b)(c)* | 4.78% |  | 02/28/23 | &nbsp;&nbsp; 241000000 | &nbsp;&nbsp;&nbsp;&nbsp; 239234273 |
| <br>*(b)(c)* | 4.81% |  | 03/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 83000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82353868 |
| <br>*(b)(c)* | 4.70% |  | 03/10/23 | &nbsp;&nbsp;&nbsp;&nbsp; 39000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38668240 |
| **STARBIRD FUNDING CORP** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.49%)<br> *(a)(b)(c)* | 4.79% | 01/03/23 | 03/08/23 | &nbsp;&nbsp; 176000000 | &nbsp;&nbsp;&nbsp;&nbsp; 176000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.55%)<br> *(a)(b)(c)* | 4.85% | 01/03/23 | 04/11/23 | &nbsp;&nbsp; 388000000 | &nbsp;&nbsp;&nbsp;&nbsp; 388000000 |
| <br>*(b)(c)* | 5.28% |  | 05/08/23 | &nbsp;&nbsp;&nbsp;&nbsp; 89000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87411597 |
| <br>*(b)(c)* | 5.18% |  | 05/17/23 | &nbsp;&nbsp;&nbsp;&nbsp; 32000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31398489 |
| **THUNDER BAY FUNDING LLC** <br>*(b)(c)* | 5.18% |  | 06/08/23 | &nbsp;&nbsp;&nbsp;&nbsp; 50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48905833 |

---

*See financial notes*

Schwab Value Advantage Money Fund \| Annual Report**15**

------

Schwab Value Advantage Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
| **VERSAILLES COMMERCIAL PAPER LLC** |  |  |  |  |  |
| <br>*(b)(c)* | 3.84% |  | 01/04/23 | &nbsp;&nbsp;&nbsp;&nbsp; 50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49994722 |
| <br>*(b)(c)* | 3.84% |  | 01/05/23 | &nbsp;&nbsp; 150000000 | &nbsp;&nbsp;&nbsp;&nbsp; 149968333 |
| <br>*(b)(c)* | 4.61% |  | 02/01/23 | &nbsp;&nbsp;&nbsp;&nbsp; 49000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48820401 |
| <br>*(b)(c)* | 4.76% |  | 03/01/23 | &nbsp;&nbsp;&nbsp;&nbsp; 97000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96278158 |
| <br>*(b)(c)* | 4.77% |  | 03/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49614861 |
| **VICTORY RECEIVABLES CORP** |  |  |  |  |  |
| <br>*(b)(c)* | 4.66% |  | 02/01/23 | &nbsp;&nbsp;&nbsp;&nbsp; 80583000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80284395 |
| <br>*(b)(c)* | 4.72% |  | 02/07/23 | &nbsp;&nbsp; 167000000 | &nbsp;&nbsp;&nbsp;&nbsp; 166243397 |
| <br>*(b)(c)* | 4.72% |  | 02/08/23 | &nbsp;&nbsp; 115000000 | &nbsp;&nbsp;&nbsp;&nbsp; 114464100 |
| <br>*(b)(c)* | 4.93% |  | 03/03/23 | &nbsp;&nbsp; 203102000 | &nbsp;&nbsp;&nbsp;&nbsp; 201487621 |
| <br>*(b)(c)* | 4.95% |  | 03/07/23 | &nbsp;&nbsp; 293000000 | &nbsp;&nbsp;&nbsp;&nbsp; 290502908 |
| <br>*(b)(c)* | 4.75% |  | 03/10/23 | &nbsp;&nbsp; 200000000 | &nbsp;&nbsp;&nbsp;&nbsp; 198280333 |
| **Total Asset-Backed Commercial Paper** <br>**(Cost $11,094,318,477)** | **Total Asset-Backed Commercial Paper** <br>**(Cost $11,094,318,477)** | **Total Asset-Backed Commercial Paper** <br>**(Cost $11,094,318,477)** | **Total Asset-Backed Commercial Paper** <br>**(Cost $11,094,318,477)** | **Total Asset-Backed Commercial Paper** <br>**(Cost $11,094,318,477)** | **11094318477** |
| **FINANCIAL COMPANY COMMERCIAL PAPER** 11.6% OF NET ASSETS | **FINANCIAL COMPANY COMMERCIAL PAPER** 11.6% OF NET ASSETS | **FINANCIAL COMPANY COMMERCIAL PAPER** 11.6% OF NET ASSETS | **FINANCIAL COMPANY COMMERCIAL PAPER** 11.6% OF NET ASSETS | **FINANCIAL COMPANY COMMERCIAL PAPER** 11.6% OF NET ASSETS | **FINANCIAL COMPANY COMMERCIAL PAPER** 11.6% OF NET ASSETS |
| **AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.35%)<br> *(a)(c)* | 4.65% | 01/03/23 | 03/16/23 | &nbsp;&nbsp; 200000000 | &nbsp;&nbsp;&nbsp;&nbsp; 200000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.35%)<br> *(a)(c)* | 4.65% | 01/03/23 | 03/17/23 | &nbsp;&nbsp; 200000000 | &nbsp;&nbsp;&nbsp;&nbsp; 200000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.63%)<br> *(a)(c)* | 4.93% | 01/03/23 | 05/08/23 | &nbsp;&nbsp; 290000000 | &nbsp;&nbsp;&nbsp;&nbsp; 290000000 |
| **BANK OF MONTREAL** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.54%)<br> *(a)(c)* | 4.84% | 01/03/23 | 06/07/23 | &nbsp;&nbsp; 585000000 | &nbsp;&nbsp;&nbsp;&nbsp; 585000000 |
| **BANK OF NOVA SCOTIA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.47%)<br> *(a)(c)* | 4.77% | 01/03/23 | 03/17/23 | &nbsp;&nbsp; 197000000 | &nbsp;&nbsp;&nbsp;&nbsp; 197000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.65%)<br> *(a)(c)* | 4.95% | 01/03/23 | 06/14/23 | &nbsp;&nbsp; 100000000 | &nbsp;&nbsp;&nbsp;&nbsp; 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.72%)<br> *(a)(c)* | 5.02% | 01/03/23 | 07/19/23 | &nbsp;&nbsp; 200000000 | &nbsp;&nbsp;&nbsp;&nbsp; 200000000 |
| **BARCLAYS BANK UK PLC** |  |  |  |  |  |
| <br>*(c)* | 4.32% |  | 01/04/23 | &nbsp;&nbsp;&nbsp;&nbsp; 97000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96988360 |
| <br>*(c)* | 4.33% |  | 01/04/23 | &nbsp;&nbsp; 388000000 | &nbsp;&nbsp;&nbsp;&nbsp; 387953440 |
| <br>*(c)* | 4.32% |  | 01/05/23 | &nbsp;&nbsp; 312000000 | &nbsp;&nbsp;&nbsp;&nbsp; 311925120 |
| <br>*(c)* | 4.32% |  | 01/06/23 | &nbsp;&nbsp; 339000000 | &nbsp;&nbsp;&nbsp;&nbsp; 338877960 |
| <br>*(c)* | 4.33% |  | 01/09/23 | &nbsp;&nbsp; 116000000 | &nbsp;&nbsp;&nbsp;&nbsp; 115916480 |
| **BAYERISCHE LANDESBANK (NEW YORK BRANCH)** |  |  |  |  |  |
|  | 4.33% |  | 01/03/23 | &nbsp;&nbsp; 485000000 | &nbsp;&nbsp;&nbsp;&nbsp; 485000000 |
|  | 4.33% |  | 01/09/23 | &nbsp;&nbsp; 577000000 | &nbsp;&nbsp;&nbsp;&nbsp; 576583598 |
|  | 4.32% |  | 01/11/23 | &nbsp;&nbsp; 250000000 | &nbsp;&nbsp;&nbsp;&nbsp; 249761111 |
| <br>*(c)* | 4.40% |  | 02/01/23 | &nbsp;&nbsp; 300000000 | &nbsp;&nbsp;&nbsp;&nbsp; 298941500 |
| **BNP PARIBAS SA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.56%)<br> *(a)(c)* | 4.86% | 01/03/23 | 02/02/23 | &nbsp;&nbsp; 500000000 | &nbsp;&nbsp;&nbsp;&nbsp; 500000000 |
| **BOFA SECURITIES INC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.46%)<br> *(a)(c)* | 4.76% | 01/03/23 | 02/10/23 | &nbsp;&nbsp; 290000000 | &nbsp;&nbsp;&nbsp;&nbsp; 290000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.46%)<br> *(a)(c)* | 4.76% | 01/03/23 | 02/23/23 | &nbsp;&nbsp; 196000000 | &nbsp;&nbsp;&nbsp;&nbsp; 196000000 |
| **CITIGROUP GLOBAL MARKETS INC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.40%)<br> *(a)(c)* | 4.70% | 01/03/23 | 03/20/23 | &nbsp;&nbsp; 400000000 | &nbsp;&nbsp;&nbsp;&nbsp; 400000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.50%)<br> *(a)(c)* | 4.80% | 01/03/23 | 04/11/23 | &nbsp;&nbsp; 385000000 | &nbsp;&nbsp;&nbsp;&nbsp; 385000000 |
| <br>*(c)* | 4.89% |  | 04/21/23 | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14783550 |

---

*See financial notes*

**16**Schwab Value Advantage Money Fund \| Annual Report

------

Schwab Value Advantage Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.75%)<br> *(a)(c)* | 5.05% | 01/03/23 | 05/01/23 | &nbsp;&nbsp; 295000000 | &nbsp;&nbsp;&nbsp;&nbsp; 295000000 |
| <br>*(c)* | 5.23% |  | 05/09/23 | &nbsp;&nbsp; 490000000 | &nbsp;&nbsp;&nbsp;&nbsp; 481270650 |
| **DBS BANK LTD** <br>*(c)* | 4.65% |  | 03/16/23 | &nbsp;&nbsp;&nbsp;&nbsp; 84000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83227200 |
| **FEDERATION DES CAISSES DESJARDINS DU QUEBEC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.45%)<br> *(a)(c)* | 4.75% | 01/03/23 | 02/23/23 | &nbsp;&nbsp; 250000000 | &nbsp;&nbsp;&nbsp;&nbsp; 250000000 |
| <br>*(c)* | 5.15% |  | 05/10/23 | &nbsp;&nbsp; 145000000 | &nbsp;&nbsp;&nbsp;&nbsp; 142432131 |
| **JP MORGAN SECURITIES LLC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.56%)<br> *(a)(c)* | 4.86% | 01/03/23 | 05/30/23 | &nbsp;&nbsp; 200000000 | &nbsp;&nbsp;&nbsp;&nbsp; 200000000 |
| **LLOYDS BANK PLC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.45%)<br> *(a)* | 4.75% | 01/03/23 | 01/24/23 | &nbsp;&nbsp; 244000000 | &nbsp;&nbsp;&nbsp;&nbsp; 244000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.48%)<br> *(a)* | 4.78% | 01/03/23 | 01/25/23 | &nbsp;&nbsp; 300000000 | &nbsp;&nbsp;&nbsp;&nbsp; 300000000 |
| **MACQUARIE BANK LTD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.37%)<br> *(a)(c)* | 4.67% | 01/03/23 | 01/25/23 | &nbsp;&nbsp; 233000000 | &nbsp;&nbsp;&nbsp;&nbsp; 233000000 |
| **MITSUBISHI UFJ TRUST AND BANKING CORP (SINGAPORE** <br> **BRANCH)** <br>*(c)* | 4.99% |  | 04/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 92000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90873000 |
| **MIZUHO BANK LTD (SINGAPORE BRANCH)** |  |  |  |  |  |
| <br>*(c)* | 4.76% |  | 02/08/23 | &nbsp;&nbsp; 485000000 | &nbsp;&nbsp;&nbsp;&nbsp; 482722925 |
| <br>*(c)* | 4.80% |  | 02/09/23 | &nbsp;&nbsp; 160000000 | &nbsp;&nbsp;&nbsp;&nbsp; 159221356 |
| <br>*(c)* | 4.80% |  | 02/17/23 | &nbsp;&nbsp; 148000000 | &nbsp;&nbsp;&nbsp;&nbsp; 147124950 |
| <br>*(c)* | 4.82% |  | 02/28/23 | &nbsp;&nbsp;&nbsp;&nbsp; 98000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97275889 |
| <br>*(c)* | 4.84% |  | 02/28/23 | &nbsp;&nbsp;&nbsp;&nbsp; 41000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40695780 |
| <br>*(c)* | 4.73% |  | 03/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 28000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27774802 |
| <br>*(c)* | 4.76% |  | 03/07/23 | &nbsp;&nbsp;&nbsp;&nbsp; 67000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66448339 |
| <br>*(c)* | 4.78% |  | 03/15/23 | &nbsp;&nbsp;&nbsp;&nbsp; 84000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83217225 |
| **NATIONAL AUSTRALIA BANK LTD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.55%)<br> *(a)(c)* | 4.85% | 01/03/23 | 02/01/23 | &nbsp;&nbsp;&nbsp;&nbsp; 88000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.44%)<br> *(a)(c)* | 4.74% | 01/03/23 | 03/01/23 | &nbsp;&nbsp; 200000000 | &nbsp;&nbsp;&nbsp;&nbsp; 200000000 |
| **NATIONAL BANK OF CANADA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.55%)<br> *(a)(c)* | 4.85% | 01/03/23 | 01/19/23 | &nbsp;&nbsp; 337000000 | &nbsp;&nbsp;&nbsp;&nbsp; 337000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.45%)<br> *(a)(c)* | 4.75% | 01/03/23 | 02/17/23 | &nbsp;&nbsp; 133000000 | &nbsp;&nbsp;&nbsp;&nbsp; 133000000 |
| <br>*(c)* | 5.21% |  | 06/07/23 | &nbsp;&nbsp;&nbsp;&nbsp; 73000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71406471 |
| **NATIONWIDE BUILDING SOCIETY** <br>*(c)* | 4.25% |  | 01/04/23 | &nbsp;&nbsp; 300000000 | &nbsp;&nbsp;&nbsp;&nbsp; 299964833 |
| **OVERSEA-CHINESE BANKING CORPORATION LTD** <br>*(c)* | 4.88% |  | 04/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 35450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35024600 |
| **SKANDINAVISKA ENSKILDA BANKEN AB** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.52%)<br> *(a)(c)* | 4.82% | 01/03/23 | 02/13/23 | &nbsp;&nbsp; 400000000 | &nbsp;&nbsp;&nbsp;&nbsp; 400000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.56%)<br> *(a)(c)* | 4.86% | 01/03/23 | 03/09/23 | &nbsp;&nbsp; 300000000 | &nbsp;&nbsp;&nbsp;&nbsp; 300000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.51%)<br> *(a)(c)* | 4.81% | 01/03/23 | 03/15/23 | &nbsp;&nbsp; 247000000 | &nbsp;&nbsp;&nbsp;&nbsp; 247000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.60%)<br> *(a)(c)* | 4.90% | 01/03/23 | 04/06/23 | &nbsp;&nbsp; 172000000 | &nbsp;&nbsp;&nbsp;&nbsp; 172000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.36%)<br> *(a)(c)* | 4.66% | 01/03/23 | 04/20/23 | &nbsp;&nbsp; 350000000 | &nbsp;&nbsp;&nbsp;&nbsp; 350000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.36%)<br> *(a)(c)* | 4.66% | 01/03/23 | 04/24/23 | &nbsp;&nbsp; 175000000 | &nbsp;&nbsp;&nbsp;&nbsp; 175000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.72%)<br> *(a)(c)* | 5.02% | 01/03/23 | 06/01/23 | &nbsp;&nbsp;&nbsp;&nbsp; 99000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.70%)<br> *(a)(c)* | 5.00% | 01/03/23 | 06/05/23 | &nbsp;&nbsp; 300000000 | &nbsp;&nbsp;&nbsp;&nbsp; 300000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.64%)<br> *(a)(c)* | 4.94% | 01/03/23 | 06/14/23 | &nbsp;&nbsp; 285000000 | &nbsp;&nbsp;&nbsp;&nbsp; 285000000 |

---

*See financial notes*

Schwab Value Advantage Money Fund \| Annual Report**17**

------

Schwab Value Advantage Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
| **SUMITOMO MITSUI TRUST BANK LTD (SINGAPORE BRANCH)** |  |  |  |  |  |
| <br>*(c)* | 4.82% |  | 02/21/23 | &nbsp;&nbsp; 392000000 | &nbsp;&nbsp;&nbsp;&nbsp; 389465611 |
| <br>*(c)* | 4.84% |  | 03/08/23 | &nbsp;&nbsp;&nbsp;&nbsp; 36000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35694720 |
| <br>*(c)* | 4.79% |  | 03/22/23 | &nbsp;&nbsp; 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98977333 |
| **SWEDBANK AB** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.52%)<br> *(a)* | 4.82% | 01/03/23 | 02/10/23 | &nbsp;&nbsp; 297000000 | &nbsp;&nbsp;&nbsp;&nbsp; 297000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.45%)<br> *(a)* | 4.75% | 01/03/23 | 02/22/23 | &nbsp;&nbsp; 191000000 | &nbsp;&nbsp;&nbsp;&nbsp; 191000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.51%)<br> *(a)* | 4.81% | 01/03/23 | 04/12/23 | &nbsp;&nbsp; 243000000 | &nbsp;&nbsp;&nbsp;&nbsp; 243000000 |
| **UBS AG (LONDON BRANCH)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.58%)<br> *(a)(c)* | 4.88% | 01/03/23 | 01/12/23 | &nbsp;&nbsp; 297000000 | &nbsp;&nbsp;&nbsp;&nbsp; 297000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.61%)<br> *(a)(c)* | 4.91% | 01/03/23 | 01/20/23 | &nbsp;&nbsp; 280000000 | &nbsp;&nbsp;&nbsp;&nbsp; 280000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.50%)<br> *(a)(c)* | 4.80% | 01/03/23 | 02/16/23 | &nbsp;&nbsp; 295000000 | &nbsp;&nbsp;&nbsp;&nbsp; 295000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.40%)<br> *(a)(c)* | 4.70% | 01/03/23 | 03/07/23 | &nbsp;&nbsp; 100000000 | &nbsp;&nbsp;&nbsp;&nbsp; 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.40%)<br> *(a)(c)* | 4.70% | 01/03/23 | 03/13/23 | &nbsp;&nbsp;&nbsp;&nbsp; 96000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.41%)<br> *(a)(c)* | 4.71% | 01/03/23 | 03/27/23 | &nbsp;&nbsp; 250000000 | &nbsp;&nbsp;&nbsp;&nbsp; 250000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.68%)<br> *(a)(c)* | 4.98% | 01/03/23 | 04/20/23 | &nbsp;&nbsp; 495000000 | &nbsp;&nbsp;&nbsp;&nbsp; 495000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.65%)<br> *(a)(c)* | 4.95% | 01/03/23 | 05/15/23 | &nbsp;&nbsp; 150000000 | &nbsp;&nbsp;&nbsp;&nbsp; 150000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.68%)<br> *(a)(c)* | 4.98% | 01/03/23 | 05/18/23 | &nbsp;&nbsp; 400000000 | &nbsp;&nbsp;&nbsp;&nbsp; 400000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.68%)<br> *(a)(c)* | 4.98% | 01/03/23 | 05/22/23 | &nbsp;&nbsp; 290000000 | &nbsp;&nbsp;&nbsp;&nbsp; 290000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.62%)<br> *(a)(c)* | 4.92% | 01/03/23 | 06/14/23 | &nbsp;&nbsp; 440000000 | &nbsp;&nbsp;&nbsp;&nbsp; 440000000 |
| **UNITED OVERSEAS BANK LTD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.46%)<br> *(a)(c)* | 4.76% | 01/03/23 | 02/23/23 | &nbsp;&nbsp; 130000000 | &nbsp;&nbsp;&nbsp;&nbsp; 130000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.37%)<br> *(a)(c)* | 4.67% | 01/03/23 | 03/06/23 | &nbsp;&nbsp; 200000000 | &nbsp;&nbsp;&nbsp;&nbsp; 200000000 |
| <br>*(c)* | 4.87% |  | 03/21/23 | &nbsp;&nbsp; 150000000 | &nbsp;&nbsp;&nbsp;&nbsp; 148463208 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.47%)<br> *(a)(c)* | 4.77% | 01/03/23 | 03/22/23 | &nbsp;&nbsp; 100000000 | &nbsp;&nbsp;&nbsp;&nbsp; 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.40%)<br> *(a)(c)* | 4.70% | 01/03/23 | 03/29/23 | &nbsp;&nbsp; 268000000 | &nbsp;&nbsp;&nbsp;&nbsp; 268000000 |
| **WESTPAC BANKING CORP** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.48%)<br> *(a)(c)* | 4.78% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 98000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98000000 |
| <br>*(c)* | 5.24% |  | 05/10/23 | &nbsp;&nbsp; 290000000 | &nbsp;&nbsp;&nbsp;&nbsp; 284782417 |
| **Total Financial Company Commercial Paper** <br>**(Cost $18,913,794,559)** | **Total Financial Company Commercial Paper** <br>**(Cost $18,913,794,559)** | **Total Financial Company Commercial Paper** <br>**(Cost $18,913,794,559)** | **Total Financial Company Commercial Paper** <br>**(Cost $18,913,794,559)** | **Total Financial Company Commercial Paper** <br>**(Cost $18,913,794,559)** | **18913794559** |
| **NON-FINANCIAL COMPANY COMMERCIAL PAPER** 0.7% OF NET ASSETS | **NON-FINANCIAL COMPANY COMMERCIAL PAPER** 0.7% OF NET ASSETS | **NON-FINANCIAL COMPANY COMMERCIAL PAPER** 0.7% OF NET ASSETS | **NON-FINANCIAL COMPANY COMMERCIAL PAPER** 0.7% OF NET ASSETS | **NON-FINANCIAL COMPANY COMMERCIAL PAPER** 0.7% OF NET ASSETS | **NON-FINANCIAL COMPANY COMMERCIAL PAPER** 0.7% OF NET ASSETS |
| **TOTALENERGIES CAPITAL CANADA LTD** |  |  |  |  |  |
| *(b)(c)* | 4.35% |  | 01/04/23 | &nbsp;&nbsp; 266700000 | &nbsp;&nbsp;&nbsp;&nbsp; 266667848 |
| **TOYOTA CREDIT CANADA INC** |  |  |  |  |  |
|  | 5.18% |  | 05/15/23 | &nbsp;&nbsp;&nbsp;&nbsp; 90000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88333500 |
|  | 5.27% |  | 05/24/23 | &nbsp;&nbsp; 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97990750 |
| **TOYOTA FINANCE AUSTRALIA LTD** |  |  |  |  |  |
|  | 5.18% |  | 05/16/23 | &nbsp;&nbsp; 230000000 | &nbsp;&nbsp;&nbsp;&nbsp; 225708902 |
| **TOYOTA MOTOR CREDIT CORP** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.55%)<br> *(a)* | 4.85% | 01/03/23 | 05/08/23 | &nbsp;&nbsp; 250000000 | &nbsp;&nbsp;&nbsp;&nbsp; 250000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.55%)<br> *(a)* | 4.85% | 01/03/23 | 05/16/23 | &nbsp;&nbsp; 205000000 | &nbsp;&nbsp;&nbsp;&nbsp; 205000000 |
| **Total Non-Financial Company Commercial Paper** <br>**(Cost $1,133,701,000)** | **Total Non-Financial Company Commercial Paper** <br>**(Cost $1,133,701,000)** | **Total Non-Financial Company Commercial Paper** <br>**(Cost $1,133,701,000)** | **Total Non-Financial Company Commercial Paper** <br>**(Cost $1,133,701,000)** | **Total Non-Financial Company Commercial Paper** <br>**(Cost $1,133,701,000)** | **1133701000** |

---

*See financial notes*

**18**Schwab Value Advantage Money Fund \| Annual Report

------

Schwab Value Advantage Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
| **NON-NEGOTIABLE TIME DEPOSITS** 4.2% OF NET ASSETS | **NON-NEGOTIABLE TIME DEPOSITS** 4.2% OF NET ASSETS | **NON-NEGOTIABLE TIME DEPOSITS** 4.2% OF NET ASSETS | **NON-NEGOTIABLE TIME DEPOSITS** 4.2% OF NET ASSETS | **NON-NEGOTIABLE TIME DEPOSITS** 4.2% OF NET ASSETS | **NON-NEGOTIABLE TIME DEPOSITS** 4.2% OF NET ASSETS |
| **ABN AMRO BANK NV** |  |  |  |  |  |
|  | 4.32% |  | 01/03/23 | &nbsp;&nbsp; 291000000 | &nbsp;&nbsp;&nbsp;&nbsp; 291000000 |
| **AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD (LONDON** <br> **BRANCH)**<br>|  |  |  |  |  |
|  | 4.32% |  | 01/04/23 | 1018000000 | &nbsp;&nbsp;&nbsp; 1018000000 |
|  | 4.32% |  | 01/05/23 | 2126000000 | &nbsp;&nbsp;&nbsp; 2126000000 |
|  | 4.32% |  | 01/06/23 | &nbsp;&nbsp; 486000000 | &nbsp;&nbsp;&nbsp;&nbsp; 486000000 |
| **BANCO SANTANDER SA (NEW YORK BRANCH)** |  |  |  |  |  |
|  | 4.32% |  | 01/04/23 | 1569000000 | &nbsp;&nbsp;&nbsp; 1569000000 |
| **CREDIT INDUSTRIEL ET COMMERCIAL** |  |  |  |  |  |
|  | 4.34% |  | 01/04/23 | &nbsp;&nbsp; 242000000 | &nbsp;&nbsp;&nbsp;&nbsp; 242000000 |
|  | 4.34% |  | 01/05/23 | &nbsp;&nbsp; 485000000 | &nbsp;&nbsp;&nbsp;&nbsp; 485000000 |
| **ROYAL BANK OF CANADA** |  |  |  |  |  |
|  | 4.32% |  | 01/03/23 | &nbsp;&nbsp; 460000000 | &nbsp;&nbsp;&nbsp;&nbsp; 460000000 |
| **SKANDINAVISKA ENSKILDA BANKEN AB (NEW YORK BRANCH)** |  |  |  |  |  |
|  | 4.31% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 97000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97000000 |
| **TORONTO-DOMINION BANK/THE** |  |  |  |  |  |
|  | 4.32% |  | 01/03/23 | &nbsp;&nbsp; 149000000 | &nbsp;&nbsp;&nbsp;&nbsp; 149000000 |
| **Total Non-Negotiable Time Deposits** <br>**(Cost $6,923,000,000)** | **Total Non-Negotiable Time Deposits** <br>**(Cost $6,923,000,000)** | **Total Non-Negotiable Time Deposits** <br>**(Cost $6,923,000,000)** | **Total Non-Negotiable Time Deposits** <br>**(Cost $6,923,000,000)** | **Total Non-Negotiable Time Deposits** <br>**(Cost $6,923,000,000)** | **6923000000** |
| **VARIABLE RATE DEMAND NOTES** 0.4% OF NET ASSETS | **VARIABLE RATE DEMAND NOTES** 0.4% OF NET ASSETS | **VARIABLE RATE DEMAND NOTES** 0.4% OF NET ASSETS | **VARIABLE RATE DEMAND NOTES** 0.4% OF NET ASSETS | **VARIABLE RATE DEMAND NOTES** 0.4% OF NET ASSETS | **VARIABLE RATE DEMAND NOTES** 0.4% OF NET ASSETS |
| **ABAG FINANCE AUTH** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RB (PUBLIC POLICY INSTITUTE OF CALIFORNIA) SERIES 2001B <br> (**LOC**: WELLS FARGO BANK NA)<br>*(d)* | 4.40% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 17550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17550000 |
| **BLUE MOUNTAIN ENTERPRISES, LLC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VARIABLE RATE DEMAND BONDS SERIES 2013 (**LOC**: WELLS <br> FARGO BANK NA)<br>*(d)* | 4.40% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2530000 |
| **CELLMARK, INC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TAXABLE NOTES SERIES 2018A (**LOC**: SWEDBANK AB)<br> *(d)* | 4.38% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 48000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48000000 |
| **EAGLE CNTY** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (BC HOUSING) SERIES 1997B (**LOC**: WELLS FARGO BANK NA)<br> *(d)* | 4.48% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RB (TARNES AT BC) SERIES 1999B (**LOC**: WELLS FARGO BANK <br> NA)<br>*(d)* | 4.48% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2410000 |
| **GREYSHOE ISSUING TRUST** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TAXABLE VARIABLE RATE DEMAND NOTES SERIES 2022 <br> (**LOC**: FEDERAL HOME LOAN BANKS)<br>*(d)* | 4.38% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 31640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31640000 |
| **HARTFORD HEALTHCARE CORP** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>TAXABLE BONDS SERIES C (**LOC**: JPMORGAN CHASE BANK NA)<br> *(d)* | 4.38% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 49000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49000000 |
| **ILLINOIS HOUSING DEVELOPMENT AUTH** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HOUSING BONDS SERIES 2017A2 (**LIQ**: FEDERAL HOME LOAN <br> BANKS)<br>*(d)* | 4.37% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 23800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23800000 |
| **ILLINOIS HSG DEV AUTH 2016** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F RB SERIES 2022C (**LIQ**: FEDERAL HOME LOAN BANKS)<br> *(d)* | 4.37% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 11760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11760000 |

---

*See financial notes*

Schwab Value Advantage Money Fund \| Annual Report**19**

------

Schwab Value Advantage Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
| **LABCON NORTH AMERICA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TAXABLE BONDS SERIES 2010 (**LOC**: BANK OF THE WEST)<br> *(d)* | 4.35% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 990000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 990000 |
| **MACON-BIBB CNTY INDUSTRIAL AUTH** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IDRB SERIES 2015 (**LOC**: BANK OF AMERICA NA)<br> *(d)* | 4.37% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5130000 |
| **NUVEEN CREDIT STRATEGIES INCOME FUND** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TAXABLE VARIABLE RATE DEMAND PREFERRED SHARES SERIES <br> A (**LOC**: SOCIETE GENERALE SA)<br>*(c)(d)* | 4.48% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 30000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000000 |
| **NUVEEN FLOATING RATE INCOME FUND** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VARIABLE RATE DEMAND PREFERRED SHARES SERIES A <br> (**LOC**: SUMITOMO MITSUI BANKING CORPORATION)<br>*(c)(d)* | 4.48% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 31000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31000000 |
| **NUVEEN PREFERRED & INCOME OPPORTUNITIES FUND** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TAXABLE VARIABLE RATE DEMAND PREFERRED SHARES SERIES <br> A (**LOC**: SUMITOMO MITSUI BANKING CORPORATION)<br>*(c)(d)* | 4.48% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 36000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36000000 |
| **NUVEEN PREFERRED & INCOME SECURITIES FUND** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TAXABLE VARIABLE RATE DEMAND PREFERRED SHARES SERIES <br> A (**LOC**: BARCLAYS BANK PLC)<br>*(d)* | 4.48% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 72000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72000000 |
| **NUVEEN SHORT DURATION CREDIT OPPORTUNITIES FUND** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VARIABLE RATE DEMAND PREFERRED SHARES SERIES A <br> (**LOC**: BARCLAYS BANK PLC)<br>*(c)(d)* | 4.48% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 19000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19000000 |
| **NUVEEN VARIABLE RATE PREFERRED & INCOME FUND** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TAXABLE VARIABLE RATE DEMAND PREFERRED SHARES SERIES <br> A (**LOC**: TORONTO-DOMINION BANK/THE)<br>*(c)(d)* | 4.49% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000000 |
| **SOUTHERN CALIFORNIA METROPOLITAN WATER DISTRICT** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>SUB WATER REFUNDING RB SERIES 2021A (**LIQ**: BANK OF <br> AMERICA NA)<br>*(d)* | 4.39% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 70995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70995000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>TAXABLE WATER REFUNDING RB SERIES 2022C2 (**LIQ**: PNC <br> BANK NATIONAL ASSOCIATION)<br>*(d)* | 4.34% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 92850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92850000 |
| **TENDERFOOT SEASONAL HOUSING, LLC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>TAXABLE NOTES SERIES 2000B (**LOC**: WELLS FARGO BANK NA)<br> *(d)* | 4.48% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5885000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5885000 |
| **TRIBOROUGH BRIDGE & TUNNEL AUTH** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GENERAL REFUNDING RB SERIES 2018E (**LOC**: UBS AG)<br> *(d)* | 4.35% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 58470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58470000 |
| **WAELZ SUSTAINABLE PRODUCTS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TAXABLE NOTES SERIES 2022 (**LOC**: COMERICA BANK)<br> *(d)* | 4.46% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 48000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48000000 |
| **YAVAPAI CNTY IDA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TAXABLE RB (DRAKE CEMENT) SERIES 2015 (**LOC**: BANK OF <br> NOVA SCOTIA)<br>*(d)* | 4.40% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 21375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21375000 |
| **Total Variable Rate Demand Notes** <br>**(Cost $699,885,000)** | **Total Variable Rate Demand Notes** <br>**(Cost $699,885,000)** | **Total Variable Rate Demand Notes** <br>**(Cost $699,885,000)** | **Total Variable Rate Demand Notes** <br>**(Cost $699,885,000)** | **Total Variable Rate Demand Notes** <br>**(Cost $699,885,000)** | **699885000** |
| **OTHER INSTRUMENTS** 0.8% OF NET ASSETS | **OTHER INSTRUMENTS** 0.8% OF NET ASSETS | **OTHER INSTRUMENTS** 0.8% OF NET ASSETS | **OTHER INSTRUMENTS** 0.8% OF NET ASSETS | **OTHER INSTRUMENTS** 0.8% OF NET ASSETS | **OTHER INSTRUMENTS** 0.8% OF NET ASSETS |
| **BANK OF AMERICA NA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.50%)<br> *(a)* | 4.80% | 01/03/23 | 01/05/23 | &nbsp;&nbsp; 178000000 | &nbsp;&nbsp;&nbsp;&nbsp; 178000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.51%)<br> *(a)* | 4.81% | 01/03/23 | 03/15/23 | &nbsp;&nbsp; 200000000 | &nbsp;&nbsp;&nbsp;&nbsp; 200000000 |
|  | 5.25% |  | 05/15/23 | &nbsp;&nbsp; 400000000 | &nbsp;&nbsp;&nbsp;&nbsp; 400000000 |

---

*See financial notes*

**20**Schwab Value Advantage Money Fund \| Annual Report

------

Schwab Value Advantage Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Footnotes | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
|  |  | 5.25% |  | 05/16/23 | &nbsp;&nbsp; 395000000 | &nbsp;&nbsp;&nbsp;&nbsp; 395000000 |
|  |  | 5.35% |  | 06/09/23 | &nbsp;&nbsp; 175000000 | &nbsp;&nbsp;&nbsp;&nbsp; 175000000 |
| **Total Other Instruments** <br>**(Cost $1,348,000,000)** | **Total Other Instruments** <br>**(Cost $1,348,000,000)** | **Total Other Instruments** <br>**(Cost $1,348,000,000)** | **Total Other Instruments** <br>**(Cost $1,348,000,000)** | **Total Other Instruments** <br>**(Cost $1,348,000,000)** | **Total Other Instruments** <br>**(Cost $1,348,000,000)** | **1348000000** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ISSUER | FOOTNOTES | RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| MATURITY<br> AMOUNT ($)<br>| VALUE ($) |
| **REPURCHASE AGREEMENTS** 45.3% OF NET ASSETS | **REPURCHASE AGREEMENTS** 45.3% OF NET ASSETS | **REPURCHASE AGREEMENTS** 45.3% OF NET ASSETS | **REPURCHASE AGREEMENTS** 45.3% OF NET ASSETS | **REPURCHASE AGREEMENTS** 45.3% OF NET ASSETS | **REPURCHASE AGREEMENTS** 45.3% OF NET ASSETS | **REPURCHASE AGREEMENTS** 45.3% OF NET ASSETS |
| **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 10.4%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 10.4%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 10.4%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 10.4%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 10.4%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 10.4%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 10.4%** |
| **BANCO SANTANDER SA** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.31% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77036874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities <br> valued at $79,310,000, 2.00% - 6.00%, due 01/01/30 - <br> 09/01/57)<br>|  |  |  |  |  |  |
| **BANK OF MONTREAL** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 11/30/22, repurchase date 01/30/23 |  | 4.21% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 307324045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities <br> valued at $317,425,701, 2.00% - 6.00%, due 12/01/37 - <br> 12/01/52)<br>|  |  |  |  |  |  |
| **BARCLAYS BANK PLC** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.30% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 384183467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 384000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities <br> valued at $395,708,971, 2.00% - 6.50%, due 04/20/26 - <br> 12/20/52)<br>|  |  |  |  |  |  |
| **BOFA SECURITIES INC** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.30% |  | 01/03/23 | &nbsp;&nbsp; 3160509300 | &nbsp;&nbsp;&nbsp;&nbsp; 3159000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities <br> valued at $3,253,770,000, 1.50% - 6.04%, due 03/01/23 - <br> 01/01/53)<br>|  |  |  |  |  |  |
| **DAIWA CAPITAL MARKETS AMERICA INC** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.30% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 576275200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 576000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury and U.S. Government <br> Agency Securities valued at $591,029,566, 0.00% - 7.00%, <br> due 01/24/23 - 12/20/52)<br>|  |  |  |  |  |  |
| **FICC - BANK OF NEW YORK** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.31% |  | 01/03/23 | &nbsp;&nbsp; 1163556948 | &nbsp;&nbsp;&nbsp;&nbsp; 1163000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury and U.S. Government <br> Agency Securities valued at $1,195,827,431, 2.00% - <br> 4.50%, due 01/01/42 - 12/01/52)<br>|  |  |  |  |  |  |
| **JP MORGAN SECURITIES LLC** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.30% |  | 01/03/23 | &nbsp;&nbsp; 4800292378 | &nbsp;&nbsp;&nbsp;&nbsp; 4798000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities <br> valued at $4,941,940,000, 1.50% - 7.50%, due 04/01/28 - <br> 01/01/59)<br>|  |  |  |  |  |  |
| **MIZUHO SECURITIES USA LLC** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.30% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 101048256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury Securities valued at <br> $103,020,022, 0.25% - 2.88%, due 03/15/23 - 11/15/30)<br>|  |  |  |  |  |  |

---

*See financial notes*

Schwab Value Advantage Money Fund \| Annual Report**21**

------

Schwab Value Advantage Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ISSUER | FOOTNOTES | RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| MATURITY<br> AMOUNT ($)<br>| VALUE ($) |
| **MUFG SECURITIES AMERICAS INC** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.30% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39018633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities <br> valued at $40,950,000, 1.81% - 4.72%, due 07/25/24 - <br> 07/25/52)<br>|  |  |  |  |  |  |
| **NOMURA SECURITIES INTERNATIONAL INC** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.30% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 770367889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 770000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury Securities valued at <br> $785,400,097, 0.00% - 7.13%, due 12/31/22 - 02/15/47)<br>|  |  |  |  |  |  |
| **RBC DOMINION SECURITIES INC** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/28/22, repurchase date 01/04/23 |  | 4.30% |  | 01/04/23 | &nbsp;&nbsp; 1545290956 | &nbsp;&nbsp;&nbsp;&nbsp; 1544000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury and U.S. Government <br> Agency Securities valued at $1,591,078,794, 0.00% - <br> 5.50%, due 04/27/23 - 10/20/52)<br>|  |  |  |  |  |  |
| **ROYAL BANK OF CANADA** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/15/22, repurchase date 02/02/23 |  | 4.32% |  | 01/06/23 | &nbsp;&nbsp; 3853145520 | &nbsp;&nbsp;&nbsp;&nbsp; 3843000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury and U.S. Government <br> Agency Securities valued at $3,954,977,109, 0.00% - <br> 7.63%, due 01/05/23 - 02/20/69)<br>|  |  |  |  |  |  |
| **WELLS FARGO SECURITIES LLC** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.31% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 154073749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities <br> valued at $160,236,699, 2.00% - 7.00%, due 03/01/27 - <br> 01/01/53)<br>|  |  |  |  |  |  |
|  |  |  |  |  |  | **16914000000** |
| **U.S. TREASURY REPURCHASE AGREEMENTS 31.2%** | **U.S. TREASURY REPURCHASE AGREEMENTS 31.2%** | **U.S. TREASURY REPURCHASE AGREEMENTS 31.2%** | **U.S. TREASURY REPURCHASE AGREEMENTS 31.2%** | **U.S. TREASURY REPURCHASE AGREEMENTS 31.2%** | **U.S. TREASURY REPURCHASE AGREEMENTS 31.2%** | **U.S. TREASURY REPURCHASE AGREEMENTS 31.2%** |
| **BANK OF MONTREAL** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/08/22, repurchase date 01/25/23 |  | 4.28% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 670303116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 668000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury Securities valued at <br> $685,248,301, 0.13% - 3.88%, due 01/15/25 - 02/15/52)<br>|  |  |  |  |  |  |
| **BARCLAYS BANK PLC** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.30% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71476953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71442819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury Securities valued at <br> $72,906,554, 1.50%, due 02/15/25)<br>|  |  |  |  |  |  |
| **FEDERAL RESERVE BANK OF NEW YORK** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.30% |  | 01/03/23 | 48973387222 | &nbsp;&nbsp;&nbsp; 48950000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury Securities valued at <br> $48,973,387,294, 0.63% - 2.88%, due 02/15/25 - <br> 02/15/31)<br>|  |  |  |  |  |  |
| **FICC - BANK OF NEW YORK** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.30% |  | 01/03/23 | &nbsp;&nbsp; 1343641656 | &nbsp;&nbsp;&nbsp;&nbsp; 1343000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury Securities valued at <br> $1,369,860,056, 0.13% - 6.13%, due 02/15/24 - <br> 02/15/51)<br>|  |  |  |  |  |  |
|  |  |  |  |  |  | **51032442819** |

---

*See financial notes*

**22**Schwab Value Advantage Money Fund \| Annual Report

------

Schwab Value Advantage Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ISSUER | RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| MATURITY<br> AMOUNT ($)<br>| VALUE ($) |
| **OTHER REPURCHASE AGREEMENTS\*\* 3.7%** | **OTHER REPURCHASE AGREEMENTS\*\* 3.7%** | **OTHER REPURCHASE AGREEMENTS\*\* 3.7%** | **OTHER REPURCHASE AGREEMENTS\*\* 3.7%** | **OTHER REPURCHASE AGREEMENTS\*\* 3.7%** | **OTHER REPURCHASE AGREEMENTS\*\* 3.7%** |
| **BMO CAPITAL MARKETS CORP** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/28/22, repurchase date 01/04/23 | 4.41% |  | 01/04/23 | &nbsp;&nbsp;&nbsp;&nbsp; 121103758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury Securities, common <br> stocks, ETFs, corporate bonds, asset backed securities, <br> American depositary receipts, or non-agency <br> collateralized mortgage obligations valued at <br> $126,709,229, 0.50% - 7.30%, due 01/24/23 - 10/15/52)<br>|  |  |  |  |  |
| **BNP PARIBAS SA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/28/22, repurchase date 01/04/23 | 4.42% |  | 01/04/23 | &nbsp;&nbsp;&nbsp;&nbsp; 344295649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by common stocks, ETFs, corporate bonds, <br> asset backed securities, American depositary receipts, or <br> non-agency collateralized mortgage obligations valued at <br> $394,081,516, 2.38% - 16.64%, due 02/26/24 - 12/31/00)<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/28/22, repurchase date 01/04/23 | 4.47% |  | 01/04/23 | &nbsp;&nbsp;&nbsp;&nbsp; 412358097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by common stocks, ETFs, corporate bonds, <br> asset backed securities, American depositary receipts, or <br> non-agency collateralized mortgage obligations valued at <br> $474,212,063, 0.00% - 11.25%, due 11/01/25 - 08/25/45)<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/07/22, repurchase date 03/07/23 | 4.65% |  | 02/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 146086292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by common stocks, ETFs, corporate bonds, <br> asset backed securities, American depositary receipts, or <br> non-agency collateralized mortgage obligations valued at <br> $168,682,662, 0.00% - 17.72%, due 07/15/24 - 12/25/66)<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/28/22, repurchase date 03/28/23 | 4.76% |  | 02/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 194949091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by common stocks, ETFs, corporate bonds, <br> asset backed securities, American depositary receipts, or <br> non-agency collateralized mortgage obligations valued at <br> $206,296,677, 0.88% - 10.75%, due 09/15/23 - 12/31/00)<br>|  |  |  |  |  |
| **BOFA SECURITIES INC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 02/13/23<br> *(a)* | 4.72% | 01/03/23 | 02/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 421927333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by common stocks, ETFs, corporate bonds, <br> asset backed securities, American depositary receipts, or <br> non-agency collateralized mortgage obligations valued at <br> $483,000,000, 0.00% - 9.03%, due 02/11/28 - 08/25/67) <br>(SOFR + 0.42%)<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 02/13/23<br> *(a)* | 4.72% | 01/03/23 | 02/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 975455811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 971000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by common stocks, ETFs, corporate bonds, <br> asset backed securities, American depositary receipts, or <br> non-agency collateralized mortgage obligations valued at <br> $1,116,650,000, 0.00% - 11.05%, due 03/25/25 - <br> 01/29/70) <br>(SOFR + 0.42%)<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/01/22, repurchase date 03/31/23<br> *(a)* | 4.82% | 01/03/23 | 03/30/23 | &nbsp;&nbsp;&nbsp;&nbsp; 245855732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by common stocks, ETFs, corporate bonds, <br> asset backed securities, American depositary receipts, or <br> non-agency collateralized mortgage obligations valued at <br> $261,360,000, 0.00%, due 01/01/49 - 12/31/00) <br>(SOFR + 0.52%)<br>|  |  |  |  |  |

---

*See financial notes*

Schwab Value Advantage Money Fund \| Annual Report**23**

------

Schwab Value Advantage Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ISSUER | RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| MATURITY<br> AMOUNT ($)<br>| VALUE ($) |
| **JP MORGAN SECURITIES LLC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/09/22, repurchase date 01/09/23<br> *(a)* | 4.50% | 01/03/23 | 01/09/23 | &nbsp;&nbsp;&nbsp;&nbsp; 729817125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 727000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by common stocks, ETFs, corporate bonds, <br> asset backed securities, American depositary receipts, or <br> non-agency collateralized mortgage obligations valued at <br> $838,165,207, 0.00% - 16.19%, due 04/13/23 - 12/31/00) <br>(SOFR + 0.20%)<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/15/22, repurchase date 06/13/23<br> *(a)* | 4.72% | 01/03/23 | 03/30/23 | &nbsp;&nbsp;&nbsp;&nbsp; 427809533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 422000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by common stocks, ETFs, corporate bonds, <br> asset backed securities, American depositary receipts, or <br> non-agency collateralized mortgage obligations valued at <br> $486,248,763, 0.01% - 13.67%, due 03/20/23 - 12/31/00) <br>(SOFR + 0.42%)<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 10/07/22, repurchase date 04/05/23<br> *(a)* | 4.77% | 01/03/23 | 03/30/23 | &nbsp;&nbsp;&nbsp;&nbsp; 842997320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 824000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by common stocks, ETFs, corporate bonds, <br> asset backed securities, American depositary receipts, or <br> non-agency collateralized mortgage obligations valued at <br> $956,665,901, 0.00% - 14.69%, due 05/05/23 - 08/25/70) <br>(SOFR + 0.47%)<br>|  |  |  |  |  |
| **MIZUHO SECURITIES USA LLC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 | 4.42% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73035851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by common stocks, ETFs, corporate bonds, <br> asset backed securities, American depositary receipts, or <br> non-agency collateralized mortgage obligations valued at <br> $78,840,205, 0.00%, due 01/01/49 - 12/31/00)<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/13/22, repurchase date 01/13/23 | 4.47% |  | 01/13/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48184760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by common stocks, ETFs, corporate bonds, <br> asset backed securities, American depositary receipts, or <br> non-agency collateralized mortgage obligations valued at <br> $51,840,076, 0.00%, due 12/31/00)<br>|  |  |  |  |  |
| **RBC CAPITAL MARKETS LLC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/28/22, repurchase date 01/04/23 | 4.42% |  | 01/04/23 | &nbsp;&nbsp;&nbsp;&nbsp; 679583563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 679000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury Securities, common <br> stocks, ETFs, corporate bonds, asset backed securities, <br> American depositary receipts, or non-agency <br> collateralized mortgage obligations valued at <br> $713,584,652, 0.00% - 10.20%, due 02/23/23 - 12/31/00)<br>|  |  |  |  |  |
| **WELLS FARGO SECURITIES LLC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 11/07/22, repurchase date 05/08/23 | 4.86% |  | 04/04/23 | &nbsp;&nbsp;&nbsp;&nbsp; 311093900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by common stocks, ETFs, corporate bonds, <br> asset backed securities, American depositary receipts, or <br> non-agency collateralized mortgage obligations valued at <br> $359,368,632, 0.53% - 10.87%, due 03/25/23 - 05/25/65)<br>|  |  |  |  |  |

---

*See financial notes*

**24**Schwab Value Advantage Money Fund \| Annual Report

------

Schwab Value Advantage Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ISSUER | FOOTNOTES | RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| MATURITY<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/14/22, repurchase date 06/12/23 |  | 5.16% |  | 04/04/23 | &nbsp;&nbsp;&nbsp;&nbsp; 172704700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by common stocks, ETFs, corporate bonds, <br> asset backed securities, American depositary receipts, or <br> non-agency collateralized mortgage obligations valued at <br> $200,543,901, 0.00% - 10.47%, due 01/15/25 - 04/25/69)<br>|  |  |  |  |  |  |
|  |  |  |  |  |  | **6097000000** |
| **Total Repurchase Agreements** <br>**(Cost $74,043,442,819)** | **Total Repurchase Agreements** <br>**(Cost $74,043,442,819)** | **Total Repurchase Agreements** <br>**(Cost $74,043,442,819)** | **Total Repurchase Agreements** <br>**(Cost $74,043,442,819)** | **Total Repurchase Agreements** <br>**(Cost $74,043,442,819)** | **Total Repurchase Agreements** <br>**(Cost $74,043,442,819)** | **74043442819** |
| **Total Investments in Securities** <br>**(Cost $158,162,162,460)** | **Total Investments in Securities** <br>**(Cost $158,162,162,460)** | **Total Investments in Securities** <br>**(Cost $158,162,162,460)** | **Total Investments in Securities** <br>**(Cost $158,162,162,460)** | **Total Investments in Securities** <br>**(Cost $158,162,162,460)** | **Total Investments in Securities** <br>**(Cost $158,162,162,460)** | **158162162460** |

---

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

\* Collateralized via U.S. Government Agency Securities or less frequently by higher rated U.S. Treasury Securities.

\*\* Collateralized via common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations or less frequently by higher rated U.S. Government Agency Securities and/ or U.S. Treasury Securities. Securities without a stated maturity date, such as common stocks, ETFs, American depositary receipts and perpetual bonds, are represented by 12/31/00. 

*(a)* Variable rate security; rate shown is effective rate at period end.

*(b)* Credit-enhanced or liquidity-enhanced.

*(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 $26,378,410,712 or 16.1% of net assets. 

*(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;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| AUTH — | Authority |
| CNTY — | County |
| DEV — | Development |
| EFFR — | Effective Federal Funds Rate is published daily by the Federal Reserve Bank of New York and is based on the interest rate financial institutions charge each other for <br> overnight funds.<br>|
| FICC — | Fixed Income Clearing Corp |
| HSG — | Housing |
| IDA — | Industrial development agency/authority |
| IDRB — | Industrial development revenue bond |
| LIQ — | Liquidity agreement |
| LOC — | Letter of credit |
| M/F — | Multi-family |
| 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>|
| SOFR — | Secured Overnight Financing Rate is published daily by the Federal Reserve Bank of New York and is based on the cost of borrowing cash overnight collateralized by <br> U.S. Treasury securities.<br>|
| VRDN — | Variable rate demand note |

---

------

At December 31, 2022, all of the fund's investment securities were classified as Level 2. The breakdown of the fund's investments

into categories is disclosed on the Portfolio Holdings (see financial note 2(a) for additional information).

*See financial notes*

Schwab Value Advantage Money Fund \| Annual Report**25**

------

Schwab Value Advantage Money Fund

Statement of Assets and Liabilities

------

As of December 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at cost and value - unaffiliated (Note 2a) |  | &nbsp;&nbsp;&nbsp; $84118719641 |
| Repurchase agreements, at cost and value — unaffiliated (Note 2a) |  | &nbsp;&nbsp;&nbsp;&nbsp; 74043442819 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4820579684 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2018277184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 332200934 |
| Prepaid expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3266054 |
| **Total assets** |  | **165336486316** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1272783833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491374903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188658771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23565468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1399683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1547 |
| Accrued expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3709890 |
| **Total liabilities** |  | **1981494095** |
| **Net assets** |  | **$163354992221** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $163354992221 |
| **Net assets** |  | **$163354992221** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  |
| **Share Class**  | **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares** <br>**Outstanding** <br>| **=** | **NAV** |
| Investor Shares | $94290129572 |  | 94288430850 |  | $1.00 |
| Ultra Shares | $69064862649 |  | 69063675169 |  | $1.00 |

---

*See financial notes*

**26**Schwab Value Advantage Money Fund \| Annual Report

------

Schwab Value Advantage Money Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2022 through December 31, 2022 | For the period January 1, 2022 through December 31, 2022 | For the period January 1, 2022 through December 31, 2022 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| **Interest received from securities - unaffiliated** |  | **$2178143249** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp; 181429776 |
| Shareholder service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82626337 |
| Registration fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3508826 |
| Proxy fees<sup>1</sup> <br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1496288 |
| Custodian fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1272313 |
| Portfolio accounting fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 818806 |
| Shareholder reports |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700816 |
| Professional fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196953 |
| Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162008 |
| Transfer agent fees  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1326 |
| Other expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 663453 |
| **Total expenses** |  | **272876902** |
| Expense reduction | – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26913701 |
| **Net expenses** | – | **245963201** |
| **Net investment income** |  | **1932180048** |
| **REALIZED GAINS (LOSSES)** | **REALIZED GAINS (LOSSES)** | **REALIZED GAINS (LOSSES)** |
| **Net realized gains on sales of securities - unaffiliated** |  | **19783** |
| **Increase in net assets resulting from operations** |  | **$1932199831** |

---

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

<sup>1</sup> Proxy fees are non-routine expenses (see financial note 4 for additional information).

*See financial notes*

Schwab Value Advantage Money Fund \| Annual Report**27**

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Schwab Value Advantage Money Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/21-12/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp; $1932180048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $29661168 |
| Net realized gains | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9276 |
| **Increase in net assets from operations** |  | **$1932199831** | **$29670444** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| Investor Shares |  | &nbsp;&nbsp;&nbsp; ($1086735284) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ($17251715) |
| Ultra Shares | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (845462963) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12414827) |
| **Total distributions** |  | **($1932198247)** | **($29666542)** |
| **TRANSACTIONS IN FUND SHARES\*** | **TRANSACTIONS IN FUND SHARES\*** | **TRANSACTIONS IN FUND SHARES\*** | **TRANSACTIONS IN FUND SHARES\*** |
| **Shares Sold** |  |  |  |
| Investor Shares |  | &nbsp;&nbsp;&nbsp; 101563715487 | &nbsp;&nbsp;&nbsp; 16073464443 |
| Ultra Shares | + | &nbsp;&nbsp;&nbsp;&nbsp; 87751606766 | &nbsp;&nbsp;&nbsp; 23051474291 |
| **Total shares sold** |  | **189315322253** | **39124938734** |
| **Shares Reinvested** |  |  |  |
| Investor Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 820693630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14038849 |
| Ultra Shares | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 662088854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10043474 |
| **Total shares reinvested** |  | **1482782484** | **24082323** |
| **Shares Redeemed** |  |  |  |
| Investor Shares |  | &nbsp;&nbsp;&nbsp; (50339619587) | &nbsp;&nbsp; (30261185452) |
| Ultra Shares | + | &nbsp;&nbsp;&nbsp; (52426771227) | &nbsp;&nbsp; (27865832468) |
| **Total shares redeemed** |  | **(102766390814)** | **(58127017920)** |
| **Net transactions in fund shares** |  | **88031713923** | **(18977996863)** |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of period |  | &nbsp;&nbsp;&nbsp; $75323276714 | $94301269675 |
| Total increase (decrease) | + | &nbsp;&nbsp;&nbsp;&nbsp; 88031715507 | &nbsp;&nbsp; (18977992961) |
| **End of period** |  | **$163354992221** | **$75323276714** |

---

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

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

<sup>\*</sup> Transactions took place at $1.00 per share; figures for share quantities are the same as for dollars.

*See financial notes*

**28**Schwab Value Advantage Money Fund \| Annual Report

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Schwab Value Advantage Money Fund

Financial Notes

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

Schwab Value Advantage Money Fund is a series of The Charles Schwab Family of Funds (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 funds in the trust as of the end of the period, including the fund discussed in this report, which is highlighted:

---

| | |
|:---|:---|
| **THE CHARLES SCHWAB FAMILY OF FUNDS (ORGANIZED OCTOBER 20, 1989)** | **THE CHARLES SCHWAB FAMILY OF FUNDS (ORGANIZED OCTOBER 20, 1989)** |
| Schwab Government Money Fund | Schwab Retirement Government Money Fund |
| Schwab U.S. Treasury Money Fund | Schwab Municipal Money Fund |
| Schwab Treasury Obligations Money Fund | Schwab AMT Tax-Free Money Fund |
| **Schwab Value Advantage Money Fund** | Schwab California Municipal Money Fund |
| Schwab Variable Share Price Money Fund | Schwab New York Municipal Money Fund |

---

Schwab Value Advantage Money Fund offers two share classes: Investor Shares and Ultra Shares. Shares of each class represent interest in the same portfolio, but each class has different expenses and investment minimums.

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 fund's Board of Trustees (the Board) may authorize the issuance of as many shares as necessary.

The fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, the fund may also keep certain assets in segregated accounts, as required by securities law.

------

<br>**2. Significant Accounting Policies:**

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

**(a) Security Valuation:**

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated authority to a Valuation Designee, the fund's 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 and 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 in the fund are valued at amortized cost (which approximates fair value) as permitted in accordance with Rule 2a-7 of the 1940 Act. In the event that security valuations do not approximate fair value, securities may be fair valued as determined by the Valuation Designee. The Valuation Designee considers a number of factors, including unobservable market inputs when arriving at fair value and 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 fund discloses the fair value of its 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.

Schwab Value Advantage Money Fund \| Annual Report**29**

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Schwab Value Advantage Money Fund

Financial Notes (continued)

------

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

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

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, and whose values are therefore classified as Level 1 prices, include active listed equities, mutual funds and exchange-traded funds.

&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 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. Securities held by stable NAV money funds operating pursuant to Rule 2a-7 under the 1940 Act are valued at amortized cost which approximates current fair value and are considered to be valued using Level 2 inputs.

&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 the 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.

As disclosed in the Portfolio Holdings, as of December 31, 2022, all of the fund's investments were classified as Level 2.

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

**Repurchase Agreements:** In a repurchase agreement, a fund buys a security from another party (the counterparty), usually a financial institution, with the agreement that it be sold back in the future. Repurchase agreements subject a fund to counterparty risk, meaning that the fund could lose money if the other party fails to perform under the terms of the agreement. The fund mitigates this risk by ensuring that a fund's repurchase agreements are collateralized by cash and/or U.S. government securities, fixed income securities, equity securities or other types of securities. These risks are magnified to the extent that a repurchase agreement is secured by collateral other than cash and U.S. government securities, such as debt securities, equity securities and high yield securities that are rated below investment grade. All collateral is held by the fund's custodian (or, with multi-party agreements, the agent's bank) and is monitored daily to ensure that its fair value is at least equal to the maturity amount under the agreement. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed or limited and the value of the collateral may decline. Investments in repurchase agreements are also based on a review of the credit quality of the repurchase agreement counterparty.

As of December 31, 2022, the fund had investments in repurchase agreements with a gross value of $74,043,442,819 as disclosed in the Portfolio Holdings and the Statement of Assets and Liabilities. The value of the related collateral disclosed in the Portfolio Holdings exceeded the value of the repurchase agreements at period end.

**Cash Investments:** The fund may invest a portion of its assets in cash. Cash includes cash bank balances in an interest-bearing demand deposit account with maturity on demand by the fund.

**Delayed-Delivery and When-Issued Transactions:** The fund 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 fund's Portfolio Holdings, if any. The fund 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. Effective August 19, 2022, the fund complies with Rule 18f-4 under the 1940 Act, where money market funds are only permitted to invest in a security on a delayed-delivery or

**30**Schwab Value Advantage Money Fund \| Annual Report

------

Schwab Value Advantage Money Fund

Financial Notes (continued)

------

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

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

when-issued basis, or with a non-standard settlement cycle, and the transaction will be deemed not to involve a senior security, provided that, (i) the fund intends to physically settle the transaction and (ii) the transaction will settle within 35 days of its trade date. Pursuant to Rule 18f-4 portfolio securities are no longer required to be segregated as collateral to cover delayed-delivery or when-issued securities held within the fund.

**(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 the 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).

**(e) Expenses:**

Expenses that are specific to the fund are charged directly to the fund. Expenses that are common to more than one fund in the trusts generally are allocated among those funds in proportion to their average daily net assets.

The fund offers multiple share classes. The net investment income, other than class specific expenses, and the realized and unrealized gains or losses, are allocated daily to each class in proportion to their average daily net assets.

**(f) Distributions to Shareholders:**

The fund declares distributions from net investment income, if any, every day it is open for business. These distributions, which are substantially equal to the fund's net investment income for that day, are paid out to shareholders once a month. The fund makes 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 fund intends to meet federal income and excise tax requirements for regulated investment companies under subchapter M of the Internal Revenue Code, as amended. Accordingly, the fund distributes substantially all of its net investment income and net realized capital gains, if any, to its shareholders each year. As long as the fund meets the tax requirements, it is not required to pay federal income tax.

**(i) Indemnification:** 

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

**(j) Regulatory Update:** 

Effective January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information deemed important for retail investors to assess and monitor their fund investments. Other information, including financial statements, will no longer

Schwab Value Advantage Money Fund \| Annual Report**31**

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Schwab Value Advantage Money Fund

Financial Notes (continued)

------

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

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

appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these rule and form amendment changes on the content of the current shareholder report and the newly created annual and semiannual streamlined shareholder reports.

------

<br>**3. Risk Factors:**

**Market Risk.** Financial markets rise and fall in response to a variety of factors, sometimes rapidly and unpredictably. Markets may be impacted by economic, political, regulatory and other conditions, including economic sanctions and other government actions. In addition, the occurrence of global events, such as war, terrorism, environmental disasters, natural disasters and epidemics, may also negatively affect the financial markets. These events could reduce consumer demand or economic output; result in market closures, low or negative interest rates, travel restrictions or quarantines; and significantly adversely impact the economy. Governmental and quasi-governmental authorities and regulators throughout the world have in the past often responded to serious economic disruptions with a variety of significant fiscal and monetary policy changes which could have an unexpected impact on financial markets and the fund's investments. As with any investment whose performance is tied to these markets, the value of an investment in the fund will fluctuate, which means that an investor could lose money over short or long periods.

**Investment Risk.** You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

**Retail Money Market Fund Risk.** The fund is a "retail money market fund," as such term is defined or interpreted under the rules governing money market funds. A "retail money market fund" is a money market fund that has policies and procedures reasonably designed to limit all beneficial owners of the fund to natural persons. The fund may involuntarily redeem any investor who is not a natural person. The fund will provide advance notice of its intent to make any such involuntary redemption. Neither the fund nor the investment adviser will be responsible for any loss or tax liability in an investor's account resulting from such involuntary redemption. As a "retail money market fund," the fund is permitted to value its securities using the amortized cost method to seek to maintain a stable $1.00 share price. However, the fund may be subject to liquidity fees and/or redemption gates on fund redemptions if the fund's liquidity falls below required minimums because of market conditions or other factors.

**Interest Rate Risk.** Interest rates rise and fall over time. As with any investment whose yield reflects current interest rates, the fund's yield will change over time. During periods when interest rates are low or there are negative interest rates, the fund's yield (and total return) also could be low or even negative. In addition, the fund may be unable to pay expenses out of fund assets or maintain a stable $1.00 share price. Also, a change in a central bank's monetary policy or economic conditions may result in a change in interest rates, which could have sudden and unpredictable effects on the markets. A sudden or unpredictable rise or decline in interest rates may cause volatility. Volatility in the market may decrease liquidity in the money market securities markets, making it more difficult for the fund to sell its money market investments at a time when the investment adviser might wish to sell such investments. Decreased market liquidity also may make it more difficult to value some or all of the fund's money market securities holdings.

**Stable Net Asset Value Risk.** If the fund or another money market fund fails to maintain a stable net asset value (or such perception exists in the market place), the fund could experience increased redemptions, which may adversely impact the fund's share price. The fund is permitted, among other things, to reduce or withhold any income and/or gains generated from its portfolio to maintain a stable $1.00 share price.

**Repurchase Agreements Risk.** When the fund enters into a repurchase agreement, the fund is exposed to the risk that the other party (i.e., the counterparty) will not fulfill its contractual obligation. In a repurchase agreement, there exists the risk that, when the fund buys a security from a counterparty that agrees to repurchase the security at an agreed upon price (usually higher) and time, the counterparty will not repurchase the security. These risks are magnified to the extent that a repurchase agreement is secured by collateral other than cash and government securities, such as debt securities, equity securities and high-yield securities that are rated below investment grade (also referred to as junk bonds) (Alternative Collateral). High-yield securities that are used as

**32**Schwab Value Advantage Money Fund \| Annual Report

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Schwab Value Advantage Money Fund

Financial Notes (continued)

------

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

**3. Risk Factors (continued):** 

Alternative Collateral are subject to greater levels of credit and liquidity risk, and are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments. Alternative Collateral may be subject to greater price volatility and may be more volatile or less liquid than other types of collateral, increasing the risk that the fund will be unable to recover fully in the event of a counterparty's default.

**Credit Risk.** A decline in the credit quality of an issuer, guarantor or liquidity provider of a portfolio investment or a counterparty could cause the fund to lose money or underperform. The fund could lose money if, due to a decline in credit quality, the issuer, guarantor or liquidity provider of a portfolio investment or a counterparty fails to make, or is perceived as being unable or unwilling to make, timely principal or interest payments or otherwise honor its obligations. Even though the fund's investments in repurchase agreements are collateralized at all times, there is some risk to the fund if the other party should default on its obligations and the fund is delayed or prevented from recovering or disposing of the collateral. The credit quality of the fund's portfolio holdings can change rapidly in certain market environments and any downgrade or default on the part of a single portfolio investment could cause the fund's share price or yield to fall.

Certain U.S. government securities that the fund invests in are not backed by the full faith and credit of the U.S. government, which means they are neither issued nor guaranteed by the U.S. Treasury. Although maintained in conservatorship by the Federal Housing Finance Agency (FHFA) since September 2008, the Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) maintain only lines of credit with the U.S. Treasury. The Federal Home Loan Banks maintain limited access to credit lines from the U.S. Treasury. Other securities, such as obligations issued by the Federal Farm Credit Banks Funding Corporation, are supported solely by the credit of the issuer. There can be no assurance that the U.S. government will provide financial support to securities of its agencies and instrumentalities if it is not obligated to do so under law. Also, any government guarantees on securities the fund owns do not extend to the shares of the fund itself.

**Credit and Liquidity Enhancements Risk.** The fund may invest in securities with credit or liquidity enhancements provided by a bank or other financial institution, and the existence and nature of such enhancements may be a significant factor in the investment adviser's decision-making process. Generally, these enhancements are employed by the issuers of the securities to reduce credit risk and provide enhanced or back-up liquidity for a purchaser, such as the fund. Adverse developments affecting these banks and financial institutions could therefore have a negative effect on the value of the fund's holdings. For example, a rating agency downgrade of a credit or liquidity enhancement provider may adversely affect the value of securities held by the fund. Any decline in the value of the securities held by the fund could cause the fund's share price or yield to fall. To the extent that a portion of the fund's underlying investments are enhanced by the same bank or financial institution, these risks may be increased.

**Foreign Investment Risk.** Although the fund may invest only in U.S. dollar-denominated securities, the fund's investments in securities of foreign issuers or securities with credit or liquidity enhancements provided by foreign entities may involve certain risks that are greater than those associated with investments in securities of U.S. issuers or securities with credit or liquidity enhancements provided by U.S. entities. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; the imposition of economic sanctions or other government restrictions; differing accounting, auditing, financial reporting and legal standards and practices; differing securities market structures; and higher transaction costs. These risks may negatively impact the value or liquidity of the fund's investments, and could impair the fund's ability to meet its investment objective or invest in accordance with its investment strategy. In addition, sovereign risk, or the risk that a government may become unwilling or unable to meet its loan obligations or guarantees, could increase the credit risk of financial institutions connected to that particular country.

**Management Risk.** Any actively managed mutual fund is subject to the risk that its investment adviser will select investments or allocate assets in a manner that could cause the fund to underperform or otherwise not meet its investment objective. The fund's investment adviser applies its own investment techniques and risk analyses in making investment decisions for the fund, but there can be no guarantee that they will produce the desired results. The investment adviser's maturity decisions will also affect the fund's yield, and potentially could affect its share price. To the extent that the investment adviser anticipates interest rate trends imprecisely, the fund's yield at times could lag the yields of other money market funds.

**Liquidity Risk.** Liquidity risk exists when particular investments are difficult to purchase, sell or value, especially during stressed market conditions. The market for certain investments may become illiquid due to specific adverse changes in the conditions of a particular issuer or under adverse market or economic conditions independent of the issuer. In addition, limited dealer inventories of certain securities could potentially lead to decreased liquidity. In such cases, the fund, due to limitations on investments in illiquid securities and the difficulty in readily purchasing and selling such securities at favorable times or prices, may decline in value, experience lower returns and/or be unable to achieve its desired level of exposure to a certain issuer or sector. Further, transactions in illiquid securities may entail transaction costs that are higher than those for transactions in liquid securities.

Schwab Value Advantage Money Fund \| Annual Report**33**

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Schwab Value Advantage Money Fund

Financial Notes (continued)

------

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

**3. Risk Factors (continued):** 

**Redemption Risk.** The fund may experience periods of heavy redemptions that could cause the fund to liquidate its assets at inopportune times or at a loss or depressed value, particularly during periods of declining or illiquid markets. Redemptions by a few large investors in the fund may have a significant adverse effect on the fund's ability to maintain a stable $1.00 share price. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the fund, could face a market-wide risk of increased redemption pressures, potentially jeopardizing the stability of their $1.00 share prices.

**Money Market Fund Regulation Risk.** The SEC and other regulatory agencies continue to review the regulation of money market funds. As of the date of this shareholder report, the SEC has proposed amendments to the rules that govern money market funds. These proposed amendments, if implemented, may affect the fund's investment strategies, performance, yield, expenses, operations and continued viability.

**Money Market Fund Risk.** The fund is not designed to offer capital appreciation. In exchange for their emphasis on stability and liquidity, money market investments may offer lower long-term performance than stock or bond investments.

Please refer to the fund's prospectus for a more complete description of the principal risks of investing in the fund.

------

<br>**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 the fund's investment adviser and administrator pursuant to an Investment Advisory and Administration Agreement between the investment adviser and the trust.

For its advisory and administrative services to the fund, the investment adviser is entitled to receive an annual fee, payable monthly, equal to 0.19% of the fund's average daily net assets.

**Shareholder Servicing**

The Board has adopted a Shareholder Servicing and Sweep Administration Plan (the Plan) on behalf of the fund. The Plan enables the 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 fund.

Pursuant to the Plan, the fund's shares are subject to an annual shareholder servicing fee up to the amount set forth in the table below. The shareholder servicing fee paid to a particular service provider is made pursuant to its written agreement with Schwab, as distributor of the fund (or, in the case of payments made to Schwab acting as a service provider, pursuant to Schwab's written agreement with the fund), and the fund will pay no more than the amounts listed in the table below, calculated based on the average annual daily net asset value of the fund shares owned by shareholders holding shares through such service providers.

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.

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| | |
|:---|:---|
|  | SHAREHOLDER SERVICING FEE |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares | n/a |

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**Contractual Expense Limitation**

The investment adviser and its affiliates have made an additional agreement with the fund, for so long as the investment adviser serves as the investment adviser to the fund, which 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 (expense limitation), as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares | 0.19% |

---

During the period ended December 31, 2022, the fund waived a total of $26,913,701 in expenses: $7,335,694 was waived in accordance with the contractual expense limitation agreement and $19,578,007 was waived voluntarily.

**34**Schwab Value Advantage Money Fund \| Annual Report

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Schwab Value Advantage Money Fund

Financial Notes (continued)

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

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

**Voluntary Yield Waiver/Reimbursement**

The investment adviser and its affiliates may waive and/or reimburse expenses to the extent necessary to maintain a positive net yield for the fund.

**Interfund Transactions**

The fund may engage in transactions with certain other funds in the Fund Complex (for definition refer to the Trustees and Officers section) 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 is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs. This practice is limited to funds that share the same investment adviser, trustees and/or officers. For the period ended December 31, 2022, the fund's purchases and sales of securities with other funds in the Fund Complex was $0 and $483,879,088 respectively, and includes realized gains of $0.

**Interfund Borrowing and Lending**

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (SEC), the fund may enter into interfund borrowing and lending transactions with other funds in the Fund 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 fund had no interfund borrowing or lending activity during the period.

------

<br>**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 fund did not pay any of these interested persons for their services as trustees, but did pay non-interested persons (independent trustees), as noted on the fund's Statement of Operations. For information regarding the trustees, please refer to the Trustees and Officers table at the end of this report.

------

<br>**6. Borrowing from Banks:**

During the period, the fund was a participant with other funds in the Fund Complex in a joint, syndicated, committed $850 million line of credit (the Syndicated Credit Facility), which matured on September 29, 2022. On September 29, 2022, the Syndicated Credit Facility was amended to run for a new 364 day period with the line of credit amount increasing to $1 billion, maturing on September 28, 2023. Under the terms of the Syndicated Credit Facility, in addition to the interest charged on any borrowings by the fund, the fund paid a commitment fee of 0.15% per annum on the fund's proportionate share of the unused portion of the Syndicated Credit Facility.

During the period, the fund was a participant with other funds in the Fund 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 29, 2022. On September 29, 2022, 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 28, 2023. Under the terms of the Uncommitted Credit Facility, the fund pays interest on the amount the fund borrows. There were no borrowings from either line of credit during the period.

The fund also has access to custodian overdraft facilities. The fund may have utilized the overdraft facility and incurred an interest expense, which is disclosed on the fund's Statement of Operations, if any. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.

------

<br>**7. Federal Income Taxes:**

As of December 31, 2022, the tax basis cost of the fund's investments was $158,162,162,460.

As of December 31, 2022, the fund had no components of distributable earnings on a tax basis.

Schwab Value Advantage Money Fund \| Annual Report**35**

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Schwab Value Advantage Money Fund

Financial Notes (continued)

------

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

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

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

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| | |
|:---|:---|
| CURRENT FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS |
| ORDINARY <br>INCOME <br>| &nbsp;&nbsp; ORDINARY <br>INCOME <br>|
| $1932198247 | $29666542 |

---

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 on the financial statements. The fund 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.

As of December 31, 2022, 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 fund, and has determined that no provision for income tax is required in the fund's financial statements. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the fiscal year ended December 31, 2022, the fund did not incur any interest or penalties.

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<br>**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.

**36**Schwab Value Advantage Money Fund \| Annual Report

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Schwab Value Advantage Money Fund

Report of Independent Registered Public Accounting Firm

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To the Board of Trustees of The Charles Schwab Family of Funds and Shareholders of Schwab Value Advantage Money Fund

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

We have audited the accompanying statement of assets and liabilities, including the portfolio holdings, of Schwab Value Advantage Money Fund (the "Fund"), one of the funds constituting The Charles Schwab Family of Funds, as of December 31, 2022, the related statement 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 three years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended in conformity with accounting principles generally accepted in the United States of America. The financial highlights for each of the two years in the period ended December 31, 2019 were audited by other auditors, whose report, dated February 18, 2020, expressed an unqualified opinion on such financial highlights.

***Basis for Opinion***

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's 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 Fund 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 Fund is not required to have, nor were we engaged to perform, an audit of its 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 Fund's 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 December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

**Deloitte & Touche LLP** <br>Denver, Colorado <br>February 16, 2023

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

Schwab Value Advantage Money Fund \| Annual Report**37**

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Schwab Value Advantage Money Fund

Other Federal Tax Information (unaudited)

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For the fiscal year ended December 31, 2022, the fund designates 98.60% of dividend income as business interest income under section 163(j) of the Internal Revenue Code.

**38**Schwab Value Advantage Money Fund \| Annual Report

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Schwab Value Advantage Money Fund

Trustees and Officers

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The tables below give information about the trustees and officers of The Charles Schwab Family of Funds, which includes the fund covered in this report. The "Fund Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust. The Fund Complex includes 105 funds.

The address for all trustees and officers is 211 Main Street, San Francisco, CA 94105. You can find more information about the trustees and officers in the fund's Statement of Additional Information, which is available free by calling 1-877-824-5615.

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| | | | |
|:---|:---|:---|:---|
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Name, Year of Birth, and <br> Position(s) with the trust <br> (Terms of office, and <br> length of Time Served<sup>1</sup>)<br>| Principal Occupations<br> During the Past Five Years<br>| Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee<br>| Other Directorships |
| **Michael J. Beer**<br> 1961<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios, Schwab <br> Strategic Trust and Laudus Trust <br> since 2022)<br>| Retired. Director, President and Chief Executive Officer <br> (Dec. 2016 – Sept. 2019), Principal Funds (investment management).<br>| 105 | Director (2016 – 2019), <br> Principal Funds, Inc.<br>|
| **Robert W. Burns**<br> 1959<br> Trustee<br> (Trustee of Schwab Strategic Trust <br> since 2009; The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios and <br> Laudus Trust since 2016)<br>| Retired/Private Investor. | 105 |  |
| **Nancy F. Heller**<br> 1956<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios, Schwab <br> Strategic Trust and Laudus Trust <br> since 2018)<br>| Retired. | 105 |  |
| **David L. Mahoney**<br> 1954<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios and <br> Laudus Trust since 2011; Schwab <br> Strategic Trust since 2016)<br>| Private Investor. | 105 | Director <br> (2004 – present), <br> Corcept Therapeutics <br> Incorporated <br> Director (2009 – 2021), <br> Adamas <br> Pharmaceuticals, Inc.<br> Director (2003 – 2019), <br> Symantec Corporation<br>|
| **Jane P. Moncreiff**<br> 1961<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios, Schwab <br> Strategic Trust and Laudus Trust <br> since 2019)<br>| Consultant (2018 – present), Fulham Advisers LLC (management <br> consulting); Chief Investment Officer (2009 – 2017), CareGroup <br> Healthcare System, Inc. (healthcare).<br>| 105 |  |

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Schwab Value Advantage Money Fund \| Annual Report**39**

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Schwab Value Advantage Money Fund

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| | | | |
|:---|:---|:---|:---|
| **Independent Trustees (continued)** | **Independent Trustees (continued)** | **Independent Trustees (continued)** | **Independent Trustees (continued)** |
| Name, Year of Birth, and <br> Position(s) with the trust <br> (Terms of office, and <br> length of Time Served<sup>1</sup>)<br>| Principal Occupations<br> During the Past Five Years<br>| Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee<br>| Other Directorships |
| **Kimberly S. Patmore**<br> 1956<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios, Schwab <br> Strategic Trust and Laudus Trust <br> since 2016)<br>| Consultant (2008 – present), Patmore Management Consulting <br> (management consulting).<br>| 105 |  |
| **J. Derek Penn**<br> 1957<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios, Schwab <br> Strategic Trust and Laudus Trust <br> since 2021)<br>| Head of Equity Sales and Trading (2006 – 2018), BNY Mellon (financial <br> services).<br>| 105 |  |

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**40**Schwab Value Advantage Money Fund \| Annual Report

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Schwab Value Advantage Money Fund

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

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| | | | |
|:---|:---|:---|:---|
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| Name, Year of Birth, and <br> Position(s) with the trust <br> (Terms of office, and <br> length of Time Served<sup>1</sup>)<br>| Principal Occupations<br> During the Past Five Years<br>| Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee<br>| Other Directorships |
| **Walter W. Bettinger II**<sup>2</sup> 1960<br> Chairman and Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust <br> and Schwab Annuity Portfolios since <br> 2008; Schwab Strategic Trust since <br> 2009; Laudus Trust since 2010)<br>| Co-Chairman of the Board (July 2022 – present), Director and Chief <br> Executive Officer (Oct. 2008 – present) and President <br> (Feb. 2007 – Oct. 2021), The Charles Schwab Corporation; President and <br> Chief Executive Officer (Oct. 2008 – Oct. 2021) and Director <br> (May 2008 – Oct. 2021), Charles Schwab & Co., Inc.; Director <br> (Apr. 2006 – present), Charles Schwab Bank, SSB; Director <br> (Nov. 2017 – present), Charles Schwab Premier Bank, SSB; Director <br> (July 2019 – present), Charles Schwab Trust Bank; Director <br> (May 2008 – present), Chief Executive Officer (Aug. 2017 – present) and <br> President (Aug. 2017 – Nov. 2021), Schwab Holdings, Inc.; Director <br> (Oct. 2020 – present), TD Ameritrade Holding Corporation; Director <br> (July 2016 – Oct. 2021), Charles Schwab Investment Management, Inc.<br>| 105 | Director <br> (2008 – present), The <br> Charles Schwab <br> Corporation <br>|
| **Richard A. Wurster**<sup>2</sup> 1973<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios, Schwab <br> Strategic Trust and Laudus Trust <br> since 2022)<br>| President (Oct. 2021 – present) and Executive Vice President – Schwab <br> Asset Management Solutions (Apr. 2019 – Oct. 2021), The Charles <br> Schwab Corporation; President, Director (Oct. 2021 – present), Executive <br> Vice President – Schwab Asset Management Solutions <br> (July 2019 – Oct. 2021) and Senior Vice President – Advisory <br> (May 2016 – July 2019), Charles Schwab & Co., Inc.; President <br> (Nov. 2021 – present), Schwab Holdings, Inc.; Director <br> (Oct. 2021 – present) and Chief Executive Officer (Nov. 2019 – Jan. 2022), <br> Charles Schwab Investment Management, Inc.; Director, Chief Executive <br> Officer and President (Mar. 2018 – Oct. 2022), Charles Schwab Investment <br> Advisory, Inc.; Chief Executive Officer (July 2016 – Apr. 2018) and <br> President (Mar. 2017 – Apr. 2018), ThomasPartners, Inc.; Chief Executive <br> Officer (July 2016 – Apr. 2018), Windhaven Investment Management, Inc.<br>| 105 |  |

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

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| | |
|:---|:---|
| **Officers of the Trust** | **Officers of the Trust** |
| Name, Year of Birth, and Position(s) with the trust <br> (Terms of office, and length of Time Served<sup>3</sup>)<br>| Principal Occupations During the Past Five Years |
| **Jonathan de St. Paer**<br> 1973<br> President and Chief Executive Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios, Schwab Strategic Trust and Laudus Trust since <br> 2018)<br>| Director (Apr. 2019 – present), President (Oct. 2018 – present), Chief Operating Officer <br> (Jan. 2021 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab <br> Investment Management, Inc.; Senior Vice President (June 2020 – Mar. 2022) and Chief <br> Operating Officer (Jan. 2021 – Mar. 2022), Charles Schwab Investment Advisory, Inc.; Chief <br> Executive Officer (Apr. 2019 – present), President (Nov. 2018 – present) and Trustee <br> (Apr. 2019 – Dec. 2020), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director <br> (May 2022 – present), Senior Vice President (Apr. 2019 – May 2022) and Senior Vice <br> President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), Charles <br> Schwab & Co., Inc.<br>|
| **Mark Fischer**<br> 1970<br> Chief Operating Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios, Schwab Strategic Trust and Laudus Trust since <br> 2013)<br>| Chief Operating Officer (Dec. 2020 – present) and Treasurer and Chief Financial Officer <br> (Jan. 2016 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Chief Financial <br> Officer (Mar. 2020 – present) and Vice President (Oct. 2013 – present), Charles Schwab <br> Investment Management, Inc.<br>|
| **Dana Smith**<br> 1965<br> Treasurer and Chief Financial Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios, Schwab Strategic Trust and Laudus Trust since <br> 2023)<br>| Treasurer and Chief Financial Officer (Jan. 2023 – present) and Assistant Treasurer <br> (Dec. 2015 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Vice President <br> (Mar. 2022 – present) and Director (Oct. 2015 – Mar. 2022), Charles Schwab Investment <br> Management, Inc.<br>|

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Schwab Value Advantage Money Fund \| Annual Report**41**

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Schwab Value Advantage Money Fund

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| | |
|:---|:---|
| **Officers of the Trust (continued)** | **Officers of the Trust (continued)** |
| Name, Year of Birth, and Position(s) with the trust <br> (Terms of office, and length of Time Served<sup>3</sup>)<br>| Principal Occupations During the Past Five Years |
| **Omar Aguilar**<br> 1970<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios, Schwab Strategic Trust and Laudus Trust since <br> 2011)<br>| Chief Executive Officer (Jan. 2022 – present), Chief Investment Officer (Apr. 2011 – present) <br> and Senior Vice President (Apr. 2011 – Dec. 2021), Charles Schwab Investment <br> Management, Inc.; Director, Chief Executive Officer and President (Oct. 2022 – present), <br> Charles Schwab Investment Advisory, Inc.; Vice President and Chief Investment Officer <br> (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs.<br>|
| **Brett Wander**<br> 1961<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios, Schwab Strategic Trust and Laudus Trust since <br> 2011)<br>| Senior Vice President and Chief Investment Officer (Apr. 2011 – present), Charles Schwab <br> Investment Management, Inc.; Vice President and Chief Investment Officer <br> (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs.<br>|
| **William P. McMahon, Jr.**<br> 1972<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios, Schwab Strategic Trust and Laudus Trust since <br> 2021)<br>| Senior Vice President and Chief Investment Officer (Jan. 2020 – present), Charles Schwab <br> Investment Management, Inc.; Vice President and Chief Investment Officer <br> (June 2021 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Senior Vice President <br> and Chief Investment Officer – ThomasPartners Strategies (Apr. 2018 – Dec. 2019), Charles <br> Schwab Investment Advisory, Inc.; Senior Vice President and Chief Investment Officer <br> (May 2001 – Apr. 2018), ThomasPartners, Inc.<br>|
| **Catherine MacGregor**<br> 1964<br> Chief Legal Officer and Secretary, Schwab Funds and <br> Schwab ETFs<br> Chief Legal Officer, Vice President and Clerk, Laudus Trust<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios and Laudus Trust since 2005; Schwab Strategic <br> Trust since 2009)<br>| Chief Legal Officer (Mar. 2022 – present) and Vice President (Sept. 2005 – present), Charles <br> Schwab Investment Management, Inc.; Managing Director (May 2022 – present) and Vice <br> President (July 2005 – May 2022), Charles Schwab & Co., Inc.; Vice President <br> (Dec. 2005 – present) and Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus Trust; <br> Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President <br> (Nov. 2005 – Oct. 2021) and Assistant Secretary (June 2007 – Oct. 2021), Schwab Funds; <br> Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President and Assistant <br> Secretary (Oct. 2009 – Oct. 2021), Schwab ETFs.<br>|

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<sup>1</sup>

Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed. The retirement policy requires that each independent trustee retire by December 31 of the year in which the Trustee turns 74 or the Trustee's twentieth year of service as an independent trustee on any trust in the Fund Complex, whichever occurs first.

<sup>2</sup>

Mr. Bettinger and Mr. Wurster are Interested Trustees. Mr. Bettinger and Mr. Wurster are Interested Trustees because each owns stock of The Charles Schwab Corporation (CSC), the parent company of Charles Schwab Investment Management, Inc., the investment adviser for the trusts in the Fund Complex, and is an employee of Charles Schwab & Co., Inc. (Schwab), the principal underwriter for The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust.

<sup>3</sup>

The President, Treasurer and Secretary/Clerk hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board.

**42**Schwab Value Advantage Money Fund \| Annual Report

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Schwab Value Advantage Money Fund

Glossary

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**144A securities** These securities may be sold only to qualified institutional buyers under Securities Act Rule 144A.

**agency discount notes** Notes issued by federal agencies—known as Government Sponsored Enterprises, or GSEs—at a discount to their value at maturity. An agency discount note is a short-term investment offering a high degree of credit quality.

**American depositary receipt (ADR)** U.S. dollar-denominated receipts issued by U.S. banks or trust companies that represent shares of foreign-based corporations.

**asset-backed commercial paper** A short-term investment that is typically issued by a bank or other financial institution. The notes represent an interest in financial assets such as trade receivables, credit card receivables, auto receivables, etc. and are generally used for the short-term financing needs of companies. Asset-backed commercial paper is subject to credit risk.

**capital gain, capital loss** The difference between the amount paid for an investment and its value at a later time. If the investment has been sold, the capital gain or loss is considered a realized gain or loss. If the investment is still held, the gain or loss is still "on paper" and is considered unrealized.

**collateralized mortgage obligation (CMO)** A type of security that is collateralized by pools of mortgages backed by government agencies or private issuers (non-agency). The streams of principal and interest payments on the mortgages are distributed to the different classes of CMO interests, known as tranches. Each tranche may have different principal balances, coupon rates, prepayment risks, and maturity dates.

**commercial paper** Promissory notes issued by banks, corporations and other entities to finance short-term credit needs. These securities generally are structured on a discounted basis but sometimes may be interest-bearing notes. Commercial paper, which may be unsecured, is subject to credit risk.

**corporate note** An unsecured debt security issued by a corporation that is subject to the credit risk of the issuer.

**credit-enhanced securities** Securities that are backed by the credit of an entity other than the issuer (such as a financial institution). Credit enhancements, which can equal up to 100% of the security's value, are designed to help lower the risk of default on a security and may also make the security more liquid.

**credit quality** The capacity of an issuer to make its interest and principal payments. Federal regulations strictly regulate the credit quality of the securities a money market fund can buy.

**credit ratings** Debt issuers, including corporations, states and municipalities, may arrange with a recognized independent rating organization, such as Standard & Poor's, Fitch, Inc., Moody's Investor Service, and DBRS, to rate their creditworthiness and/or the creditworthiness of their debt issues. For example, an issuer may obtain a long-term rating within the investment grade rating category, which is, from high to low, AAA, AA, A and BBB for Standard & Poor's, Fitch, and DBRS; and Aaa, Aa, A and Baa for Moody's.

**credit risk** The risk that a debt issuer may be unable to pay interest or repay principal to its debt holders.

**dollar-weighted average maturity** See weighted average maturity.

**effective yield** A measurement of a fund's yield that assumes that all interest income is reinvested in additional shares of the fund.

**exchange-traded fund (ETF)** An investment fund that tracks an index, a commodity or a basket of assets, and trades on an exchange.

**expense ratio** The amount that is taken from a mutual fund's assets each year to cover the fund's operating expenses. An expense ratio of 0.50% means that a fund's expenses amount to half of one percent of its average net assets a year.

**face value** The value of a bond, note, mortgage or other security as given on the certificate or instrument. Face value is also referred to as par value or nominal value.

**illiquid securities** Securities are generally considered illiquid if they cannot be disposed of promptly (typically within seven days) and in the ordinary course of business at approximately the amount at which a fund has valued the instruments.

**interest** Payments to holders of debt securities as compensation for loaning a security's principal to the issuer.

**liquidity-enhanced security** The security's structure includes a liquidity arrangement that requires an entity other than the issuer (such as a large financial institution) to provide funds to pay a tender under most circumstances. Liquidity enhancements are often used on variable-rate securities where the portfolio manager has an option to tender the securities for repayment within a specified time period (usually one day or one week) at any time prior to their final maturity.

**maturity** The date a debt security is scheduled to be "retired" and its principal amount repaid. The Maturity of an investment will generally reflect the security's final maturity date unless the security's structure includes a maturity-shortening provision such as an interest rate reset, demand feature or put feature (the "Effective Maturity Date"). For those securities with a maturity-shortening provision, including variable-rate demand securities, the Maturity is determined by using the Effective Maturity Date, as permitted by Rule 2a-7.

**municipal securities** Debt securities issued by a state, its counties, municipalities, authorities and other subdivisions, or the territories and possessions of the United States and the District of Columbia, including their subdivisions, agencies and instrumentalities and corporations. These securities may be issued to obtain money for various public purposes, including the construction of a wide range of public facilities such as airports, bridges, highways, housing, hospitals, mass transportation, public utilities, schools, streets, and water and sewer works.

**net asset value per share (NAV)** The value of one share of a mutual fund. NAV is calculated by taking the fund's total assets, subtracting liabilities, and dividing by the number of shares outstanding. Certain money funds seek to maintain a steady NAV of $1.00.

**outstanding shares, shares outstanding** When speaking of a company or mutual fund, indicates all shares currently held by investors.

**repurchase agreement** (also known as a "repo") The sale of a security combined with a simultaneous agreement to repurchase it at a predetermined date and price.

**restricted securities** Securities that are subject to contractual restrictions on resale. These securities are often purchased in private placement transactions.

**total return** The percentage that an investor would have earned or lost on an investment in the fund assuming dividends and distributions were reinvested.

Schwab Value Advantage Money Fund \| Annual Report**43**

------

Schwab Value Advantage Money Fund

**variable rate demand obligations (VRDOs)** Securities that have long maturities but which, because of their structure, require them to repay principal plus accrued interest within a specified timeframe (usually one or seven days) upon the demand of the bond holder. Depending on their structure, the repayment may be made by the bond issuer or by a financial institution, such as a highly rated bank.

**weighted average maturity (WAM)** For money market mutual funds as per rule 2a-7, the maturity date or Effective Maturity Date (see definition of maturity) of all the debt securities in its portfolio, or the date the interest rate on those securities is reset, or the date those

securities can be redeemed through demand, calculated as a weighted average. As a rule, the longer a fund's weighted average maturity, the greater its interest rate risk. Money funds are required to maintain a weighted average maturity of no more than 60 days.

**yield** The income paid out by an investment, expressed as a percentage of the investment's market value.

**44**Schwab Value Advantage Money Fund \| Annual Report

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

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

Notes

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

Notes

------

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

Notes

------

Schwab Value Advantage Money Fund

Schwab Asset Management

------

With a straightforward lineup of core products and solutions for building the foundation of a portfolio, Schwab Asset Management advocates for investors of all sizes with a steadfast focus on lowering costs and reducing unnecessary complexity. The list below shows all currently available Schwab Funds<sup>®</sup>.

**Investors should carefully consider information contained in the prospectus, or if available, the summary prospectus, including investment objectives, risks, charges and expenses before investing. Please call 1-877-824-5615 for a prospectus for any Schwab Fund. Please read the prospectus carefully before you invest. This report must be preceded or accompanied by a current 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/schwabfunds_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/schwabfunds_prospectus or the SEC's website at www.sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Schwab Funds**

**Equity Funds**

Schwab Core Equity Fund

Schwab Dividend Equity Fund

Schwab Large-Cap Growth Fund

Schwab Small-Cap Equity Fund

Schwab Health Care Fund

Schwab International Core Equity Fund

Schwab International Opportunities Fund

Schwab Select Large Cap Growth Fund

Schwab Fundamental US Large Company Index Fund

Schwab Fundamental US Small Company Index Fund

Schwab Fundamental International Large Company Index Fund

Schwab Fundamental International Small Company Index Fund

Schwab Fundamental Emerging Markets Large Company Index Fund

Schwab Fundamental Global Real Estate Index Fund

Schwab Global Real Estate Fund

Schwab S&P 500 Index Fund

Schwab 1000 Index<sup>®</sup> Fund

Schwab Small-Cap Index Fund<sup>®</sup>

Schwab Total Stock Market Index Fund<sup>®</sup>

Schwab U.S. Large-Cap Growth Index Fund

Schwab U.S. Large-Cap Value Index Fund

Schwab U.S. Mid-Cap Index Fund

Schwab International Index Fund<sup>®</sup>

**Asset Allocation Funds**

Schwab Balanced Fund

Schwab MarketTrack Portfolios<sup>®</sup>

Schwab Target Funds

Schwab Target Index Funds

Schwab Monthly Income Funds

**Bond Funds**

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<sup>1</sup>

Schwab California Tax-Free Bond Fund<sup>1</sup>

Schwab Opportunistic Municipal Bond Fund

**Schwab Money Funds**<sup>2</sup>

Schwab provides a broad choice of taxable and tax-exempt money market funds for both retail and institutional client types.

**Investment Adviser**

Charles Schwab Investment Management, Inc., dba Schwab Asset Management

211 Main Street, San Francisco, CA 94105

**Funds**

Schwab Funds

1-877-824-5615© 2023 Charles Schwab & Co., Inc. All rights reserved. <br>Member SIPC<sup>®</sup> <br>Printed on recycled paper.

¹

**State, local, and the Federal Alternative Minimum Tax may apply. Capital gains are not exempt from Federal Taxation.**

²

**You could lose money by investing in the Schwab Money Funds. All Schwab Money Funds with the exception of Schwab Variable Share Price Money Fund seek to preserve the value of your investment at $1.00 per share, but cannot guarantee they will do so. Because the share price of Schwab Variable Share Price Money Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. All Schwab Money Funds with the exception of Schwab Government Money Fund, Schwab Retirement Government Money Fund, Schwab U.S. Treasury Money Fund, Schwab Treasury Obligations Money Fund and Schwab Government Money Market Portfolio may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Schwab Money Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Schwab Money Funds' sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time.**

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

**This page is intentionally left blank.**

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g109284imgdc6183151.jpg)

MFR13860-26 <br> 00282281

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g106147img3c0445001.jpg)

**Annual Report** \| December 31, 2022

Schwab Government Money Funds

------

Schwab Government <br> Money Fund

Schwab U.S. Treasury <br> Money Fund

Schwab Treasury Obligations <br> Money Fund

------

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

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

**This page is intentionally left blank.**

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

**In This Report**

---

| | |
|:---|:---|
| [From the President](#xx_7dd68939-41cd-4dc7-8e40-f262c0f1b586_1) | 2 |
| [Fund Management](#xx_e29fff13-e2fa-4ce6-89d9-233b714fc847_1) | 3 |
| [Performance and Fund Facts](#xx_19cc186b-3690-4a8b-9f8d-eef555b7e84d_1) <br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Government Money Fund](#xx_19cc186b-3690-4a8b-9f8d-eef555b7e84d_1) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab U.S. Treasury Money Fund](#xx_200349c7-d60c-485c-9750-e4c6bf9d9aed_1) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Treasury Obligations Money Fund](#xx_e0e45dff-0a13-452c-972f-61f5cccf7a04_1) | 8 |
| [Fund Expenses](#xx_84f3b0b2-13cb-40dc-b41d-046529b8c23c_1)  | 10 |
| [Financial Statements and Portfolio Holdings](#xx_d9a01530-980d-42db-8d67-2472747e911d_1) <br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Government Money Fund](#xx_d9a01530-980d-42db-8d67-2472747e911d_1) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab U.S. Treasury Money Fund](#xx_b9685802-3332-4dea-9c84-b3a0a7c18e7f_1) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Treasury Obligations Money Fund](#xx_954f3c97-e37a-4b5d-b1e8-5b61c597d49b_1) | 31 |
| [Financial Notes](#xx_9d632440-be3d-4f91-98e2-e4d4c1e862dc_1) | 38 |
| [Report of Independent Registered Public Accounting Firm](#xx_72f72212-50d0-484a-b70b-872ba45fa359_1) | 46 |
| [Other Federal Tax Information](#xx_cc108582-a6b2-4fd8-83f4-037e96e29ce5_1)  | 47 |
| [Trustees and Officers](#xx_7183ddd4-a479-4834-b8ce-61ad128fb330_1) | 48 |
| [Glossary](#xx_c6d480e6-698d-4090-aa7b-486d71517d18_1) | 52 |

---

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

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

Schwab Government Money Funds \| Annual Report**1**

------

Schwab Government Money Funds

From the President

------

![](g106147imgeb4c57712.jpg)

**Jonathan de St. Paer** <br>President of Schwab Asset <br>Management and the funds <br> covered in this report.

Dear Shareholder,

Financial markets faced a tough environment in 2022, coming under pressure due to rampant inflation, rising interest rates, and increasing geopolitical uncertainty. Focus shifted early in the year from the ongoing COVID-19 pandemic to Russia's invasion of Ukraine in late-February. Inflation, already ticking up at the start of the year, accelerated in the face of spiking commodity prices exacerbated by the war in Ukraine. Central banks, led by the U.S. Federal Reserve, aggressively hiked interest rates to slow economic growth and curb inflation. The U.S. federal funds rate increased from near zero in January and February to over 4% by December, the most rapid increase since the early 1980s. U.S. economic growth slowed in the face of these challenges, with gross domestic product contracting during the first and second quarters of the year before rebounding into positive territory. Stocks and bonds declined sharply, with the S&P 500<sup>®</sup> Index, a bellwether for the overall U.S. equities market, posting its largest calendar year drop since the 2008 recession and the broad U.S. bond market, as measured by the Bloomberg US Aggregate Bond Index, suffering its steepest decline on record.

With stock and bond prices plunging, money market funds offered investors one of few safe havens available. Money market funds produced their strongest returns in years and investors relied on the funds as vehicles for capital preservation and daily liquidity. The Schwab Government Money Funds continue to focus on liquidity and stability to meet our clients' ongoing needs. The funds benefit from extensive credit research and analysis that aims to manage portfolio, credit, and interest rate risks. Our portfolio management team also evaluates stress tests designed to help them understand various scenarios, including the impact of factors such as decreases or increases in short-term rates, widening of credit spreads, and downgrades or defaults among issuers.

In regulatory matters, the U.S. Securities and Exchange Commission (SEC) continued work on proposed reforms that could change the way that money market funds operate in the future. At this time, the adoption and implementation of the proposed money market regulatory reform remains subject to the SEC's rulemaking and implementation process. The SEC continues to evaluate money market fund rules and may propose additional changes. As one of the largest money market fund managers in the industry, Schwab Asset Management continues to monitor and assess these proposals, and provide feedback to the SEC, as appropriate.

Thank you for investing with Schwab Asset Management, and for trusting us to help you achieve your financial goals. For more information about the Schwab Government Money Funds, please continue reading this report. In addition, you can find further details about these funds by visiting our website at www.schwabassetmanagement.com. We are also happy to hear from you at 1-877-824-5615.

Sincerely,

![](g106147img72a650d23.jpg)

**"***Financial markets faced a tough environment in 2022, coming under pressure due to rampant inflation, rising interest rates, and increasing geopolitical uncertainty.***"**

Past performance is no guarantee of future results.

Management views may have changed since the report date.

Schwab Asset Management is the dba name for Charles Schwab Investment Management, Inc., the investment adviser for Schwab Funds and Schwab ETFs.

**2**Schwab Government Money Funds \| Annual Report

------

Schwab Government Money Funds

Fund Management

------

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

---

| | |
|:---|:---|
| ![](g106147img8efbb85d4.jpg)<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Linda Klingman,** Managing Director and Head of Money Market Strategies for Schwab Asset Management, <br> leads the portfolio management teams for taxable and tax-exempt Schwab Money Funds, and has overall <br> responsibility for all aspects of the management of the funds. Prior to joining Schwab in 1990, she was a <br> senior money market trader with AIM Management, Inc. for five years. She has managed money market funds <br> since 1988.<br>|

---

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

---

| | |
|:---|:---|
| ![](g106147img842945ca5.jpg)<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Lynn Paschen,** Senior Portfolio Manager for Schwab Asset Management, is responsible for the day-to-day <br> co-management of the funds. Prior to joining Schwab in 2011, Ms. Paschen held a number of positions at <br> American Century Investments. She was most recently a portfolio manager and, from 2000 to 2003, worked <br> as a fixed-income trader. She has managed money market funds since 2003.<br>|

---

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

---

| | |
|:---|:---|
| ![](g106147img5f2a5ab46.jpg)<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Nicole Perret-Gentil,** Portfolio Manager for Schwab Asset Management, is responsible for the day-to-day <br> co-management of the funds. Prior to joining Schwab in 2016, Ms. Perret-Gentil worked at Freddie Mac for <br> 15 years, most recently as a senior portfolio manager where she managed and executed trades for a <br> fixed-income strategy. Prior to that role, she served as a portfolio manager performing fixed-income analysis, a <br> senior research analyst for investor and dealer relations, a senior securities operations analyst in loan and <br> securities operations, and a lead mortgage securities operations specialist. She also worked at Merrill Lynch <br> for a year as a senior specialist in fixed-income global banking and investments.<br>|

---

Schwab Government Money Funds \| Annual Report**3**

------

Schwab Government Money Fund

------

**The Schwab Government Money Fund's** (the fund) goal is to seek the highest current income consistent with stability of capital and liquidity. To pursue its goal, the fund invests in U.S. government securities such as U.S. Treasury bills and notes, other obligations that are issued by the U.S. government, its agencies, or instrumentalities, repurchase agreements that are collateralized fully by cash and/or U.S. government securities, and obligations that are issued by private issuers that are guaranteed as to principal or interest by the U.S. government, its agencies, or instrumentalities. The fund will invest at least 99.5% of its total assets in cash, U.S. government securities and/or repurchase agreements that are collateralized fully by cash and/or U.S. government securities; under normal circumstances, at least 80% of the fund's net assets (including, for this purpose, any borrowings for investment purposes) will be invested solely in U.S. government securities including repurchase agreements that are collateralized fully by U.S. government securities (excluding cash). For more information concerning the fund's investment objective, strategy, and risks, please see the fund's prospectus.

**Market Highlights.** During the 12-month reporting period ended December 31, 2022, interest rates rose as a result of persistently high inflation stemming from a tight labor market, supply chain constraints, and high energy prices in the wake of the COVID-19 pandemic and the war in Ukraine. After maintaining the federal funds rate in a range of 0.00% to 0.25% through mid-March, the U.S. Federal Reserve (Fed) shifted its stance as inflation continued to rise and indicators of economic activity and employment continued to strengthen. After issuing successively stronger signals that interest rates could begin to rise sooner in 2022 than previously anticipated, the Fed increased the federal funds rate seven times by the end of the year to end the reporting period in a range of 4.25% to 4.50%. In addition, the Fed's bond-buying program, which had begun to scale back in November 2021, was ended altogether in early March 2022. In June, the Fed also began to reduce the $9 trillion in assets it holds on its balance sheet.

Given expectations of further rate hikes into 2023, along with persistently high—albeit declining in the second half of the year—inflation, longer-term bond and equity markets weakened, with the S&P 500<sup>®</sup> Index and Bloomberg US Aggregate Bond Index posting their worst calendar year returns in more than a decade. Yields on short-term money market securities increased and demand remained high. At the same time, supply of U.S. Treasuries declined as the U.S. Treasury's borrowing needs decreased. As a result, high demand for the Fed's Overnight Reverse Repurchase Agreement facility drove usage to an all-time high.

Monetary policy around the world varied as central banks responded to the rapidly changing conditions. Over the reporting period, the European Central Bank raised its interest rate four times and the Bank of England raised its key official bank rate eight times. In contrast, the Bank of Japan continued to uphold its short-term interest rate target of -0.1%, unchanged since 2016, but in late December unexpectedly announced that it would widen the band around the yield target of its 10-year government bond, which pushed the yen higher and effectively marked the end of an extended period in which Japan was the only major developed country to resist raising rates.

**Performance, Positioning, and Strategies.** Throughout the reporting period, the fund's investment adviser remained focused on liquidity and stability of capital as market conditions evolved, and on continuing a rigorous credit review process and ongoing monitoring for all issuers and regions in which the fund invests. In anticipation of the Fed's short-term interest rate increases early in the reporting period, followed by the Fed's subsequent actions, the fund's weighted average maturity (WAM) was shortened, beginning the reporting period at 34 days and ending it at 20 days.

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

**Portfolio Composition By Effective Maturity % of Investments**<sup>1</sup> <br>

![](g106147img52b624637.jpg)

**Portfolio Composition by Security Type % of Investments**<sup>3</sup> <br>

![](g106147imgae6ba6db8.jpg)

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

**Statistics**

---

| | |
|:---|:---|
| **Weighted Average Maturity**<sup>2</sup> | 20 Days |

---

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

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

Management views and portfolio holdings may have changed since the report date.

<sup>1</sup>

Maturity shown is the date the security matures, the date the interest rate on those securities is reset, or the date those securities can be redeemed through demand.

<sup>2</sup>

Money funds must maintain a dollar-weighted average maturity of no longer than 60 days and cannot invest in any security whose effective maturity is longer than 397 days (approximately 13 months).

<sup>3</sup>

The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.

**4**Schwab Government Money Funds \| Annual Report

------

Schwab Government Money Fund

Performance and Fund Facts as of December 31, 2022

------

**The performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be lower or higher than performance data quoted. To obtain more current performance information, please visit www.schwabassetmanagement.com/schwabfunds_prospectus.** 

**Seven-Day Average Yield Trend for Previous 12 Months**

![](g106147lg7d_2m52.jpg)

**Seven-Day Yields**

The seven-day yield is the income generated by the fund's portfolio holdings minus the fund's operating expenses. The seven-day yields are calculated using standard SEC formulas. The effective yield includes the effect of reinvesting daily dividends. Please remember that money market fund yields fluctuate.

---

| | | | |
|:---|:---|:---|:---|
|  | **Schwab Government Money Fund** | **Schwab Government Money Fund** | **Schwab Government Money Fund** |
|  | Sweep<br> Shares<br>| &nbsp;&nbsp;&nbsp; Investor<br> Shares<br>| &nbsp;&nbsp;&nbsp; Ultra<br> Shares<br>|
| Ticker Symbol | SWGXX | SNVXX | SGUXX |
| Minimum Initial Investment<sup>1</sup> <br>| <sup>\*</sup> <br>|  | $1000000 |
| **Seven-Day Yield (with waivers)**<sup>2</sup> <br>| 3.81% | 3.91% | 4.06% |
| **Seven-Day Yield (without waivers)**<sup>2</sup> <br>| 3.80% | 3.90% | 4.05% |
| **Seven-Day Effective Yield (with waivers)**<sup>2</sup> <br>| 3.88% | 3.99% | 4.14% |

---

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

**You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.**

<sup>\*</sup>

Subject to the eligibility terms and conditions of your Schwab account agreement.

<sup>1</sup>

Please see prospectus for further detail and eligibility requirements.

<sup>2</sup>

The Seven-Day Yield (with waivers) is the average income paid out over the previous seven days assuming interest income is not reinvested and it reflects the effect of any applicable waivers. Absent such waivers, the fund's yield would have been lower. The Seven-Day Yield (without waivers) is the yield without the effect of any applicable waivers. The Seven-Day Effective Yield is the yield with waivers assuming that all interest income is reinvested in additional shares of the fund. For additional details, see financial note 4.

Schwab Government Money Funds \| Annual Report**5**

------

Schwab U.S. Treasury Money Fund

------

**The Schwab U.S. Treasury Money Fund's** (the fund) goal is to seek the highest current income that is consistent with stability of capital and liquidity. To pursue its goal, the fund typically invests in securities backed by the full faith and credit of the U.S. government. The fund will invest at least 99.5% of its total assets in cash and/or government securities (including bills and notes); under normal circumstances, at least 80% of the fund's net assets (including, for this purpose, any borrowings for investment purposes) will be invested solely in U.S. Treasury securities (excluding cash). For more information concerning the fund's investment objective, strategy, and risks, please see the fund's prospectus.

**Market Highlights.** During the 12-month reporting period ended December 31, 2022, interest rates rose as a result of persistently high inflation stemming from a tight labor market, supply chain constraints, and high energy prices in the wake of the COVID-19 pandemic and the war in Ukraine. After maintaining the federal funds rate in a range of 0.00% to 0.25% through mid-March, the U.S. Federal Reserve (Fed) shifted its stance as inflation continued to rise and indicators of economic activity and employment continued to strengthen. After issuing successively stronger signals that interest rates could begin to rise sooner in 2022 than previously anticipated, the Fed increased the federal funds rate seven times by the end of the year to end the reporting period in a range of 4.25% to 4.50%. In addition, the Fed's bond-buying program, which had begun to scale back in November 2021, was ended altogether in early March 2022. In June, the Fed also began to reduce the $9 trillion in assets it holds on its balance sheet.

Given expectations of further rate hikes into 2023, along with persistently high—albeit declining in the second half of the year—inflation, longer-term bond and equity markets weakened, with the S&P 500<sup>®</sup> Index and Bloomberg US Aggregate Bond Index posting their worst calendar year returns in more than a decade. Yields on short-term money market securities increased and demand remained high. At the same time, supply of U.S. Treasuries declined as the U.S. Treasury's borrowing needs decreased. As a result, high demand for the Fed's Overnight Reverse Repurchase Agreement facility drove usage to an all-time high.

Monetary policy around the world varied as central banks responded to the rapidly changing conditions. Over the reporting period, the European Central Bank raised its interest rate four times and the Bank of England raised its key official bank rate eight times. In contrast, the Bank of Japan continued to uphold its short-term interest rate target of -0.1%, unchanged since 2016, but in late December unexpectedly announced that it would widen the band around the yield target of its 10-year government bond, which pushed the yen higher and effectively marked the end of an extended period in which Japan was the only major developed country to resist raising rates.

**Performance, Positioning, and Strategies.** Throughout the reporting period, the fund's investment adviser remained focused on liquidity and stability of capital as market conditions evolved, and on continuing a rigorous credit review process and ongoing monitoring for all issuers and regions in which the fund invests. In anticipation of the Fed's short-term interest rate increases early in the reporting period, followed by the Fed's subsequent actions, the fund's weighted average maturity (WAM) was shortened, beginning it at 53 days and ending it at 38 days.

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

**Portfolio Composition By Effective Maturity % of Investments**<sup>1</sup> <br>

![](g106147imga6b5519d9.jpg)

**Portfolio Composition by Security Type % of Investments**<sup>3,4</sup> <br>

![](g106147img97f89bf110.jpg)

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

**Statistics**

---

| | |
|:---|:---|
| **Weighted Average Maturity**<sup>2</sup> | 38 Days |

---

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

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

Management views and portfolio holdings may have changed since the report date.

<sup>1</sup>

Maturity shown is the date the security matures, the date the interest rate on those securities is reset, or the date those securities can be redeemed through demand.

<sup>2</sup>

Money funds must maintain a dollar-weighted average maturity of no longer than 60 days and cannot invest in any security whose effective maturity is longer than 397 days (approximately 13 months).

<sup>3</sup>

The fund may elect to invest up to 20% of its net assets in (i) obligations that are issued by the U.S. government, its agencies or instrumentalities, including obligations that are not fully guaranteed by the U.S. Treasury and (ii) obligations that are issued by private issuers that are guaranteed as to principal or interest by the U.S. government, its agencies or instrumentalities. Please refer to the fund prospectus for further details on investment objectives, risks, charges, tax implications and expenses.

<sup>4</sup>

The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.

**6**Schwab Government Money Funds \| Annual Report

------

Schwab U.S. Treasury Money Fund

Performance and Fund Facts as of December 31, 2022

------

**The performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be lower or higher than performance data quoted. To obtain more current performance information, please visit www.schwabassetmanagement.com/schwabfunds_prospectus.** 

**Seven-Day Average Yield Trend for Previous 12 Months**

![](g106147lg7d_2mn3.jpg)

**Seven-Day Yields**

The seven-day yield is the income generated by the fund's portfolio holdings minus the fund's operating expenses. The seven-day yields are calculated using standard SEC formulas. The effective yield includes the effect of reinvesting daily dividends. Please remember that money market fund yields fluctuate.

---

| | | |
|:---|:---|:---|
|  | **Schwab U.S. Treasury Money Fund** | **Schwab U.S. Treasury Money Fund** |
|  | Investor<br> Shares<br>| &nbsp;&nbsp;&nbsp; Ultra<br> Shares<br>|
| Ticker Symbol | SNSXX | SUTXX |
| Minimum Initial Investment<sup>1</sup> <br>|  | $1000000 |
| **Seven-Day Yield (with waivers)**<sup>2</sup> <br>| 3.70% | 3.85% |
| **Seven-Day Yield (without waivers)**<sup>2</sup> <br>| 3.69% | 3.84% |
| **Seven-Day Effective Yield (with waivers)**<sup>2</sup> <br>| 3.77% | 3.92% |

---

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

**You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.**

<sup>1</sup>

Please see prospectus for further detail and eligibility requirements.

<sup>2</sup>

The Seven-Day Yield (with waivers) is the average income paid out over the previous seven days assuming interest income is not reinvested and it reflects the effect of any applicable waivers. Absent such waivers, the fund's yield would have been lower. The Seven-Day Yield (without waivers) is the yield without the effect of any applicable waivers. The Seven-Day Effective Yield is the yield with waivers assuming that all interest income is reinvested in additional shares of the fund. For additional details, see financial note 4.

Schwab Government Money Funds \| Annual Report**7**

------

Schwab Treasury Obligations Money Fund

------

**The Schwab Treasury Obligations Money Fund's** (the fund) goal is to seek current income consistent with stability of capital and liquidity. To pursue its goal, the fund typically invests in securities backed by the full faith and credit of the U.S. government and repurchase agreements backed by such investments. The fund will invest at least 99.5% of its total assets in cash, government securities and/or repurchase agreements that are collateralized fully by cash and/or government securities; under normal circumstances, at least 80% of the fund's net assets (including, for this purpose, any borrowings for investment purposes) will be invested solely in U.S. Treasury obligations or repurchase agreements backed by such obligations (excluding cash). For more information concerning the fund's investment objective, strategy, and risks, please see the fund's prospectus.

**Market Highlights.** During the 12-month reporting period ended December 31, 2022, interest rates rose as a result of persistently high inflation stemming from a tight labor market, supply chain constraints, and high energy prices in the wake of the COVID-19 pandemic and the war in Ukraine. After maintaining the federal funds rate in a range of 0.00% to 0.25% through mid-March, the U.S. Federal Reserve (Fed) shifted its stance as inflation continued to rise and indicators of economic activity and employment continued to strengthen. After issuing successively stronger signals that interest rates could begin to rise sooner in 2022 than previously anticipated, the Fed increased the federal funds rate seven times by the end of the year to end the reporting period in a range of 4.25% to 4.50%. In addition, the Fed's bond-buying program, which had begun to scale back in November 2021, was ended altogether in early March 2022. In June, the Fed also began to reduce the $9 trillion in assets it holds on its balance sheet.

Given expectations of further rate hikes into 2023, along with persistently high—albeit declining in the second half of the year—inflation, longer-term bond and equity markets weakened, with the S&P 500<sup>®</sup> Index and Bloomberg US Aggregate Bond Index posting their worst calendar year returns in more than a decade. Yields on short-term money market securities increased and demand remained high. At the same time, supply of U.S. Treasuries declined as the U.S. Treasury's borrowing needs decreased. As a result, high demand for the Fed's Overnight Reverse Repurchase Agreement facility drove usage to an all-time high.

Monetary policy around the world varied as central banks responded to the rapidly changing conditions. Over the reporting period, the European Central Bank raised its interest rate four times and the Bank of England raised its key official bank rate eight times. In contrast, the Bank of Japan continued to uphold its short-term interest rate target of -0.1%, unchanged since 2016, but in late December unexpectedly announced that it would widen the band around the yield target of its 10-year government bond, which pushed the yen higher and effectively marked the end of an extended period in which Japan was the only major developed country to resist raising rates.

**Performance, Positioning, and Strategies.** Throughout the reporting period, the fund's investment adviser remained focused on liquidity and stability of capital as market conditions evolved, and on continuing a rigorous credit review process and ongoing monitoring for all issuers and regions in which the fund invests. In anticipation of the Fed's short-term interest rate increases early in the reporting period, followed by the Fed's subsequent actions, the fund's weighted average maturity (WAM) was shortened, beginning the reporting period at 39 days and ending it at 8 days.

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

**Portfolio Composition By Effective Maturity % of Investments**<sup>1</sup> <br>

![](g106147img643dbc7311.jpg)

**Portfolio Composition by Security Type % of Investments**<sup>3,4</sup> <br>

![](g106147imgce51ddf612.jpg)

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

**Statistics**

---

| | |
|:---|:---|
| **Weighted Average Maturity**<sup>2</sup> | 8 Days |

---

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

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

Management views and portfolio holdings may have changed since the report date.

<sup>1</sup>

Maturity shown is the date the security matures, the date the interest rate on those securities is reset, or the date those securities can be redeemed through demand.

<sup>2</sup>

Money funds must maintain a dollar-weighted average maturity of no longer than 60 days and cannot invest in any security whose effective maturity is longer than 397 days (approximately 13 months).

<sup>3</sup>

The fund may elect to invest up to 20% of its net assets in (i) obligations that are issued by the U.S. government, its agencies or instrumentalities, including obligations that are not fully guaranteed by the U.S. Treasury and (ii) obligations that are issued by private issuers that are guaranteed as to principal or interest by the U.S. government, its agencies or instrumentalities. Please refer to the fund prospectus for further details on investment objectives, risks, charges, tax implications and expenses.

<sup>4</sup>

The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.

**8**Schwab Government Money Funds \| Annual Report

------

Schwab Treasury Obligations Money Fund

Performance and Fund Facts as of December 31, 2022

------

**The performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be lower or higher than performance data quoted. To obtain more current performance information, please visit www.schwabassetmanagement.com/schwabfunds_prospectus.** 

**Seven-Day Average Yield Trend for Previous 12 Months**

![](g106147lg7d_2mn5.jpg)

**Seven-Day Yields**

The seven-day yield is the income generated by the fund's portfolio holdings minus the fund's operating expenses. The seven-day yields are calculated using standard SEC formulas. The effective yield includes the effect of reinvesting daily dividends. Please remember that money market fund yields fluctuate.

---

| | | |
|:---|:---|:---|
|  | **Schwab Treasury Obligations Money Fund** | **Schwab Treasury Obligations Money Fund** |
|  | Investor<br> Shares<br>| &nbsp;&nbsp;&nbsp; Ultra<br> Shares<br>|
| Ticker Symbol | SNOXX | SCOXX |
| Minimum Initial Investment<sup>1</sup> <br>|  | $1000000 |
| **Seven-Day Yield (with waivers)**<sup>2</sup> <br>| 3.99% | 4.14% |
| **Seven-Day Yield (without waivers)**<sup>2</sup> <br>| 3.96% | 4.11% |
| **Seven-Day Effective Yield (with waivers)**<sup>2</sup> <br>| 4.07% | 4.23% |

---

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

**You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.**

<sup>1</sup>

Please see prospectus for further detail and eligibility requirements.

<sup>2</sup>

The Seven-Day Yield (with waivers) is the average income paid out over the previous seven days assuming interest income is not reinvested and it reflects the effect of any applicable waivers. Absent such waivers, the fund's yield would have been lower. The Seven-Day Yield (without waivers) is the yield without the effect of any applicable waivers. The Seven-Day Effective Yield is the yield with waivers assuming that all interest income is reinvested in additional shares of the fund. For additional details, see financial note 4.

Schwab Government Money Funds \| Annual Report**9**

------

Schwab Government Money Funds

Fund Expenses (Unaudited)

**Examples for a $1,000 Investment**

As a fund shareholder, you may incur two types of costs: (1) transaction costs; and (2) ongoing costs, including management fees, transfer agent and shareholder services fees, and other fund expenses.

The expense examples below are intended to help you understand your ongoing cost (in dollars) of investing in a fund and to compare this cost with the ongoing cost of investing in other mutual funds. These examples are based on an investment of $1,000 invested for six months beginning July 1, 2022 and held through December 31, 2022.

**Actual Return** lines in the table below provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then multiply the result by the number given for your fund or share class under the heading entitled "Expenses Paid During Period."

**Hypothetical Return** lines in the table below provide information about hypothetical account values and hypothetical expenses based on a fund's or share class' actual expense ratio and an assumed return of 5% per year before expenses. Because the return used is not an actual return, it may not be used to estimate the actual ending account value or expenses you paid for the period.

You may use this information to compare the ongoing costs of investing in a fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical return lines of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; EXPENSE RATIO <br>(ANNUALIZED)<sup>1</sup> <br>| &nbsp;&nbsp; BEGINNING <br>ACCOUNT VALUE <br>AT 7/1/22<br>| &nbsp;&nbsp; ENDING <br>ACCOUNT VALUE <br>(NET OF EXPENSES) <br>AT 12/31/22<br>| &nbsp;&nbsp; EXPENSES PAID <br>DURING PERIOD <br>7/1/22-12/31/22<sup>2</sup> <br>|
| **Schwab Government Money Fund** |  |  |  |  |
| *Sweep Shares* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual Return | 0.44% | $1000.00 | $1012.10 | $2.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 0.44% | $1000.00 | $1022.99 | $2.24 |
| *Investor Shares* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual Return | 0.34% | $1000.00 | $1012.60 | $1.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 0.34% | $1000.00 | $1023.49 | $1.73 |
| *Ultra Shares* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual Return | 0.19% | $1000.00 | $1013.30 | $0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 0.19% | $1000.00 | $1024.25 | $0.97 |
| **Schwab U.S. Treasury Money Fund** |  |  |  |  |
| *Investor Shares* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual Return | 0.34% | $1000.00 | $1012.00 | $1.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 0.34% | $1000.00 | $1023.49 | $1.73 |
| *Ultra Shares* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual Return | 0.19% | $1000.00 | $1012.80 | $0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 0.19% | $1000.00 | $1024.25 | $0.97 |
| **Schwab Treasury Obligations Money Fund** |  |  |  |  |
| *Investor Shares* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual Return | 0.34% | $1000.00 | $1013.00 | $1.73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 0.34% | $1000.00 | $1023.49 | $1.73 |
| *Ultra Shares* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual Return | 0.19% | $1000.00 | $1013.70 | $0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 0.19% | $1000.00 | $1024.25 | $0.97 |

---

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

<sup>1</sup> Based on the most recent six-month expense ratio; may differ from the expense ratio provided in the Financial Highlights.

<sup>2</sup> Expenses for each fund are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 days in the period, and divided by 365 days in the fiscal year. 

**10**Schwab Government Money Funds \| Annual Report

------

Schwab Government Money Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sweep Shares** | 1/1/22– <br>12/31/22<br>| 1/1/21– <br>12/31/21<br>| 1/1/20– <br>12/31/20<br>| 1/1/19– <br>12/31/19<br>| 1/1/18– <br>12/31/18<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;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp;&nbsp; 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp;&nbsp; 0.01 |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>23</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>2</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp;&nbsp;&nbsp; 0.02%<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23% | &nbsp;&nbsp;&nbsp;&nbsp; 1.65% | &nbsp;&nbsp;&nbsp;&nbsp; 1.23% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net operating expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%<sup>4,5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30%<sup>5,6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59% | &nbsp;&nbsp;&nbsp;&nbsp; 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross operating expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.45%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp;&nbsp; 0.52% | &nbsp;&nbsp;&nbsp;&nbsp; 0.59% | &nbsp;&nbsp;&nbsp;&nbsp; 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp;&nbsp; 0.18% | &nbsp;&nbsp;&nbsp;&nbsp; 1.64% | &nbsp;&nbsp;&nbsp;&nbsp; 1.12% |
| Net assets, end of period (x 1,000,000) | $20458 | $24159 | $20119 | $12450 | $11325 |

---

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

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

<sup>2</sup> Per-share amount was less than $0.005.

<sup>3</sup> These amounts include a non-recurring special distribution. The effect on the distributions from net investment income was less than $0.005 and the effect on the total return was 0.01%. 

<sup>4</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>5</sup> Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation (see financial note 4 for additional information).

<sup>6</sup> Effective September 24, 2020, the contractual expense limitation changed. The ratio presented for period ended December 31, 2020 is a blended ratio.

*See financial notes*

Schwab Government Money Funds \| Annual Report**11**

------

Schwab Government Money Fund

**FINANCIAL HIGHLIGHTS (continued)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Shares** | 1/1/22– <br>12/31/22<br>| 1/1/21– <br>12/31/21<br>| 1/1/20– <br>12/31/20<br>| 1/1/19– <br>12/31/19<br>| 1/1/18– <br>12/31/18<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;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp; 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp; 0.02 |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.00)<sup>23</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.00)<sup>2</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.02) |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 1.36% | &nbsp;&nbsp;&nbsp; 0.02%<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp;&nbsp; 1.90% | &nbsp;&nbsp;&nbsp; 1.51% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net operating expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.30%<sup>4,5</sup> <br>| &nbsp;&nbsp;&nbsp; 0.06%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27%<sup>5,6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp; 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross operating expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.43% | &nbsp;&nbsp;&nbsp;&nbsp; 0.47% | &nbsp;&nbsp;&nbsp; 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 1.59% | &nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp;&nbsp; 0.28% | &nbsp;&nbsp;&nbsp;&nbsp; 1.84% | &nbsp;&nbsp;&nbsp; 1.66% |
| Net assets, end of period (x 1,000,000) | $10823 | $6782 | $11980 | $13436 | $7871 |

---

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

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

<sup>2</sup> Per-share amount was less than $0.005.

<sup>3</sup> These amounts include a non-recurring special distribution. The effect on the distributions from net investment income was less than $0.005 and the effect on the total return was 0.01%. 

<sup>4</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>5</sup> Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation (see financial note 4 for additional information).

<sup>6</sup> Effective September 24, 2020, the contractual expense limitation changed. The ratio presented for period ended December 31, 2020 is a blended ratio.

*See financial notes*

**12**Schwab Government Money Funds \| Annual Report

------

Schwab Government Money Fund

**FINANCIAL HIGHLIGHTS (continued)**

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

---

| | | | |
|:---|:---|:---|:---|
| **Ultra Shares** | 1/1/22– <br>12/31/22<br>| 1/1/21– <br>12/31/21<br>| 9/24/20<sup>1</sup>– <br>12/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Income (loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp; 0.00<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>3</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 0.00<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>3</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp; 0.00<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>3</sup> <br>|
| Less distributions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.00)<sup>34</sup> <br>| &nbsp;&nbsp; (0.00)<sup>3</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | &nbsp;&nbsp; (0.00)<sup>3</sup> <br>| &nbsp;&nbsp; (0.00)<sup>3</sup> <br>| &nbsp;&nbsp; (0.00)<sup>3</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.00)<sup>3</sup> <br>| &nbsp;&nbsp; (0.00)<sup>3</sup> <br>|
| Net asset value at end of period | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Total return | &nbsp;&nbsp;&nbsp; 1.48% | &nbsp;&nbsp;&nbsp; 0.02%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00%<sup>5,6</sup> <br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net operating expenses | &nbsp;&nbsp;&nbsp; 0.18%<sup>7,8</sup> <br>| &nbsp;&nbsp;&nbsp; 0.06%<sup>8</sup> <br>| &nbsp;&nbsp;&nbsp; 0.13%<sup>8,9</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Gross operating expenses | &nbsp;&nbsp;&nbsp; 0.20%<sup>7</sup> <br>| &nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp; 0.20%<sup>9</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; 1.76% | &nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp; 0.01%<sup>9</sup> <br>|
| Net assets, end of period (x 1,000,000) | $8636 | $4726 | $1647 |

---

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

<sup>1</sup> Commencement of operations.

<sup>2</sup> Calculated based on the average shares outstanding during the period.

<sup>3</sup> Per-share amount was less than $0.005.

<sup>4</sup> These amounts include a non-recurring special distribution. The effect on the distributions from net investment income was less than $0.005 and the effect on the total return was 0.01%. 

<sup>5</sup> Not annualized.

<sup>6</sup> Percentage was less than 0.005%.

<sup>7</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>8</sup> Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation (see financial note 4 for additional information).

<sup>9</sup> Annualized.

*See financial notes*

Schwab Government Money Funds \| Annual Report**13**

------

Schwab Government Money Fund

Portfolio Holdings as of December 31, 2022

------

This section shows all the securities in the fund's portfolio and their values as of the report date.

The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) monthly on Form N-MFP, which is available immediately upon filing. The fund's Form N-MFP is available on the SEC's website at www.sec.gov. The fund also makes available its complete schedule of portfolio holdings 5 business days after month end on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus.

For fixed-rate obligations and repurchase agreements, the rate shown is the coupon rate (the rate established when the obligation was issued) and if the coupon rate is not available, the effective yield at the time of purchase is shown. For variable-rate obligations, the rate shown is the interest rate as of the report date based on each security's rate reset date. 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 date shown in the maturity date column below is either the date on which the principal amount must be paid or the date payment must be made pursuant to a demand feature. If the security's structure includes one of a number of maturity-shortening provisions set forth in Rule 2a-7, such as an interest rate reset, demand feature or put feature, the effective maturity date is also disclosed. If the effective maturity and maturity date are the same, the date will only appear in the maturity date column.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
| **U.S. GOVERNMENT AGENCY DEBT** 18.0% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 18.0% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 18.0% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 18.0% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 18.0% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 18.0% OF NET ASSETS |
| **FEDERAL FARM CREDIT BANKS FUNDING CORP** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(3 mo. US TBILL + 0.02%)<br> *(a)* | 4.42% | 01/04/23 | 05/01/23 | 117800000 | &nbsp;&nbsp;&nbsp; 117800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(3 mo. US TBILL + 0.03%)<br> *(a)* | 4.42% | 01/04/23 | 07/13/23 | &nbsp;&nbsp; 47100000 | &nbsp;&nbsp;&nbsp;&nbsp; 47100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(EFFR - 0.01%)<br> *(a)* | 4.32% | 01/03/23 | 07/21/23 | 155300000 | &nbsp;&nbsp;&nbsp; 155300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.03%)<br> *(a)* | 4.33% | 01/03/23 | 08/28/23 | &nbsp;&nbsp; 59000000 | &nbsp;&nbsp;&nbsp;&nbsp; 59000000 |
|  | 4.88% |  | 09/25/23 | &nbsp;&nbsp; 95100000 | &nbsp;&nbsp;&nbsp;&nbsp; 95098342 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.06%)<br> *(a)* | 4.36% | 01/03/23 | 11/07/23 | &nbsp;&nbsp; 42600000 | &nbsp;&nbsp;&nbsp;&nbsp; 42600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.04%)<br> *(a)* | 4.34% | 01/03/23 | 11/28/23 | &nbsp;&nbsp; 33000000 | &nbsp;&nbsp;&nbsp;&nbsp; 33000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(EFFR + 0.03%)<br> *(a)* | 4.36% | 01/03/23 | 12/08/23 | &nbsp;&nbsp; 26600000 | &nbsp;&nbsp;&nbsp;&nbsp; 26600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.12%)<br> *(a)* | 4.42% | 01/03/23 | 12/08/23 | &nbsp;&nbsp; 47300000 | &nbsp;&nbsp;&nbsp;&nbsp; 47326661 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.06%)<br> *(a)* | 4.36% | 01/03/23 | 12/13/23 | &nbsp;&nbsp; 33100000 | &nbsp;&nbsp;&nbsp;&nbsp; 33100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.08%)<br> *(a)* | 4.38% | 01/03/23 | 04/26/24 | &nbsp;&nbsp; 44700000 | &nbsp;&nbsp;&nbsp;&nbsp; 44700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(EFFR + 0.06%)<br> *(a)* | 4.39% | 01/03/23 | 06/24/24 | &nbsp;&nbsp; 47600000 | &nbsp;&nbsp;&nbsp;&nbsp; 47600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.09%)<br> *(a)* | 4.39% | 01/03/23 | 07/01/24 | &nbsp;&nbsp; 90500000 | &nbsp;&nbsp;&nbsp;&nbsp; 90500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.10%)<br> *(a)* | 4.40% | 01/03/23 | 08/08/24 | &nbsp;&nbsp; 12300000 | &nbsp;&nbsp;&nbsp;&nbsp; 12300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(EFFR + 0.08%)<br> *(a)* | 4.41% | 01/03/23 | 08/12/24 | &nbsp;&nbsp; 74600000 | &nbsp;&nbsp;&nbsp;&nbsp; 74611274 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.18%)<br> *(a)* | 4.48% | 01/03/23 | 10/16/24 | &nbsp;&nbsp; 71300000 | &nbsp;&nbsp;&nbsp;&nbsp; 71300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.13%)<br> *(a)* | 4.43% | 01/03/23 | 11/01/24 | 114200000 | &nbsp;&nbsp;&nbsp; 114200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.14%)<br> *(a)* | 4.44% | 01/03/23 | 11/07/24 | &nbsp;&nbsp; 47600000 | &nbsp;&nbsp;&nbsp;&nbsp; 47600000 |
| **FEDERAL HOME LOAN BANKS** |  |  |  |  |  |
|  | 3.84% |  | 01/03/23 | &nbsp;&nbsp; 47600000 | &nbsp;&nbsp;&nbsp;&nbsp; 47600000 |
|  | 2.64% |  | 01/11/23 | 118900000 | &nbsp;&nbsp;&nbsp; 118831302 |
|  | 4.02% |  | 01/20/23 | &nbsp;&nbsp; 64000000 | &nbsp;&nbsp;&nbsp;&nbsp; 63879716 |
|  | 4.10% |  | 01/25/23 | &nbsp;&nbsp; 95100000 | &nbsp;&nbsp;&nbsp;&nbsp; 94864046 |
|  | 4.09% |  | 01/27/23 | 121700000 | &nbsp;&nbsp;&nbsp; 121371410 |
|  | 4.14% |  | 02/01/23 | &nbsp;&nbsp; 95100000 | &nbsp;&nbsp;&nbsp;&nbsp; 94785906 |
|  | 4.23% |  | 02/03/23 | &nbsp;&nbsp; 47500000 | &nbsp;&nbsp;&nbsp;&nbsp; 47328208 |
|  | 2.17% |  | 02/06/23 | &nbsp;&nbsp; 37230000 | &nbsp;&nbsp;&nbsp;&nbsp; 37248599 |
|  | 2.15% |  | 02/08/23 | &nbsp;&nbsp; 44290000 | &nbsp;&nbsp;&nbsp;&nbsp; 44312590 |
|  | 4.22% |  | 02/10/23 | 237700000 | &nbsp;&nbsp;&nbsp; 236652720 |
|  | 4.27% |  | 02/13/23 | &nbsp;&nbsp; 47600000 | &nbsp;&nbsp;&nbsp;&nbsp; 47370958 |
|  | 4.30% |  | 02/13/23 | 214100000 | &nbsp;&nbsp;&nbsp; 213062477 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.04%)<br> *(a)* | 4.34% | 01/03/23 | 02/13/23 | &nbsp;&nbsp; 95200000 | &nbsp;&nbsp;&nbsp;&nbsp; 95200000 |
|  | 4.26% |  | 02/15/23 | 475100000 | &nbsp;&nbsp;&nbsp; 472708070 |
|  | 4.36% |  | 02/22/23 | 294900000 | &nbsp;&nbsp;&nbsp; 293134696 |

---

*See financial notes*

**14**Schwab Government Money Funds \| Annual Report

------

Schwab Government Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
|  | 4.38% |  | 02/24/23 | &nbsp;&nbsp; 47500000 | &nbsp;&nbsp;&nbsp;&nbsp; 47202914 |
|  | 4.42% |  | 03/01/23 | &nbsp;&nbsp; 95100000 | &nbsp;&nbsp;&nbsp;&nbsp; 94442288 |
|  | 4.43% |  | 03/03/23 | 142700000 | &nbsp;&nbsp;&nbsp; 141676120 |
|  | 3.50% |  | 03/09/23 | &nbsp;&nbsp; 95000000 | &nbsp;&nbsp;&nbsp;&nbsp; 95001743 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.05%)<br> *(a)* | 4.36% | 01/03/23 | 03/09/23 | 114200000 | &nbsp;&nbsp;&nbsp; 114200000 |
|  | 2.13% |  | 03/10/23 | &nbsp;&nbsp; 14300000 | &nbsp;&nbsp;&nbsp;&nbsp; 14238254 |
|  | 4.48% |  | 03/15/23 | 280800000 | &nbsp;&nbsp;&nbsp; 278346666 |
|  | 0.13% |  | 03/17/23 | &nbsp;&nbsp; 13650000 | &nbsp;&nbsp;&nbsp;&nbsp; 13530784 |
|  | 1.25% |  | 03/21/23 | 111250000 | &nbsp;&nbsp;&nbsp; 111250000 |
|  | 4.47% |  | 03/23/23 | 190400000 | &nbsp;&nbsp;&nbsp; 188553226 |
|  | 4.51% |  | 03/24/23 | 143046000 | &nbsp;&nbsp;&nbsp; 141628255 |
| <br>*(b)* | 2.01% |  | 03/30/23 | &nbsp;&nbsp; 95200000 | &nbsp;&nbsp;&nbsp;&nbsp; 95200000 |
| <br>*(b)* | 2.13% |  | 03/30/23 | &nbsp;&nbsp; 69000000 | &nbsp;&nbsp;&nbsp;&nbsp; 68996740 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.05%)<br> *(a)* | 4.35% | 01/03/23 | 04/04/23 | &nbsp;&nbsp; 95200000 | &nbsp;&nbsp;&nbsp;&nbsp; 95200000 |
| <br>*(b)* | 2.35% |  | 04/05/23 | &nbsp;&nbsp; 95100000 | &nbsp;&nbsp;&nbsp;&nbsp; 95100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.06%)<br> *(a)* | 4.36% | 01/03/23 | 05/01/23 | &nbsp;&nbsp; 95200000 | &nbsp;&nbsp;&nbsp;&nbsp; 95200000 |
| <br>*(b)* | 2.60% |  | 05/02/23 | &nbsp;&nbsp; 95000000 | &nbsp;&nbsp;&nbsp;&nbsp; 95000000 |
|  | 4.66% |  | 05/05/23 | &nbsp;&nbsp; 47600000 | &nbsp;&nbsp;&nbsp;&nbsp; 46866034 |
| <br>*(b)* | 2.50% |  | 05/23/23 | &nbsp;&nbsp; 95100000 | &nbsp;&nbsp;&nbsp;&nbsp; 95100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.06%)<br> *(a)* | 4.36% | 01/03/23 | 05/24/23 | &nbsp;&nbsp; 47600000 | &nbsp;&nbsp;&nbsp;&nbsp; 47600000 |
| <br>*(b)* | 2.40% |  | 06/02/23 | &nbsp;&nbsp; 96200000 | &nbsp;&nbsp;&nbsp;&nbsp; 96200000 |
|  | 3.25% |  | 06/09/23 | &nbsp;&nbsp; 14500000 | &nbsp;&nbsp;&nbsp;&nbsp; 14498251 |
|  | 4.69% |  | 06/16/23 | 104300000 | &nbsp;&nbsp;&nbsp; 102123838 |
|  | 4.70% |  | 06/26/23 | &nbsp;&nbsp; 95300000 | &nbsp;&nbsp;&nbsp;&nbsp; 95300000 |
| <br>*(b)* | 3.50% |  | 07/14/23 | 118900000 | &nbsp;&nbsp;&nbsp; 118900000 |
|  | 3.15% |  | 07/27/23 | &nbsp;&nbsp; 71400000 | &nbsp;&nbsp;&nbsp;&nbsp; 71400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.06%)<br> *(a)* | 4.36% | 01/03/23 | 07/27/23 | &nbsp;&nbsp; 95200000 | &nbsp;&nbsp;&nbsp;&nbsp; 95200000 |
|  | 3.30% |  | 07/28/23 | &nbsp;&nbsp; 71400000 | &nbsp;&nbsp;&nbsp;&nbsp; 71400000 |
|  | 3.36% |  | 08/01/23 | &nbsp;&nbsp; 47600000 | &nbsp;&nbsp;&nbsp;&nbsp; 46694807 |
| <br>*(b)* | 2.75% |  | 08/04/23 | 118900000 | &nbsp;&nbsp;&nbsp; 118900000 |
|  | 3.17% |  | 08/22/23 | &nbsp;&nbsp; 47600000 | &nbsp;&nbsp;&nbsp;&nbsp; 47600000 |
|  | 3.50% |  | 08/28/23 | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp;&nbsp;&nbsp; 50000000 |
|  | 3.38% |  | 09/01/23 | &nbsp;&nbsp; 92875000 | &nbsp;&nbsp;&nbsp;&nbsp; 92699533 |
|  | 4.85% |  | 09/05/23 | &nbsp;&nbsp; 16600000 | &nbsp;&nbsp;&nbsp;&nbsp; 16072420 |
|  | 4.80% |  | 09/08/23 | &nbsp;&nbsp; 95200000 | &nbsp;&nbsp;&nbsp;&nbsp; 95200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.10%)<br> *(a)* | 4.40% | 01/03/23 | 09/21/23 | &nbsp;&nbsp; 95100000 | &nbsp;&nbsp;&nbsp;&nbsp; 95100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.04%)<br> *(a)* | 4.34% | 01/03/23 | 10/06/23 | 119000000 | &nbsp;&nbsp;&nbsp; 119000000 |
|  | 4.75% |  | 10/24/23 | &nbsp;&nbsp; 10505000 | &nbsp;&nbsp;&nbsp;&nbsp; 10505000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.10%)<br> *(a)* | 4.40% | 01/03/23 | 07/26/24 | 119100000 | &nbsp;&nbsp;&nbsp; 119100000 |
| **FEDERAL HOME LOAN MORTGAGE CORPORATION** |  |  |  |  |  |
| <br>*(b)* | 2.50% |  | 04/21/23 | &nbsp;&nbsp; 95100000 | &nbsp;&nbsp;&nbsp;&nbsp; 95100000 |
|  | 0.38% |  | 05/05/23 | &nbsp;&nbsp; 42626000 | &nbsp;&nbsp;&nbsp;&nbsp; 42247647 |
|  | 0.25% |  | 06/26/23 | &nbsp;&nbsp; 97164000 | &nbsp;&nbsp;&nbsp;&nbsp; 95926458 |
| **FEDERAL NATIONAL MORTGAGE ASSOCIATION** |  |  |  |  |  |
|  | 0.25% |  | 05/22/23 | 119571000 | &nbsp;&nbsp;&nbsp; 118683654 |
|  | 0.25% |  | 07/10/23 | 129576000 | &nbsp;&nbsp;&nbsp; 127759382 |
|  | 5.00% |  | 12/20/23 | &nbsp;&nbsp; 71400000 | &nbsp;&nbsp;&nbsp;&nbsp; 71400000 |
| **Total U.S. Government Agency Debt** <br>**(Cost $7,189,430,989)** | **Total U.S. Government Agency Debt** <br>**(Cost $7,189,430,989)** | **Total U.S. Government Agency Debt** <br>**(Cost $7,189,430,989)** | **Total U.S. Government Agency Debt** <br>**(Cost $7,189,430,989)** | **Total U.S. Government Agency Debt** <br>**(Cost $7,189,430,989)** | **7189430989** |

---

*See financial notes*

Schwab Government Money Funds \| Annual Report**15**

------

Schwab Government Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
| **U.S. TREASURY DEBT** 8.9% OF NET ASSETS | **U.S. TREASURY DEBT** 8.9% OF NET ASSETS | **U.S. TREASURY DEBT** 8.9% OF NET ASSETS | **U.S. TREASURY DEBT** 8.9% OF NET ASSETS | **U.S. TREASURY DEBT** 8.9% OF NET ASSETS | **U.S. TREASURY DEBT** 8.9% OF NET ASSETS |
| **UNITED STATES TREASURY** |  |  |  |  |  |
|  | 0.13% |  | 01/31/23 | &nbsp;&nbsp; 78000000 | &nbsp;&nbsp;&nbsp;&nbsp; 77759837 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(3 mo. US TBILL + 0.05%)<br> *(a)* | 4.45% | 01/03/23 | 01/31/23 | 447500000 | &nbsp;&nbsp;&nbsp; 447509414 |
|  | 2.86% |  | 02/02/23 | &nbsp;&nbsp; 70000000 | &nbsp;&nbsp;&nbsp;&nbsp; 69835325 |
|  | 2.89% |  | 02/02/23 | 143000000 | &nbsp;&nbsp;&nbsp; 142660375 |
|  | 2.00% |  | 02/15/23 | &nbsp;&nbsp; 95100000 | &nbsp;&nbsp;&nbsp;&nbsp; 95202913 |
|  | 0.13% |  | 02/28/23 | &nbsp;&nbsp; 97000000 | &nbsp;&nbsp;&nbsp;&nbsp; 96747797 |
|  | 2.63% |  | 02/28/23 | 127700000 | &nbsp;&nbsp;&nbsp; 127845114 |
|  | 4.32% |  | 03/07/23 | 122000000 | &nbsp;&nbsp;&nbsp; 121091557 |
|  | 4.38% |  | 03/14/23 | 120000000 | &nbsp;&nbsp;&nbsp; 118992583 |
|  | 4.37% |  | 03/21/23 | 238300000 | &nbsp;&nbsp;&nbsp; 236102951 |
|  | 0.13% |  | 03/31/23 | 162000000 | &nbsp;&nbsp;&nbsp; 161208036 |
|  | 2.50% |  | 03/31/23 | &nbsp;&nbsp; 93400000 | &nbsp;&nbsp;&nbsp;&nbsp; 93594023 |
|  | 0.13% |  | 04/30/23 | &nbsp;&nbsp; 32000000 | &nbsp;&nbsp;&nbsp;&nbsp; 31788130 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(3 mo. US TBILL + 0.03%)<br> *(a)* | 4.43% | 01/03/23 | 04/30/23 | 115200000 | &nbsp;&nbsp;&nbsp; 115203368 |
|  | 4.63% |  | 05/25/23 | 118600000 | &nbsp;&nbsp;&nbsp; 116485026 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(3 mo. US TBILL + 0.03%)<br> *(a)* | 4.43% | 01/03/23 | 07/31/23 | 280600000 | &nbsp;&nbsp;&nbsp; 280755349 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(3 mo. US TBILL + 0.04%)<br> *(a)* | 4.43% | 01/03/23 | 10/31/23 | 207000000 | &nbsp;&nbsp;&nbsp; 207127084 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(3 mo. US TBILL + 0.04%)<br> *(a)* | 4.44% | 01/03/23 | 07/31/24 | 713100000 | &nbsp;&nbsp;&nbsp; 712650451 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(3 mo. US TBILL + 0.14%)<br> *(a)* | 4.54% | 01/03/23 | 10/31/24 | 300900000 | &nbsp;&nbsp;&nbsp; 300485347 |
| **Total U.S. Treasury Debt** <br>**(Cost $3,553,044,680)** | **Total U.S. Treasury Debt** <br>**(Cost $3,553,044,680)** | **Total U.S. Treasury Debt** <br>**(Cost $3,553,044,680)** | **Total U.S. Treasury Debt** <br>**(Cost $3,553,044,680)** | **Total U.S. Treasury Debt** <br>**(Cost $3,553,044,680)** | **3553044680** |
| **VARIABLE RATE DEMAND NOTES** 0.4% OF NET ASSETS | **VARIABLE RATE DEMAND NOTES** 0.4% OF NET ASSETS | **VARIABLE RATE DEMAND NOTES** 0.4% OF NET ASSETS | **VARIABLE RATE DEMAND NOTES** 0.4% OF NET ASSETS | **VARIABLE RATE DEMAND NOTES** 0.4% OF NET ASSETS | **VARIABLE RATE DEMAND NOTES** 0.4% OF NET ASSETS |
| **BRIDGE WF II PARKWAY CLUB LLC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TAXABLE M/F HOUSING RB SERIES 2021A (**LOC**: FEDERAL HOME <br> LOAN BANKS)<br>*(c)* | 4.39% |  | 01/06/23 | &nbsp;&nbsp; 56900000 | &nbsp;&nbsp;&nbsp;&nbsp; 56900000 |
| **FARR LIFE LLC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TAXABLE VARIABLE RATE DEMAND NOTES SERIES 2022 <br> (**LOC**: FEDERAL HOME LOAN BANKS)<br>*(c)* | 4.38% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| **GINA RISTOW BELLING 2022** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TAXABLE VARIABLE RATE DEMAND NOTES SERIES 2022 <br> (**LOC**: FEDERAL HOME LOAN BANKS)<br>*(c)* | 4.38% |  | 01/06/23 | &nbsp;&nbsp; 20310000 | &nbsp;&nbsp;&nbsp;&nbsp; 20310000 |
| **RIVERSIDE HOME LENDING** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TAXABLE S/F RENTAL HOUSING RB SERIES 2021A (**LOC**: FEDERAL <br> HOME LOAN BANKS)<br>*(c)* | 4.39% |  | 01/06/23 | &nbsp;&nbsp; 77300000 | &nbsp;&nbsp;&nbsp;&nbsp; 77300000 |
| **Total Variable Rate Demand Notes** <br>**(Cost $159,510,000)** | **Total Variable Rate Demand Notes** <br>**(Cost $159,510,000)** | **Total Variable Rate Demand Notes** <br>**(Cost $159,510,000)** | **Total Variable Rate Demand Notes** <br>**(Cost $159,510,000)** | **Total Variable Rate Demand Notes** <br>**(Cost $159,510,000)** | **159510000** |

---

*See financial notes*

**16**Schwab Government Money Funds \| Annual Report

------

Schwab Government Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ISSUER | FOOTNOTES | RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| MATURITY<br> AMOUNT ($)<br>| VALUE ($) |
| **REPURCHASE AGREEMENTS** 72.0% OF NET ASSETS | **REPURCHASE AGREEMENTS** 72.0% OF NET ASSETS | **REPURCHASE AGREEMENTS** 72.0% OF NET ASSETS | **REPURCHASE AGREEMENTS** 72.0% OF NET ASSETS | **REPURCHASE AGREEMENTS** 72.0% OF NET ASSETS | **REPURCHASE AGREEMENTS** 72.0% OF NET ASSETS | **REPURCHASE AGREEMENTS** 72.0% OF NET ASSETS |
| **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 22.6%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 22.6%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 22.6%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 22.6%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 22.6%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 22.6%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 22.6%** |
| **BANCO SANTANDER SA** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.31% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19009099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities <br> valued at $19,570,147, 2.00% - 5.00%, due 06/01/42 - <br> 10/01/52)<br>|  |  |  |  |  |  |
| **BANK OF MONTREAL** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 11/30/22, repurchase date 01/30/23 |  | 4.21% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80346156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities <br> valued at $82,987,112, 3.52% - 6.25%, due 09/20/71 - <br> 11/20/72)<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/20/22, repurchase date 01/19/23 |  | 4.31% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 240488467 | &nbsp;&nbsp;&nbsp;&nbsp; 240000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities <br> valued at $248,086,830, 3.50% - 5.50%, due 06/01/52 - <br> 12/01/52)<br>|  |  |  |  |  |  |
| **BARCLAYS BANK PLC** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.30% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95045389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities <br> valued at $97,896,751, 2.00% - 3.00%, due 07/20/51 - <br> 02/20/52)<br>|  |  |  |  |  |  |
| **BNP PARIBAS SA** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/07/22, repurchase date 01/10/23 |  | 4.20% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 960349500 | &nbsp;&nbsp;&nbsp;&nbsp; 957000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury and U.S. Government <br> Agency Securities valued at $998,682,061, 0.13% - 7.00%, <br> due 03/29/32 - 11/25/58)<br>|  |  |  |  |  |  |
| **BOFA SECURITIES INC** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.30% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 782373622 | &nbsp;&nbsp;&nbsp;&nbsp; 782000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities <br> valued at $805,460,000, 2.00% - 3.00%, due 04/01/51 - <br> 03/01/52)<br>|  |  |  |  |  |  |
| **DAIWA CAPITAL MARKETS AMERICA INC** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.30% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 142067844 | &nbsp;&nbsp;&nbsp;&nbsp; 142000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury and U.S. Government <br> Agency Securities valued at $147,026,424, 0.13% - 6.00%, <br> due 01/15/23 - 12/01/52)<br>|  |  |  |  |  |  |
| **FICC - BANK OF NEW YORK** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.31% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 288137920 | &nbsp;&nbsp;&nbsp;&nbsp; 288000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury and U.S. Government <br> Agency Securities valued at $296,211,926, 1.50% - 7.65%, <br> due 06/01/25 - 12/01/52)<br>|  |  |  |  |  |  |
| **GOLDMAN SACHS & CO LLC** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/28/22, repurchase date 01/04/23 |  | 4.30% |  | 01/04/23 | &nbsp;&nbsp;&nbsp;&nbsp; 522436450 | &nbsp;&nbsp;&nbsp;&nbsp; 522000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities <br> valued at $532,440,000, 2.00% - 7.00%, due 06/01/28 - <br> 09/15/64)<br>|  |  |  |  |  |  |

---

*See financial notes*

Schwab Government Money Funds \| Annual Report**17**

------

Schwab Government Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ISSUER | RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| MATURITY<br> AMOUNT ($)<br>| VALUE ($) |
| **JP MORGAN SECURITIES LLC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 | 4.30% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 250119444 | &nbsp;&nbsp;&nbsp;&nbsp; 250000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities <br> valued at $257,500,000, 0.00% - 7.50%, due 08/20/29 - <br> 11/20/62)<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 | 4.30% |  | 01/03/23 | &nbsp;&nbsp; 1187567122 | &nbsp;&nbsp;&nbsp; 1187000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities <br> valued at $1,222,610,000, 1.50% - 7.50%, due 02/01/28 - <br> 03/01/60)<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 11/29/22, repurchase date 06/08/23<br> *(a)* | 4.45% | 01/03/23 | 04/04/23 | &nbsp;&nbsp;&nbsp;&nbsp; 485444850 | &nbsp;&nbsp;&nbsp;&nbsp; 478000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities <br> valued at $494,112,971, 0.00% - 10.13%, due 09/25/24 - <br> 04/16/60) <br>(SOFR + 0.15%)<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/15/22, repurchase date 06/23/23<br> *(a)* | 4.45% | 01/03/23 | 04/04/23 | &nbsp;&nbsp;&nbsp;&nbsp; 485513069 | &nbsp;&nbsp;&nbsp;&nbsp; 479000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities <br> valued at $494,279,034, 1.00% - 7.64%, due 11/25/25 - <br> 06/25/61) <br>(SOFR + 0.15%)<br>|  |  |  |  |  |
| **MIZUHO SECURITIES USA LLC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 | 4.30% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25011944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury Securities valued at <br> $25,500,015, 3.13%, due 08/31/27)<br>|  |  |  |  |  |
| **MUFG SECURITIES AMERICAS INC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 | 4.30% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10004778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities <br> valued at $10,500,000, 3.00% - 5.50%, due 10/25/47 - <br> 12/15/54)<br>|  |  |  |  |  |
| **NOMURA SECURITIES INTERNATIONAL INC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 | 4.30% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 190090778 | &nbsp;&nbsp;&nbsp;&nbsp; 190000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury Securities valued at <br> $193,800,028, 1.00% - 2.25%, due 10/31/26 - 07/31/28)<br>|  |  |  |  |  |
| **RBC DOMINION SECURITIES INC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/28/22, repurchase date 01/04/23 | 4.30% |  | 01/04/23 | &nbsp;&nbsp;&nbsp;&nbsp; 383320231 | &nbsp;&nbsp;&nbsp;&nbsp; 383000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury and U.S. Government <br> Agency Securities valued at $394,814,758, 1.50% - 5.50%, <br> due 02/28/29 - 08/15/57)<br>|  |  |  |  |  |
| **ROYAL BANK OF CANADA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/15/22, repurchase date 02/02/23 | 4.32% |  | 01/06/23 | &nbsp;&nbsp; 2867550400 | &nbsp;&nbsp;&nbsp; 2860000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities <br> valued at $2,963,121,304, 0.50% - 8.50%, due 07/01/23 - <br> 07/01/60)<br>|  |  |  |  |  |
| **WELLS FARGO SECURITIES LLC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 | 4.31% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38018198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury Securities valued at <br> $38,778,580, 1.25%, due 04/30/28)<br>|  |  |  |  |  |
|  |  |  |  |  | **9025000000** |

---

*See financial notes*

**18**Schwab Government Money Funds \| Annual Report

------

Schwab Government Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ISSUER | FOOTNOTES | RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| MATURITY<br> AMOUNT ($)<br>| VALUE ($) |
| **U.S. TREASURY REPURCHASE AGREEMENTS 49.4%** | **U.S. TREASURY REPURCHASE AGREEMENTS 49.4%** | **U.S. TREASURY REPURCHASE AGREEMENTS 49.4%** | **U.S. TREASURY REPURCHASE AGREEMENTS 49.4%** | **U.S. TREASURY REPURCHASE AGREEMENTS 49.4%** | **U.S. TREASURY REPURCHASE AGREEMENTS 49.4%** | **U.S. TREASURY REPURCHASE AGREEMENTS 49.4%** |
| **BANK OF MONTREAL** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/08/22, repurchase date 01/25/23 |  | 4.28% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 171589570 | &nbsp;&nbsp;&nbsp;&nbsp; 171000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury Securities valued at <br> $175,415,406, 1.50% - 4.25%, due 05/31/23 - 08/15/26)<br>|  |  |  |  |  |  |
| **BARCLAYS BANK PLC** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.30% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2768291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2766969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury Securities valued at <br> $2,823,717, 1.25%, due 11/30/26)<br>|  |  |  |  |  |  |
| **FEDERAL RESERVE BANK OF NEW YORK** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.30% |  | 01/03/23 | 19229182889 | 19220000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury Securities valued at <br> $19,229,182,971, 0.25% - 2.63%, due 11/15/23 - <br> 02/15/29)<br>|  |  |  |  |  |  |
| **FICC - BANK OF NEW YORK** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.30% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 333159100 | &nbsp;&nbsp;&nbsp;&nbsp; 333000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury Securities valued at <br> $339,660,032, 3.50%, due 09/15/25)<br>|  |  |  |  |  |  |
|  |  |  |  |  |  | **19726766969** |
| **Total Repurchase Agreements** <br>**(Cost $28,751,766,969)** | **Total Repurchase Agreements** <br>**(Cost $28,751,766,969)** | **Total Repurchase Agreements** <br>**(Cost $28,751,766,969)** | **Total Repurchase Agreements** <br>**(Cost $28,751,766,969)** | **Total Repurchase Agreements** <br>**(Cost $28,751,766,969)** | **Total Repurchase Agreements** <br>**(Cost $28,751,766,969)** | **28751766969** |
| **Total Investments in Securities** <br>**(Cost $39,653,752,638)** | **Total Investments in Securities** <br>**(Cost $39,653,752,638)** | **Total Investments in Securities** <br>**(Cost $39,653,752,638)** | **Total Investments in Securities** <br>**(Cost $39,653,752,638)** | **Total Investments in Securities** <br>**(Cost $39,653,752,638)** | **Total Investments in Securities** <br>**(Cost $39,653,752,638)** | **39653752638** |

---

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

\* Collateralized via U.S. Government Agency Securities or less frequently by higher rated U.S. Treasury Securities.

*(a)* Variable rate security; rate shown is effective rate at period end.

*(b)* 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.

*(c)* 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;

---

| | |
|:---|:---|
| EFFR — | Effective Federal Funds Rate is published daily by the Federal Reserve Bank of New York and is based on the interest rate financial institutions charge each other for <br> overnight funds.<br>|
| FICC — | Fixed Income Clearing Corp |
| LOC — | Letter of credit |
| M/F — | Multi-family |
| RB — | Revenue bond |
| S/F — | Single-family |
| 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>|
| SOFR — | Secured Overnight Financing Rate is published daily by the Federal Reserve Bank of New York and is based on the cost of borrowing cash overnight collateralized by <br> U.S. Treasury securities.<br>|
| US TBILL — | The reference rate is the weekly auction stop for the U.S. Treasury Bill. |
| VRDN — | Variable rate demand note |

---

------

At December 31, 2022, all of the fund's investment securities were classified as Level 2. The breakdown of the fund's investments

into categories is disclosed on the Portfolio Holdings (see financial note 2(a) for additional information).

*See financial notes*

Schwab Government Money Funds \| Annual Report**19**

------

Schwab Government Money Fund

Statement of Assets and Liabilities

------

As of December 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at cost and value - unaffiliated (Note 2a) |  | $10901985669 |
| Repurchase agreements, at cost and value — unaffiliated (Note 2a) |  | &nbsp;&nbsp;&nbsp; 28751766969 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290892085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68877793 |
| Prepaid expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1015308 |
| **Total assets** |  | **40014537824** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65275131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23924310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6135583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 973671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 663 |
| Accrued expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 836667 |
| **Total liabilities** |  | **97146025** |
| **Net assets** |  | **$39917391799** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $39917391799 |
| **Net assets** |  | **$39917391799** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  |
| **Share Class**  | **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares** <br>**Outstanding** <br>| **=** | **NAV** |
| Sweep Shares | $20458352322 |  | 20458193349 |  | $1.00 |
| Investor Shares | $10822872673 |  | 10822749666 |  | $1.00 |
| Ultra Shares | $8636166804 |  | &nbsp;&nbsp; 8636175506 |  | $1.00 |

---

*See financial notes*

**20**Schwab Government Money Funds \| Annual Report

------

Schwab Government Money Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2022 through December 31, 2022 | For the period January 1, 2022 through December 31, 2022 | For the period January 1, 2022 through December 31, 2022 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| **Interest received from securities - unaffiliated** |  | **$611754529** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp; 68827709 |
| Shareholder service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweep Shares |  | &nbsp;&nbsp;&nbsp;&nbsp; 56603261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  | &nbsp;&nbsp;&nbsp;&nbsp; 11133861 |
| Proxy fees<sup>1</sup> <br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1289509 |
| Registration fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 959362 |
| Shareholder reports |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495744 |
| Portfolio accounting fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 451906 |
| Custodian fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 442232 |
| Professional fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117380 |
| Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86486 |
| Transfer agent fees  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1943 |
| Other expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294126 |
| **Total expenses** |  | **140703519** |
| Expense reduction | – | &nbsp;&nbsp;&nbsp;&nbsp; 28303190 |
| **Net expenses** | – | **112400329** |
| **Net investment income** |  | **499354200** |
| **REALIZED GAINS (LOSSES)** | **REALIZED GAINS (LOSSES)** | **REALIZED GAINS (LOSSES)** |
| **Net realized gains on sales of securities - unaffiliated** |  | **64512** |
| **Increase in net assets resulting from operations** |  | **$499418712** |

---

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

<sup>1</sup> Proxy fees are non-routine expenses (see financial note 4 for additional information).

*See financial notes*

Schwab Government Money Funds \| Annual Report**21**

------

Schwab Government Money Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/21-12/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp; $499354200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7727570 |
| Net realized gains | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117866 |
| **Increase in net assets from operations** |  | **$499418712** | **$7845436** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| Sweep Shares |  | &nbsp;&nbsp;&nbsp;&nbsp; ($272902754) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ($5121566) |
| Investor Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (117830774) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1852305) |
| Ultra Shares | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (108673651) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (860246) |
| **Total distributions** |  | **($499407179)** | **($7834117)** |
| **TRANSACTIONS IN FUND SHARES\*** | **TRANSACTIONS IN FUND SHARES\*** | **TRANSACTIONS IN FUND SHARES\*** | **TRANSACTIONS IN FUND SHARES\*** |
| **Shares Sold** |  |  |  |
| Sweep Shares |  | &nbsp;&nbsp;&nbsp; 10087499223 | &nbsp;&nbsp;&nbsp; 36238466978 |
| Investor Shares |  | &nbsp;&nbsp;&nbsp; 15369590824 | &nbsp;&nbsp;&nbsp;&nbsp; 5161189251 |
| Ultra Shares | + | &nbsp;&nbsp;&nbsp; 12809443604 | &nbsp;&nbsp;&nbsp;&nbsp; 7375013859 |
| **Total shares sold** |  | **38266533651** | **48774670088** |
| **Shares Reinvested** |  |  |  |
| Sweep Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272875534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5049524 |
| Investor Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81862262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1408653 |
| Ultra Shares | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89554272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 737509 |
| **Total shares reinvested** |  | **444292068** | **7195686** |
| **Shares Redeemed** |  |  |  |
| Sweep Shares |  | &nbsp;&nbsp; (14061257043) | &nbsp;&nbsp; (32203488522) |
| Investor Shares |  | &nbsp;&nbsp; (11410455690) | &nbsp;&nbsp; (10361209799) |
| Ultra Shares | + | &nbsp;&nbsp;&nbsp; (8989061226) | &nbsp;&nbsp;&nbsp; (4296794714) |
| **Total shares redeemed** |  | **(34460773959)** | **(46861493035)** |
| **Net transactions in fund shares** |  | **4250051760** | **1920372739** |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of period |  | $35667328506 | $33746944448 |
| Total increase | + | &nbsp;&nbsp;&nbsp;&nbsp; 4250063293 | &nbsp;&nbsp;&nbsp;&nbsp; 1920384058 |
| **End of period** |  | **$39917391799** | **$35667328506** |

---

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

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

<sup>\*</sup> Transactions took place at $1.00 per share; figures for share quantities are the same as for dollars.

*See financial notes*

**22**Schwab Government Money Funds \| Annual Report

------

Schwab U.S. Treasury Money Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Shares** | 1/1/22– <br>12/31/22<br>| 1/1/21– <br>12/31/21<br>| 1/1/20– <br>12/31/20<br>| 1/1/19– <br>12/31/19<br>| 1/17/18<sup>1</sup>– <br>12/31/18<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; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp; 0.00<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp; 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 0.00<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>3</sup> <br>| &nbsp;&nbsp; (0.01)<sup>4</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp; 0.00<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp; 0.01 |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.00)<sup>35</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>3</sup> <br>| &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | &nbsp;&nbsp; (0.00)<sup>3</sup> <br>| &nbsp;&nbsp; (0.00)<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>3</sup> <br>| &nbsp;&nbsp; (0.00)<sup>3</sup> <br>| &nbsp;&nbsp; (0.00)<sup>3</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.00)<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>3</sup> <br>| &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.01) |
| Net asset value at end of period | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Total return | &nbsp;&nbsp;&nbsp; 1.26% | &nbsp;&nbsp;&nbsp; 0.02%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27% | &nbsp;&nbsp;&nbsp; 1.84% | &nbsp;&nbsp;&nbsp; 1.40%<sup>6</sup> <br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net operating expenses | &nbsp;&nbsp;&nbsp; 0.28%<sup>7,8</sup> <br>| &nbsp;&nbsp;&nbsp; 0.05%<sup>8</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23%<sup>8,9</sup> <br>| &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp; 0.35%<sup>10</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Gross operating expenses | &nbsp;&nbsp;&nbsp; 0.35%<sup>7</sup> <br>| &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp; 0.49%<sup>10</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; 1.26% | &nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp; 1.77% | &nbsp;&nbsp;&nbsp; 1.64%<sup>10</sup> <br>|
| Net assets, end of period (x 1,000,000) | $7959 | $7468 | $11297 | $7517 | $3414 |

---

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

<sup>1</sup> Commencement of operations.

<sup>2</sup> Calculated based on the average shares outstanding during the period.

<sup>3</sup> Per-share amount was less than $0.005.

<sup>4</sup> The per share amount does not accord with the change in aggregate gains and losses in securities during the period because of the timing of fund transactions in relation to fluctuating market values. 

<sup>5</sup> These amounts include a non-recurring special distribution. The effect on the distributions from net investment income was less than $0.005 and the effect on the total return was 0.01%. 

<sup>6</sup> Not annualized.

<sup>7</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>8</sup> Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation (see financial note 4 for additional information).

<sup>9</sup> Effective September 24, 2020, the contractual expense limitation changed. The ratio presented for period ended December 31, 2020 is a blended ratio.

<sup>10</sup> Annualized.

*See financial notes*

Schwab Government Money Funds \| Annual Report**23**

------

Schwab U.S. Treasury Money Fund

**FINANCIAL HIGHLIGHTS (continued)**

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

---

| | | | |
|:---|:---|:---|:---|
| **Ultra Shares** | 1/1/22– <br>12/31/22<br>| 1/1/21– <br>12/31/21<br>| 9/24/20<sup>1</sup>– <br>12/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Income (loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp; 0.00<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>3</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 0.00<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>3</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp; 0.00<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>3</sup> <br>|
| Less distributions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.00)<sup>34</sup> <br>| &nbsp;&nbsp; (0.00)<sup>3</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | &nbsp;&nbsp; (0.00)<sup>3</sup> <br>| &nbsp;&nbsp; (0.00)<sup>3</sup> <br>| &nbsp;&nbsp; (0.00)<sup>3</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.00)<sup>3</sup> <br>| &nbsp;&nbsp; (0.00)<sup>3</sup> <br>|
| Net asset value at end of period | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Total return | &nbsp;&nbsp;&nbsp; 1.38% | &nbsp;&nbsp;&nbsp; 0.02%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00%<sup>5,6</sup> <br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net operating expenses | &nbsp;&nbsp;&nbsp; 0.17%<sup>7,8</sup> <br>| &nbsp;&nbsp;&nbsp; 0.05%<sup>8</sup> <br>| &nbsp;&nbsp;&nbsp; 0.12%<sup>8,9</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Gross operating expenses | &nbsp;&nbsp;&nbsp; 0.20%<sup>7</sup> <br>| &nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp; 0.21%<sup>9</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; 1.58% | &nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp; 0.01%<sup>9</sup> <br>|
| Net assets, end of period (x 1,000,000) | $6176 | $3850 | $2260 |

---

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

<sup>1</sup> Commencement of operations.

<sup>2</sup> Calculated based on the average shares outstanding during the period.

<sup>3</sup> Per-share amount was less than $0.005.

<sup>4</sup> These amounts include a non-recurring special distribution. The effect on the distributions from net investment income was less than $0.005 and the effect on the total return was 0.01%. 

<sup>5</sup> Not annualized.

<sup>6</sup> Percentage was less than 0.005%.

<sup>7</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>8</sup> Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation (see financial note 4 for additional information).

<sup>9</sup> Annualized.

*See financial notes*

**24**Schwab Government Money Funds \| Annual Report

------

Schwab U.S. Treasury Money Fund

Portfolio Holdings as of December 31, 2022

------

This section shows all the securities in the fund's portfolio and their values as of the report date.

The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) monthly on Form N-MFP, which is available immediately upon filing. The fund's Form N-MFP is available on the SEC's website at www.sec.gov. The fund also makes available its complete schedule of portfolio holdings 5 business days after month end on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus.

For fixed-rate obligations and repurchase agreements, the rate shown is the coupon rate (the rate established when the obligation was issued) and if the coupon rate is not available, the effective yield at the time of purchase is shown. For variable-rate obligations, the rate shown is the interest rate as of the report date based on each security's rate reset date. 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 date shown in the maturity date column below is either the date on which the principal amount must be paid or the date payment must be made pursuant to a demand feature. If the security's structure includes one of a number of maturity-shortening provisions set forth in Rule 2a-7, such as an interest rate reset, demand feature or put feature, the effective maturity date is also disclosed. If the effective maturity and maturity date are the same, the date will only appear in the maturity date column.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
| **U.S. TREASURY DEBT** 106.7% OF NET ASSETS | **U.S. TREASURY DEBT** 106.7% OF NET ASSETS | **U.S. TREASURY DEBT** 106.7% OF NET ASSETS | **U.S. TREASURY DEBT** 106.7% OF NET ASSETS | **U.S. TREASURY DEBT** 106.7% OF NET ASSETS | **U.S. TREASURY DEBT** 106.7% OF NET ASSETS |
| **UNITED STATES TREASURY** |  |  |  |  |  |
|  | 3.01% |  | 01/03/23 | 190000000 | &nbsp;&nbsp;&nbsp;&nbsp; 190000000 |
|  | 4.02% |  | 01/03/23 | 950001000 | &nbsp;&nbsp;&nbsp;&nbsp; 950001000 |
|  | 3.00% |  | 01/05/23 | 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99983333 |
|  | 3.10% |  | 01/05/23 | 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99982778 |
|  | 3.31% |  | 01/05/23 | &nbsp;&nbsp;&nbsp; 5278000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5277037 |
|  | 2.85% |  | 01/10/23 | 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99944583 |
|  | 3.05% |  | 01/10/23 | 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99940694 |
|  | 3.24% |  | 01/10/23 | 350000000 | &nbsp;&nbsp;&nbsp;&nbsp; 349782077 |
|  | 3.26% |  | 01/10/23 | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49968597 |
|  | 3.34% |  | 01/10/23 | &nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4996792 |
|  | 3.82% |  | 01/10/23 | 400000000 | &nbsp;&nbsp;&nbsp;&nbsp; 399701236 |
|  | 3.93% |  | 01/10/23 | 300000000 | &nbsp;&nbsp;&nbsp;&nbsp; 299771917 |
|  | 3.94% |  | 01/10/23 | 200000000 | &nbsp;&nbsp;&nbsp;&nbsp; 199847867 |
|  | 2.67% |  | 01/12/23 | &nbsp;&nbsp; 98000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97935406 |
|  | 3.64% |  | 01/12/23 | &nbsp;&nbsp; 75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74932434 |
|  | 3.47% |  | 01/17/23 | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49933247 |
|  | 3.95% |  | 01/17/23 | 200000000 | &nbsp;&nbsp;&nbsp;&nbsp; 199694333 |
|  | 4.02% |  | 01/17/23 | 300000000 | &nbsp;&nbsp;&nbsp;&nbsp; 299533800 |
|  | 3.64% |  | 01/24/23 | 103494000 | &nbsp;&nbsp;&nbsp;&nbsp; 103274821 |
|  | 3.84% |  | 01/24/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500877 |
|  | 4.09% |  | 01/24/23 | &nbsp;&nbsp; 35000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34916955 |
|  | 4.12% |  | 01/24/23 | 125000000 | &nbsp;&nbsp;&nbsp;&nbsp; 124701589 |
|  | 4.21% |  | 01/26/23 | 150000000 | &nbsp;&nbsp;&nbsp;&nbsp; 149598937 |
|  | 0.13% |  | 01/31/23 | 390000000 | &nbsp;&nbsp;&nbsp;&nbsp; 388809999 |
|  | 2.38% |  | 01/31/23 | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49990809 |
|  | 4.04% |  | 01/31/23 | 200000000 | &nbsp;&nbsp;&nbsp;&nbsp; 199376067 |
|  | 4.05% |  | 01/31/23 | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49843608 |
|  | 4.13% |  | 01/31/23 | 150000000 | &nbsp;&nbsp;&nbsp;&nbsp; 149521550 |
|  | 4.15% |  | 01/31/23 | 150000000 | &nbsp;&nbsp;&nbsp;&nbsp; 149518692 |
|  | 4.16% |  | 01/31/23 | 150000000 | &nbsp;&nbsp;&nbsp;&nbsp; 149518167 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(3 mo. US TBILL + 0.05%)<br> *(a)* | 4.45% | 01/03/23 | 01/31/23 | 115400000 | &nbsp;&nbsp;&nbsp;&nbsp; 115402150 |
|  | 4.03% |  | 02/02/23 | 200000000 | &nbsp;&nbsp;&nbsp;&nbsp; 199334833 |
|  | 4.07% |  | 02/02/23 | 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99664583 |
|  | 3.94% |  | 02/07/23 | 130000000 | &nbsp;&nbsp;&nbsp;&nbsp; 129505027 |
|  | 3.95% |  | 02/07/23 | &nbsp;&nbsp;&nbsp; 5214000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5194081 |

---

*See financial notes*

Schwab Government Money Funds \| Annual Report**25**

------

Schwab U.S. Treasury Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
|  | 4.02% |  | 02/07/23 | 250000000 | &nbsp;&nbsp;&nbsp;&nbsp; 249029965 |
|  | 4.05% |  | 02/07/23 | 250000000 | &nbsp;&nbsp;&nbsp;&nbsp; 249022674 |
|  | 4.06% |  | 02/07/23 | 250000000 | &nbsp;&nbsp;&nbsp;&nbsp; 249020000 |
|  | 4.10% |  | 02/07/23 | 250000000 | &nbsp;&nbsp;&nbsp;&nbsp; 249010764 |
|  | 3.00% |  | 02/09/23 | &nbsp;&nbsp; 30000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29908733 |
|  | 3.98% |  | 02/14/23 | &nbsp;&nbsp; 14500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14433069 |
|  | 3.99% |  | 02/14/23 | 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99537825 |
|  | 4.03% |  | 02/14/23 | &nbsp;&nbsp; 29883000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29743372 |
|  | 4.04% |  | 02/14/23 | 450000000 | &nbsp;&nbsp;&nbsp;&nbsp; 447893292 |
|  | 4.05% |  | 02/14/23 | 750000000 | &nbsp;&nbsp;&nbsp;&nbsp; 746482208 |
|  | 4.07% |  | 02/14/23 | 200000000 | &nbsp;&nbsp;&nbsp;&nbsp; 199057217 |
|  | 4.09% |  | 02/14/23 | 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99526042 |
|  | 4.10% |  | 02/14/23 | 250000000 | &nbsp;&nbsp;&nbsp;&nbsp; 248812917 |
|  | 1.38% |  | 02/15/23 | 372012000 | &nbsp;&nbsp;&nbsp;&nbsp; 370807919 |
|  | 2.00% |  | 02/15/23 | 530654000 | &nbsp;&nbsp;&nbsp;&nbsp; 529403905 |
|  | 4.02% |  | 02/21/23 | 250000000 | &nbsp;&nbsp;&nbsp;&nbsp; 248641951 |
|  | 4.03% |  | 02/21/23 | 250000000 | &nbsp;&nbsp;&nbsp;&nbsp; 248638549 |
|  | 4.05% |  | 02/21/23 | 200000000 | &nbsp;&nbsp;&nbsp;&nbsp; 198904306 |
|  | 4.06% |  | 02/21/23 | 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99450383 |
|  | 4.07% |  | 02/21/23 | 250000000 | &nbsp;&nbsp;&nbsp;&nbsp; 248624597 |
|  | 4.20% |  | 02/21/23 | &nbsp;&nbsp; 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19887109 |
|  | 4.03% |  | 02/23/23 | &nbsp;&nbsp; 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14915000 |
|  | 4.10% |  | 02/23/23 | &nbsp;&nbsp; 32966000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32775924 |
|  | 0.13% |  | 02/28/23 | &nbsp;&nbsp; 27000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26929799 |
|  | 1.50% |  | 02/28/23 | &nbsp;&nbsp; 45600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45600000 |
|  | 2.63% |  | 02/28/23 | &nbsp;&nbsp; 38600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38643864 |
|  | 4.28% |  | 02/28/23 | 750000000 | &nbsp;&nbsp;&nbsp;&nbsp; 745038945 |
|  | 4.29% |  | 02/28/23 | 375000000 | &nbsp;&nbsp;&nbsp;&nbsp; 372513638 |
|  | 4.31% |  | 03/07/23 | 267531000 | &nbsp;&nbsp;&nbsp;&nbsp; 265540175 |
|  | 4.32% |  | 03/07/23 | &nbsp;&nbsp; 37800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37518532 |
|  | 3.39% |  | 03/09/23 | 150000000 | &nbsp;&nbsp;&nbsp;&nbsp; 149097448 |
|  | 4.31% |  | 03/09/23 | 250000000 | &nbsp;&nbsp;&nbsp;&nbsp; 248075729 |
|  | 4.36% |  | 03/14/23 | 150000000 | &nbsp;&nbsp;&nbsp;&nbsp; 148745833 |
|  | 4.38% |  | 03/14/23 | 121000000 | &nbsp;&nbsp;&nbsp;&nbsp; 119984581 |
|  | 4.37% |  | 03/21/23 | &nbsp;&nbsp; 79700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78965191 |
|  | 4.49% |  | 03/28/23 | 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98967267 |
|  | 4.50% |  | 03/28/23 | 200000000 | &nbsp;&nbsp;&nbsp;&nbsp; 197931967 |
|  | 0.13% |  | 03/31/23 | &nbsp;&nbsp; 42000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41794699 |
|  | 2.50% |  | 03/31/23 | &nbsp;&nbsp; 31600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31665644 |
|  | 4.45% |  | 04/04/23 | 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98890306 |
|  | 4.49% |  | 04/04/23 | 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98880700 |
|  | 4.04% |  | 04/06/23 | &nbsp;&nbsp; 31680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31355504 |
|  | 4.46% |  | 04/11/23 | 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98802903 |
|  | 4.46% |  | 04/18/23 | 100000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98716667 |
|  | 4.52% |  | 04/18/23 | &nbsp;&nbsp; 30000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29610275 |
|  | 0.13% |  | 04/30/23 | &nbsp;&nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8940412 |
|  | 4.63% |  | 05/25/23 | &nbsp;&nbsp; 39400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38697386 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(3 mo. US TBILL + 0.03%)<br> *(a)* | 4.43% | 01/03/23 | 07/31/23 | 452400000 | &nbsp;&nbsp;&nbsp;&nbsp; 452644377 |
|  | 4.04% |  | 09/07/23 | &nbsp;&nbsp; 58800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57232258 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(3 mo. US TBILL + 0.04%)<br> *(a)* | 4.43% | 01/03/23 | 10/31/23 | 440200000 | &nbsp;&nbsp;&nbsp;&nbsp; 440323334 |

---

*See financial notes*

**26**Schwab Government Money Funds \| Annual Report

------

Schwab U.S. Treasury Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(3 mo. US TBILL + 0.04%)<br> *(a)* | 4.44% | 01/03/23 | 07/31/24 | 233300000 | &nbsp;&nbsp;&nbsp;&nbsp; 233149533 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(3 mo. US TBILL + 0.14%)<br> *(a)* | 4.54% | 01/03/23 | 10/31/24 | 149000000 | &nbsp;&nbsp;&nbsp;&nbsp; 148850043 |
| **Total U.S. Treasury Debt** <br>**(Cost $15,076,534,607)** | **Total U.S. Treasury Debt** <br>**(Cost $15,076,534,607)** | **Total U.S. Treasury Debt** <br>**(Cost $15,076,534,607)** | **Total U.S. Treasury Debt** <br>**(Cost $15,076,534,607)** | **Total U.S. Treasury Debt** <br>**(Cost $15,076,534,607)** | **15076534607** |
| **Total Investments in Securities** <br>**(Cost $15,076,534,607)** | **Total Investments in Securities** <br>**(Cost $15,076,534,607)** | **Total Investments in Securities** <br>**(Cost $15,076,534,607)** | **Total Investments in Securities** <br>**(Cost $15,076,534,607)** | **Total Investments in Securities** <br>**(Cost $15,076,534,607)** | **15076534607** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* Variable rate security; rate shown is effective rate at period end.

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

US TBILL — The reference rate is the weekly auction stop for the U.S. Treasury Bill.

------

At December 31, 2022, all of the fund's investment securities were classified as Level 2. The breakdown of the fund's investments

into categories is disclosed on the Portfolio Holdings (see financial note 2(a) for additional information).

*See financial notes*

Schwab Government Money Funds \| Annual Report**27**

------

Schwab U.S. Treasury Money Fund

Statement of Assets and Liabilities

------

As of December 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at cost and value - unaffiliated (Note 2a) |  | $15076534607 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251333730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18212744 |
| Prepaid expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 348445 |
| **Total assets** |  | **15346429526** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp; 1117552583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70657058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20220054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2190707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337 |
| Accrued expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235913 |
| **Total liabilities** |  | **1210959295** |
| **Net assets** |  | **$14135470231** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $14135477656 |
| Total distributable loss | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7425) |
| **Net assets** |  | **$14135470231** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  |
| **Share Class**  | **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares** <br>**Outstanding** <br>| **=** | **NAV** |
| Investor Shares | $7959146685 |  | 7958591767 |  | $1.00 |
| Ultra Shares | $6176323546 |  | 6175964820 |  | $1.00 |

---

*See financial notes*

**28**Schwab Government Money Funds \| Annual Report

------

Schwab U.S. Treasury Money Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2022 through December 31, 2022 | For the period January 1, 2022 through December 31, 2022 | For the period January 1, 2022 through December 31, 2022 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| **Interest received from securities - unaffiliated** |  | **$173143269** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp; 20389234 |
| Shareholder service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  | &nbsp;&nbsp;&nbsp;&nbsp; 10149957 |
| Registration fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 485151 |
| Portfolio accounting fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156308 |
| Custodian fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141675 |
| Proxy fees<sup>1</sup> <br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100268 |
| Shareholder reports |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53441 |
| Professional fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47258 |
| Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43830 |
| Transfer agent fees  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1329 |
| Other expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94615 |
| **Total expenses** |  | **31663066** |
| Expense reduction | – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6277218 |
| **Net expenses** | – | **25385848** |
| **Net investment income** |  | **147757421** |
| **REALIZED GAINS (LOSSES)** | **REALIZED GAINS (LOSSES)** | **REALIZED GAINS (LOSSES)** |
| **Net realized gains on sales of securities - unaffiliated** |  | **68809** |
| **Increase in net assets resulting from operations** |  | **$147826230** |

---

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

<sup>1</sup> Proxy fees are non-routine expenses (see financial note 4 for additional information).

*See financial notes*

Schwab Government Money Funds \| Annual Report**29**

------

Schwab U.S. Treasury Money Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/21-12/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp; $147757421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2442165 |
| Net realized gains | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36463 |
| **Increase in net assets from operations** |  | **$147826230** | **$2478628** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| Investor Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ($85133479) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ($1801826) |
| Ultra Shares | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (62682376) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (662132) |
| **Total distributions** |  | **($147815855)** | **($2463958)** |
| **TRANSACTIONS IN FUND SHARES\*** | **TRANSACTIONS IN FUND SHARES\*** | **TRANSACTIONS IN FUND SHARES\*** | **TRANSACTIONS IN FUND SHARES\*** |
| **Shares Sold** |  |  |  |
| Investor Shares |  | &nbsp;&nbsp;&nbsp; 10507774018 | &nbsp;&nbsp;&nbsp;&nbsp; 3352593664 |
| Ultra Shares | + | &nbsp;&nbsp;&nbsp; 10562708044 | &nbsp;&nbsp;&nbsp;&nbsp; 7366011332 |
| **Total shares sold** |  | **21070482062** | **10718604996** |
| **Shares Reinvested** |  |  |  |
| Investor Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55057183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1270465 |
| Ultra Shares | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45838359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 471471 |
| **Total shares reinvested** |  | **100895542** | **1741936** |
| **Shares Redeemed** |  |  |  |
| Investor Shares |  | &nbsp;&nbsp; (10071645436) | &nbsp;&nbsp;&nbsp; (7183136807) |
| Ultra Shares | + | &nbsp;&nbsp;&nbsp; (8281962337) | &nbsp;&nbsp;&nbsp; (5776830785) |
| **Total shares redeemed** |  | **(18353607773)** | **(12959967592)** |
| **Net transactions in fund shares** |  | **2817769831** | **(2239620660)** |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of period |  | $11317690025 | $13557296015 |
| Total increase (decrease) | + | &nbsp;&nbsp;&nbsp;&nbsp; 2817780206 | &nbsp;&nbsp;&nbsp; (2239605990) |
| **End of period** |  | **$14135470231** | **$11317690025** |

---

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

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

<sup>\*</sup> Transactions took place at $1.00 per share; figures for share quantities are the same as for dollars.

*See financial notes*

**30**Schwab Government Money Funds \| Annual Report

------

Schwab Treasury Obligations Money Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Shares** | 1/1/22– <br>12/31/22<br>| 1/1/21– <br>12/31/21<br>| 1/1/20– <br>12/31/20<br>| 1/1/19– <br>12/31/19<br>| 1/1/18– <br>12/31/18<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;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp; 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp; (0.01)<sup>3</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp; 0.01 |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.01) |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 1.40% | &nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp; 0.27% | &nbsp;&nbsp;&nbsp;&nbsp; 1.89% | &nbsp;&nbsp;&nbsp; 1.51% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net operating expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.30%<sup>4,5</sup> <br>| &nbsp;&nbsp;&nbsp; 0.06%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp; 0.30%<sup>5,6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp; 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross operating expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.35%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp; 0.46% | &nbsp;&nbsp;&nbsp;&nbsp; 0.48% | &nbsp;&nbsp;&nbsp; 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 1.92% | &nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp; 0.27% | &nbsp;&nbsp;&nbsp;&nbsp; 1.86% | &nbsp;&nbsp;&nbsp; 1.57% |
| Net assets, end of period (x 1,000,000) | $15372 | $5632 | $7573 | $10820 | $7545 |

---

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

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

<sup>2</sup> Per-share amount was less than $0.005.

<sup>3</sup> The per share amount does not accord with the change in aggregate gains and losses in securities during the period because of the timing of fund transactions in relation to fluctuating market values. 

<sup>4</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>5</sup> Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation (see financial note 4 for additional information).

<sup>6</sup> Effective September 24, 2020, the contractual expense limitation changed. The ratio presented for period ended December 31, 2020 is a blended ratio.

*See financial notes*

Schwab Government Money Funds \| Annual Report**31**

------

Schwab Treasury Obligations Money Fund

**FINANCIAL HIGHLIGHTS (continued)**

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

---

| | | | |
|:---|:---|:---|:---|
| **Ultra Shares** | 1/1/22– <br>12/31/22<br>| 1/1/21– <br>12/31/21<br>| 9/24/20<sup>1</sup>– <br>12/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Income (loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp; 0.00<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>3</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>3</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp; 0.00<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>3</sup> <br>|
| Less distributions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.00)<sup>3</sup> <br>| &nbsp;&nbsp; (0.00)<sup>3</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>3</sup> <br>| &nbsp;&nbsp; (0.00)<sup>3</sup> <br>| &nbsp;&nbsp; (0.00)<sup>3</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.00)<sup>3</sup> <br>| &nbsp;&nbsp; (0.00)<sup>3</sup> <br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 1.52% | &nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp; 0.00%<sup>4,5</sup> <br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net operating expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.18%<sup>6,7</sup> <br>| &nbsp;&nbsp;&nbsp; 0.06%<sup>7</sup> <br>| &nbsp;&nbsp;&nbsp; 0.16%<sup>7,8</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Gross operating expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.20%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp; 0.21%<sup>8</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 2.53% | &nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp; 0.01%<sup>8</sup> <br>|
| Net assets, end of period (x 1,000,000) | $17073 | $2244 | $1754 |

---

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

<sup>1</sup> Commencement of operations.

<sup>2</sup> Calculated based on the average shares outstanding during the period.

<sup>3</sup> Per-share amount was less than $0.005.

<sup>4</sup> Not annualized.

<sup>5</sup> Percentage was less than 0.005%.

<sup>6</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>7</sup> Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation (see financial note 4 for additional information).

<sup>8</sup> Annualized.

*See financial notes*

**32**Schwab Government Money Funds \| Annual Report

------

Schwab Treasury Obligations Money Fund

Portfolio Holdings as of December 31, 2022

------

This section shows all the securities in the fund's portfolio and their values as of the report date.

The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) monthly on Form N-MFP, which is available immediately upon filing. The fund's Form N-MFP is available on the SEC's website at www.sec.gov. The fund also makes available its complete schedule of portfolio holdings 5 business days after month end on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus.

For fixed-rate obligations and repurchase agreements, the rate shown is the coupon rate (the rate established when the obligation was issued) and if the coupon rate is not available, the effective yield at the time of purchase is shown. For variable-rate obligations, the rate shown is the interest rate as of the report date based on each security's rate reset date. 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 date shown in the maturity date column below is either the date on which the principal amount must be paid or the date payment must be made pursuant to a demand feature. If the security's structure includes one of a number of maturity-shortening provisions set forth in Rule 2a-7, such as an interest rate reset, demand feature or put feature, the effective maturity date is also disclosed. If the effective maturity and maturity date are the same, the date will only appear in the maturity date column.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
| **U.S. TREASURY DEBT** 13.5% OF NET ASSETS | **U.S. TREASURY DEBT** 13.5% OF NET ASSETS | **U.S. TREASURY DEBT** 13.5% OF NET ASSETS | **U.S. TREASURY DEBT** 13.5% OF NET ASSETS | **U.S. TREASURY DEBT** 13.5% OF NET ASSETS | **U.S. TREASURY DEBT** 13.5% OF NET ASSETS |
| **UNITED STATES TREASURY** |  |  |  |  |  |
|  | 3.24% |  | 01/10/23 | 250000000 | &nbsp;&nbsp;&nbsp; 249844396 |
|  | 3.26% |  | 01/10/23 | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp;&nbsp;&nbsp; 49968597 |
|  | 3.34% |  | 01/10/23 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9993583 |
|  | 2.67% |  | 01/12/23 | 127000000 | &nbsp;&nbsp;&nbsp; 126916291 |
|  | 0.13% |  | 01/31/23 | &nbsp;&nbsp; 53000000 | &nbsp;&nbsp;&nbsp;&nbsp; 52836812 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(3 mo. US TBILL + 0.05%)<br> *(a)* | 4.45% | 01/03/23 | 01/31/23 | &nbsp;&nbsp; 54900000 | &nbsp;&nbsp;&nbsp;&nbsp; 54900785 |
|  | 2.86% |  | 02/02/23 | &nbsp;&nbsp; 26500000 | &nbsp;&nbsp;&nbsp;&nbsp; 26437659 |
|  | 2.89% |  | 02/02/23 | 100000000 | &nbsp;&nbsp;&nbsp;&nbsp; 99762500 |
|  | 2.00% |  | 02/15/23 | &nbsp;&nbsp; 20500000 | &nbsp;&nbsp;&nbsp;&nbsp; 20522184 |
|  | 4.20% |  | 02/21/23 | 150000000 | &nbsp;&nbsp;&nbsp; 149153321 |
|  | 3.16% |  | 02/23/23 | 200000000 | &nbsp;&nbsp;&nbsp; 199117417 |
|  | 0.13% |  | 02/28/23 | &nbsp;&nbsp; 21000000 | &nbsp;&nbsp;&nbsp;&nbsp; 20945399 |
|  | 1.50% |  | 02/28/23 | &nbsp;&nbsp; 29400000 | &nbsp;&nbsp;&nbsp;&nbsp; 29400000 |
|  | 2.63% |  | 02/28/23 | &nbsp;&nbsp; 27000000 | &nbsp;&nbsp;&nbsp;&nbsp; 27030682 |
|  | 4.32% |  | 03/07/23 | &nbsp;&nbsp; 84000000 | &nbsp;&nbsp;&nbsp;&nbsp; 83374515 |
|  | 3.39% |  | 03/09/23 | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp;&nbsp;&nbsp; 49699149 |
|  | 4.36% |  | 03/14/23 | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp;&nbsp;&nbsp; 49581944 |
|  | 4.38% |  | 03/14/23 | 253000000 | &nbsp;&nbsp;&nbsp; 250876851 |
|  | 4.37% |  | 03/21/23 | 169900000 | &nbsp;&nbsp;&nbsp; 168333576 |
|  | 0.13% |  | 03/31/23 | &nbsp;&nbsp; 38000000 | &nbsp;&nbsp;&nbsp;&nbsp; 37814192 |
|  | 2.50% |  | 03/31/23 | &nbsp;&nbsp; 20400000 | &nbsp;&nbsp;&nbsp;&nbsp; 20442377 |
|  | 4.52% |  | 04/18/23 | &nbsp;&nbsp; 70000000 | &nbsp;&nbsp;&nbsp;&nbsp; 69090642 |
|  | 0.13% |  | 04/30/23 | 107000000 | &nbsp;&nbsp;&nbsp; 106291939 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(3 mo. US TBILL + 0.03%)<br> *(a)* | 4.43% | 01/03/23 | 04/30/23 | &nbsp;&nbsp; 28000000 | &nbsp;&nbsp;&nbsp;&nbsp; 28000818 |
|  | 4.63% |  | 05/25/23 | &nbsp;&nbsp; 85900000 | &nbsp;&nbsp;&nbsp;&nbsp; 84368160 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(3 mo. US TBILL + 0.03%)<br> *(a)* | 4.43% | 01/03/23 | 07/31/23 | 768700000 | &nbsp;&nbsp;&nbsp; 769158012 |
|  | 4.04% |  | 09/07/23 | 116200000 | &nbsp;&nbsp;&nbsp; 113101843 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(3 mo. US TBILL + 0.04%)<br> *(a)* | 4.43% | 01/03/23 | 10/31/23 | 181700000 | &nbsp;&nbsp;&nbsp; 181811537 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(3 mo. US TBILL - 0.08%)<br> *(a)* | 4.32% | 01/03/23 | 04/30/24 | &nbsp;&nbsp; 20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 19972516 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(3 mo. US TBILL + 0.04%)<br> *(a)* | 4.44% | 01/03/23 | 07/31/24 | 858300000 | &nbsp;&nbsp;&nbsp; 857750016 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(3 mo. US TBILL + 0.14%)<br> *(a)* | 4.54% | 01/03/23 | 10/31/24 | 383200000 | &nbsp;&nbsp;&nbsp; 382900581 |
| **Total U.S. Treasury Debt** <br>**(Cost $4,389,398,294)** | **Total U.S. Treasury Debt** <br>**(Cost $4,389,398,294)** | **Total U.S. Treasury Debt** <br>**(Cost $4,389,398,294)** | **Total U.S. Treasury Debt** <br>**(Cost $4,389,398,294)** | **Total U.S. Treasury Debt** <br>**(Cost $4,389,398,294)** | **4389398294** |

---

*See financial notes*

Schwab Government Money Funds \| Annual Report**33**

------

Schwab Treasury Obligations Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ISSUER | FOOTNOTES | RATE | &nbsp;&nbsp; EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| MATURITY<br> AMOUNT ($)<br>| VALUE ($) |
| **REPURCHASE AGREEMENTS** 85.2% OF NET ASSETS | **REPURCHASE AGREEMENTS** 85.2% OF NET ASSETS | **REPURCHASE AGREEMENTS** 85.2% OF NET ASSETS | **REPURCHASE AGREEMENTS** 85.2% OF NET ASSETS | **REPURCHASE AGREEMENTS** 85.2% OF NET ASSETS | **REPURCHASE AGREEMENTS** 85.2% OF NET ASSETS | **REPURCHASE AGREEMENTS** 85.2% OF NET ASSETS |
| **U.S. TREASURY REPURCHASE AGREEMENTS 85.2%** | **U.S. TREASURY REPURCHASE AGREEMENTS 85.2%** | **U.S. TREASURY REPURCHASE AGREEMENTS 85.2%** | **U.S. TREASURY REPURCHASE AGREEMENTS 85.2%** | **U.S. TREASURY REPURCHASE AGREEMENTS 85.2%** | **U.S. TREASURY REPURCHASE AGREEMENTS 85.2%** | **U.S. TREASURY REPURCHASE AGREEMENTS 85.2%** |
| **BANK OF MONTREAL** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/08/22, repurchase date 01/25/23 |  | 4.28% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 131451659 | &nbsp;&nbsp;&nbsp;&nbsp; 131000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury Securities valued at <br> $134,382,614, 0.50% - 4.13%, due 11/30/23 - 10/31/27)<br>|  |  |  |  |  |  |
| **BARCLAYS BANK PLC** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.30% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 300143333 | &nbsp;&nbsp;&nbsp;&nbsp; 300000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury Securities valued at <br> $306,146,215, 2.00% - 3.00%, due 02/15/48 - 02/15/50)<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.30% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11557642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11552123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury Securities valued at <br> $11,788,876, 1.25%, due 11/30/26)<br>|  |  |  |  |  |  |
| **DEUTSCHE BANK AG (NEW YORK BRANCH)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.30% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 500238889 | &nbsp;&nbsp;&nbsp;&nbsp; 500000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury Securities valued at <br> $510,243,725, 0.38% - 2.13%, due 03/31/24 - 11/30/27)<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.30% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50023889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury Securities valued at <br> $51,024,441, 1.50% - 2.00%, due 02/28/23 - 02/15/25)<br>|  |  |  |  |  |  |
| **FEDERAL RESERVE BANK OF NEW YORK** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.30% |  | 01/03/23 | 26373594700 | 26361000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury Securities valued at <br> $26,373,594,725, 1.13% - 2.25%, due 02/28/23 - <br> 02/28/27)<br>|  |  |  |  |  |  |
| **FICC - BANK OF NEW YORK** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.30% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 267127567 | &nbsp;&nbsp;&nbsp;&nbsp; 267000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury Securities valued at <br> $272,340,032, 0.13% - 1.25%, due 01/15/24 - 08/15/31)<br>|  |  |  |  |  |  |
|  |  |  |  |  |  | **27620552123** |
| **Total Repurchase Agreements** <br>**(Cost $27,620,552,123)** | **Total Repurchase Agreements** <br>**(Cost $27,620,552,123)** | **Total Repurchase Agreements** <br>**(Cost $27,620,552,123)** | **Total Repurchase Agreements** <br>**(Cost $27,620,552,123)** | **Total Repurchase Agreements** <br>**(Cost $27,620,552,123)** | **Total Repurchase Agreements** <br>**(Cost $27,620,552,123)** | **27620552123** |
| **Total Investments in Securities** <br>**(Cost $32,009,950,417)** | **Total Investments in Securities** <br>**(Cost $32,009,950,417)** | **Total Investments in Securities** <br>**(Cost $32,009,950,417)** | **Total Investments in Securities** <br>**(Cost $32,009,950,417)** | **Total Investments in Securities** <br>**(Cost $32,009,950,417)** | **Total Investments in Securities** <br>**(Cost $32,009,950,417)** | **32009950417** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* Variable rate security; rate shown is effective rate at period end.

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

FICC — Fixed Income Clearing Corp <br> US TBILL — The reference rate is the weekly auction stop for the U.S. Treasury Bill.

------

At December 31, 2022, all of the fund's investment securities were classified as Level 2. The breakdown of the fund's investments

into categories is disclosed on the Portfolio Holdings (see financial note 2(a) for additional information).

*See financial notes*

**34**Schwab Government Money Funds \| Annual Report

------

Schwab Treasury Obligations Money Fund

Statement of Assets and Liabilities

------

As of December 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at cost and value - unaffiliated (Note 2a) |  | &nbsp;&nbsp;&nbsp; $4389398294 |
| Repurchase agreements, at cost and value — unaffiliated (Note 2a) |  | &nbsp;&nbsp;&nbsp; 27620552123 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 640707742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31905234 |
| Prepaid expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 824449 |
| **Total assets** |  | **32683387842** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182153513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50430957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4388943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 485 |
| Accrued expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 764819 |
| **Total liabilities** |  | **237817310** |
| **Net assets** |  | **$32445570532** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $32445570532 |
| **Net assets** |  | **$32445570532** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  |
| **Share Class**  | **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares** <br>**Outstanding** <br>| **=** | **NAV** |
| Investor Shares | $15372364216 |  | 15372315734 |  | $1.00 |
| Ultra Shares | $17073206316 |  | 17073203939 |  | $1.00 |

---

*See financial notes*

Schwab Government Money Funds \| Annual Report**35**

------

Schwab Treasury Obligations Money Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2022 through December 31, 2022 | For the period January 1, 2022 through December 31, 2022 | For the period January 1, 2022 through December 31, 2022 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| **Interest received from securities - unaffiliated** |  | **$361621976** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp; 27998964 |
| Shareholder service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  | &nbsp;&nbsp;&nbsp;&nbsp; 11691946 |
| Registration fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 964822 |
| Portfolio accounting fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147972 |
| Custodian fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109853 |
| Proxy fees<sup>1</sup> <br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72176 |
| Shareholder reports |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46391 |
| Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43614 |
| Professional fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43470 |
| Transfer agent fees  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1320 |
| Other expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86528 |
| **Total expenses** |  | **41207056** |
| Expense reduction | – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4874996 |
| **Net expenses** | – | **36332060** |
| **Net investment income** |  | **325289916** |
| **REALIZED GAINS (LOSSES)** | **REALIZED GAINS (LOSSES)** | **REALIZED GAINS (LOSSES)** |
| **Net realized gains on sales of securities - unaffiliated** |  | **34426** |
| **Increase in net assets resulting from operations** |  | **$325324342** |

---

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

<sup>1</sup> Proxy fees are non-routine expenses (see financial note 4 for additional information).

*See financial notes*

**36**Schwab Government Money Funds \| Annual Report

------

Schwab Treasury Obligations Money Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/21-12/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp; $325289916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1020536 |
| Net realized gains | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141307 |
| **Increase in net assets from operations** |  | **$325324342** | **$1161843** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| Investor Shares |  | &nbsp;&nbsp;&nbsp;&nbsp; ($149879246) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ($830558) |
| Ultra Shares | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (175438098) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (312394) |
| **Total distributions** |  | **($325317344)** | **($1142952)** |
| **TRANSACTIONS IN FUND SHARES\*** | **TRANSACTIONS IN FUND SHARES\*** | **TRANSACTIONS IN FUND SHARES\*** | **TRANSACTIONS IN FUND SHARES\*** |
| **Shares Sold** |  |  |  |
| Investor Shares |  | &nbsp;&nbsp;&nbsp; 22106591490 | &nbsp;&nbsp;&nbsp; 4104127424 |
| Ultra Shares | + | &nbsp;&nbsp;&nbsp; 31409409090 | &nbsp;&nbsp;&nbsp; 5204907250 |
| **Total shares sold** |  | **53516000580** | **9309034674** |
| **Shares Reinvested** |  |  |  |
| Investor Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92989226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 612767 |
| Ultra Shares | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120531071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247243 |
| **Total shares reinvested** |  | **213520297** | **860010** |
| **Shares Redeemed** |  |  |  |
| Investor Shares |  | &nbsp;&nbsp; (12458839922) | &nbsp;&nbsp;&nbsp; (6045832432) |
| Ultra Shares | + | &nbsp;&nbsp; (16700858266) | &nbsp;&nbsp;&nbsp; (4714777107) |
| **Total shares redeemed** |  | **(29159698188)** | **(10760609539)** |
| **Net transactions in fund shares** |  | **24569822689** | **(1450714855)** |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of period |  | &nbsp;&nbsp;&nbsp; $7875740845 | &nbsp;&nbsp; $9326436809 |
| Total increase (decrease) | + | &nbsp;&nbsp;&nbsp; 24569829687 | &nbsp;&nbsp;&nbsp; (1450695964) |
| **End of period** |  | **$32445570532** | **$7875740845** |

---

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

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

<sup>\*</sup> Transactions took place at $1.00 per share; figures for share quantities are the same as for dollars.

*See financial notes*

Schwab Government Money Funds \| Annual Report**37**

------

Schwab Government Money 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 The Charles Schwab Family of Funds (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 funds in the trust as of the end of the period, including the funds discussed in this report, which are highlighted:

---

| | |
|:---|:---|
| **THE CHARLES SCHWAB FAMILY OF FUNDS (ORGANIZED OCTOBER 20, 1989)** | **THE CHARLES SCHWAB FAMILY OF FUNDS (ORGANIZED OCTOBER 20, 1989)** |
| **Schwab Government Money Fund** | Schwab Retirement Government Money Fund |
| **Schwab U.S. Treasury Money Fund** | Schwab Municipal Money Fund |
| **Schwab Treasury Obligations Money Fund** | Schwab AMT Tax-Free Money Fund |
| Schwab Value Advantage Money Fund<sup>®</sup> | Schwab California Municipal Money Fund |
| Schwab Variable Share Price Money Fund | Schwab New York Municipal Money Fund |

---

Schwab Government Money Fund offers three share classes: Sweep Shares, Investor Shares and Ultra Shares. Schwab U.S. Treasury Money Fund and Schwab Treasury Obligations Money Fund, each offer two share classes, Investor Shares and Ultra Shares. Shares of each class represent interest in the same portfolio, but each class has different expenses and investment minimums.

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.

------

<br>**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 *Topic 946 Financial Services — Investment Companies*. The accounting policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).

**(a) Security Valuation:**

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees 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 and 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 in the funds are valued at amortized cost (which approximates fair value) as permitted in accordance with Rule 2a-7 of the 1940 Act. In the event that security valuations do not approximate fair value, securities may be fair valued as determined by the Valuation Designee. The Valuation Designee considers a number of factors, including unobservable market inputs, when arriving at fair value and 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.

**38**Schwab Government Money Funds \| Annual Report

------

Schwab Government Money Funds

Financial Notes (continued)

------

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

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

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, and whose values are therefore classified as Level 1 prices, include active listed equities, mutual funds and exchange-traded funds.

&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 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. Securities held by stable NAV money funds operating pursuant to Rule 2a-7 under the 1940 Act are valued at amortized cost which approximates current fair value and are considered to be valued using Level 2 inputs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 — significant unobservable inputs (including the Valuation Designee's own 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.

As disclosed in the Portfolio Holdings, as of December 31, 2022, all of the funds' investments were classified as Level 2.

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

**Repurchase Agreements: (Schwab U.S. Treasury Money Fund may not invest in repurchase agreements)** In a repurchase agreement, a fund buys a security from another party (the counterparty), usually a financial institution, with the agreement that it be sold back in the future. Repurchase agreements subject a fund to counterparty risk, meaning that the fund could lose money if the other party fails to perform under the terms of the agreement. The funds mitigate this risk by ensuring that the funds' repurchase agreements are collateralized by cash and/or U.S. government securities. All collateral is held by the funds' custodian (or, with multi-party agreements, the agent's bank) and is monitored daily to ensure that its fair value is at least equal to the maturity amount under the agreement. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed or limited and the value of the collateral may decline. Investments in repurchase agreements are also based on a review of the credit quality of the repurchase agreement counterparty.

As of December 31, 2022, the following funds had investments in repurchase agreements with a gross value as disclosed in the Portfolio Holdings and the Statement of Assets and Liabilities:

---

| | |
|:---|:---|
| Schwab Government Money Fund | $28751766969 |
| Schwab Treasury Obligations Money Fund | &nbsp;&nbsp; 27620552123 |

---

The value of the related collateral disclosed in the Portfolio Holdings exceeded the value of the repurchase agreements at period end.

**Delayed-Delivery Transactions:** 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. Effective August 19, 2022, the funds comply with Rule 18f-4 under the 1940 Act, where money market funds are only permitted to invest in a security on a delayed-delivery or when-issued basis, or

Schwab Government Money Funds \| Annual Report**39**

------

Schwab Government Money Funds

Financial Notes (continued)

------

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

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

with a non-standard settlement cycle, and the transaction will be deemed not to involve a senior security, provided that, (i) the funds intend to physically settle the transaction and (ii) the transaction will settle within 35 days of its trade date. Pursuant to Rule 18f-4 portfolio securities are no longer required to be segregated as collateral to cover delayed-delivery or when-issued securities held within the funds.

**(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).

**(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 trusts generally are allocated among those funds in proportion to their average daily net assets.

For funds offering multiple share classes, the net investment income, other than class specific expenses, and the realized and unrealized gains or losses, are allocated daily to each class in proportion to their average daily net assets.

**(f) Distributions to Shareholders:**

The funds 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 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 respective 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) Regulatory Update:** 

Effective January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information deemed important for retail investors to assess and monitor their fund investments. Other information, including financial statements, will no longer

**40**Schwab Government Money Funds \| Annual Report

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Schwab Government Money Funds

Financial Notes (continued)

------

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

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

appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these rule and form amendment changes on the content of the current shareholder report and the newly created annual and semiannual streamlined shareholder reports.

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<br>**3. Risk Factors:**

**Market Risk.** Financial markets rise and fall in response to a variety of factors, sometimes rapidly and unpredictably. Markets may be impacted by economic, political, regulatory and other conditions, including economic sanctions and other government actions. In addition, the occurrence of global events, such as war, terrorism, environmental disasters, natural disasters and epidemics may also negatively affect the financial markets. These events could reduce consumer demand or economic output; result in market closures, low or negative interest rates, travel restrictions or quarantines; and significantly adversely impact the economy. Governmental and quasi-governmental authorities and regulators throughout the world have in the past often responded to serious economic disruptions with a variety of significant fiscal and monetary policy changes which could have an unexpected impact on financial markets and a fund's investments. As with any investment whose performance is tied to these markets, the value of an investment in a fund will fluctuate, which means that an investor could lose money over short or long periods.

**Investment Risk.** You could lose money by investing in the funds. Although each fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The funds' sponsors have no legal obligation to provide financial support to the funds, and you should not expect that the sponsors will provide financial support to the funds at any time.

**Interest Rate Risk.** Interest rates rise and fall over time. As with any investment whose yield reflects current interest rates, a fund's yield will change over time. During periods when interest rates are low or there are negative interest rates, a fund's yield (and total return) also could be low or even negative. In addition, a fund may be unable to pay expenses out of fund assets or maintain a stable $1.00 share price. Also, a change in a central bank's monetary policy or economic conditions may result in a change in interest rates, which could have sudden and unpredictable effects on the markets. A sudden or unpredictable rise or decline in interest rates may cause volatility. Volatility in the market may decrease liquidity in the money market securities markets, making it more difficult for a fund to sell its money market investments at a time when the investment adviser might wish to sell such investments. Decreased market liquidity also may make it more difficult to value some or all of a fund's money market securities holdings.

**Stable Net Asset Value Risk.** If a fund or another money market fund fails to maintain a stable net asset value (or such perception exists in the market place), the fund could experience increased redemptions, which may adversely impact the fund's share price. Each fund is permitted, among other things, to reduce or withhold any income and/or gains generated from its portfolio to maintain a stable $1.00 share price.

**Repurchase Agreements Risk.(Applies only to Schwab Government Money Fund and Schwab Treasury Obligations Money Fund)** When a fund enters into a repurchase agreement, the fund is exposed to the risk that the other party (i.e., the counterparty) will not fulfill its contractual obligation. In a repurchase agreement, there exists the risk that, when a fund buys a security from a counterparty that agrees to repurchase the security at an agreed upon price (usually higher) and time, the counterparty will not repurchase the security.

**Credit Risk.** A decline in the credit quality of an issuer, guarantor or liquidity provider of a portfolio investment or a counterparty could cause the fund to lose money or underperform. The fund could lose money if, due to a decline in credit quality, the issuer, guarantor or liquidity provider of a portfolio investment or a counterparty fails to make, or is perceived as being unable or unwilling to make, timely principal or interest payments or otherwise honor its obligations. Even though a fund's investments in repurchase agreements are collateralized at all times, there is some risk to the fund if the other party should default on its obligations and the fund is delayed or prevented from recovering or disposing of the collateral. The credit quality of a fund's portfolio holdings can change rapidly in certain market environments and any downgrade or default on the part of a single portfolio investment could cause a fund's share price or yield to fall.

Certain U.S. government securities that the funds invest in are not backed by the full faith and credit of the U.S. government, which means they are neither issued nor guaranteed by the U.S. Treasury. Although maintained in conservatorship by the Federal Housing Finance Agency (FHFA) since September 2008, the Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) maintain only lines of credit with the U.S. Treasury. The Federal Home Loan Banks maintain limited access to credit lines from the U.S. Treasury. Other securities, such as obligations issued by the Federal Farm Credit Banks

Schwab Government Money Funds \| Annual Report**41**

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Schwab Government Money Funds

Financial Notes (continued)

------

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

**3. Risk Factors (continued):** 

Funding Corporation, are supported solely by the credit of the issuer. There can be no assurance that the U.S. government will provide financial support to securities of its agencies and instrumentalities if it is not obligated to do so under law. Also, any government guarantees on securities a fund owns do not extend to the shares of the fund itself.

**Management Risk.** Any actively managed mutual fund is subject to the risk that its investment adviser will select investments or allocate assets in a manner that could cause a fund to underperform or otherwise not meet its investment objective. A fund's investment adviser applies its own investment techniques and risk analyses in making investment decisions for the fund, but there can be no guarantee that they will produce the desired results. The investment adviser's maturity decisions will also affect a fund's yield, and potentially could affect its share price. To the extent that the investment adviser anticipates interest rate trends imprecisely, a fund's yield at times could lag the yields of other money market funds.

**Redemption Risk.** A fund may experience periods of heavy redemptions that could cause the fund to liquidate its assets at inopportune times or at a loss or depressed value, particularly during periods of declining or illiquid markets. Redemptions by a few large investors in a fund may have a significant adverse effect on the fund's ability to maintain a stable $1.00 share price. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the funds, could face a market-wide risk of increased redemption pressures, potentially jeopardizing the stability of their $1.00 share prices.

**Money Market Fund Regulation Risk.** The SEC and other regulatory agencies continue to review the regulation of money market funds. As of the date of this shareholder report, the SEC has proposed amendments to the rules that govern money market funds. These proposed amendments, if implemented, may affect the fund's investment strategies, performance, yield, expenses, operations and continued viability.

**Money Market Fund Risk.** The funds are not designed to offer capital appreciation. In exchange for their emphasis on stability and liquidity, money market investments may offer lower long-term performance than stock or bond investments.

Please refer to the funds' prospectus for a more complete description of the principal risks of investing in the funds.

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<br>**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 an 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, equal to 0.19% of each fund's average daily net assets.

**Shareholder Servicing**

The Board has adopted a Shareholder Servicing and Sweep Administration Plan (the Plan) on behalf of the funds. 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. The Plan also enables Sweep Shares of the Schwab Government Money Fund to pay Schwab for certain sweep administration services, such as processing of automatic purchases and redemptions, it provides to fund shareholders invested in such funds based on the amounts set forth below.

Pursuant to the Plan, each fund's shares are subject to an annual shareholder servicing fee up to the amount set forth in the table below. 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), and the funds will pay no more than the amounts listed in the table below, calculated based on the average annual daily net asset value of the fund shares owned by shareholders holding shares through such service providers. The sweep administration fee and shareholder servicing fee paid to Schwab are based on the average daily net asset value of a fund's shares owned by shareholders holding shares through Schwab.

**42**Schwab Government Money Funds \| Annual Report

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Schwab Government Money Funds

Financial Notes (continued)

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

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

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.

---

| | | |
|:---|:---|:---|
|  | SHAREHOLDER SERVICING FEE | SWEEP ADMINISTRATION FEE |
| Schwab Government Money Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweep Shares | 0.15% | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 0.15% | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares | n/a | n/a |
| Schwab U.S. Treasury Money Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 0.15% | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares | n/a | n/a |
| Schwab Treasury Obligations Money Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 0.15% | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares | n/a | n/a |

---

**Contractual Expense Limitation**

The investment adviser and its affiliates have made an additional agreement with each fund, for so long as the investment adviser serves as the investment adviser to the funds, which 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 (expense limitation), as follows:

---

| | |
|:---|:---|
| Schwab Government Money Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweep Shares | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares | 0.19% |
| Schwab U.S. Treasury Money Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares | 0.19% |
| Schwab Treasury Obligations Money Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares | 0.19% |

---

During the period ended December 31, 2022, the funds waived the following amounts, of which a portion was waived in accordance with the contractual expense limitation agreement, and a portion was waived voluntarily.

---

| | | | |
|:---|:---|:---|:---|
|  | CONTRACTUAL EXPENSE <br>LIMITATION WAIVED AMOUNT <br>| &nbsp;&nbsp;&nbsp;&nbsp; VOLUNTARY YIELD WAIVER/ <br>REIMBURSEMENT AMOUNT <br>| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL <br>WAIVED AMOUNT <br>|
| Schwab Government Money Fund | $2851319 | $25451871 | $28303190 |
| Schwab U.S. Treasury Money Fund | &nbsp;&nbsp; 1024229 | &nbsp;&nbsp;&nbsp; 5252989 | &nbsp;&nbsp;&nbsp; 6277218 |
| Schwab Treasury Obligations Money Fund | &nbsp;&nbsp; 1446447 | &nbsp;&nbsp;&nbsp; 3428549 | &nbsp;&nbsp;&nbsp; 4874996 |

---

**Voluntary Yield Waiver/Reimbursement**

The investment adviser and its affiliates may waive and/or reimburse expenses to the extent necessary to maintain a positive net yield for each class of a fund.

**Interfund Transactions**

The funds may engage in transactions with certain other funds in the Fund Complex (for definition refer to the Trustees and Officers section) 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 is seeking to buy, an interfund transaction can allow both funds to benefit by reducing

Schwab Government Money Funds \| Annual Report**43**

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Schwab Government Money Funds

Financial Notes (continued)

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

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

transaction costs. This practice is limited to funds that share the same investment adviser, trustees and/or officers. For the period ended December 31, 2022, each fund's purchases and sales of securities with other funds in the Fund Complex as well as any realized gains (losses) were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | PURCHASE COST | SALE PROCEEDS | REALIZED GAINS (LOSSES) |
| Schwab Government Money Fund | $— | $523126211 | $0 |
| Schwab U.S. Treasury Money Fund | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |
| Schwab Treasury Obligations Money Fund | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |

---

**Interfund Borrowing and Lending**

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (SEC), the funds may enter into interfund borrowing and lending transactions with other funds in the Fund 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.

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<br>**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 on each fund's Statement of Operations. For information regarding the trustees, please refer to the Trustees and Officers table at the end of this report.

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<br>**6. Borrowing from Banks:**

During the period, funds were participants with other funds in the Fund Complex in a joint, syndicated, committed $850 million line of credit (the Syndicated Credit Facility), which matured on September 29, 2022. On September 29, 2022, the Syndicated Credit Facility was amended to run for a new 364 day period with the line of credit amount increasing to $1 billion, maturing on September 28, 2023. 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 Fund 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 29, 2022. On September 29, 2022, 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 28, 2023. Under the terms of the Uncommitted Credit Facility, each fund pays interest on the amount a fund borrows. There were no borrowings 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 on each fund's Statement of Operations, if any. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.

**44**Schwab Government Money Funds \| Annual Report

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Schwab Government Money Funds

Financial Notes (continued)

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

**7. Federal Income Taxes:**

As of December 31, 2022, 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 Government Money Fund | $39653752638 | $- | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $- |
| Schwab U.S. Treasury Money Fund | &nbsp;&nbsp; 15076542032 | &nbsp;&nbsp; - | (7425) | (7425) |
| Schwab Treasury Obligations Money Fund | &nbsp;&nbsp; 32009950417 | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |

---

As of December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION) <br>ON INVESTMENTS <br>| TOTAL  |
| Schwab Government Money Fund | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Schwab U.S. Treasury Money Fund | (7425) | (7425) |
| Schwab Treasury Obligations Money Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

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.

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

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| | | | |
|:---|:---|:---|:---|
|  | CURRENT FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS |
|  | ORDINARY <br>INCOME <br>| &nbsp;&nbsp; ORDINARY <br>INCOME <br>| &nbsp;&nbsp; LONG-TERM <br>CAPITAL <br>GAINS <br>|
| Schwab Government Money Fund | $499407179 | $7827838 | &nbsp;&nbsp; $6279 |
| Schwab U.S. Treasury Money Fund | &nbsp;&nbsp; 147815855 | &nbsp;&nbsp; 2442165 | &nbsp;&nbsp; 21793 |
| Schwab Treasury Obligations Money Fund | &nbsp;&nbsp; 325317344 | &nbsp;&nbsp; 1040488 | 102464 |

---

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 on 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.

As of December 31, 2022, 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 the Statement of Operations. During the fiscal year ended December 31, 2022, the funds did not incur any interest or penalties.

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<br>**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.

Schwab Government Money Funds \| Annual Report**45**

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Schwab Government Money Funds

Report of Independent Registered Public Accounting Firm

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To the Board of Trustees of The Charles Schwab Family of Funds and Shareholders of Schwab Government Money Fund, Schwab U.S. Treasury Money Fund, and Schwab Treasury Obligations Money 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 Government Money Fund, Schwab U.S. Treasury Money Fund, and Schwab Treasury Obligations Money Fund (the "Funds"), three of the funds constituting The Charles Schwab Family of Funds, as of December 31, 2022, 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 three years in the period then ended, and the related notes. 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 December 31, 2022, 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 three years in the period then ended in conformity with accounting principles generally accepted in the United States of America. The financial highlights for each of the two years in the period ended December 31, 2019; except for Schwab U.S. Treasury Money Fund, the financial highlights for the year ended December 31, 2019 and for the period from January 17, 2018 to December 31, 2018, were audited by other auditors, whose report, dated February 18, 2020, expressed an unqualified opinion on such financial highlights.

***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 December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

**Deloitte & Touche LLP** <br>Denver, Colorado <br>February 16, 2023

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

**46**Schwab Government Money Funds \| Annual Report

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Schwab Government Money Funds

Other Federal Tax Information (unaudited)

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For the fiscal year ended December 31, 2022, the funds designate the following percentage of dividend income as business interest income under section 163(j) of the Internal Revenue Code:

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| | |
|:---|:---|
| Schwab Government Money Fund | 99.86% |
| Schwab U.S. Treasury Money Fund | 99.97% |
| Schwab Treasury Obligations Money Fund | 99.99% |

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Schwab Government Money Funds \| Annual Report**47**

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Schwab Government Money Funds

Trustees and Officers

------

The tables below give information about the trustees and officers of The Charles Schwab Family of Funds, which includes the funds covered in this report. The "Fund Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust. The Fund Complex includes 105 funds.

The address for all trustees and officers is 211 Main Street, San Francisco, CA 94105. You can find more information about the trustees and officers in the funds' Statement of Additional Information, which is available free by calling 1-877-824-5615.

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| | | | |
|:---|:---|:---|:---|
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Name, Year of Birth, and <br> Position(s) with the trust <br> (Terms of office, and <br> length of Time Served<sup>1</sup>)<br>| Principal Occupations<br> During the Past Five Years<br>| Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee<br>| Other Directorships |
| **Michael J. Beer**<br> 1961<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios, Schwab <br> Strategic Trust and Laudus Trust <br> since 2022)<br>| Retired. Director, President and Chief Executive Officer <br> (Dec. 2016 – Sept. 2019), Principal Funds (investment management).<br>| 105 | Director (2016 – 2019), <br> Principal Funds, Inc.<br>|
| **Robert W. Burns**<br> 1959<br> Trustee<br> (Trustee of Schwab Strategic Trust <br> since 2009; The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios and <br> Laudus Trust since 2016)<br>| Retired/Private Investor. | 105 |  |
| **Nancy F. Heller**<br> 1956<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios, Schwab <br> Strategic Trust and Laudus Trust <br> since 2018)<br>| Retired. | 105 |  |
| **David L. Mahoney**<br> 1954<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios and <br> Laudus Trust since 2011; Schwab <br> Strategic Trust since 2016)<br>| Private Investor. | 105 | Director <br> (2004 – present), <br> Corcept Therapeutics <br> Incorporated <br> Director (2009 – 2021), <br> Adamas <br> Pharmaceuticals, Inc.<br> Director (2003 – 2019), <br> Symantec Corporation<br>|
| **Jane P. Moncreiff**<br> 1961<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios, Schwab <br> Strategic Trust and Laudus Trust <br> since 2019)<br>| Consultant (2018 – present), Fulham Advisers LLC (management <br> consulting); Chief Investment Officer (2009 – 2017), CareGroup <br> Healthcare System, Inc. (healthcare).<br>| 105 |  |

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**48**Schwab Government Money Funds \| Annual Report

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Schwab Government Money Funds

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| | | | |
|:---|:---|:---|:---|
| **Independent Trustees (continued)** | **Independent Trustees (continued)** | **Independent Trustees (continued)** | **Independent Trustees (continued)** |
| Name, Year of Birth, and <br> Position(s) with the trust <br> (Terms of office, and <br> length of Time Served<sup>1</sup>)<br>| Principal Occupations<br> During the Past Five Years<br>| Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee<br>| Other Directorships |
| **Kimberly S. Patmore**<br> 1956<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios, Schwab <br> Strategic Trust and Laudus Trust <br> since 2016)<br>| Consultant (2008 – present), Patmore Management Consulting <br> (management consulting).<br>| 105 |  |
| **J. Derek Penn**<br> 1957<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios, Schwab <br> Strategic Trust and Laudus Trust <br> since 2021)<br>| Head of Equity Sales and Trading (2006 – 2018), BNY Mellon (financial <br> services).<br>| 105 |  |

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Schwab Government Money Funds \| Annual Report**49**

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Schwab Government Money Funds

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

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| | | | |
|:---|:---|:---|:---|
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| Name, Year of Birth, and <br> Position(s) with the trust <br> (Terms of office, and <br> length of Time Served<sup>1</sup>)<br>| Principal Occupations<br> During the Past Five Years<br>| Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee<br>| Other Directorships |
| **Walter W. Bettinger II**<sup>2</sup> 1960<br> Chairman and Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust <br> and Schwab Annuity Portfolios since <br> 2008; Schwab Strategic Trust since <br> 2009; Laudus Trust since 2010)<br>| Co-Chairman of the Board (July 2022 – present), Director and Chief <br> Executive Officer (Oct. 2008 – present) and President <br> (Feb. 2007 – Oct. 2021), The Charles Schwab Corporation; President and <br> Chief Executive Officer (Oct. 2008 – Oct. 2021) and Director <br> (May 2008 – Oct. 2021), Charles Schwab & Co., Inc.; Director <br> (Apr. 2006 – present), Charles Schwab Bank, SSB; Director <br> (Nov. 2017 – present), Charles Schwab Premier Bank, SSB; Director <br> (July 2019 – present), Charles Schwab Trust Bank; Director <br> (May 2008 – present), Chief Executive Officer (Aug. 2017 – present) and <br> President (Aug. 2017 – Nov. 2021), Schwab Holdings, Inc.; Director <br> (Oct. 2020 – present), TD Ameritrade Holding Corporation; Director <br> (July 2016 – Oct. 2021), Charles Schwab Investment Management, Inc.<br>| 105 | Director <br> (2008 – present), The <br> Charles Schwab <br> Corporation <br>|
| **Richard A. Wurster**<sup>2</sup> 1973<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios, Schwab <br> Strategic Trust and Laudus Trust <br> since 2022)<br>| President (Oct. 2021 – present) and Executive Vice President – Schwab <br> Asset Management Solutions (Apr. 2019 – Oct. 2021), The Charles <br> Schwab Corporation; President, Director (Oct. 2021 – present), Executive <br> Vice President – Schwab Asset Management Solutions <br> (July 2019 – Oct. 2021) and Senior Vice President – Advisory <br> (May 2016 – July 2019), Charles Schwab & Co., Inc.; President <br> (Nov. 2021 – present), Schwab Holdings, Inc.; Director <br> (Oct. 2021 – present) and Chief Executive Officer (Nov. 2019 – Jan. 2022), <br> Charles Schwab Investment Management, Inc.; Director, Chief Executive <br> Officer and President (Mar. 2018 – Oct. 2022), Charles Schwab Investment <br> Advisory, Inc.; Chief Executive Officer (July 2016 – Apr. 2018) and <br> President (Mar. 2017 – Apr. 2018), ThomasPartners, Inc.; Chief Executive <br> Officer (July 2016 – Apr. 2018), Windhaven Investment Management, Inc.<br>| 105 |  |

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

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| | |
|:---|:---|
| **Officers of the Trust** | **Officers of the Trust** |
| Name, Year of Birth, and Position(s) with the trust <br> (Terms of office, and length of Time Served<sup>3</sup>)<br>| Principal Occupations During the Past Five Years |
| **Jonathan de St. Paer**<br> 1973<br> President and Chief Executive Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios, Schwab Strategic Trust and Laudus Trust since <br> 2018)<br>| Director (Apr. 2019 – present), President (Oct. 2018 – present), Chief Operating Officer <br> (Jan. 2021 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab <br> Investment Management, Inc.; Senior Vice President (June 2020 – Mar. 2022) and Chief <br> Operating Officer (Jan. 2021 – Mar. 2022), Charles Schwab Investment Advisory, Inc.; Chief <br> Executive Officer (Apr. 2019 – present), President (Nov. 2018 – present) and Trustee <br> (Apr. 2019 – Dec. 2020), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director <br> (May 2022 – present), Senior Vice President (Apr. 2019 – May 2022) and Senior Vice <br> President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), Charles <br> Schwab & Co., Inc.<br>|
| **Mark Fischer**<br> 1970<br> Chief Operating Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios, Schwab Strategic Trust and Laudus Trust since <br> 2013)<br>| Chief Operating Officer (Dec. 2020 – present) and Treasurer and Chief Financial Officer <br> (Jan. 2016 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Chief Financial <br> Officer (Mar. 2020 – present) and Vice President (Oct. 2013 – present), Charles Schwab <br> Investment Management, Inc.<br>|
| **Dana Smith**<br> 1965<br> Treasurer and Chief Financial Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios, Schwab Strategic Trust and Laudus Trust since <br> 2023)<br>| Treasurer and Chief Financial Officer (Jan. 2023 – present) and Assistant Treasurer <br> (Dec. 2015 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Vice President <br> (Mar. 2022 – present) and Director (Oct. 2015 – Mar. 2022), Charles Schwab Investment <br> Management, Inc.<br>|

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**50**Schwab Government Money Funds \| Annual Report

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Schwab Government Money Funds

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| | |
|:---|:---|
| **Officers of the Trust (continued)** | **Officers of the Trust (continued)** |
| Name, Year of Birth, and Position(s) with the trust <br> (Terms of office, and length of Time Served<sup>3</sup>)<br>| Principal Occupations During the Past Five Years |
| **Omar Aguilar**<br> 1970<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios, Schwab Strategic Trust and Laudus Trust since <br> 2011)<br>| Chief Executive Officer (Jan. 2022 – present), Chief Investment Officer (Apr. 2011 – present) <br> and Senior Vice President (Apr. 2011 – Dec. 2021), Charles Schwab Investment <br> Management, Inc.; Director, Chief Executive Officer and President (Oct. 2022 – present), <br> Charles Schwab Investment Advisory, Inc.; Vice President and Chief Investment Officer <br> (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs.<br>|
| **Brett Wander**<br> 1961<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios, Schwab Strategic Trust and Laudus Trust since <br> 2011)<br>| Senior Vice President and Chief Investment Officer (Apr. 2011 – present), Charles Schwab <br> Investment Management, Inc.; Vice President and Chief Investment Officer <br> (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs.<br>|
| **William P. McMahon, Jr.**<br> 1972<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios, Schwab Strategic Trust and Laudus Trust since <br> 2021)<br>| Senior Vice President and Chief Investment Officer (Jan. 2020 – present), Charles Schwab <br> Investment Management, Inc.; Vice President and Chief Investment Officer <br> (June 2021 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Senior Vice President <br> and Chief Investment Officer – ThomasPartners Strategies (Apr. 2018 – Dec. 2019), Charles <br> Schwab Investment Advisory, Inc.; Senior Vice President and Chief Investment Officer <br> (May 2001 – Apr. 2018), ThomasPartners, Inc.<br>|
| **Catherine MacGregor**<br> 1964<br> Chief Legal Officer and Secretary, Schwab Funds and <br> Schwab ETFs<br> Chief Legal Officer, Vice President and Clerk, Laudus Trust<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios and Laudus Trust since 2005; Schwab Strategic <br> Trust since 2009)<br>| Chief Legal Officer (Mar. 2022 – present) and Vice President (Sept. 2005 – present), Charles <br> Schwab Investment Management, Inc.; Managing Director (May 2022 – present) and Vice <br> President (July 2005 – May 2022), Charles Schwab & Co., Inc.; Vice President <br> (Dec. 2005 – present) and Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus Trust; <br> Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President <br> (Nov. 2005 – Oct. 2021) and Assistant Secretary (June 2007 – Oct. 2021), Schwab Funds; <br> Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President and Assistant <br> Secretary (Oct. 2009 – Oct. 2021), Schwab ETFs.<br>|

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<sup>1</sup>

Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed. The retirement policy requires that each independent trustee retire by December 31 of the year in which the Trustee turns 74 or the Trustee's twentieth year of service as an independent trustee on any trust in the Fund Complex, whichever occurs first.

<sup>2</sup>

Mr. Bettinger and Mr. Wurster are Interested Trustees. Mr. Bettinger and Mr. Wurster are Interested Trustees because each owns stock of The Charles Schwab Corporation (CSC), the parent company of Charles Schwab Investment Management, Inc., the investment adviser for the trusts in the Fund Complex, and is an employee of Charles Schwab & Co., Inc. (Schwab), the principal underwriter for The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust.

<sup>3</sup>

The President, Treasurer and Secretary/Clerk hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board.

Schwab Government Money Funds \| Annual Report**51**

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Schwab Government Money Funds

Glossary

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**144A securities** These securities may be sold only to qualified institutional buyers under Securities Act Rule 144A.

**agency discount notes** Notes issued by federal agencies—known as Government Sponsored Enterprises, or GSEs—at a discount to their value at maturity. An agency discount note is a short-term investment offering a high degree of credit quality.

**asset-backed commercial paper** A short-term investment that is typically issued by a bank or other financial institution. The notes represent an interest in financial assets such as trade receivables, credit card receivables, auto receivables, etc. and are generally used for the short-term financing needs of companies. Asset-backed commercial paper is subject to credit risk.

**capital gain, capital loss** The difference between the amount paid for an investment and its value at a later time. If the investment has been sold, the capital gain or loss is considered a realized gain or loss. If the investment is still held, the gain or loss is still "on paper" and is considered unrealized.

**collateralized mortgage obligation (CMO)** A type of security that is collateralized by pools of mortgages backed by government agencies or private issuers (non-agency). The streams of principal and interest payments on the mortgages are distributed to the different classes of CMO interests, known as tranches. Each tranche may have different principal balances, coupon rates, prepayment risks, and maturity dates.

**commercial paper** Promissory notes issued by banks, corporations and other entities to finance short-term credit needs. These securities generally are structured on a discounted basis but sometimes may be interest-bearing notes. Commercial paper, which may be unsecured, is subject to credit risk.

**corporate note** An unsecured debt security issued by a corporation that is subject to the credit risk of the issuer.

**credit-enhanced securities** Securities that are backed by the credit of an entity other than the issuer (such as a financial institution). Credit enhancements, which can equal up to 100% of the security's value, are designed to help lower the risk of default on a security and may also make the security more liquid.

**credit quality** The capacity of an issuer to make its interest and principal payments. Federal regulations strictly regulate the credit quality of the securities a money market fund can buy.

**credit ratings** Debt issuers, including corporations, states and municipalities, may arrange with a recognized independent rating organization, such as Standard & Poor's, Fitch, Inc., Moody's Investor Service, and DBRS, to rate their creditworthiness and/or the creditworthiness of their debt issues. For example, an issuer may obtain a long-term rating within the investment grade rating category, which is, from high to low, AAA, AA, A and BBB for Standard & Poor's, Fitch, and DBRS; and Aaa, Aa, A and Baa for Moody's.

**credit risk** The risk that a debt issuer may be unable to pay interest or repay principal to its debt holders.

**dollar-weighted average maturity** See weighted average maturity.

**effective yield** A measurement of a fund's yield that assumes that all interest income is reinvested in additional shares of the fund.

**exchange-traded fund (ETF)** An investment fund that tracks an index, a commodity or a basket of assets, and trades on an exchange.

**expense ratio** The amount that is taken from a mutual fund's assets each year to cover the fund's operating expenses. An expense ratio of 0.50% means that a fund's expenses amount to half of one percent of its average net assets a year.

**face value** The value of a bond, note, mortgage or other security as given on the certificate or instrument. Face value is also referred to as par value or nominal value.

**illiquid securities** Securities are generally considered illiquid if they cannot be disposed of promptly (typically within seven days) and in the ordinary course of business at approximately the amount at which a fund has valued the instruments.

**interest** Payments to holders of debt securities as compensation for loaning a security's principal to the issuer.

**liquidity-enhanced security** The security's structure includes a liquidity arrangement that requires an entity other than the issuer (such as a large financial institution) to provide funds to pay a tender under most circumstances. Liquidity enhancements are often used on variable-rate securities where the portfolio manager has an option to tender the securities for repayment within a specified time period (usually one day or one week) at any time prior to their final maturity.

**maturity** The date a debt security is scheduled to be "retired" and its principal amount repaid. The Maturity of an investment will generally reflect the security's final maturity date unless the security's structure includes a maturity-shortening provision such as an interest rate reset, demand feature or put feature (the "Effective Maturity Date"). For those securities with a maturity-shortening provision, including variable-rate demand securities, the Maturity is determined by using the Effective Maturity Date, as permitted by Rule 2a-7.

**municipal securities** Debt securities issued by a state, its counties, municipalities, authorities and other subdivisions, or the territories and possessions of the United States and the District of Columbia, including their subdivisions, agencies and instrumentalities and corporations. These securities may be issued to obtain money for various public purposes, including the construction of a wide range of public facilities such as airports, bridges, highways, housing, hospitals, mass transportation, public utilities, schools, streets, and water and sewer works.

**net asset value per share (NAV)** The value of one share of a mutual fund. NAV is calculated by taking the fund's total assets, subtracting liabilities, and dividing by the number of shares outstanding. Certain money funds seek to maintain a steady NAV of $1.00.

**outstanding shares, shares outstanding** When speaking of a company or mutual fund, indicates all shares currently held by investors.

**repurchase agreement** (also known as a "repo") The sale of a security combined with a simultaneous agreement to repurchase it at a predetermined date and price.

**restricted securities** Securities that are subject to contractual restrictions on resale. These securities are often purchased in private placement transactions.

**total return** The percentage that an investor would have earned or lost on an investment in the fund assuming dividends and distributions were reinvested.

**52**Schwab Government Money Funds \| Annual Report

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Schwab Government Money Funds

**variable rate demand obligations (VRDOs)** Securities that have long maturities but which, because of their structure, require them to repay principal plus accrued interest within a specified timeframe (usually one or seven days) upon the demand of the bond holder. Depending on their structure, the repayment may be made by the bond issuer or by a financial institution, such as a highly rated bank.

**weighted average maturity (WAM)** For money market mutual funds as per rule 2a-7, the maturity date or Effective Maturity Date (see definition of maturity) of all the debt securities in its portfolio, or the date the interest rate on those securities is reset, or the date those

securities can be redeemed through demand, calculated as a weighted average. As a rule, the longer a fund's weighted average maturity, the greater its interest rate risk. Money funds are required to maintain a weighted average maturity of no more than 60 days.

**yield** The income paid out by an investment, expressed as a percentage of the investment's market value.

Schwab Government Money Funds \| Annual Report**53**

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

Notes

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

Notes

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Schwab Government Money Funds

Schwab Asset Management

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With a straightforward lineup of core products and solutions for building the foundation of a portfolio, Schwab Asset Management advocates for investors of all sizes with a steadfast focus on lowering costs and reducing unnecessary complexity. The list below shows all currently available Schwab Funds<sup>®</sup>.

**Investors should carefully consider information contained in the prospectus, or if available, the summary prospectus, including investment objectives, risks, charges and expenses before investing. Please call 1-877-824-5615 for a prospectus for any Schwab Fund. Please read the prospectus carefully before you invest. This report must be preceded or accompanied by a current 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/schwabfunds_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/schwabfunds_prospectus or the SEC's website at www.sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Schwab Funds**

**Equity Funds**

Schwab Core Equity Fund

Schwab Dividend Equity Fund

Schwab Large-Cap Growth Fund

Schwab Small-Cap Equity Fund

Schwab Health Care Fund

Schwab International Core Equity Fund

Schwab International Opportunities Fund

Schwab Select Large Cap Growth Fund

Schwab Fundamental US Large Company Index Fund

Schwab Fundamental US Small Company Index Fund

Schwab Fundamental International Large Company Index Fund

Schwab Fundamental International Small Company Index Fund

Schwab Fundamental Emerging Markets Large Company Index Fund

Schwab Fundamental Global Real Estate Index Fund

Schwab Global Real Estate Fund

Schwab S&P 500 Index Fund

Schwab 1000 Index<sup>®</sup> Fund

Schwab Small-Cap Index Fund<sup>®</sup>

Schwab Total Stock Market Index Fund<sup>®</sup>

Schwab U.S. Large-Cap Growth Index Fund

Schwab U.S. Large-Cap Value Index Fund

Schwab U.S. Mid-Cap Index Fund

Schwab International Index Fund<sup>®</sup>

**Asset Allocation Funds**

Schwab Balanced Fund

Schwab MarketTrack Portfolios<sup>®</sup>

Schwab Target Funds

Schwab Target Index Funds

Schwab Monthly Income Funds

**Bond Funds**

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<sup>1</sup>

Schwab California Tax-Free Bond Fund<sup>1</sup>

Schwab Opportunistic Municipal Bond Fund

**Schwab Money Funds**<sup>2</sup>

Schwab provides a broad choice of taxable and tax-exempt money market funds for both retail and institutional client types.

**Investment Adviser**

Charles Schwab Investment Management, Inc., dba Schwab Asset Management

211 Main Street, San Francisco, CA 94105

**Funds**

Schwab Funds

1-877-824-5615© 2023 Charles Schwab & Co., Inc. All rights reserved. <br>Member SIPC<sup>®</sup> <br>Printed on recycled paper.

¹

**State, local, and the Federal Alternative Minimum Tax may apply. Capital gains are not exempt from Federal Taxation.**

²

**You could lose money by investing in the Schwab Money Funds. All Schwab Money Funds with the exception of Schwab Variable Share Price Money Fund seek to preserve the value of your investment at $1.00 per share, but cannot guarantee they will do so. Because the share price of Schwab Variable Share Price Money Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. All Schwab Money Funds with the exception of Schwab Government Money Fund, Schwab Retirement Government Money Fund, Schwab U.S. Treasury Money Fund, Schwab Treasury Obligations Money Fund and Schwab Government Money Market Portfolio may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Schwab Money Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Schwab Money Funds' sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time.**

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g106147img3c0445001.jpg)

MFR31360-18 <br> 00282280

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g38074img7e1e4eb11.jpg)

**Annual Report** \| December 31, 2022

Schwab Municipal Money Fund <br>Schwab AMT Tax-Free Money Fund

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

**In This Report**

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| | |
|:---|:---|
| [From the President](#xx_900aaa18-e3f8-4bcb-84e1-1e10cd7fc831_1) | 2 |
| [Fund Management](#xx_007cb302-cc4e-4c44-934f-3d1d15939606_1) | 3 |
| [Performance and Fund Facts](#xx_cc224f92-812f-476f-83dc-01c2753b3538_1) <br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Municipal Money Fund](#xx_cc224f92-812f-476f-83dc-01c2753b3538_1) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab AMT Tax-Free Money Fund](#xx_6df36bb8-1d55-474a-a878-70159ffb9f0e_1) | 7 |
| [Fund Expenses](#xx_3c09c4a3-9bed-403f-a4c6-7894407edb9a_1)  | 10 |
| [Financial Statements and Portfolio Holdings](#xx_5e2a43f7-0073-45e9-bd0e-13a38db04b30_1) <br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Municipal Money Fund](#xx_5e2a43f7-0073-45e9-bd0e-13a38db04b30_1) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab AMT Tax-Free Money Fund](#xx_f3ce5ea1-b8fa-4d77-9259-a8d8762d00ca_1) | 56 |
| [Financial Notes](#xx_a95a04fe-0733-49ab-b20f-fd76e80ebab1_1) | 79 |
| [Report of Independent Registered Public Accounting Firm](#xx_87b2fc08-a644-422c-8394-671ca0010adf_1) | 88 |
| [Other Federal Tax Information](#xx_bfbf0414-dc23-442a-b82f-cad2749b546f_1)  | 89 |
| [Trustees and Officers](#xx_e8380136-4b87-4ee4-95b3-ead92150c84d_1) | 90 |
| [Glossary](#xx_49141d50-51ad-4776-bc03-185689684edb_1) | 94 |

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

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

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**1**

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Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund

From the President

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![](g38074img7570dbb82.jpg)

**Jonathan de St. Paer** <br>President of Schwab Asset <br>Management and the funds <br> covered in this report.

Dear Shareholder,

Financial markets faced a tough environment in 2022, coming under pressure due to rampant inflation, rising interest rates, and increasing geopolitical uncertainty. Focus shifted early in the year from the ongoing COVID-19 pandemic to Russia's invasion of Ukraine in late-February. Inflation, already ticking up at the start of the year, accelerated in the face of spiking commodity prices exacerbated by the war in Ukraine. Central banks, led by the U.S. Federal Reserve, aggressively hiked interest rates to slow economic growth and curb inflation. The U.S. federal funds rate increased from near zero in January and February to over 4% by December, the most rapid increase since the early 1980s. U.S. economic growth slowed in the face of these challenges, with gross domestic product contracting during the first and second quarters of the year before rebounding into positive territory. Stocks and bonds declined sharply, with the S&P 500<sup>®</sup> Index, a bellwether for the overall U.S. equities market, posting its largest calendar year drop since the 2008 recession and the broad U.S. bond market, as measured by the Bloomberg US Aggregate Bond Index, suffering its steepest decline on record.

With stock and bond prices plunging, money market funds offered investors one of few safe havens available. Money market funds produced their strongest returns in years and investors relied on the funds as vehicles for capital preservation and daily liquidity. The Schwab Municipal Money Fund and Schwab AMT Tax-Free Money Fund continue to focus on liquidity and stability to meet our clients' ongoing needs. The funds benefit from extensive credit research and analysis that aims to manage portfolio, credit, and interest rate risks. Our portfolio management team also evaluates stress tests designed to help them understand various scenarios, including the impact of factors such as decreases or increases in short-term rates, widening of credit spreads, and downgrades or defaults among issuers.

In regulatory matters, the U.S. Securities and Exchange Commission (SEC) continued work on proposed reforms that could change the way that money market funds operate in the future. At this time, the adoption and implementation of the proposed money market regulatory reform remains subject to the SEC's rulemaking and implementation process. The SEC continues to evaluate money market fund rules and may propose additional changes. As one of the largest money market fund managers in the industry, Schwab Asset Management continues to monitor and assess these proposals, and provide feedback to the SEC, as appropriate.

Thank you for investing with Schwab Asset Management, and for trusting us to help you achieve your financial goals. For more information about the Schwab Municipal Money Fund or the Schwab AMT Tax-Free Money Fund, please continue reading this report. In addition, you can find further details about these funds by visiting our website at www.schwabassetmanagement.com. We are also happy to hear from you at 1-877-824-5615.

Sincerely,

![](g38074img96b5b3313.jpg)

**"***Financial markets faced a tough environment in 2022, coming under pressure due to rampant inflation, rising interest rates, and increasing geopolitical uncertainty.***"**

Past performance is no guarantee of future results.

Management views may have changed since the report date.

Schwab Asset Management is the dba name for Charles Schwab Investment Management, Inc., the investment adviser for Schwab Funds and Schwab ETFs.

**2**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

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Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund

Fund Management

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

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| ![](g38074imgc4d0bb844.jpg)<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Linda Klingman,** Managing Director and Head of Money Market Strategies for Schwab Asset Management, <br> leads the portfolio management teams for taxable and tax-exempt Schwab Money Funds, and has overall <br> responsibility for all aspects of the management of the funds. Prior to joining Schwab in 1990, she was a <br> senior money market trader with AIM Management, Inc. for five years. She has managed money market funds <br> since 1988.<br>|

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| | |
|:---|:---|
| ![](g38074img9fef045c5.jpg)<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Kevin Shaughnessy, CFA,** Senior Portfolio Manager for Schwab Asset Management, is responsible for the <br> day-to-day co-management of the funds. Prior to joining Schwab in 2000, Mr. Shaughnessy spent four years <br> as a portfolio manager with Wells Capital Management, where he was responsible for managing the firm's <br> California municipal money fund, as well as short duration, private client assets.<br>|

---

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

---

| | |
|:---|:---|
| ![](g38074img028f73296.jpg)<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Cameron Ullyatt, CFA,** Senior Portfolio Manager for Schwab Asset Management, is responsible for the <br> day-to-day co-management of the funds. Prior to joining Schwab in 2008, Mr. Ullyatt was a vice president and <br> portfolio manager at OppenheimerFunds, where he was responsible for managing the firm's municipal money <br> fund assets. From 1999 to 2006, Mr. Ullyatt also worked as a credit analyst in OppenheimerFunds' municipal <br> bond and money market departments.<br>|

---

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**3**

------

Schwab Municipal Money Fund as of December 31, 2022

------

**The Schwab Municipal Money Fund's** (the fund) goal is to seek the highest current income that is consistent with stability of capital and liquidity, and is exempt from federal income tax. To pursue its goal, the fund invests in municipal (muni) money market securities from states and muni agencies around the country and from U.S. territories and possessions. For more information concerning the fund's investment objective, strategy, and risks, please see the fund's prospectus.

**Market Highlights.** During the 12-month reporting period ended December 31, 2022, interest rates rose as a result of persistently high inflation stemming from a tight labor market, supply chain constraints, and high energy prices in the wake of the COVID-19 pandemic and the war in Ukraine. After maintaining the federal funds rate in a range of 0.00% to 0.25% through mid-March, the U.S. Federal Reserve (Fed) shifted its stance as inflation continued to rise and indicators of economic activity and employment continued to strengthen. After issuing successively stronger signals that interest rates could begin to rise sooner in 2022 than previously anticipated, the Fed increased the federal funds rate seven times by the end of the year to end the reporting period in a range of 4.25% to 4.50%. In addition, the Fed's bond-buying program, which had begun to scale back in November 2021, was ended altogether in early March 2022. In June, the Fed also began to reduce the $9 trillion in assets it holds on its balance sheet.

Given expectations of further rate hikes into 2023, along with persistently high—albeit declining in the second half of the year—inflation, longer-term bond and equity markets weakened, with the S&P 500<sup>®</sup> Index and Bloomberg US Aggregate Bond Index posting their worst calendar year returns in more than a decade. Higher yields caused a spike in demand for muni money market funds, though flows varied throughout the year, with assets rising more than 20% year-over-year as investors sought higher returns than those available elsewhere. The yield on the SIFMA Municipal Swap Index, a widely used benchmark for yields on floating-rate muni securities, rose sharply over the reporting period, beginning the year at 0.10% and ending it at 3.66%, near its high for the year.

Monetary policy around the world varied as central banks responded to the rapidly changing conditions. Over the reporting period, the European Central Bank raised its interest rate four times and the Bank of England raised its key official bank rate eight times. In contrast, the Bank of Japan continued to uphold its short-term interest rate target of -0.1%, unchanged since 2016, but in late December unexpectedly announced that it would widen the band around the yield target of its 10-year government bond, which pushed the yen higher and effectively marked the end of an extended period in which Japan was the only major developed country to resist raising rates.

**Performance, Positioning, and Strategies.** Throughout the reporting period, the fund's investment adviser remained focused on liquidity and stability of capital as market conditions evolved, and on continuing a rigorous credit review process and ongoing monitoring for all issuers and regions in which the fund invests. In anticipation of the Fed's short-term interest rate increases early in the reporting period, followed by the Fed's subsequent actions, the fund's weighted average maturity (WAM) was shortened, beginning the reporting period at 33 days and ending it at 14 days. The fund experienced a significant growth in assets as a result of high demand for muni money funds. This significant growth in assets coincided with a tight supply of muni money market securities. As a result, the fund periodically invested in some taxable securities during the reporting period.

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

Management views and portfolio holdings may have changed since the report date.

**4**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

------

Schwab Municipal Money Fund

Performance and Fund Facts as of December 31, 2022

------

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

**Portfolio Composition By Effective Maturity % of Investments**<sup>1</sup> <br>

![](g38074imgbf7c36227.jpg)

**Portfolio Composition by Security Type % of Investments**<sup>3</sup> <br>

![](g38074img27b068918.jpg)

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

**Statistics**

---

| | |
|:---|:---|
| **Weighted Average Maturity**<sup>2</sup> | 14 Days |

---

**Largest Holdings by State % of Investments**<sup>4</sup> <br>

![](g38074imgc8e79b359.jpg)

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

Portfolio holdings may have changed since the report date.

<sup>1</sup>

Maturity shown is the date the security matures, the date the interest rate on those securities is reset, or the date those securities can be redeemed through demand.

<sup>2</sup>

Money funds must maintain a dollar-weighted average maturity of no longer than 60 days and cannot invest in any security whose effective maturity is longer than 397 days (approximately 13 months).

<sup>3</sup>

Portfolio Composition is calculated using the Par Value (Face Value) of Investments and excludes cash.

<sup>4</sup>

The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**5**

------

Schwab Municipal Money Fund

Performance and Fund Facts as of December 31, 2022 (continued)

------

**The performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be lower or higher than performance data quoted. To obtain more current performance information, please visit www.schwabassetmanagement.com/schwabfunds_prospectus.** 

**Seven-Day Average Yield Trend for Previous 12 Months**

![](g38074lg7d_2m55.jpg)

**Seven-Day Yields**

The seven-day yield is the income generated by the fund's portfolio holdings minus the fund's operating expenses. The seven-day yields are calculated using standard SEC formulas. The effective yield includes the effect of reinvesting daily dividends. Please remember that money market fund yields fluctuate.

---

| | | |
|:---|:---|:---|
|  | **Schwab Municipal Money Fund** | **Schwab Municipal Money Fund** |
|  | Investor<br> Shares<br>| &nbsp;&nbsp;&nbsp; Ultra<br> Shares<br>|
| Ticker Symbol | SWTXX | SWOXX |
| Minimum Initial Investment<sup>1</sup> <br>|  | $1000000 |
| **Seven-Day Yield (with waivers)**<sup>2</sup> <br>| 3.25% | 3.40% |
| **Seven-Day Yield (without waivers)**<sup>2</sup> <br>| 3.22% | 3.37% |
| **Seven-Day Effective Yield (with waivers)**<sup>2</sup> <br>| 3.30% | 3.46% |
| **Seven-Day Taxable Equivalent Effective Yield**<sup>2,3</sup> <br>| 5.58% | 5.84% |

---

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

**You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.**

<sup>1</sup>

Please see prospectus for further detail and eligibility requirements.

<sup>2</sup>

The Seven-Day Yield (with waivers) is the average income paid out over the previous seven days assuming interest income is not reinvested and it reflects the effect of any applicable waivers. Absent such waivers, the fund's yield would have been lower. The Seven-Day Yield (without waivers) is the yield without the effect of any applicable waivers. The Seven-Day Effective Yield is the yield with waivers assuming that all interest income is reinvested in additional shares of the fund. For additional details, see financial note 5.

<sup>3</sup>

Taxable equivalent effective yield assumes a federal regular income tax rate of 40.80%, which includes a Medicare surcharge rate of 3.80%. Your tax rate may be different.

**6**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

------

Schwab AMT Tax-Free Money Fund as of December 31, 2022

------

**The Schwab AMT Tax-Free Money Fund's** (the fund) goal is to seek the highest current income exempt from federal income tax that is consistent with stability of capital and liquidity. To pursue its goal, the fund invests in money market securities from states and municipal (muni) agencies around the country and from U.S. territories and possessions. For more information concerning the fund's investment objective, strategy, and risks, please see the fund's prospectus.

**Market Highlights.** During the 12-month reporting period ended December 31, 2022, interest rates rose as a result of persistently high inflation stemming from a tight labor market, supply chain constraints, and high energy prices in the wake of the COVID-19 pandemic and the war in Ukraine. After maintaining the federal funds rate in a range of 0.00% to 0.25% through mid-March, the U.S. Federal Reserve (Fed) shifted its stance as inflation continued to rise and indicators of economic activity and employment continued to strengthen. After issuing successively stronger signals that interest rates could begin to rise sooner in 2022 than previously anticipated, the Fed increased the federal funds rate seven times by the end of the year to end the reporting period in a range of 4.25% to 4.50%. In addition, the Fed's bond-buying program, which had begun to scale back in November 2021, was ended altogether in early March 2022. In June, the Fed also began to reduce the $9 trillion in assets it holds on its balance sheet.

Given expectations of further rate hikes into 2023, along with persistently high—albeit declining in the second half of the year—inflation, longer-term bond and equity markets weakened, with the S&P 500<sup>®</sup> Index and Bloomberg US Aggregate Bond Index posting their worst calendar year returns in more than a decade. Higher yields caused a spike in demand for muni money market funds, though flows varied throughout the year, with assets rising more than 20% year-over-year as investors sought higher returns than those available elsewhere. The yield on the SIFMA Municipal Swap Index, a widely used benchmark for yields on floating-rate muni securities, rose sharply over the reporting period, beginning the year at 0.10% and ending it at 3.66%, near its high for the year.

Monetary policy around the world varied as central banks responded to the rapidly changing conditions. Over the reporting period, the European Central Bank raised its interest rate four times and the Bank of England raised its key official bank rate eight times. In contrast, the Bank of Japan continued to uphold its short-term interest rate target of -0.1%, unchanged since 2016, but in late December unexpectedly announced that it would widen the band around the yield target of its 10-year government bond, which pushed the yen higher and effectively marked the end of an extended period in which Japan was the only major developed country to resist raising rates.

**Performance, Positioning, and Strategies.** Throughout the reporting period, the fund's investment adviser remained focused on liquidity and stability of capital as market conditions evolved, and on continuing a rigorous credit review process and ongoing monitoring for all issuers and regions in which the fund invests. In anticipation of the Fed's short-term interest rate increases early in the reporting period, followed by the Fed's subsequent actions, the fund's weighted average maturity (WAM) was shortened, beginning the reporting period at 27 days and ending it at 14 days. The fund experienced a significant growth in assets as a result of high demand for muni money funds. This significant growth in assets coincided with a tight supply of muni money market securities. As a result, the fund periodically invested in some taxable securities during the reporting period.

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

Management views and portfolio holdings may have changed since the report date.

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**7**

------

Schwab AMT Tax-Free Money Fund

Performance and Fund Facts as of December 31, 2022

------

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

**Portfolio Composition By Effective Maturity % of Investments**<sup>1</sup> <br>

![](g38074imgf11d6aac10.jpg)

**Portfolio Composition by Security Type % of Investments**<sup>3</sup> <br>

![](g38074img28f1d2e611.jpg)

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

**Statistics**

---

| | |
|:---|:---|
| **Weighted Average Maturity**<sup>2</sup> | 14 Days |

---

**Largest Holdings by State % of Investments**<sup>4</sup> <br>

![](g38074img7564ab3a12.jpg)

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

Portfolio holdings may have changed since the report date.

<sup>1</sup>

Maturity shown is the date the security matures, the date the interest rate on those securities is reset, or the date those securities can be redeemed through demand.

<sup>2</sup>

Money funds must maintain a dollar-weighted average maturity of no longer than 60 days and cannot invest in any security whose effective maturity is longer than 397 days (approximately 13 months).

<sup>3</sup>

Portfolio Composition is calculated using the Par Value (Face Value) of Investments and excludes cash.

<sup>4</sup>

The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.

**8**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

------

Schwab AMT Tax-Free Money Fund

Performance and Fund Facts as of December 31, 2022 (continued)

------

**The performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be lower or higher than performance data quoted. To obtain more current performance information, please visit www.schwabassetmanagement.com/schwabfunds_prospectus.** 

**Seven-Day Average Yield Trend for Previous 12 Months**

![](g38074lg7d_2m50.jpg)

**Seven-Day Yields**

The seven-day yield is the income generated by the fund's portfolio holdings minus the fund's operating expenses. The seven-day yields are calculated using standard SEC formulas. The effective yield includes the effect of reinvesting daily dividends. Please remember that money market fund yields fluctuate.

---

| | | |
|:---|:---|:---|
|  | **Schwab AMT Tax-Free Money Fund** | **Schwab AMT Tax-Free Money Fund** |
|  | Investor<br> Shares<br>| &nbsp;&nbsp;&nbsp; Ultra<br> Shares<br>|
| Ticker Symbol | SWWXX | SCTXX |
| Minimum Initial Investment<sup>1</sup> <br>|  | $1000000 |
| **Seven-Day Yield (with waivers)**<sup>2</sup> <br>| 3.19% | 3.34% |
| **Seven-Day Yield (without waivers)**<sup>2</sup> <br>| 3.17% | 3.32% |
| **Seven-Day Effective Yield (with waivers)**<sup>2</sup> <br>| 3.24% | 3.40% |
| **Seven-Day Taxable Equivalent Effective Yield**<sup>2,3</sup> <br>| 5.48% | 5.74% |

---

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

**You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.**

<sup>1</sup>

Please see prospectus for further detail and eligibility requirements.

<sup>2</sup>

The Seven-Day Yield (with waivers) is the average income paid out over the previous seven days assuming interest income is not reinvested and it reflects the effect of any applicable waivers. Absent such waivers, the fund's yield would have been lower. The Seven-Day Yield (without waivers) is the yield without the effect of any applicable waivers. The Seven-Day Effective Yield is the yield with waivers assuming that all interest income is reinvested in additional shares of the fund. For additional details, see financial note 5.

<sup>3</sup>

Taxable equivalent effective yield assumes a federal regular income tax rate of 40.80%, which includes a Medicare surcharge rate of 3.80%. Your tax rate may be different.

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**9**

------

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund

Fund Expenses (Unaudited)

**Examples for a $1,000 Investment**

As a fund shareholder, you may incur two types of costs: (1) transaction costs; and (2) ongoing costs, including management fees, transfer agent and shareholder services fees, and other fund expenses.

The expense examples below are intended to help you understand your ongoing cost (in dollars) of investing in a fund and to compare this cost with the ongoing cost of investing in other mutual funds. These examples are based on an investment of $1,000 invested for six months beginning July 1, 2022 and held through December 31, 2022.

**Actual Return** lines in the table below provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then multiply the result by the number given for your fund or share class under the heading entitled "Expenses Paid During Period."

**Hypothetical Return** lines in the table below provide information about hypothetical account values and hypothetical expenses based on a fund's or share class' actual expense ratio and an assumed return of 5% per year before expenses. Because the return used is not an actual return, it may not be used to estimate the actual ending account value or expenses you paid for the period.

You may use this information to compare the ongoing costs of investing in a fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical return lines of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; EXPENSE RATIO <br>(ANNUALIZED)<sup>1</sup> <br>| &nbsp;&nbsp; BEGINNING <br>ACCOUNT VALUE <br>AT 7/1/22<br>| &nbsp;&nbsp; ENDING <br>ACCOUNT VALUE <br>(NET OF EXPENSES) <br>AT 12/31/22<br>| &nbsp;&nbsp; EXPENSES PAID <br>DURING PERIOD <br>7/1/22-12/31/22<sup>2</sup> <br>|
| **Schwab Municipal Money Fund** |  |  |  |  |
| *Investor Shares* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual Return | 0.34% | $1000.00 | $1008.20 | $1.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 0.34% | $1000.00 | $1023.49 | $1.73 |
| *Ultra Shares* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual Return | 0.19% | $1000.00 | $1009.00 | $0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 0.19% | $1000.00 | $1024.25 | $0.97 |
| **Schwab AMT Tax-Free Money Fund** |  |  |  |  |
| *Investor Shares* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual Return | 0.34% | $1000.00 | $1008.10 | $1.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 0.34% | $1000.00 | $1023.49 | $1.73 |
| *Ultra Shares* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual Return | 0.19% | $1000.00 | $1008.80 | $0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 0.19% | $1000.00 | $1024.25 | $0.97 |

---

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

<sup>1</sup> Based on the most recent six-month expense ratio; may differ from the expense ratio provided in the Financial Highlights.

<sup>2</sup> Expenses for each fund are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 days in the period, and divided by 365 days in the fiscal year. 

**10**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

------

Schwab Municipal Money Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Shares** | 1/1/22– <br>12/31/22<br>| 1/1/21– <br>12/31/21<br>| 1/1/20– <br>12/31/20<br>| 1/1/19– <br>12/31/19<br>| 1/1/18– <br>12/31/18<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; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp; 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp; (0.00)<sup>2</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp; 0.01 |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | &nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.01) |
| Net asset value at end of period | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Total return | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 1.15% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net operating expenses | &nbsp;&nbsp;&nbsp; 0.32%<sup>3,4</sup> <br>| &nbsp;&nbsp;&nbsp; 0.11%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp; 0.29%<sup>4,5</sup> <br>| &nbsp;&nbsp;&nbsp; 0.34% | &nbsp;&nbsp;&nbsp; 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross operating expenses | &nbsp;&nbsp;&nbsp; 0.35%<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp; 0.48% | &nbsp;&nbsp;&nbsp; 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp; 1.17% |
| Net assets, end of period (x 1,000,000) | $2954 | $1597 | $2041 | $2674 | $2735 |

---

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

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

<sup>2</sup> Per-share amount was less than $0.005.

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

<sup>4</sup> Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation (see financial note 5 for additional information).

<sup>5</sup> Effective September 24, 2020, the contractual expense limitation changed. The ratio presented for period ended December 31, 2020 is a blended ratio.

*See financial notes*

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**11**

------

Schwab Municipal Money Fund

**FINANCIAL HIGHLIGHTS (continued)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ultra Shares** | 1/1/22– <br>12/31/22<br>| 1/1/21– <br>12/31/21<br>| 1/1/20– <br>12/31/20<br>| 1/1/19– <br>12/31/19<br>| 1/1/18– <br>12/31/18<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;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp;&nbsp; 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>2</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp;&nbsp; 0.01 |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp; 0.44% | &nbsp;&nbsp;&nbsp;&nbsp; 1.35% | &nbsp;&nbsp;&nbsp;&nbsp; 1.30% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net operating expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.19%<sup>3,4</sup> <br>| &nbsp;&nbsp;&nbsp; 0.11%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp; 0.19%<sup>4,5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp;&nbsp; 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross operating expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.20%<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp;&nbsp; 0.33% | &nbsp;&nbsp;&nbsp;&nbsp; 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp;&nbsp; 1.33% | &nbsp;&nbsp;&nbsp;&nbsp; 1.31% |
| Net assets, end of period (x 1,000,000) | $11582 | $6405 | $9948 | $13010 | $12748 |

---

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

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

<sup>2</sup> Per-share amount was less than $0.005.

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

<sup>4</sup> Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation (see financial note 5 for additional information).

<sup>5</sup> Effective September 24, 2020, the contractual expense limitation changed. The ratio presented for period ended December 31, 2020 is a blended ratio.

*See financial notes*

**12**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022

------

This section shows all the securities in the fund's portfolio and their values as of the report date.

The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) monthly on Form N-MFP, which is available immediately upon filing. The fund's Form N-MFP is available on the SEC's website at www.sec.gov. The fund also makes available its complete schedule of portfolio holdings 5 business days after month end on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus.

For fixed-rate obligations, the rate shown is the coupon rate (the rate established when the obligation was issued) and if the coupon rate is not available, the effective yield at the time of purchase is shown. For variable-rate obligations, the rate shown is the interest rate as of the report date based on each security's rate reset date. 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 date shown in the maturity date column below is either the date on which the principal amount must be paid or the date payment must be made pursuant to a demand feature. If the security's structure includes one of a number of maturity-shortening provisions set forth in Rule 2a-7, such as an interest rate reset, demand feature or put feature, the effective maturity date is also disclosed. If the effective maturity and maturity date are the same, the date will only appear in the maturity date column.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **MUNICIPAL SECURITIES** 90.9% OF NET ASSETS | **MUNICIPAL SECURITIES** 90.9% OF NET ASSETS | **MUNICIPAL SECURITIES** 90.9% OF NET ASSETS | **MUNICIPAL SECURITIES** 90.9% OF NET ASSETS | **MUNICIPAL SECURITIES** 90.9% OF NET ASSETS | **MUNICIPAL SECURITIES** 90.9% OF NET ASSETS |
| **ALABAMA 1.3%** | **ALABAMA 1.3%** | **ALABAMA 1.3%** | **ALABAMA 1.3%** | **ALABAMA 1.3%** | **ALABAMA 1.3%** |
| **Alabama HFA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Chapel Ridge Apts) Series 2005E (**LOC**: FEDERAL <br> HOME LOAN MORTGAGE CORPORATION) <br>*(a)* | 3.80% |  | 01/06/23 | 11000000 | &nbsp;&nbsp; 11000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing Refunding RB (Hunter Ridge Apts) Series 2005F <br> (**LOC**: FEDERAL HOME LOAN MORTGAGE CORPORATION) <br>*(a)* | 3.80% |  | 01/06/23 | 10550000 | &nbsp;&nbsp; 10550000 |
| **Ascension Health** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2016B (**LIQ**: ROYAL BANK OF CANADA)<br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | 10000000 | &nbsp;&nbsp; 10000000 |
| **Birmingham IDB** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Culton Properties) Series 2009A (**LOC**: FEDERAL HOME LOAN <br> BANKS) <br>*(a)* | 3.80% |  | 01/06/23 | &nbsp;&nbsp; 1645000 | &nbsp;&nbsp;&nbsp;&nbsp; 1645000 |
| **Black Belt Energy Gas District** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas Prepay RB Series 2018B1 (**LOC**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.25% | 01/05/23 | 01/06/23 | 12855000 | &nbsp;&nbsp; 12855000 |
| **Huntsville Health Care Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CP  | 2.80% |  | 01/06/23 | 27000000 | &nbsp;&nbsp; 27000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2020B (**LIQ**: BANK OF AMERICA NA) <br> *(b)(c)(d)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 3820000 | &nbsp;&nbsp;&nbsp;&nbsp; 3820000 |
| **Millport IDA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IDRB (Steel Dust Recycling) Series 2007 (**LOC**: COMERICA BANK) <br> *(a)* | 3.76% |  | 01/06/23 | &nbsp;&nbsp; 2485000 | &nbsp;&nbsp;&nbsp;&nbsp; 2485000 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDRB (Steel Dust Recycling) Series 2011 (**LOC**: COMERICA BANK) <br> *(a)* | 3.76% |  | 01/06/23 | 10000000 | &nbsp;&nbsp; 10000000 |
| **Mobile Cnty IDA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gulf Opportunity Zone RB (SSAB Alabama) Series 2010B <br> (**LOC**: SWEDBANK AB) <br>*(a)* | 3.73% |  | 01/06/23 | 35000000 | &nbsp;&nbsp; 35000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gulf Opportunity Zone RB (SSAB Alabama) Series 2011 <br> (**LOC**: NORDEA BANK ABP) <br>*(a)* | 3.73% |  | 01/06/23 | 10000000 | &nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recovery Zone Facility RB (SSAB Alabama) Series 2010A <br> (**LOC**: SWEDBANK AB) <br>*(a)* | 3.73% |  | 01/06/23 | 27640000 | &nbsp;&nbsp; 27640000 |
| **Mobile Solid Waste Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Waste Management/Chastang) Series 2003 (**LOC**: WELLS FARGO <br> BANK NA)<br>*(a)* | 3.90% |  | 01/06/23 | &nbsp;&nbsp; 4175000 | &nbsp;&nbsp;&nbsp;&nbsp; 4175000 |
| **Montgomery Downtown Redevelopment Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Southern Poverty Law Center) Series 2013<br> *(a)* | 3.73% |  | 01/06/23 | 15000000 | &nbsp;&nbsp; 15000000 |
|  |  |  |  |  | **181170000** |

---

*See financial notes*

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**13**

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | &nbsp;&nbsp; EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **ALASKA 0.4%** | **ALASKA 0.4%** | **ALASKA 0.4%** | **ALASKA 0.4%** | **ALASKA 0.4%** | **ALASKA 0.4%** |
| **Alaska Housing Finance Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Mortgage RB Series 2007A (**LIQ**: FEDERAL HOME LOAN BANKS) <br> *(a)* | 3.64% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp;&nbsp; 2800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Mortgage RB Series 2007D (**LIQ**: FEDERAL HOME LOAN BANKS) <br> *(a)* | 3.65% |  | 01/06/23 | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp; 50000000 |
| **Valdez** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (ExxonMobil) Series 1993B<br> *(a)* | 3.50% |  | 01/03/23 | &nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 |
|  |  |  |  |  | **54500000** |
| **ARIZONA 0.5%** | **ARIZONA 0.5%** | **ARIZONA 0.5%** | **ARIZONA 0.5%** | **ARIZONA 0.5%** | **ARIZONA 0.5%** |
| **Arizona Health Facilities Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Banner Health) Series 2015C (**LOC**: BANK OF AMERICA NA) <br> *(a)* | 3.65% |  | 01/03/23 | &nbsp;&nbsp;&nbsp; 7950000 | &nbsp;&nbsp;&nbsp;&nbsp; 7950000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Dignity Health) Series 2012A (**GTY**: MIZUHO BANK LTD) <br> *(b)(c)(d)* | 3.72% |  | 01/03/23 | &nbsp;&nbsp; 25565000 | &nbsp;&nbsp; 25565000 |
| **Arizona IDA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding RB (Phoenix Children's Hospital) Series 2019A <br> (**LOC**: JPMORGAN CHASE BANK NA)<br>*(a)* | 3.65% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 |
| **Maricopa Cnty IDA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (HonorHealth) Series 2021C (**LOC**: ROYAL BANK OF <br> CANADA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 10500000 | &nbsp;&nbsp; 10500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Banner Health) Series 2019E 2019D 2019F (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(b)(c)(d)* | 3.59% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 4340000 | &nbsp;&nbsp;&nbsp;&nbsp; 4340000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal RB (Michael Pylman Dairy) Series 2005 <br> (**LOC**: COBANK ACB) <br>*(a)* | 3.76% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 6750000 | &nbsp;&nbsp;&nbsp;&nbsp; 6750000 |
| **Pheonix Industrial Development Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Facilities RB (Mayo Clinic) Series 2022 (**LIQ**: JPMORGAN <br> CHASE BANK NA)<br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| **Yavapai Cnty IDA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Skanon Investments Drake Cement) Series 2010A (**LOC**: BANK OF <br> NOVA SCOTIA) <br>*(a)* | 3.65% |  | 01/06/23 | &nbsp;&nbsp; 10715000 | &nbsp;&nbsp; 10715000 |
|  |  |  |  |  | **71520000** |
| **ARKANSAS 0.7%** | **ARKANSAS 0.7%** | **ARKANSAS 0.7%** | **ARKANSAS 0.7%** | **ARKANSAS 0.7%** | **ARKANSAS 0.7%** |
| **Osceola** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal RB (Plum Point Energy) Series 2006 <br> (**LOC**: GOLDMAN SACHS BANK USA) <br>*(a)* | 3.71% |  | 01/06/23 | 100000000 | **100000000** |
| **CALIFORNIA 3.3%** | **CALIFORNIA 3.3%** | **CALIFORNIA 3.3%** | **CALIFORNIA 3.3%** | **CALIFORNIA 3.3%** | **CALIFORNIA 3.3%** |
| **Alameda Cnty IDA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Golden West Paper Converting Corp) Series 2008A (**LOC**: BANK <br> OF THE WEST)<br>*(a)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2405000 | &nbsp;&nbsp;&nbsp;&nbsp; 2405000 |
| **Bay Area Toll Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll Bridge RB Series 2019A (**LOC**: BANK OF AMERICA NA)<br> *(a)* | 3.15% |  | 01/06/23 | &nbsp;&nbsp; 51725000 | &nbsp;&nbsp; 51725000 |
| **California** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds (**LIQ**: MORGAN STANLEY BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 14000000 | &nbsp;&nbsp; 14000000 |
| **California Health Facilities Financing Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2006E  | 2.40% |  | 01/10/23 | &nbsp;&nbsp; 16320000 | &nbsp;&nbsp; 16320000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2017A2 (**LIQ**: CITIBANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 9729000 | &nbsp;&nbsp;&nbsp;&nbsp; 9729000 |
| **California Infrastructure & Economic Development Bank** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IDRB (Kruger & Sons) Series 2002 (**LOC**: BANK OF THE WEST) <br> *(a)* | 3.76% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 1140000 | &nbsp;&nbsp;&nbsp;&nbsp; 1140000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Brightline West Passenger Rail) Series 2020A (**ESCROW**)  | 0.85% |  | 01/26/23 | &nbsp;&nbsp; 19875000 | &nbsp;&nbsp; 19670638 |

---

*See financial notes*

**14**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **California Statewide Communities Development Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (David Ave Apt) Series 2007WW (**LOC**: FEDERAL <br> HOME LOAN MORTGAGE CORPORATION) <br>*(a)* | 3.89% |  | 01/06/23 | &nbsp;&nbsp; 5300000 | &nbsp;&nbsp; 5300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Imperial Park Apts) Series 2007OO (**LOC**: FEDERAL <br> HOME LOAN MORTGAGE CORPORATION) <br>*(a)* | 3.89% |  | 01/06/23 | 10620000 | 10620000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2004E  | 2.00% |  | 01/03/23 | 21000000 | 21000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2004K  | 2.90% |  | 02/23/23 | 15120000 | 15120000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2008B  | 2.90% |  | 03/07/23 | 10000000 | 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2008C  | 3.20% |  | 02/14/23 | 10000000 | 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2008C  | 2.65% |  | 03/09/23 | 20000000 | 20000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2009B1  | 2.65% |  | 03/08/23 | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp; 4500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2009B6  | 2.95% |  | 03/08/23 | 36700000 | 36700000 |
| **Emeryville Successor Redevelopment Agency** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Bay St Apts) Series 2002A (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION)<br>*(a)* | 3.81% |  | 01/06/23 | 57715000 | 57715000 |
| **Irvine Ranch Water District** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2011A1 (SIFMA Municipal Swap Index + <br> 0.06%)<br>*(c)* | 3.72% | 01/05/23 | 03/01/23 | &nbsp;&nbsp; 4760000 | &nbsp;&nbsp; 4760000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2011A2 (SIFMA Municipal Swap Index + <br> 0.06%)<br>*(c)* | 3.72% | 01/05/23 | 03/01/23 | &nbsp;&nbsp; 4770000 | &nbsp;&nbsp; 4770000 |
| **Jurupa USD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017B (**LIQ**: MORGAN STANLEY BANK NA)<br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3205000 | &nbsp;&nbsp; 3205000 |
| **Long Beach USD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2016A&2008E (**LIQ**: MORGAN STANLEY BANK NA)<br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | 10000000 | 10000000 |
| **Los Angeles Cnty Metropolitan Transportation Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr Sales Tax RB Series 2017A (**LIQ**: JPMORGAN CHASE BANK NA)<br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5000000 |
| **Los Angeles Dept of Airports** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub RB Series 2016A, 2017A, 2018A, 2018C, 2019F (**LIQ**: ROYAL <br> BANK OF CANADA)<br>*(b)(c)(d)* | 3.53% |  | 01/06/23 | &nbsp;&nbsp; 1030000 | &nbsp;&nbsp; 1030000 |
| **Los Angeles Dept of Water & Power** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Water System RB Series 2014A (**LIQ**: MORGAN STANLEY BANK NA)<br> *(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2000000 |
| **Nuveen California Quality Municipal Income Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Demand Preferred Shares Series 1 (**LOC**: SOCIETE <br> GENERALE SA) <br>*(a)(b)* | 3.75% |  | 01/06/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Demand Preferred Shares Series 4 (**LOC**: ROYAL BANK <br> OF CANADA) <br>*(a)(b)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Demand Preferred Shares Series 6 (**LOC**: JPMORGAN <br> CHASE BANK NA) <br>*(a)(b)* | 3.75% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Demand Preferred Shares Series 7 (**LOC**: ROYAL BANK <br> OF CANADA) <br>*(a)(b)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 9000000 | &nbsp;&nbsp; 9000000 |
| **Pennsylvania HFA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S/F Mortgage RB Series 2022140A (**LIQ**: BARCLAYS BANK PLC)<br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1080000 | &nbsp;&nbsp; 1080000 |
| **Sacramento Area Flood Control Agency** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Capital Assessment District No 2 Bonds Series 2016A <br> (**LIQ**: JPMORGAN CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | 15845000 | 15845000 |
| **San Francisco Airport Commission** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB 2nd Series 2017B (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.71% |  | 01/06/23 | 16485000 | 16485000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB 2nd Series 2019A (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.45% |  | 01/03/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB 2nd Series 2019A, 2019E, 2018D (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.73% |  | 01/06/23 | 52795000 | 52795000 |

---

*See financial notes*

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**15**

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; RB 2nd Series 2019E, 2019A, 2018D (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.73% |  | 01/06/23 | 28985000 | &nbsp;&nbsp; 28985000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB 2nd Series 2022A (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 4225000 | &nbsp;&nbsp;&nbsp;&nbsp; 4225000 |
| **San Francisco Bay Area Rapid Transit District** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2020C1 (**LIQ**: MORGAN STANLEY BANK NA)<br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4500000 |
| **San Jose** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Airport CP Notes Series B (**LOC**: BANK OF AMERICA NA) | 3.15% |  | 02/23/23 | &nbsp;&nbsp; 5180000 | &nbsp;&nbsp;&nbsp;&nbsp; 5180000 |
|  |  |  |  |  | **484504638** |
| **COLORADO 1.4%** | **COLORADO 1.4%** | **COLORADO 1.4%** | **COLORADO 1.4%** | **COLORADO 1.4%** | **COLORADO 1.4%** |
| **Broomfield Urban Renewal Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Increment RB Series 2005 (**LOC**: BNP PARIBAS SA) <br> *(a)* | 3.68% |  | 01/06/23 | 26800000 | &nbsp;&nbsp; 26800000 |
| **Colorado** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Education Loan Program TRAN 2022A  | 5.00% |  | 06/29/23 | &nbsp;&nbsp; 2090000 | &nbsp;&nbsp;&nbsp;&nbsp; 2119656 |
| **Colorado Health Facilities Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Children's Hospital Colorado) Series 2016B (**LOC**: JPMORGAN <br> CHASE BANK NA) <br>*(b)(c)(d)* | 3.70% |  | 01/03/23 | 35055000 | &nbsp;&nbsp; 35055000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (CommonSpirit Health) Series 2019A2 (**LOC**: JPMORGAN CHASE <br> BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | 13410000 | &nbsp;&nbsp; 13410000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (CommonSpirit Health) Series 2019A2 (**LOC**: ROYAL BANK OF <br> CANADA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Intermountain Healthcare) Series 2022A (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Intermountain Healthcare) Series 2022E <br> *(a)* | 3.60% |  | 01/03/23 | 28440000 | &nbsp;&nbsp; 28440000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Sisters of Charity of Leavenworth Health) Series 2013A <br> (**ESCROW**) (**LIQ**: CITIBANK NA) <br>*(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | 14000000 | &nbsp;&nbsp; 14000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Sisters of Charity of Leavenworth Health) Series 2013A <br> (**ESCROW**) (**LIQ**: MORGAN STANLEY BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | 16500000 | &nbsp;&nbsp; 16500000 |
| **Colorado Housing & Finance Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Terrace Park Apartments) Series 2007 (**LOC**: US <br> BANK NATIONAL ASSOCIATION) <br>*(a)* | 3.66% |  | 01/06/23 | 10860000 | &nbsp;&nbsp; 10860000 |
| &nbsp;&nbsp;&nbsp;&nbsp; S/F Mortgage Class I Bonds Series 2017E (**LIQ**: BANK OF AMERICA <br> NA) <br>*(a)* | 3.83% |  | 01/06/23 | 11800000 | &nbsp;&nbsp; 11800000 |
| **Colorado State Univ** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; System Enterprise RB Series 2015D (**LOC**: ROYAL BANK OF CANADA)<br> *(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | 10000000 | &nbsp;&nbsp; 10000000 |
| **Denver** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport Sub RB Series 2018A (**LOC**: ROYAL BANK OF CANADA) (SIFMA <br> Municipal Swap Index + 0.25%)<br>*(b)(c)(d)* | 3.91% | 01/05/23 | 06/01/23 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 |
| **Denver Dedicated Tax Revenue** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dedicated Tax RB Series 2021A (**LIQ**: BANK OF AMERICA NA)<br> *(b)(c)(d)* | 3.72% |  | 01/06/23 | &nbsp;&nbsp; 4205000 | &nbsp;&nbsp;&nbsp;&nbsp; 4205000 |
| **St. Vrain Valley SD RE-1J** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2016C (**LOC**: ROYAL BANK OF CANADA)<br> *(b)(c)(d)* | 3.44% |  | 01/06/23 | &nbsp;&nbsp; 5670000 | &nbsp;&nbsp;&nbsp;&nbsp; 5670000 |
| **Univ of Colorado Hospital Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2017B-1<br> *(a)* | 3.59% |  | 01/06/23 | &nbsp;&nbsp; 3885000 | &nbsp;&nbsp;&nbsp;&nbsp; 3885000 |
| **Weld Cnty SD #4** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2016 (**LOC**: ROYAL BANK OF CANADA)<br> *(b)(c)(d)* | 3.57% |  | 01/06/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
|  |  |  |  |  | **196844656** |
| **CONNECTICUT 0.2%** | **CONNECTICUT 0.2%** | **CONNECTICUT 0.2%** | **CONNECTICUT 0.2%** | **CONNECTICUT 0.2%** | **CONNECTICUT 0.2%** |
| **Connecticut Health & Educational Facilities Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Trinity Health) Series 2016CT (**LIQ**: TORONTO-DOMINION <br> BANK/THE)<br>*(b)(c)(d)* | 3.70% | 01/05/23 | 01/06/23 | &nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp;&nbsp; 3750000 |

---

*See financial notes*

**16**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Connecticut HFA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing Mortgage Finance Bonds Series 2018C4 (**LIQ**: TD BANK NA) <br> *(a)* | 3.69% |  | 01/06/23 | 21050000 | &nbsp;&nbsp; 21050000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing Mortgage Finance Bonds Series 2022A-3 (**LIQ**: TD BANK NA) <br> *(a)* | 3.66% |  | 01/06/23 | &nbsp;&nbsp; 3510000 | &nbsp;&nbsp;&nbsp;&nbsp; 3510000 |
|  |  |  |  |  | **28310000** |
| **DELAWARE 0.1%** | **DELAWARE 0.1%** | **DELAWARE 0.1%** | **DELAWARE 0.1%** | **DELAWARE 0.1%** | **DELAWARE 0.1%** |
| **Delaware Health Facilities Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Christiana Care Health Services) Series 2020A <br> (**LIQ**: BARCLAYS BANK PLC) <br>*(b)(c)(d)* | 3.70% |  | 01/06/23 | 12550000 | &nbsp;&nbsp; 12550000 |
| **New Castle Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport Facility RB (FlightSafety) Series 2002<br> *(a)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 5185000 | &nbsp;&nbsp;&nbsp;&nbsp; 5185000 |
|  |  |  |  |  | **17735000** |
| **DISTRICT OF COLUMBIA 1.2%** | **DISTRICT OF COLUMBIA 1.2%** | **DISTRICT OF COLUMBIA 1.2%** | **DISTRICT OF COLUMBIA 1.2%** | **DISTRICT OF COLUMBIA 1.2%** | **DISTRICT OF COLUMBIA 1.2%** |
| **District of Columbia** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2016D (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 7060000 | &nbsp;&nbsp;&nbsp;&nbsp; 7060000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017B (**LIQ**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | 42000000 | &nbsp;&nbsp; 42000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO CP BAN Series 2022A (**LOC**: BARCLAYS BANK PLC)  | 2.55% |  | 01/18/23 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2017C (**LIQ**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | 25900000 | &nbsp;&nbsp; 25900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income Tax Secured RB Series 2019A (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 895000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 895000 |
| **District of Columbia HFA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Pentacle Apts) Series 2008 (**LOC**: FEDERAL HOME <br> LOAN MORTGAGE CORPORATION)<br>*(a)* | 3.81% |  | 01/06/23 | &nbsp;&nbsp; 8440000 | &nbsp;&nbsp;&nbsp;&nbsp; 8440000 |
| **District of Columbia Water & Sewer Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Extendible CP Series A  | 2.33% | 01/05/23 | 09/01/23 | 38000000 | &nbsp;&nbsp; 38000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Utility Sr Lien RB Series 2017A (**LIQ**: US BANK NATIONAL <br> ASSOCIATION) <br>*(b)(c)(d)* | 3.69% |  | 01/03/23 | &nbsp;&nbsp; 9700000 | &nbsp;&nbsp;&nbsp;&nbsp; 9700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Utility Sub Lien RB Series 2019A (**LIQ**: BANK OF AMERICA NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3760000 | &nbsp;&nbsp;&nbsp;&nbsp; 3760000 |
| **Metropolitan Washington Airports Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport System RB Series 2009D2 (**LOC**: TD BANK NA) <br> *(a)* | 3.46% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport System RB Series 2010D (**LOC**: TD BANK NA) <br> *(a)* | 3.66% |  | 01/06/23 | 20000000 | &nbsp;&nbsp; 20000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport System Refunding RB Series 2018A (**LIQ**: ROYAL BANK OF <br> CANADA) <br>*(b)(c)(d)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 7725000 | &nbsp;&nbsp;&nbsp;&nbsp; 7725000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport System Refunding RB Series 2021A (**LIQ**: JPMORGAN CHASE <br> BANK NA) <br>*(b)(c)(d)* | 3.76% |  | 01/06/23 | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 |
|  |  |  |  |  | **170130000** |
| **FLORIDA 3.8%** | **FLORIDA 3.8%** | **FLORIDA 3.8%** | **FLORIDA 3.8%** | **FLORIDA 3.8%** | **FLORIDA 3.8%** |
| **Brevard Cnty HFA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Timber Trace Apts) Series 2007 (**LOC**: CITIBANK NA) <br> *(a)* | 3.66% |  | 01/06/23 | &nbsp;&nbsp; 9080000 | &nbsp;&nbsp;&nbsp;&nbsp; 9079918 |
| **Broward Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport Facility RB (Embraer Aircraft Holding) Series 2007A <br> (**LOC**: CITIBANK NA)<br>*(a)* | 3.65% |  | 01/06/23 | 11500000 | &nbsp;&nbsp; 11500000 |
| **Broward Cnty HFA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Palms of Deerfield Beach Apts) Series 2006 <br> (**LOC**: CITIBANK NA) <br>*(a)* | 3.66% |  | 01/06/23 | &nbsp;&nbsp; 3035000 | &nbsp;&nbsp;&nbsp;&nbsp; 3035000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Sailboat Bend Artist Lofts) Series 2006 <br> (**LOC**: CITIBANK NA) <br>*(a)* | 3.65% |  | 01/06/23 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 |
| **Collier Cnty Health Facilities Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Cleveland Clinic) Series 2003C1 | 2.40% |  | 01/05/23 | 40675000 | &nbsp;&nbsp; 40675000 |

---

*See financial notes*

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**17**

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Florida** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018A (**LIQ**: TORONTO-DOMINION BANK/THE)<br> *(b)(c)(d)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 4075000 | &nbsp;&nbsp; 4075000 |
| **Florida Development Finance Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Brightline Florida Passenger Rail) Series 2021A (**ESCROW**)  | 2.90% |  | 04/04/23 | &nbsp;&nbsp;&nbsp;&nbsp; 730000 | &nbsp;&nbsp;&nbsp;&nbsp; 727828 |
| **Florida Housing Finance Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (Brentwood Club of Millenia Blvd Apts) Series 2002A1 <br> (**LOC**: FEDERAL NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.79% |  | 01/06/23 | &nbsp;&nbsp; 8515000 | &nbsp;&nbsp; 8515000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Hudson Ridge Apts) Series 2008L (**LOC**: JPMORGAN <br> CHASE BANK NA) <br>*(a)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 1095000 | &nbsp;&nbsp; 1095000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Mortgage RB (Clear Harbor Apts) Series 2007H (**LOC**: CITIBANK <br> NA) <br>*(a)* | 3.77% |  | 01/06/23 | &nbsp;&nbsp; 2995000 | &nbsp;&nbsp; 2995000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Mortgage RB (Lakeshore Apts) Series 2004H (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.76% |  | 01/06/23 | &nbsp;&nbsp; 7100000 | &nbsp;&nbsp; 7100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Mortgage RB (Spring Haven Apts) Series 2004F (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.76% |  | 01/06/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Mortgage RB (Spring Haven Apts) Series 2006G (**LOC**: CITIBANK <br> NA) <br>*(a)* | 3.77% |  | 01/06/23 | &nbsp;&nbsp; 3055000 | &nbsp;&nbsp; 3055000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Mortgage RB (St. Andrews Pointe Apts) Series 2003E1 <br> (**LOC**: FEDERAL NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.79% |  | 01/06/23 | &nbsp;&nbsp; 5430000 | &nbsp;&nbsp; 5430000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Mortgage Refunding RB (Grand Reserve at Lee Vista) <br> Series 2004L (**LOC**: FEDERAL HOME LOAN MORTGAGE <br> CORPORATION) <br>*(a)* | 3.74% |  | 01/06/23 | 11510000 | 11510000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Mortgage Refunding RB (Grand Reserve at Maitland Park) <br> Series 2004M (**LOC**: FEDERAL HOME LOAN MORTGAGE <br> CORPORATION) <br>*(a)* | 3.74% |  | 01/06/23 | &nbsp;&nbsp; 4200000 | &nbsp;&nbsp; 4200000 |
| **Florida Local Government Finance Commission** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Series A1 (**LOC**: JPMORGAN CHASE BANK NA) | 2.85% |  | 01/05/23 | 13091000 | 13091000 |
| **Florida State Board of Education** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Education Capital Outlay Refunding Bonds Series 2017B <br> (**LIQ**: US BANK NATIONAL ASSOCIATION)<br>*(b)(c)(d)* | 3.62% |  | 01/03/23 | &nbsp;&nbsp; 3620000 | &nbsp;&nbsp; 3620000 |
| **Hillsborough Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Solid Waste & Recovery Refunding RB Series 2016B (**LOC**: ROYAL <br> BANK OF CANADA) (SIFMA Municipal Swap Index + 0.20%)<br>*(b)(c)(d)* | 3.51% | 01/05/23 | 03/01/23 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 1400000 |
| **Hillsborough Cnty HFA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Lake Kathy Apts) Series 2005 (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.76% |  | 01/06/23 | 18015000 | 18015000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Royal Palm Key Apts) Series 2002 (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.65% |  | 01/06/23 | &nbsp;&nbsp; 6920000 | &nbsp;&nbsp; 6920000 |
| **Jacksonville** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Series A (**LOC**: BANK OF AMERICA NA)  | 3.12% |  | 01/19/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Refunding RB (Baptist Health) Series 2019D <br> *(a)* | 3.65% |  | 01/06/23 | 26285000 | 26285000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Refunding RB (Baptist Health) Series 2019E <br> *(a)* | 3.65% |  | 01/06/23 | 29960000 | 29960000 |
| **Kissimmee Utility Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Notes Series B (**LIQ**: JPMORGAN CHASE BANK NA) | 2.77% |  | 01/04/23 | &nbsp;&nbsp; 7245000 | &nbsp;&nbsp; 7245000 |
| **Manatee Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2022 (**LIQ**: WELLS FARGO BANK NA)<br> *(b)(c)(d)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 7915000 | &nbsp;&nbsp; 7915000 |
| **Miami-Dade Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2016A (**LOC**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 8080000 | &nbsp;&nbsp; 8080000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seaport CP Notes Series B1 (**LOC**: BANK OF AMERICA NA)  | 3.68% |  | 01/17/23 | 84500000 | 84500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transit System Sales Surtax RB Series 2022 (**LIQ**: JPMORGAN CHASE <br> BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | 23140000 | 23140000 |

---

*See financial notes*

**18**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Orange Cnty HFA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Lakeside Pointe Apts) Series 2005B (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.86% |  | 01/06/23 | &nbsp;&nbsp; 5230000 | &nbsp;&nbsp;&nbsp;&nbsp; 5230000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Landings on Millenia Blvd Apts) Series 2002A <br> (**LOC**: FEDERAL NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.86% |  | 01/06/23 | 10235000 | &nbsp;&nbsp; 10235000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Laurel Oaks Apts II) Series 2007H (**LOC**: TRUIST <br> BANK) <br>*(a)* | 3.64% |  | 01/06/23 | &nbsp;&nbsp; 6790000 | &nbsp;&nbsp;&nbsp;&nbsp; 6790000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Laurel Oaks Apts) Series 2007G (**LOC**: TRUIST BANK) <br> *(a)* | 3.64% |  | 01/06/23 | &nbsp;&nbsp; 7350000 | &nbsp;&nbsp;&nbsp;&nbsp; 7350000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Lee Vista Club Apts) Series 2004A (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.86% |  | 01/06/23 | 10500000 | &nbsp;&nbsp; 10500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (The Cove At Lady Lake Apts) Series 2005A <br> (**LOC**: FEDERAL NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.86% |  | 01/06/23 | &nbsp;&nbsp; 6985000 | &nbsp;&nbsp;&nbsp;&nbsp; 6985000 |
| **Orange Cnty IDA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Foundation Academy of Winter Garden) Series 2007 <br> (**LOC**: FEDERAL HOME LOAN BANKS)<br>*(a)* | 3.95% |  | 01/06/23 | &nbsp;&nbsp; 6405000 | &nbsp;&nbsp;&nbsp;&nbsp; 6405000 |
| **Orlando Utilities Commission** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Utility System RB Series 2008-1 (**LIQ**: TD BANK NA) <br> *(a)* | 3.64% |  | 01/06/23 | 53680000 | &nbsp;&nbsp; 53678645 |
| **Palm Beach Cnty HFA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Palm Gardens Apts) Series 2007 (**LOC**: CITIBANK <br> NA)<br>*(a)* | 4.30% |  | 01/06/23 | &nbsp;&nbsp; 2610000 | &nbsp;&nbsp;&nbsp;&nbsp; 2610000 |
| **Sarasota Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Planned Parenthood) Series 2007 (**LOC**: BMO HARRIS BANK NA)<br> *(a)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760000 |
| **South Broward Hospital District** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB Series 2021A & 2016A (**LIQ**: WELLS FARGO BANK NA)<br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1815000 | &nbsp;&nbsp;&nbsp;&nbsp; 1815000 |
| **Sunshine State Governmental Financing Commission** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Series H (**LIQ**: JPMORGAN CHASE BANK NA)  | 2.99% |  | 02/09/23 | 40000000 | &nbsp;&nbsp; 40000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Series H (**LIQ**: JPMORGAN CHASE BANK NA)  | 3.10% |  | 03/09/23 | 50000000 | &nbsp;&nbsp; 50000000 |
| **Tampa Bay Water** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Utility System RB Series 2013 (**LIQ**: JPMORGAN CHASE BANK NA)<br> *(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
|  |  |  |  |  | **558622391** |
| **GEORGIA 1.1%** | **GEORGIA 1.1%** | **GEORGIA 1.1%** | **GEORGIA 1.1%** | **GEORGIA 1.1%** | **GEORGIA 1.1%** |
| **Atlanta** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport CP Notes Series N2 (**LOC**: PNC BANK NATIONAL <br> ASSOCIATION) <br>| 3.60% |  | 02/21/23 | 40198000 | &nbsp;&nbsp; 40198000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport CP Notes Series O2 (**LOC**: JPMORGAN CHASE BANK NA)  | 3.50% |  | 02/21/23 | &nbsp;&nbsp; 5780000 | &nbsp;&nbsp;&nbsp;&nbsp; 5780000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport RB Series 2019B (**LIQ**: WELLS FARGO BANK NA) <br> *(b)(c)(d)* | 3.74% |  | 01/06/23 | &nbsp;&nbsp; 3520000 | &nbsp;&nbsp;&nbsp;&nbsp; 3520000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Wastewater Refunding RB Series 2015 (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 7500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Wastewater Refunding RB Series 2017A (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 4660000 | &nbsp;&nbsp;&nbsp;&nbsp; 4660000 |
| **Brookhaven Development Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Children's Healthcare Atlanta) Series 2019A (**LIQ**: WELLS FARGO <br> BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2015000 | &nbsp;&nbsp;&nbsp;&nbsp; 2015000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Children's Healthcare of Atlanta) Series 2019A (**LIQ**: BARCLAYS <br> BANK PLC) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp;&nbsp; 3750000 |
| **Fulton Cnty Development Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport Facility RB (FlightSafety) Series 1999B<br> *(a)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 9350000 | &nbsp;&nbsp;&nbsp;&nbsp; 9350000 |
| **Gwinnett Cnty SD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2013 (**ESCROW**) | 5.00% |  | 02/01/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5010922 |

---

*See financial notes*

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**19**

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | &nbsp;&nbsp; EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Main Street Natural Gas** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas RB Series 2022B (**LOC**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.71% |  | 01/06/23 | 21610000 | &nbsp;&nbsp; 21610000 |
| **Marietta Housing Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Walton Village Apts) Series 2005 (**LOC**: FEDERAL <br> HOME LOAN MORTGAGE CORPORATION)<br>*(a)* | 3.79% |  | 01/06/23 | 14300000 | &nbsp;&nbsp; 14300000 |
| **Metropolitan Atlanta Rapid Transit Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales Tax Refunding RB Series 2017C (**LIQ**: US BANK NATIONAL <br> ASSOCIATION) <br>*(b)(c)(d)* | 3.69% |  | 01/03/23 | 11945000 | &nbsp;&nbsp; 11945000 |
| **Paulding Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017 (**LIQ**: US BANK NATIONAL ASSOCIATION) <br> *(b)(c)(d)* | 3.30% |  | 01/03/23 | 14985000 | &nbsp;&nbsp; 14985000 |
| **Savannah Economic Development Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exempt Facility RB (Home Depot) Series 1995B (**LOC**: TRUIST BANK) <br> *(a)* | 3.77% |  | 01/06/23 | 12750000 | &nbsp;&nbsp; 12750000 |
| **Winder-Barrow Cnty Jt Development Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IDRB (Price Companies) Series 2007 (**LOC**: BANK OF AMERICA NA)<br> *(a)* | 3.81% |  | 01/06/23 | &nbsp;&nbsp; 1675000 | &nbsp;&nbsp;&nbsp;&nbsp; 1675000 |
|  |  |  |  |  | **159048922** |
| **HAWAII 0.0%** | **HAWAII 0.0%** | **HAWAII 0.0%** | **HAWAII 0.0%** | **HAWAII 0.0%** | **HAWAII 0.0%** |
| **Hawaii** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018FT | 5.00% |  | 01/01/23 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150000 |
| **Honolulu** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2015A (**LIQ**: ROYAL BANK OF CANADA)<br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3700000 | &nbsp;&nbsp;&nbsp;&nbsp; 3700000 |
|  |  |  |  |  | **3850000** |
| **IDAHO 0.0%** | **IDAHO 0.0%** | **IDAHO 0.0%** | **IDAHO 0.0%** | **IDAHO 0.0%** | **IDAHO 0.0%** |
| **Cassia Cnty IDC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IDRB (Oak Valley Heifers) Series 2007 (**LOC**: COOPERATIEVE <br> RABOBANK UA)<br>*(a)* | 3.76% |  | 01/06/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| **Idaho Health Facilities Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (Trinity Health) Series 2013ID | 3.30% |  | 02/01/23 | &nbsp;&nbsp; 4550000 | &nbsp;&nbsp;&nbsp;&nbsp; 4550000 |
|  |  |  |  |  | **5550000** |
| **ILLINOIS 4.4%** | **ILLINOIS 4.4%** | **ILLINOIS 4.4%** | **ILLINOIS 4.4%** | **ILLINOIS 4.4%** | **ILLINOIS 4.4%** |
| **Chicago** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport Sr Lien RB Series 2022A & 2018A (**LOC**: ROYAL BANK OF <br> CANADA) <br>*(b)(c)(d)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 5620000 | &nbsp;&nbsp;&nbsp;&nbsp; 5620000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Churchview Supportive Living Facility) Series 2003 <br> (**LOC**: BMO HARRIS BANK NA) <br>*(a)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 4420000 | &nbsp;&nbsp;&nbsp;&nbsp; 4420000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Lincoln Village Sr Apts) Series 2006 (**LOC**: BMO <br> HARRIS BANK NA) <br>*(a)* | 3.66% |  | 01/06/23 | &nbsp;&nbsp; 3957000 | &nbsp;&nbsp;&nbsp;&nbsp; 3957000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Renaissance Place Apts) Series 2007 (**LOC**: BMO <br> HARRIS BANK NA) <br>*(a)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Renaissance St Luke) Series 2008 (**LOC**: BMO <br> HARRIS BANK NA) <br>*(a)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 7490000 | &nbsp;&nbsp;&nbsp;&nbsp; 7490000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midway Airport 2nd Lien RB Series 2004C1 (**LOC**: BANK OF <br> MONTREAL) <br>*(a)* | 3.69% |  | 01/06/23 | 39515000 | &nbsp;&nbsp; 39515000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midway Airport 2nd Lien Refunding RB Series 2014C (**LOC**: PNC BANK <br> NATIONAL ASSOCIATION) <br>*(a)* | 3.75% |  | 01/06/23 | 30100000 | &nbsp;&nbsp; 30100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midway Airport CP Series 2022A (**LOC**: BANK OF MONTREAL)  | 2.68% |  | 02/06/23 | 24375000 | &nbsp;&nbsp; 24375000 |

---

*See financial notes*

**20**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; OHare General Airport Sr Lien RB Series 2017D (**LOC**: BANK OF <br> AMERICA NA) <br>*(b)(c)(d)* | 3.75% |  | 01/06/23 | &nbsp;&nbsp; 9360000 | &nbsp;&nbsp; 9360000 |
| &nbsp;&nbsp;&nbsp;&nbsp; OHare General Airport Sr Lien Refunding RB Series 2018A <br> (**LOC**: JPMORGAN CHASE BANK NA) <br>*(b)(c)(d)* | 3.70% |  | 01/06/23 | 10140000 | 10140000 |
| **Illinois Finance Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pooled Program CP (**LOC**: JPMORGAN CHASE BANK NA)  | 2.90% |  | 01/04/23 | 10417000 | 10417000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Adler Planetarium) Series 1997 (**LOC**: PNC BANK NATIONAL <br> ASSOCIATION) <br>*(a)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Advocate Health) Series 2008C-1 (**LIQ**: JPMORGAN CHASE BANK <br> NA) <br>*(a)* | 3.73% |  | 01/06/23 | 71580000 | 71580000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Lake Forest College) Series 2008 (**LOC**: NORTHERN TRUST <br> COMPANY (THE)) <br>*(a)* | 3.68% |  | 01/06/23 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Northshore Edward Elmhurst Health) Series 2022A <br> (**LIQ**: BARCLAYS BANK PLC) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3695000 | &nbsp;&nbsp; 3695000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Northshore Edward Elmhurst Health) Series 2022F <br> (**LIQ**: JPMORGAN CHASE BANK NA) <br>*(a)* | 3.54% |  | 01/03/23 | 18455000 | 18455000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Northshore Edward Elmhurst) Series 2022C (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(a)* | 3.65% |  | 01/03/23 | 36555000 | 36555000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Northshore Edward Elmhurst) Series 2022E (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(a)* | 3.65% |  | 01/03/23 | 11500000 | 11500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (NorthShore Univ Health System) Series 2020A <br> (**LIQ**: TORONTO-DOMINION BANK/THE) <br>*(b)(c)(d)* | 3.40% |  | 01/06/23 | &nbsp;&nbsp; 6560000 | &nbsp;&nbsp; 6560000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (NorthShore Univ Health System) Series 2020B (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(a)* | 3.54% |  | 01/03/23 | &nbsp;&nbsp; 8400000 | &nbsp;&nbsp; 8400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Univ of Chicago Medical Center) Series 2016B (**LIQ**: BARCLAYS <br> BANK PLC) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | 55595000 | 55595000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Univ of Chicago) Series 2015A (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | 34600000 | 34600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Univ of Chicago) Series 2018A (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.43% |  | 01/03/23 | &nbsp;&nbsp; 1555000 | &nbsp;&nbsp; 1555000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Univ of Chicago) Series 2018A (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | 29440000 | 29440000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Univ of Chicago) Series 2022A (**LIQ**: JPMORGAN CHASE BANK <br> NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (YMCA of Metropolitan Chicago) Series 2001 (**LOC**: BMO HARRIS <br> BANK NA) <br>*(a)* | 3.80% |  | 01/06/23 | &nbsp;&nbsp; 2800000 | &nbsp;&nbsp; 2800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (OSF Healthcare System) Series 2018B <br> (**LOC**: JPMORGAN CHASE BANK NA) <br>*(a)* | 3.65% |  | 01/03/23 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (OSF Healthcare) Series 2018C (**LOC**: PNC BANK <br> NATIONAL ASSOCIATION) <br>*(a)* | 3.55% |  | 01/03/23 | &nbsp;&nbsp; 2935000 | &nbsp;&nbsp; 2935000 |
| **Illinois Hsg Development Auth March 2016 S/F** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022D (**LIQ**: BANK OF MONTREAL) <br> *(a)* | 3.75% |  | 01/06/23 | 19360000 | 19360000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022E (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 4170000 | &nbsp;&nbsp; 4170000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022F (**LIQ**: BANK OF MONTREAL) <br> *(a)* | 3.65% |  | 01/06/23 | 27000000 | 27000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022H  | 3.47% |  | 12/01/23 | 13810000 | 13810000 |
| **Illinois Regional Transportation Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018B (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | 11470000 | 11470000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018B (**LIQ**: MORGAN STANLEY BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | 16000000 | 16000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018B (**LIQ**: MORGAN STANLEY BANK NA) <br> *(b)(c)(d)* | 3.71% |  | 01/06/23 | 11150000 | 11150000 |

---

*See financial notes*

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**21**

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Illinois Toll Highway Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr RB Series 2013A (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.72% |  | 01/06/23 | 16105000 | &nbsp;&nbsp; 16105000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr RB Series 2014B (**LIQ**: TORONTO-DOMINION BANK/THE) <br> *(b)(c)(d)* | 3.71% | 01/05/23 | 01/06/23 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr RB Series 2014C (**LIQ**: CITIBANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 6665000 | &nbsp;&nbsp;&nbsp;&nbsp; 6665000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr RB Series 2015A (**LIQ**: MORGAN STANLEY BANK NA) <br> *(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | 20435000 | &nbsp;&nbsp; 20435000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr RB Series 2021A (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.72% |  | 01/06/23 | &nbsp;&nbsp; 1310000 | &nbsp;&nbsp;&nbsp;&nbsp; 1310000 |
| **Lisle** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Ashley of Lisle) Series 1985 (**LOC**: FEDERAL HOME <br> LOAN MORTGAGE CORPORATION)<br>*(a)* | 3.81% |  | 01/06/23 | 27000000 | &nbsp;&nbsp; 27000000 |
| **Metropolitan Water Reclamation District of Greater Chicago** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2014A&C (**LIQ**: MORGAN STANLEY BANK NA) <br> *(b)(c)(d)* | 3.58% |  | 01/06/23 | 11028500 | &nbsp;&nbsp; 11028500 |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2016C (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 7320000 | &nbsp;&nbsp;&nbsp;&nbsp; 7320000 |
| **Palatine** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Facility RB (Little City for Community Development) <br> Series 1998 (**LOC**: FEDERAL HOME LOAN BANKS) <br>*(a)* | 3.67% |  | 01/06/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
|  |  |  |  |  | **646087500** |
| **INDIANA 1.1%** | **INDIANA 1.1%** | **INDIANA 1.1%** | **INDIANA 1.1%** | **INDIANA 1.1%** | **INDIANA 1.1%** |
| **Gibson Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pollution Control RB (Toyota Motor Manufacturing) Series 1997 <br> *(a)* | 3.66% |  | 01/06/23 | 10000000 | &nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pollution Control RB (Toyota Motor Manufacturing) Series 1998 <br> *(a)* | 3.66% |  | 01/06/23 | 10000000 | &nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pollution Control RB (Toyota Motor Manufacturing) Series 1999A <br> *(a)* | 3.66% |  | 01/06/23 | 10000000 | &nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pollution Control RB (Toyota Motor Manufacturing) Series 2000A <br> *(a)* | 3.66% |  | 01/06/23 | 10000000 | &nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pollution Control RB (Toyota Motor Manufacturing) Series 2001B <br> *(a)* | 3.66% |  | 01/06/23 | 20000000 | &nbsp;&nbsp; 20000000 |
| **Indiana Finance Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Economic Development RB (Cargill) Series 2011 <br> *(a)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Environmental Refunding RB (Duke Energy) Series 2009A4 <br> (**LOC**: SUMITOMO MITSUI BANKING CORPORATION) <br>*(a)* | 3.60% |  | 01/03/23 | &nbsp;&nbsp; 5385000 | &nbsp;&nbsp;&nbsp;&nbsp; 5385000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health System RB (Franciscan Alliance) Series 2016 <br> (**LIQ**: TORONTO-DOMINION BANK/THE) <br>*(b)(c)(d)* | 3.71% | 01/05/23 | 01/06/23 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health System RB (Franciscan Alliance) Series 2016A (**LIQ**: MORGAN <br> STANLEY BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 9150000 | &nbsp;&nbsp;&nbsp;&nbsp; 9150000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health System RB (Franciscan Alliance) Series 2016A (**LIQ**: ROYAL <br> BANK OF CANADA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2720000 | &nbsp;&nbsp;&nbsp;&nbsp; 2720000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Ascension Health) Series 2008E5 <br> *(a)* | 3.70% |  | 01/06/23 | 18490000 | &nbsp;&nbsp; 18490000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Fulcrum Centerpoint) Series 2022 (**ESCROW**)  | 4.50% |  | 11/15/23 | 25000000 | &nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Trinity Health) Series 2008D2  | 2.45% |  | 01/04/23 | 19665000 | &nbsp;&nbsp; 19665000 |
| **Indiana Housing & Community Development Agency** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S/F Mortgage RB Series 2020C-3 (**LIQ**: TD BANK NA)<br> *(a)* | 3.50% |  | 01/03/23 | &nbsp;&nbsp; 3835000 | &nbsp;&nbsp;&nbsp;&nbsp; 3835000 |
| **Noblesville** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (GreyStone Apts) Series 2006A (**LOC**: BANK OF AMERICA NA)<br> *(a)* | 3.79% |  | 01/06/23 | &nbsp;&nbsp; 9140000 | &nbsp;&nbsp;&nbsp;&nbsp; 9140000 |
|  |  |  |  |  | **159885000** |

---

*See financial notes*

**22**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | &nbsp;&nbsp; EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **IOWA 2.0%** | **IOWA 2.0%** | **IOWA 2.0%** | **IOWA 2.0%** | **IOWA 2.0%** | **IOWA 2.0%** |
| **Iowa Finance Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Facilities RB (UnityPoint Health) Series 2013B2 (**LOC**: TD BANK <br> NA) <br>*(a)* | 3.50% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 935000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 935000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Country Club Village) Series 2006 (**LOC**: FEDERAL <br> HOME LOAN MORTGAGE CORPORATION) <br>*(a)* | 3.76% |  | 01/06/23 | &nbsp;&nbsp; 7875000 | &nbsp;&nbsp;&nbsp;&nbsp; 7875000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midwestern Disaster Area RB (Cargill) Series 2009A <br> *(a)* | 3.50% |  | 01/06/23 | 37000000 | &nbsp;&nbsp; 37000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midwestern Disaster Area RB (Cargill) Series 2009B <br> *(a)* | 3.71% |  | 01/06/23 | 65947000 | &nbsp;&nbsp; 65947000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midwestern Disaster Area RB (Cargill) Series 2012 <br> *(a)* | 3.72% |  | 01/06/23 | 31500000 | &nbsp;&nbsp; 31500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midwestern Disaster Area RB (Cargill) Series 2012A <br> *(a)* | 3.71% |  | 01/06/23 | 73200000 | &nbsp;&nbsp; 73200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midwestern Disaster Area RB (Farmers Cooperative) Series 2010 <br> (**LOC**: COBANK ACB) <br>*(a)* | 3.76% |  | 01/06/23 | &nbsp;&nbsp; 5940000 | &nbsp;&nbsp;&nbsp;&nbsp; 5940000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (UnityPoint Health) Series 2018F (**LOC**: JPMORGAN CHASE BANK <br> NA) <br>*(a)* | 3.25% |  | 01/03/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sewage and Solid Waste Disposal RB (Cargill) Series 2021 <br> *(a)* | 3.73% |  | 01/06/23 | 61000000 | &nbsp;&nbsp; 61000000 |
|  |  |  |  |  | **284397000** |
| **KANSAS 0.2%** | **KANSAS 0.2%** | **KANSAS 0.2%** | **KANSAS 0.2%** | **KANSAS 0.2%** | **KANSAS 0.2%** |
| **Meade Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal RB (High Plains Ponderosa Dairy) Series 2021 <br> (**LOC**: AGRIBANK FCB)<br>*(a)* | 3.76% |  | 01/06/23 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 |
| **Wichita** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial RB (Cargill) Series VII-A 2018<br> *(a)* | 3.73% |  | 01/06/23 | 25800000 | &nbsp;&nbsp; 25800000 |
|  |  |  |  |  | **32800000** |
| **KENTUCKY 0.4%** | **KENTUCKY 0.4%** | **KENTUCKY 0.4%** | **KENTUCKY 0.4%** | **KENTUCKY 0.4%** | **KENTUCKY 0.4%** |
| **Boone Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pollution Control Refunding RB (Duke Energy) Series 2010 <br> (**LOC**: SUMITOMO MITSUI BANKING CORPORATION)<br>*(a)* | 3.75% |  | 01/06/23 | 19680000 | &nbsp;&nbsp; 19680000 |
| **Hancock Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal Facilities RB (NSA Ltd) Series 1998 <br> (**LOC**: WELLS FARGO BANK NA)<br>*(a)* | 3.80% |  | 01/06/23 | &nbsp;&nbsp; 7815000 | &nbsp;&nbsp;&nbsp;&nbsp; 7815000 |
| **Hopkinsville** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IDRB (Riken Elastomers Corp) Series 2007A (**LOC**: MUFG BANK LTD) <br> *(a)* | 3.74% |  | 01/06/23 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp;&nbsp; 5500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDRB (Riken Elastomers Corp) Series 2013A (**LOC**: MUFG BANK LTD) <br> *(a)* | 3.74% |  | 01/06/23 | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4500000 |
| **Kenton Cnty Airport Board** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Facilities RB (FlightSafety) Series 2001A<br> *(a)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 4400000 | &nbsp;&nbsp;&nbsp;&nbsp; 4400000 |
| **Kentucky Housing Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Highlands Court Apts) Series 2007 (**LOC**: PNC BANK <br> NATIONAL ASSOCIATION)<br>*(a)* | 3.85% |  | 01/06/23 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| **Louisville & Jefferson Cnty Metro Sewer District** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Series 2018A1 (**LIQ**: BANK OF AMERICA NA)  | 2.55% |  | 02/16/23 | 10000000 | &nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Series 2018A2 (**LIQ**: JPMORGAN CHASE BANK NA)  | 2.85% |  | 02/02/23 | &nbsp;&nbsp; 8500000 | &nbsp;&nbsp;&nbsp;&nbsp; 8500000 |
|  |  |  |  |  | **63395000** |
| **LOUISIANA 1.1%** | **LOUISIANA 1.1%** | **LOUISIANA 1.1%** | **LOUISIANA 1.1%** | **LOUISIANA 1.1%** | **LOUISIANA 1.1%** |
| **Calcasieu Parish IDB** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Hydroserve Westlake) Series 1999 (**LOC**: JPMORGAN <br> CHASE BANK NA) <br>*(a)* | 3.88% |  | 01/06/23 | &nbsp;&nbsp; 5100000 | &nbsp;&nbsp;&nbsp;&nbsp; 5100000 |

---

*See financial notes*

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**23**

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | &nbsp;&nbsp; EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **East Baton Rouge Parish IDB** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (ExxonMobil) Series 2010A <br> *(a)* | 3.54% |  | 01/03/23 | 56221000 | &nbsp;&nbsp; 56221000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (ExxonMobil) Series 2010B <br> *(a)* | 3.54% |  | 01/03/23 | 21885000 | &nbsp;&nbsp; 21885000 |
| **Louisiana HFA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Jefferson Lakes Apts) Series 2007 (**LOC**: FEDERAL <br> HOME LOAN MORTGAGE CORPORATION) <br>*(a)* | 3.80% |  | 01/06/23 | 11880000 | &nbsp;&nbsp; 11880000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Lapalco Court Apts) Series 2007 (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.80% |  | 01/06/23 | &nbsp;&nbsp; 6400000 | &nbsp;&nbsp;&nbsp;&nbsp; 6400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Palmetto Apts) Series 2004 (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2340000 | &nbsp;&nbsp;&nbsp;&nbsp; 2340000 |
| **Louisiana Local Government Environmental Facilities & Community** <br> **Development Auth**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (American Biocarbon) Series 2021 (**ESCROW**)  | 3.85% |  | 08/01/23 | 23500000 | &nbsp;&nbsp; 23501055 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Louise S. McGehee School) Series 2010 (**LOC**: FEDERAL HOME <br> LOAN BANKS) <br>*(a)* | 3.75% |  | 01/06/23 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 |
| **Plaquemines Port, Harbor & Terminal District** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Facilities Refunding RB Series 1984A (**LOC**: WELLS FARGO BANK <br> NA) <br>| 1.45% |  | 03/15/23 | 12500000 | &nbsp;&nbsp; 12500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Facilities Refunding RB Series 1984B (**LOC**: WELLS FARGO BANK <br> NA) <br>| 1.45% |  | 03/15/23 | 20000000 | &nbsp;&nbsp; 20000000 |
| **St. Tammany Parish Development District** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (BCS Development) Series 2008 (**LOC**: FEDERAL HOME LOAN <br> BANKS)<br>*(a)* | 3.75% |  | 01/06/23 | &nbsp;&nbsp; 2640000 | &nbsp;&nbsp;&nbsp;&nbsp; 2640000 |
|  |  |  |  |  | **165967055** |
| **MAINE 0.2%** | **MAINE 0.2%** | **MAINE 0.2%** | **MAINE 0.2%** | **MAINE 0.2%** | **MAINE 0.2%** |
| **Maine State Housing Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage Purchase Bonds Series 2015E3 (**LIQ**: BANK OF AMERICA <br> NA)<br>*(a)* | 3.73% |  | 01/06/23 | 29000000 | **29000000** |
| **MARYLAND 1.2%** | **MARYLAND 1.2%** | **MARYLAND 1.2%** | **MARYLAND 1.2%** | **MARYLAND 1.2%** | **MARYLAND 1.2%** |
| **Baltimore Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017 (**LIQ**: US BANK NATIONAL ASSOCIATION) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 9915000 | &nbsp;&nbsp;&nbsp;&nbsp; 9915000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018 (**LIQ**: TORONTO-DOMINION BANK/THE) <br> *(b)(c)(d)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 2570000 | &nbsp;&nbsp;&nbsp;&nbsp; 2570000 |
| **Maryland Community Development Administration** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing Development RB (Ft. Washington Manor Sr Housing) <br> Series 2005A (**LOC**: CITIBANK NA)<br>*(a)* | 3.63% |  | 01/06/23 | &nbsp;&nbsp; 3065000 | &nbsp;&nbsp;&nbsp;&nbsp; 3065000 |
| **Maryland Health & Higher Educational Facilities Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Univ of Maryland Medical System) Series 2017D (**LOC**: ROYAL <br> BANK OF CANADA)<br>*(b)(c)(d)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 7390000 | &nbsp;&nbsp;&nbsp;&nbsp; 7390000 |
| **Maryland IDA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Economic Development RB (Paul Reed Smith Guitars) Series 2008 <br> (**LOC**: PNC BANK NATIONAL ASSOCIATION) <br>*(a)* | 3.74% |  | 01/06/23 | &nbsp;&nbsp; 5960000 | &nbsp;&nbsp;&nbsp;&nbsp; 5960000 |
| **Montgomery Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Trinity Health) Series 2013MD | 2.58% |  | 03/01/23 | 30000000 | &nbsp;&nbsp; 30000000 |
| **Univ System of Maryland** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Auxiliary Facility & Tuition RB Series 2017A (**LIQ**: US BANK NATIONAL <br> ASSOCIATION) <br>*(b)(c)(d)* | 3.69% |  | 01/03/23 | &nbsp;&nbsp; 6565000 | &nbsp;&nbsp;&nbsp;&nbsp; 6565000 |
| **Western Asset Intermediate Municipal Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Demand Preferred Shares Series 1 <br> (**LOC**: TORONTO-DOMINION BANK/THE) <br>*(a)(b)* | 3.76% |  | 01/06/23 | 29200000 | &nbsp;&nbsp; 29200000 |

---

*See financial notes*

**24**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Western Asset Managed Municipals Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Demand Preferred Shares Series 1 <br> (**LOC**: TORONTO-DOMINION BANK/THE) <br>*(a)(b)* | 3.76% |  | 01/06/23 | 71000000 | &nbsp;&nbsp; 71000000 |
| **Western Asset Municipal Partners Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Demand Preferred Shares Series 1 <br> (**LOC**: TORONTO-DOMINION BANK/THE)<br>*(a)(b)* | 3.76% |  | 01/06/23 | 12600000 | &nbsp;&nbsp; 12600000 |
|  |  |  |  |  | **178265000** |
| **MASSACHUSETTS 2.1%** | **MASSACHUSETTS 2.1%** | **MASSACHUSETTS 2.1%** | **MASSACHUSETTS 2.1%** | **MASSACHUSETTS 2.1%** | **MASSACHUSETTS 2.1%** |
| **Billerica** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Series 70B (**LIQ**: US BANK NATIONAL ASSOCIATION) <br> *(b)(c)(d)* | 3.69% |  | 01/03/23 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 |
| **Boston Water & Sewer Commission** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CP BAN Series A (**LOC**: TD BANK NA) | 2.70% |  | 03/06/23 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 |
| **Massachusetts** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO BAN Series A (**LIQ**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | 55000000 | &nbsp;&nbsp; 55000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2016B (**LIQ**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | 22540000 | &nbsp;&nbsp; 22540000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017A (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | 10000000 | &nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2022C (**LIQ**: MORGAN STANLEY BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2020D (**LIQ**: JPMORGAN CHASE BANK <br> NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp;&nbsp; 1125000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Rail Enhancement) Series 2022A&B (**LIQ**: MORGAN STANLEY <br> BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 5625000 | &nbsp;&nbsp;&nbsp;&nbsp; 5625000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Obligation Dedicated Tax Refunding RBs Series 2005 <br> (**GTY**: BERKSHIRE HATHAWAY ASSURANCE CORP) (**LOC**: ROYAL BANK <br> OF CANADA) (SIFMA Municipal Swap Index + 0.18%)<br>*(b)(c)(d)* | 3.84% |  | 01/03/23 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 |
| **Massachusetts Dept of Transportation** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Highway System Sub Refunding RB Series 2022A1 (**LIQ**: TD BANK NA) <br> *(a)* | 3.60% |  | 01/06/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Highway System Sub Refunding RB Series 2022A2 (**LIQ**: US BANK <br> NATIONAL ASSOCIATION) <br>*(a)* | 3.71% |  | 01/06/23 | 10505000 | &nbsp;&nbsp; 10505000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Highway System Sub Refunding RB Series 2022A3 (**LIQ**: US BANK <br> NATIONAL ASSOCIATION) <br>*(a)* | 3.35% |  | 01/06/23 | 17000000 | &nbsp;&nbsp; 17000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Highway System Sr RB Series 2010A2 (**LOC**: TD BANK <br> NA) <br>*(a)* | 3.62% |  | 01/06/23 | 10000000 | &nbsp;&nbsp; 10000000 |
| **Massachusetts Development Finance Agency** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Chelsea Jewish Lifecare) Series 2019 (**LOC**: MANUFACTURERS <br> AND TRADERS TRUST CO) <br>*(a)(b)* | 3.73% |  | 01/06/23 | 26555000 | &nbsp;&nbsp; 26555000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (CIL Realty) Series 2011 (**LOC**: MANUFACTURERS AND TRADERS <br> TRUST CO) <br>*(a)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 2645000 | &nbsp;&nbsp;&nbsp;&nbsp; 2645000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (CIL Realty) Series 2016 (**LOC**: MANUFACTURERS AND TRADERS <br> TRUST CO) <br>*(a)* | 3.73% |  | 01/06/23 | 12890000 | &nbsp;&nbsp; 12890000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (College of the Holy Cross) Series 2002 <br> (**LIQ**: TORONTO-DOMINION BANK/THE) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 5050000 | &nbsp;&nbsp;&nbsp;&nbsp; 5050000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Partners HealthCare) Series T2 (**LIQ**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | &nbsp;&nbsp; 7400000 | &nbsp;&nbsp;&nbsp;&nbsp; 7400000 |
| **Massachusetts Health & Educational Facilities Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Harvard Univ) Series R <br> *(a)* | 2.95% |  | 01/03/23 | &nbsp;&nbsp; 1685000 | &nbsp;&nbsp;&nbsp;&nbsp; 1685000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Partners HealthCare) Series P2 (**LIQ**: JPMORGAN CHASE BANK <br> NA) <br>*(a)* | 3.70% |  | 01/06/23 | 31200000 | &nbsp;&nbsp; 31200000 |
| **Massachusetts HFA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB Series 2016I (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.41% |  | 01/03/23 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB Series 2018B (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.41% |  | 01/03/23 | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 7500000 |

---

*See financial notes*

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**25**

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Massachusetts Port Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2016B (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.43% |  | 01/03/23 | &nbsp;&nbsp; 1235000 | &nbsp;&nbsp;&nbsp;&nbsp; 1235000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2016B (**LIQ**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.72% |  | 01/06/23 | &nbsp;&nbsp; 4800000 | &nbsp;&nbsp;&nbsp;&nbsp; 4800000 |
| **Massachusetts School Building Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Sales Tax Bonds Series 2018A (**LIQ**: JPMORGAN CHASE BANK <br> NA) <br>*(b)(c)(d)* | 3.70% |  | 01/03/23 | &nbsp;&nbsp; 2535000 | &nbsp;&nbsp;&nbsp;&nbsp; 2535000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Sales Tax RB Series 2018B (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.70% |  | 01/03/23 | &nbsp;&nbsp; 5335000 | &nbsp;&nbsp;&nbsp;&nbsp; 5335000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Sales Tax RB Series 2018B (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | 11750000 | &nbsp;&nbsp; 11750000 |
| **Univ of Massachusetts Building Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Notes Series 2013A1 (**LIQ**: TD BANK NA)  | 3.08% |  | 01/26/23 | 15000000 | &nbsp;&nbsp; 15000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Sr Series 2013-3 (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | &nbsp;&nbsp; 8325000 | &nbsp;&nbsp;&nbsp;&nbsp; 8325000 |
|  |  |  |  |  | **299700000** |
| **MICHIGAN 3.0%** | **MICHIGAN 3.0%** | **MICHIGAN 3.0%** | **MICHIGAN 3.0%** | **MICHIGAN 3.0%** | **MICHIGAN 3.0%** |
| **Grand Traverse Hospital Finance Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Munson Healthcare) Series 2019C (**LOC**: PNC BANK <br> NATIONAL ASSOCIATION)<br>*(a)* | 3.40% |  | 01/03/23 | &nbsp;&nbsp; 9590000 | &nbsp;&nbsp;&nbsp;&nbsp; 9590000 |
| **Michigan Finance Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (CHE Trinity Health) Series 2013MI1  | 2.58% |  | 03/01/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (CHE Trinity Health) Series 2013MI3 (**LOC**: ROYAL BANK <br> OF CANADA) <br>*(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | 28700000 | &nbsp;&nbsp; 28700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (Trinity Health) Series 2013MI2 (**LIQ**: BARCLAYS BANK <br> PLC) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 7775000 | &nbsp;&nbsp;&nbsp;&nbsp; 7775000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding RB (Trinity Health) Series 2016MI (**LIQ**: UBS AG) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp;&nbsp; 2600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding RB (Trinity Health) Series 2017MI (**LIQ**: BARCLAYS <br> BANK PLC) <br>*(b)(c)(d)* | 3.42% |  | 01/03/23 | &nbsp;&nbsp; 1045000 | &nbsp;&nbsp;&nbsp;&nbsp; 1045000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding RB (Trinity Health) Series 2017MI (**LIQ**: BARCLAYS <br> BANK PLC) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | 15330000 | &nbsp;&nbsp; 15330000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding RB (Trinity Health) Series 2017MIA & MI2022A <br> (**LIQ**: JPMORGAN CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 7645000 | &nbsp;&nbsp;&nbsp;&nbsp; 7645000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding RB (Trinity Health) Series 2019A (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2710000 | &nbsp;&nbsp;&nbsp;&nbsp; 2710000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding RB (Trinity Health) Series A 2019MI <br> (**LIQ**: JPMORGAN CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 4285000 | &nbsp;&nbsp;&nbsp;&nbsp; 4285000 |
| **Michigan Hospital Finance Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Ascension Health) Series 2010F5 | 2.40% |  | 03/15/23 | &nbsp;&nbsp; 4350000 | &nbsp;&nbsp;&nbsp;&nbsp; 4335653 |
| **Michigan Housing Development Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rental Housing RB Series 2000A (**LOC**: BARCLAYS BANK PLC) <br> *(a)* | 3.68% |  | 01/06/23 | 13710000 | &nbsp;&nbsp; 13710000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rental Housing RB Series 2008A (**LOC**: BARCLAYS BANK PLC) <br> *(a)* | 3.68% |  | 01/06/23 | &nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp;&nbsp; 9000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rental Housing RB Series 2016E (**LIQ**: UBS AG) <br> *(a)* | 3.69% |  | 01/06/23 | 11460000 | &nbsp;&nbsp; 11460000 |
| &nbsp;&nbsp;&nbsp;&nbsp; S/F Mortgage RB Series 2006C (**LIQ**: US BANK NATIONAL <br> ASSOCIATION) <br>*(a)* | 3.35% |  | 01/06/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; S/F Mortgage RB Series 2007B (**LIQ**: TD BANK NA) <br> *(a)* | 3.70% |  | 01/06/23 | 27085000 | &nbsp;&nbsp; 27085000 |
| &nbsp;&nbsp;&nbsp;&nbsp; S/F Mortgage RB Series 2007F (**LIQ**: TD BANK NA) <br> *(a)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp;&nbsp; 5500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; S/F Mortgage RB Series 2018D (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | 47495000 | &nbsp;&nbsp; 47495000 |
| &nbsp;&nbsp;&nbsp;&nbsp; S/F Mortgage RB Series 2021A (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; S/F Mortgage RB Series 2022D (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 4440000 | &nbsp;&nbsp;&nbsp;&nbsp; 4440000 |
| &nbsp;&nbsp;&nbsp;&nbsp; S/F Mortgage RB Series D (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 7215000 | &nbsp;&nbsp;&nbsp;&nbsp; 7215000 |

---

*See financial notes*

**26**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Michigan State Univ** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; General RB Series 2000A1 (**LIQ**: PNC BANK NATIONAL ASSOCIATION) <br> *(a)* | 3.68% |  | 01/06/23 | 15800000 | &nbsp;&nbsp; 15800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; General RB Series 2003A (**LIQ**: NORTHERN TRUST COMPANY (THE)) <br> *(a)* | 3.68% |  | 01/06/23 | 22020000 | &nbsp;&nbsp; 22020000 |
| **Michigan Strategic Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Limited Obligation RB (Kroger) Series 2010 (**LOC**: BANK OF NOVA <br> SCOTIA) <br>*(a)* | 3.70% |  | 01/06/23 | 36335000 | &nbsp;&nbsp; 36335000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Limited Obligation RB (Tubelite) Series 2012 (**LOC**: WELLS FARGO <br> BANK NA) <br>*(a)* | 3.73% |  | 01/06/23 | 10000000 | &nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; LT GO Bonds (Greenville Venture Partners) Series 2018 (**LOC**: COBANK <br> ACB) <br>*(a)* | 3.76% |  | 01/06/23 | &nbsp;&nbsp; 5250000 | &nbsp;&nbsp;&nbsp;&nbsp; 5250000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recovery Zone Facility RB (CS Facilities) Series 2010 (**LOC**: BMO <br> HARRIS BANK NA) <br>*(a)* | 3.73% |  | 01/06/23 | 31045000 | &nbsp;&nbsp; 31045000 |
| **Univ of Michigan** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Notes Series L1  | 2.22% |  | 01/04/23 | 21815000 | &nbsp;&nbsp; 21815000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Notes Series L1  | 2.40% |  | 03/02/23 | 17500000 | &nbsp;&nbsp; 17500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Extendible CP Notes Series L2  | 2.27% |  | 04/01/23 | 27205000 | &nbsp;&nbsp; 27205000 |
| &nbsp;&nbsp;&nbsp;&nbsp; General RB Series 2009B  | 2.06% |  | 01/05/23 | 12700000 | &nbsp;&nbsp; 12700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; General RB Series 2012A <br> *(a)* | 3.55% |  | 01/06/23 | 12565000 | &nbsp;&nbsp; 12565000 |
| &nbsp;&nbsp;&nbsp;&nbsp; General RB Series 2015 (**LIQ**: MORGAN STANLEY BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 359000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359000 |
| &nbsp;&nbsp;&nbsp;&nbsp; General RB Series 2015 (**LIQ**: TORONTO-DOMINION BANK/THE) <br> *(b)(c)(d)* | 3.32% | 01/05/23 | 01/06/23 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 |
|  |  |  |  |  | **435914653** |
| **MINNESOTA 1.5%** | **MINNESOTA 1.5%** | **MINNESOTA 1.5%** | **MINNESOTA 1.5%** | **MINNESOTA 1.5%** | **MINNESOTA 1.5%** |
| **East Grand Forks** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal RB (American Crystal Sugar) Series 2019 <br> (**LOC**: COBANK ACB)<br>*(a)* | 3.76% |  | 01/06/23 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp; 8000000 |
| **Edina** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing Refunding RB (Vernon Terrace Apts) Series 2004 <br> (**LOC**: FEDERAL HOME LOAN MORTGAGE CORPORATION)<br>*(a)* | 3.74% |  | 01/06/23 | &nbsp;&nbsp; 5705000 | &nbsp;&nbsp;&nbsp;&nbsp; 5705000 |
| **Grant Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IDRB (Riverview) Series 2020 (**LOC**: AGRIBANK FCB)<br> *(a)* | 3.76% |  | 01/06/23 | 20000000 | &nbsp;&nbsp; 20000000 |
| **Moorehead** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RBs (American Crystal Sugar Comp) Series 2020 <br> (**LOC**: COBANK ACB)<br>*(a)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 7500000 |
| **Norman Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal RB (Riverview) Series 2022 (**LOC**: AGRIBANK <br> FCB)<br>*(a)* | 3.75% |  | 01/06/23 | 20000000 | &nbsp;&nbsp; 20000000 |
| **Rochester** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Facilities RB (Mayo Clinic) Series 2008A <br> *(a)* | 3.60% |  | 01/06/23 | 11000000 | &nbsp;&nbsp; 11000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Facilities RB (Mayo Clinic) Series 2014  | 2.58% |  | 02/08/23 | 57000000 | &nbsp;&nbsp; 57000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Facilities RB (Mayo Clinic) Series 2016 <br> *(a)* | 3.69% |  | 01/06/23 | 57775000 | &nbsp;&nbsp; 57775000 |
| **St. Louis Park** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing Refunding RB (Knollwood Place Apts) Series 2005 <br> (**LOC**: FEDERAL HOME LOAN MORTGAGE CORPORATION) <br>*(a)* | 3.74% |  | 01/06/23 | 12300000 | &nbsp;&nbsp; 12300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing Refunding RB (Westwind Apts) Series 2003 <br> (**LOC**: FEDERAL NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.74% |  | 01/06/23 | &nbsp;&nbsp; 5565000 | &nbsp;&nbsp;&nbsp;&nbsp; 5565000 |
| **Swift Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IDRB (Riverview LLP) Series 2018 (**LOC**: AGRIBANK FCB)<br> *(a)* | 3.76% |  | 01/06/23 | 10000000 | &nbsp;&nbsp; 10000000 |
|  |  |  |  |  | **214845000** |

---

*See financial notes*

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**27**

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | &nbsp;&nbsp; EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **MISSISSIPPI 0.5%** | **MISSISSIPPI 0.5%** | **MISSISSIPPI 0.5%** | **MISSISSIPPI 0.5%** | **MISSISSIPPI 0.5%** | **MISSISSIPPI 0.5%** |
| **Jackson Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Facility Refunding RB (Chevron) Series 1993 <br> *(a)* | 3.55% |  | 01/03/23 | &nbsp;&nbsp; 7150000 | &nbsp;&nbsp;&nbsp;&nbsp; 7150000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water System GO Refunding Bonds Series 1994  | 2.00% |  | 02/01/23 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 |
| **Mississippi Business Finance Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gulf Opportunity Zone IDRB (Chevron) Series 2011D <br> *(a)* | 3.55% |  | 01/03/23 | &nbsp;&nbsp; 4700000 | &nbsp;&nbsp;&nbsp;&nbsp; 4700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gulf Opportunity Zone IDRB (Chevron) Series 2011E <br> *(a)* | 3.54% |  | 01/03/23 | 13800000 | &nbsp;&nbsp; 13800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDRB (Chevron) Series 2007A <br> *(a)* | 3.54% |  | 01/03/23 | 19000000 | &nbsp;&nbsp; 19000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDRB (Chevron) Series 2011A <br> *(a)* | 3.55% |  | 01/03/23 | &nbsp;&nbsp; 6970000 | &nbsp;&nbsp;&nbsp;&nbsp; 6970000 |
| **Mississippi Home Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Edgewood Manor Apts) Series 20082 <br> (**LOC**: FEDERAL HOME LOAN MORTGAGE CORPORATION) <br>*(a)* | 3.80% |  | 01/06/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (William Bell Apts) Series 20081 (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.80% |  | 01/06/23 | &nbsp;&nbsp; 5360000 | &nbsp;&nbsp;&nbsp;&nbsp; 5360000 |
| **Mississippi State Univ Educational Building Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Mississippi State Univ) Series 2017A (**LIQ**: MORGAN <br> STANLEY BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 9760000 | &nbsp;&nbsp;&nbsp;&nbsp; 9760000 |
|  |  |  |  |  | **77740000** |
| **MISSOURI 0.7%** | **MISSOURI 0.7%** | **MISSOURI 0.7%** | **MISSOURI 0.7%** | **MISSOURI 0.7%** | **MISSOURI 0.7%** |
| **Kansas City IDA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Clay Terrace Apts) Series 2006 (**LOC**: BANK OF <br> AMERICA NA)<br>*(a)* | 3.77% |  | 01/06/23 | &nbsp;&nbsp; 8685000 | &nbsp;&nbsp;&nbsp;&nbsp; 8685000 |
| **Metropolitan St Louis Sewer District** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wastewater System RB Series 2016C (**LIQ**: US BANK NATIONAL <br> ASSOCIATION)<br>*(b)(c)(d)* | 3.69% |  | 01/03/23 | 10565000 | &nbsp;&nbsp; 10565000 |
| **Missouri Health & Educational Facilities Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Facilities RB (BJC Health) Series 2008D <br> *(a)* | 3.15% |  | 01/06/23 | 38675000 | &nbsp;&nbsp; 38675000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Facilities RB (SSM Health) Series 2019A (**LOC**: ROYAL BANK <br> OF CANADA) <br>*(b)(c)(d)* | 3.70% |  | 01/06/23 | 17500000 | &nbsp;&nbsp; 17500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Facilities Refunding RB (BJC Health) Series 2008A <br> *(a)* | 3.58% |  | 01/06/23 | 10550000 | &nbsp;&nbsp; 10550000 |
| **St Louis County** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Obligation RB (Convention Center) Series 2022A (**LIQ**: WELLS <br> FARGO BANK NA)<br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 9105000 | &nbsp;&nbsp;&nbsp;&nbsp; 9105000 |
| **St. Louis Cnty IDA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Whispering Lakes Apts) Series 1995 (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION)<br>*(a)* | 3.75% |  | 01/06/23 | &nbsp;&nbsp; 5735000 | &nbsp;&nbsp;&nbsp;&nbsp; 5735000 |
| **Taney Cnty IDA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Keeter Heights) Series 2006 (**LOC**: US BANK NATIONAL <br> ASSOCIATION)<br>*(a)* | 4.00% |  | 01/06/23 | &nbsp;&nbsp; 1495000 | &nbsp;&nbsp;&nbsp;&nbsp; 1495000 |
| **Washington IDA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IDRB (Missourian Publishing) Series 2006A (**LOC**: US BANK NATIONAL <br> ASSOCIATION)<br>*(a)* | 3.76% |  | 01/06/23 | &nbsp;&nbsp; 3315000 | &nbsp;&nbsp;&nbsp;&nbsp; 3315000 |
|  |  |  |  |  | **105625000** |
| **NEBRASKA 0.4%** | **NEBRASKA 0.4%** | **NEBRASKA 0.4%** | **NEBRASKA 0.4%** | **NEBRASKA 0.4%** | **NEBRASKA 0.4%** |
| **Central Plains Energy** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas RB Series 2022-1 (**LOC**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 6745000 | &nbsp;&nbsp;&nbsp;&nbsp; 6745000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas RB Series 2022-2 (**LOC**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 3155000 | &nbsp;&nbsp;&nbsp;&nbsp; 3155000 |

---

*See financial notes*

**28**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Nebraska Investment Finance Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Irvington Heights Apts) Series 2007A <br> (**LOC**: CITIBANK NA) <br>*(a)* | 3.67% |  | 01/06/23 | &nbsp;&nbsp; 9680000 | &nbsp;&nbsp;&nbsp;&nbsp; 9680000 |
| **Washington Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IDRB (Cargill) Series 2010 <br> *(a)* | 3.72% |  | 01/06/23 | &nbsp;&nbsp; 3880000 | &nbsp;&nbsp;&nbsp;&nbsp; 3880000 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDRB (Cargill) Series 2010B <br> *(a)* | 3.50% |  | 01/06/23 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Cargill) Series 2019 <br> *(a)* | 3.73% |  | 01/06/23 | 32000000 | &nbsp;&nbsp; 32000000 |
|  |  |  |  |  | **58460000** |
| **NEVADA 1.4%** | **NEVADA 1.4%** | **NEVADA 1.4%** | **NEVADA 1.4%** | **NEVADA 1.4%** | **NEVADA 1.4%** |
| **Clark Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport System Sub Lien RB Series 2008C1 (**LOC**: BANK OF AMERICA <br> NA) <br>*(a)* | 3.84% |  | 01/06/23 | 32550000 | &nbsp;&nbsp; 32550000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport System Sub Lien RB Series 2008C2 (**LOC**: STATE STREET <br> BANK AND TRUST COMPANY) <br>*(a)* | 3.78% |  | 01/06/23 | 43200000 | &nbsp;&nbsp; 43199952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport System Sub Lien RB Series 2008C3 (**LOC**: SUMITOMO MITSUI <br> BANKING CORPORATION) <br>*(a)* | 3.64% |  | 01/06/23 | 20470000 | &nbsp;&nbsp; 20470000 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDRB (Southwest Gas Corp) Series 2008A (**LOC**: MUFG BANK LTD) <br> *(a)* | 3.70% |  | 01/06/23 | 30000000 | &nbsp;&nbsp; 30000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; LT GO Refunding Bonds Series 2017 (**LIQ**: US BANK NATIONAL <br> ASSOCIATION) <br>*(b)(c)(d)* | 3.69% |  | 01/03/23 | &nbsp;&nbsp; 8605000 | &nbsp;&nbsp;&nbsp;&nbsp; 8605000 |
| **Las Vegas Valley Water District** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LT GO Water Refunding Bonds Series 2015 (**LIQ**: ROYAL BANK OF <br> CANADA) <br>*(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | &nbsp;&nbsp; 7300000 | &nbsp;&nbsp;&nbsp;&nbsp; 7300000 |
| **Nevada Dept of Business & Industry** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Brightline West Passenger Rail) Series 2020A (**ESCROW**) | 0.85% |  | 01/26/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| **Nevada Housing Division** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (Vintage at Laughlin Apts) Series 2007 (**LOC**: FEDERAL <br> HOME LOAN BANKS) <br>*(a)* | 3.75% |  | 01/06/23 | &nbsp;&nbsp; 5510000 | &nbsp;&nbsp;&nbsp;&nbsp; 5510000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (Vista Creek Apts) Series 2007 (**LOC**: FEDERAL HOME <br> LOAN BANKS) <br>*(a)* | 3.75% |  | 01/06/23 | 18515000 | &nbsp;&nbsp; 18515000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Apache Pines Apts) Series 1999A (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.70% |  | 01/06/23 | 10200000 | &nbsp;&nbsp; 10200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Sierra Pointe Apts) Series 2005 (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 8865000 | &nbsp;&nbsp;&nbsp;&nbsp; 8865000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Sonoma Palms Apts) Series 2005 (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.70% |  | 01/06/23 | 16300000 | &nbsp;&nbsp; 16300000 |
|  |  |  |  |  | **203514952** |
| **NEW HAMPSHIRE 0.7%** | **NEW HAMPSHIRE 0.7%** | **NEW HAMPSHIRE 0.7%** | **NEW HAMPSHIRE 0.7%** | **NEW HAMPSHIRE 0.7%** | **NEW HAMPSHIRE 0.7%** |
| **New Hampshire Business Finance Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Lonza Biologies) Series 2010 (**LOC**: LANDESBANK HESSEN <br> THUERINGEN GIROZENTRALE) <br>*(a)* | 3.72% |  | 01/06/23 | 10000000 | &nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal RB (Lonza Biologics) Series 2003 <br> (**LOC**: LANDESBANK HESSEN THUERINGEN GIROZENTRALE) <br>*(a)* | 3.73% |  | 01/06/23 | 30000000 | &nbsp;&nbsp; 30000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal RB (Lonza Biologics) Series 2005 <br> (**LOC**: LANDESBANK HESSEN THUERINGEN GIROZENTRALE) <br>*(a)* | 3.73% |  | 01/06/23 | 19500000 | &nbsp;&nbsp; 19500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal RB (Lonza Biologics) Series 2017 <br> (**LOC**: LANDESBANK HESSEN THUERINGEN GIROZENTRALE) <br>*(a)(b)* | 3.73% |  | 01/06/23 | 45000000 | &nbsp;&nbsp; 45000000 |
|  |  |  |  |  | **104500000** |

---

*See financial notes*

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**29**

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **NEW JERSEY 0.6%** | **NEW JERSEY 0.6%** | **NEW JERSEY 0.6%** | **NEW JERSEY 0.6%** | **NEW JERSEY 0.6%** | **NEW JERSEY 0.6%** |
| **New Jersey Health Care Facilities Financing Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Capital Asset RB Series 1985A (**LOC**: TD BANK NA) <br> *(a)* | 3.66% |  | 01/06/23 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Atlantic Health) Series 2008B (**LOC**: BANK OF AMERICA NA) <br> *(a)* | 3.64% |  | 01/06/23 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Atlantic Health) Series 2008C (**LOC**: JPMORGAN CHASE BANK <br> NA) <br>*(a)* | 3.64% |  | 01/06/23 | &nbsp;&nbsp; 2790000 | &nbsp;&nbsp; 2790000 |
| **New Jersey Housing & Mortgage Finance Agency** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Meadow Brook Apt) Series 2006A (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.50% |  | 01/06/23 | &nbsp;&nbsp; 6005000 | &nbsp;&nbsp; 6005000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB Series 20135 (**LOC**: CITIBANK NA) <br> *(a)* | 3.59% |  | 01/06/23 | 66500000 | 66500000 |
| **New Jersey Transportation Trust Fund Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation System Bonds Series 2009A <br> (**LOC**: TORONTO-DOMINION BANK/THE)<br>*(b)(c)(d)* | 3.37% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 804000 | &nbsp;&nbsp;&nbsp;&nbsp; 804000 |
|  |  |  |  |  | **81099000** |
| **NEW YORK 19.7%** | **NEW YORK 19.7%** | **NEW YORK 19.7%** | **NEW YORK 19.7%** | **NEW YORK 19.7%** | **NEW YORK 19.7%** |
| **Battery Park City Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr RB Series 2019E (**LIQ**: ROYAL BANK OF CANADA)<br> *(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | &nbsp;&nbsp; 7060000 | &nbsp;&nbsp; 7060000 |
| **Bay Shore UFSD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TAN 2022-2023 | 3.75% |  | 06/23/23 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp; 7032180 |
| **Canandaigua SD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BAN 2022 | 3.25% |  | 06/23/23 | 11740000 | 11813922 |
| **Clarence CSD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BAN 2022B | 4.00% |  | 06/22/23 | 12146679 | 12238475 |
| **Connetquot CSD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TAN 2022-2023 | 4.00% |  | 06/28/23 | 10000000 | 10047235 |
| **East Rochester Hsg Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (Park Ridge Nursing Home) Series 2008 <br> (**LOC**: MANUFACTURERS AND TRADERS TRUST CO)<br>*(a)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 3345000 | &nbsp;&nbsp; 3345000 |
| **Lindenhurst Union Free SD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TAN 2022-2023 | 4.00% |  | 06/28/23 | &nbsp;&nbsp; 8700000 | &nbsp;&nbsp; 8739981 |
| **Metropolitan Transportation Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dedicated Tax Fund Bonds Series 2016B1 (**LIQ**: WELLS FARGO BANK <br> NA) <br>*(b)(c)(d)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dedicated Tax Fund Refunding Bonds Series 2008A-1 (**LOC**: TD BANK <br> NA) <br>*(a)* | 3.49% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 765000 | &nbsp;&nbsp;&nbsp;&nbsp; 765000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dedicated Tax Fund Refunding Bonds Series 2008A-2A (**LOC**: TD <br> BANK NA) <br>*(a)* | 3.49% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 965000 | &nbsp;&nbsp;&nbsp;&nbsp; 965000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dedicated Tax Fund Refunding Bonds Series 2012A (**LIQ**: MORGAN <br> STANLEY BANK NA) <br>*(b)(c)(d)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp; 7500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation RB Series 2005D2 (**LOC**: BANK OF MONTREAL) <br> *(a)* | 3.28% |  | 01/03/23 | &nbsp;&nbsp; 8300000 | &nbsp;&nbsp; 8300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation RB Series 2015E3 (**LOC**: BANK OF AMERICA NA) <br> *(a)* | 3.56% |  | 01/03/23 | 56280000 | 56280000 |
| **Monroe Cnty IDA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Civic Facility RB (Margaret Woodbury Strong Museum) Series 2005 <br> (**LOC**: MANUFACTURERS AND TRADERS TRUST CO) <br>*(a)* | 3.73% |  | 01/06/23 | 13650000 | 13650000 |
| **New Rochelle IDA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IDRB (West End Phase I) Series 2006 (**LOC**: CITIBANK NA)<br> *(a)* | 3.79% |  | 01/06/23 | &nbsp;&nbsp; 3305000 | &nbsp;&nbsp; 3305000 |

---

*See financial notes*

**30**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **New York City** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2006 Series I5 (**LIQ**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | 22500000 | 22500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2006 Series I-8 (**LIQ**: STATE STREET BANK AND <br> TRUST COMPANY) <br>*(a)* | 3.60% |  | 01/03/23 | 14285000 | 14285000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2012 Series A5 (**LIQ**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | 14165000 | 14165000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2012 Series D-3A (**LIQ**: BANK OF NEW YORK <br> MELLON/THE) <br>*(a)* | 3.54% |  | 01/03/23 | &nbsp;&nbsp; 3040000 | &nbsp;&nbsp; 3040000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2012 Series D3B (**LIQ**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 5950000 | &nbsp;&nbsp; 5950000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2013 Series A3 (**LOC**: MIZUHO BANK LTD) <br> *(a)* | 3.60% |  | 01/03/23 | 32320000 | 32320000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2013 Series A-5 (**LOC**: SUMITOMO MITSUI BANKING <br> CORPORATION) <br>*(a)* | 3.67% |  | 01/06/23 | 27000000 | 27000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2013 Series F3 (**LIQ**: BANK OF AMERICA NA) <br> *(a)* | 3.56% |  | 01/03/23 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2014 Series I1 (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | &nbsp;&nbsp; 5135000 | &nbsp;&nbsp; 5135000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2015 Series F1 (**LIQ**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | &nbsp;&nbsp; 2600000 | &nbsp;&nbsp; 2600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2015 Series F5 (**LIQ**: BARCLAYS BANK PLC) <br> *(a)* | 3.40% |  | 01/03/23 | 10690000 | 10690000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2015 Series F7 (**LIQ**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2016 Series A (**LIQ**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2600000 | &nbsp;&nbsp; 2600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2017 Series A5 (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(a)* | 3.65% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2017 Series A6 (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(a)* | 3.60% |  | 01/03/23 | 43810000 | 43810000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2018 Series B4 (**LIQ**: BARCLAYS BANK PLC) <br> *(a)* | 3.40% |  | 01/03/23 | &nbsp;&nbsp; 8625000 | &nbsp;&nbsp; 8625000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2018 Series E-5 (**LOC**: TD BANK NA) <br> *(a)* | 3.49% |  | 01/03/23 | 10895000 | 10895000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2018 Series F1 (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 6490000 | &nbsp;&nbsp; 6490000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2018 Series F1 (**LIQ**: MORGAN STANLEY BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 6665000 | &nbsp;&nbsp; 6665000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2020 Series D (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2150000 | &nbsp;&nbsp; 2150000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2021 Series F1 (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp; 1350000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2022 Series A1 (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2022 Series D1 (**LIQ**: BANK OF AMERICA NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp; 2400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2022 Series D3 (**LIQ**: STATE STREET BANK AND <br> TRUST COMPANY) <br>*(a)* | 3.60% |  | 01/03/23 | 55615000 | 55615000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2022 Series D4 (**LIQ**: STATE STREET BANK AND <br> TRUST COMPANY) <br>*(a)* | 3.60% |  | 01/03/23 | 19965000 | 19965000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2023 Series A4 (**LIQ**: TD BANK NA) <br> *(a)* | 3.49% |  | 01/03/23 | &nbsp;&nbsp; 4265000 | &nbsp;&nbsp; 4265000 |
| **New York City Housing Development Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Atlantic Court Apts) Series 2005A (**LOC**: FEDERAL <br> HOME LOAN MORTGAGE CORPORATION) <br>*(a)* | 3.67% |  | 01/06/23 | 15000000 | 15000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Linden Plaza) Series 2008A (**LOC**: FEDERAL HOME <br> LOAN MORTGAGE CORPORATION) <br>*(a)* | 3.83% |  | 01/06/23 | 19995000 | 19995000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB Series 2018K (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3160000 | &nbsp;&nbsp; 3160000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB Series 2019A1 (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 8160000 | &nbsp;&nbsp; 8160000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB Series 2022C3 (**LIQ**: BARCLAYS BANK PLC) <br> *(a)* | 3.64% |  | 01/06/23 | &nbsp;&nbsp; 6300000 | &nbsp;&nbsp; 6300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB Series 2022F3 (**LIQ**: UBS AG) <br> *(a)* | 3.62% |  | 01/06/23 | 15000000 | 15000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB Series 2022G  | 3.00% |  | 09/01/23 | 25000000 | 25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Mortgage RB (Beacon Mews) Series 2006A (**LOC**: CITIBANK NA) <br> *(a)* | 3.78% |  | 01/06/23 | &nbsp;&nbsp; 5300000 | &nbsp;&nbsp; 5300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Mortgage RB (East Clarke Place Associates) Series 2005A <br> (**LOC**: JPMORGAN CHASE BANK NA) <br>*(a)* | 3.83% |  | 01/06/23 | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp; 2200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Mortgage RB (State Renaissance Court) Series 2004A <br> (**LOC**: FEDERAL HOME LOAN MORTGAGE CORPORATION) <br>*(a)* | 3.73% |  | 01/06/23 | 27000000 | 27000000 |

---

*See financial notes*

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**31**

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Mortgage RB (Susan's Court) Series 2007A (**LOC**: CITIBANK NA) <br> *(a)* | 3.67% |  | 01/06/23 | &nbsp;&nbsp; 18500000 | &nbsp;&nbsp; 18500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Rental Housing RB (Rivereast Apts) Series 2006A (**LOC**: FEDERAL <br> HOME LOAN MORTGAGE CORPORATION) <br>*(a)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 39650000 | &nbsp;&nbsp; 39650000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Rental Housing RB (Sierra Development) Series 2003A <br> (**LOC**: FEDERAL NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.67% |  | 01/06/23 | &nbsp;&nbsp; 45000000 | &nbsp;&nbsp; 45000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Rental Housing RB (The Foundry) Series 2002A (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.67% |  | 01/06/23 | &nbsp;&nbsp; 48100000 | &nbsp;&nbsp; 48100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Rental Housing RB (Westport) Series 2004A (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.67% |  | 01/06/23 | 110000000 | 110000000 |
| **New York City Municipal Water Finance Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer 2nd Resolution RB Fiscal 2022 Series CC1 <br> (**LIQ**: MORGAN STANLEY BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; 2100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System 2nd General Resolution RB Fiscal 2017 <br> Series DD, Fiscal 2018 Series BB1&CC1 (**LIQ**: BARCLAYS BANK PLC) <br>*(b)(c)(d)* | 3.06% |  | 01/06/23 | &nbsp;&nbsp; 11915000 | &nbsp;&nbsp; 11915000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System 2nd General Resolution RB Fiscal 2023 <br> Series AA (**LIQ**: JPMORGAN CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 4780000 | &nbsp;&nbsp;&nbsp; 4780000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System 2nd Resolution RB Fiscal 2011 Series FF1 <br> (**LIQ**: BANK OF AMERICA NA) <br>*(a)* | 3.56% |  | 01/03/23 | &nbsp;&nbsp;&nbsp; 5600000 | &nbsp;&nbsp;&nbsp; 5600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System 2nd Resolution RB Fiscal 2014 Series AA <br> (**LIQ**: MIZUHO BANK LTD) <br>*(a)* | 3.49% |  | 01/03/23 | &nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; 1100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System 2nd Resolution RB Fiscal 2014 Series AA3 <br> (**LIQ**: TD BANK NA) <br>*(a)* | 3.49% |  | 01/03/23 | &nbsp;&nbsp;&nbsp; 5800000 | &nbsp;&nbsp;&nbsp; 5800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System 2nd Resolution RB Fiscal 2014 Series AA6 <br> (**LIQ**: MIZUHO BANK LTD) <br>*(a)* | 3.65% |  | 01/03/23 | &nbsp;&nbsp; 14265000 | &nbsp;&nbsp; 14265000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System 2nd Resolution RB Fiscal 2017 Series CC1 <br> (**LIQ**: ROYAL BANK OF CANADA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 10760000 | &nbsp;&nbsp; 10760000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System 2nd Resolution RB Fiscal 2022 & 2021 <br> Series CC1 (**LIQ**: JPMORGAN CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 5125000 | &nbsp;&nbsp;&nbsp; 5125000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System 2nd Resolution RB Fiscal 2023 Series AA1 <br> (**LIQ**: JPMORGAN CHASE BANK NA) <br>*(b)(c)(d)* | 3.70% |  | 01/03/23 | &nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System 2nd Resolution RB Fiscal 2023 Series AA3 <br> (**LIQ**: JPMORGAN CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2740000 | &nbsp;&nbsp;&nbsp; 2740000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System 2nd Resolution RB Fiscal 2023 Series BB1 <br> (**LIQ**: MIZUHO BANK LTD) <br>*(a)* | 3.40% |  | 01/03/23 | &nbsp;&nbsp; 11630000 | &nbsp;&nbsp; 11630000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System RB Fiscal 2015 Series BB2 (**LIQ**: MIZUHO <br> BANK LTD) <br>*(a)* | 3.48% |  | 01/03/23 | &nbsp;&nbsp; 53325000 | &nbsp;&nbsp; 53325000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System RB Fiscal 2016 Series BB1 (**LIQ**: ROYAL BANK <br> OF CANADA) <br>*(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | &nbsp;&nbsp; 10130000 | &nbsp;&nbsp; 10130000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System RB Fiscal 2017 Series BB1B (**LIQ**: STATE <br> STREET BANK AND TRUST COMPANY) <br>*(a)* | 3.56% |  | 01/03/23 | &nbsp;&nbsp; 36400000 | &nbsp;&nbsp; 36400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System RB Fiscal 2017 Series DD (**LIQ**: BARCLAYS <br> BANK PLC) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2315000 | &nbsp;&nbsp;&nbsp; 2315000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System RB Fiscal 2019 Series CC (**LIQ**: ROYAL BANK <br> OF CANADA) <br>*(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | &nbsp;&nbsp; 54100000 | &nbsp;&nbsp; 54100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System RB Fiscal 2021 Series EE1 (**LIQ**: US BANK <br> NATIONAL ASSOCIATION) <br>*(a)* | 3.63% |  | 01/03/23 | &nbsp;&nbsp;&nbsp; 9700000 | &nbsp;&nbsp;&nbsp; 9700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System RB Fiscal 2022 Series CC1 (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 5830000 | &nbsp;&nbsp;&nbsp; 5830000 |

---

*See financial notes*

**32**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System RB Fiscal 2023 Series AA1 (**LIQ**: BARCLAYS <br> BANK PLC) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System RB Fiscal 2023 Series BB2 (**LIQ**: MIZUHO <br> BANK LTD) <br>*(a)* | 3.45% |  | 01/03/23 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3500000 |
| **New York City Transitional Finance Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Aid RB Fiscal 2018 Series S1 (**LIQ**: CITIBANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 6000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Aid RB Fiscal 2018 Sub Series S4A <br> (**LIQ**: TORONTO-DOMINION BANK/THE) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1760000 | &nbsp;&nbsp; 1760000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Sec Sub Bonds Fiscal Series 2018C3 & 2020B1 & 2021C1 <br> (**LIQ**: BANK OF AMERICA NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | 13180000 | 13180000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2014 Series D3 (**LIQ**: MIZUHO <br> BANK LTD) <br>*(a)* | 3.41% |  | 01/03/23 | 18000000 | 18000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2016 Series A-5 (**LOC**: ROYAL <br> BANK OF CANADA) <br>*(b)(c)(d)* | 3.55% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2016 Series E4 <br> (**LIQ**: JPMORGAN CHASE BANK NA) <br>*(a)* | 3.65% |  | 01/03/23 | &nbsp;&nbsp; 8350000 | &nbsp;&nbsp; 8350000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2017 Series B1 & E1, Fiscal <br> 2018 Series B1 (**LIQ**: BARCLAYS BANK PLC) <br>*(b)(c)(d)* | 2.97% |  | 01/06/23 | &nbsp;&nbsp; 2645000 | &nbsp;&nbsp; 2645000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2017 Series F1 (**LIQ**: BARCLAYS <br> BANK PLC) <br>*(b)(c)(d)* | 3.42% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 990000 | &nbsp;&nbsp;&nbsp;&nbsp; 990000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2018 Series C3 <br> (**LIQ**: JPMORGAN CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2019 Series A4 <br> (**LIQ**: JPMORGAN CHASE BANK NA) <br>*(a)* | 3.65% |  | 01/03/23 | 46885000 | 46885000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2019 Series B4 <br> (**LIQ**: JPMORGAN CHASE BANK NA) <br>*(a)* | 3.65% |  | 01/03/23 | &nbsp;&nbsp; 4400000 | &nbsp;&nbsp; 4400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2020 Series C2 <br> (**LIQ**: JPMORGAN CHASE BANK NA) <br>*(b)(c)(d)* | 3.57% |  | 01/06/23 | &nbsp;&nbsp; 3945000 | &nbsp;&nbsp; 3945000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2021 Series C1 (**LIQ**: BARCLAYS <br> BANK PLC) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2870000 | &nbsp;&nbsp; 2870000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2022 Series B1 <br> (**LIQ**: JPMORGAN CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2022 Series C1 (**LIQ**: BANK OF <br> AMERICA NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2325000 | &nbsp;&nbsp; 2325000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2022 Series F1 (**LIQ**: BARCLAYS <br> BANK PLC) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2023 Series A2 (**LIQ**: UBS AG) <br> *(a)* | 3.60% |  | 01/03/23 | 45100000 | 45100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2023 Series D1 (**LIQ**: BANK OF <br> AMERICA NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3500000 |
| **New York State Dormitory Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NYC Court Facilities Lease RB Series 2005B (**LOC**: ROYAL BANK OF <br> CANADA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | 14000000 | 14000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Columbia Univ) Series 2018B (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 6800000 | &nbsp;&nbsp; 6800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Memorial Sloan-Kettering Cancer Center) Series 20221A <br> (**LIQ**: MORGAN STANLEY BANK NA) (SIFMA Municipal Swap Index + <br> 0.08%)<br>*(b)(c)(d)* | 3.74% | 01/05/23 | 01/19/23 | 12600000 | 12600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Teresian House) Series 2003 (**LOC**: MANUFACTURERS AND <br> TRADERS TRUST CO) <br>*(a)* | 3.73% |  | 01/06/23 | 10885000 | 10885000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2013A (**ESCROW**) <br> (**LIQ**: JPMORGAN CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 6000000 |

---

*See financial notes*

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**33**

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | &nbsp;&nbsp; EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2015B  | 5.00% |  | 02/15/23 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 125268 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2015B (**LIQ**: BARCLAYS BANK <br> PLC) <br>*(b)(c)(d)* | 2.78% |  | 01/06/23 | &nbsp;&nbsp; 3695000 | &nbsp;&nbsp; 3695000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2018A, 2021E, 2022A, 2019A <br> (**LIQ**: BANK OF AMERICA NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | 26790000 | 26790000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2019D (**LIQ**: JPMORGAN CHASE <br> BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | 12415000 | 12415000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2019D (**LIQ**: MORGAN STANLEY <br> BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 4050000 | &nbsp;&nbsp; 4050000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2020A (**LIQ**: BANK OF AMERICA <br> NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3305000 | &nbsp;&nbsp; 3305000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2020A (**LIQ**: BARCLAYS BANK <br> PLC) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 4435000 | &nbsp;&nbsp; 4435000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2020A (**LIQ**: JPMORGAN CHASE <br> BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | 12585000 | 12585000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2020A & 2021A <br> (**LIQ**: JPMORGAN CHASE BANK NA) <br>*(b)(c)(d)* | 3.65% |  | 01/06/23 | &nbsp;&nbsp; 2485000 | &nbsp;&nbsp; 2485000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2020A 2021A (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 6175000 | &nbsp;&nbsp; 6175000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2021E (**LIQ**: BARCLAYS BANK <br> PLC) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2022A (**LIQ**: MORGAN STANLEY <br> BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 9215000 | &nbsp;&nbsp; 9215000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Sales Tax RB Series 2018A (**LIQ**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1635000 | &nbsp;&nbsp; 1635000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Sales Tax RB Series 2018C (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000000 |
| **New York State Energy Research & Development Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Facilities RB (Consolidated Edison) Series 2010A3 (**LOC**: BANK OF <br> NOVA SCOTIA)<br>*(a)* | 3.65% |  | 01/06/23 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp; 7000000 |
| **New York State Environmental Facilities Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Clean Water & Drinking Water Revolving Funds Sub RB <br> Series 2017E (**LIQ**: JPMORGAN CHASE BANK NA)<br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 4250000 | &nbsp;&nbsp; 4250000 |
| **New York State HFA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (250 W 50th Street) 1997A (**LOC**: FEDERAL NATIONAL <br> MORTGAGE ASSOCIATION) <br>*(a)* | 3.67% |  | 01/06/23 | 82700000 | 82700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (250 W 93rd St) Series 2005A (**LOC**: LANDESBANK <br> HESSEN THUERINGEN GIROZENTRALE) <br>*(a)* | 3.71% |  | 01/06/23 | 33425000 | 33425000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (316 11th Ave) Series 2007A (**LOC**: FEDERAL NATIONAL <br> MORTGAGE ASSOCIATION) <br>*(a)* | 3.68% |  | 01/06/23 | 40505000 | 40505000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (360 W 43rd St) Series 2002A (**LOC**: FEDERAL NATIONAL <br> MORTGAGE ASSOCIATION) <br>*(a)* | 3.68% |  | 01/06/23 | 22200000 | 22200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (39th St) Series 2000A (**LOC**: FEDERAL NATIONAL <br> MORTGAGE ASSOCIATION) <br>*(a)* | 3.68% |  | 01/06/23 | 34200000 | 34200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (39th Street Associates) Series 1997A (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.67% |  | 01/06/23 | 40500000 | 40500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (600 W 42nd Street) Series 2007A (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.83% |  | 01/06/23 | 91695000 | 91695000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (750 6th Ave) Series 1998A (**LOC**: LANDESBANK HESSEN <br> THUERINGEN GIROZENTRALE) <br>*(a)* | 3.75% |  | 01/06/23 | 37500000 | 37500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (750 6th Ave) Series 1999A (**LOC**: LANDESBANK HESSEN <br> THUERINGEN GIROZENTRALE) <br>*(a)* | 3.75% |  | 01/06/23 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp; 7000000 |

---

*See financial notes*

**34**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | &nbsp;&nbsp; EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (900 8th Avenue) Series 2002A (**LOC**: FEDERAL NATIONAL <br> MORTGAGE ASSOCIATION) <br>*(a)* | 3.83% |  | 01/06/23 | 82400000 | 82400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (Caroline Apts) Series 2008A (**LOC**: FEDERAL HOME LOAN <br> MORTGAGE CORPORATION) <br>*(a)* | 3.83% |  | 01/06/23 | 16900000 | 16900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (Clinton Green North) Series 2006A (**LOC**: FEDERAL <br> HOME LOAN MORTGAGE CORPORATION) <br>*(a)* | 3.68% |  | 01/06/23 | 47000000 | 47000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (Clinton Green South) Series 2005A (**LOC**: FEDERAL <br> HOME LOAN MORTGAGE CORPORATION) <br>*(a)* | 3.68% |  | 01/06/23 | 18300000 | 18300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (Clinton Green) Series 2006A (**LOC**: FEDERAL HOME <br> LOAN MORTGAGE CORPORATION) <br>*(a)* | 3.68% |  | 01/06/23 | 45500000 | 45500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (E 39th St) Series 1999A (**LOC**: FEDERAL NATIONAL <br> MORTGAGE ASSOCIATION) <br>*(a)* | 3.68% |  | 01/06/23 | 33700000 | 33700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (East 84th St) Series 1995A (**LOC**: FEDERAL NATIONAL <br> MORTGAGE ASSOCIATION) <br>*(a)* | 3.67% |  | 01/06/23 | 43200000 | 43200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (Grace Towers) Series 2007A (**LOC**: FEDERAL HOME LOAN <br> MORTGAGE CORPORATION) <br>*(a)* | 3.67% |  | 01/06/23 | 11530000 | 11530000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (Helena) Series 2004A (**LOC**: FEDERAL NATIONAL <br> MORTGAGE ASSOCIATION) <br>*(a)* | 3.83% |  | 01/06/23 | 75100000 | 75100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (Mccarthy Manor Apts) Series 2007A (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.87% |  | 01/06/23 | &nbsp;&nbsp; 6540000 | &nbsp;&nbsp; 6540000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (Related-W 20th St) Series 2001A (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.83% |  | 01/06/23 | 50150000 | 50150000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (Saville Housing) Series 2002A (**LOC**: FEDERAL HOME <br> LOAN MORTGAGE CORPORATION) <br>*(a)* | 3.67% |  | 01/06/23 | 22700000 | 22700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (The Helena Apts) Series 2003A (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.83% |  | 01/06/23 | 42000000 | 42000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (Theatre Row Tower) Series 2000A (**LOC**: FEDERAL HOME <br> LOAN MORTGAGE CORPORATION) <br>*(a)* | 3.68% |  | 01/06/23 | 38300000 | 38300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (Tower 31) Series 2005A (**LOC**: FEDERAL HOME LOAN <br> MORTGAGE CORPORATION) <br>*(a)* | 3.68% |  | 01/06/23 | 20500000 | 20500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (Tribeca Park) Series 1997A (**LOC**: FEDERAL NATIONAL <br> MORTGAGE ASSOCIATION) <br>*(a)* | 3.68% |  | 01/06/23 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp; 1600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB (Worth Street) Series 2002A (**LOC**: FEDERAL NATIONAL <br> MORTGAGE ASSOCIATION) <br>*(a)* | 3.68% |  | 01/06/23 | 34400000 | 34400000 |
| **New York State Mortgage Agency** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Homeowner Mortgage RB Series 210 (**LIQ**: BARCLAYS BANK PLC) <br> *(a)* | 3.73% |  | 01/06/23 | 25490000 | 25490000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Homeowner Mortgage RB Series 236 (**LIQ**: UBS AG) <br> *(a)* | 3.65% |  | 01/06/23 | &nbsp;&nbsp; 3900000 | &nbsp;&nbsp; 3900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Homeowner Mortgage RB Series 247 (**LIQ**: TD BANK NA) <br> *(a)* | 3.65% |  | 01/06/23 | 20125000 | 20125000 |
| **New York State Power Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Series 2  | 3.20% |  | 01/04/23 | 16000000 | 16000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2020A (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1075000 | &nbsp;&nbsp; 1075000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2020A (**LIQ**: TORONTO-DOMINION BANK/THE) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3670000 | &nbsp;&nbsp; 3670000 |
| **New York State Thruway Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2021A1 (**LIQ**: BARCLAYS BANK <br> PLC) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | 18985000 | 18985000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2021A1 (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2430000 | &nbsp;&nbsp; 2430000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2022A (**LIQ**: BARCLAYS BANK <br> PLC) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | 10125000 | 10125000 |

---

*See financial notes*

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**35**

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2022A (**LIQ**: MORGAN STANLEY <br> BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 6020000 | &nbsp;&nbsp; 6020000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2022C (**LIQ**: JPMORGAN CHASE <br> BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | 15000000 | 15000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2022C (**LIQ**: MORGAN STANLEY <br> BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5000000 |
| **New York State Urban Development Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2013A1 (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 9850000 | &nbsp;&nbsp; 9850000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2020C (**LIQ**: BARCLAYS BANK <br> PLC) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2240000 | &nbsp;&nbsp; 2240000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2020C <br> (**LIQ**: TORONTO-DOMINION BANK/THE) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 6760000 | &nbsp;&nbsp; 6760000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2022A (**LIQ**: MORGAN STANLEY <br> BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Sales Tax RB Series 2019A (**LIQ**: TORONTO-DOMINION <br> BANK/THE) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 5275000 | &nbsp;&nbsp; 5275000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Sales Tax RB Series 2021A  | 5.00% |  | 03/15/23 | &nbsp;&nbsp;&nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp;&nbsp; 517443 |
| **Nuveen New York AMT-Free Quality Municipal Income Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Demand Preferred Shares Series 3 (**LOC**: SUMITOMO <br> MITSUI BANKING CORPORATION) <br>*(a)(b)* | 3.71% |  | 01/06/23 | 10300000 | 10300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Demand Preferred Shares Series 5 <br> (**LOC**: TORONTO-DOMINION BANK/THE) <br>*(a)(b)* | 3.70% |  | 01/06/23 | 14200000 | 14200000 |
| **Patchogue-Medford UFSD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TAN 2022-2023 | 4.25% |  | 06/28/23 | 22700000 | 22835222 |
| **Port Auth of New York & New Jersey** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Bonds 178th Series (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.73% | 01/05/23 | 01/06/23 | &nbsp;&nbsp; 1660000 | &nbsp;&nbsp; 1660000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Bonds 194th Series (**LIQ**: MORGAN STANLEY BANK NA) <br> *(b)(c)(d)* | 3.74% | 01/05/23 | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp; 415000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Bonds 205th Series (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2085000 | &nbsp;&nbsp; 2085000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Bonds 206th Series (**LIQ**: CITIBANK NA) <br> *(b)(c)(d)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Bonds 206th Series (**LIQ**: TORONTO-DOMINION <br> BANK/THE) <br>*(b)(c)(d)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 4790000 | &nbsp;&nbsp; 4790000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Bonds 207th Series (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.73% |  | 01/06/23 | 12260000 | 12260000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Bonds 218th Series (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.73% |  | 01/06/23 | 10845000 | 10845000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Bonds 221st & 223rd Series (**LIQ**: BANK OF AMERICA <br> NA) <br>*(b)(c)(d)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 5640000 | &nbsp;&nbsp; 5640000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Bonds 221st Series (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp;&nbsp; 760000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Bonds 230th Series (**LIQ**: BANK OF AMERICA NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp;&nbsp; 770000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Bonds 231st Series (**LIQ**: BANK OF AMERICA NA) <br> *(b)(c)(d)* | 3.73% |  | 01/06/23 | 15945000 | 15945000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Bonds 232nd Series (**LIQ**: BANK OF AMERICA NA) <br> *(b)(c)(d)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Series A  | 3.65% |  | 01/24/23 | 78730000 | 78730000 |
| **Rockland Cnty IDA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Northern Riverview) Series 1999 (**LOC**: MANUFACTURERS AND <br> TRADERS TRUST CO) <br>*(a)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 5265000 | &nbsp;&nbsp; 5265000 |
| **Rondout Valley CSD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO BANs 2022 | 3.50% |  | 06/28/23 | 14000000 | 14040977 |
| **Sewanhaka Central HSD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TAN 2022-2023 | 4.00% |  | 06/20/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5033276 |

---

*See financial notes*

**36**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Tonawanda** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BAN 2022A | 4.00% |  | 08/25/23 | 20762905 | &nbsp;&nbsp;&nbsp;&nbsp; 20974816 |
| **Triborough Bridge & Tunnel Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; General RB Series 2003B1 (**LOC**: US BANK NATIONAL ASSOCIATION) <br> *(a)* | 3.63% |  | 01/03/23 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; General RB Series 2019C (**LIQ**: BANK OF AMERICA NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3280000 |
| &nbsp;&nbsp;&nbsp;&nbsp; General RB Series 2021A (**LIQ**: BANK OF AMERICA NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payroll Mobility Tax Sr Lien Bonds Series 2022C (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | 17660000 | &nbsp;&nbsp;&nbsp;&nbsp; 17660000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payroll Mobility Tax Sr Lien RB Series 2022C (**LIQ**: JPMORGAN CHASE <br> BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 5330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5330000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payroll Mobility Tax Sr Lien RB Series 2022C (**LIQ**: ROYAL BANK OF <br> CANADA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2940000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payroll Mobility Tax Sr Lien Refunding Bonds Series 2022E-2A <br> (**LIQ**: JPMORGAN CHASE BANK NA) <br>*(b)(c)(d)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales Tax RB Series 2022A (**LIQ**: TORONTO-DOMINION BANK/THE) <br> *(b)(c)(d)* | 3.70% |  | 01/06/23 | 12710000 | &nbsp;&nbsp;&nbsp;&nbsp; 12710000 |
| **Warren & Washington Cnty IDA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Civic Facility RB (Glen at Hiland Meadows) Series 2000 <br> (**LOC**: MANUFACTURERS AND TRADERS TRUST CO) <br>*(a)* | 3.87% |  | 01/06/23 | &nbsp;&nbsp; 2510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2510000 |
|  |  |  |  |  | **2856218795** |
| **NORTH CAROLINA 0.6%** | **NORTH CAROLINA 0.6%** | **NORTH CAROLINA 0.6%** | **NORTH CAROLINA 0.6%** | **NORTH CAROLINA 0.6%** | **NORTH CAROLINA 0.6%** |
| **Charlotte-Mecklenberg Hospital Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Refunding RB (Atrium Health) Series 2021E (**LOC**: ROYAL <br> BANK OF CANADA) <br>*(a)* | 3.45% |  | 01/03/23 | 39670000 | &nbsp;&nbsp;&nbsp;&nbsp; 39670000 |
| **Cumberland Cnty Industrial Facilities & Pollution Control Financing Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Cargill) Series 2022<br> *(a)* | 3.73% |  | 01/06/23 | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 |
| **North Carolina** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Limited Obligation Refunding Bonds Series 2017B (**LIQ**: BANK OF <br> AMERICA NA)<br>*(b)(c)(d)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 4800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4800000 |
| **North Carolina Capital Facilities Finance Agency** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Duke Univ) Series 2015B (**ESCROW**) (**LIQ**: BANK OF AMERICA NA)<br> *(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000000 |
| **Union Cnty Industrial Facilities & Pollution Control Financing Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IDRB (Darnel Inc) Series 2007 (**LOC**: TRUIST BANK)<br> *(a)* | 3.70% |  | 01/06/23 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
| **Yancey Cnty Industrial Facilities & Pollution Control Financing Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IDRB (Altec Industries) Series 2007 (**LOC**: TRUIST BANK) <br> *(a)* | 3.78% |  | 01/06/23 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000000 |
|  |  |  |  |  | **84470000** |
| **NORTH DAKOTA 0.1%** | **NORTH DAKOTA 0.1%** | **NORTH DAKOTA 0.1%** | **NORTH DAKOTA 0.1%** | **NORTH DAKOTA 0.1%** | **NORTH DAKOTA 0.1%** |
| **Richland Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Minn-Dak Farmers Coop) Series 2010B (**LOC**: COBANK ACB) <br> *(a)* | 3.72% |  | 01/06/23 | &nbsp;&nbsp; 5765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5765000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Minn-Dak Farmers Coop) Series 2010C (**LOC**: COBANK ACB) <br> *(a)* | 3.72% |  | 01/06/23 | &nbsp;&nbsp; 4090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4090000 |
|  |  |  |  |  | **9855000** |
| **OHIO 2.1%** | **OHIO 2.1%** | **OHIO 2.1%** | **OHIO 2.1%** | **OHIO 2.1%** | **OHIO 2.1%** |
| **Akron, Bath & Copley Jt Township Hospital District** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (Summa Health) Series 2017A (**LOC**: BMO HARRIS BANK <br> NA)<br>*(a)* | 3.65% |  | 01/06/23 | &nbsp;&nbsp; 1020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1020000 |
| **Allen Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Facilities RB (Bon Secours Mercy Health) Series 2010D <br> (**LOC**: ROYAL BANK OF CANADA)<br>*(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | &nbsp;&nbsp; 7255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7255000 |

---

*See financial notes*

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**37**

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Berea SD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2017 (**LOC**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 8050000 | &nbsp;&nbsp;&nbsp;&nbsp; 8050000 |
| **Columbus Regional Airport Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport Development RB (FlightSafety) Series 2015B<br> *(a)* | 3.70% |  | 01/06/23 | 15040000 | &nbsp;&nbsp; 15040000 |
| **Forrest Hills SD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2015 (**LOC**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | &nbsp;&nbsp; 5200000 | &nbsp;&nbsp;&nbsp;&nbsp; 5200000 |
| **Franklin Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Facilities RB (OhioHealth) Series 2015 <br> (**LIQ**: TORONTO-DOMINION BANK/THE) <br>*(b)(c)(d)* | 3.71% | 01/05/23 | 01/06/23 | &nbsp;&nbsp; 2665000 | &nbsp;&nbsp;&nbsp;&nbsp; 2665000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (St George Commons Apts) Series 2007 (**LOC**: FEDERAL NATIONAL <br> MORTGAGE ASSOCIATION) <br>*(a)* | 3.85% |  | 01/06/23 | &nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp;&nbsp; 3100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Trinity Health) Series 2013OH  | 3.30% |  | 02/01/23 | &nbsp;&nbsp; 7750000 | &nbsp;&nbsp;&nbsp;&nbsp; 7750000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Trinity Health) Series 2017A-OH (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.39% |  | 01/06/23 | &nbsp;&nbsp; 4810000 | &nbsp;&nbsp;&nbsp;&nbsp; 4810000 |
| **Marion Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Avalon Lakes) Series 2006 (**LOC**: FEDERAL HOME <br> LOAN BANKS) <br>*(a)* | 3.76% |  | 01/06/23 | &nbsp;&nbsp; 7270000 | &nbsp;&nbsp;&nbsp;&nbsp; 7270000 |
| **Montgomery Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Facililties Refunding RB (Kettering Health) Series 2011B <br> (**LOC**: ROYAL BANK OF CANADA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | 10575000 | &nbsp;&nbsp; 10575000 |
| **Ohio** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (Cleveland Clinic Health System) Series 2019E (**LIQ**: PNC <br> BANK NATIONAL ASSOCIATION) <br>*(a)* | 3.55% |  | 01/03/23 | &nbsp;&nbsp; 6210000 | &nbsp;&nbsp;&nbsp;&nbsp; 6210000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (University Hospitals Health System) Series 2012A <br> (**LOC**: ROYAL BANK OF CANADA) <br>*(b)(c)(d)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (University Hospitals Health System) Series 2018A <br> (**LOC**: PNC BANK NATIONAL ASSOCIATION) <br>*(a)* | 3.40% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 |
| **Ohio HFA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage RB Series 2006J (**LIQ**: TD BANK NA) <br> *(a)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 3350000 | &nbsp;&nbsp;&nbsp;&nbsp; 3350000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage RB Series 2016G (**LIQ**: TD BANK NA) <br> *(a)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 9600000 | &nbsp;&nbsp;&nbsp;&nbsp; 9600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage RB Series 2017C (**LIQ**: JPMORGAN CHASE <br> BANK NA) <br>*(a)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 5125000 | &nbsp;&nbsp;&nbsp;&nbsp; 5125000 |
| **Ohio Higher Educational Facility Commission** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (Cleveland Clinic Health System) Series 2008B5  | 2.70% |  | 02/01/23 | 15105000 | &nbsp;&nbsp; 15105000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (Cleveland Clinic Health System) Series 2008B5  | 2.60% |  | 02/08/23 | 18905000 | &nbsp;&nbsp; 18905000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (Cleveland Clinic Health System) Series 2008B6  | 2.80% |  | 01/18/23 | 12495000 | &nbsp;&nbsp; 12495000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (Cleveland Clinic Health System) Series 2008B6  | 2.70% |  | 02/01/23 | 23000000 | &nbsp;&nbsp; 23000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (Cleveland Clinic Health System) Series 2008B6  | 2.60% |  | 02/08/23 | 23190000 | &nbsp;&nbsp; 23190000 |
| **Ohio Hospital Facilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (Cleveland Clinic Health System) Series 2019D2<br> *(a)* | 3.56% |  | 01/06/23 | &nbsp;&nbsp; 7400000 | &nbsp;&nbsp;&nbsp;&nbsp; 7400000 |
| **Ohio State Air Quality Development Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exempt Facilities RB (Cargill) Series 2021 <br> *(a)* | 3.73% |  | 01/06/23 | 75000000 | &nbsp;&nbsp; 75000000 |
| **Ohio Univ** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; General RB Series 2017A (**LOC**: ROYAL BANK OF CANADA) (SIFMA <br> Municipal Swap Index + 0.20%)<br>*(b)(c)(d)* | 3.54% | 01/05/23 | 06/01/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| **Ohio Water Development Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Pollution Control Loan Fund RB Series 2016A <br> (**LIQ**: TORONTO-DOMINION BANK/THE) <br>*(a)* | 3.60% |  | 01/06/23 | 20915000 | &nbsp;&nbsp; 20915000 |
|  |  |  |  |  | **301830000** |

---

*See financial notes*

**38**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | &nbsp;&nbsp; EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **OREGON 0.7%** | **OREGON 0.7%** | **OREGON 0.7%** | **OREGON 0.7%** | **OREGON 0.7%** | **OREGON 0.7%** |
| **Centennial SD #28JT** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2020 (**LIQ**: ROYAL BANK OF CANADA)<br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | 10000000 | 10000000 |
| **Oregon** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2019G (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | 15000000 | 15000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Highway Tax 2nd Sub Lien CP Series A2 (**LOC**: BANK OF MONTREAL)  | 2.95% |  | 01/10/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Highway Tax 2nd Sub Lien CP Series A2 (**LOC**: BANK OF MONTREAL)  | 3.00% |  | 02/01/23 | &nbsp;&nbsp; 2160000 | &nbsp;&nbsp; 2160000 |
| **Oregon Dept of Transportation** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Highway Tax 2nd Sub Lien CP Series A1 (**LOC**: WELLS FARGO BANK <br> NA)<br>| 3.00% |  | 02/01/23 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1250000 |
| **Oregon Facilities Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Quatama Housing LP) Series 2005A (**LOC**: FEDERAL NATIONAL <br> MORTGAGE ASSOCIATION) <br>*(a)* | 3.81% |  | 01/06/23 | 19000000 | 19000000 |
| **Oregon Health, Housing, Educational & Cultural Facilities Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Assumption Village) Series 2001A (**LOC**: MUFG UNION BANK NA)<br> *(a)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 2015000 | &nbsp;&nbsp; 2015000 |
| **Port of Portland Airport** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portland International Airport 3rd Lien CP Series B (**LOC**: BANK OF <br> AMERICA NA)<br>| 2.45% |  | 01/23/23 | 16200000 | 16200000 |
| **Portland** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Refunding RB (Village of Lovejoy Fountain) Series 2009 <br> (**LOC**: FEDERAL HOME LOAN MORTGAGE CORPORATION)<br>*(a)* | 3.68% |  | 01/06/23 | 13050000 | 13050000 |
| **Portland CCD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2013 (**ESCROW**) (**LIQ**: TORONTO-DOMINION <br> BANK/THE)<br>*(b)(c)(d)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 6835000 | &nbsp;&nbsp; 6835000 |
| **Portland Housing Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Civic Apts) 2005 (**LOC**: FEDERAL HOME LOAN <br> MORTGAGE CORPORATION)<br>*(a)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 7800000 | &nbsp;&nbsp; 7800000 |
|  |  |  |  |  | **95310000** |
| **PENNSYLVANIA 1.0%** | **PENNSYLVANIA 1.0%** | **PENNSYLVANIA 1.0%** | **PENNSYLVANIA 1.0%** | **PENNSYLVANIA 1.0%** | **PENNSYLVANIA 1.0%** |
| **Allegheny Cnty Hospital Development Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Concordia Lutheran Obligated Group) Series 2016A (**LOC**: TRUIST <br> BANK)<br>*(a)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 9470000 | &nbsp;&nbsp; 9470000 |
| **Butler Cnty Industrial Development Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Concordia Lutheran Ministries) Series 2004A (**LOC**: TRUIST BANK) <br> *(a)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 5785000 | &nbsp;&nbsp; 5785000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Concordia Lutheran Health & Human Care) <br> Series 2008A (**LOC**: TRUIST BANK) <br>*(a)* | 3.70% |  | 01/06/23 | 10410000 | 10410000 |
| **Chester Cnty Health & Ed** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Tel Hai Retirement Community) Series 2020 <br> (**LOC**: MANUFACTURERS AND TRADERS TRUST CO)<br>*(a)* | 3.73% |  | 01/06/23 | 13000000 | 13000000 |
| **Cumberland Cnty Municipal Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (SpiriTrust Lutheran) Series 2019 (**LOC**: MANUFACTURERS AND <br> TRADERS TRUST CO) <br>*(a)* | 3.73% |  | 01/06/23 | 67000000 | 67000000 |
| **Lancaster Cnty Hospital Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr Living Facility RB (Quarryville Presbyterian Retirement Community) <br> Series 2000 (**LOC**: MANUFACTURERS AND TRADERS TRUST CO)<br>*(a)* | 3.76% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 |
| **Lycoming Cnty Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Lycoming College) Series 2013S1 (**LOC**: MANUFACTURERS AND <br> TRADERS TRUST CO) <br>*(a)* | 3.80% |  | 01/06/23 | &nbsp;&nbsp; 4915000 | &nbsp;&nbsp; 4915000 |

---

*See financial notes*

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**39**

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Montgomery Cnty Redevelopment Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Forge Gate Apts) Series 2001A (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.72% |  | 01/06/23 | &nbsp;&nbsp; 4515000 | &nbsp;&nbsp;&nbsp;&nbsp; 4515000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Kingswood Apts) Series 2001A (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.74% |  | 01/06/23 | &nbsp;&nbsp; 8010000 | &nbsp;&nbsp;&nbsp;&nbsp; 8010000 |
| **Pennsylvania Economic Development Financing Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Economic Development RB 2005 Series B2 (**LOC**: PNC BANK <br> NATIONAL ASSOCIATION) <br>*(a)* | 3.77% |  | 01/06/23 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Salem Rd) Series 2007D1 (**LOC**: PNC BANK NATIONAL <br> ASSOCIATION) <br>*(a)* | 3.77% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875000 |
| **Pennsylvania HFA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S/F Mortgage RB Series 2017-125A (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 6775000 | &nbsp;&nbsp;&nbsp;&nbsp; 6775000 |
| &nbsp;&nbsp;&nbsp;&nbsp; S/F Mortgage RB Series 2020-132A (**LIQ**: WELLS FARGO BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1620000 | &nbsp;&nbsp;&nbsp;&nbsp; 1620000 |
| &nbsp;&nbsp;&nbsp;&nbsp; S/F Mortgage RB Series 2022-139A (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 7625000 | &nbsp;&nbsp;&nbsp;&nbsp; 7625000 |
| **Pennsylvania Higher Educational Facilities Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Assoc of Indep Colleges & Univs of PA) Series 2001I1 <br> (**LOC**: MANUFACTURERS AND TRADERS TRUST CO)<br>*(a)* | 3.80% |  | 01/06/23 | &nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp;&nbsp; 2900000 |
| **Pennsylvania State Univ** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2018 (**LIQ**: JPMORGAN CHASE BANK NA)<br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
|  |  |  |  |  | **147900000** |
| **RHODE ISLAND 0.1%** | **RHODE ISLAND 0.1%** | **RHODE ISLAND 0.1%** | **RHODE ISLAND 0.1%** | **RHODE ISLAND 0.1%** | **RHODE ISLAND 0.1%** |
| **Rhode Island Health & Educational Building Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Educational Facilities RB (Brown Univ) 2017A (**LIQ**: WELLS FARGO <br> BANK NA)<br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 8250000 | **8250000** |
| **SOUTH CAROLINA 0.5%** | **SOUTH CAROLINA 0.5%** | **SOUTH CAROLINA 0.5%** | **SOUTH CAROLINA 0.5%** | **SOUTH CAROLINA 0.5%** | **SOUTH CAROLINA 0.5%** |
| **Charleston Educational Excellence Financing Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Installment Purchase Refunding RB Series 2013B <br> (**LIQ**: TORONTO-DOMINION BANK/THE)<br>*(b)(c)(d)* | 3.71% | 01/05/23 | 01/06/23 | &nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp;&nbsp; 3100000 |
| **South Carolina Jobs Economic Development Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1st Lien Economic Development RB (Port Royal Village Apts) <br> Series 2021A (**LOC**: FEDERAL HOME LOAN BANKS) <br>*(a)* | 3.61% |  | 01/06/23 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; IRB (South Carolina Generating) Series 2008 (**LOC**: TD BANK NA) <br> *(a)* | 3.70% |  | 01/06/23 | 33265000 | &nbsp;&nbsp; 33265000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Holcim) Series 2003 (**LOC**: COMERICA BANK) <br> *(a)* | 3.76% |  | 01/06/23 | 25000000 | &nbsp;&nbsp; 25000000 |
| **South Carolina Transportation Infrastructure Bank** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2017A (**LOC**: ROYAL BANK OF CANADA) (SIFMA <br> Municipal Swap Index + 0.20%)<br>*(b)(c)(d)* | 3.86% | 01/05/23 | 04/03/23 | &nbsp;&nbsp; 1580000 | &nbsp;&nbsp;&nbsp;&nbsp; 1580000 |
|  |  |  |  |  | **68945000** |
| **SOUTH DAKOTA 0.2%** | **SOUTH DAKOTA 0.2%** | **SOUTH DAKOTA 0.2%** | **SOUTH DAKOTA 0.2%** | **SOUTH DAKOTA 0.2%** | **SOUTH DAKOTA 0.2%** |
| **South Dakota Economic Development Finance Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal RB (Riverview LLP) Series 2021 <br> (**LOC**: AGRIBANK FCB) <br>*(a)* | 3.76% |  | 01/06/23 | 13250000 | &nbsp;&nbsp; 13250000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal RB (Riverview) Series 2021 (**LOC**: AGRIBANK <br> FCB) <br>*(a)* | 3.76% |  | 01/06/23 | 22500000 | &nbsp;&nbsp; 22500000 |
|  |  |  |  |  | **35750000** |
| **TENNESSEE 0.4%** | **TENNESSEE 0.4%** | **TENNESSEE 0.4%** | **TENNESSEE 0.4%** | **TENNESSEE 0.4%** | **TENNESSEE 0.4%** |
| **Blount Cnty Public Building Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Improvement Bonds Series E6A (**LOC**: TRUIST BANK) <br> *(a)* | 3.75% |  | 01/06/23 | &nbsp;&nbsp; 4460000 | &nbsp;&nbsp;&nbsp;&nbsp; 4460000 |

---

*See financial notes*

**40**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | &nbsp;&nbsp; EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Greeneville Health & Educational Facilities Board** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (Ballad Health) Series 2018A (**LOC**: ROYAL BANK OF <br> CANADA)<br>*(b)(c)(d)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp; 1700000 |
| **Johnson City Health & Educational Facilities Board** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (Ballad Health) Series 2022C (**LOC**: TRUIST BANK) <br> *(a)* | 3.68% |  | 01/06/23 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding RB (Ballad Health) Series 2022B (**LOC**: TRUIST <br> BANK) <br>*(a)* | 3.66% |  | 01/06/23 | 19000000 | 19000000 |
| **Memphis Health, Educational & Housing Facility Board** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Ashland Lake II Apts) Series 2008A (**LOC**: US BANK <br> NATIONAL ASSOCIATION)<br>*(a)* | 3.66% |  | 01/06/23 | 11500000 | 11500000 |
| **Metro Government of Nashville & Davidson Cnty Health & Educational** <br> **Facilities Board**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (The Retreat at Dry Creek Farms Apts) Series 2007 <br> (**LOC**: CITIBANK NA)<br>*(a)* | 3.67% |  | 01/06/23 | &nbsp;&nbsp; 1650000 | &nbsp;&nbsp; 1650000 |
| **Sevier Cnty Public Building Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Improvement Bonds Series VIIB1 (**LOC**: BANK OF AMERICA NA)<br> *(a)* | 3.66% |  | 01/06/23 | 25000000 | 25000000 |
|  |  |  |  |  | **64410000** |
| **TEXAS 19.5%** | **TEXAS 19.5%** | **TEXAS 19.5%** | **TEXAS 19.5%** | **TEXAS 19.5%** | **TEXAS 19.5%** |
| **Alamo CCD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LT GO Refunding Bonds Series 2012 (**LIQ**: MORGAN STANLEY BANK <br> NA)<br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp; 7500000 |
| **Arlington Higher Education Finance Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Education RB (Riverwalk Education Foundation) Series 2022 <br> (**GTY**: TEXAS PERMANENT SCHOOL FUND PROG) (**LIQ**: BARCLAYS <br> BANK PLC)<br>*(b)(c)(d)* | 3.68% |  | 01/06/23 | &nbsp;&nbsp; 3360000 | &nbsp;&nbsp; 3360000 |
| **Aubrey ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2022 (**GTY**: TEXAS PERMANENT SCHOOL FUND <br> PROG) (**LIQ**: BANK OF AMERICA NA)<br>*(b)(c)(d)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 3075000 | &nbsp;&nbsp; 3075000 |
| **Belton ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2017 (**GTY**: TEXAS PERMANENT SCHOOL FUND <br> PROG)<br>| 4.00% |  | 02/15/23 | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 215218 |
| **Bexar Cnty Housing Finance Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB Series 1996 (**LOC**: NORTHERN TRUST COMPANY <br> (THE))<br>*(a)* | 3.77% |  | 01/06/23 | 10375000 | 10375000 |
| **Calhoun Cnty Navigation District** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Environmental Facilities RB (Formosa Plastics) Series 2006 <br> (**LOC**: BANK OF AMERICA NA) <br>*(a)* | 3.85% |  | 01/06/23 | 28500000 | 28500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal RB (Formosa Plastics) Series 2000 <br> (**LOC**: JPMORGAN CHASE BANK NA) <br>*(a)* | 3.85% |  | 01/06/23 | 25000000 | 25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal RB (Formosa Plastics) Series 2001 <br> (**LOC**: JPMORGAN CHASE BANK NA) <br>*(a)* | 3.85% |  | 01/06/23 | 25000000 | 25000000 |
| **Calhoun Cnty Navigation IDA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Port RB (Formosa Plastics) Series 2011C (**LOC**: SUMITOMO MITSUI <br> BANKING CORPORATION) <br>*(a)(b)* | 3.71% |  | 01/06/23 | 27500000 | 27500000 |

---

*See financial notes*

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**41**

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Calhoun Port Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Environmental Facilities RB (Formosa Plastics) Series 2008 <br> (**LOC**: BANK OF AMERICA NA) <br>*(a)* | 3.78% |  | 01/06/23 | &nbsp;&nbsp; 45400000 | &nbsp;&nbsp; 45400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Environmental Facilities RB (Formosa Plastics) Series 2011B <br> (**LOC**: SUMITOMO MITSUI BANKING CORPORATION) <br>*(a)(b)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 35000000 | &nbsp;&nbsp; 35000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Environmental Facilities RB (Formosa Plastics) Series 2012 <br> (**LOC**: JPMORGAN CHASE BANK NA) <br>*(a)* | 3.85% |  | 01/06/23 | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port RB (Formosa Plastics) Series 2007A (**LOC**: PNC BANK NATIONAL <br> ASSOCIATION) <br>*(a)* | 3.78% |  | 01/06/23 | &nbsp;&nbsp; 28275000 | &nbsp;&nbsp; 28275000 |
| **Capital Area Housing Finance Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Encino Pointe Apts) Series 2009 (**LOC**: FEDERAL <br> HOME LOAN MORTGAGE CORPORATION)<br>*(a)* | 3.74% |  | 01/06/23 | &nbsp;&nbsp; 13715000 | &nbsp;&nbsp; 13715000 |
| **Dallam Cnty IDC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Economic Development RB (Hillmar Cheese) Series 2010 (**LOC**: BANK <br> OF AMERICA NA) <br>*(a)* | 3.72% |  | 01/06/23 | &nbsp;&nbsp; 20000000 | &nbsp;&nbsp; 20000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Economic Development Refunding RB (Hilmar Cheese) Series 2009 <br> (**LOC**: WELLS FARGO BANK NA) <br>*(a)* | 3.72% |  | 01/06/23 | &nbsp;&nbsp; 24500000 | &nbsp;&nbsp; 24500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDRB (Dalhart Jersey Ranch) Series 2006 (**LOC**: COBANK ACB) <br> *(a)* | 3.76% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610000 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDRB (Morning Star Dairy) Series 2015 (**LOC**: FARM CREDIT BANK OF <br> TEXAS) <br>*(a)* | 3.76% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 5350000 | &nbsp;&nbsp;&nbsp; 5350000 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDRB (Morning Star Dairy) Series 2018 (**LOC**: FARM CREDIT BANK OF <br> TEXAS) <br>*(a)* | 3.76% |  | 01/06/23 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp; 10000000 |
| **Dallas** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Waterworks & Sewer CP Notes Series F1 (**LIQ**: JPMORGAN CHASE <br> BANK NA)<br>| 2.70% |  | 01/05/23 | &nbsp;&nbsp; 14325000 | &nbsp;&nbsp; 14325000 |
| **Dallas Area Rapid Transit** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr Lien Sales Tax Refunding RB Series 2007 (**LIQ**: MORGAN STANLEY <br> BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr Lien Sales Tax Refunding RB Series 2016A (**LIQ**: MORGAN STANLEY <br> BANK NA) <br>*(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | &nbsp;&nbsp;&nbsp; 4905000 | &nbsp;&nbsp;&nbsp; 4905000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr Lien Sales Tax Refunding RB Series 2021B (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 10950000 | &nbsp;&nbsp; 10950000 |
| **Dallas ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Series IA (**LIQ**: BANK OF AMERICA NA) | 3.10% |  | 02/15/23 | &nbsp;&nbsp; 20000000 | &nbsp;&nbsp; 20000000 |
| **Dallas-Fort Worth Int'l Airport Facility Improvement Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport Facility RB (FlightSafety) Series 1999 <br> *(a)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 31180000 | &nbsp;&nbsp; 31180000 |
| **El Paso Tx Water and Sewer System** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer Refunding RB Series 2022 (**LIQ**: MORGAN STANLEY <br> BANK NA) (SIFMA Municipal Swap Index + 0.10%)<br>*(b)(c)(d)* | 3.76% | 01/05/23 | 02/02/23 | &nbsp;&nbsp; 13000000 | &nbsp;&nbsp; 13000000 |
| **Fort Bend Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LT Refunding Bonds 2015B (**LOC**: ROYAL BANK OF CANADA)<br> *(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | &nbsp;&nbsp;&nbsp; 4105000 | &nbsp;&nbsp;&nbsp; 4105000 |
| **Grand Parkway Transportation Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BAN Series 2018 (**ESCROW**)  | 5.00% |  | 02/01/23 | 103000000 | 103218776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Tier Toll RB (TELA Supported) Series 2018A (**LIQ**: BANK OF <br> AMERICA NA) <br>*(b)(c)(d)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 19765000 | &nbsp;&nbsp; 19765000 |
| **Gulf Coast Waste Disposal Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (ExxonMobil) Series 2000 <br> *(a)* | 3.55% |  | 01/03/23 | &nbsp;&nbsp;&nbsp; 7050000 | &nbsp;&nbsp;&nbsp; 7050000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (ExxonMobil) Series 2001A <br> *(a)* | 3.55% |  | 01/03/23 | &nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (ExxonMobil) Series 2001B <br> *(a)* | 3.55% |  | 01/03/23 | &nbsp;&nbsp;&nbsp; 4800000 | &nbsp;&nbsp;&nbsp; 4800000 |

---

*See financial notes*

**42**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Hale Cnty IDC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Economic Development RB (Silverado Developers) Series 2008 <br> (**LOC**: COOPERATIEVE RABOBANK UA) <br>*(a)* | 3.76% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 5400000 | &nbsp;&nbsp;&nbsp; 5400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDRB (Struikmans Ramona) Series 2003 (**LOC**: COOPERATIEVE <br> RABOBANK UA) <br>*(a)* | 3.76% | 01/05/23 | 01/06/23 | &nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3000000 |
| **Harris Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2015A (**LOC**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 4560000 | &nbsp;&nbsp;&nbsp; 4560000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll Road Sr Lien Refunding RB Series 2018A (**LIQ**: WELLS FARGO <br> BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2590000 | &nbsp;&nbsp;&nbsp; 2590000 |
| **Harris Cnty Cultural Education Facilities Finance Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (Texas Childrens Hospital) Series 2021C (**LIQ**: BANK OF <br> AMERICA NA) <br>*(a)* | 3.70% |  | 01/03/23 | &nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1750000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (Texas Children's Hospital) Series 2021D (**LIQ**: ROYAL <br> BANK OF CANADA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 43170000 | &nbsp;&nbsp; 43170000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Houston Methodist) Series 2020B <br> *(a)* | 3.65% |  | 01/03/23 | &nbsp;&nbsp; 11600000 | &nbsp;&nbsp; 11600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Methodist Hospital) Series 2009C1  | 3.70% |  | 01/03/23 | 205000000 | 205000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Methodist Hospital) Series 2009C2  | 3.70% |  | 01/03/23 | &nbsp;&nbsp; 97000000 | &nbsp;&nbsp; 97000000 |
| **Harris Cnty Housing Finance Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Baypointe Apts) Series 2006 (**LOC**: CITIBANK NA) <br> *(a)* | 3.66% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 9705000 | &nbsp;&nbsp;&nbsp; 9705000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Lafayette Village Apts) Series 2006 (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.64% |  | 01/06/23 | &nbsp;&nbsp; 11315000 | &nbsp;&nbsp; 11315000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Village At Cornerstone Apts) Series 2004 <br> (**LOC**: FEDERAL NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.64% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 5815000 | &nbsp;&nbsp;&nbsp; 5815000 |
| **Harris Cnty Toll Road Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1st Lien Revenue CP Series K (**LOC**: PNC BANK NATIONAL <br> ASSOCIATION)<br>| 2.45% |  | 01/17/23 | &nbsp;&nbsp; 28770000 | &nbsp;&nbsp; 28770000 |
| **Houston** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport System Sr Lien CP Series A (**LOC**: SUMITOMO MITSUI <br> BANKING CORPORATION) <br>| 2.38% |  | 01/04/23 | &nbsp;&nbsp; 25000000 | &nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport System Sr Lien CP Series A (**LOC**: SUMITOMO MITSUI <br> BANKING CORPORATION) <br>| 2.35% |  | 01/05/23 | &nbsp;&nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp; 6000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport System Sr Lien CP Series A (**LOC**: SUMITOMO MITSUI <br> BANKING CORPORATION) <br>| 2.67% |  | 01/12/23 | &nbsp;&nbsp; 20000000 | &nbsp;&nbsp; 20000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport System Sr Lien CP Series A (**LOC**: SUMITOMO MITSUI <br> BANKING CORPORATION) <br>| 3.40% |  | 02/07/23 | &nbsp;&nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp; 9000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2016A (**LOC**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp; 6500000 |
| **Houston ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LT GO Refunding Bonds Series 2017 (**GTY**: TEXAS PERMANENT <br> SCHOOL FUND PROG)<br>| 5.00% |  | 02/15/23 | &nbsp;&nbsp;&nbsp; 1615000 | &nbsp;&nbsp;&nbsp; 1619953 |
| **Houston Texas Housing Finance Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing (Fairlake Cove Apts) RB Series 2005 (**LOC**: CITIBANK NA) <br> *(a)* | 3.66% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 6910000 | &nbsp;&nbsp;&nbsp; 6910000 |
| **Katy ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2022 (**GTY**: TEXAS PERMANENT SCHOOL FUND <br> PROG)<br>| 5.00% |  | 02/15/23 | &nbsp;&nbsp;&nbsp; 4185000 | &nbsp;&nbsp;&nbsp; 4198549 |
| **Lamar Consolidated ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Refunding Bonds Series 2015 (**GTY**: TEXAS PERMANENT <br> SCHOOL FUND PROG) (**LIQ**: ROYAL BANK OF CANADA)<br>*(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | &nbsp;&nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp; 2600000 |

---

*See financial notes*

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**43**

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | &nbsp;&nbsp; EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Leander ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2022 (**GTY**: TEXAS PERMANENT SCHOOL FUND <br> PROG) (**LIQ**: BARCLAYS BANK PLC) <br>*(b)(c)(d)* | 3.68% |  | 01/06/23 | &nbsp;&nbsp; 8120000 | &nbsp;&nbsp; 8120000 |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Refunding Bonds Series 2015A (**GTY**: TEXAS PERMANENT <br> SCHOOL FUND PROG) (**LIQ**: ROYAL BANK OF CANADA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3800000 | &nbsp;&nbsp; 3800000 |
| **Love Field Airport Modernization Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport System CP (**LOC**: JPMORGAN CHASE BANK NA) | 3.50% |  | 02/07/23 | &nbsp;&nbsp; 6500000 | &nbsp;&nbsp; 6500000 |
| **Lower Colorado River Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Series B (**LOC**: STATE STREET BANK AND TRUST COMPANY)  | 2.55% |  | 01/05/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Series B (**LOC**: STATE STREET BANK AND TRUST COMPANY)  | 3.45% |  | 02/27/23 | &nbsp;&nbsp; 1603000 | &nbsp;&nbsp; 1603000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transmission Contract Revenue CP (**LOC**: STATE STREET BANK AND <br> TRUST COMPANY; JPMORGAN CHASE BANK NA) <br>| 2.25% |  | 01/05/23 | 21000000 | 21000000 |
| **Lower Neches Valley Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (ExxonMobil) Series 2012 <br> *(a)* | 3.21% |  | 01/03/23 | &nbsp;&nbsp; 2315000 | &nbsp;&nbsp; 2315000 |
| **Lower Neches Valley Auth Industrial Development Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (ExxonMobil) Series 2010<br> *(a)* | 3.21% |  | 01/03/23 | &nbsp;&nbsp; 5835000 | &nbsp;&nbsp; 5835000 |
| **Medina Valley ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2019 (**GTY**: TEXAS PERMANENT SCHOOL FUND <br> PROG)<br>| 5.00% |  | 02/15/23 | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 652031 |
| **Midlothian ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2018 (**GTY**: TEXAS PERMANENT SCHOOL FUND <br> PROG) (**LIQ**: CITIBANK NA)<br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp; 7500000 |
| **Parker Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Road Bonds Series 2017 (**LOC**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.54% |  | 01/06/23 | &nbsp;&nbsp; 7990000 | &nbsp;&nbsp; 7990000 |
| **Port of Port Arthur Navigation District** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exempt Facilities RB (Total Petrochemicals USA) Series 2010 <br> *(a)* | 3.73% |  | 01/06/23 | 50000000 | 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exempt Facilities RB (Total USA) Series 2011 <br> *(a)* | 3.74% |  | 01/06/23 | 48685000 | 48685000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exempt Facilities RB (Total USA) Series 2012A <br> *(a)* | 3.74% |  | 01/06/23 | 74200000 | 74200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exempt Facilities RB (Total USA) Series 2012B <br> *(a)* | 3.74% |  | 01/06/23 | 30000000 | 30000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (ATOFINA Petrochemicals) Series 2003B <br> *(a)* | 3.78% |  | 01/06/23 | 10000000 | 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Total Energies SE) Series 1998 <br> *(a)* | 3.78% |  | 01/06/23 | 18400000 | 18400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (TOTAL Petrochemicals USA) Series 2008 <br> *(a)* | 3.77% |  | 01/06/23 | 50000000 | 50000000 |
| **Prosper ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2019A (**GTY**: TEXAS PERMANENT SCHOOL <br> FUND PROG)<br>| 5.00% |  | 02/15/23 | &nbsp;&nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 431289 |
| **Sabine-Neches Navigation District** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LT GO Bonds Series 2022 (**LIQ**: ROYAL BANK OF CANADA)<br> *(b)(c)(d)* | 3.71% |  | 01/06/23 | 12000000 | 12000000 |
| **San Antonio** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Water System CP Series A (**LIQ**: JPMORGAN CHASE BANK NA)  | 2.28% |  | 01/05/23 | 49185000 | 49185000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water System CP Series A (**LIQ**: JPMORGAN CHASE BANK NA)  | 3.75% |  | 01/19/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water System CP Series A (**LIQ**: JPMORGAN CHASE BANK NA)  | 3.70% |  | 01/26/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water System CP Series A (**LIQ**: JPMORGAN CHASE BANK NA)  | 2.80% |  | 02/03/23 | 25000000 | 25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water System CP Series A (**LIQ**: JPMORGAN CHASE BANK NA)  | 2.45% |  | 02/06/23 | 38025000 | 38025000 |
| **San Antonio Electric & Gas** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric & Gas Jr Lien Refunding RB Series 2021A (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 5440000 | &nbsp;&nbsp; 5440000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric & Gas Refunding RB Series 2022  | 5.00% |  | 02/01/23 | &nbsp;&nbsp; 3630000 | &nbsp;&nbsp; 3637226 |
| **San Antonio Housing Finance Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing Mortgage RB (Artisan) Series 2008 (**LOC**: FEDERAL <br> HOME LOAN MORTGAGE CORPORATION)<br>*(a)* | 3.74% |  | 01/06/23 | 13200000 | 13200000 |

---

*See financial notes*

**44**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Sheldon ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2017 (**GTY**: TEXAS PERMANENT SCHOOL FUND <br> PROG)<br>| 5.00% |  | 02/15/23 | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 376172 |
| **Southeast Housing Finance Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Mansions at Moses Lake Apts) Series 2008 <br> (**LOC**: FEDERAL HOME LOAN MORTGAGE CORPORATION) <br>*(a)* | 3.76% |  | 01/06/23 | 10890000 | 10890000 |
| **Spring Branch ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2022 (**GTY**: TEXAS PERMANENT SCHOOL FUND <br> PROG) (**LIQ**: BANK OF AMERICA NA)<br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1875000 | &nbsp;&nbsp; 1875000 |
| **Tarrant Cnty Cultural Education Facilities Finance Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (Baylor Scott & White Health) Series 2022D (**LIQ**: BANK <br> OF AMERICA NA) <br>*(b)(c)(d)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 6530000 | &nbsp;&nbsp; 6530000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (Baylor Scott & White) Series 2022D (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding RB (Baylor Scott & White Health) Series 2019B <br> (**LOC**: ROYAL BANK OF CANADA) <br>*(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp; 1300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding RB (Baylor Scott & White) Series 2022C <br> (**LIQ**: BARCLAYS BANK PLC) <br>*(b)(c)(d)* | 3.43% |  | 01/03/23 | 12600000 | 12600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Christus Health) Series 2016D (**LOC**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Methodist Hospitals) Series 2008A (**LOC**: TD BANK NA) <br> *(a)* | 3.50% |  | 01/03/23 | &nbsp;&nbsp; 4700000 | &nbsp;&nbsp; 4700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Texas Health Resources) Series 2008A <br> *(a)* | 3.73% |  | 01/06/23 | 18560000 | 18560000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Texas Health Resources) Series 2008B <br> *(a)* | 3.68% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Christus Health) Series 2008C2 (**LOC**: BANK OF NEW <br> YORK MELLON/THE) <br>*(a)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp; 7000000 |
| **Texas** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2002 (**LIQ**: STATE STREET BANK AND TRUST <br> COMPANY) <br>*(a)* | 3.80% |  | 01/06/23 | &nbsp;&nbsp; 4100000 | &nbsp;&nbsp; 4100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2005B (**LIQ**: STATE STREET BANK AND TRUST <br> COMPANY) <br>*(a)* | 3.79% |  | 01/06/23 | 16885000 | 16885000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2010C (**LIQ**: STATE STREET BANK AND TRUST <br> COMPANY) <br>*(a)* | 3.75% |  | 01/06/23 | 15960000 | 15960000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2013A (**LIQ**: STATE STREET BANK AND TRUST <br> COMPANY) <br>*(a)* | 3.75% |  | 01/06/23 | 12125000 | 12125000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2014D (**LIQ**: FEDERAL HOME LOAN BANKS) <br> *(a)* | 3.85% |  | 01/06/23 | &nbsp;&nbsp; 6520000 | &nbsp;&nbsp; 6520000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2015B (**LIQ**: FEDERAL HOME LOAN BANKS) <br> *(a)* | 3.85% |  | 01/06/23 | 53810000 | 53810000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017 (**LIQ**: SUMITOMO MITSUI BANKING <br> CORPORATION) <br>*(a)* | 3.73% |  | 01/06/23 | 47385000 | 47385000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018 (**LIQ**: FEDERAL HOME LOAN BANKS) <br> *(a)* | 3.73% |  | 01/06/23 | 48520000 | 48520000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2020B  | 3.00% |  | 08/01/23 | &nbsp;&nbsp; 2185000 | &nbsp;&nbsp; 2169575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veterans Bonds Series 2012B (**LIQ**: STATE STREET BANK AND TRUST <br> COMPANY) <br>*(a)* | 3.75% |  | 01/06/23 | &nbsp;&nbsp; 5250000 | &nbsp;&nbsp; 5250000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veterans Bonds Series 2014A (**LIQ**: STATE STREET BANK AND TRUST <br> COMPANY) <br>*(a)* | 3.75% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp;&nbsp; 675000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veterans Bonds Series 2016 (**LIQ**: TD BANK NA) <br> *(a)* | 3.80% |  | 01/06/23 | 37115000 | 37115000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veterans Bonds Series 2019 (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(a)* | 3.73% |  | 01/06/23 | 83800000 | 83798880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veterans Bonds Series 2020 (**LIQ**: FEDERAL HOME LOAN BANKS) <br> *(a)* | 3.68% |  | 01/06/23 | 97625000 | 97625000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veterans Bonds Series 2021 (**LIQ**: FEDERAL HOME LOAN BANKS) <br> *(a)* | 3.73% |  | 01/06/23 | 52780000 | 52780000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veterans Bonds Series 2022 (**LIQ**: SUMITOMO MITSUI BANKING <br> CORPORATION) <br>*(a)* | 3.73% |  | 01/06/23 | 24000000 | 24000000 |

---

*See financial notes*

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**45**

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; Veterans' Housing Assistance Program Fund II Series 2001A2 <br> (**LIQ**: STATE STREET BANK AND TRUST COMPANY) <br>*(a)* | 3.80% |  | 01/06/23 | &nbsp;&nbsp; 3515000 | &nbsp;&nbsp; 3515000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veterans Housing Assistance Program Fund II Series 2001C2 <br> (**LIQ**: STATE STREET BANK AND TRUST COMPANY) <br>*(a)* | 3.79% |  | 01/06/23 | 21625000 | 21625000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veterans' Housing Assistance Program Fund II Series 2002A2 <br> (**LIQ**: STATE STREET BANK AND TRUST COMPANY) <br>*(a)* | 3.80% |  | 01/06/23 | &nbsp;&nbsp; 1745000 | &nbsp;&nbsp; 1745000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veterans' Housing Assistance Program Fund II Series 2003B <br> (**LIQ**: STATE STREET BANK AND TRUST COMPANY) <br>*(a)* | 3.80% |  | 01/06/23 | 15225000 | 15225000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veterans' Housing Assistance Program Fund II Series 2004B <br> (**LIQ**: STATE STREET BANK AND TRUST COMPANY) <br>*(a)* | 3.80% |  | 01/06/23 | 17300000 | 17300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veterans Housing Assistance Program Fund II Series 2005A <br> (**LIQ**: STATE STREET BANK AND TRUST COMPANY) <br>*(a)* | 3.79% |  | 01/06/23 | &nbsp;&nbsp; 4555000 | &nbsp;&nbsp; 4555000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veterans' Housing Assistance Program Fund II Series 2006A <br> (**LIQ**: STATE STREET BANK AND TRUST COMPANY) <br>*(a)* | 3.80% |  | 01/06/23 | 20265000 | 20265000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veterans Housing Assistance Program Fund II Series 2008A <br> (**LIQ**: STATE STREET BANK AND TRUST COMPANY) <br>*(a)* | 3.79% |  | 01/06/23 | 23080000 | 23080000 |
| **Texas A&M Univ** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Series B | 2.28% |  | 02/02/23 | &nbsp;&nbsp; 3830000 | &nbsp;&nbsp; 3830000 |
| **Texas Dept of Housing & Community Affairs** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Costa Ibiza Apts) Series 2008 (**LOC**: FEDERAL HOME <br> LOAN MORTGAGE CORPORATION) <br>*(a)* | 3.74% |  | 01/06/23 | 11720000 | 11720000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Costa Mariposa Apts) Series 2009 (**LOC**: FEDERAL <br> HOME LOAN MORTGAGE CORPORATION) <br>*(a)* | 3.74% |  | 01/06/23 | &nbsp;&nbsp; 5540000 | &nbsp;&nbsp; 5540000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Idlewilde Apartments) Series 2006 (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.62% |  | 01/06/23 | &nbsp;&nbsp; 4690000 | &nbsp;&nbsp; 4690000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Tower Ridge Apts) Series 2005 (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.80% |  | 01/06/23 | 15000000 | 15000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Woodmont Apts) Series 2009 (**LOC**: FEDERAL HOME <br> LOAN MORTGAGE CORPORATION) <br>*(a)* | 3.74% |  | 01/06/23 | 13010000 | 13010000 |
| &nbsp;&nbsp;&nbsp;&nbsp; S/F Mortgage RB Series 2007A (**LIQ**: TEXAS (STATE OF)) <br> *(a)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 3560000 | &nbsp;&nbsp; 3560000 |
| &nbsp;&nbsp;&nbsp;&nbsp; S/F Mortgage RB Series 2022B (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 8700000 | &nbsp;&nbsp; 8700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; S/F Mortgage Refunding RB Series 2005A (**LIQ**: TEXAS (STATE OF)) <br> *(a)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 7560000 | &nbsp;&nbsp; 7560000 |
| **Texas Public Finance Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Series 2019A | 2.68% |  | 01/19/23 | 10000000 | 10000000 |
| **Texas Transportation Commission** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2006B <br> *(a)* | 3.62% |  | 01/06/23 | &nbsp;&nbsp; 2425000 | &nbsp;&nbsp; 2425000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2016A (**LIQ**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.49% |  | 01/06/23 | &nbsp;&nbsp; 5960000 | &nbsp;&nbsp; 5960000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2014 (**LIQ**: TORONTO-DOMINION <br> BANK/THE) <br>*(b)(c)(d)* | 3.63% | 01/05/23 | 01/06/23 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Highway Fund 1st Tier RB Series 2014B (**LIQ**: SUMITOMO <br> MITSUI BANKING CORPORATION) <br>*(a)* | 3.69% |  | 01/06/23 | 84000000 | 84000000 |
| **Texas Water Dev Brd** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Water Implementation Fund RB Series 2022 (**LIQ**: JPMORGAN <br> CHASE BANK NA)<br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5000000 |
| **Univ of Texas** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Notes Series A  | 2.05% |  | 01/04/23 | 20000000 | 20000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Notes Series A  | 2.00% |  | 01/05/23 | 12500000 | 12500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Notes Series A  | 2.05% |  | 01/05/23 | 10800000 | 10800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Notes Series A  | 3.00% |  | 01/05/23 | 12500000 | 12499405 |

---

*See financial notes*

**46**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Notes Series A  | 3.05% |  | 01/06/23 | 22000000 | &nbsp;&nbsp;&nbsp;&nbsp; 21998917 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Notes Series A  | 2.00% |  | 01/09/23 | 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Notes Series A  | 2.05% |  | 01/09/23 | 18000000 | &nbsp;&nbsp;&nbsp;&nbsp; 18000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Notes Series A  | 2.00% |  | 01/10/23 | &nbsp;&nbsp; 9500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Notes Series A  | 3.75% |  | 01/17/23 | &nbsp;&nbsp; 5225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5225000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Notes Series A  | 2.15% |  | 01/19/23 | 20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Notes Series A  | 2.15% |  | 01/26/23 | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Notes Series A  | 2.15% |  | 01/30/23 | 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Notes Series A  | 2.98% |  | 04/03/23 | 18000000 | &nbsp;&nbsp;&nbsp;&nbsp; 17995592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Permanent Univ Fund Bonds Series 2008A (**LIQ**: UNIVERSITY OF <br> TEXAS SYSTEM) <br>*(a)* | 3.65% |  | 01/06/23 | &nbsp;&nbsp; 1085000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1085000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Financing CP Series A  | 2.22% |  | 01/04/23 | 20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Financing CP Series A  | 2.97% |  | 01/05/23 | &nbsp;&nbsp; 4400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Financing CP Series A  | 2.77% |  | 01/10/23 | 18000000 | &nbsp;&nbsp;&nbsp;&nbsp; 18000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Financing CP Series A  | 2.62% |  | 01/19/23 | &nbsp;&nbsp; 8300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Financing CP Series A  | 2.20% |  | 02/02/23 | 20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Financing CP Series A  | 3.52% |  | 02/10/23 | &nbsp;&nbsp; 4300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Financing CP Series A  | 2.42% |  | 03/02/23 | 14000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Financing System Bonds Series 2008B <br> *(a)* | 3.80% |  | 01/06/23 | 45460000 | &nbsp;&nbsp;&nbsp;&nbsp; 45460000 |
| **Weslaco ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Refunding Bonds Series 2016 (**GTY**: TEXAS PERMANENT <br> SCHOOL FUND PROG)<br>| 4.00% |  | 02/15/23 | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210363 |
| **Whitehouse ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2017 (**GTY**: TEXAS PERMANENT SCHOOL FUND <br> PROG) (**LIQ**: ROYAL BANK OF CANADA)<br>*(b)(c)(d)* | 3.63% |  | 01/06/23 | &nbsp;&nbsp; 4750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4750000 |
|  |  |  |  |  | **2839574946** |
| **UTAH 0.6%** | **UTAH 0.6%** | **UTAH 0.6%** | **UTAH 0.6%** | **UTAH 0.6%** | **UTAH 0.6%** |
| **Intermountain Power Agency** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Supply RB Series 2022A (**LIQ**: BANK OF AMERICA NA) <br> *(b)(c)(d)* | 3.72% |  | 01/06/23 | &nbsp;&nbsp; 5130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5130000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Power Supply RB Series 2019A1 (**LOC**: ROYAL BANK OF CANADA) <br> *(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| **Logan City** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IDRB (Scientific Technology) Series 2001 (**LOC**: BANK OF THE WEST)<br> *(a)* | 3.68% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850000 |
| **Murray** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (IHC Health Services) Series 2003C<br> *(a)* | 3.60% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 620000 |
| **Utah Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (IHC Health Services) Series 2016C (**LIQ**: BMO HARRIS <br> BANK NA) <br>*(a)* | 3.60% |  | 01/06/23 | 22325000 | &nbsp;&nbsp;&nbsp;&nbsp; 22325000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (IHC Health Services) Series 2016E (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(a)* | 3.73% |  | 01/06/23 | 24850000 | &nbsp;&nbsp;&nbsp;&nbsp; 24850000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (IHC Health Services) Series 2020A (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 4875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4875000 |
| **Utah Water Finance Agency** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2008B-1 (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(a)* | 3.70% |  | 01/06/23 | 23965000 | &nbsp;&nbsp;&nbsp;&nbsp; 23965000 |
|  |  |  |  |  | **87615000** |

---

*See financial notes*

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**47**

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | &nbsp;&nbsp; EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **VIRGINIA 0.8%** | **VIRGINIA 0.8%** | **VIRGINIA 0.8%** | **VIRGINIA 0.8%** | **VIRGINIA 0.8%** | **VIRGINIA 0.8%** |
| **Albemarle Cnty Economic Development Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Facilities Refunding RB (Sentara Health) Series 2018A <br> (**LIQ**: TD BANK NA) <br>*(a)* | 3.61% |  | 01/06/23 | 52635000 | &nbsp;&nbsp; 52635000 |
| **Fairfax Cnty IDA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care RB (Inova Health) Series 2016C<br> *(a)* | 3.66% |  | 01/06/23 | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 |
| **Hampton Roads Transportation Accountability Commission** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr Lien RB Series 2022A (**LIQ**: WELLS FARGO BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3590000 | &nbsp;&nbsp;&nbsp;&nbsp; 3590000 |
| **Metropolitan Washington Airports Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport System Refunding RB Series 2011A1 (**LOC**: TD BANK NA) <br> *(a)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 4400000 | &nbsp;&nbsp;&nbsp;&nbsp; 4400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport System Refunding RB Series 2011A3 (**LOC**: TD BANK NA) <br> *(a)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport System Refunding RB Series 2016A (**LIQ**: MORGAN STANLEY <br> BANK NA) <br>*(b)(c)(d)* | 3.74% |  | 01/06/23 | &nbsp;&nbsp; 7100000 | &nbsp;&nbsp;&nbsp;&nbsp; 7100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport System Refunding RB Series 2017A (**LIQ**: CITIBANK NA) <br> *(b)(c)(d)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| **Norfolk Economic Development Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Facilities Refunding RB (Sentara Healthcare) <br> Series 2012B (**LIQ**: ROYAL BANK OF CANADA) <br>*(b)(c)(d)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Facilities RB (Sentara Health) Series 2016A <br> *(a)* | 3.62% |  | 01/06/23 | 18470000 | &nbsp;&nbsp; 18470000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Facilities Refunding RB (Sentara Healthcare) Series 2018B <br> (**LIQ**: BARCLAYS BANK PLC) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | 19295000 | &nbsp;&nbsp; 19295000 |
|  |  |  |  |  | **121290000** |
| **WASHINGTON 2.6%** | **WASHINGTON 2.6%** | **WASHINGTON 2.6%** | **WASHINGTON 2.6%** | **WASHINGTON 2.6%** | **WASHINGTON 2.6%** |
| **Franklin Pierce SD #402** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2016 (**GTY**: WASHINGTON (STATE OF)) <br> (**LIQ**: ROYAL BANK OF CANADA)<br>*(b)(c)(d)* | 3.49% |  | 01/06/23 | &nbsp;&nbsp; 6430000 | &nbsp;&nbsp;&nbsp;&nbsp; 6430000 |
| **Highline SD #401** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017 (**GTY**: WASHINGTON (STATE OF)) <br> (**GTY**: WASHINGTON (STATE OF)) (**LIQ**: US BANK NATIONAL <br> ASSOCIATION) <br>*(b)(c)(d)* | 3.69% |  | 01/03/23 | &nbsp;&nbsp; 5590000 | &nbsp;&nbsp;&nbsp;&nbsp; 5590000 |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Refunding Bonds Series 2015 (**GTY**: WASHINGTON (STATE <br> OF)) (**LIQ**: ROYAL BANK OF CANADA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 |
| **King Cnty Housing Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Salmon Creek Apts) Series 2007 (**LOC**: BANK OF AMERICA NA)<br> *(a)* | 3.76% |  | 01/06/23 | &nbsp;&nbsp; 3545000 | &nbsp;&nbsp;&nbsp;&nbsp; 3545000 |
| **King Cnty Sewer System** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LT GO CP Series A  | 2.03% |  | 01/05/23 | 17670000 | &nbsp;&nbsp; 17670000 |
| &nbsp;&nbsp;&nbsp;&nbsp; LT GO CP Series A  | 2.22% |  | 01/09/23 | 10000000 | &nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; LT GO CP Series A  | 2.45% |  | 01/11/23 | 10500000 | &nbsp;&nbsp; 10500000 |
| **Port Bellingham IDA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IDRB (Hempler Foods) Series 2006 (**LOC**: BANK OF MONTREAL) <br> *(a)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 6125000 | &nbsp;&nbsp;&nbsp;&nbsp; 6125000 |
| **Port of Seattle** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1st Lien Refunding RB Series 2016B (**LIQ**: TORONTO-DOMINION <br> BANK/THE) <br>*(b)(c)(d)* | 3.72% |  | 01/06/23 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intermediate Lien RB Series 2017C (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 7500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intermediate Lien RB Series 2018A (**LIQ**: DEUTSCHE BANK AG) <br> *(b)(c)(d)* | 3.75% |  | 01/06/23 | &nbsp;&nbsp; 8780000 | &nbsp;&nbsp;&nbsp;&nbsp; 8780000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intermediate Lien RB Series 2018A (**LIQ**: JPMORGAN CHASE BANK <br> NA) <br>*(b)(c)(d)* | 3.81% |  | 01/06/23 | &nbsp;&nbsp; 2585000 | &nbsp;&nbsp;&nbsp;&nbsp; 2585000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intermediate Lien RB Series 2019 (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.81% |  | 01/06/23 | &nbsp;&nbsp; 6320000 | &nbsp;&nbsp;&nbsp;&nbsp; 6320000 |

---

*See financial notes*

**48**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; Intermediate Lien Refunding RB Series 2022B (**LIQ**: BARCLAYS BANK <br> PLC) <br>*(b)(c)(d)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 3630000 | &nbsp;&nbsp;&nbsp;&nbsp; 3630000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Lien Refunding RB Series 2008 (**LOC**: MUFG BANK LTD) <br> *(a)* | 3.85% |  | 01/06/23 | 73015000 | &nbsp;&nbsp; 73015000 |
| **Seattle** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Drainage and Wastewater System Refunding RB 2017 (**LIQ**: US BANK <br> NATIONAL ASSOCIATION) <br>*(b)(c)(d)* | 3.62% |  | 01/03/23 | &nbsp;&nbsp; 8350000 | &nbsp;&nbsp;&nbsp;&nbsp; 8350000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Light & Power RB Series 2015A (**LIQ**: US BANK NATIONAL <br> ASSOCIATION) <br>*(b)(c)(d)* | 3.69% |  | 01/03/23 | &nbsp;&nbsp; 5900000 | &nbsp;&nbsp;&nbsp;&nbsp; 5900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Light & Power RB Series 2018A (**LIQ**: WELLS FARGO BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 8530000 | &nbsp;&nbsp;&nbsp;&nbsp; 8530000 |
| &nbsp;&nbsp;&nbsp;&nbsp; LT GO Bonds Series 2017A (**LIQ**: US BANK NATIONAL ASSOCIATION) <br> *(b)(c)(d)* | 3.25% |  | 01/03/23 | 12170000 | &nbsp;&nbsp; 12170000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water System Refunding RB Series 2017 (**LIQ**: US BANK NATIONAL <br> ASSOCIATION) <br>*(b)(c)(d)* | 3.69% |  | 01/03/23 | 25070000 | &nbsp;&nbsp; 25070000 |
| **Snohomish Cnty Housing Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Olympic View & Sound View Apts) Series 2007 (**LOC**: BANK OF <br> AMERICA NA)<br>*(a)* | 3.76% |  | 01/06/23 | &nbsp;&nbsp; 4075000 | &nbsp;&nbsp;&nbsp;&nbsp; 4075000 |
| **Snoqualmie Valley SD #410** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Refunding Bonds Series 2018 (**GTY**: WASHINGTON (STATE <br> OF)) (**LIQ**: ROYAL BANK OF CANADA)<br>*(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| **Washington** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2003C (**LIQ**: MORGAN STANLEY BANK NA) <br> *(b)(c)(d)* | 3.69% | 01/05/23 | 01/06/23 | 11105000 | &nbsp;&nbsp; 11105000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2014D (**LIQ**: CITIBANK NA) <br> *(b)(c)(d)* | 3.33% | 01/05/23 | 01/06/23 | &nbsp;&nbsp; 4700000 | &nbsp;&nbsp;&nbsp;&nbsp; 4700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017D (**LIQ**: WELLS FARGO BANK NA) <br> *(b)(c)(d)* | 3.49% |  | 01/06/23 | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 7500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023A (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1675000 | &nbsp;&nbsp;&nbsp;&nbsp; 1675000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series R-2013C (**LIQ**: JPMORGAN CHASE BANK <br> NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp; 7500000 |
| **Washington Economic Development Finance Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Environmental Facilities Refunding RB (Mura Cascade) Series 2022 <br> (**ESCROW**) <br>*(b)(c)* | 3.90% |  | 12/08/23 | 47500000 | &nbsp;&nbsp; 47500232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal RB (Waste Management) Series 2002D <br> (**LOC**: JPMORGAN CHASE BANK NA) <br>*(a)* | 3.80% |  | 01/06/23 | 15000000 | &nbsp;&nbsp; 15000000 |
| **Washington Health Care Facilities Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (CommonSpirit Health) Series 2019A (**LOC**: JPMORGAN CHASE <br> BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2325000 | &nbsp;&nbsp;&nbsp;&nbsp; 2325000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Seattle Children's Hospital) Series 2017A (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 5670000 | &nbsp;&nbsp;&nbsp;&nbsp; 5670000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Seattle Children's Hospital) Series 2015A&B <br> (**LIQ**: JPMORGAN CHASE BANK NA) <br>*(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 8625000 | &nbsp;&nbsp;&nbsp;&nbsp; 8625000 |
| **Washington State Housing Finance Commission** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Clark Island) Series 2007 (**LOC**: FEDERAL HOME <br> LOAN MORTGAGE CORPORATION) <br>*(a)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 5560000 | &nbsp;&nbsp;&nbsp;&nbsp; 5560000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Parkview Apts) Series 2008 (**LOC**: FEDERAL HOME <br> LOAN MORTGAGE CORPORATION) <br>*(a)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 3060000 | &nbsp;&nbsp;&nbsp;&nbsp; 3060000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Rainier Court Apts) Series 2003A (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(a)* | 3.65% |  | 01/06/23 | 12750000 | &nbsp;&nbsp; 12750000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing Refunding RB (Ballard Landmark Inn) Series 2015A <br> (**LOC**: FEDERAL HOME LOAN BANKS) <br>*(a)* | 3.64% |  | 01/06/23 | 10000000 | &nbsp;&nbsp; 10000000 |
|  |  |  |  |  | **376505232** |

---

*See financial notes*

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**49**

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **WEST VIRGINIA 0.3%** | **WEST VIRGINIA 0.3%** | **WEST VIRGINIA 0.3%** | **WEST VIRGINIA 0.3%** | **WEST VIRGINIA 0.3%** | **WEST VIRGINIA 0.3%** |
| **Putnam Cnty Commission** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disposal RB (Toyota Motor Manufacturing) Series 1998A <br> *(a)* | 3.66% |  | 01/06/23 | &nbsp;&nbsp; 39800000 | **39800000** |
| **WISCONSIN 0.7%** | **WISCONSIN 0.7%** | **WISCONSIN 0.7%** | **WISCONSIN 0.7%** | **WISCONSIN 0.7%** | **WISCONSIN 0.7%** |
| **Green Bay Redevelopment Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exempt Facility RB (Green Bay Packaging Inc) Series 2019 <br> (**LOC**: WELLS FARGO BANK NA) <br>*(a)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 73400000 | &nbsp;&nbsp; 73400000 |
| **Wisconsin Health & Educational Facilities Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Children's Hospital of Wisconsin) Series 2017 (**LIQ**: BANK OF <br> AMERICA NA)<br>*(b)(c)(d)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 |
| **Wisconsin Housing & Economic Development Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Ownership RB Series 2003B (**LIQ**: FEDERAL HOME LOAN <br> BANKS) <br>*(a)* | 3.78% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 4305000 | &nbsp;&nbsp;&nbsp;&nbsp; 4305000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB Series 2018A (**LIQ**: BARCLAYS BANK PLC) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB Series 2018A (**LIQ**: WELLS FARGO BANK NA) <br> *(b)(c)(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB Series 2022C (**LIQ**: FEDERAL HOME LOAN BANKS) <br> *(a)* | 3.65% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 4650000 | &nbsp;&nbsp;&nbsp;&nbsp; 4650000 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing Bonds Series 2007C (**LIQ**: FEDERAL HOME LOAN <br> BANKS) <br>*(a)* | 3.63% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 5455000 | &nbsp;&nbsp;&nbsp;&nbsp; 5455000 |
|  |  |  |  |  | **98310000** |
| **WYOMING 0.9%** | **WYOMING 0.9%** | **WYOMING 0.9%** | **WYOMING 0.9%** | **WYOMING 0.9%** | **WYOMING 0.9%** |
| **Lincoln Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pollution Control Refunding RB (ExxonMobil) Series 2014 <br> *(a)* | 3.58% |  | 01/03/23 | &nbsp;&nbsp; 45700000 | &nbsp;&nbsp; 45700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pollution Ctrl Refunding RB (ExxonMobil) Series 2014 <br> *(a)* | 3.54% |  | 01/03/23 | &nbsp;&nbsp; 38020000 | &nbsp;&nbsp; 38020000 |
| **Sublette Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pollution Control Refunding RB (ExxonMobil) Series 2014 <br> *(a)* | 3.54% |  | 01/03/23 | &nbsp;&nbsp; 10300000 | &nbsp;&nbsp; 10300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pollution Control Refunding RB (ExxonMobil) Series 2014 <br> *(a)* | 3.58% |  | 01/03/23 | &nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 |
| **Sweetwater Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Simplot Phosphates) Series 2007 (**LOC**: COOPERATIEVE <br> RABOBANK UA) <br>*(a)* | 3.75% |  | 01/06/23 | &nbsp;&nbsp; 32700000 | &nbsp;&nbsp; 32700000 |
|  |  |  |  |  | **133720000** |
| **MULTIPLE STATES 4.6%** | **MULTIPLE STATES 4.6%** | **MULTIPLE STATES 4.6%** | **MULTIPLE STATES 4.6%** | **MULTIPLE STATES 4.6%** | **MULTIPLE STATES 4.6%** |
| **Nuveen AMT-Free Municipal Credit Income Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Demand Preferred Shares Series 1 (**LOC**: JPMORGAN <br> CHASE BANK NA) <br>*(a)(b)* | 3.72% | 01/06/23 | 01/06/23 | &nbsp;&nbsp; 58400000 | &nbsp;&nbsp; 58400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Demand Preferred Shares Series 4 (**LOC**: SOCIETE <br> GENERALE SA) <br>*(a)(b)* | 3.72% |  | 01/06/23 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Demand Preferred Shares Series 5 (**LOC**: SOCIETE <br> GENERALE SA) <br>*(a)(b)* | 3.71% | 01/06/23 | 01/06/23 | &nbsp;&nbsp; 19100000 | &nbsp;&nbsp; 19100000 |
| **Nuveen AMT-Free Quality Municipal Income Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Demand Preferred Shares Series 4 (**LOC**: BARCLAYS <br> BANK PLC) <br>*(a)(b)* | 3.71% |  | 01/06/23 | 123000000 | 123000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Demand Preferred Shares Series 5 (**LOC**: SUMITOMO <br> MITSUI BANKING CORPORATION) <br>*(a)(b)* | 3.71% | 01/06/23 | 01/06/23 | &nbsp;&nbsp; 25000000 | &nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Demand Preferred Shares Series C (**LOC**: SOCIETE <br> GENERALE SA) <br>*(a)(b)* | 3.72% |  | 01/06/23 | &nbsp;&nbsp; 93300000 | &nbsp;&nbsp; 93300000 |
| **Nuveen Municipal Credit Opportunities Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Demand Preferred Shares Series A (**LOC**: SUMITOMO <br> MITSUI BANKING CORPORATION) <br>*(a)(b)* | 3.76% |  | 01/06/23 | &nbsp;&nbsp; 58700000 | &nbsp;&nbsp; 58700000 |

---

*See financial notes*

**50**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | &nbsp;&nbsp; EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Nuveen Quality Municipal Income Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Demand Preferred Shares Series 1 (**LOC**: BARCLAYS <br> BANK PLC) <br>*(a)(b)* | 3.76% |  | 01/06/23 | 178200000 | &nbsp;&nbsp;&nbsp;&nbsp; 178200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Demand Preferred Shares Series 2 (**LOC**: BARCLAYS <br> BANK PLC) <br>*(a)(b)* | 3.76% |  | 01/06/23 | &nbsp;&nbsp; 95600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95600000 |
|  |  |  |  |  | **661300000** |
| **Total Municipal Securities** <br>**(Cost $13,204,034,740)** | **Total Municipal Securities** <br>**(Cost $13,204,034,740)** | **Total Municipal Securities** <br>**(Cost $13,204,034,740)** | **Total Municipal Securities** <br>**(Cost $13,204,034,740)** | **Total Municipal Securities** <br>**(Cost $13,204,034,740)** | **13204034740** |
| **U.S. GOVERNMENT AGENCY DEBT** 6.4% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 6.4% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 6.4% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 6.4% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 6.4% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 6.4% OF NET ASSETS |
| **Federal Home Loan Banks** | **Federal Home Loan Banks** | **Federal Home Loan Banks** | **Federal Home Loan Banks** | **Federal Home Loan Banks** | **Federal Home Loan Banks** |
|  | 3.84% |  | 01/03/23 | &nbsp;&nbsp; 54200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54200000 |
|  | 3.77% |  | 01/05/23 | 214000000 | &nbsp;&nbsp;&nbsp;&nbsp; 213955179 |
|  | 3.85% |  | 01/05/23 | 141866000 | &nbsp;&nbsp;&nbsp;&nbsp; 141835656 |
|  | 3.86% |  | 01/10/23 | &nbsp;&nbsp; 49356000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49319052 |
|  | 3.81% |  | 01/23/23 | 236000000 | &nbsp;&nbsp;&nbsp;&nbsp; 235501778 |
|  | 4.10% |  | 01/25/23 | 239300000 | &nbsp;&nbsp;&nbsp;&nbsp; 238744292 |
| **Total U.S. Government Agency Debt** <br>**(Cost $933,555,957)** | **Total U.S. Government Agency Debt** <br>**(Cost $933,555,957)** | **Total U.S. Government Agency Debt** <br>**(Cost $933,555,957)** | **Total U.S. Government Agency Debt** <br>**(Cost $933,555,957)** | **Total U.S. Government Agency Debt** <br>**(Cost $933,555,957)** | **933555957** |
| **U.S. TREASURY DEBT** 0.5% OF NET ASSETS | **U.S. TREASURY DEBT** 0.5% OF NET ASSETS | **U.S. TREASURY DEBT** 0.5% OF NET ASSETS | **U.S. TREASURY DEBT** 0.5% OF NET ASSETS | **U.S. TREASURY DEBT** 0.5% OF NET ASSETS | **U.S. TREASURY DEBT** 0.5% OF NET ASSETS |
| **United States Treasury** | **United States Treasury** | **United States Treasury** | **United States Treasury** | **United States Treasury** | **United States Treasury** |
|  | 3.45% |  | 01/05/23 | &nbsp;&nbsp; 35800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35793144 |
|  | 3.68% |  | 01/24/23 | &nbsp;&nbsp; 40000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39914250 |
| **Total U.S. Treasury Debt** <br>**(Cost $75,707,394)** | **Total U.S. Treasury Debt** <br>**(Cost $75,707,394)** | **Total U.S. Treasury Debt** <br>**(Cost $75,707,394)** | **Total U.S. Treasury Debt** <br>**(Cost $75,707,394)** | **Total U.S. Treasury Debt** <br>**(Cost $75,707,394)** | **75707394** |
| **Total Investments in Securities** <br>**(Cost $14,213,298,091)** | **Total Investments in Securities** <br>**(Cost $14,213,298,091)** | **Total Investments in Securities** <br>**(Cost $14,213,298,091)** | **Total Investments in Securities** <br>**(Cost $14,213,298,091)** | **Total Investments in Securities** <br>**(Cost $14,213,298,091)** | **14213298091** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* 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;*(b)* 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 $3,468,040,732 or 23.9% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* Variable rate security; rate shown is effective rate at period end.

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* 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;

*See financial notes*

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**51**

------

Schwab Municipal Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | |
|:---|:---|
| AUTH — | Authority |
| BAN — | Bond anticipation note |
| CCD — | Community college district |
| CNTY — | County |
| CP — | Commercial paper |
| CSD — | Central school district |
| DEV — | Development |
| GO — | General obligation |
| GTY — | Guaranty agreement |
| HFA — | Housing finance agency/authority |
| HSD — | High school district |
| HSG — | Housing |
| IDA — | Industrial development agency/authority |
| IDB — | Industrial development bond |
| IDC — | Industrial development corporation |
| IDRB — | Industrial development revenue bond |
| IRB — | Industrial revenue bond |
| ISD — | Independent school district |
| LIQ — | Liquidity agreement |
| LOC — | Letter of credit |
| LT — | Limited tax |
| M/F — | Multi-family |
| RB — | Revenue bond |
| S/F — | Single-family |
| SD — | School district |
| 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>|
| TAN — | Tax anticipation note |
| TRAN — | Tax and revenue anticipation note |
| UFSD — | Union free school district |
| ULT — | Unlimited tax |
| USD — | Unified school district |
| VRDN — | Variable rate demand note |

---

------

At December 31, 2022, all of the fund's investment securities were classified as Level 2. The breakdown of the fund's investments

into categories is disclosed on the Portfolio Holdings (see financial note 2(a) for additional information).

*See financial notes*

**52**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

------

Schwab Municipal Money Fund

Statement of Assets and Liabilities

------

As of December 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at cost and value - unaffiliated (Note 2a) |  | $14213298091 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16848762 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358697330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48332646 |
| Prepaid expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411855 |
| **Total assets** |  | **14637588684** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59406595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28648582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11754258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1862237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355 |
| Accrued expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 498812 |
| **Total liabilities** |  | **102212484** |
| **Net assets** |  | **$14535376200** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $14535376200 |
| **Net assets** |  | **$14535376200** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  |
| **Share Class**  | **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares** <br>**Outstanding** <br>| **=** | **NAV** |
| Investor Shares | $2953783017 |  | &nbsp;&nbsp; 2952995838 |  | $1.00 |
| Ultra Shares | $11581593183 |  | 11578321896 |  | $1.00 |

---

*See financial notes*

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**53**

------

Schwab Municipal Money Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2022 through December 31, 2022 | For the period January 1, 2022 through December 31, 2022 | For the period January 1, 2022 through December 31, 2022 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| **Interest received from securities - unaffiliated** |  | **$153971859** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp; 21386176 |
| Shareholder service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3213699 |
| Registration fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 572069 |
| Portfolio accounting fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253766 |
| Proxy fees<sup>1</sup> <br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122810 |
| Custodian fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102381 |
| Shareholder reports |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74863 |
| Professional fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70030 |
| Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43210 |
| Transfer agent fees  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1318 |
| Other expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88725 |
| **Total expenses** |  | **25929047** |
| Expense reduction | – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2252785 |
| **Net expenses** | – | **23676262** |
| **Net investment income** |  | **130295597** |
| **REALIZED GAINS (LOSSES)** | **REALIZED GAINS (LOSSES)** | **REALIZED GAINS (LOSSES)** |
| **Net realized gains on sales of securities - unaffiliated** |  | **1284144** |
| **Increase in net assets resulting from operations** |  | **$131579741** |

---

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

<sup>1</sup> Proxy fees are non-routine expenses (see financial note 5 for additional information).

*See financial notes*

**54**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

------

Schwab Municipal Money Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/21-12/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp; $130295597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1110850 |
| Net realized gains | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1284144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 867999 |
| **Increase in net assets from operations** |  | **$131579741** | **$1978849** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| Investor Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ($23196120) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ($337344) |
| Ultra Shares | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (108330773) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1432384) |
| **Total distributions** |  | **($131526893)** | **($1769728)** |
| **TRANSACTIONS IN FUND SHARES\*** | **TRANSACTIONS IN FUND SHARES\*** | **TRANSACTIONS IN FUND SHARES\*** | **TRANSACTIONS IN FUND SHARES\*** |
| **Shares Sold** |  |  |  |
| Investor Shares |  | &nbsp;&nbsp;&nbsp;&nbsp; 4437059113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 632432879 |
| Ultra Shares | + | &nbsp;&nbsp;&nbsp; 19362303224 | &nbsp;&nbsp;&nbsp; 3037633946 |
| **Total shares sold** |  | **23799362337** | **3670066825** |
| **Shares Reinvested** |  |  |  |
| Investor Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16653040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249034 |
| Ultra Shares | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79591772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1099749 |
| **Total shares reinvested** |  | **96244812** | **1348783** |
| **Shares Redeemed** |  |  |  |
| Investor Shares |  | &nbsp;&nbsp;&nbsp; (3096572730) | &nbsp;&nbsp; (1077283104) |
| Ultra Shares | + | &nbsp;&nbsp; (14264935882) | &nbsp;&nbsp; (6582409468) |
| **Total shares redeemed** |  | **(17361508612)** | **(7659692572)** |
| **Net transactions in fund shares** |  | **6534098537** | **(3988276964)** |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of period |  | &nbsp;&nbsp;&nbsp; $8001224815 | $11989292658 |
| Total increase (decrease) | + | &nbsp;&nbsp;&nbsp;&nbsp; 6534151385 | &nbsp;&nbsp; (3988067843) |
| **End of period** |  | **$14535376200** | **$8001224815** |

---

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

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

<sup>\*</sup> Transactions took place at $1.00 per share; figures for share quantities are the same as for dollars.

*See financial notes*

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**55**

------

Schwab AMT Tax-Free Money Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investor Shares** | 1/1/22– <br>12/31/22<br>| 1/1/21– <br>12/31/21<br>| 1/1/20– <br>12/31/20<br>| 1/1/19– <br>12/31/19<br>| 1/1/18– <br>12/31/18<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 | $1.00 | $1.00 | $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp; 0.01 | &nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp; 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.00)<sup>2</sup> <br>| &nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp; (0.00)<sup>2</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp; 0.01 | &nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp; 0.01 |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.01) | (0.00)<sup>2</sup> <br>| (0.00)<sup>2</sup> <br>| &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.01)<sup>3</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.00)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.01) | (0.00)<sup>2</sup> <br>| (0.00)<sup>2</sup> <br>| &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.01)<sup>3</sup> <br>|
| Net asset value at end of period | $1.00 | $1.00 | $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Total return | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.02% | &nbsp;&nbsp; 0.34% | &nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp; 1.20%<sup>3</sup> <br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net operating expenses | &nbsp;&nbsp; 0.31%<sup>4,5</sup> <br>| &nbsp;&nbsp; 0.11%<sup>5</sup> <br>| &nbsp;&nbsp; 0.31%<sup>5,6</sup> <br>| &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp; 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross operating expenses | &nbsp;&nbsp; 0.37%<sup>4</sup> <br>| &nbsp;&nbsp; 0.37% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp; 0.52% | &nbsp;&nbsp;&nbsp; 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; 0.38% | &nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp;&nbsp; 1.14% |
| Net assets, end of period (x 1,000,000) | $875 | $644 | $835 | $1273 | $1128 |

---

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

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

<sup>2</sup> Per-share amount was less than $0.005.

<sup>3</sup> These amounts include a non-recurring special distribution. The effect on the distributions from net investment income was less than $0.005 and the effect on the total return was 0.07%. 

<sup>4</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>5</sup> Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation (see financial note 5 for additional information).

<sup>6</sup> Effective September 24, 2020, the contractual expense limitation changed. The ratio presented for period ended December 31, 2020 is a blended ratio.

*See financial notes*

**56**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

------

Schwab AMT Tax-Free Money Fund

**FINANCIAL HIGHLIGHTS (continued)**

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

---

| | | | |
|:---|:---|:---|:---|
| **Ultra Shares** | 1/1/22– <br>12/31/22<br>| 1/1/21– <br>12/31/21<br>| 9/24/20<sup>1</sup>– <br>12/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | $1.00 | $1.00 | $1.00 |
| Income (loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>2</sup> <br>| &nbsp;&nbsp; 0.01 | &nbsp;&nbsp; 0.00<sup>3</sup> <br>| &nbsp;&nbsp; 0.00<sup>3</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.00)<sup>3</sup> <br>| &nbsp;&nbsp; 0.00<sup>3</sup> <br>| &nbsp;&nbsp; 0.00<sup>3</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp; 0.01 | &nbsp;&nbsp; 0.00<sup>3</sup> <br>| &nbsp;&nbsp; 0.00<sup>3</sup> <br>|
| Less distributions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.01) | (0.00)<sup>3</sup> <br>| (0.00)<sup>3</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — | (0.00)<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.01) | (0.00)<sup>3</sup> <br>| (0.00)<sup>3</sup> <br>|
| Net asset value at end of period | $1.00 | $1.00 | $1.00 |
| Total return | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 0.02% | &nbsp;&nbsp; 0.01%<sup>4</sup> <br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net operating expenses | &nbsp;&nbsp; 0.19%<sup>5,6</sup> <br>| &nbsp;&nbsp; 0.11%<sup>6</sup> <br>| &nbsp;&nbsp; 0.19%<sup>6,7</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Gross operating expenses | &nbsp;&nbsp; 0.22%<sup>5</sup> <br>| &nbsp;&nbsp; 0.22% | &nbsp;&nbsp; 0.22%<sup>7</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; 1.50% | &nbsp;&nbsp; 0.01% | &nbsp;&nbsp; 0.02%<sup>7</sup> <br>|
| Net assets, end of period (x 1,000,000) | $967 | $161 | $229 |

---

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

<sup>1</sup> Commencement of operations.

<sup>2</sup> Calculated based on the average shares outstanding during the period.

<sup>3</sup> Per-share amount was less than $0.005.

<sup>4</sup> Not annualized.

<sup>5</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>6</sup> Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation (see financial note 5 for additional information).

<sup>7</sup> Annualized.

*See financial notes*

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**57**

------

Schwab AMT Tax-Free Money Fund

Portfolio Holdings as of December 31, 2022

------

This section shows all the securities in the fund's portfolio and their values as of the report date.

The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) monthly on Form N-MFP, which is available immediately upon filing. The fund's Form N-MFP is available on the SEC's website at www.sec.gov. The fund also makes available its complete schedule of portfolio holdings 5 business days after month end on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus.

For fixed-rate obligations, the rate shown is the coupon rate (the rate established when the obligation was issued) and if the coupon rate is not available, the effective yield at the time of purchase is shown. For variable-rate obligations, the rate shown is the interest rate as of the report date based on each security's rate reset date. 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 date shown in the maturity date column below is either the date on which the principal amount must be paid or the date payment must be made pursuant to a demand feature. If the security's structure includes one of a number of maturity-shortening provisions set forth in Rule 2a-7, such as an interest rate reset, demand feature or put feature, the effective maturity date is also disclosed. If the effective maturity and maturity date are the same, the date will only appear in the maturity date column.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **MUNICIPAL SECURITIES** 94.1% OF NET ASSETS | **MUNICIPAL SECURITIES** 94.1% OF NET ASSETS | **MUNICIPAL SECURITIES** 94.1% OF NET ASSETS | **MUNICIPAL SECURITIES** 94.1% OF NET ASSETS | **MUNICIPAL SECURITIES** 94.1% OF NET ASSETS | **MUNICIPAL SECURITIES** 94.1% OF NET ASSETS |
| **ALABAMA 1.7%** | **ALABAMA 1.7%** | **ALABAMA 1.7%** | **ALABAMA 1.7%** | **ALABAMA 1.7%** | **ALABAMA 1.7%** |
| **Alabama Special Care Facility Financing Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Ascension Health) Series 2016B (**LIQ**: JPMORGAN CHASE BANK NA)<br> *(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1965000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1965000 |
| **Huntsville Health Care Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CP | 2.80% |  | 01/06/23 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| **Mobile Cnty IDA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gulf Opportunity Zone RB (SSAB Alabama) Series 2010B <br> (**LOC**: SWEDBANK AB) <br>*(d)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gulf Opportunity Zone RB (SSAB Alabama) Series 2011 (**LOC**: NORDEA <br> BANK ABP) <br>*(d)* | 3.73% |  | 01/06/23 | 20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000000 |
|  |  |  |  |  | **31965000** |
| **ALASKA 0.3%** | **ALASKA 0.3%** | **ALASKA 0.3%** | **ALASKA 0.3%** | **ALASKA 0.3%** | **ALASKA 0.3%** |
| **Alaska Housing Finance Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Mortgage RB Series 2007B (**LIQ**: FEDERAL HOME LOAN BANKS)<br> *(d)* | 3.60% |  | 01/06/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| **Valdez** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Terminal Refunding RB (Exxon) Series 1993C<br> *(d)* | 3.50% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 |
|  |  |  |  |  | **5550000** |
| **ARIZONA 0.9%** | **ARIZONA 0.9%** | **ARIZONA 0.9%** | **ARIZONA 0.9%** | **ARIZONA 0.9%** | **ARIZONA 0.9%** |
| **Maricopa Cnty IDA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (HonorHealth) Series 2021C (**LOC**: ROYAL BANK OF <br> CANADA) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500000 |
| **Pheonix Industrial Development Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Facilities RB (Mayo Clinic) Series 2022 (**LIQ**: JPMORGAN <br> CHASE BANK NA)<br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| **Salt River Project Agricultural Improvement & Power District** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric System RB Series 2019A (**LIQ**: ROYAL BANK OF CANADA)<br> *(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| **Yavapai Cnty IDA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Skanon Investments Drake Cement) Series 2010A (**LOC**: BANK OF <br> NOVA SCOTIA) <br>*(d)* | 3.65% |  | 01/06/23 | &nbsp;&nbsp; 7785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7785000 |
|  |  |  |  |  | **16285000** |
| **CALIFORNIA 1.8%** | **CALIFORNIA 1.8%** | **CALIFORNIA 1.8%** | **CALIFORNIA 1.8%** | **CALIFORNIA 1.8%** | **CALIFORNIA 1.8%** |
| **California** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds (**LIQ**: MORGAN STANLEY BANK NA)<br> *(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 |

---

*See financial notes*

**58**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

------

Schwab AMT Tax-Free Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **California State Univ** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2017A (**LIQ**: BARCLAYS BANK PLC)<br> *(a)(b)(c)* | 3.68% |  | 01/06/23 | &nbsp;&nbsp; 1875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1875000 |
| **California Statewide Communities Development Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2004K  | 2.90% |  | 02/23/23 | &nbsp;&nbsp; 7300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2008B  | 2.90% |  | 03/07/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Kaiser Permanente) Series 2008C  | 2.65% |  | 03/09/23 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| **Irvine Ranch Water District** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2011A2 (SIFMA Municipal Swap Index + <br> 0.06%)<br>*(b)* | 3.72% | 01/05/23 | 03/01/23 | &nbsp;&nbsp; 3355000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3355000 |
| **Pennsylvania HFA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S/F Mortgage RB Series 2022140A (**LIQ**: BARCLAYS BANK PLC)<br> *(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000000 |
| **San Diego USD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2022F2 (**LIQ**: BANK OF AMERICA NA)<br> *(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2920000 |
| **Univ of California** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Medical Center Pooled RB Series 2022P (**LIQ**: BARCLAYS BANK PLC)<br> *(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
|  |  |  |  |  | **33450000** |
| **COLORADO 0.7%** | **COLORADO 0.7%** | **COLORADO 0.7%** | **COLORADO 0.7%** | **COLORADO 0.7%** | **COLORADO 0.7%** |
| **Colorado Health Facilities Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (CommonSpirit Health) Series 2019A2 (**LOC**: JPMORGAN CHASE <br> BANK NA) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (CommonSpirit Health) Series 2019A2 (**LOC**: ROYAL BANK OF <br> CANADA) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1670000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Intermountain Healthcare) Series 2022E <br> *(d)* | 3.60% |  | 01/03/23 | &nbsp;&nbsp; 4155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4155000 |
| **Denver** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dedicated Tax RB Series 2021A (**LIQ**: WELLS FARGO BANK NA)<br> *(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000000 |
|  |  |  |  |  | **12325000** |
| **CONNECTICUT 0.5%** | **CONNECTICUT 0.5%** | **CONNECTICUT 0.5%** | **CONNECTICUT 0.5%** | **CONNECTICUT 0.5%** | **CONNECTICUT 0.5%** |
| **Connecticut Development Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Bradley Airport Hotel) Series 2006A (**LOC**: TD BANK NA) <br> *(d)* | 3.76% |  | 01/06/23 | &nbsp;&nbsp; 9035000 | **9035000** |
| **DISTRICT OF COLUMBIA 1.3%** | **DISTRICT OF COLUMBIA 1.3%** | **DISTRICT OF COLUMBIA 1.3%** | **DISTRICT OF COLUMBIA 1.3%** | **DISTRICT OF COLUMBIA 1.3%** | **DISTRICT OF COLUMBIA 1.3%** |
| **District of Columbia** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO CP BAN Series 2022A (**LOC**: BARCLAYS BANK PLC)  | 2.55% |  | 01/18/23 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income Tax Secured RB Series 2019A (**LIQ**: BARCLAYS BANK PLC) <br> *(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3585000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3585000 |
| **District of Columbia Water & Sewer Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Extendible CP Series A  | 2.33% | 01/05/23 | 09/01/23 | 12000000 | &nbsp;&nbsp;&nbsp;&nbsp; 12000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Utility Sub Lien RB Series 2013A (**ESCROW**) (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(a)(b)(c)* | 3.69% | 01/05/23 | 01/06/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| **Metropolitan Washington Airports Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport System RB Series 2010D (**LOC**: TD BANK NA)<br> *(d)* | 3.66% |  | 01/06/23 | &nbsp;&nbsp; 2110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2110000 |
|  |  |  |  |  | **24195000** |
| **FLORIDA 5.5%** | **FLORIDA 5.5%** | **FLORIDA 5.5%** | **FLORIDA 5.5%** | **FLORIDA 5.5%** | **FLORIDA 5.5%** |
| **Collier Cnty Health Facilities Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Cleveland Clinic) Series 2003C1 | 2.40% |  | 01/05/23 | &nbsp;&nbsp; 1230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1230000 |
| **Florida Housing Finance Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Hudson Ridge Apts) Series 2008L (**LOC**: JPMORGAN <br> CHASE BANK NA) <br>*(d)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 2650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2650000 |

---

*See financial notes*

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**59**

------

Schwab AMT Tax-Free Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Florida Local Government Finance Commission** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Series A1 (**LOC**: JPMORGAN CHASE BANK NA) | 2.85% |  | 01/05/23 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| **Gainesville** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IDRB (Gainesville Hillel) Series 2003 (**LOC**: TD BANK NA) <br> *(d)* | 3.65% |  | 01/06/23 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1300000 |
| **Hillsborough Cnty IDA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Baycare Health System) Series 2020C (**LOC**: TD BANK NA) <br> *(d)* | 3.65% |  | 01/06/23 | 11200000 | &nbsp;&nbsp;&nbsp;&nbsp; 11200000 |
| **Jacksonville** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Refunding RB (Baptist Health) Series 2019B <br> *(d)* | 3.65% |  | 01/06/23 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Refunding RB (Baptist Health) Series 2019E <br> *(d)* | 3.65% |  | 01/06/23 | 10410000 | &nbsp;&nbsp;&nbsp;&nbsp; 10410000 |
| **Manatee Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2022 (**LIQ**: WELLS FARGO BANK NA)<br> *(a)(b)(c)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| **Miami-Dade Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2016A (**LOC**: ROYAL BANK OF CANADA) <br> *(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1050000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Obligation RB Series 2022A (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(a)(b)(c)* | 3.72% |  | 01/06/23 | 11790000 | &nbsp;&nbsp;&nbsp;&nbsp; 11790000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transit System Sales Surtax RB Series 2022 (**LIQ**: JPMORGAN CHASE <br> BANK NA) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | 33250000 | &nbsp;&nbsp;&nbsp;&nbsp; 33250000 |
| **Orlando Utilities Commission** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Utility System RB Series 2008-1 (**LIQ**: TD BANK NA) <br> *(d)* | 3.64% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utility System RB Series 2008-2 (**LIQ**: TD BANK NA) <br> *(d)* | 3.73% |  | 01/06/23 | 14000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14000000 |
| **South Broward Hospital District** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB Series 2021A & 2016A (**LIQ**: WELLS FARGO BANK NA)<br> *(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415000 |
|  |  |  |  |  | **101195000** |
| **GEORGIA 1.1%** | **GEORGIA 1.1%** | **GEORGIA 1.1%** | **GEORGIA 1.1%** | **GEORGIA 1.1%** | **GEORGIA 1.1%** |
| **Atlanta** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport CP Notes Series N1 (**LOC**: PNC BANK NATIONAL ASSOCIATION)  | 3.50% |  | 02/21/23 | &nbsp;&nbsp;&nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Wastewater Refunding RB Series 2015&2017A (**LIQ**: BARCLAYS <br> BANK PLC) <br>*(a)(b)(c)* | 3.40% |  | 01/06/23 | 12055000 | &nbsp;&nbsp;&nbsp;&nbsp; 12055000 |
| **Brookhaven Development Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Children's Healthcare Atlanta) Series 2019A (**LIQ**: WELLS FARGO <br> BANK NA) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1130000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Children's Healthcare of Atlanta) Series 2019A (**LIQ**: BARCLAYS <br> BANK PLC) <br>*(a)(b)(c)* | 3.69% |  | 01/05/23 | &nbsp;&nbsp; 3810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3810000 |
| **Main Street Natural Gas** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas Supply RB Series 2022B (**LOC**: ROYAL BANK OF CANADA)<br> *(a)(b)(c)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 2370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2370000 |
|  |  |  |  |  | **19920000** |
| **HAWAII 0.1%** | **HAWAII 0.1%** | **HAWAII 0.1%** | **HAWAII 0.1%** | **HAWAII 0.1%** | **HAWAII 0.1%** |
| **Hawaii** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2019FW | 5.00% |  | 01/01/23 | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | **900000** |
| **IDAHO 0.2%** | **IDAHO 0.2%** | **IDAHO 0.2%** | **IDAHO 0.2%** | **IDAHO 0.2%** | **IDAHO 0.2%** |
| **Idaho Health Facilities Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (Trinity Health) Series 2013ID  | 3.30% |  | 02/01/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (St Luke's Health System) Series 2021A (**LOC**: BANK OF AMERICA <br> NA) <br>*(a)(b)(c)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 2180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2180000 |
|  |  |  |  |  | **4180000** |

---

*See financial notes*

**60**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

------

Schwab AMT Tax-Free Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **ILLINOIS 5.3%** | **ILLINOIS 5.3%** | **ILLINOIS 5.3%** | **ILLINOIS 5.3%** | **ILLINOIS 5.3%** | **ILLINOIS 5.3%** |
| **Illinois Finance Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pooled Program CP (**LOC**: JPMORGAN CHASE BANK NA)  | 2.90% |  | 01/04/23 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Adler Planetarium) Series 1997 (**LOC**: PNC BANK NATIONAL <br> ASSOCIATION) <br>*(d)* | 3.70% |  | 01/06/23 | 10500000 | &nbsp;&nbsp;&nbsp;&nbsp; 10500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Advocate Health) Series 2008C-1 (**LIQ**: JPMORGAN CHASE BANK <br> NA) <br>*(d)* | 3.73% |  | 01/06/23 | 17285000 | &nbsp;&nbsp;&nbsp;&nbsp; 17285000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Chicago Horticultural Society) Series 1999 (**LOC**: BMO HARRIS BANK <br> NA) <br>*(d)* | 3.75% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Fenwick HS) Series 2007 (**LOC**: PNC BANK NATIONAL ASSOCIATION) <br> *(d)* | 3.67% |  | 01/06/23 | &nbsp;&nbsp; 2635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2635000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Lake Forest College) Series 2008 (**LOC**: NORTHERN TRUST <br> COMPANY (THE)) <br>*(d)* | 3.68% |  | 01/06/23 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Northshore Edward Elmhurst Health) Series 2022A (**LIQ**: BARCLAYS <br> BANK PLC) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (NorthShore Univ Health System) Series 2020A <br> (**LIQ**: TORONTO-DOMINION BANK/THE) <br>*(a)(b)(c)* | 3.40% |  | 01/06/23 | &nbsp;&nbsp; 5020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5020000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Univ of Chicago) Series 2018A (**LIQ**: BARCLAYS BANK PLC) <br> *(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2560000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (YMCA of Metropolitan Chicago) Series 2001 (**LOC**: BMO HARRIS <br> BANK NA) <br>*(d)* | 3.80% |  | 01/06/23 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (OSF Healthcare System) Series 2018B (**LOC**: JPMORGAN <br> CHASE BANK NA) <br>*(d)* | 3.65% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (OSF Healthcare) Series 2018C (**LOC**: PNC BANK <br> NATIONAL ASSOCIATION) <br>*(d)* | 3.55% |  | 01/03/23 | &nbsp;&nbsp; 4800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4800000 |
| **Illinois Hsg Development Auth March 2016 S/F** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022F (**LIQ**: BANK OF MONTREAL) <br> *(d)* | 3.65% |  | 01/06/23 | 13000000 | &nbsp;&nbsp;&nbsp;&nbsp; 13000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022H  | 3.47% |  | 12/01/23 | &nbsp;&nbsp; 3190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3190000 |
| **Illinois Regional Transportation Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2000A (**LIQ**: BANK OF AMERICA NA) <br> *(a)(b)(c)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 6665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6665000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018B (**LIQ**: MORGAN STANLEY BANK NA) <br> *(a)(b)(c)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9000000 |
| **Illinois Toll Highway Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr RB Series 2015B (**LIQ**: ROYAL BANK OF CANADA) <br> *(a)(b)(c)* | 3.72% | 01/05/23 | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr RB Series 2019A (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(a)(b)(c)* | 3.72% |  | 01/06/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr RB Series 2021A (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(a)(b)(c)* | 3.72% |  | 01/06/23 | &nbsp;&nbsp; 1975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1975000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr RB Series 2021A (**LIQ**: ROYAL BANK OF CANADA) <br> *(a)(b)(c)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 2665000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2665000 |
| **Metropolitan Water Reclamation District of Greater Chicago** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2014A&C (**LIQ**: MORGAN STANLEY BANK NA) <br> *(a)(b)(c)* | 3.58% |  | 01/06/23 | &nbsp;&nbsp; 2321500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2321500 |
|  |  |  |  |  | **98441500** |
| **INDIANA 2.4%** | **INDIANA 2.4%** | **INDIANA 2.4%** | **INDIANA 2.4%** | **INDIANA 2.4%** | **INDIANA 2.4%** |
| **Indiana Finance Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Economic Development RB (AC Grain) Series 2012 (**LOC**: COBANK ACB) <br> *(d)* | 3.71% |  | 01/06/23 | 28500000 | &nbsp;&nbsp;&nbsp;&nbsp; 28500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Economic Development RB (Cargill) Series 2011 <br> *(d)* | 3.71% |  | 01/06/23 | 11000000 | &nbsp;&nbsp;&nbsp;&nbsp; 11000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Trinity Health) Series 2008D2  | 2.45% |  | 01/04/23 | &nbsp;&nbsp; 3805000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3805000 |
| **Indiana Health Facility Financing Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Ascension Health Credit Group) Series 2003E-6<br> *(d)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 |
|  |  |  |  |  | **43855000** |

---

*See financial notes*

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**61**

------

Schwab AMT Tax-Free Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **IOWA 1.7%** | **IOWA 1.7%** | **IOWA 1.7%** | **IOWA 1.7%** | **IOWA 1.7%** | **IOWA 1.7%** |
| **Iowa Finance Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Facilities RB (UnityPoint Health) Series 2013B2 (**LOC**: TD BANK <br> NA) <br>*(d)* | 3.50% |  | 01/03/23 | &nbsp;&nbsp; 5375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5375000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midwestern Disaster Area RB (Cargill) Series 2009A <br> *(d)* | 3.50% |  | 01/06/23 | 13000000 | &nbsp;&nbsp;&nbsp;&nbsp; 13000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midwestern Disaster Area RB (Cargill) Series 2009B <br> *(d)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 1390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1390000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midwestern Disaster Area RB (Cargill) Series 2012 <br> *(d)* | 3.72% |  | 01/06/23 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midwestern Disaster Area RB (Farmers Cooperative) Series 2010 <br> (**LOC**: COBANK ACB) <br>*(d)* | 3.76% |  | 01/06/23 | &nbsp;&nbsp; 4060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4060000 |
|  |  |  |  |  | **30825000** |
| **KENTUCKY 0.2%** | **KENTUCKY 0.2%** | **KENTUCKY 0.2%** | **KENTUCKY 0.2%** | **KENTUCKY 0.2%** | **KENTUCKY 0.2%** |
| **Boone Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pollution Control Refunding RB (Duke Energy) Series 2010 <br> (**LOC**: SUMITOMO MITSUI BANKING CORPORATION) <br>*(d)* | 3.75% |  | 01/06/23 | &nbsp;&nbsp; 2465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2465000 |
| **Louisville & Jefferson Cnty Metro Sewer District** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Series 2018A2 (**LIQ**: JPMORGAN CHASE BANK NA) | 2.85% |  | 02/02/23 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 |
|  |  |  |  |  | **3965000** |
| **LOUISIANA 3.7%** | **LOUISIANA 3.7%** | **LOUISIANA 3.7%** | **LOUISIANA 3.7%** | **LOUISIANA 3.7%** | **LOUISIANA 3.7%** |
| **East Baton Rouge Parish IDB** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (ExxonMobil) Series 2010A <br> *(d)* | 3.54% |  | 01/03/23 | 59700000 | &nbsp;&nbsp;&nbsp;&nbsp; 59700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (ExxonMobil) Series 2010B <br> *(d)* | 3.54% |  | 01/03/23 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200000 |
| **Plaquemines Port, Harbor & Terminal District** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Facilities Refunding RB Series 1984A (**LOC**: WELLS FARGO BANK <br> NA)<br>| 1.45% |  | 03/15/23 | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7500000 |
|  |  |  |  |  | **68400000** |
| **MARYLAND 1.1%** | **MARYLAND 1.1%** | **MARYLAND 1.1%** | **MARYLAND 1.1%** | **MARYLAND 1.1%** | **MARYLAND 1.1%** |
| **Baltimore Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017 (**LIQ**: US BANK NATIONAL ASSOCIATION)<br> *(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3675000 |
| **Howard Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Recovery Zone Facility RB (Lorien at Elkridge) Series 2010 <br> (**LOC**: MANUFACTURERS AND TRADERS TRUST CO) <br>*(d)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 6490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6490000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recovery Zone Facility RB (Meadowridge) Series 2010 <br> (**LOC**: MANUFACTURERS AND TRADERS TRUST CO) <br>*(d)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 6590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6590000 |
| **Montgomery Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Trinity Health) Series 2016MD (**LIQ**: BARCLAYS BANK PLC) <br> *(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3750000 |
|  |  |  |  |  | **20505000** |
| **MASSACHUSETTS 3.2%** | **MASSACHUSETTS 3.2%** | **MASSACHUSETTS 3.2%** | **MASSACHUSETTS 3.2%** | **MASSACHUSETTS 3.2%** | **MASSACHUSETTS 3.2%** |
| **Massachusetts** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Transportation Fund RB Series 2021A (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2016B (**LIQ**: ROYAL BANK OF CANADA) <br> *(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2460000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017A (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 4165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4165000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2022C (**LIQ**: MORGAN STANLEY BANK NA) <br> *(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2020D (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| **Massachusetts Bay Transportation Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assessment Bonds Series A2 (**LIQ**: MORGAN STANLEY BANK NA)<br> *(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 5625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5625000 |

---

*See financial notes*

**62**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

------

Schwab AMT Tax-Free Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Massachusetts Dept of Transportation** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Highway System Sub Refunding RB Series 2022A2 (**LIQ**: US BANK <br> NATIONAL ASSOCIATION) <br>*(d)* | 3.71% |  | 01/06/23 | 11995000 | &nbsp;&nbsp;&nbsp;&nbsp; 11995000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Highway System Sub Refunding RB Series 2022A3 (**LIQ**: US BANK <br> NATIONAL ASSOCIATION) <br>*(d)* | 3.35% |  | 01/06/23 | 10450000 | &nbsp;&nbsp;&nbsp;&nbsp; 10450000 |
| **Massachusetts HFA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing RB Series 2016I (**LIQ**: BARCLAYS BANK PLC)<br> *(a)(b)(c)* | 3.41% |  | 01/03/23 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000000 |
| **Massachusetts School Building Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr Sales Tax Bonds Series 2020A (**LIQ**: ROYAL BANK OF CANADA) <br> *(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 4475000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4475000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Sales Tax Bonds Series 2018A (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(a)(b)(c)* | 3.70% |  | 01/03/23 | &nbsp;&nbsp; 2530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2530000 |
| **Univ of Massachusetts Building Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Notes Series 2013A1 (**LIQ**: TD BANK NA) | 3.08% |  | 01/26/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
|  |  |  |  |  | **58700000** |
| **MICHIGAN 2.1%** | **MICHIGAN 2.1%** | **MICHIGAN 2.1%** | **MICHIGAN 2.1%** | **MICHIGAN 2.1%** | **MICHIGAN 2.1%** |
| **Lenawee Cnty Economic Development Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Siena Heights Univ) Series 2009 (**LOC**: FEDERAL HOME <br> LOAN BANKS)<br>*(d)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 3545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3545000 |
| **Michigan Finance Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (CHE Trinity Health) Series 2013MI1  | 2.58% |  | 03/01/23 | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding RB (Trinity Health) Series 2017MI (**LIQ**: BARCLAYS <br> BANK PLC) <br>*(a)(b)(c)* | 3.42% |  | 01/03/23 | &nbsp;&nbsp; 1045000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1045000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Aid Revenue Notes Series 2022A (**LOC**: JPMORGAN CHASE BANK <br> NA) <br>| 5.00% |  | 08/21/23 | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 916793 |
| **Michigan Hospital Finance Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Ascension Health) Series 2010F7 (**LIQ**: JPMORGAN <br> CHASE BANK NA)<br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1250000 |
| **Michigan State Univ** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; General RB Series 2000A1 (**LIQ**: PNC BANK NATIONAL ASSOCIATION) <br> *(d)* | 3.68% |  | 01/06/23 | &nbsp;&nbsp; 6920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6920000 |
| &nbsp;&nbsp;&nbsp;&nbsp; General RB Series 2019B (**LIQ**: WELLS FARGO BANK NA) <br> *(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2020000 |
| **Univ of Michigan** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; General RB Series 2015 (**LIQ**: MORGAN STANLEY BANK NA) <br> *(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2140500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2140500 |
| &nbsp;&nbsp;&nbsp;&nbsp; General RB Series 2017A (**ESCROW**) (**LIQ**: CITIBANK NA) <br> *(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 5760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5760000 |
|  |  |  |  |  | **38597293** |
| **MINNESOTA 2.6%** | **MINNESOTA 2.6%** | **MINNESOTA 2.6%** | **MINNESOTA 2.6%** | **MINNESOTA 2.6%** | **MINNESOTA 2.6%** |
| **Eden Prairie** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing Refunding RB (Park At City West Apts) Series 2001 <br> (**LOC**: FEDERAL HOME LOAN MORTGAGE CORPORATION)<br>*(d)* | 3.72% |  | 01/06/23 | 14805000 | &nbsp;&nbsp;&nbsp;&nbsp; 14805000 |
| **Rochester** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Facilities RB (Mayo Clinic) Series 2008A <br> *(d)* | 3.60% |  | 01/06/23 | 22000000 | &nbsp;&nbsp;&nbsp;&nbsp; 22000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Facilities RB (Mayo Clinic) Series 2014  | 2.58% |  | 02/08/23 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Facilities RB (Mayo Clinic) Series 2016 <br> *(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 8800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8800000 |
|  |  |  |  |  | **48605000** |
| **MISSISSIPPI 0.5%** | **MISSISSIPPI 0.5%** | **MISSISSIPPI 0.5%** | **MISSISSIPPI 0.5%** | **MISSISSIPPI 0.5%** | **MISSISSIPPI 0.5%** |
| **Jackson Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Facility Refunding RB (Chevron) Series 1993 <br> *(d)* | 3.55% |  | 01/03/23 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 |

---

*See financial notes*

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**63**

------

Schwab AMT Tax-Free Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Mississippi Business Finance Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gulf Opportunity Zone IDRB (Chevron) Series 2011D <br> *(d)* | 3.55% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDRB (Chevron) Series 2007B <br> *(d)* | 3.55% |  | 01/03/23 | &nbsp;&nbsp; 3550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3550000 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDRB (Chevron) Series 2007C <br> *(d)* | 3.60% |  | 01/03/23 | &nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDRB (Chevron) Series 2011B <br> *(d)* | 3.55% |  | 01/03/23 | &nbsp;&nbsp; 1580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1580000 |
|  |  |  |  |  | **9730000** |
| **MISSOURI 0.5%** | **MISSOURI 0.5%** | **MISSOURI 0.5%** | **MISSOURI 0.5%** | **MISSOURI 0.5%** | **MISSOURI 0.5%** |
| **Missouri Health & Educational Facilities Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Facilities RB (SSM Health) Series 2019A (**LOC**: ROYAL BANK OF <br> CANADA)<br>*(a)(b)(c)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000000 |
| **St Louis County** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Obligation RB (Convention Center) Series 2022A (**LIQ**: WELLS <br> FARGO BANK NA)<br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1545000 |
| **St. Louis IDA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Facilities RB (Mid-America Transplant) Series 2013 <br> (**LOC**: BMO HARRIS BANK NA)<br>*(d)* | 3.68% |  | 01/03/23 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3500000 |
|  |  |  |  |  | **9045000** |
| **NEBRASKA 0.8%** | **NEBRASKA 0.8%** | **NEBRASKA 0.8%** | **NEBRASKA 0.8%** | **NEBRASKA 0.8%** | **NEBRASKA 0.8%** |
| **Central Plains Energy** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas RB Series 2022-1 (**LOC**: ROYAL BANK OF CANADA) <br> *(a)(b)(c)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 5115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5115000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas Refunding RB Series 2017A (**LOC**: ROYAL BANK OF CANADA) <br> *(a)(b)(c)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 4740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4740000 |
| **Central Plains Energy Project** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas RB Series 2022-1 (**LOC**: ROYAL BANK OF CANADA)<br> *(a)(b)(c)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 1740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1740000 |
| **Washington Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IDRB (Cargill) Series 2010B <br> *(d)* | 3.50% |  | 01/06/23 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3500000 |
|  |  |  |  |  | **15095000** |
| **NEW JERSEY 0.5%** | **NEW JERSEY 0.5%** | **NEW JERSEY 0.5%** | **NEW JERSEY 0.5%** | **NEW JERSEY 0.5%** | **NEW JERSEY 0.5%** |
| **New Jersey Health Care Facilities Financing Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Atlantic Health) Series 2008B (**LOC**: BANK OF AMERICA NA)<br> *(d)* | 3.64% |  | 01/06/23 | &nbsp;&nbsp; 3800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3800000 |
| **New Jersey Transportation Trust Fund Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation System Bonds Series 2009A (**LOC**: TORONTO-DOMINION <br> BANK/THE)<br>*(a)(b)(c)* | 3.37% |  | 01/06/23 | &nbsp;&nbsp; 4450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4450000 |
|  |  |  |  |  | **8250000** |
| **NEW YORK 14.6%** | **NEW YORK 14.6%** | **NEW YORK 14.6%** | **NEW YORK 14.6%** | **NEW YORK 14.6%** | **NEW YORK 14.6%** |
| **Bay Shore UFSD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TAN 2022-2023 | 3.75% |  | 06/23/23 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3013791 |
| **Canandaigua SD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BAN 2022 | 3.25% |  | 06/23/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2012593 |
| **Clarence CSD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BAN 2022B | 4.00% |  | 06/22/23 | &nbsp;&nbsp; 5900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5944588 |
| **Lindenhurst Union Free SD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TAN 2022-2023 | 4.00% |  | 06/28/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1004596 |
| **New York City** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2013 Series A3 (**LOC**: MIZUHO BANK LTD) <br> *(d)* | 3.60% |  | 01/03/23 | &nbsp;&nbsp; 4650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4650000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2013 Series F3 (**LIQ**: BANK OF AMERICA NA) <br> *(d)* | 3.56% |  | 01/03/23 | &nbsp;&nbsp; 3840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3840000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2018 Series F1 (**LIQ**: BARCLAYS BANK PLC) <br> *(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2022 Series A1 (**LIQ**: BARCLAYS BANK PLC) <br> *(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 |

---

*See financial notes*

**64**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

------

Schwab AMT Tax-Free Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2022 Series D1 (**LIQ**: BANK OF AMERICA NA) <br> *(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2022 Series D3 (**LIQ**: STATE STREET BANK AND TRUST <br> COMPANY) <br>*(d)* | 3.60% |  | 01/03/23 | &nbsp;&nbsp; 7620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7620000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2022 Series D4 (**LIQ**: STATE STREET BANK AND TRUST <br> COMPANY) <br>*(d)* | 3.60% |  | 01/03/23 | &nbsp;&nbsp; 3900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2023 Series A4 (**LIQ**: TD BANK NA) <br> *(d)* | 3.49% |  | 01/03/23 | &nbsp;&nbsp; 9445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9445000 |
| **New York City Housing Development Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB Series 2021F3 (**LIQ**: BARCLAYS BANK PLC)<br> *(d)* | 3.62% |  | 01/06/23 | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 |
| **New York City Municipal Water Finance Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer 2nd Resolution RB Fiscal 2022 Series CC1 <br> (**LIQ**: MORGAN STANLEY BANK NA) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3205000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System 2nd Resolution RB Fiscal 2014 Series AA4 <br> (**LIQ**: STATE STREET BANK AND TRUST COMPANY) <br>*(d)* | 3.60% |  | 01/03/23 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System 2nd Resolution RB Fiscal 2021 & 2022 <br> Series CC1 (**LIQ**: MORGAN STANLEY BANK NA) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 5550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5550000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System 2nd Resolution RB Fiscal 2021 Series CC1 <br> (**LIQ**: JPMORGAN CHASE BANK NA) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1835000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System 2nd Resolution RB Fiscal 2023 Series AA1 <br> (**LIQ**: JPMORGAN CHASE BANK NA) <br>*(a)(b)(c)* | 3.70% |  | 01/03/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System 2nd Resolution RB Fiscal 2023 Series AA1 <br> (**LIQ**: JPMORGAN CHASE BANK NA) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2255000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System 2nd Resolution RB Fiscal 2023 Series AA1&3 <br> (**LIQ**: JPMORGAN CHASE BANK NA) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1255000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System 2nd Resolution RB Fiscal 2023 Series AA3 <br> (**LIQ**: JPMORGAN CHASE BANK NA) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System RB Fiscal 2008 Series BB3&BB4 (**LIQ**: ROYAL <br> BANK OF CANADA) <br>*(a)(b)(c)* | 3.55% |  | 01/03/23 | 17720000 | &nbsp;&nbsp;&nbsp;&nbsp; 17720000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System RB Fiscal 2015 Series BB2 (**LIQ**: MIZUHO BANK <br> LTD) <br>*(d)* | 3.48% |  | 01/03/23 | &nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System RB Fiscal 2017 Series BB1B (**LIQ**: STATE STREET <br> BANK AND TRUST COMPANY) <br>*(d)* | 3.56% |  | 01/03/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System RB Fiscal 2017 Series DD (**LIQ**: BARCLAYS BANK <br> PLC) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2635000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System RB Fiscal 2017 Series DD&EE (**LIQ**: BARCLAYS <br> BANK PLC) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650000 |
| **New York City Transitional Finance Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Sec Sub Bonds Fiscal Series 2018C3 & 2020B1 & 2021C1 <br> (**LIQ**: BANK OF AMERICA NA) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2020 Series C2 (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(a)(b)(c)* | 3.57% |  | 01/06/23 | &nbsp;&nbsp; 3940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3940000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2021 Series C1 (**LIQ**: BARCLAYS <br> BANK PLC) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2095000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2022 Series F <br> (**LIQ**: TORONTO-DOMINION BANK/THE) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3075000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2022 Series F1 (**LIQ**: BARCLAYS <br> BANK PLC) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1020000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2023 Series A2 (**LIQ**: UBS AG) <br> *(d)* | 3.60% |  | 01/03/23 | 19000000 | &nbsp;&nbsp;&nbsp;&nbsp; 19000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2023 Series D1 (**LIQ**: BANK OF <br> AMERICA NA) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2023 Series D1 (**LIQ**: CITIBANK NA) <br> *(a)(b)(c)* | 3.68% |  | 01/06/23 | &nbsp;&nbsp; 3280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3280000 |

---

*See financial notes*

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**65**

------

Schwab AMT Tax-Free Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **New York State Dormitory Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Memorial Sloan-Kettering Cancer Center) Series 20221A <br> (**LIQ**: MORGAN STANLEY BANK NA) (SIFMA Municipal Swap Index + <br> 0.08%)<br>*(a)(b)(c)* | 3.74% | 01/05/23 | 01/19/23 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Royal Charter Properties-East) Series 2006A (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION) <br>*(d)* | 3.63% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 770000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2019D (**LIQ**: JPMORGAN CHASE <br> BANK NA) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2020A (**LIQ**: BANK OF AMERICA <br> NA) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2020A 2021A (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 5335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5335000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2021A (**LIQ**: JPMORGAN CHASE <br> BANK NA) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2022A (**LIQ**: BARCLAYS BANK PLC) <br> *(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265000 |
| **New York State Environmental Facilities Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Clean Water & Drinking Water Revolving Funds RB Series 2013A <br> (**LIQ**: JPMORGAN CHASE BANK NA)<br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| **New York State Power Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2020A (**LIQ**: CITIBANK NA)<br> *(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1130000 |
| **New York State Thruway Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2021A1 (**LIQ**: BARCLAYS BANK <br> PLC) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2595000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2595000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2021A1 (**LIQ**: JPMORGAN CHASE <br> BANK NA) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2715000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2021A1, 2022A (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2022A (**LIQ**: MORGAN STANLEY <br> BANK NA) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| **New York State Urban Development Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2017C3 & 2020A & 2020C & 2020E <br> (**LIQ**: TORONTO-DOMINION BANK/THE) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1995000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2022A (**LIQ**: MORGAN STANLEY <br> BANK NA) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 895000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 895000 |
| **Nuveen New York AMT-Free Quality Municipal Income Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Demand Preferred Shares Series 1 (**LOC**: SOCIETE <br> GENERALE SA) <br>*(a)(d)* | 3.71% |  | 01/06/23 | 16300000 | &nbsp;&nbsp;&nbsp;&nbsp; 16300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Demand Preferred Shares Series 3 (**LOC**: SUMITOMO <br> MITSUI BANKING CORPORATION) <br>*(a)(d)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Demand Preferred Shares Series 5 <br> (**LOC**: TORONTO-DOMINION BANK/THE) <br>*(a)(d)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 7100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7100000 |
| **Patchogue-Medford UFSD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TAN 2022-2023 | 4.25% |  | 06/28/23 | &nbsp;&nbsp; 6300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6337529 |
| **Port Auth of New York & New Jersey** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Bonds 179th Series (**LIQ**: CITIBANK NA) <br> *(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Bonds 217th Series (**LIQ**: BANK OF AMERICA NA) <br> *(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3305000 |
| **Ramapo Housing Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Fountainview at College Road) Series 1998 (**LOC**: MANUFACTURERS <br> AND TRADERS TRUST CO)<br>*(d)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 3985000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3985000 |
| **Rondout Valley CSD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO BANs 2022 | 3.50% |  | 06/28/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1002927 |

---

*See financial notes*

**66**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

------

Schwab AMT Tax-Free Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Sewanhaka Central HSD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TAN 2022-2023 | 4.00% |  | 06/20/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1006655 |
| **Tonawanda** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BAN 2022A | 4.00% |  | 08/25/23 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6061237 |
| **Triborough Bridge & Tunnel Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; General RB Series 2020A (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 4275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4275000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payroll Mobility Tax Sr Lien Bonds Series 2022C (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | 19875000 | &nbsp;&nbsp;&nbsp;&nbsp; 19875000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payroll Mobility Tax Sr. Lien Bonds Series 2022D2 (**LIQ**: BANK OF <br> AMERICA NA) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1050000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales Tax RB Series 2022A (**LIQ**: TORONTO-DOMINION BANK/THE) <br> *(a)(b)(c)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 3080000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3080000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Lien Refunding Bonds Series 2021A1 (**LIQ**: JPMORGAN CHASE BANK <br> NA) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | 10195000 | &nbsp;&nbsp;&nbsp;&nbsp; 10195000 |
| **Warren & Washington Cnty IDA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Civic Facility RB (Glen at Hiland Meadows) Series 2000 <br> (**LOC**: MANUFACTURERS AND TRADERS TRUST CO)<br>*(d)* | 3.87% |  | 01/06/23 | &nbsp;&nbsp; 2720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2720000 |
|  |  |  |  |  | **269678916** |
| **OHIO 1.3%** | **OHIO 1.3%** | **OHIO 1.3%** | **OHIO 1.3%** | **OHIO 1.3%** | **OHIO 1.3%** |
| **Akron, Bath & Copley Jt Township Hospital District** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Concordia Lutheran Obligated Group) Series 2013A (**LOC**: TRUIST <br> BANK)<br>*(d)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| **Allen Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Facilities RB (Bon Secours Mercy Health) Series 2010D <br> (**LOC**: ROYAL BANK OF CANADA)<br>*(a)(b)(c)* | 3.69% | 01/05/23 | 01/06/23 | &nbsp;&nbsp; 2675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2675000 |
| **Franklin Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Trinity Health) Series 2013OH  | 3.30% |  | 02/01/23 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Trinity Health) Series 2017A-OH (**LIQ**: BARCLAYS BANK PLC) <br> *(a)(b)(c)* | 3.39% |  | 01/06/23 | &nbsp;&nbsp; 2390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2390000 |
| **Ohio** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (Cleveland Clinic Health System) Series 2019E (**LIQ**: PNC <br> BANK NATIONAL ASSOCIATION) <br>*(d)* | 3.55% |  | 01/03/23 | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1350000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (University Hospitals Health System) Series 2012A <br> (**LOC**: ROYAL BANK OF CANADA) <br>*(a)(c)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 |
| **Ohio Higher Educational Facility Commission** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (Cleveland Clinic Health System) Series 2008B6 | 2.80% |  | 01/18/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| **Port of Greater Cincinnati Development Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Obligation Development RB (Springdale) Series 2006 (**LOC**: US <br> BANK NATIONAL ASSOCIATION)<br>| 0.80% |  | 02/01/23 | &nbsp;&nbsp; 4805000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4805000 |
|  |  |  |  |  | **24820000** |
| **OREGON 2.1%** | **OREGON 2.1%** | **OREGON 2.1%** | **OREGON 2.1%** | **OREGON 2.1%** | **OREGON 2.1%** |
| **Beaverton SD #48J** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2022B (**GTY**: OREGON (STATE OF)) (**LIQ**: JPMORGAN <br> CHASE BANK NA)<br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | 12535000 | &nbsp;&nbsp;&nbsp;&nbsp; 12535000 |
| **Centennial SD #28JT** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2020 (**LIQ**: ROYAL BANK OF CANADA)<br> *(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1720000 |
| **Oregon** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Highway Tax 2nd Sub Lien CP Series A2 (**LOC**: BANK OF MONTREAL)  | 2.95% |  | 01/10/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Highway Tax 2nd Sub Lien CP Series A2 (**LOC**: BANK OF MONTREAL)  | 3.00% |  | 02/01/23 | &nbsp;&nbsp; 1440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1440000 |

---

*See financial notes*

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**67**

------

Schwab AMT Tax-Free Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Oregon Dept of Transportation** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Highway Tax 2nd Sub Lien CP Notes Series A1 (**LOC**: WELLS FARGO <br> BANK NA) <br>| 2.36% |  | 03/01/23 | &nbsp;&nbsp; 8615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8615000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Highway Tax 2nd Sub Lien CP Notes Series A1B1 (**LOC**: WELLS FARGO <br> BANK NA) <br>| 2.03% |  | 01/10/23 | 10040000 | &nbsp;&nbsp;&nbsp;&nbsp; 10040000 |
| **Oregon Health, Housing, Educational & Cultural Facilities Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Assumption Village) Series 2001A (**LOC**: MUFG UNION BANK NA)<br> *(d)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 3995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3995000 |
|  |  |  |  |  | **39345000** |
| **PENNSYLVANIA 2.0%** | **PENNSYLVANIA 2.0%** | **PENNSYLVANIA 2.0%** | **PENNSYLVANIA 2.0%** | **PENNSYLVANIA 2.0%** | **PENNSYLVANIA 2.0%** |
| **Adams Cnty IDA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Gettysburg Fdn) Series 2006A (**LOC**: MANUFACTURERS AND <br> TRADERS TRUST CO)<br>*(d)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 5855000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5855000 |
| **Allegheny Cnty Hospital Development Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Concordia Lutheran Obligated Group) Series 2016A (**LOC**: TRUIST <br> BANK) <br>*(d)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 3540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3540000 |
| **Chester Cnty Health & Ed** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Tel Hai Retirement Community) Series 2020 (**LOC**: MANUFACTURERS <br> AND TRADERS TRUST CO)<br>*(d)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| **Delaware Valley Regional Finance Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't RB Series 2020D (**LOC**: TD BANK NA) <br> *(d)* | 3.65% |  | 01/06/23 | 19500000 | &nbsp;&nbsp;&nbsp;&nbsp; 19500000 |
| **Lycoming Cnty Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Lycoming College) Series 2013S1 (**LOC**: MANUFACTURERS AND <br> TRADERS TRUST CO)<br>*(d)* | 3.80% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 630000 |
| **Montgomery Cnty Redevelopment Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Forge Gate Apts) Series 2001A (**LOC**: FEDERAL <br> NATIONAL MORTGAGE ASSOCIATION)<br>*(d)* | 3.72% |  | 01/06/23 | &nbsp;&nbsp; 4850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4850000 |
|  |  |  |  |  | **37375000** |
| **SOUTH CAROLINA 0.6%** | **SOUTH CAROLINA 0.6%** | **SOUTH CAROLINA 0.6%** | **SOUTH CAROLINA 0.6%** | **SOUTH CAROLINA 0.6%** | **SOUTH CAROLINA 0.6%** |
| **South Carolina Housing Finance & Development Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Rental Housing RB (Franklin Square Apts) Series 2008 <br> (**LOC**: FEDERAL HOME LOAN MORTGAGE CORPORATION)<br>*(d)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 9600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9600000 |
| **South Carolina Transportation Infrastructure Bank** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2017A (**LOC**: ROYAL BANK OF CANADA) (SIFMA <br> Municipal Swap Index + 0.20%)<br>*(a)(b)(c)* | 3.86% | 01/05/23 | 04/03/23 | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1050000 |
|  |  |  |  |  | **10650000** |
| **TENNESSEE 1.3%** | **TENNESSEE 1.3%** | **TENNESSEE 1.3%** | **TENNESSEE 1.3%** | **TENNESSEE 1.3%** | **TENNESSEE 1.3%** |
| **Blount Cnty Public Building Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Improvement Bonds Series E6A (**LOC**: TRUIST BANK)<br> *(d)* | 3.75% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 |
| **Chattanooga Health, Educational & Housing Facility Board** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (CommonSpirit Health) Series 2019A1&A2 (**LOC**: JPMORGAN CHASE <br> BANK NA)<br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1685000 |
| **Greeneville Health & Educational Facilities Board** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (Ballad Health) Series 2018A (**LOC**: ROYAL BANK OF <br> CANADA)<br>*(a)(b)(c)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000000 |
| **Johnson City Health & Educational Facilities Board** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding RB (Ballad Health) Series 2022B (**LOC**: TRUIST BANK) <br> *(d)* | 3.66% |  | 01/06/23 | &nbsp;&nbsp; 5615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5615000 |
| **Memphis Health, Educational & Housing Facility Board** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing Bonds (Memphis Towers Apts) Series 2020 (**ESCROW**)<br> *(a)(b)* | 3.40% |  | 12/01/23 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 |

---

*See financial notes*

**68**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

------

Schwab AMT Tax-Free Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Sevier Cnty Public Building Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Improvement Bonds Series VIIB1 (**LOC**: BANK OF AMERICA NA)<br> *(d)* | 3.66% |  | 01/06/23 | &nbsp;&nbsp; 5310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5310000 |
|  |  |  |  |  | **23210000** |
| **TEXAS 21.1%** | **TEXAS 21.1%** | **TEXAS 21.1%** | **TEXAS 21.1%** | **TEXAS 21.1%** | **TEXAS 21.1%** |
| **Alvin ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2014A (**GTY**: TEXAS PERMANENT SCHOOL FUND <br> PROG)<br>| 5.00% |  | 02/15/23 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150324 |
| **Arlington Higher Education Finance Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Education RB (Riverwalk Education Foundation) Series 2022 <br> (**GTY**: TEXAS PERMANENT SCHOOL FUND PROG) (**LIQ**: BARCLAYS BANK <br> PLC)<br>*(a)(b)(c)* | 3.68% |  | 01/06/23 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2500000 |
| **Bridge ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2022 (**GTY**: TEXAS PERMANENT SCHOOL FUND <br> PROG) (**LIQ**: WELLS FARGO BANK NA)<br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2605000 |
| **Burleson ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Refunding Bonds Series 2022 (**GTY**: TEXAS PERMANENT <br> SCHOOL FUND PROG)<br>| 5.00% |  | 02/01/23 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250363 |
| **Clint ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Refunding Bonds Series 2015A (**GTY**: TEXAS PERMANENT <br> SCHOOL FUND PROG)<br>| 3.00% |  | 02/15/23 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| **Comal ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2022 (**GTY**: TEXAS PERMANENT SCHOOL FUND <br> PROG) <br>| 4.00% |  | 02/01/23 | &nbsp;&nbsp;&nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235200 |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Refunding Bonds Series 2015A (**GTY**: TEXAS PERMANENT <br> SCHOOL FUND PROG) <br>| 5.00% |  | 02/01/23 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125182 |
| **Conroe ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2020 (**GTY**: TEXAS PERMANENT SCHOOL FUND <br> PROG)<br>| 5.00% |  | 02/15/23 | &nbsp;&nbsp;&nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 396122 |
| **Cypress-Fairbanks ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2022A (**GTY**: TEXAS PERMANENT SCHOOL FUND <br> PROG) (**LIQ**: BANK OF AMERICA NA) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2915000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2915000 |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Refunding Bonds Series 2021 (**GTY**: TEXAS PERMANENT <br> SCHOOL FUND PROG) <br>| 5.00% |  | 02/15/23 | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375953 |
| **Dallas ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Series IA (**LIQ**: BANK OF AMERICA NA) | 3.10% |  | 02/15/23 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000000 |
| **El Paso Tx Water and Sewer System** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer Refunding RB Series 2022 (**LIQ**: MORGAN STANLEY <br> BANK NA) (SIFMA Municipal Swap Index + 0.10%)<br>*(a)(b)(c)* | 3.76% | 01/05/23 | 02/02/23 | &nbsp;&nbsp; 3755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3755000 |
| **Forney ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Series 2022B (**GTY**: TEXAS PERMANENT SCHOOL FUND PROG) <br> (**LIQ**: BANK OF AMERICA NA)<br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3120000 |
| **Garland ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Refunding Bonds Series 2020 (**GTY**: TEXAS PERMANENT <br> SCHOOL FUND PROG) <br>| 5.00% |  | 02/15/23 | &nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 461110 |
| **Grand Parkway Transportation Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BAN Series 2018 (**ESCROW**)  | 5.00% |  | 02/01/23 | 22000000 | &nbsp;&nbsp;&nbsp;&nbsp; 22047075 |
| **Grand Prairie ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Refunding Bonds Series 2011 (**GTY**: TEXAS PERMANENT <br> SCHOOL FUND PROG)<br>| 3.00% |  | 02/15/23 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99986 |
| **Gregory Portland ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2021A (**GTY**: TEXAS PERMANENT SCHOOL FUND <br> PROG)<br>| 5.00% |  | 02/15/23 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350876 |

---

*See financial notes*

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**69**

------

Schwab AMT Tax-Free Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Harris Cnty Cultural Education Facilities Finance Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (Texas Childrens Hospital) Series 2021C (**LIQ**: BANK OF <br> AMERICA NA) <br>*(d)* | 3.70% |  | 01/03/23 | &nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1450000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (Texas Children's Hospital) Series 2021D (**LIQ**: ROYAL BANK <br> OF CANADA) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 7300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Methodist Hospital) Series 2009C1  | 3.70% |  | 01/03/23 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Methodist Hospital) Series 2009C2  | 3.70% |  | 01/03/23 | 23000000 | &nbsp;&nbsp;&nbsp;&nbsp; 23000000 |
| **Harris Cnty Toll Road Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1st Lien Revenue CP Series K (**LOC**: PNC BANK NATIONAL ASSOCIATION)  | 2.45% |  | 01/17/23 | &nbsp;&nbsp; 9840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9840000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1st Lien Revenue CP Series K (**LOC**: PNC BANK NATIONAL ASSOCIATION)  | 3.55% |  | 01/17/23 | &nbsp;&nbsp; 1080000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1080000 |
| **Houston** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System Jr Lien Refunding RB Series 2001B (**ESCROW**) <br> (**LIQ**: BANK OF AMERICA NA)<br>*(a)(b)(c)* | 3.69% | 01/05/23 | 01/06/23 | 12500000 | &nbsp;&nbsp;&nbsp;&nbsp; 12500000 |
| **Houston ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LT GO Refunding Bonds Series 2016A (**GTY**: TEXAS PERMANENT <br> SCHOOL FUND PROG) <br>| 5.00% |  | 02/15/23 | &nbsp;&nbsp; 3490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3501221 |
| &nbsp;&nbsp;&nbsp;&nbsp; LT GO Refunding Bonds Series 2017 (**GTY**: TEXAS PERMANENT SCHOOL <br> FUND PROG) <br>| 5.00% |  | 02/15/23 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125318 |
| **Katy ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2022 (**GTY**: TEXAS PERMANENT SCHOOL FUND <br> PROG) <br>| 5.00% |  | 02/15/23 | &nbsp;&nbsp; 1220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1223066 |
| **Killeen ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2018 (**GTY**: TEXAS PERMANENT SCHOOL FUND <br> PROG)<br>| 5.00% |  | 02/15/23 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135352 |
| **La Joya ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Refunding Bonds Series 2014 (**GTY**: TEXAS PERMANENT <br> SCHOOL FUND PROG)<br>| 5.00% |  | 02/15/23 | &nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 576507 |
| **Leander ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2022 (**GTY**: TEXAS PERMANENT SCHOOL FUND <br> PROG) (**LIQ**: BARCLAYS BANK PLC) <br>*(a)(b)(c)* | 3.68% |  | 01/06/23 | &nbsp;&nbsp; 4040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4040000 |
| **Lower Colorado River Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Series B (**LOC**: STATE STREET BANK AND TRUST COMPANY) | 3.45% |  | 02/27/23 | &nbsp;&nbsp;&nbsp;&nbsp; 454000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 454000 |
| **Mansfield ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2013A (**GTY**: TEXAS PERMANENT SCHOOL FUND <br> PROG)<br>| 5.00% |  | 02/15/23 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200613 |
| **Northwest ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Refunding Bonds Series 2016A (**GTY**: TEXAS PERMANENT <br> SCHOOL FUND PROG)<br>| 2.00% |  | 02/15/23 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99882 |
| **Panhandle Regional Housing Financial Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Jason Ave Apts) Series 2008 (**LOC**: FEDERAL HOME <br> LOAN MORTGAGE CORPORATION)<br>*(d)* | 3.74% |  | 01/06/23 | 12885000 | &nbsp;&nbsp;&nbsp;&nbsp; 12885000 |
| **Pecos Barstow Toyah ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2022 (**GTY**: TEXAS PERMANENT SCHOOL FUND <br> PROG)<br>| 5.00% |  | 02/15/23 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350975 |
| **Pflugerville ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2014 (**GTY**: TEXAS PERMANENT SCHOOL FUND <br> PROG)<br>| 5.00% |  | 02/15/23 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400864 |
| **Port of Port Arthur Navigation District** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exempt Facilities RB (Total USA) Series 2011 <br> *(d)* | 3.74% |  | 01/06/23 | 23315000 | &nbsp;&nbsp;&nbsp;&nbsp; 23315000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exempt Facilities RB (Total USA) Series 2012A <br> *(d)* | 3.74% |  | 01/06/23 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exempt Facilities RB (Total USA) Series 2012B <br> *(d)* | 3.74% |  | 01/06/23 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000000 |

---

*See financial notes*

**70**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

------

Schwab AMT Tax-Free Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Sabine-Neches Navigation District** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LT GO Bonds Series 2022 (**LIQ**: ROYAL BANK OF CANADA)<br> *(a)(b)(c)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 2340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2340000 |
| **San Antonio** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Water System CP Series A (**LIQ**: JPMORGAN CHASE BANK NA)  | 2.28% |  | 01/05/23 | 11600000 | &nbsp;&nbsp;&nbsp;&nbsp; 11600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water System CP Series A (**LIQ**: JPMORGAN CHASE BANK NA)  | 2.45% |  | 02/06/23 | &nbsp;&nbsp; 9825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9825000 |
| **San Antonio Housing Finance Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing Mortgage RB (Artisan) Series 2008 (**LOC**: FEDERAL HOME <br> LOAN MORTGAGE CORPORATION)<br>*(d)* | 3.74% |  | 01/06/23 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1800000 |
| **San Antonio ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Refunding Bonds Series 2015 (**GTY**: TEXAS PERMANENT <br> SCHOOL FUND PROG)<br>| 5.00% |  | 02/15/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2005240 |
| **Seguin ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2021 (**GTY**: TEXAS PERMANENT SCHOOL FUND <br> PROG)<br>| 5.00% |  | 02/15/23 | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265663 |
| **Tarrant Cnty Cultural Education Facilities Finance Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (Baylor Scott & White Health) Series 2022D (**LIQ**: WELLS <br> FARGO BANK NA) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 2745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2745000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (Baylor Scott & White) Series 2022D (**LIQ**: JPMORGAN <br> CHASE BANK NA) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding RB (Baylor Scott & White Health) Series 2019B <br> (**LOC**: ROYAL BANK OF CANADA) <br>*(a)(b)(c)* | 3.69% | 01/05/23 | 01/06/23 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Christus Health) Series 2022A (**LOC**: ROYAL BANK OF CANADA) <br> *(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Methodist Hospitals) Series 2008A (**LOC**: TD BANK NA) <br> *(d)* | 3.50% |  | 01/03/23 | &nbsp;&nbsp; 1345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1345000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Texas Health Resources) Series 2016A (**LIQ**: UBS AG) <br> *(a)(b)(c)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 4585000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4585000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Christus Health) Series 2008C2 (**LOC**: BANK OF NEW <br> YORK MELLON/THE) <br>*(d)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 3525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3525000 |
| **Texas** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2010C (**LIQ**: STATE STREET BANK AND TRUST <br> COMPANY) <br>*(d)* | 3.75% |  | 01/06/23 | &nbsp;&nbsp; 2975000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2975000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2013A (**LIQ**: STATE STREET BANK AND TRUST <br> COMPANY) <br>*(d)* | 3.75% |  | 01/06/23 | &nbsp;&nbsp; 3495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3495000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2014D (**LIQ**: FEDERAL HOME LOAN BANKS) <br> *(d)* | 3.85% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2015B (**LIQ**: FEDERAL HOME LOAN BANKS) <br> *(d)* | 3.85% |  | 01/06/23 | &nbsp;&nbsp; 2625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2625000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017 (**LIQ**: SUMITOMO MITSUI BANKING <br> CORPORATION) <br>*(d)* | 3.73% |  | 01/06/23 | 13140000 | &nbsp;&nbsp;&nbsp;&nbsp; 13140000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018 (**LIQ**: FEDERAL HOME LOAN BANKS) <br> *(d)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 5320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5320000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veterans Bonds Series 2012B (**LIQ**: STATE STREET BANK AND TRUST <br> COMPANY) <br>*(d)* | 3.75% |  | 01/06/23 | 10350000 | &nbsp;&nbsp;&nbsp;&nbsp; 10350000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veterans Bonds Series 2014A (**LIQ**: STATE STREET BANK AND TRUST <br> COMPANY) <br>*(d)* | 3.75% |  | 01/06/23 | &nbsp;&nbsp; 1410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1410000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veterans Bonds Series 2019 (**LIQ**: JPMORGAN CHASE BANK NA) <br> *(d)* | 3.73% |  | 01/06/23 | &nbsp;&nbsp; 9400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9399350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veterans Bonds Series 2020 (**LIQ**: FEDERAL HOME LOAN BANKS) <br> *(d)* | 3.68% |  | 01/06/23 | &nbsp;&nbsp; 9425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9425000 |
| **Texas Dept of Housing & Community Affairs** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Costa Mariposa Apts) Series 2009 (**LOC**: FEDERAL <br> HOME LOAN MORTGAGE CORPORATION)<br>*(d)* | 3.74% |  | 01/06/23 | &nbsp;&nbsp; 3240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3240000 |
| **Texas Transportation Commission** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2006B <br> *(d)* | 3.62% |  | 01/06/23 | 26815000 | &nbsp;&nbsp;&nbsp;&nbsp; 26815000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Highway Fund 1st Tier RB Series 2014B (**LIQ**: SUMITOMO MITSUI <br> BANKING CORPORATION) <br>*(d)* | 3.69% |  | 01/06/23 | 17000000 | &nbsp;&nbsp;&nbsp;&nbsp; 17000000 |

---

*See financial notes*

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**71**

------

Schwab AMT Tax-Free Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Texas Water Development Board** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Water Implementation Fund RB Series 2022 (**LIQ**: CITIBANK NA) <br> *(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 3625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3625000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Water Implementation Fund RB Series 2022 <br> (**LIQ**: TORONTO-DOMINION BANK/THE) <br>*(a)(b)(c)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| **Three Rivers ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Refunding Bonds Series 2020 (**GTY**: TEXAS PERMANENT <br> SCHOOL FUND PROG)<br>| 5.00% |  | 02/15/23 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350915 |
| **Univ of Texas** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Notes Series A  | 2.05% |  | 01/04/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Notes Series A  | 2.05% |  | 01/05/23 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Notes Series A  | 3.00% |  | 01/05/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1999905 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Notes Series A  | 3.05% |  | 01/06/23 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2999852 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Notes Series A  | 3.75% |  | 01/17/23 | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Notes Series A  | 2.57% |  | 01/18/23 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Notes Series A  | 2.15% |  | 01/19/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Notes Series A  | 2.15% |  | 01/26/23 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Notes Series A  | 2.98% |  | 04/03/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1999510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Financing CP Series A  | 2.22% |  | 01/04/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Financing CP Series A  | 2.97% |  | 01/05/23 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Financing CP Series A  | 2.20% |  | 02/02/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| **Ysleta ISD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2022 (**GTY**: TEXAS PERMANENT SCHOOL FUND <br> PROG) (**LIQ**: BANK OF AMERICA NA) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2022 (**GTY**: TEXAS PERMANENT SCHOOL FUND <br> PROG) (**LIQ**: JPMORGAN CHASE BANK NA) <br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 4335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4335000 |
|  |  |  |  |  | **388025424** |
| **UTAH 2.8%** | **UTAH 2.8%** | **UTAH 2.8%** | **UTAH 2.8%** | **UTAH 2.8%** | **UTAH 2.8%** |
| **Intermountain Power Agency** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Supply RB Series 2022A (**LIQ**: BANK OF AMERICA NA) <br> *(a)(b)(c)* | 3.72% |  | 01/06/23 | &nbsp;&nbsp; 2320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2320000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Power Supply RB Series 2019A1 (**LOC**: ROYAL BANK OF CANADA) <br> *(a)(b)(c)* | 3.69% | 01/05/23 | 01/06/23 | 26350000 | &nbsp;&nbsp;&nbsp;&nbsp; 26350000 |
| **Murray** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (IHC Health Services) Series 2003C<br> *(d)* | 3.60% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 745000 |
| **Utah Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (IHC Health Services) Series 2016C (**LIQ**: BMO HARRIS <br> BANK NA) <br>*(d)* | 3.60% |  | 01/06/23 | 22000000 | &nbsp;&nbsp;&nbsp;&nbsp; 22000000 |
|  |  |  |  |  | **51415000** |
| **VIRGINIA 1.3%** | **VIRGINIA 1.3%** | **VIRGINIA 1.3%** | **VIRGINIA 1.3%** | **VIRGINIA 1.3%** | **VIRGINIA 1.3%** |
| **Albemarle Cnty Economic Development Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Facilities Refunding RB (Sentara Health) Series 2018A (**LIQ**: TD <br> BANK NA) <br>*(d)* | 3.61% |  | 01/06/23 | &nbsp;&nbsp; 7545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7545000 |
| **Fairfax Cnty IDA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care RB (Inova Health) Series 2016C <br> *(d)* | 3.66% |  | 01/06/23 | &nbsp;&nbsp; 3645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3645000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding RB (Inova Health) Series 1993A <br> (**LIQ**: TORONTO-DOMINION BANK/THE) <br>*(a)(b)(c)* | 3.71% | 01/05/23 | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 890000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 890000 |
| **Norfolk** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Refunding RB Series 2017 (**LIQ**: MORGAN STANLEY BANK NA)<br> *(a)(b)(c)* | 3.69% |  | 01/06/23 | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7500000 |

---

*See financial notes*

**72**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

------

Schwab AMT Tax-Free Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Norfolk Economic Development Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Facilities Refunding RB (Sentara Healthcare) Series 2012B <br> (**LIQ**: ROYAL BANK OF CANADA) <br>*(a)(b)(c)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000000 |
|  |  |  |  |  | **23580000** |
| **WASHINGTON 1.4%** | **WASHINGTON 1.4%** | **WASHINGTON 1.4%** | **WASHINGTON 1.4%** | **WASHINGTON 1.4%** | **WASHINGTON 1.4%** |
| **Highline SD #401** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017 (**GTY**: WASHINGTON (STATE OF)) (**LIQ**: US BANK <br> NATIONAL ASSOCIATION)<br>*(a)(b)(c)* | 3.69% |  | 01/03/23 | &nbsp;&nbsp; 2855000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2855000 |
| **King Cnty Sewer System** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LT GO CP Series A  | 2.22% |  | 01/09/23 | &nbsp;&nbsp; 4830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4830000 |
| &nbsp;&nbsp;&nbsp;&nbsp; LT GO CP Series A  | 2.45% |  | 01/11/23 | &nbsp;&nbsp; 1260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1260000 |
| **Pierce Cnty Economic Development Corp** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IDRB (Frederico Enterprises I) Series 2010 (**LOC**: ROYAL BANK OF <br> CANADA)<br>*(d)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 2080000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2080000 |
| **Seattle** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Light & Power Refunding RB Series 2018C1 (SIFMA Municipal Swap <br> Index + 0.45%)<br>*(b)* | 4.11% | 01/05/23 | 11/01/23 | &nbsp;&nbsp; 1120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1120000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Light & Power Refunding RB Series 2018C2 (SIFMA Municipal Swap <br> Index + 0.45%)<br>*(b)* | 4.11% | 01/05/23 | 11/01/23 | &nbsp;&nbsp; 1120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1120000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water System Refunding RB Series 2017 (**LIQ**: US BANK NATIONAL <br> ASSOCIATION) <br>*(a)(b)(c)* | 3.69% |  | 01/03/23 | &nbsp;&nbsp; 3920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3920000 |
| **Snohomish Cnty Public Utility District #1** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Generation System RB Series 2015 (**LIQ**: MORGAN STANLEY BANK NA)<br> *(a)(b)(c)* | 3.69% | 01/05/23 | 01/06/23 | &nbsp;&nbsp; 6670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6670000 |
| **Washington Higher Education Facilities Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Gonzaga Univ) Series 2019A (**LOC**: BANK OF AMERICA NA)<br> *(a)(b)(c)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 1230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1230000 |
| **Washington State Housing Finance Commission** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing RB (Redmond Ridge Apts) Series 2017 (**LOC**: FEDERAL <br> HOME LOAN BANKS)<br>*(d)* | 3.59% |  | 01/06/23 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 |
|  |  |  |  |  | **26585000** |
| **WISCONSIN 0.9%** | **WISCONSIN 0.9%** | **WISCONSIN 0.9%** | **WISCONSIN 0.9%** | **WISCONSIN 0.9%** | **WISCONSIN 0.9%** |
| **Wisconsin Health & Educational Facilities Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Children's Hospital of Wisconsin) Series 2017 (**LIQ**: BANK OF <br> AMERICA NA)<br>*(a)(b)(c)* | 3.70% |  | 01/06/23 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000000 |
| **Wisconsin Public Finance Auth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care System RB (Cone Health) Series 2022A (**LIQ**: MORGAN <br> STANLEY BANK NA)<br>*(a)(b)(c)* | 3.69% |  | 01/06/23 | 12160000 | &nbsp;&nbsp;&nbsp;&nbsp; 12160000 |
|  |  |  |  |  | **16160000** |
| **WYOMING 0.1%** | **WYOMING 0.1%** | **WYOMING 0.1%** | **WYOMING 0.1%** | **WYOMING 0.1%** | **WYOMING 0.1%** |
| **Laramie Cnty** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding RB (Cheyenne Regional Medical Center) Series 2021 <br> (**LOC**: BANK OF AMERICA NA)<br>*(a)(b)(c)* | 3.71% |  | 01/06/23 | &nbsp;&nbsp; 1920000 | **1920000** |
| **MULTIPLE STATES 5.9%** | **MULTIPLE STATES 5.9%** | **MULTIPLE STATES 5.9%** | **MULTIPLE STATES 5.9%** | **MULTIPLE STATES 5.9%** | **MULTIPLE STATES 5.9%** |
| **Nuveen AMT-Free Municipal Credit Income Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Demand Preferred Shares Series 4 (**LOC**: SOCIETE <br> GENERALE SA) <br>*(a)(d)* | 3.72% | 01/06/23 | 01/06/23 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Demand Preferred Shares Series 5 (**LOC**: SOCIETE <br> GENERALE SA) <br>*(a)(d)* | 3.71% | 01/06/23 | 01/06/23 | 33800000 | &nbsp;&nbsp;&nbsp;&nbsp; 33800000 |

---

*See financial notes*

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**73**

------

Schwab AMT Tax-Free Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Nuveen AMT-Free Quality Municipal Income Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Demand Preferred Shares Series 4 (**LOC**: BARCLAYS BANK <br> PLC) <br>*(a)(d)* | 3.71% |  | 01/06/23 | 52000000 | &nbsp;&nbsp;&nbsp;&nbsp; 52000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable Rate Demand Preferred Shares Series C (**LOC**: SOCIETE <br> GENERALE SA) <br>*(a)(d)* | 3.72% | 01/06/23 | 01/06/23 | 20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000000 |
|  |  |  |  |  | **108800000** |
| **Total Municipal Securities** <br>**(Cost $1,734,578,133)** | **Total Municipal Securities** <br>**(Cost $1,734,578,133)** | **Total Municipal Securities** <br>**(Cost $1,734,578,133)** | **Total Municipal Securities** <br>**(Cost $1,734,578,133)** | **Total Municipal Securities** <br>**(Cost $1,734,578,133)** | **1734578133** |
| **U.S. GOVERNMENT AGENCY DEBT** 4.3% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 4.3% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 4.3% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 4.3% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 4.3% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 4.3% OF NET ASSETS |
| **Federal Home Loan Banks** | **Federal Home Loan Banks** | **Federal Home Loan Banks** | **Federal Home Loan Banks** | **Federal Home Loan Banks** | **Federal Home Loan Banks** |
|  | 3.77% |  | 01/05/23 | 13000000 | &nbsp;&nbsp;&nbsp;&nbsp; 12997277 |
|  | 3.85% |  | 01/05/23 | &nbsp;&nbsp; 7093000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7091483 |
|  | 3.86% |  | 01/10/23 | 11800000 | &nbsp;&nbsp;&nbsp;&nbsp; 11791166 |
|  | 3.81% |  | 01/23/23 | 14000000 | &nbsp;&nbsp;&nbsp;&nbsp; 13970445 |
|  | 4.10% |  | 01/25/23 | 33200000 | &nbsp;&nbsp;&nbsp;&nbsp; 33122902 |
| **Total U.S. Government Agency Debt** <br>**(Cost $78,973,273)** | **Total U.S. Government Agency Debt** <br>**(Cost $78,973,273)** | **Total U.S. Government Agency Debt** <br>**(Cost $78,973,273)** | **Total U.S. Government Agency Debt** <br>**(Cost $78,973,273)** | **Total U.S. Government Agency Debt** <br>**(Cost $78,973,273)** | **78973273** |
| **Total Investments in Securities** <br>**(Cost $1,813,551,406)** | **Total Investments in Securities** <br>**(Cost $1,813,551,406)** | **Total Investments in Securities** <br>**(Cost $1,813,551,406)** | **Total Investments in Securities** <br>**(Cost $1,813,551,406)** | **Total Investments in Securities** <br>**(Cost $1,813,551,406)** | **1813551406** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* 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 $681,582,000 or 37.0% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* Variable rate security; rate shown is effective rate at period end.

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* 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;*(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;&nbsp;&nbsp;&nbsp;&nbsp;

*See financial notes*

**74**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

------

Schwab AMT Tax-Free Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | |
|:---|:---|
| AUTH — | Authority |
| BAN — | Bond anticipation note |
| CNTY — | County |
| CP — | Commercial paper |
| CSD — | Central school district |
| GO — | General obligation |
| GTY — | Guaranty agreement |
| HFA — | Housing finance agency/authority |
| HSD — | High school district |
| HSG — | Housing |
| IDA — | Industrial development agency/authority |
| IDB — | Industrial development bond |
| IDRB — | Industrial development revenue bond |
| ISD — | Independent school district |
| LIQ — | Liquidity agreement |
| LOC — | Letter of credit |
| LT — | Limited tax |
| M/F — | Multi-family |
| RB — | Revenue bond |
| S/F — | Single-family |
| SD — | School district |
| 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>|
| TAN — | Tax anticipation note |
| TOB — | Tender option bond |
| UFSD — | Union free school district |
| ULT — | Unlimited tax |
| USD — | Unified school district |
| VRDN — | Variable rate demand note |

---

------

At December 31, 2022, all of the fund's investment securities were classified as Level 2. The breakdown of the fund's investments

into categories is disclosed on the Portfolio Holdings (see financial note 2(a) for additional information).

*See financial notes*

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**75**

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Schwab AMT Tax-Free Money Fund

Statement of Assets and Liabilities

------

As of December 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at cost and value - unaffiliated (Note 2a) |  | $1813551406 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 612515 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33871978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7124802 |
| Prepaid expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138033 |
| **Total assets** |  | **1855298734** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10388364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1627433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 551070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 |
| Accrued expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106387 |
| **Total liabilities** |  | **12948436** |
| **Net assets** |  | **$1842350298** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $1842381476 |
| Total distributable loss | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31178) |
| **Net assets** |  | **$1842350298** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  |
| **Share Class**  | **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares** <br>**Outstanding** <br>| **=** | **NAV** |
| Investor Shares | $875413600 |  | 875134337 |  | $1.00 |
| Ultra Shares | $966936698 |  | 966672643 |  | $1.00 |

---

*See financial notes*

**76**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

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Schwab AMT Tax-Free Money Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2022 through December 31, 2022 | For the period January 1, 2022 through December 31, 2022 | For the period January 1, 2022 through December 31, 2022 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| **Interest received from securities - unaffiliated** |  | **$17524056** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp; 2266475 |
| Shareholder service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  | &nbsp;&nbsp;&nbsp;&nbsp; 1046668 |
| Registration fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125128 |
| Portfolio accounting fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98491 |
| Professional fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32364 |
| Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28046 |
| Custodian fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17794 |
| Proxy fees<sup>1</sup> <br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9765 |
| Shareholder reports |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7294 |
| Transfer agent fees  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1297 |
| Other expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16068 |
| **Total expenses** |  | **3649390** |
| Expense reduction | – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 557042 |
| **Net expenses** | – | **3092348** |
| **Net investment income** |  | **14431708** |
| **REALIZED GAINS (LOSSES)** | **REALIZED GAINS (LOSSES)** | **REALIZED GAINS (LOSSES)** |
| **Net realized losses on sales of securities - unaffiliated** |  | **(31178)** |
| **Increase in net assets resulting from operations** |  | **$14400530** |

---

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

<sup>1</sup> Proxy fees are non-routine expenses (see financial note 5 for additional information).

*See financial notes*

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**77**

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Schwab AMT Tax-Free Money Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/21-12/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp; $14431708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $105967 |
| Net realized gains (losses) | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31178) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107183 |
| **Increase in net assets from operations** |  | **$14400530** | **$213150** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| Investor Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ($7029655) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ($146977) |
| Ultra Shares | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7402053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36356) |
| **Total distributions** |  | **($14431708)** | **($183333)** |
| **TRANSACTIONS IN FUND SHARES\*** | **TRANSACTIONS IN FUND SHARES\*** | **TRANSACTIONS IN FUND SHARES\*** | **TRANSACTIONS IN FUND SHARES\*** |
| **Shares Sold** |  |  |  |
| Investor Shares |  | &nbsp;&nbsp;&nbsp;&nbsp; 941869537 | &nbsp;&nbsp;&nbsp;&nbsp; 210378357 |
| Ultra Shares | + | &nbsp;&nbsp;&nbsp; 1929161765 | &nbsp;&nbsp;&nbsp;&nbsp; 167728749 |
| **Total shares sold** |  | **2871031302** | **378107106** |
| **Shares Reinvested** |  |  |  |
| Investor Shares |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5055816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113037 |
| Ultra Shares | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5277727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31327 |
| **Total shares reinvested** |  | **10333543** | **144364** |
| **Shares Redeemed** |  |  |  |
| Investor Shares |  | &nbsp;&nbsp;&nbsp;&nbsp; (714918844) | &nbsp;&nbsp;&nbsp; (401555196) |
| Ultra Shares | + | &nbsp;&nbsp; (1128703265) | &nbsp;&nbsp;&nbsp; (235678356) |
| **Total shares redeemed** |  | **(1843622109)** | **(637233552)** |
| **Net transactions in fund shares** |  | **1037742736** | **(258982082)** |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of period |  | &nbsp;&nbsp;&nbsp; $804638740 | $1063591005 |
| Total increase (decrease) | + | &nbsp;&nbsp;&nbsp; 1037711558 | &nbsp;&nbsp;&nbsp; (258952265) |
| **End of period** |  | **$1842350298** | **$804638740** |

---

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

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

<sup>\*</sup> Transactions took place at $1.00 per share; figures for share quantities are the same as for dollars.

*See financial notes*

**78**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

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Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund

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 The Charles Schwab Family of Funds (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 funds in the trust as of the end of the period, including the funds discussed in this report, which are highlighted:

---

| | |
|:---|:---|
| **THE CHARLES SCHWAB FAMILY OF FUNDS (ORGANIZED OCTOBER 20, 1989)** | **THE CHARLES SCHWAB FAMILY OF FUNDS (ORGANIZED OCTOBER 20, 1989)** |
| Schwab Government Money Fund | Schwab Retirement Government Money Fund |
| Schwab U.S. Treasury Money Fund | **Schwab Municipal Money Fund** |
| Schwab Treasury Obligations Money Fund | **Schwab AMT Tax-Free Money Fund** |
| Schwab Value Advantage Money Fund<sup>®</sup> | Schwab California Municipal Money Fund |
| Schwab Variable Share Price Money Fund | Schwab New York Municipal Money Fund |

---

Schwab Municipal Money Fund and Schwab AMT Tax-Free Money Fund each offer two share classes: Investor Shares and Ultra Shares. Shares of each class represent interest in the same portfolio, but each class has different expenses and investment minimums.

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.

------

<br>**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 *Topic 946 Financial Services — Investment Companies*. The accounting policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).

**(a) Security Valuation:**

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees 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 and 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 in the funds are valued at amortized cost (which approximates fair value) as permitted in accordance with Rule 2a-7 of the 1940 Act. In the event that security valuations do not approximate fair value, securities may be fair valued as determined by the Valuation Designee. The Valuation Designee considers a number of factors, including unobservable market inputs, when arriving at fair value and 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.

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**79**

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Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund

Financial Notes (continued)

------

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

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

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, and whose values are therefore classified as Level 1 prices, include active listed equities, mutual funds and exchange-traded funds.

&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 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. Securities held by stable NAV money funds operating pursuant to Rule 2a-7 under the 1940 Act are valued at amortized cost which approximates current fair value and are considered to be valued using Level 2 inputs.

&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.

As disclosed in the Portfolio Holdings, as of December 31, 2022, all of the funds' investments were classified as Level 2.

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

**Delayed-Delivery and When-Issued Transactions:** 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. Effective August 19, 2022, the funds comply with Rule 18f-4 under the 1940 Act, where money market funds are only permitted to invest in a security on a delayed-delivery or when-issued basis, or with a non-standard settlement cycle, and the transaction will be deemed not to involve a senior security, provided that, (i) the funds intend to physically settle the transaction and (ii) the transaction will settle within 35 days of its trade date. Pursuant to Rule 18f-4 portfolio securities are no longer required to be segregated as collateral to cover delayed-delivery or when-issued securities held within the funds.

**(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).

**80**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

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Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund

Financial Notes (continued)

------

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

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

**(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 trusts generally are allocated among those funds in proportion to their average daily net assets.

For funds offering multiple share classes, the net investment income, other than class specific expenses, and the realized and unrealized gains or losses, are allocated daily to each class in proportion to their average daily net assets.

**(f) Distributions to Shareholders:**

The funds 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 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 respective 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) Regulatory Update:** 

Effective January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information deemed important for retail investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these rule and form amendment changes on the content of the current shareholder report and the newly created annual and semiannual streamlined shareholder reports.

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**81**

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Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund

Financial Notes (continued)

------

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

**3. Credit and Liquidity Enhancements:**

A substantial 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 provide liquidity for the purchaser. The following table provides detail on the approximate percentage of total assets for each fund's investments in securities with these types of enhancements, as well as any entities providing enhancements to 10% or greater of investments in securities in each fund.

---

| | | |
|:---|:---|:---|
|  | SCHWAB<br> MUNICIPAL<br> MONEY FUND<br>| &nbsp;&nbsp; SCHWAB AMT<br> TAX-FREE<br> MONEY FUND<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; % of total assets in securities with credit enhancements or liquidity <br> enhancements<br>| 70% | 70% |
| &nbsp;&nbsp;&nbsp;&nbsp; % of total assets in securities with credit enhancements or liquidity <br> enhancements 10% or greater from a single institution<br>| —% | 12% |
|  |  | (JPMorgan Chase Bank NA) |

---

For additional information, please refer to the funds' Portfolio Holdings. Investments with credit enhancements are tickmarked as letter of credit "LOC," guaranty "GTY" and/or liquidity agreement "LIQ," respectively, along with the institution providing the enhancement.

------

<br>**4. Risk Factors:**

**Market Risk.** Financial markets rise and fall in response to a variety of factors, sometimes rapidly and unpredictably. Markets may be impacted by economic, political, regulatory and other conditions, including economic sanctions and other government actions. In addition, the occurrence of global events, such as war, terrorism, environmental disasters, natural disasters and epidemics, may also negatively affect the financial markets. These events could reduce consumer demand or economic output; result in market closures, low or negative interest rates, travel restrictions or quarantines; and significantly adversely impact the economy. Governmental and quasi-governmental authorities and regulators throughout the world have in the past often responded to serious economic disruptions with a variety of significant fiscal and monetary policy changes which could have an unexpected impact on financial markets and a fund's investments. As with any investment whose performance is tied to these markets, the value of an investment in a fund will fluctuate, which means that an investor could lose money over short or long periods.

**Investment Risk.** You could lose money by investing in the funds. Although each fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The funds may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the funds' liquidity falls below required minimums because of market conditions or other factors. An investment in the funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The funds' sponsors have no legal obligation to provide financial support to the funds, and you should not expect that the sponsors will provide financial support to the funds at any time.

**Retail Money Market Fund Risk.** Each fund is a "retail money market fund," as such term is defined or interpreted under the rules governing money market funds. A "retail money market fund" is a money market fund that has policies and procedures reasonably designed to limit all beneficial owners of the fund to natural persons. A fund may involuntarily redeem any investor who is not a natural person. Each fund will provide advance notice of its intent to make any such involuntary redemption. Neither the fund nor the investment adviser will be responsible for any loss or tax liability in an investor's account resulting from such involuntary redemption. As a "retail money market fund," each fund is permitted to value its securities using the amortized cost method to seek to maintain a stable $1.00 share price. However, each fund may be subject to liquidity fees and/or redemption gates on fund redemptions if the fund's liquidity falls below required minimums because of market conditions or other factors.

**Interest Rate Risk.** Interest rates rise and fall over time. As with any investment whose yield reflects current interest rates, a fund's yield will change over time. During periods when interest rates are low or there are negative interest rates, a fund's yield (and total return) also could be low or even negative. In addition, a fund may be unable to pay expenses out of fund assets or maintain a stable $1.00 share price. Also, a change in a central bank's monetary policy or economic conditions may result in a change in interest rates, which could have sudden and unpredictable effects on the markets. A sudden or unpredictable rise or decline in interest rates may cause volatility. Volatility in the market may decrease liquidity in the money market securities markets, making it more difficult for a fund to sell its money market investments at a time when the investment adviser might wish to sell such investments. Decreased market liquidity also may make it more difficult to value some or all of a fund's money market securities holdings.

**82**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

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Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund

Financial Notes (continued)

------

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

**4. Risk Factors (continued):** 

**Stable Net Asset Value Risk.** If a fund or another money market fund fails to maintain a stable net asset value (or such perception exists in the market place), the fund could experience increased redemptions, which may adversely impact the fund's share price. Each fund is permitted, among other things, to reduce or withhold any income and/or gains generated from its portfolio to maintain a stable $1.00 share price.

**Credit Risk.** A decline in the credit quality of an issuer, guarantor or liquidity provider of a portfolio investment or a counterparty could cause a fund to lose money or underperform. A fund could lose money if, due to a decline in credit quality, the issuer, guarantor or liquidity provider of a portfolio investment or a counterparty fails to make, or is perceived as being unable or unwilling to make, timely principal or interest payments or otherwise honor its obligations. The credit quality of a fund's portfolio holdings can change rapidly in certain market environments and any downgrade or default on the part of a single portfolio investment could cause the fund's share price or yield to fall.

**Credit and Liquidity Enhancements Risk.** The funds may invest in securities with credit or liquidity enhancements provided by a bank or other financial institution, and the existence and nature of such enhancements may be a significant factor in the investment adviser's decision-making process. Generally, these enhancements are employed by the issuers of the securities to reduce credit risk and provide enhanced or back-up liquidity for purchasers, such as the funds. Adverse developments affecting these banks and financial institutions could therefore have a negative effect on the value of a fund's holdings. For example, a rating agency downgrade of a credit or liquidity enhancement provider may adversely affect the value of securities held by a fund. Any decline in the value of the securities held by a fund could cause the fund's share price or yield to fall. To the extent that a portion of a fund's underlying investments are enhanced by the same bank or financial institution, these risks may be increased.

**Management Risk.** Any actively managed mutual fund is subject to the risk that its investment adviser will select investments or allocate assets in a manner that could cause a fund to underperform or otherwise not meet its investment objective. A fund's investment adviser applies its own investment techniques and risk analyses in making investment decisions for the fund, but there can be no guarantee that they will produce the desired results. The investment adviser's maturity decisions will also affect a fund's yield, and potentially could affect its share price. To the extent that the investment adviser anticipates interest rate trends imprecisely, a fund's yield at times could lag the yields of other money market funds.

**State and Regional Risk.** State and regional factors could affect a fund's performance. To the extent that a fund invests in securities from a given state or geographic region, its share price and performance could be affected by local, state and regional factors, including erosion of the tax base and changes in the economic climate. National governmental actions, such as the elimination of tax-exempt status, also could affect performance. In addition, a municipality or municipal project that relies directly or indirectly on national governmental funding mechanisms may be negatively affected by the national government's current budgetary constraints.

**Investment Concentration Risk.** To the extent that a fund invests a substantial portion of its assets in municipal securities financing similar projects, the fund may be more sensitive to adverse economic, business or political developments affecting those projects. A change that affects one project, such as proposed legislation on the financing of the project, a shortage of materials needed for the project, or a declining need for the project, would likely affect all similar projects and the overall municipal securities market.

**Taxable Determinations Risk.** Some of a fund's income could be taxable. If certain types of investments a fund buys as tax-exempt are later ruled to be taxable, a portion of the fund's income could become taxable. This risk, although generally considered low, is somewhat higher for investments that have been structured as municipal money market securities than for investments in other types of municipal money market securities. Any defensive investments in taxable securities could generate taxable income. Also, some types of municipal securities produce income that is subject to the federal alternative minimum tax (AMT).

**Liquidity Risk.** Liquidity risk exists when particular investments are difficult to purchase, sell or value, especially during stressed market conditions. The market for certain investments may become illiquid due to specific adverse changes in the conditions of a particular issuer or under adverse market or economic conditions independent of the issuer. In addition, limited dealer inventories of certain securities could potentially lead to decreased liquidity. In such cases, a fund, due to limitations on investments in illiquid securities and the difficulty in readily purchasing and selling such securities at favorable times or prices, may decline in value, experience lower returns and/or be unable to achieve its desired level of exposure to a certain issuer or sector. Further, transactions in illiquid securities may entail transaction costs that are higher than those for transactions in liquid securities.

**Redemption Risk.** A fund may experience periods of heavy redemptions that could cause the fund to liquidate its assets at inopportune times or at a loss or depressed value, particularly during periods of declining or illiquid markets. Redemptions by a few large investors in a fund may have a significant adverse effect on the fund's ability to maintain a stable $1.00 share price. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the funds, could face a market-wide risk of increased redemption pressures, potentially jeopardizing the stability of their $1.00 share prices.

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**83**

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Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund

Financial Notes (continued)

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

**4. Risk Factors (continued):** 

**Money Market Fund Regulation Risk.** The SEC and other regulatory agencies continue to review the regulation of money market funds. As of the date of this shareholder report, the SEC has proposed amendments to the rules that govern money market funds. These proposed amendments, if implemented, may affect the fund's investment strategies, performance, yield, expenses, operations and continued viability.

**Money Market Fund Risk.** The funds are not designed to offer capital appreciation. In exchange for their emphasis on stability and liquidity, money market investments may offer lower long-term performance than stock or bond investments.

Please refer to the funds' prospectus for a more complete description of the principal risks of investing in the funds.

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<br>**5. 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 an 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, equal to 0.19% of each fund's average daily net assets.

**Shareholder Servicing**

The Board has adopted a Shareholder Servicing and Sweep Administration Plan (the Plan) on behalf of the funds. 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 are subject to an annual shareholder servicing fee up to the amount set forth in the table below. 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), and the funds will pay no more than the amounts listed in the table below, calculated based on the average annual daily net asset value of the fund shares owned by shareholders holding shares through such service providers.

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.

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| | |
|:---|:---|
|  | SHAREHOLDER SERVICING FEE |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares | n/a |

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**Contractual Expense Limitation**

The investment adviser and its affiliates have made an additional agreement with each fund, for so long as the investment adviser serves as the investment adviser to the funds, which 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 (expense limitation) as follows:

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| | | |
|:---|:---|:---|
|  | SCHWAB<br> MUNICIPAL<br> MONEY FUND<br>| &nbsp;&nbsp; SCHWAB AMT<br> TAX-FREE<br> MONEY FUND<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 0.34% | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra Shares | 0.19% | 0.19% |

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**84**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

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Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund

Financial Notes (continued)

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

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

During the period ended December 31, 2022, the funds waived the following amounts, of which a portion was waived in accordance with the contractual expense limitation agreement, and a portion was waived voluntarily.

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| | | | |
|:---|:---|:---|:---|
|  | CONTRACTUAL EXPENSE <br>LIMITATION WAIVED AMOUNT <br>| &nbsp;&nbsp; VOLUNTARY YIELD WAIVER/ <br>REIMBURSEMENT AMOUNT <br>| &nbsp;&nbsp; TOTAL <br>WAIVED AMOUNT <br>|
| Schwab Municipal Money Fund | $1206379 | $1046406 | $2252785 |
| Schwab AMT Tax-Free Money Fund | &nbsp;&nbsp;&nbsp;&nbsp; 326287 | &nbsp;&nbsp;&nbsp;&nbsp; 230755 | &nbsp;&nbsp;&nbsp;&nbsp; 557042 |

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**Voluntary Yield Waiver/Reimbursement**

The investment adviser and its affiliates may waive and/or reimburse expenses to the extent necessary to maintain a positive net yield for each class of a fund.

**Interfund Transactions**

The funds may engage in transactions with certain other funds in the Fund Complex (for definition refer to the Trustees and Officers section) 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 is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs. This practice is limited to funds that share the same investment adviser, trustees and/or officers. For the period ended December 31, 2022, each fund's purchases and sales of securities with other funds in the Fund Complex as well as any realized gains (losses) were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | PURCHASE COST | SALE PROCEEDS | REALIZED GAINS (LOSSES) |
| Schwab Municipal Money Fund | $903989299 | $144814650 | $0 |
| Schwab AMT Tax-Free Money Fund | &nbsp;&nbsp;&nbsp; 97623539 | &nbsp;&nbsp;&nbsp; 53690873 | &nbsp;&nbsp; 0 |

---

**Interfund Borrowing and Lending**

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (SEC), the funds may enter into interfund borrowing and lending transactions with other funds in the Fund 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.

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<br>**6. 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 on each fund's Statement of Operations. For information regarding the trustees, please refer to the Trustees and Officers table at the end of this report.

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<br>**7. Borrowing from Banks:**

During the period, the funds were participants with other funds in the Fund Complex in a joint, syndicated, committed $850 million line of credit (the Syndicated Credit Facility), which matured on September 29, 2022. On September 29, 2022, the Syndicated Credit Facility was amended to run for a new 364 day period with the credit line amount increasing to $1 billion, maturing on September 28, 2023. 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.

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**85**

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Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund

Financial Notes (continued)

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

**7. Borrowing from Banks (continued):** 

During the period, the funds were participants with other funds in the Fund 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 29, 2022. On September 29, 2022, 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 28, 2023. Under the terms of the Uncommitted Credit Facility, each fund pays interest on the amount a fund borrows. There were no borrowings 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 on each fund's Statement of Operations, if any. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.

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<br>**8. Federal Income Taxes:**

As of December 31, 2022, the tax basis cost of the funds' investments were as follows:

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| | |
|:---|:---|
|  | TAX COST  |
| Schwab Municipal Money Fund | $14213298091 |
| Schwab AMT Tax-Free Money Fund | &nbsp;&nbsp;&nbsp; 1813551406 |

---

As of December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | CAPITAL LOSS <br>CARRYFORWARDS <br>AND OTHER LOSSES <br>| TOTAL  |
| Schwab Municipal Money Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |
| Schwab AMT Tax-Free Money Fund | (31178) | (31178) |

---

Capital loss carryforwards have no expiration and may be used to offset future realized capital gains for federal income tax purposes. As of December 31, 2022, the funds had capital loss carryforwards available as follows:

---

| | |
|:---|:---|
| Schwab Municipal Money Fund | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Schwab AMT Tax-Free Money Fund | 31178 |

---

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 | CURRENT FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS |
|  | TAX-EXEMPT <br>INCOME <br>| ORDINARY <br>INCOME <br>| LONG-TERM <br>CAPITAL <br>GAINS <br>| TAX-EXEMPT <br>INCOME <br>| ORDINARY <br>INCOME <br>| LONG-TERM <br>CAPITAL <br>GAINS <br>|
| Schwab Municipal Money Fund | $128465056 | $2916837 | $145000 | $1014553 | $95616 | $659559 |
| Schwab AMT Tax-Free Money Fund | &nbsp;&nbsp;&nbsp; 14095668 | &nbsp;&nbsp;&nbsp;&nbsp; 336040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95179 | &nbsp;&nbsp; 16795 | &nbsp;&nbsp;&nbsp; 71359 |

---

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 on 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.

As of December 31, 2022, 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 the Statement of Operations. During the fiscal year ended December 31, 2022, the funds did not incur any interest or penalties.

**86**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

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Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund

Financial Notes (continued)

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

**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.

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**87**

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Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund

Report of Independent Registered Public Accounting Firm

------

To the Board of Trustees of The Charles Schwab Family of Funds and Shareholders of Schwab Municipal Money Fund and Schwab AMT Tax-Free Money 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 Municipal Money Fund and Schwab AMT Tax-Free Money Fund (the "Funds"), two of the funds constituting The Charles Schwab Family of Funds, as of December 31, 2022, and 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 three years in the period then ended, and the related notes. 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 December 31, 2022, 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 three years in the period then ended in conformity with accounting principles generally accepted in the United States of America. The financial highlights for each of the two years in the period ended December 31, 2019 were audited by other auditors, whose report, dated February 18, 2020, expressed an unqualified opinion on such financial highlights.

***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 December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

**Deloitte & Touche LLP** <br>Denver, Colorado <br>February 16, 2023

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

**88**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

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Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund

Other Federal Tax Information (unaudited)

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The funds designate the following percentage of the distributions paid from net investment income as exempt-interest dividends under Internal Revenue Code section 852(b)(5) for the fiscal year ended December 31, 2022:

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| | |
|:---|:---|
| Schwab Municipal Money Fund | 98.59% |
| Schwab AMT Tax-Free Money Fund | 97.67% |

---

Under section 852(b)(3)(C) of the Internal Revenue Code, the funds hereby designate the following amounts as long-term capital gain dividends for the fiscal year ended December 31, 2022:

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| | |
|:---|:---|
| Schwab Municipal Money Fund | $198529 |
| Schwab AMT Tax-Free Money Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

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For the fiscal year ended December 31, 2022, the funds designate the following percentage of dividend income as business interest income under section 163(j) of the Internal Revenue Code:

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| | |
|:---|:---|
| Schwab Municipal Money Fund | &nbsp;&nbsp; 62.78% |
| Schwab AMT Tax-Free Money Fund | 100.00% |

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Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**89**

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Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund

Trustees and Officers

------

The tables below give information about the trustees and officers of The Charles Schwab Family of Funds, which includes the funds covered in this report. The "Fund Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust. The Fund Complex includes 105 funds.

The address for all trustees and officers is 211 Main Street, San Francisco, CA 94105. You can find more information about the trustees and officers in the funds' Statement of Additional Information, which is available free by calling 1-877-824-5615.

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| | | | |
|:---|:---|:---|:---|
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Name, Year of Birth, and <br> Position(s) with the trust <br> (Terms of office, and <br> length of Time Served<sup>1</sup>)<br>| Principal Occupations<br> During the Past Five Years<br>| Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee<br>| Other Directorships |
| **Michael J. Beer**<br> 1961<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios, Schwab <br> Strategic Trust and Laudus Trust <br> since 2022)<br>| Retired. Director, President and Chief Executive Officer <br> (Dec. 2016 – Sept. 2019), Principal Funds (investment management).<br>| 105 | Director (2016 – 2019), <br> Principal Funds, Inc.<br>|
| **Robert W. Burns**<br> 1959<br> Trustee<br> (Trustee of Schwab Strategic Trust <br> since 2009; The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios and <br> Laudus Trust since 2016)<br>| Retired/Private Investor. | 105 |  |
| **Nancy F. Heller**<br> 1956<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios, Schwab <br> Strategic Trust and Laudus Trust <br> since 2018)<br>| Retired. | 105 |  |
| **David L. Mahoney**<br> 1954<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios and <br> Laudus Trust since 2011; Schwab <br> Strategic Trust since 2016)<br>| Private Investor. | 105 | Director <br> (2004 – present), <br> Corcept Therapeutics <br> Incorporated <br> Director (2009 – 2021), <br> Adamas <br> Pharmaceuticals, Inc.<br> Director (2003 – 2019), <br> Symantec Corporation<br>|
| **Jane P. Moncreiff**<br> 1961<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios, Schwab <br> Strategic Trust and Laudus Trust <br> since 2019)<br>| Consultant (2018 – present), Fulham Advisers LLC (management <br> consulting); Chief Investment Officer (2009 – 2017), CareGroup <br> Healthcare System, Inc. (healthcare).<br>| 105 |  |

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**90**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

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Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund

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| | | | |
|:---|:---|:---|:---|
| **Independent Trustees (continued)** | **Independent Trustees (continued)** | **Independent Trustees (continued)** | **Independent Trustees (continued)** |
| Name, Year of Birth, and <br> Position(s) with the trust <br> (Terms of office, and <br> length of Time Served<sup>1</sup>)<br>| Principal Occupations<br> During the Past Five Years<br>| Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee<br>| Other Directorships |
| **Kimberly S. Patmore**<br> 1956<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios, Schwab <br> Strategic Trust and Laudus Trust <br> since 2016)<br>| Consultant (2008 – present), Patmore Management Consulting <br> (management consulting).<br>| 105 |  |
| **J. Derek Penn**<br> 1957<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios, Schwab <br> Strategic Trust and Laudus Trust <br> since 2021)<br>| Head of Equity Sales and Trading (2006 – 2018), BNY Mellon (financial <br> services).<br>| 105 |  |

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Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**91**

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Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund

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

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| | | | |
|:---|:---|:---|:---|
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| Name, Year of Birth, and <br> Position(s) with the trust <br> (Terms of office, and <br> length of Time Served<sup>1</sup>)<br>| Principal Occupations<br> During the Past Five Years<br>| Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee<br>| Other Directorships |
| **Walter W. Bettinger II**<sup>2</sup> 1960<br> Chairman and Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust <br> and Schwab Annuity Portfolios since <br> 2008; Schwab Strategic Trust since <br> 2009; Laudus Trust since 2010)<br>| Co-Chairman of the Board (July 2022 – present), Director and Chief <br> Executive Officer (Oct. 2008 – present) and President <br> (Feb. 2007 – Oct. 2021), The Charles Schwab Corporation; President and <br> Chief Executive Officer (Oct. 2008 – Oct. 2021) and Director <br> (May 2008 – Oct. 2021), Charles Schwab & Co., Inc.; Director <br> (Apr. 2006 – present), Charles Schwab Bank, SSB; Director <br> (Nov. 2017 – present), Charles Schwab Premier Bank, SSB; Director <br> (July 2019 – present), Charles Schwab Trust Bank; Director <br> (May 2008 – present), Chief Executive Officer (Aug. 2017 – present) and <br> President (Aug. 2017 – Nov. 2021), Schwab Holdings, Inc.; Director <br> (Oct. 2020 – present), TD Ameritrade Holding Corporation; Director <br> (July 2016 – Oct. 2021), Charles Schwab Investment Management, Inc.<br>| 105 | Director <br> (2008 – present), The <br> Charles Schwab <br> Corporation <br>|
| **Richard A. Wurster**<sup>2</sup> 1973<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios, Schwab <br> Strategic Trust and Laudus Trust <br> since 2022)<br>| President (Oct. 2021 – present) and Executive Vice President – Schwab <br> Asset Management Solutions (Apr. 2019 – Oct. 2021), The Charles <br> Schwab Corporation; President, Director (Oct. 2021 – present), Executive <br> Vice President – Schwab Asset Management Solutions <br> (July 2019 – Oct. 2021) and Senior Vice President – Advisory <br> (May 2016 – July 2019), Charles Schwab & Co., Inc.; President <br> (Nov. 2021 – present), Schwab Holdings, Inc.; Director <br> (Oct. 2021 – present) and Chief Executive Officer (Nov. 2019 – Jan. 2022), <br> Charles Schwab Investment Management, Inc.; Director, Chief Executive <br> Officer and President (Mar. 2018 – Oct. 2022), Charles Schwab Investment <br> Advisory, Inc.; Chief Executive Officer (July 2016 – Apr. 2018) and <br> President (Mar. 2017 – Apr. 2018), ThomasPartners, Inc.; Chief Executive <br> Officer (July 2016 – Apr. 2018), Windhaven Investment Management, Inc.<br>| 105 |  |

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

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| | |
|:---|:---|
| **Officers of the Trust** | **Officers of the Trust** |
| Name, Year of Birth, and Position(s) with the trust <br> (Terms of office, and length of Time Served<sup>3</sup>)<br>| Principal Occupations During the Past Five Years |
| **Jonathan de St. Paer**<br> 1973<br> President and Chief Executive Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios, Schwab Strategic Trust and Laudus Trust since <br> 2018)<br>| Director (Apr. 2019 – present), President (Oct. 2018 – present), Chief Operating Officer <br> (Jan. 2021 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab <br> Investment Management, Inc.; Senior Vice President (June 2020 – Mar. 2022) and Chief <br> Operating Officer (Jan. 2021 – Mar. 2022), Charles Schwab Investment Advisory, Inc.; Chief <br> Executive Officer (Apr. 2019 – present), President (Nov. 2018 – present) and Trustee <br> (Apr. 2019 – Dec. 2020), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director <br> (May 2022 – present), Senior Vice President (Apr. 2019 – May 2022) and Senior Vice <br> President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), Charles <br> Schwab & Co., Inc.<br>|
| **Mark Fischer**<br> 1970<br> Chief Operating Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios, Schwab Strategic Trust and Laudus Trust since <br> 2013)<br>| Chief Operating Officer (Dec. 2020 – present) and Treasurer and Chief Financial Officer <br> (Jan. 2016 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Chief Financial <br> Officer (Mar. 2020 – present) and Vice President (Oct. 2013 – present), Charles Schwab <br> Investment Management, Inc.<br>|
| **Dana Smith**<br> 1965<br> Treasurer and Chief Financial Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios, Schwab Strategic Trust and Laudus Trust since <br> 2023)<br>| Treasurer and Chief Financial Officer (Jan. 2023 – present) and Assistant Treasurer <br> (Dec. 2015 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Vice President <br> (Mar. 2022 – present) and Director (Oct. 2015 – Mar. 2022), Charles Schwab Investment <br> Management, Inc.<br>|

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Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund

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| | |
|:---|:---|
| **Officers of the Trust (continued)** | **Officers of the Trust (continued)** |
| Name, Year of Birth, and Position(s) with the trust <br> (Terms of office, and length of Time Served<sup>3</sup>)<br>| Principal Occupations During the Past Five Years |
| **Omar Aguilar**<br> 1970<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios, Schwab Strategic Trust and Laudus Trust since <br> 2011)<br>| Chief Executive Officer (Jan. 2022 – present), Chief Investment Officer (Apr. 2011 – present) <br> and Senior Vice President (Apr. 2011 – Dec. 2021), Charles Schwab Investment <br> Management, Inc.; Director, Chief Executive Officer and President (Oct. 2022 – present), <br> Charles Schwab Investment Advisory, Inc.; Vice President and Chief Investment Officer <br> (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs.<br>|
| **Brett Wander**<br> 1961<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios, Schwab Strategic Trust and Laudus Trust since <br> 2011)<br>| Senior Vice President and Chief Investment Officer (Apr. 2011 – present), Charles Schwab <br> Investment Management, Inc.; Vice President and Chief Investment Officer <br> (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs.<br>|
| **William P. McMahon, Jr.**<br> 1972<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios, Schwab Strategic Trust and Laudus Trust since <br> 2021)<br>| Senior Vice President and Chief Investment Officer (Jan. 2020 – present), Charles Schwab <br> Investment Management, Inc.; Vice President and Chief Investment Officer <br> (June 2021 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Senior Vice President <br> and Chief Investment Officer – ThomasPartners Strategies (Apr. 2018 – Dec. 2019), Charles <br> Schwab Investment Advisory, Inc.; Senior Vice President and Chief Investment Officer <br> (May 2001 – Apr. 2018), ThomasPartners, Inc.<br>|
| **Catherine MacGregor**<br> 1964<br> Chief Legal Officer and Secretary, Schwab Funds and <br> Schwab ETFs<br> Chief Legal Officer, Vice President and Clerk, Laudus Trust<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios and Laudus Trust since 2005; Schwab Strategic <br> Trust since 2009)<br>| Chief Legal Officer (Mar. 2022 – present) and Vice President (Sept. 2005 – present), Charles <br> Schwab Investment Management, Inc.; Managing Director (May 2022 – present) and Vice <br> President (July 2005 – May 2022), Charles Schwab & Co., Inc.; Vice President <br> (Dec. 2005 – present) and Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus Trust; <br> Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President <br> (Nov. 2005 – Oct. 2021) and Assistant Secretary (June 2007 – Oct. 2021), Schwab Funds; <br> Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President and Assistant <br> Secretary (Oct. 2009 – Oct. 2021), Schwab ETFs.<br>|

---

<sup>1</sup>

Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed. The retirement policy requires that each independent trustee retire by December 31 of the year in which the Trustee turns 74 or the Trustee's twentieth year of service as an independent trustee on any trust in the Fund Complex, whichever occurs first.

<sup>2</sup>

Mr. Bettinger and Mr. Wurster are Interested Trustees. Mr. Bettinger and Mr. Wurster are Interested Trustees because each owns stock of The Charles Schwab Corporation (CSC), the parent company of Charles Schwab Investment Management, Inc., the investment adviser for the trusts in the Fund Complex, and is an employee of Charles Schwab & Co., Inc. (Schwab), the principal underwriter for The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust.

<sup>3</sup>

The President, Treasurer and Secretary/Clerk hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board.

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**93**

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Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund

Glossary

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**144A securities** These securities may be sold only to qualified institutional buyers under Securities Act Rule 144A.

**Alternative Minimum Tax (AMT)** A federal income tax designed to limit the extent to which high-income taxpayers (including individuals, estates, trusts and corporations) can benefit from certain deductions and exemptions. For example, some types of income that are exempt from regular federal income tax are not exempt from the AMT.

**bond** A security representing a loan from the investor to the issuer. A bond typically pays interest at a fixed rate (the coupon rate) until a specified date (the maturity date), at which time the issuer returns the money borrowed (principal or face value) to the bondholder. Because of their structure, bonds are sometimes called "fixed-income securities" or "debt securities."

An individual bond is subject to the credit risk of the issuer. Changes in interest rates can affect a bond's market value prior to call or maturity. There is no guarantee that a bond's yield to call or maturity will provide a positive return over the rate of inflation.

**bond anticipation notes** Obligations sold by a state or local government on a short-term basis in anticipation of the issuance of a longer-term bond in the future.

**capital gain, capital loss** The difference between the amount paid for an investment and its value at a later time. If the investment has been sold, the capital gain or loss is considered a realized gain or loss. If the investment is still held, the gain or loss is still "on paper" and is considered unrealized.

**commercial paper** Promissory notes issued by banks, corporations and other entities to finance short-term credit needs. These securities generally are structured on a discounted basis but sometimes may be interest-bearing notes. Commercial paper, which may be unsecured, is subject to credit risk.

**credit-enhanced securities** Securities that are backed by the credit of an entity other than the issuer (such as a financial institution). Credit enhancements, which can equal up to 100% of the security's value, are designed to help lower the risk of default on a security and may also make the security more liquid.

**credit quality** The capacity of an issuer to make its interest and principal payments. Federal regulations strictly regulate the credit quality of the securities a money market fund can buy.

**credit ratings** Debt issuers, including corporations, states and municipalities, may arrange with a recognized independent rating organization, such as Standard & Poor's, Fitch, Inc., Moody's Investor Service, and DBRS, to rate their creditworthiness and/or the creditworthiness of their debt issues. For example, an issuer may obtain a long-term rating within the investment grade rating category, which is, from high to low, AAA, AA, A and BBB for Standard & Poor's, Fitch, and DBRS; and Aaa, Aa, A and Baa for Moody's.

**credit risk** The risk that a debt issuer may be unable to pay interest or repay principal to its debt holders.

**dollar-weighted average maturity** See weighted average maturity.

**effective yield** A measurement of a fund's yield that assumes that all interest income is reinvested in additional shares of the fund.

**escrow** The issuer of an escrowed bond deposits funds in a trust which are verified by a third party to be sufficient to pay the bond's principal and interest at maturity or at a call date. The funds in the trust are invested in high quality investments, typically US Treasury and Agency obligations which mature at or prior to the bond's maturity or call date.

**expense ratio** The amount that is taken from a mutual fund's assets each year to cover the fund's operating expenses. An expense ratio of 0.50% means that a fund's expenses amount to half of one percent of its average net assets a year.

**face value** The value of a bond, note, mortgage or other security as given on the certificate or instrument. Face value is also referred to as par value or nominal value.

**fixed rate notes** A security with a fixed rate or coupon and a short maturity (typically within thirteen months). For example, bond, revenue or tax anticipation notes.

**guaranty (GTY)** An instrument issued by a financial institution to unconditionally guarantee the repayment of a security's principal and interest at maturity. The security will typically carry the rating of the institution which provides the guaranty rather than that of the security's issuer.

**illiquid securities** Securities are generally considered illiquid if they cannot be disposed of promptly (typically within seven days) and in the ordinary course of business at approximately the amount at which a fund has valued the instruments.

**interest** Payments to holders of debt securities as compensation for loaning a security's principal to the issuer.

**letter of credit (LOC)** An instrument issued by a financial institution which unconditionally guarantees the repayment of principal and interest at maturity and upon demand. Many securities known as variable-rate demand obligations (VRDOs) carry LOCs to provide a source of payment to allow the holder of the security to demand repayment after a pre-defined number of days, typically daily or weekly.

**liquidity (LIQ)** A liquidity facility is issued by a financial institution to improve the ability of the issuer of the security to meet demands for payment. Many securities known as variable-rate demand obligations (VRDOs) carry liquidity facilities to provide a source of payment to allow the holder of the security to demand repayment after a pre-defined number of days, typically daily or weekly. The issuer of the security must maintain strong long-term ratings and credit characteristics while the liquidity facility is in effect. If the issuer fails to meet certain predetermined financial conditions, the financial institution may terminate its obligation without notice.

**liquidity-enhanced security** The security's structure includes a liquidity arrangement that requires an entity other than the issuer (such as a large financial institution) to provide funds to pay a tender under most circumstances. Liquidity enhancements are often used on variable-rate securities where the portfolio manager has an option to tender the securities for repayment within a specified time period (usually one day or one week) at any time prior to their final maturity.

**maturity** The date a debt security is scheduled to be "retired" and its principal amount repaid. The Maturity of an investment will generally reflect the security's final maturity date unless the security's structure includes a maturity-shortening provision such as an interest rate reset,

**94**Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report

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Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund

demand feature or put feature (the "Effective Maturity Date"). For those securities with a maturity-shortening provision, including variable-rate demand securities, the Maturity is determined by using the Effective Maturity Date, as permitted by Rule 2a-7.

**money market securities** High-quality, short-term debt securities that may be issued by states and local governments and their agencies. Money market securities must have an effective maturity of no longer than 397 days. Examples include bond and tax anticipation notes, commercial paper, variable-rate demand obligations and tender option bonds.

**municipal securities** Debt securities issued by a state, its counties, municipalities, authorities and other subdivisions, or the territories and possessions of the United States and the District of Columbia, including their subdivisions, agencies and instrumentalities and corporations. These securities may be issued to obtain money for various public purposes, including the construction of a wide range of public facilities such as airports, bridges, highways, housing, hospitals, mass transportation, public utilities, schools, streets, and water and sewer works.

**net asset value per share (NAV)** The value of one share of a mutual fund. NAV is calculated by taking the fund's total assets, subtracting liabilities, and dividing by the number of shares outstanding. Certain money funds seek to maintain a steady NAV of $1.00.

**outstanding shares, shares outstanding** When speaking of a company or mutual fund, indicates all shares currently held by investors.

**restricted securities** Securities that are subject to contractual restrictions on resale. These securities are often purchased in private placement transactions.

**revenue anticipation notes** Obligations that are issued in expectation of the receipt of revenue, such as income taxes, property taxes, etc.

**taxable equivalent yield** The yield an investor would need to get from a taxable investment in order to match the yield paid by a given tax-exempt investment, once the effect of all applicable taxes is taken into account. For example, if your tax rate were 25%, a tax-exempt investment paying 4.5% would have a taxable equivalent yield for you of 6.0% (4.5% ÷ [1 – 0.25%] = 6.0%).

**tax anticipation notes** Notes that typically are sold to finance the cash flow needs of municipalities in anticipation of the receipt of taxes on a future date.

**total return** The percentage that an investor would have earned or lost on an investment in the fund assuming dividends and distributions were reinvested.

**variable rate demand obligations (VRDOs)** Securities that have long maturities but which, because of their structure, require them to repay principal plus accrued interest within a specified timeframe (usually one or seven days) upon the demand of the bond holder. Depending on their structure, the repayment may be made by the bond issuer or by a financial institution, such as a highly rated bank.

**variable rate demand preferred shares (VRDP)** Variable rate demand securities that are issued by single state or national closed-end municipal bond funds, which, in turn, invest primarily in portfolios of tax-exempt municipal bonds. It is anticipated that the interest on VRDPs will be exempt from federal income tax. These securities are considered "municipal money market securities" for purposes of the fund's investment policy as stated in the prospectus.

**weighted average maturity (WAM)** For money market mutual funds as per rule 2a-7, the maturity date or Effective Maturity Date (see definition of maturity) of all the debt securities in its portfolio, or the date the interest rate on those securities is reset, or the date those securities can be redeemed through demand, calculated as a weighted average. As a rule, the longer a fund's weighted average maturity, the greater its interest rate risk. Money funds are required to maintain a weighted average maturity of no more than 60 days.

**yield** The income paid out by an investment, expressed as a percentage of the investment's market value.

Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund \| Annual Report**95**

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Schwab Municipal Money Fund & Schwab AMT Tax-Free Money Fund

Schwab Asset Management

------

With a straightforward lineup of core products and solutions for building the foundation of a portfolio, Schwab Asset Management advocates for investors of all sizes with a steadfast focus on lowering costs and reducing unnecessary complexity. The list below shows all currently available Schwab Funds<sup>®</sup>.

**Investors should carefully consider information contained in the prospectus, or if available, the summary prospectus, including investment objectives, risks, charges and expenses before investing. Please call 1-877-824-5615 for a prospectus for any Schwab Fund. Please read the prospectus carefully before you invest. This report must be preceded or accompanied by a current 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/schwabfunds_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/schwabfunds_prospectus or the SEC's website at www.sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Schwab Funds**

**Equity Funds**

Schwab Core Equity Fund

Schwab Dividend Equity Fund

Schwab Large-Cap Growth Fund

Schwab Small-Cap Equity Fund

Schwab Health Care Fund

Schwab International Core Equity Fund

Schwab International Opportunities Fund

Schwab Select Large Cap Growth Fund

Schwab Fundamental US Large Company Index Fund

Schwab Fundamental US Small Company Index Fund

Schwab Fundamental International Large Company Index Fund

Schwab Fundamental International Small Company Index Fund

Schwab Fundamental Emerging Markets Large Company Index Fund

Schwab Fundamental Global Real Estate Index Fund

Schwab Global Real Estate Fund

Schwab S&P 500 Index Fund

Schwab 1000 Index<sup>®</sup> Fund

Schwab Small-Cap Index Fund<sup>®</sup>

Schwab Total Stock Market Index Fund<sup>®</sup>

Schwab U.S. Large-Cap Growth Index Fund

Schwab U.S. Large-Cap Value Index Fund

Schwab U.S. Mid-Cap Index Fund

Schwab International Index Fund<sup>®</sup>

**Asset Allocation Funds**

Schwab Balanced Fund

Schwab MarketTrack Portfolios<sup>®</sup>

Schwab Target Funds

Schwab Target Index Funds

Schwab Monthly Income Funds

**Bond Funds**

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<sup>1</sup>

Schwab California Tax-Free Bond Fund<sup>1</sup>

Schwab Opportunistic Municipal Bond Fund

**Schwab Money Funds**<sup>2</sup>

Schwab provides a broad choice of taxable and tax-exempt money market funds for both retail and institutional client types.

**Investment Adviser**

Charles Schwab Investment Management, Inc., dba Schwab Asset Management

211 Main Street, San Francisco, CA 94105

**Funds**

Schwab Funds

1-877-824-5615© 2023 Charles Schwab & Co., Inc. All rights reserved. <br>Member SIPC<sup>®</sup> <br>Printed on recycled paper.

¹

**State, local, and the Federal Alternative Minimum Tax may apply. Capital gains are not exempt from Federal Taxation.**

²

**You could lose money by investing in the Schwab Money Funds. All Schwab Money Funds with the exception of Schwab Variable Share Price Money Fund seek to preserve the value of your investment at $1.00 per share, but cannot guarantee they will do so. Because the share price of Schwab Variable Share Price Money Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. All Schwab Money Funds with the exception of Schwab Government Money Fund, Schwab Retirement Government Money Fund, Schwab U.S. Treasury Money Fund, Schwab Treasury Obligations Money Fund and Schwab Government Money Market Portfolio may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Schwab Money Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Schwab Money Funds' sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time.**

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g38074img7e1e4eb11.jpg)

MFR26568-20 <br> 00282283

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g296469img81843f2a1.jpg)

**Annual Report** \| December 31, 2022

Schwab Retirement Government Money Fund

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**This page is intentionally left blank.**

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

**In This Report**

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| | |
|:---|:---|
| [From the President](#xx_173e3171-afe2-45bc-90f2-482f4bca3ef2_1) | 2 |
| [Fund Management](#xx_acac4b4b-4823-476d-878a-dde51f5d0b4c_1) | 3 |
| [Performance and Fund Facts](#xx_92c0f5cb-11e3-4ec3-8a21-854f308248d8_1) | 4 |
| [Fund Expenses](#xx_13679afc-ca57-4c9d-9730-4dd679a3e18a_1)  | 6 |
| [Financial Statements and Portfolio Holdings](#xx_d26bc02e-8324-4f7b-8f3d-6f3ac5551a8a_1) | 7 |
| [Financial Notes](#xx_a86456d9-b7dd-4f14-991c-588ed216727b_1) | 17 |
| [Report of Independent Registered Public Accounting Firm](#xx_b9fbc272-b828-4cfe-922c-730eea73f15c_1) | 23 |
| [Other Federal Tax Information](#xx_a142c0bc-9610-4ab5-8c5d-e137b13d5316_1)  | 24 |
| [Trustees and Officers](#xx_07d89ad4-1e3b-4bbd-a6d1-8ccaaf73bc78_1) | 25 |
| [Glossary](#xx_45f1afc3-eaf4-4531-b7d4-f3a8001eced8_1) | 29 |

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

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

Schwab Retirement Government Money Fund \| Annual Report**1**

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Schwab Retirement Government Money Fund

From the President

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![](g296469img705e00882.jpg)

**Jonathan de St. Paer** <br>President of Schwab Asset <br>Management and the fund <br> covered in this report.

Dear Shareholder,

Financial markets faced a tough environment in 2022, coming under pressure due to rampant inflation, rising interest rates, and increasing geopolitical uncertainty. Focus shifted early in the year from the ongoing COVID-19 pandemic to Russia's invasion of Ukraine in late-February. Inflation, already ticking up at the start of the year, accelerated in the face of spiking commodity prices exacerbated by the war in Ukraine. Central banks, led by the U.S. Federal Reserve, aggressively hiked interest rates to slow economic growth and curb inflation. The U.S. federal funds rate increased from near zero in January and February to over 4% by December, the most rapid increase since the early 1980s. U.S. economic growth slowed in the face of these challenges, with gross domestic product contracting during the first and second quarters of the year before rebounding into positive territory. Stocks and bonds declined sharply, with the S&P 500<sup>®</sup> Index, a bellwether for the overall U.S. equities market, posting its largest calendar year drop since the 2008 recession and the broad U.S. bond market, as measured by the Bloomberg US Aggregate Bond Index, suffering its steepest decline on record.

With stock and bond prices plunging, money market funds offered investors one of few safe havens available. Money market funds produced their strongest returns in years and investors relied on the funds as vehicles for capital preservation and daily liquidity. The Schwab Retirement Government Money Fund continues to focus on liquidity and stability to meet our clients' ongoing needs. The fund benefits from extensive credit research and analysis that aims to manage portfolio, credit, and interest rate risks. Our portfolio management team also evaluates stress tests designed to help them understand various scenarios, including the impact of factors such as decreases or increases in short-term rates, widening of credit spreads, and downgrades or defaults among issuers.

In regulatory matters, the U.S. Securities and Exchange Commission (SEC) continued work on proposed reforms that could change the way that money market funds operate in the future. At this time, the adoption and implementation of the proposed money market regulatory reform remains subject to the SEC's rulemaking and implementation process. The SEC continues to evaluate money market fund rules and may propose additional changes. As one of the largest money market fund managers in the industry, Schwab Asset Management continues to monitor and assess these proposals, and provide feedback to the SEC, as appropriate.

Thank you for investing with Schwab Asset Management, and for trusting us to help you achieve your financial goals. For more information about the Schwab Retirement Government Money Fund, please continue reading this report. In addition, you can find further details about this fund by visiting our website at www.schwabassetmanagement.com. We are also happy to hear from you at 1-877-824-5615.

Sincerely,

![](g296469img3c5e1cb43.jpg)

**"***Financial markets faced a tough environment in 2022, coming under pressure due to rampant inflation, rising interest rates, and increasing geopolitical uncertainty.***"**

Past performance is no guarantee of future results.

Management views may have changed since the report date.

Schwab Asset Management is the dba name for Charles Schwab Investment Management, Inc., the investment adviser for Schwab Funds and Schwab ETFs.

**2**Schwab Retirement Government Money Fund \| Annual Report

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Schwab Retirement Government Money Fund

Fund Management

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

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|:---|:---|
| ![](g296469imgfea249c14.jpg)<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Linda Klingman,** Managing Director and Head of Money Market Strategies for Schwab Asset Management, <br> leads the portfolio management teams for taxable and tax-exempt Schwab Money Funds, and has overall <br> responsibility for all aspects of the management of the fund. Prior to joining Schwab in 1990, she was a senior <br> money market trader with AIM Management, Inc. for five years. She has managed money market funds since <br> &nbsp;&nbsp;&nbsp;&nbsp;1988.<br>|

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

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|:---|:---|
| ![](g296469img0b27edca5.jpg)<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Lynn Paschen,** Senior Portfolio Manager for Schwab Asset Management, is responsible for the day-to-day <br> co-management of the fund. Prior to joining Schwab in 2011, Ms. Paschen held a number of positions at <br> American Century Investments. She was most recently a portfolio manager and, from 2000 to 2003, worked <br> as a fixed-income trader. She has managed money market funds since 2003.<br>|

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

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|:---|:---|
| ![](g296469img770b71de6.jpg)<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Nicole Perret-Gentil,** Portfolio Manager for Schwab Asset Management, is responsible for the day-to-day <br> co-management of the fund. Prior to joining Schwab in 2016, Ms. Perret-Gentil worked at Freddie Mac for <br> 15 years, most recently as a senior portfolio manager where she managed and executed trades for a <br> fixed-income strategy. Prior to that role, she served as a portfolio manager performing fixed-income analysis, a <br> senior research analyst for investor and dealer relations, a senior securities operations analyst in loan and <br> securities operations, and a lead mortgage securities operations specialist. She also worked at Merrill Lynch <br> for a year as a senior specialist in fixed-income global banking and investments.<br>|

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Schwab Retirement Government Money Fund \| Annual Report**3**

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Schwab Retirement Government Money Fund

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**The Schwab Retirement Government Money Fund's** (the fund) goal is to seek current income consistent with stability of capital and liquidity. To pursue its goal, the fund invests in U.S. government securities such as U.S. Treasury bills and notes, other obligations that are issued by the U.S. government, its agencies, or instrumentalities, repurchase agreements that are collateralized fully by cash and/or U.S. government securities, and obligations that are issued by private issuers that are guaranteed as to principal or interest by the U.S. government, its agencies, or instrumentalities. The fund will invest at least 99.5% of its total assets in cash, U.S. government securities and/or repurchase agreements that are collateralized fully by cash and/or U.S. government securities; under normal circumstances, at least 80% of the fund's net assets (including, for this purpose, any borrowings for investment purposes) will be invested solely in U.S. government securities including repurchase agreements that are collateralized fully by U.S. government securities (excluding cash). For more information concerning the fund's investment objective, strategy, and risks, please see the fund's prospectus.

**Market Highlights.** During the 12-month reporting period ended December 31, 2022, interest rates rose as a result of persistently high inflation stemming from a tight labor market, supply chain constraints, and high energy prices in the wake of the COVID-19 pandemic and the war in Ukraine. After maintaining the federal funds rate in a range of 0.00% to 0.25% through mid-March, the U.S. Federal Reserve (Fed) shifted its stance as inflation continued to rise and indicators of economic activity and employment continued to strengthen. After issuing successively stronger signals that interest rates could begin to rise sooner in 2022 than previously anticipated, the Fed increased the federal funds rate seven times by the end of the year to end the reporting period in a range of 4.25% to 4.50%. In addition, the Fed's bond-buying program, which had begun to scale back in November 2021, was ended altogether in early March 2022. In June, the Fed also began to reduce the $9 trillion in assets it holds on its balance sheet.

Given expectations of further rate hikes into 2023, along with persistently high—albeit declining in the second half of the year—inflation, longer-term bond and equity markets weakened, with the S&P 500<sup>®</sup> Index and Bloomberg US Aggregate Bond Index posting their worst calendar year returns in more than a decade. Yields on short-term money market securities increased and demand remained high. At the same time, supply of U.S. Treasuries declined as the U.S. Treasury's borrowing needs decreased. As a result, high demand for the Fed's Overnight Reverse Repurchase Agreement facility drove usage to an all-time high.

Monetary policy around the world varied as central banks responded to the rapidly changing conditions. Over the reporting period, the European Central Bank raised its interest rate four times and the Bank of England raised its key official bank rate eight times. In contrast, the Bank of Japan continued to uphold its short-term interest rate target of -0.1%, unchanged since 2016, but in late December unexpectedly announced that it would widen the band around the yield target of its 10-year government bond, which pushed the yen higher and effectively marked the end of an extended period in which Japan was the only major developed country to resist raising rates.

**Performance, Positioning, and Strategies.** Throughout the reporting period, the fund's investment adviser remained focused on liquidity and stability of capital as market conditions evolved, and on continuing a rigorous credit review process and ongoing monitoring for all issuers and regions in which the fund invests. In anticipation of the Fed's short-term interest rate increases early in the reporting period, followed by the Fed's subsequent actions, the fund's weighted average maturity (WAM) was shortened, beginning the reporting period at 39 days and ending it at 21 days.

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

**Portfolio Composition By Effective Maturity % of Investments**<sup>1</sup> <br>

![](g296469img8f3406be7.jpg)

**Portfolio Composition by Security Type % of Investments**<sup>3</sup> <br>

![](g296469img866b68ec8.jpg)

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

**Statistics**

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| | |
|:---|:---|
| **Weighted Average Maturity**<sup>2</sup> | 21 Days |

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

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

Management views and portfolio holdings may have changed since the report date.

<sup>1</sup>

Maturity shown is the date the security matures, the date the interest rate on those securities is reset, or the date those securities can be redeemed through demand.

<sup>2</sup>

Money funds must maintain a dollar-weighted average maturity of no longer than 60 days and cannot invest in any security whose effective maturity is longer than 397 days (approximately 13 months).

<sup>3</sup>

The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.

**4**Schwab Retirement Government Money Fund \| Annual Report

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Schwab Retirement Government Money Fund

Performance and Fund Facts as of December 31, 2022

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**The performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be lower or higher than performance data quoted. To obtain more current performance information, please visit www.schwabassetmanagement.com/schwabfunds_prospectus.** 

**Seven-Day Average Yield Trend for Previous 12 Months**

![](g296469lg7d_2mn8.jpg)

**Seven-Day Yields**

The seven-day yield is the income generated by the fund's portfolio holdings minus the fund's operating expenses. The seven-day yields are calculated using standard SEC formulas. The effective yield includes the effect of reinvesting daily dividends. Please remember that money market fund yields fluctuate.

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| | |
|:---|:---|
|  | **Schwab Retirement Government Money Fund** |
| Ticker Symbol | SNRXX |
| Minimum Initial Investment<sup>1</sup> <br>| $1000000 |
| **Seven-Day Yield (with waivers)**<sup>2</sup> <br>| 4.06% |
| **Seven-Day Yield (without waivers)**<sup>2</sup> <br>| 4.05% |
| **Seven-Day Effective Yield (with waivers)**<sup>2</sup> <br>| 4.14% |

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

**You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.**

<sup>1</sup>

Please see prospectus for further detail and eligibility requirements.

<sup>2</sup>

The Seven-Day Yield (with waivers) is the average income paid out over the previous seven days assuming interest income is not reinvested and it reflects the effect of any applicable waivers. Absent such waivers, the fund's yield would have been lower. The Seven-Day Yield (without waivers) is the yield without the effect of any applicable waivers. The Seven-Day Effective Yield is the yield with waivers assuming that all interest income is reinvested in additional shares of the fund. For additional details, see financial note 4.

Schwab Retirement Government Money Fund \| Annual Report**5**

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Schwab Retirement Government Money Fund

Fund Expenses (Unaudited)

**Examples for a $1,000 Investment**

As a fund shareholder, you may incur two types of costs: (1) transaction costs; and (2) ongoing costs, including management fees, transfer agent fees, and other fund expenses.

The expense examples below are intended to help you understand your ongoing cost (in dollars) of investing in the fund and to compare this cost with the ongoing cost of investing in other mutual funds. These examples are based on an investment of $1,000 invested for six months beginning July 1, 2022 and held through December 31, 2022.

**The Actual Return** line in the table below provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then multiply the result by the number given for the fund under the heading entitled "Expenses Paid During Period."

**The Hypothetical Return** line in the table below provides information about hypothetical account values and hypothetical expenses based on the fund's actual expense ratio and an assumed return of 5% per year before expenses. Because the return used is not an actual return, it may not be used to estimate the actual ending account value or expenses you paid for the period.

You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical return lines of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; EXPENSE RATIO <br>(ANNUALIZED) <sup>1</sup> <br>| &nbsp;&nbsp; BEGINNING <br>ACCOUNT VALUE <br>AT 7/1/22<br>| &nbsp;&nbsp; ENDING <br>ACCOUNT VALUE <br>(NET OF EXPENSES) <br>AT 12/31/22<br>| &nbsp;&nbsp; EXPENSES PAID <br>DURING PERIOD <br>7/1/22-12/31/22 <sup>2</sup> <br>|
| **Schwab Retirement Government Money Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual Return | 0.19% | $1000.00 | $1013.30 | $0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 0.19% | $1000.00 | $1024.25 | $0.97 |

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

<sup>1</sup> Based on the most recent six-month expense ratio; may differ from the expense ratio provided in the Financial Highlights.

<sup>2</sup> Expenses for the fund are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 days in the period, and divided by 365 days in the fiscal year. 

**6**Schwab Retirement Government Money Fund \| Annual Report

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Schwab Retirement Government Money Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 1/1/22– <br>12/31/22<br>| 1/1/21– <br>12/31/21<br>| 1/1/20– <br>12/31/20<br>| 1/1/19– <br>12/31/19<br>| 1/1/18– <br>12/31/18<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; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp; 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.00<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp; 0.02 |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | &nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.00)<sup>2</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp; (0.00)<sup>2</sup> <br>| &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.02) |
| Net asset value at end of period | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Total return | &nbsp;&nbsp;&nbsp; 1.47% | &nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp; 0.40% | &nbsp;&nbsp;&nbsp; 2.07% | &nbsp;&nbsp;&nbsp; 1.69% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net operating expenses | &nbsp;&nbsp;&nbsp; 0.17%<sup>3,4</sup> <br>| &nbsp;&nbsp;&nbsp; 0.07%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp; 0.18%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp; 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross operating expenses | &nbsp;&nbsp;&nbsp; 0.21%<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; 0.21% | &nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp; 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; 1.50% | &nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp; 0.38% | &nbsp;&nbsp;&nbsp; 2.01% | &nbsp;&nbsp;&nbsp; 1.68% |
| Net assets, end of period (x 1,000,000) | $1661 | $1610 | $1804 | $2072 | $1019 |

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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> Per-share amount was less than $0.005.

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

<sup>4</sup> Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation (see financial note 4 for additional information).

*See financial notes*

Schwab Retirement Government Money Fund \| Annual Report**7**

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Schwab Retirement Government Money Fund

Portfolio Holdings as of December 31, 2022

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This section shows all the securities in the fund's portfolio and their values as of the report date.

The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) monthly on Form N-MFP, which is available immediately upon filing. The fund's Form N-MFP is available on the SEC's website at www.sec.gov. The fund also makes available its complete schedule of portfolio holdings 5 business days after month end on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus.

For fixed-rate obligations and repurchase agreements, the rate shown is the coupon rate (the rate established when the obligation was issued) and if the coupon rate is not available, the effective yield at the time of purchase is shown. For variable-rate obligations, the rate shown is the interest rate as of the report date based on each security's rate reset date. 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 date shown in the maturity date column below is either the date on which the principal amount must be paid or the date payment must be made pursuant to a demand feature. If the security's structure includes one of a number of maturity-shortening provisions set forth in Rule 2a-7, such as an interest rate reset, demand feature or put feature, the effective maturity date is also disclosed. If the effective maturity and maturity date are the same, the date will only appear in the maturity date column.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
| **U.S. GOVERNMENT AGENCY DEBT** 19.0% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 19.0% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 19.0% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 19.0% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 19.0% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 19.0% OF NET ASSETS |
| **FEDERAL FARM CREDIT BANKS FUNDING CORP** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(3 mo. US TBILL + 0.02%)<br> *(a)* | 4.42% | 01/04/23 | 05/01/23 | &nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp;&nbsp; 6500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(3 mo. US TBILL + 0.03%)<br> *(a)* | 4.42% | 01/04/23 | 07/13/23 | &nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp;&nbsp; 2600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(EFFR - 0.01%)<br> *(a)* | 4.32% | 01/03/23 | 07/21/23 | &nbsp;&nbsp; 8800000 | &nbsp;&nbsp;&nbsp;&nbsp; 8800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.03%)<br> *(a)* | 4.33% | 01/03/23 | 08/28/23 | &nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp;&nbsp; 2700000 |
|  | 4.88% |  | 09/25/23 | &nbsp;&nbsp; 4300000 | &nbsp;&nbsp;&nbsp;&nbsp; 4299925 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.06%)<br> *(a)* | 4.36% | 01/03/23 | 11/07/23 | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.04%)<br> *(a)* | 4.34% | 01/03/23 | 11/28/23 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(EFFR + 0.03%)<br> *(a)* | 4.36% | 01/03/23 | 12/08/23 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.12%)<br> *(a)* | 4.42% | 01/03/23 | 12/08/23 | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2401353 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.06%)<br> *(a)* | 4.36% | 01/03/23 | 12/13/23 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(EFFR + 0.06%)<br> *(a)* | 4.39% | 01/03/23 | 06/24/24 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.09%)<br> *(a)* | 4.39% | 01/03/23 | 07/01/24 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.10%)<br> *(a)* | 4.40% | 01/03/23 | 08/08/24 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.18%)<br> *(a)* | 4.48% | 01/03/23 | 10/16/24 | &nbsp;&nbsp; 3200000 | &nbsp;&nbsp;&nbsp;&nbsp; 3200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.13%)<br> *(a)* | 4.43% | 01/03/23 | 11/01/24 | &nbsp;&nbsp; 5100000 | &nbsp;&nbsp;&nbsp;&nbsp; 5100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.14%)<br> *(a)* | 4.44% | 01/03/23 | 11/07/24 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 |
| **FEDERAL HOME LOAN BANKS** |  |  |  |  |  |
|  | 3.84% |  | 01/03/23 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 |
|  | 2.64% |  | 01/11/23 | &nbsp;&nbsp; 5400000 | &nbsp;&nbsp;&nbsp;&nbsp; 5396880 |
|  | 4.02% |  | 01/20/23 | &nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp;&nbsp; 2595113 |
|  | 4.10% |  | 01/25/23 | &nbsp;&nbsp; 4300000 | &nbsp;&nbsp;&nbsp;&nbsp; 4289331 |
|  | 4.09% |  | 01/27/23 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp;&nbsp; 5485150 |
|  | 4.14% |  | 02/01/23 | &nbsp;&nbsp; 4300000 | &nbsp;&nbsp;&nbsp;&nbsp; 4285798 |
|  | 4.23% |  | 02/03/23 | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2192043 |
|  | 2.17% |  | 02/06/23 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1700849 |
|  | 2.15% |  | 02/08/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2001020 |
|  | 4.22% |  | 02/10/23 | 10800000 | &nbsp;&nbsp; 10752416 |
|  | 4.27% |  | 02/13/23 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2089895 |
|  | 4.30% |  | 02/13/23 | &nbsp;&nbsp; 9600000 | &nbsp;&nbsp;&nbsp;&nbsp; 9553479 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.04%)<br> *(a)* | 4.34% | 01/03/23 | 02/13/23 | &nbsp;&nbsp; 4200000 | &nbsp;&nbsp;&nbsp;&nbsp; 4200000 |
|  | 4.26% |  | 02/15/23 | 21900000 | &nbsp;&nbsp; 21789743 |
|  | 4.36% |  | 02/22/23 | 13200000 | &nbsp;&nbsp; 13120983 |
|  | 4.38% |  | 02/24/23 | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2186240 |
|  | 4.42% |  | 03/01/23 | &nbsp;&nbsp; 4300000 | &nbsp;&nbsp;&nbsp;&nbsp; 4270261 |

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*See financial notes*

**8**Schwab Retirement Government Money Fund \| Annual Report

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Schwab Retirement Government Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
|  | 4.43% |  | 03/03/23 | &nbsp;&nbsp; 6400000 | &nbsp;&nbsp;&nbsp;&nbsp; 6354080 |
|  | 3.50% |  | 03/09/23 | &nbsp;&nbsp; 4400000 | &nbsp;&nbsp;&nbsp;&nbsp; 4400081 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.05%)<br> *(a)* | 4.36% | 01/03/23 | 03/09/23 | &nbsp;&nbsp; 5100000 | &nbsp;&nbsp;&nbsp;&nbsp; 5100000 |
|  | 2.13% |  | 03/10/23 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 597409 |
|  | 4.48% |  | 03/15/23 | 12400000 | &nbsp;&nbsp; 12291662 |
|  | 0.13% |  | 03/17/23 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 594760 |
|  | 1.25% |  | 03/21/23 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
|  | 4.47% |  | 03/23/23 | &nbsp;&nbsp; 8400000 | &nbsp;&nbsp;&nbsp;&nbsp; 8318525 |
|  | 4.51% |  | 03/24/23 | &nbsp;&nbsp; 6159000 | &nbsp;&nbsp;&nbsp;&nbsp; 6097958 |
| <br>*(b)* | 2.01% |  | 03/30/23 | &nbsp;&nbsp; 4200000 | &nbsp;&nbsp;&nbsp;&nbsp; 4200000 |
| <br>*(b)* | 2.13% |  | 03/30/23 | &nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp;&nbsp; 3099854 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.05%)<br> *(a)* | 4.35% | 01/03/23 | 04/04/23 | &nbsp;&nbsp; 4200000 | &nbsp;&nbsp;&nbsp;&nbsp; 4200000 |
| <br>*(b)* | 2.35% |  | 04/05/23 | &nbsp;&nbsp; 4300000 | &nbsp;&nbsp;&nbsp;&nbsp; 4300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.06%)<br> *(a)* | 4.36% | 01/03/23 | 05/01/23 | &nbsp;&nbsp; 4200000 | &nbsp;&nbsp;&nbsp;&nbsp; 4200000 |
| <br>*(b)* | 2.60% |  | 05/02/23 | &nbsp;&nbsp; 4400000 | &nbsp;&nbsp;&nbsp;&nbsp; 4400000 |
|  | 4.66% |  | 05/05/23 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2067619 |
| <br>*(b)* | 2.50% |  | 05/23/23 | &nbsp;&nbsp; 4300000 | &nbsp;&nbsp;&nbsp;&nbsp; 4300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.06%)<br> *(a)* | 4.36% | 01/03/23 | 05/24/23 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 |
| <br>*(b)* | 2.40% |  | 06/02/23 | &nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp;&nbsp; 3400000 |
|  | 3.25% |  | 06/09/23 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 599928 |
|  | 4.69% |  | 06/16/23 | &nbsp;&nbsp; 4200000 | &nbsp;&nbsp;&nbsp;&nbsp; 4112369 |
|  | 4.70% |  | 06/26/23 | &nbsp;&nbsp; 4100000 | &nbsp;&nbsp;&nbsp;&nbsp; 4100000 |
| <br>*(b)* | 3.50% |  | 07/14/23 | &nbsp;&nbsp; 5400000 | &nbsp;&nbsp;&nbsp;&nbsp; 5400000 |
|  | 3.15% |  | 07/27/23 | &nbsp;&nbsp; 3200000 | &nbsp;&nbsp;&nbsp;&nbsp; 3200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.06%)<br> *(a)* | 4.36% | 01/03/23 | 07/27/23 | &nbsp;&nbsp; 4200000 | &nbsp;&nbsp;&nbsp;&nbsp; 4200000 |
|  | 3.30% |  | 07/28/23 | &nbsp;&nbsp; 3200000 | &nbsp;&nbsp;&nbsp;&nbsp; 3200000 |
|  | 3.36% |  | 08/01/23 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2060065 |
| <br>*(b)* | 2.75% |  | 08/04/23 | &nbsp;&nbsp; 5400000 | &nbsp;&nbsp;&nbsp;&nbsp; 5400000 |
|  | 3.17% |  | 08/22/23 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 |
|  | 3.38% |  | 09/01/23 | &nbsp;&nbsp; 4100000 | &nbsp;&nbsp;&nbsp;&nbsp; 4092254 |
|  | 4.85% |  | 09/05/23 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 774574 |
|  | 4.80% |  | 09/08/23 | &nbsp;&nbsp; 4200000 | &nbsp;&nbsp;&nbsp;&nbsp; 4200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.10%)<br> *(a)* | 4.40% | 01/03/23 | 09/21/23 | &nbsp;&nbsp; 4300000 | &nbsp;&nbsp;&nbsp;&nbsp; 4300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.04%)<br> *(a)* | 4.34% | 01/03/23 | 10/06/23 | &nbsp;&nbsp; 5300000 | &nbsp;&nbsp;&nbsp;&nbsp; 5300000 |
|  | 4.75% |  | 10/24/23 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.10%)<br> *(a)* | 4.40% | 01/03/23 | 07/26/24 | &nbsp;&nbsp; 5200000 | &nbsp;&nbsp;&nbsp;&nbsp; 5200000 |
| **FEDERAL HOME LOAN MORTGAGE CORPORATION** |  |  |  |  |  |
| <br>*(b)* | 2.50% |  | 04/21/23 | &nbsp;&nbsp; 4300000 | &nbsp;&nbsp;&nbsp;&nbsp; 4300000 |
|  | 0.38% |  | 05/05/23 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1883135 |
|  | 0.25% |  | 06/26/23 | &nbsp;&nbsp; 4400000 | &nbsp;&nbsp;&nbsp;&nbsp; 4343959 |
| **FEDERAL NATIONAL MORTGAGE ASSOCIATION** |  |  |  |  |  |
|  | 0.25% |  | 05/22/23 | &nbsp;&nbsp; 5400000 | &nbsp;&nbsp;&nbsp;&nbsp; 5360065 |
|  | 0.25% |  | 07/10/23 | &nbsp;&nbsp; 5700000 | &nbsp;&nbsp;&nbsp;&nbsp; 5620088 |
|  | 5.00% |  | 12/20/23 | &nbsp;&nbsp; 3200000 | &nbsp;&nbsp;&nbsp;&nbsp; 3200000 |
| **Total U.S. Government Agency Debt** <br>**(Cost $315,578,864)** | **Total U.S. Government Agency Debt** <br>**(Cost $315,578,864)** | **Total U.S. Government Agency Debt** <br>**(Cost $315,578,864)** | **Total U.S. Government Agency Debt** <br>**(Cost $315,578,864)** | **Total U.S. Government Agency Debt** <br>**(Cost $315,578,864)** | **315578864** |

---

*See financial notes*

Schwab Retirement Government Money Fund \| Annual Report**9**

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Schwab Retirement Government Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
| **U.S. TREASURY DEBT** 9.3% OF NET ASSETS | **U.S. TREASURY DEBT** 9.3% OF NET ASSETS | **U.S. TREASURY DEBT** 9.3% OF NET ASSETS | **U.S. TREASURY DEBT** 9.3% OF NET ASSETS | **U.S. TREASURY DEBT** 9.3% OF NET ASSETS | **U.S. TREASURY DEBT** 9.3% OF NET ASSETS |
| **UNITED STATES TREASURY** |  |  |  |  |  |
|  | 0.13% |  | 01/31/23 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3489223 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(3 mo. US TBILL + 0.05%)<br> *(a)* | 4.45% | 01/03/23 | 01/31/23 | 10700000 | &nbsp;&nbsp; 10700153 |
|  | 2.86% |  | 02/02/23 | &nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp;&nbsp; 3092707 |
|  | 2.89% |  | 02/02/23 | &nbsp;&nbsp; 6200000 | &nbsp;&nbsp;&nbsp;&nbsp; 6185275 |
|  | 2.00% |  | 02/15/23 | &nbsp;&nbsp; 4200000 | &nbsp;&nbsp;&nbsp;&nbsp; 4204545 |
|  | 0.13% |  | 02/28/23 | &nbsp;&nbsp; 4400000 | &nbsp;&nbsp;&nbsp;&nbsp; 4388560 |
|  | 2.63% |  | 02/28/23 | &nbsp;&nbsp; 5900000 | &nbsp;&nbsp;&nbsp;&nbsp; 5906705 |
|  | 4.32% |  | 03/07/23 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp;&nbsp; 5459046 |
|  | 4.38% |  | 03/14/23 | &nbsp;&nbsp; 5300000 | &nbsp;&nbsp;&nbsp;&nbsp; 5255506 |
|  | 4.37% |  | 03/21/23 | 10700000 | &nbsp;&nbsp; 10601350 |
|  | 0.13% |  | 03/31/23 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 6965747 |
|  | 2.50% |  | 03/31/23 | &nbsp;&nbsp; 4100000 | &nbsp;&nbsp;&nbsp;&nbsp; 4108517 |
|  | 0.13% |  | 04/30/23 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1788082 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(3 mo. US TBILL + 0.03%)<br> *(a)* | 4.43% | 01/03/23 | 04/30/23 | &nbsp;&nbsp; 6100000 | &nbsp;&nbsp;&nbsp;&nbsp; 6100178 |
|  | 4.63% |  | 05/25/23 | &nbsp;&nbsp; 5400000 | &nbsp;&nbsp;&nbsp;&nbsp; 5303703 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(3 mo. US TBILL + 0.03%)<br> *(a)* | 4.43% | 01/03/23 | 07/31/23 | 12800000 | &nbsp;&nbsp; 12806951 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(3 mo. US TBILL + 0.04%)<br> *(a)* | 4.43% | 01/03/23 | 10/31/23 | &nbsp;&nbsp; 9900000 | &nbsp;&nbsp;&nbsp;&nbsp; 9905647 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(3 mo. US TBILL + 0.04%)<br> *(a)* | 4.44% | 01/03/23 | 07/31/24 | 35100000 | &nbsp;&nbsp; 35077362 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(3 mo. US TBILL + 0.14%)<br> *(a)* | 4.54% | 01/03/23 | 10/31/24 | 13300000 | &nbsp;&nbsp; 13281865 |
| **Total U.S. Treasury Debt** <br>**(Cost $154,621,122)** | **Total U.S. Treasury Debt** <br>**(Cost $154,621,122)** | **Total U.S. Treasury Debt** <br>**(Cost $154,621,122)** | **Total U.S. Treasury Debt** <br>**(Cost $154,621,122)** | **Total U.S. Treasury Debt** <br>**(Cost $154,621,122)** | **154621122** |
| **VARIABLE RATE DEMAND NOTES** 0.5% OF NET ASSETS | **VARIABLE RATE DEMAND NOTES** 0.5% OF NET ASSETS | **VARIABLE RATE DEMAND NOTES** 0.5% OF NET ASSETS | **VARIABLE RATE DEMAND NOTES** 0.5% OF NET ASSETS | **VARIABLE RATE DEMAND NOTES** 0.5% OF NET ASSETS | **VARIABLE RATE DEMAND NOTES** 0.5% OF NET ASSETS |
| **BRIDGE WF II PARKWAY CLUB LLC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TAXABLE M/F HOUSING RB SERIES 2021A (**LOC**: FEDERAL HOME LOAN <br> BANKS)<br>*(c)* | 4.39% |  | 01/06/23 | &nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp;&nbsp; 3100000 |
| **GINA RISTOW BELLING 2022** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TAXABLE VARIABLE RATE DEMAND NOTES SERIES 2022 <br> (**LOC**: FEDERAL HOME LOAN BANKS)<br>*(c)* | 4.38% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 |
| **RIVERSIDE HOME LENDING** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TAXABLE S/F RENTAL HOUSING RB SERIES 2021A (**LOC**: FEDERAL <br> HOME LOAN BANKS)<br>*(c)* | 4.39% |  | 01/06/23 | &nbsp;&nbsp; 4200000 | &nbsp;&nbsp;&nbsp;&nbsp; 4200000 |
| **Total Variable Rate Demand Notes** <br>**(Cost $8,200,000)** | **Total Variable Rate Demand Notes** <br>**(Cost $8,200,000)** | **Total Variable Rate Demand Notes** <br>**(Cost $8,200,000)** | **Total Variable Rate Demand Notes** <br>**(Cost $8,200,000)** | **Total Variable Rate Demand Notes** <br>**(Cost $8,200,000)** | **8200000** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ISSUER | FOOTNOTES | RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| MATURITY<br> AMOUNT ($)<br>| VALUE ($) |
| **REPURCHASE AGREEMENTS** 71.4% OF NET ASSETS | **REPURCHASE AGREEMENTS** 71.4% OF NET ASSETS | **REPURCHASE AGREEMENTS** 71.4% OF NET ASSETS | **REPURCHASE AGREEMENTS** 71.4% OF NET ASSETS | **REPURCHASE AGREEMENTS** 71.4% OF NET ASSETS | **REPURCHASE AGREEMENTS** 71.4% OF NET ASSETS | **REPURCHASE AGREEMENTS** 71.4% OF NET ASSETS |
| **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 28.9%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 28.9%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 28.9%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 28.9%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 28.9%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 28.9%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 28.9%** |
| **BANCO SANTANDER SA** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.31% |  | 01/03/23 | &nbsp;&nbsp;&nbsp; 1000479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities valued at <br> $1,030,001, 5.00%, due 10/01/52)<br>|  |  |  |  |  |  |

---

*See financial notes*

**10**Schwab Retirement Government Money Fund \| Annual Report

------

Schwab Retirement Government Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ISSUER | RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| MATURITY<br> AMOUNT ($)<br>| VALUE ($) |
| **BANK OF MONTREAL** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 | 4.30% |  | 01/03/23 | &nbsp;&nbsp;&nbsp; 5002389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities valued at <br> $5,152,461, 5.98%, due 06/20/72)<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 11/30/22, repurchase date 01/30/23 | 4.21% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 4017308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities valued at <br> $4,149,356, 5.86%, due 05/20/72)<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/20/22, repurchase date 01/19/23 | 4.31% |  | 01/06/23 | &nbsp;&nbsp; 10020353 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities valued at <br> $10,336,952, 5.80% - 5.98%, due 05/20/72 - 06/20/72)<br>|  |  |  |  |  |
| **BARCLAYS BANK PLC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 | 4.30% |  | 01/03/23 | &nbsp;&nbsp;&nbsp; 4001911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities valued at <br> $4,121,969, 2.50%, due 09/20/51)<br>|  |  |  |  |  |
| **BNP PARIBAS SA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/07/22, repurchase date 01/10/23 | 4.20% |  | 01/06/23 | &nbsp;&nbsp; 43150500 | &nbsp;&nbsp;&nbsp;&nbsp; 43000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury and U.S. Government Agency <br> Securities valued at $44,636,977, 0.38% - 5.50%, due <br> 03/15/23 - 11/01/52)<br>|  |  |  |  |  |
| **BOFA SECURITIES INC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 | 4.30% |  | 01/03/23 | &nbsp;&nbsp; 33015767 | &nbsp;&nbsp;&nbsp;&nbsp; 33000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities valued at <br> $33,990,000, 2.50%, due 04/01/51)<br>|  |  |  |  |  |
| **DAIWA CAPITAL MARKETS AMERICA INC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 | 4.30% |  | 01/03/23 | &nbsp;&nbsp;&nbsp; 6002867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities valued at <br> $6,240,001, 2.50% - 6.00%, due 04/01/32 - 12/01/52)<br>|  |  |  |  |  |
| **DEUTSCHE BANK AG (NEW YORK BRANCH)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 | 4.30% |  | 01/03/23 | &nbsp;&nbsp; 80038222 | &nbsp;&nbsp;&nbsp;&nbsp; 80000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury Securities valued at <br> $81,638,989, 0.13% - 3.88%, due 06/30/23 - 05/15/32)<br>|  |  |  |  |  |
| **FICC - BANK OF NEW YORK** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 | 4.31% |  | 01/03/23 | &nbsp;&nbsp; 12005747 | &nbsp;&nbsp;&nbsp;&nbsp; 12000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities valued at <br> $12,360,000, 4.00% - 4.50%, due 01/01/49 - 10/01/52)<br>|  |  |  |  |  |
| **GOLDMAN SACHS & CO LLC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/28/22, repurchase date 01/04/23 | 4.30% |  | 01/04/23 | &nbsp;&nbsp; 23019231 | &nbsp;&nbsp;&nbsp;&nbsp; 23000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities valued at <br> $23,460,000, 4.00% - 4.50%, due 09/20/45 - 04/20/48)<br>|  |  |  |  |  |
| **JP MORGAN SECURITIES LLC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 | 4.30% |  | 01/03/23 | &nbsp;&nbsp; 50023889 | &nbsp;&nbsp;&nbsp;&nbsp; 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities valued at <br> $51,500,000, 2.50% - 5.50%, due 04/01/28 - 12/01/52)<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 11/29/22, repurchase date 06/08/23<br> *(a)* | 4.45% | 01/03/23 | 04/04/23 | &nbsp;&nbsp; 22342650 | &nbsp;&nbsp;&nbsp;&nbsp; 22000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities valued at <br> $22,660,001, 2.50% - 3.00%, due 12/15/47 - 02/25/52) <br>(SOFR + 0.15%)<br>|  |  |  |  |  |

---

*See financial notes*

Schwab Retirement Government Money Fund \| Annual Report**11**

------

Schwab Retirement Government Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ISSUER | RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| MATURITY<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/15/22, repurchase date 06/23/23<br> *(a)* | 4.45% | 01/03/23 | 04/04/23 | &nbsp;&nbsp; 21285542 | &nbsp;&nbsp;&nbsp;&nbsp; 21000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities valued at <br> $21,630,000, 1.50% - 6.01%, due 06/25/32 - 03/25/60) <br>(SOFR + 0.15%)<br>|  |  |  |  |  |
| **MIZUHO SECURITIES USA LLC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 | 4.30% |  | 01/03/23 | &nbsp;&nbsp;&nbsp; 1000478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury Securities valued at $1,020,040, <br> 3.38%, due 08/15/42)<br>|  |  |  |  |  |
| **NOMURA SECURITIES INTERNATIONAL INC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 | 4.30% |  | 01/03/23 | &nbsp;&nbsp;&nbsp; 8003822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury Securities valued at $8,160,064, <br> 2.38%, due 03/31/29)<br>|  |  |  |  |  |
| **RBC DOMINION SECURITIES INC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/28/22, repurchase date 01/04/23 | 4.30% |  | 01/04/23 | &nbsp;&nbsp; 16013378 | &nbsp;&nbsp;&nbsp;&nbsp; 16000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities valued at <br> $16,493,780, 2.50% - 4.71%, due 07/25/41 - 02/20/52)<br>|  |  |  |  |  |
| **ROYAL BANK OF CANADA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/15/22, repurchase date 02/02/23 | 4.32% |  | 01/06/23 | 140369600 | &nbsp;&nbsp;&nbsp; 140000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities valued at <br> $145,047,896, 1.53% - 7.61%, due 06/01/26 - 07/01/60)<br>|  |  |  |  |  |
| **WELLS FARGO SECURITIES LLC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 | 4.31% |  | 01/03/23 | &nbsp;&nbsp;&nbsp; 2000958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities valued at <br> $2,080,996, 3.00% - 6.00%, due 11/01/26 - 11/01/52)<br>|  |  |  |  |  |
|  |  |  |  |  | **481000000** |
| **U.S. TREASURY REPURCHASE AGREEMENTS 42.5%** | **U.S. TREASURY REPURCHASE AGREEMENTS 42.5%** | **U.S. TREASURY REPURCHASE AGREEMENTS 42.5%** | **U.S. TREASURY REPURCHASE AGREEMENTS 42.5%** | **U.S. TREASURY REPURCHASE AGREEMENTS 42.5%** | **U.S. TREASURY REPURCHASE AGREEMENTS 42.5%** |
| **BANK OF MONTREAL** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/08/22, repurchase date 01/25/23 | 4.28% |  | 01/06/23 | &nbsp;&nbsp;&nbsp; 9031030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury Securities valued at $9,232,419, <br> 2.38%, due 05/15/27)<br>|  |  |  |  |  |
| **BARCLAYS BANK PLC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 | 4.30% |  | 01/03/23 | &nbsp;&nbsp;&nbsp; 2552848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2551629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury Securities valued at $2,603,969, <br> 1.25%, due 11/30/26)<br>|  |  |  |  |  |
| **FEDERAL RESERVE BANK OF NEW YORK** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 | 4.30% |  | 01/03/23 | 680324889 | &nbsp;&nbsp;&nbsp; 680000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury Securities valued at <br> $680,324,923, 1.50% - 2.00%, due 05/31/24 - 02/15/25)<br>|  |  |  |  |  |

---

*See financial notes*

**12**Schwab Retirement Government Money Fund \| Annual Report

------

Schwab Retirement Government Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ISSUER | FOOTNOTES | RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| MATURITY<br> AMOUNT ($)<br>| VALUE ($) |
| **FICC - BANK OF NEW YORK** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.30% |  | 01/03/23 | &nbsp;&nbsp; 14006689 | &nbsp;&nbsp;&nbsp;&nbsp; 14000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury Securities valued at <br> $14,280,036, 0.63%, due 07/15/32)<br>|  |  |  |  |  |  |
|  |  |  |  |  |  | **705551629** |
| **Total Repurchase Agreements** <br>**(Cost $1,186,551,629)** | **Total Repurchase Agreements** <br>**(Cost $1,186,551,629)** | **Total Repurchase Agreements** <br>**(Cost $1,186,551,629)** | **Total Repurchase Agreements** <br>**(Cost $1,186,551,629)** | **Total Repurchase Agreements** <br>**(Cost $1,186,551,629)** | **Total Repurchase Agreements** <br>**(Cost $1,186,551,629)** | **1186551629** |
| **Total Investments in Securities** <br>**(Cost $1,664,951,615)** | **Total Investments in Securities** <br>**(Cost $1,664,951,615)** | **Total Investments in Securities** <br>**(Cost $1,664,951,615)** | **Total Investments in Securities** <br>**(Cost $1,664,951,615)** | **Total Investments in Securities** <br>**(Cost $1,664,951,615)** | **Total Investments in Securities** <br>**(Cost $1,664,951,615)** | **1664951615** |

---

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

\* Collateralized via U.S. Government Agency Securities or less frequently by higher rated U.S. Treasury Securities.

*(a)* Variable rate security; rate shown is effective rate at period end.

*(b)* 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.

*(c)* 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;

---

| | |
|:---|:---|
| EFFR — | Effective Federal Funds Rate is published daily by the Federal Reserve Bank of New York and is based on the interest rate financial institutions charge each other for <br> overnight funds.<br>|
| FICC — | Fixed Income Clearing Corp |
| LOC — | Letter of credit |
| M/F — | Multi-family |
| RB — | Revenue bond |
| S/F — | Single-family |
| 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>|
| SOFR — | Secured Overnight Financing Rate is published daily by the Federal Reserve Bank of New York and is based on the cost of borrowing cash overnight collateralized by <br> U.S. Treasury securities.<br>|
| US TBILL — | The reference rate is the weekly auction stop for the U.S. Treasury Bill. |
| VRDN — | Variable rate demand note |

---

------

At December 31, 2022, all of the fund's investment securities were classified as Level 2. The breakdown of the fund's investments

into categories is disclosed on the Portfolio Holdings (see financial note 2(a) for additional information).

*See financial notes*

Schwab Retirement Government Money Fund \| Annual Report**13**

------

Schwab Retirement Government Money Fund

Statement of Assets and Liabilities

------

As of December 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at cost and value - unaffiliated (Note 2a) |  | &nbsp;&nbsp;&nbsp; $478399986 |
| Repurchase agreements, at cost and value — unaffiliated (Note 2a) |  | &nbsp;&nbsp;&nbsp; 1186551629 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2989874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1044925 |
| Prepaid expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22252 |
| **Total assets** |  | **1669008666** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5158772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2406933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255 |
| Accrued expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117348 |
| **Total liabilities** |  | **7953857** |
| **Net assets** |  | **$1661054809** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $1661054809 |
| **Net assets** |  | **$1661054809** |

---

&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** |
| $1661054809 |  | 1661053516 |  | $1.00 |

---

*See financial notes*

**14**Schwab Retirement Government Money Fund \| Annual Report

------

Schwab Retirement Government Money Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2022 through December 31, 2022 | For the period January 1, 2022 through December 31, 2022 | For the period January 1, 2022 through December 31, 2022 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| **Interest received from securities - unaffiliated** |  | **$27162860** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp; 3084005 |
| Portfolio accounting fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93355 |
| Custodian fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43137 |
| Professional fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40370 |
| Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29194 |
| Registration fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28121 |
| Shareholder reports |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11002 |
| Transfer agent fees  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1249 |
| Proxy fees<sup>1</sup> <br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 770 |
| Other expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18161 |
| **Total expenses** |  | **3349364** |
| Expense reduction | – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 587468 |
| **Net expenses** | – | **2761896** |
| **Net investment income** |  | **24400964** |
| **REALIZED GAINS (LOSSES)** | **REALIZED GAINS (LOSSES)** | **REALIZED GAINS (LOSSES)** |
| **Net realized gains on sales of securities - unaffiliated** |  | **2857** |
| **Increase in net assets resulting from operations** |  | **$24403821** |

---

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

<sup>1</sup> Proxy fees are non-routine expenses (see financial note 4 for additional information).

*See financial notes*

Schwab Retirement Government Money Fund \| Annual Report**15**

------

Schwab Retirement Government Money Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/21-12/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp; $24400964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $232646 |
| Net realized gains | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11218 |
| **Increase in net assets from operations** |  | **$24403821** | **$243864** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($24403718)** | **($243337)** |
| **TRANSACTIONS IN FUND SHARES\*** | **TRANSACTIONS IN FUND SHARES\*** | **TRANSACTIONS IN FUND SHARES\*** | **TRANSACTIONS IN FUND SHARES\*** |
| Shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp; 378677884 | &nbsp;&nbsp;&nbsp;&nbsp; 419182435 |
| Shares reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9224750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105475 |
| Shares redeemed | + | &nbsp;&nbsp;&nbsp;&nbsp; (337326894) | &nbsp;&nbsp;&nbsp;&nbsp; (612316209) |
| **Net transactions in fund shares** |  | **50575740** | **(193028299)** |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of period |  | $1610478966 | $1803506738 |
| Total increase (decrease) | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50575843 | &nbsp;&nbsp;&nbsp;&nbsp; (193027772) |
| **End of period** |  | **$1661054809** | **$1610478966** |

---

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

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

<sup>\*</sup> Transactions took place at $1.00 per share; figures for share quantities are the same as for dollars.

*See financial notes*

**16**Schwab Retirement Government Money Fund \| Annual Report

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Schwab Retirement Government Money Fund

Financial Notes

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

Schwab Retirement Government Money Fund is a series of The Charles Schwab Family of Funds (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 funds in the trust as of the end of the period, including the fund discussed in this report, which is highlighted:

---

| | |
|:---|:---|
| **THE CHARLES SCHWAB FAMILY OF FUNDS (ORGANIZED OCTOBER 20, 1989)** | **THE CHARLES SCHWAB FAMILY OF FUNDS (ORGANIZED OCTOBER 20, 1989)** |
| Schwab Government Money Fund | **Schwab Retirement Government Money Fund** |
| Schwab U.S. Treasury Money Fund | Schwab Municipal Money Fund |
| Schwab Treasury Obligations Money Fund | Schwab AMT Tax-Free Money Fund |
| Schwab Value Advantage Money Fund<sup>®</sup> | Schwab California Municipal Money Fund |
| Schwab Variable Share Price Money Fund | Schwab New York Municipal Money Fund |

---

Schwab Retirement Government Money 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 fund's Board of Trustees (the Board) may authorize the issuance of as many shares as necessary.

The fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, the fund may also keep certain assets in segregated accounts, as required by securities law.

------

<br>**2. Significant Accounting Policies:**

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

**(a) Security Valuation:**

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated authority to a Valuation Designee, the fund's 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 and 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 in the fund are valued at amortized cost (which approximates fair value) as permitted in accordance with Rule 2a-7 of the 1940 Act. In the event that security valuations do not approximate fair value, securities may be fair valued as determined by the Valuation Designee. The Valuation Designee considers a number of factors, including unobservable market inputs when arriving at fair value and 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 fund discloses the fair value of its 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, and whose values are therefore classified as Level 1 prices, include active listed equities, mutual funds and exchange-traded funds.

Schwab Retirement Government Money Fund \| Annual Report**17**

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Schwab Retirement Government Money Fund

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 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations. Securities held by stable NAV money funds operating pursuant to Rule 2a-7 under the 1940 Act are valued at amortized cost which approximates current fair value and are considered to be valued using Level 2 inputs.

&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 the 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.

As disclosed in the Portfolio Holdings, as of December 31, 2022, all of the fund's investments were classified as Level 2.

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

**Repurchase Agreements:** In a repurchase agreement, a fund buys a security from another party (the counterparty), usually a financial institution, with the agreement that it be sold back in the future. Repurchase agreements subject a fund to counterparty risk, meaning that the fund could lose money if the other party fails to perform under the terms of the agreement. The fund mitigates this risk by ensuring that a fund's repurchase agreements are collateralized by cash and/or U.S. government securities. All collateral is held by the fund's custodian (or, with multi-party agreements, the agent's bank) and is monitored daily to ensure that its fair value is at least equal to the maturity amount under the agreement. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed or limited and the value of the collateral may decline. Investments in repurchase agreements are also based on a review of the credit quality of the repurchase agreement counterparty.

As of December 31, 2022, the fund had investments in repurchase agreements with a gross value of $1,186,551,629 as disclosed in the Portfolio Holdings and the Statement of Assets and Liabilities. The value of the related collateral disclosed in the Portfolio Holdings exceeded the value of the repurchase agreements at period end.

**Delayed-Delivery and When-Issued Transactions:** The fund 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 fund's Portfolio Holdings, if any. The fund 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. Effective August 19, 2022, the fund complies with Rule 18f-4 under the 1940 Act, where money market funds are only permitted to invest in a security on a delayed-delivery or when-issued basis, or with a non-standard settlement cycle, and the transaction will be deemed not to involve a senior security, provided that, (i) the fund intends to physically settle the transaction and (ii) the transaction will settle within 35 days of its trade date. Pursuant to Rule 18f-4 portfolio securities are no longer required to be segregated as collateral to cover delayed-delivery or when-issued securities held within the fund.

**(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 the 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

**18**Schwab Retirement Government Money Fund \| Annual Report

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Schwab Retirement Government Money Fund

Financial Notes (continued)

------

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

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

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).

**(e) Expenses:** 

Expenses that are specific to the fund are charged directly to the fund. Expenses that are common to more than one fund in the trusts generally are allocated among those funds in proportion to their average daily net assets.

**(f) Distributions to Shareholders:**

The fund declares distributions from net investment income, if any, every day it is open for business. These distributions, which are substantially equal to the fund's net investment income for that day, are paid out to shareholders once a month. The fund makes 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 fund intends to meet federal income and excise tax requirements for regulated investment companies under subchapter M of the Internal Revenue Code, as amended. Accordingly, the fund distributes substantially all of its net investment income and net realized capital gains, if any, to its shareholders each year. As long as the fund meets the tax requirements, it is not required to pay federal income tax.

**(i) Indemnification:** 

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

**(j) Regulatory Update:** 

Effective January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information deemed important for retail investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these rule and form amendment changes on the content of the current shareholder report and the newly created annual and semiannual streamlined shareholder reports.

------

<br>**3. Risk Factors:**

**Market Risk.** Financial markets rise and fall in response to a variety of factors, sometimes rapidly and unpredictably. Markets may be impacted by economic, political, regulatory and other conditions, including economic sanctions and other government actions. In addition, the occurrence of global events, such as war, terrorism, environmental disasters, natural disasters and epidemics may also negatively affect the financial markets. These events could reduce consumer demand or economic output; result in market closures, low or negative interest rates, travel restrictions or quarantines; and significantly adversely impact the economy. <br>Governmental and quasi-governmental authorities and regulators throughout the world have in the past often responded to serious

Schwab Retirement Government Money Fund \| Annual Report**19**

------

Schwab Retirement Government Money Fund

Financial Notes (continued)

------

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

**3. Risk Factors (continued):** 

economic disruptions with a variety of significant fiscal and monetary policy changes which could have an unexpected impact on financial markets and the fund's investments. As with any investment whose performance is tied to these markets, the value of an investment in the fund will fluctuate, which means that an investor could lose money over short or long periods.

**Investment Risk.** You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

**Interest Rate Risk.** Interest rates rise and fall over time. As with any investment whose yield reflects current interest rates, the fund's yield will change over time. During periods when interest rates are low or there are negative interest rates, the fund's yield (and total return) also could be low or even negative. In addition, the fund may be unable to pay expenses out of fund assets or maintain a stable $1.00 share price. Also, a change in a central bank's monetary policy or economic conditions may result in a change in interest rates, which could have sudden and unpredictable effects on the markets. A sudden or unpredictable rise or decline in interest rates may cause volatility. Volatility in the market may decrease liquidity in the money market securities markets, making it more difficult for the fund to sell its money market investments at a time when the investment adviser might wish to sell such investments. Decreased market liquidity also may make it more difficult to value some or all of the fund's money market securities holdings.

**Stable Net Asset Value Risk.** If the fund or another money market fund fails to maintain a stable net asset value (or such perception exists in the market place), the fund could experience increased redemptions, which may adversely impact the fund's share price. The fund is permitted, among other things, to reduce or withhold any income and/or gains generated from its portfolio to maintain a stable $1.00 share price.

**Repurchase Agreements Risk.** When the fund enters into a repurchase agreement, the fund is exposed to the risk that the other party (i.e., the counterparty) will not fulfill its contractual obligation. In a repurchase agreement, there exists the risk that, when the fund buys a security from a counterparty that agrees to repurchase the security at an agreed upon price (usually higher) and time, the counterparty will not repurchase the security.

**Credit Risk.** A decline in the credit quality of an issuer, guarantor or liquidity provider of a portfolio investment or a counterparty could cause the fund to lose money or underperform. The fund could lose money if, due to a decline in credit quality, the issuer, guarantor or liquidity provider of a portfolio investment or a counterparty fails to make, or is perceived as being unable or unwilling to make, timely principal or interest payments or otherwise honor its obligations. Even though the fund's investments in repurchase agreements are collateralized at all times, there is some risk to the fund if the other party should default on its obligations and the fund is delayed or prevented from recovering or disposing of the collateral. The credit quality of the fund's portfolio holdings can change rapidly in certain market environments and any downgrade or default on the part of a single portfolio investment could cause the fund's share price or yield to fall.

Certain U.S. government securities that the fund invests in are not backed by the full faith and credit of the U.S. government, which means they are neither issued nor guaranteed by the U.S. Treasury. Although maintained in conservatorship by the Federal Housing Finance Agency (FHFA) since September 2008, the Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) maintain only lines of credit with the U.S. Treasury. The Federal Home Loan Banks maintain limited access to credit lines from the U.S. Treasury. Other securities, such as obligations issued by the Federal Farm Credit Banks Funding Corporation, are supported solely by the credit of the issuer. There can be no assurance that the U.S. government will provide financial support to securities of its agencies and instrumentalities if it is not obligated to do so under law. Also, any government guarantees on securities the fund owns do not extend to the shares of the fund itself.

**Management Risk.** Any actively managed mutual fund is subject to the risk that its investment adviser will select investments or allocate assets in a manner that could cause the fund to underperform or otherwise not meet its investment objective. The fund's investment adviser applies its own investment techniques and risk analyses in making investment decisions for the fund, but there can be no guarantee that they will produce the desired results. The investment adviser's maturity decisions will also affect the fund's yield, and potentially could affect its share price. To the extent that the investment adviser anticipates interest rate trends imprecisely, the fund's yield at times could lag the yields of other money market funds.

**Redemption Risk.** The fund may experience periods of heavy redemptions that could cause the fund to liquidate its assets at inopportune times or at a loss or depressed value, particularly during periods of declining or illiquid markets. Redemptions by a few large investors in the fund may have a significant adverse effect on the fund's ability to maintain a stable $1.00 share price. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the fund, could face a market-wide risk of increased redemption pressures, potentially jeopardizing the stability of their $1.00 share prices.

**20**Schwab Retirement Government Money Fund \| Annual Report

------

Schwab Retirement Government Money Fund

Financial Notes (continued)

------

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

**3. Risk Factors (continued):** 

**Money Market Fund Regulation Risk.** The SEC and other regulatory agencies continue to review the regulation of money market funds. As of the date of this shareholder report, the SEC has proposed amendments to the rules that govern money market funds. These proposed amendments, if implemented, may affect the fund's investment strategies, performance, yield, expenses, operations and continued viability.

**Money Market Fund Risk.** The fund is not designed to offer capital appreciation. In exchange for their emphasis on stability and liquidity, money market investments may offer lower long-term performance than stock or bond investments.

Please refer to the fund's prospectus for a more complete description of the principal risks of investing in the fund.

------

<br>**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 the fund's investment adviser and administrator pursuant to an Investment Advisory and Administration Agreement between the investment adviser and the trust.

For its advisory and administrative services to the fund, the investment adviser is entitled to receive an annual fee, payable monthly, equal to 0.19% of the fund's average daily net assets.

**Contractual Expense Limitation**

The investment adviser and its affiliates have made an additional agreement with the fund, for so long as the investment adviser serves as the investment adviser to the fund, which 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 (expense limitation) to 0.19%.

During the period ended December 31, 2022, the fund waived a total of $587,468 in expenses: $264,567 was waived in accordance with the contractual expense limitation agreement, and $322,901 was waived voluntarily.

**Voluntary Yield Waiver/Reimbursement**

The investment adviser and its affiliates may waive and/or reimburse expenses to the extent necessary to maintain a positive net yield for the fund.

**Interfund Transactions**

The fund may engage in transactions with certain other funds in the Fund Complex (for definition refer to the Trustees and Officers section) 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 is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs. This practice is limited to funds that share the same investment adviser, trustees and/or officers. For the period ended December 31, 2022, the fund's purchases and sales of securities with other funds in the Fund Complex was $0 and $38,708,628, respectively, and includes realized gains of $0.

**Interfund Borrowing and Lending**

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (SEC), the fund may enter into interfund borrowing and lending transactions with other funds in the Fund 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 fund had no interfund borrowing or lending activity during the period.

Schwab Retirement Government Money Fund \| Annual Report**21**

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Schwab Retirement Government Money Fund

Financial Notes (continued)

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

**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 fund did not pay any of these interested persons for their services as trustees, but did pay non-interested persons (independent trustees), as noted on the fund's Statement of Operations. For information regarding the trustees, please refer to the Trustees and Officers table at the end of this report.

------

<br>**6. Borrowing from Banks:**

During the period, the fund was a participant with other funds in the Fund Complex in a joint, syndicated, committed $850 million line of credit (the Syndicated Credit Facility), which matured on September 29, 2022. On September 29, 2022, the Syndicated Credit Facility was amended to run for a new 364 day period with the line of credit amount increasing to $1 billion, maturing September 28, 2023. Under the terms of the Syndicated Credit Facility, in addition to the interest charged on any borrowings by the fund, the fund paid a commitment fee of 0.15% per annum on the fund's proportionate share of the unused portion of the Syndicated Credit Facility.

During the period, the fund was a participant with other funds in the Fund 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 29, 2022. On September 29, 2022, 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 28, 2023. Under the terms of the Uncommitted Credit Facility, the fund pays interest on the amount the fund borrows. There were no borrowings from either line of credit during the period.

The fund also has access to custodian overdraft facilities. The fund may have utilized the overdraft facility and incurred an interest expense, which is disclosed on the fund's Statement of Operations, if any. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.

------

<br>**7. Federal Income Taxes:**

As of December 31, 2022, the tax basis cost of the fund's investments was $1,664,951,615.

As of December 31, 2022, the fund had no components of distributable earnings on a tax basis.

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

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| | | |
|:---|:---|:---|
| CURRENT FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS |
| ORDINARY <br>INCOME <br>| &nbsp;&nbsp; ORDINARY <br>INCOME <br>| &nbsp;&nbsp; LONG-TERM <br>CAPITAL <br>GAINS <br>|
| $24403718 | $240780 | $2557 |

---

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 on the financial statements. The fund 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.

As of December 31, 2022, 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 fund, and has determined that no provision for income tax is required in the fund's financial statements. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the fiscal year ended December 31, 2022, the fund did not incur any interest or penalties.

------

<br>**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.

**22**Schwab Retirement Government Money Fund \| Annual Report

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Schwab Retirement Government Money Fund

Report of Independent Registered Public Accounting Firm

------

To the Board of Trustees of The Charles Schwab Family of Funds and Shareholders of Schwab Retirement Government Money Fund

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

We have audited the accompanying statement of assets and liabilities, including the portfolio holdings, of Schwab Retirement Government Money Fund (the "Fund"), one of the funds constituting The Charles Schwab Family of Funds, as of December 31, 2022, the related statement 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 three years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended in conformity with accounting principles generally accepted in the United States of America. The financial highlights for each of the two years in the period ended December 31, 2019 were audited by other auditors, whose report, dated February 18, 2020, expressed an unqualified opinion on such financial highlights.

***Basis for Opinion***

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's 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 Fund 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 Fund is not required to have, nor were we engaged to perform, an audit of its 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 Fund's 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 December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

**Deloitte & Touche LLP** <br>Denver, Colorado <br>February 16, 2023

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

Schwab Retirement Government Money Fund \| Annual Report**23**

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Schwab Retirement Government Money Fund

Other Federal Tax Information (unaudited)

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For the fiscal year ended December 31, 2022, the fund designates 99.75% of dividend income as business interest income under section 163(j) of the Internal Revenue Code.

**24**Schwab Retirement Government Money Fund \| Annual Report

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Schwab Retirement Government Money Fund

Trustees and Officers

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The tables below give information about the trustees and officers of The Charles Schwab Family of Funds, which includes the fund covered in this report. The "Fund Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust. The Fund Complex includes 105 funds.

The address for all trustees and officers is 211 Main Street, San Francisco, CA 94105. You can find more information about the trustees and officers in the fund's Statement of Additional Information, which is available free by calling 1-877-824-5615.

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| | | | |
|:---|:---|:---|:---|
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Name, Year of Birth, and <br> Position(s) with the trust <br> (Terms of office, and <br> length of Time Served<sup>1</sup>)<br>| Principal Occupations<br> During the Past Five Years<br>| Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee<br>| Other Directorships |
| **Michael J. Beer**<br> 1961<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios, Schwab <br> Strategic Trust and Laudus Trust <br> since 2022)<br>| Retired. Director, President and Chief Executive Officer <br> (Dec. 2016 – Sept. 2019), Principal Funds (investment management).<br>| 105 | Director (2016 – 2019), <br> Principal Funds, Inc.<br>|
| **Robert W. Burns**<br> 1959<br> Trustee<br> (Trustee of Schwab Strategic Trust <br> since 2009; The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios and <br> Laudus Trust since 2016)<br>| Retired/Private Investor. | 105 |  |
| **Nancy F. Heller**<br> 1956<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios, Schwab <br> Strategic Trust and Laudus Trust <br> since 2018)<br>| Retired. | 105 |  |
| **David L. Mahoney**<br> 1954<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios and <br> Laudus Trust since 2011; Schwab <br> Strategic Trust since 2016)<br>| Private Investor. | 105 | Director <br> (2004 – present), <br> Corcept Therapeutics <br> Incorporated <br> Director (2009 – 2021), <br> Adamas <br> Pharmaceuticals, Inc.<br> Director (2003 – 2019), <br> Symantec Corporation<br>|
| **Jane P. Moncreiff**<br> 1961<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios, Schwab <br> Strategic Trust and Laudus Trust <br> since 2019)<br>| Consultant (2018 – present), Fulham Advisers LLC (management <br> consulting); Chief Investment Officer (2009 – 2017), CareGroup <br> Healthcare System, Inc. (healthcare).<br>| 105 |  |

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Schwab Retirement Government Money Fund \| Annual Report**25**

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Schwab Retirement Government Money Fund

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| | | | |
|:---|:---|:---|:---|
| **Independent Trustees (continued)** | **Independent Trustees (continued)** | **Independent Trustees (continued)** | **Independent Trustees (continued)** |
| Name, Year of Birth, and <br> Position(s) with the trust <br> (Terms of office, and <br> length of Time Served<sup>1</sup>)<br>| Principal Occupations<br> During the Past Five Years<br>| Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee<br>| Other Directorships |
| **Kimberly S. Patmore**<br> 1956<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios, Schwab <br> Strategic Trust and Laudus Trust <br> since 2016)<br>| Consultant (2008 – present), Patmore Management Consulting <br> (management consulting).<br>| 105 |  |
| **J. Derek Penn**<br> 1957<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios, Schwab <br> Strategic Trust and Laudus Trust <br> since 2021)<br>| Head of Equity Sales and Trading (2006 – 2018), BNY Mellon (financial <br> services).<br>| 105 |  |

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**26**Schwab Retirement Government Money Fund \| Annual Report

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Schwab Retirement Government Money Fund

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

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| | | | |
|:---|:---|:---|:---|
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| Name, Year of Birth, and <br> Position(s) with the trust <br> (Terms of office, and <br> length of Time Served<sup>1</sup>)<br>| Principal Occupations<br> During the Past Five Years<br>| Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee<br>| Other Directorships |
| **Walter W. Bettinger II**<sup>2</sup> 1960<br> Chairman and Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust <br> and Schwab Annuity Portfolios since <br> 2008; Schwab Strategic Trust since <br> 2009; Laudus Trust since 2010)<br>| Co-Chairman of the Board (July 2022 – present), Director and Chief <br> Executive Officer (Oct. 2008 – present) and President <br> (Feb. 2007 – Oct. 2021), The Charles Schwab Corporation; President and <br> Chief Executive Officer (Oct. 2008 – Oct. 2021) and Director <br> (May 2008 – Oct. 2021), Charles Schwab & Co., Inc.; Director <br> (Apr. 2006 – present), Charles Schwab Bank, SSB; Director <br> (Nov. 2017 – present), Charles Schwab Premier Bank, SSB; Director <br> (July 2019 – present), Charles Schwab Trust Bank; Director <br> (May 2008 – present), Chief Executive Officer (Aug. 2017 – present) and <br> President (Aug. 2017 – Nov. 2021), Schwab Holdings, Inc.; Director <br> (Oct. 2020 – present), TD Ameritrade Holding Corporation; Director <br> (July 2016 – Oct. 2021), Charles Schwab Investment Management, Inc.<br>| 105 | Director <br> (2008 – present), The <br> Charles Schwab <br> Corporation <br>|
| **Richard A. Wurster**<sup>2</sup> 1973<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios, Schwab <br> Strategic Trust and Laudus Trust <br> since 2022)<br>| President (Oct. 2021 – present) and Executive Vice President – Schwab <br> Asset Management Solutions (Apr. 2019 – Oct. 2021), The Charles <br> Schwab Corporation; President, Director (Oct. 2021 – present), Executive <br> Vice President – Schwab Asset Management Solutions <br> (July 2019 – Oct. 2021) and Senior Vice President – Advisory <br> (May 2016 – July 2019), Charles Schwab & Co., Inc.; President <br> (Nov. 2021 – present), Schwab Holdings, Inc.; Director <br> (Oct. 2021 – present) and Chief Executive Officer (Nov. 2019 – Jan. 2022), <br> Charles Schwab Investment Management, Inc.; Director, Chief Executive <br> Officer and President (Mar. 2018 – Oct. 2022), Charles Schwab Investment <br> Advisory, Inc.; Chief Executive Officer (July 2016 – Apr. 2018) and <br> President (Mar. 2017 – Apr. 2018), ThomasPartners, Inc.; Chief Executive <br> Officer (July 2016 – Apr. 2018), Windhaven Investment Management, Inc.<br>| 105 |  |

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

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| | |
|:---|:---|
| **Officers of the Trust** | **Officers of the Trust** |
| Name, Year of Birth, and Position(s) with the trust <br> (Terms of office, and length of Time Served<sup>3</sup>)<br>| Principal Occupations During the Past Five Years |
| **Jonathan de St. Paer**<br> 1973<br> President and Chief Executive Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios, Schwab Strategic Trust and Laudus Trust since <br> 2018)<br>| Director (Apr. 2019 – present), President (Oct. 2018 – present), Chief Operating Officer <br> (Jan. 2021 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab <br> Investment Management, Inc.; Senior Vice President (June 2020 – Mar. 2022) and Chief <br> Operating Officer (Jan. 2021 – Mar. 2022), Charles Schwab Investment Advisory, Inc.; Chief <br> Executive Officer (Apr. 2019 – present), President (Nov. 2018 – present) and Trustee <br> (Apr. 2019 – Dec. 2020), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director <br> (May 2022 – present), Senior Vice President (Apr. 2019 – May 2022) and Senior Vice <br> President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), Charles <br> Schwab & Co., Inc.<br>|
| **Mark Fischer**<br> 1970<br> Chief Operating Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios, Schwab Strategic Trust and Laudus Trust since <br> 2013)<br>| Chief Operating Officer (Dec. 2020 – present) and Treasurer and Chief Financial Officer <br> (Jan. 2016 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Chief Financial <br> Officer (Mar. 2020 – present) and Vice President (Oct. 2013 – present), Charles Schwab <br> Investment Management, Inc.<br>|
| **Dana Smith**<br> 1965<br> Treasurer and Chief Financial Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios, Schwab Strategic Trust and Laudus Trust since <br> 2023)<br>| Treasurer and Chief Financial Officer (Jan. 2023 – present) and Assistant Treasurer <br> (Dec. 2015 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Vice President <br> (Mar. 2022 – present) and Director (Oct. 2015 – Mar. 2022), Charles Schwab Investment <br> Management, Inc.<br>|

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Schwab Retirement Government Money Fund \| Annual Report**27**

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Schwab Retirement Government Money Fund

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| | |
|:---|:---|
| **Officers of the Trust (continued)** | **Officers of the Trust (continued)** |
| Name, Year of Birth, and Position(s) with the trust <br> (Terms of office, and length of Time Served<sup>3</sup>)<br>| Principal Occupations During the Past Five Years |
| **Omar Aguilar**<br> 1970<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios, Schwab Strategic Trust and Laudus Trust since <br> 2011)<br>| Chief Executive Officer (Jan. 2022 – present), Chief Investment Officer (Apr. 2011 – present) <br> and Senior Vice President (Apr. 2011 – Dec. 2021), Charles Schwab Investment <br> Management, Inc.; Director, Chief Executive Officer and President (Oct. 2022 – present), <br> Charles Schwab Investment Advisory, Inc.; Vice President and Chief Investment Officer <br> (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs.<br>|
| **Brett Wander**<br> 1961<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios, Schwab Strategic Trust and Laudus Trust since <br> 2011)<br>| Senior Vice President and Chief Investment Officer (Apr. 2011 – present), Charles Schwab <br> Investment Management, Inc.; Vice President and Chief Investment Officer <br> (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs.<br>|
| **William P. McMahon, Jr.**<br> 1972<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios, Schwab Strategic Trust and Laudus Trust since <br> 2021)<br>| Senior Vice President and Chief Investment Officer (Jan. 2020 – present), Charles Schwab <br> Investment Management, Inc.; Vice President and Chief Investment Officer <br> (June 2021 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Senior Vice President <br> and Chief Investment Officer – ThomasPartners Strategies (Apr. 2018 – Dec. 2019), Charles <br> Schwab Investment Advisory, Inc.; Senior Vice President and Chief Investment Officer <br> (May 2001 – Apr. 2018), ThomasPartners, Inc.<br>|
| **Catherine MacGregor**<br> 1964<br> Chief Legal Officer and Secretary, Schwab Funds and <br> Schwab ETFs<br> Chief Legal Officer, Vice President and Clerk, Laudus Trust<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios and Laudus Trust since 2005; Schwab Strategic <br> Trust since 2009)<br>| Chief Legal Officer (Mar. 2022 – present) and Vice President (Sept. 2005 – present), Charles <br> Schwab Investment Management, Inc.; Managing Director (May 2022 – present) and Vice <br> President (July 2005 – May 2022), Charles Schwab & Co., Inc.; Vice President <br> (Dec. 2005 – present) and Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus Trust; <br> Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President <br> (Nov. 2005 – Oct. 2021) and Assistant Secretary (June 2007 – Oct. 2021), Schwab Funds; <br> Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President and Assistant <br> Secretary (Oct. 2009 – Oct. 2021), Schwab ETFs.<br>|

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<sup>1</sup>

Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed. The retirement policy requires that each independent trustee retire by December 31 of the year in which the Trustee turns 74 or the Trustee's twentieth year of service as an independent trustee on any trust in the Fund Complex, whichever occurs first.

<sup>2</sup>

Mr. Bettinger and Mr. Wurster are Interested Trustees. Mr. Bettinger and Mr. Wurster are Interested Trustees because each owns stock of The Charles Schwab Corporation (CSC), the parent company of Charles Schwab Investment Management, Inc., the investment adviser for the trusts in the Fund Complex, and is an employee of Charles Schwab & Co., Inc. (Schwab), the principal underwriter for The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust.

<sup>3</sup>

The President, Treasurer and Secretary/Clerk hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board.

**28**Schwab Retirement Government Money Fund \| Annual Report

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Schwab Retirement Government Money Fund

Glossary

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**144A securities** These securities may be sold only to qualified institutional buyers under Securities Act Rule 144A.

**agency discount notes** Notes issued by federal agencies—known as Government Sponsored Enterprises, or GSEs—at a discount to their value at maturity. An agency discount note is a short-term investment offering a high degree of credit quality.

**asset-backed commercial paper** A short-term investment that is typically issued by a bank or other financial institution. The notes represent an interest in financial assets such as trade receivables, credit card receivables, auto receivables, etc. and are generally used for the short-term financing needs of companies. Asset-backed commercial paper is subject to credit risk.

**capital gain, capital loss** The difference between the amount paid for an investment and its value at a later time. If the investment has been sold, the capital gain or loss is considered a realized gain or loss. If the investment is still held, the gain or loss is still "on paper" and is considered unrealized.

**collateralized mortgage obligation (CMO)** A type of security that is collateralized by pools of mortgages backed by government agencies or private issuers (non-agency). The streams of principal and interest payments on the mortgages are distributed to the different classes of CMO interests, known as tranches. Each tranche may have different principal balances, coupon rates, prepayment risks, and maturity dates.

**commercial paper** Promissory notes issued by banks, corporations and other entities to finance short-term credit needs. These securities generally are structured on a discounted basis but sometimes may be interest-bearing notes. Commercial paper, which may be unsecured, is subject to credit risk.

**corporate note** An unsecured debt security issued by a corporation that is subject to the credit risk of the issuer.

**credit-enhanced securities** Securities that are backed by the credit of an entity other than the issuer (such as a financial institution). Credit enhancements, which can equal up to 100% of the security's value, are designed to help lower the risk of default on a security and may also make the security more liquid.

**credit quality** The capacity of an issuer to make its interest and principal payments. Federal regulations strictly regulate the credit quality of the securities a money market fund can buy.

**credit ratings** Debt issuers, including corporations, states and municipalities, may arrange with a recognized independent rating organization, such as Standard & Poor's, Fitch, Inc., Moody's Investor Service, and DBRS, to rate their creditworthiness and/or the creditworthiness of their debt issues. For example, an issuer may obtain a long-term rating within the investment grade rating category, which is, from high to low, AAA, AA, A and BBB for Standard & Poor's, Fitch, and DBRS; and Aaa, Aa, A and Baa for Moody's.

**credit risk** The risk that a debt issuer may be unable to pay interest or repay principal to its debt holders.

**dollar-weighted average maturity** See weighted average maturity.

**effective yield** A measurement of a fund's yield that assumes that all interest income is reinvested in additional shares of the fund.

**exchange-traded fund (ETF)** An investment fund that tracks an index, a commodity or a basket of assets, and trades on an exchange.

**expense ratio** The amount that is taken from a mutual fund's assets each year to cover the fund's operating expenses. An expense ratio of 0.50% means that a fund's expenses amount to half of one percent of its average net assets a year.

**face value** The value of a bond, note, mortgage or other security as given on the certificate or instrument. Face value is also referred to as par value or nominal value.

**illiquid securities** Securities are generally considered illiquid if they cannot be disposed of promptly (typically within seven days) and in the ordinary course of business at approximately the amount at which a fund has valued the instruments.

**interest** Payments to holders of debt securities as compensation for loaning a security's principal to the issuer.

**liquidity-enhanced security** The security's structure includes a liquidity arrangement that requires an entity other than the issuer (such as a large financial institution) to provide funds to pay a tender under most circumstances. Liquidity enhancements are often used on variable-rate securities where the portfolio manager has an option to tender the securities for repayment within a specified time period (usually one day or one week) at any time prior to their final maturity.

**maturity** The date a debt security is scheduled to be "retired" and its principal amount repaid. The Maturity of an investment will generally reflect the security's final maturity date unless the security's structure includes a maturity-shortening provision such as an interest rate reset, demand feature or put feature (the "Effective Maturity Date"). For those securities with a maturity-shortening provision, including variable-rate demand securities, the Maturity is determined by using the Effective Maturity Date, as permitted by Rule 2a-7.

**municipal securities** Debt securities issued by a state, its counties, municipalities, authorities and other subdivisions, or the territories and possessions of the United States and the District of Columbia, including their subdivisions, agencies and instrumentalities and corporations. These securities may be issued to obtain money for various public purposes, including the construction of a wide range of public facilities such as airports, bridges, highways, housing, hospitals, mass transportation, public utilities, schools, streets, and water and sewer works.

**net asset value per share (NAV)** The value of one share of a mutual fund. NAV is calculated by taking the fund's total assets, subtracting liabilities, and dividing by the number of shares outstanding. Certain money funds seek to maintain a steady NAV of $1.00.

**outstanding shares, shares outstanding** When speaking of a company or mutual fund, indicates all shares currently held by investors.

**repurchase agreement** (also known as a "repo") The sale of a security combined with a simultaneous agreement to repurchase it at a predetermined date and price.

**restricted securities** Securities that are subject to contractual restrictions on resale. These securities are often purchased in private placement transactions.

**total return** The percentage that an investor would have earned or lost on an investment in the fund assuming dividends and distributions were reinvested.

Schwab Retirement Government Money Fund \| Annual Report**29**

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Schwab Retirement Government Money Fund

**variable rate demand obligations (VRDOs)** Securities that have long maturities but which, because of their structure, require them to repay principal plus accrued interest within a specified timeframe (usually one or seven days) upon the demand of the bond holder. Depending on their structure, the repayment may be made by the bond issuer or by a financial institution, such as a highly rated bank.

**weighted average maturity (WAM)** For money market mutual funds as per rule 2a-7, the maturity date or Effective Maturity Date (see definition of maturity) of all the debt securities in its portfolio, or the date the interest rate on those securities is reset, or the date those

securities can be redeemed through demand, calculated as a weighted average. As a rule, the longer a fund's weighted average maturity, the greater its interest rate risk. Money funds are required to maintain a weighted average maturity of no more than 60 days.

**yield** The income paid out by an investment, expressed as a percentage of the investment's market value.

**30**Schwab Retirement Government Money Fund \| Annual Report

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

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

Notes

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Schwab Retirement Government Money Fund

Schwab Asset Management

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With a straightforward lineup of core products and solutions for building the foundation of a portfolio, Schwab Asset Management advocates for investors of all sizes with a steadfast focus on lowering costs and reducing unnecessary complexity. The list below shows all currently available Schwab Funds<sup>®</sup>.

**Investors should carefully consider information contained in the prospectus, or if available, the summary prospectus, including investment objectives, risks, charges and expenses before investing. Please call 1-877-824-5615 for a prospectus for any Schwab Fund. Please read the prospectus carefully before you invest. This report must be preceded or accompanied by a current 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/schwabfunds_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/schwabfunds_prospectus or the SEC's website at www.sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Schwab Funds**

**Equity Funds**

Schwab Core Equity Fund

Schwab Dividend Equity Fund

Schwab Large-Cap Growth Fund

Schwab Small-Cap Equity Fund

Schwab Health Care Fund

Schwab International Core Equity Fund

Schwab International Opportunities Fund

Schwab Select Large Cap Growth Fund

Schwab Fundamental US Large Company Index Fund

Schwab Fundamental US Small Company Index Fund

Schwab Fundamental International Large Company Index Fund

Schwab Fundamental International Small Company Index Fund

Schwab Fundamental Emerging Markets Large Company Index Fund

Schwab Fundamental Global Real Estate Index Fund

Schwab Global Real Estate Fund

Schwab S&P 500 Index Fund

Schwab 1000 Index<sup>®</sup> Fund

Schwab Small-Cap Index Fund<sup>®</sup>

Schwab Total Stock Market Index Fund<sup>®</sup>

Schwab U.S. Large-Cap Growth Index Fund

Schwab U.S. Large-Cap Value Index Fund

Schwab U.S. Mid-Cap Index Fund

Schwab International Index Fund<sup>®</sup>

**Asset Allocation Funds**

Schwab Balanced Fund

Schwab MarketTrack Portfolios<sup>®</sup>

Schwab Target Funds

Schwab Target Index Funds

Schwab Monthly Income Funds

**Bond Funds**

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<sup>1</sup>

Schwab California Tax-Free Bond Fund<sup>1</sup>

Schwab Opportunistic Municipal Bond Fund

**Schwab Money Funds**<sup>2</sup>

Schwab provides a broad choice of taxable and tax-exempt money market funds for both retail and institutional client types.

**Investment Adviser**

Charles Schwab Investment Management, Inc., dba Schwab Asset Management

211 Main Street, San Francisco, CA 94105

**Funds**

Schwab Funds

1-877-824-5615© 2023 Charles Schwab & Co., Inc. All rights reserved. <br>Member SIPC<sup>®</sup> <br>Printed on recycled paper.

¹

**State, local, and the Federal Alternative Minimum Tax may apply. Capital gains are not exempt from Federal Taxation.**

²

**You could lose money by investing in the Schwab Money Funds. All Schwab Money Funds with the exception of Schwab Variable Share Price Money Fund seek to preserve the value of your investment at $1.00 per share, but cannot guarantee they will do so. Because the share price of Schwab Variable Share Price Money Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. All Schwab Money Funds with the exception of Schwab Government Money Fund, Schwab Retirement Government Money Fund, Schwab U.S. Treasury Money Fund, Schwab Treasury Obligations Money Fund and Schwab Government Money Market Portfolio may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Schwab Money Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Schwab Money Funds' sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time.**

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g296469img81843f2a1.jpg)

MFR95514-06 <br> 00282284

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g294454img4ec18f3d1.jpg)

**Annual Report** \| December 31, 2022

Schwab Variable Share Price Money Fund

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

**In This Report**

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| | |
|:---|:---|
| [From the President](#xx_6a9af6aa-6594-416f-838f-e9426441a97e_1) | 2 |
| [Fund Management](#xx_83456cda-cab4-42d5-a1e3-85ccdc4c0a33_1) | 3 |
| [Performance and Fund Facts](#xx_54a66806-49b8-4257-a8ee-16f355ab0a98_1) | 4 |
| [Fund Expenses](#xx_8e418421-aa75-4454-b3e0-c31a2c3f6729_1)  | 6 |
| [Financial Statements and Portfolio Holdings](#xx_bf992444-94d4-4791-a348-163af1fa50bf_1) | 7 |
| [Financial Notes](#xx_f825195a-c5be-46f8-a4ff-c7059b54dce1_1) | 24 |
| [Report of Independent Registered Public Accounting Firm](#xx_8bdf5737-70cb-4e3d-a90c-238b42bfe4d1_1) | 33 |
| [Other Federal Tax Information](#xx_782bba4f-261b-4ce8-aeef-1f9e46f33f36_1)  | 34 |
| [Trustees and Officers](#xx_e3149e6e-0849-4a66-b749-f299ae0d4c6c_1) | 35 |
| [Glossary](#xx_49b66e5b-f722-4f97-a697-8324189a47fb_1) | 39 |

---

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

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

Schwab Variable Share Price Money Fund \| Annual Report**1**

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Schwab Variable Share Price Money Fund

From the President

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![](g294454img7fe096332.jpg)

**Jonathan de St. Paer** <br>President of Schwab Asset <br>Management and the fund <br> covered in this report.

Dear Shareholder,

Financial markets faced a tough environment in 2022, coming under pressure due to rampant inflation, rising interest rates, and increasing geopolitical uncertainty. Focus shifted early in the year from the ongoing COVID-19 pandemic to Russia's invasion of Ukraine in late-February. Inflation, already ticking up at the start of the year, accelerated in the face of spiking commodity prices exacerbated by the war in Ukraine. Central banks, led by the U.S. Federal Reserve, aggressively hiked interest rates to slow economic growth and curb inflation. The U.S. federal funds rate increased from near zero in January and February to over 4% by December, the most rapid increase since the early 1980s. U.S. economic growth slowed in the face of these challenges, with gross domestic product contracting during the first and second quarters of the year before rebounding into positive territory. Stocks and bonds declined sharply, with the S&P 500<sup>®</sup> Index, a bellwether for the overall U.S. equities market, posting its largest calendar year drop since the 2008 recession and the broad U.S. bond market, as measured by the Bloomberg US Aggregate Bond Index, suffering its steepest decline on record.

With stock and bond prices plunging, money market funds offered investors one of few safe havens available. Money market funds produced their strongest returns in years and investors relied on the funds as vehicles for capital preservation and daily liquidity. The Schwab Variable Share Price Money Fund continues to focus on liquidity and stability to meet our clients' ongoing needs. The fund benefits from extensive credit research and analysis that aims to manage portfolio, credit, and interest rate risks. Our portfolio management team also evaluates stress tests designed to help them understand various scenarios, including the impact of factors such as decreases or increases in short-term rates, widening of credit spreads, and downgrades or defaults among issuers.

In regulatory matters, the U.S. Securities and Exchange Commission (SEC) continued work on proposed reforms that could change the way that money market funds operate in the future. At this time, the adoption and implementation of the proposed money market regulatory reform remains subject to the SEC's rulemaking and implementation process. The SEC continues to evaluate money market fund rules and may propose additional changes. As one of the largest money market fund managers in the industry, Schwab Asset Management continues to monitor and assess these proposals, and provide feedback to the SEC, as appropriate.

Thank you for investing with Schwab Asset Management, and for trusting us to help you achieve your financial goals. For more information about the Schwab Variable Share Price Money Fund, please continue reading this report. In addition, you can find further details about this fund by visiting our website at www.schwabassetmanagement.com. We are also happy to hear from you at 1-877-824-5615.

Sincerely,

![](g294454img5cd69fdc3.jpg)

**"***Financial markets faced a tough environment in 2022, coming under pressure due to rampant inflation, rising interest rates, and increasing geopolitical uncertainty.***"**

Past performance is no guarantee of future results.

Management views may have changed since the report date.

Schwab Asset Management is the dba name for Charles Schwab Investment Management, Inc., the investment adviser for Schwab Funds and Schwab ETFs.

**2**Schwab Variable Share Price Money Fund \| Annual Report

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Schwab Variable Share Price Money Fund

Fund Management

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

---

| | |
|:---|:---|
| ![](g294454img144c7a654.jpg)<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Linda Klingman,** Managing Director and Head of Money Market Strategies for Schwab Asset Management, <br> leads the portfolio management teams for taxable and tax-exempt Schwab Money Funds, and has overall <br> responsibility for all aspects of the management of the fund. Prior to joining Schwab in 1990, she was a senior <br> money market trader with AIM Management, Inc. for five years. She has managed money market funds since <br> &nbsp;&nbsp;&nbsp;&nbsp;1988.<br>|

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

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| | |
|:---|:---|
| ![](g294454imge647bc825.jpg)<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Michael Lin,** Senior Portfolio Manager for Schwab Asset Management, is responsible for the day-to-day <br> co-management of the fund. Mr. Lin has been a portfolio manager with Schwab Asset Management since <br> 2006, and also worked in Schwab Asset Management's fund administration group for nearly four years, where <br> he focused on security pricing and valuation of the Schwab Funds. Prior to joining Schwab, he was a senior <br> trader of the taxable money market funds at American Century Investments for three years.<br>|

---

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

---

| | |
|:---|:---|
| ![](g294454img300f5eec6.jpg)<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Jonathan Roman,** Senior Portfolio Manager for Schwab Asset Management, is responsible for the day-to-day <br> co-management of the fund. Mr. Roman has been a portfolio manager with Schwab Asset Management since <br> 2010 and has held a number of positions at Schwab since beginning his tenure in 2005. In 2009, he joined the <br> portfolio management group as a trader, and prior to that he worked in portfolio operations and analytics, <br> providing trading support to the taxable money market desk.<br>|

---

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

---

| | |
|:---|:---|
| ![](g294454img7a81dea87.jpg)<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Jonathan Feske, CFA,** Senior Portfolio Manager for Schwab Asset Management, is responsible for the <br> day-to-day co-management of the fund. Mr. Feske previously was responsible for credit and investment <br> research for global banks for the Schwab Taxable Bond Funds and Schwab Money Funds. Prior to joining <br> Schwab in 2011, Mr. Feske was a high-yield bond analyst for more than two years at Miller Tabak Roberts <br> Securities, a boutique corporate bond broker-dealer. He covered both U.S. and emerging market credits, <br> focusing on distressed situations in various industrial sectors. Previously, Mr. Feske was employed in the <br> securities industry as an equity trader for three years.<br>|

---

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

---

| | |
|:---|:---|
| ![](g294454img3ce26fdf8.jpg)<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Karim Menoufy,** Portfolio Manager for Schwab Asset Management, is responsible for the day-to-day <br> co-management of the fund. Mr. Menoufy has been a portfolio manager with Schwab Asset Management <br> since 2013, when he started as an associate portfolio manager and was promoted to portfolio manager in <br> &nbsp;&nbsp;&nbsp;&nbsp;2020. He held several positions prior to that supporting the taxable and tax-exempt money funds during his <br> tenure at the firm. Before joining Schwab in 2007, he spent several years as a mortgage specialist at <br> JPMorgan Chase and an equity plan administrator for Delegata Corporation.<br>|

---

Schwab Variable Share Price Money Fund \| Annual Report**3**

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Schwab Variable Share Price Money Fund

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**The Schwab Variable Share Price Money Fund's** (the fund) goal is to seek current income consistent with stability of capital and liquidity. To pursue its goal, the fund invests in high-quality short-term money market investments issued by U.S. and foreign issuers. Examples of these securities include commercial paper, promissory notes, certificates of deposit and time deposits, variable- and floating-rate debt securities, bank notes and bankers' acceptances, repurchase agreements, and obligations issued by the U.S. government, its agencies, or instrumentalities. Unlike a traditional stable share price money market fund, the fund will not use the amortized cost method of valuation or round the per share net asset value (NAV) to the nearest whole cent and does not seek to maintain a stable share price. As a result, the fund's share price, which is its NAV, will vary and reflect the effects of unrealized appreciation and depreciation and realized losses and gains. For more information concerning the fund's investment objective, strategy, and risks, please see the fund's prospectus.

**Market Highlights.** During the 12-month reporting period ended December 31, 2022, interest rates rose as a result of persistently high inflation stemming from a tight labor market, supply chain constraints, and high energy prices in the wake of the COVID-19 pandemic and the war in Ukraine. After maintaining the federal funds rate in a range of 0.00% to 0.25% through mid-March, the U.S. Federal Reserve (Fed) shifted its stance as inflation continued to rise and indicators of economic activity and employment continued to strengthen. After issuing successively stronger signals that interest rates could begin to rise sooner in 2022 than previously anticipated, the Fed increased the federal funds rate seven times by the end of the year to end the reporting period in a range of 4.25% to 4.50%. In addition, the Fed's bond-buying program, which had begun to scale back in November 2021, was ended altogether in early March 2022. In June, the Fed also began to reduce the $9 trillion in assets it holds on its balance sheet.

Given expectations of further rate hikes into 2023, along with persistently high—albeit declining in the second half of the year—inflation, longer-term bond and equity markets weakened, with the S&P 500<sup>®</sup> Index and Bloomberg US Aggregate Bond Index posting their worst calendar year returns in more than a decade. Yields on short-term money market securities increased and demand remained high. At the same time, supply of U.S. Treasuries declined as the U.S. Treasury's borrowing needs decreased. As a result, high demand for the Fed's Overnight Reverse Repurchase Agreement facility drove usage to an all-time high.

Monetary policy around the world varied as central banks responded to the rapidly changing conditions. Over the reporting period, the European Central Bank raised its interest rate four times and the Bank of England raised its key official bank rate eight times. In contrast, the Bank of Japan continued to uphold its short-term interest rate target of -0.1%, unchanged since 2016, but in late December unexpectedly announced that it would widen the band around the yield target of its 10-year government bond, which pushed the yen higher and effectively marked the end of an extended period in which Japan was the only major developed country to resist raising rates.

**Performance, Positioning, and Strategies.** Throughout the reporting period, the fund's investment adviser remained focused on liquidity and stability of capital as market conditions evolved, and on continuing a rigorous credit review process and ongoing monitoring for all issuers and regions in which the fund invests. In anticipation of the Fed's short-term interest rate increases early in the reporting period, followed by the Fed's subsequent actions, the fund's weighted average maturity (WAM) was shortened, beginning the reporting period at 39 days and ending it at 14 days.

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

**Portfolio Composition By Effective Maturity % of Investments**<sup>1</sup> <br>

![](g294454img8eb2230c9.jpg)

**Portfolio Composition by Security Type % of Investments**<sup>3</sup> <br>

![](g294454img00afd1ad10.jpg)

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

**Statistics**

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| | |
|:---|:---|
| **Weighted Average Maturity**<sup>2</sup> | 14 Days |

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

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

Management views and portfolio holdings may have changed since the report date.

<sup>1</sup>

Maturity shown is the date the security matures, the date the interest rate on those securities is reset, or the date those securities can be redeemed through demand.

<sup>2</sup>

Money funds must maintain a dollar-weighted average maturity of no longer than 60 days and cannot invest in any security whose effective maturity is longer than 397 days (approximately 13 months).

<sup>3</sup>

The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.

**4**Schwab Variable Share Price Money Fund \| Annual Report

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Schwab Variable Share Price Money Fund

Performance and Fund Facts as of December 31, 2022

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**The performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be lower or higher than performance data quoted. To obtain more current performance information, please visit www.schwabassetmanagement.com/schwabfunds_prospectus.** 

**Seven-Day Average Yield Trend for Previous 12 Months**

![](g294454lg7d_2mn7.jpg)

**Seven-Day Yields**

The seven-day yield is the income generated by the fund's portfolio holdings minus the fund's operating expenses. The seven-day yields are calculated using standard SEC formulas. The effective yield includes the effect of reinvesting daily dividends. Please remember that money market fund yields fluctuate.

---

| | |
|:---|:---|
|  | **Schwab Variable Share Price Money Fund** |
|  | Ultra<br> Shares<br>|
| Ticker Symbol | SVUXX |
| Minimum Initial Investment<sup>1</sup> <br>| $1000000 |
| **Seven-Day Yield (with waivers)**<sup>2</sup> <br>| 4.41% |
| **Seven-Day Yield (without waivers)**<sup>2</sup> <br>| 4.39% |
| **Seven-Day Effective Yield (with waivers)**<sup>2</sup> <br>| 4.51% |

---

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

**You could lose money by investing in the fund. Because the share price of the fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.**

<sup>1</sup>

Please see prospectus for further detail and eligibility requirements.

<sup>2</sup>

The Seven-Day Yield (with waivers) is the average income paid out over the previous seven days assuming interest income is not reinvested and it reflects the effect of any applicable waivers. Absent such waivers, the fund's yield would have been lower. The Seven-Day Yield (without waivers) is the yield without the effect of any applicable waivers. The Seven-Day Effective Yield is the yield with waivers assuming that all interest income is reinvested in additional shares of the fund. For additional details, see financial note 4.

Schwab Variable Share Price Money Fund \| Annual Report**5**

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Schwab Variable Share Price Money Fund

Fund Expenses (Unaudited)

**Examples for a $1,000 Investment**

As a fund shareholder, you may incur two types of costs: (1) transaction costs; and (2) ongoing costs, including management fees, transfer agent fees, and other fund expenses.

The expense examples below are intended to help you understand your ongoing cost (in dollars) of investing in the fund and to compare this cost with the ongoing cost of investing in other mutual funds. These examples are based on an investment of $1,000 invested for six months beginning July 1, 2022 and held through December 31, 2022.

**The Actual Return** line in the table below provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then multiply the result by the number given for the fund under the heading entitled "Expenses Paid During Period."

**The Hypothetical Return** line in the table below provides information about hypothetical account values and hypothetical expenses based on the fund's actual expense ratio and an assumed return of 5% per year before expenses. Because the return used is not an actual return, it may not be used to estimate the actual ending account value or expenses you paid for the period.

You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical return lines of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; EXPENSE RATIO <br>(ANNUALIZED) <sup>1</sup> <br>| &nbsp;&nbsp; BEGINNING <br>ACCOUNT VALUE <br>AT 7/1/22<br>| &nbsp;&nbsp; ENDING <br>ACCOUNT VALUE <br>(NET OF EXPENSES) <br>AT 12/31/22<br>| &nbsp;&nbsp; EXPENSES PAID <br>DURING PERIOD <br>7/1/22-12/31/22 <sup>2</sup> <br>|
| **Schwab Variable Share Price Money Fund** |  |  |  |  |
| *Ultra Shares* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual Return | 0.19% | $1000.00 | $1015.00 | $0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 0.19% | $1000.00 | $1024.25 | $0.97 |

---

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

<sup>1</sup> Based on the most recent six-month expense ratio; may differ from the expense ratio provided in the Financial Highlights.

<sup>2</sup> Expenses for the fund are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 days in the period, and divided by 365 days in the fiscal year. 

**6**Schwab Variable Share Price Money Fund \| Annual Report

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Schwab Variable Share Price Money Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Ultra Shares | 1/1/22– <br>12/31/22<br>| 1/1/21– <br>12/31/21<br>| 1/1/20– <br>12/31/20<br>| 1/1/19– <br>12/31/19<br>| 1/1/18– <br>12/31/18<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 | $1.0003 | $1.0003 | $1.0004 | $1.0002 | $1.0001 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp; 0.0204 | &nbsp;&nbsp; 0.0003 | &nbsp;&nbsp; 0.0057 | &nbsp;&nbsp; 0.0217 | &nbsp;&nbsp; 0.0201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | (0.0038)<sup>2</sup> <br>| (0.0000)<sup>3</sup> <br>| (0.0008) | &nbsp;&nbsp; 0.0005 | (0.0009) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp; 0.0166 | &nbsp;&nbsp; 0.0003 | &nbsp;&nbsp; 0.0049 | &nbsp;&nbsp; 0.0222 | &nbsp;&nbsp; 0.0192 |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.0166) | (0.0003) | (0.0050) | (0.0220) | (0.0191) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (0.0000)<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.0166) | (0.0003) | (0.0050) | (0.0220) | (0.0191) |
| Net asset value at end of period | $1.0003 | $1.0003 | $1.0003 | $1.0004 | $1.0002 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 1.64% | &nbsp;&nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp;&nbsp; 2.24% | &nbsp;&nbsp;&nbsp;&nbsp; 1.94% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net operating expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.18%<sup>4,5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp;&nbsp; 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross operating expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.21%<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.21% | &nbsp;&nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp;&nbsp; 0.34% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 2.04% | &nbsp;&nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp;&nbsp; 0.57% | &nbsp;&nbsp;&nbsp;&nbsp; 2.17% | &nbsp;&nbsp;&nbsp;&nbsp; 2.01% |
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $4878 | &nbsp;&nbsp; $2693 | &nbsp;&nbsp; $3414 | &nbsp;&nbsp; $5388 | &nbsp;&nbsp; $3796 |

---

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

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

<sup>2</sup> The per share amount does not accord with the change in aggregate gains and losses in securities during the period because of the timing of fund transactions in relation to fluctuating market values. 

<sup>3</sup> Per share amount was less than $0.00005.

<sup>4</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>5</sup> Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation (see financial note 4 for additional information).

*See financial notes*

Schwab Variable Share Price Money Fund \| Annual Report**7**

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Schwab Variable Share Price Money Fund

Portfolio Holdings as of December 31, 2022

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This section shows all the securities in the fund's portfolio and their values as of the report date.

The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) monthly on Form N-MFP, which is available immediately upon filing. The fund's Form N-MFP is available on the SEC's website at www.sec.gov. The fund also makes available its complete schedule of portfolio holdings 5 business days after month end on the fund's website at www.schwabassetmanagement.com/schwabfunds_prospectus.

For fixed-rate obligations and repurchase agreements, the rate shown is the coupon rate (the rate established when the obligation was issued) and if the coupon rate is not available, the effective yield at the time of purchase is shown. For variable-rate obligations, the rate shown is the interest rate as of the report date based on each security's rate reset date. 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 date shown in the maturity date column below is either the date on which the principal amount must be paid or the date payment must be made pursuant to a demand feature. If the security's structure includes one of a number of maturity-shortening provisions set forth in Rule 2a-7, such as an interest rate reset, demand feature or put feature, the effective maturity date is also disclosed. If the effective maturity and maturity date are the same, the date will only appear in the maturity date column.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
| **CERTIFICATES OF DEPOSIT** 22.7% OF NET ASSETS | **CERTIFICATES OF DEPOSIT** 22.7% OF NET ASSETS | **CERTIFICATES OF DEPOSIT** 22.7% OF NET ASSETS | **CERTIFICATES OF DEPOSIT** 22.7% OF NET ASSETS | **CERTIFICATES OF DEPOSIT** 22.7% OF NET ASSETS | **CERTIFICATES OF DEPOSIT** 22.7% OF NET ASSETS |
| **BANK OF NOVA SCOTIA (HOUSTON BRANCH)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.40%)<br> *(a)* | 4.70% | 01/03/23 | 01/09/23 | &nbsp;&nbsp; 8500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8500671 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.50%)<br> *(a)* | 4.80% | 01/03/23 | 03/13/23 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3001215 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.50%)<br> *(a)* | 4.80% | 01/03/23 | 03/16/23 | 21000000 | &nbsp;&nbsp;&nbsp;&nbsp; 21008988 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.51%)<br> *(a)* | 4.81% | 01/03/23 | 03/16/23 | &nbsp;&nbsp; 4800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4802048 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.51%)<br> *(a)* | 4.81% | 01/03/23 | 03/24/23 | 23000000 | &nbsp;&nbsp;&nbsp;&nbsp; 23011699 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.50%)<br> *(a)* | 4.80% | 01/03/23 | 05/25/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2001304 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.47%)<br> *(a)* | 4.77% | 01/03/23 | 06/06/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2001133 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.65%)<br> *(a)* | 4.95% | 01/03/23 | 09/07/23 | &nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9008656 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.50%)<br> *(a)* | 4.80% | 01/03/23 | 09/29/23 | 12000000 | &nbsp;&nbsp;&nbsp;&nbsp; 11996873 |
| **BARCLAYS BANK PLC (NEW YORK BRANCH)** |  |  |  |  |  |
|  | 4.80% |  | 02/10/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000826 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.57%)<br> *(a)* | 4.87% | 01/03/23 | 02/10/23 | 17000000 | &nbsp;&nbsp;&nbsp;&nbsp; 17006614 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.57%)<br> *(a)* | 4.87% | 01/03/23 | 02/13/23 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3001183 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.39%)<br> *(a)* | 4.69% | 01/03/23 | 03/08/23 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000676 |
|  | 4.70% |  | 03/13/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5001225 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.35%)<br> *(a)* | 4.65% | 01/03/23 | 03/22/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000008 |
| **BNP PARIBAS (NEW YORK BRANCH)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.53%)<br> *(a)* | 4.83% | 01/03/23 | 04/11/23 | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15010397 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.67%)<br> *(a)* | 4.97% | 01/03/23 | 06/01/23 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6009100 |
| **CANADIAN IMPERIAL BANK OF COMMERCE (NEW YORK BRANCH)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.66%)<br> *(a)* | 4.96% | 01/03/23 | 05/02/23 | 16000000 | &nbsp;&nbsp;&nbsp;&nbsp; 16023694 |
| **CITIBANK NA** |  |  |  |  |  |
|  | 3.02% |  | 01/03/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4999221 |
|  | 3.60% |  | 02/07/23 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9990087 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.73%)<br> *(a)* | 5.03% | 01/03/23 | 05/04/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5005884 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.78%)<br> *(a)* | 5.08% | 01/03/23 | 05/24/23 | 20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 20029175 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.50%)<br> *(a)* | 4.80% | 01/03/23 | 06/21/23 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8005057 |
|  | 5.40% |  | 09/19/23 | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14996613 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.60%)<br> *(a)* | 4.90% | 01/03/23 | 09/25/23 | 20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 19993070 |
| **CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK (LONDON** <br> **BRANCH)**<br>|  |  |  |  |  |
|  | 4.78% |  | 02/17/23 | 12000000 | &nbsp;&nbsp;&nbsp;&nbsp; 12007251 |

---

*See financial notes*

**8**Schwab Variable Share Price Money Fund \| Annual Report

------

Schwab Variable Share Price Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
| **CREDIT AGRICOLE SA (LONDON BRANCH)** |  |  |  |  |  |
|  | 4.80% |  | 02/22/23 | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15010052 |
|  | 4.76% |  | 03/20/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2001137 |
| **LANDESBANK BADEN WUERTTEMBERG (NEW YORK BRANCH)** |  |  |  |  |  |
|  | 4.31% |  | 01/05/23 | 21000000 | &nbsp;&nbsp;&nbsp;&nbsp; 20999982 |
|  | 4.31% |  | 01/09/23 | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15000678 |
| **MITSUBISHI UFJ TRUST AND BANKING CORP (LONDON BRANCH)** |  |  |  |  |  |
|  | 4.49% |  | 01/17/23 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5986980 |
|  | 4.87% |  | 04/04/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1975358 |
|  | 5.22% |  | 04/20/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000825 |
| **MITSUBISHI UFJ TRUST AND BANKING CORPORATION (NEW YORK** <br> **BRANCH)**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.60%)<br> *(a)* | 4.90% | 01/03/23 | 01/31/23 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10003401 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.52%)<br> *(a)* | 4.82% | 01/03/23 | 02/15/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000329 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.50%)<br> *(a)* | 4.80% | 01/03/23 | 03/01/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000560 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.46%)<br> *(a)* | 4.76% | 01/03/23 | 03/07/23 | 20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 20005113 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.80%)<br> *(a)* | 5.10% | 01/03/23 | 05/01/23 | 11000000 | &nbsp;&nbsp;&nbsp;&nbsp; 11017318 |
|  | 5.20% |  | 05/08/23 | 14000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14016074 |
|  | 5.27% |  | 05/31/23 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3002821 |
| **MIZUHO BANK LTD (NEW YORK BRANCH)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.25%)<br> *(a)* | 4.55% | 01/03/23 | 01/06/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000172 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.50%)<br> *(a)* | 4.80% | 01/03/23 | 01/25/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000260 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.56%)<br> *(a)* | 4.86% | 01/03/23 | 02/06/23 | 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 25010841 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.47%)<br> *(a)* | 4.77% | 01/03/23 | 02/23/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000806 |
|  | 4.80% |  | 03/08/23 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7004301 |
|  | 4.77% |  | 03/13/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5002481 |
| **MUFG BANK LTD (LONDON BRANCH)** |  |  |  |  |  |
|  | 4.80% |  | 03/03/23 | 12000000 | &nbsp;&nbsp;&nbsp;&nbsp; 11905148 |
|  | 4.80% |  | 03/08/23 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3965699 |
| **MUFG BANK LTD (NEW YORK BRANCH)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.50%)<br> *(a)* | 4.80% | 01/03/23 | 01/06/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000074 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.55%)<br> *(a)* | 4.85% | 01/03/23 | 01/11/23 | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15002016 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.56%)<br> *(a)* | 4.86% | 01/03/23 | 01/17/23 | 14000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14002687 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.58%)<br> *(a)* | 4.88% | 01/03/23 | 02/09/23 | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15005672 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.44%)<br> *(a)* | 4.74% | 01/03/23 | 02/28/23 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000400 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.43%)<br> *(a)* | 4.73% | 01/03/23 | 03/01/23 | 16000000 | &nbsp;&nbsp;&nbsp;&nbsp; 16001460 |
|  | 4.79% |  | 04/24/23 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000124 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.69%)<br> *(a)* | 4.99% | 01/03/23 | 05/08/23 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3003333 |
|  | 5.16% |  | 05/15/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5005886 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.61%)<br> *(a)* | 4.91% | 01/03/23 | 05/17/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5004327 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.60%)<br> *(a)* | 4.90% | 01/03/23 | 05/22/23 | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15012712 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.57%)<br> *(a)* | 4.87% | 01/03/23 | 06/02/23 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8006040 |
| **OVERSEA CHINESE BANKING CORPORATION LTD (NEW YORK BRANCH)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.48%)<br> *(a)* | 4.78% | 01/03/23 | 02/27/23 | 11900000 | &nbsp;&nbsp;&nbsp;&nbsp; 11902104 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.40%)<br> *(a)* | 4.70% | 01/03/23 | 04/06/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000081 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.71%)<br> *(a)* | 5.01% | 01/03/23 | 07/21/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5007873 |

---

*See financial notes*

Schwab Variable Share Price Money Fund \| Annual Report**9**

------

Schwab Variable Share Price Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
| **ROYAL BANK OF CANADA (NEW YORK BRANCH)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.51%)<br> *(a)* | 4.81% | 01/03/23 | 01/05/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000343 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(EFFR + 0.46%)<br> *(a)* | 4.79% | 01/03/23 | 02/06/23 | 24000000 | &nbsp;&nbsp;&nbsp;&nbsp; 24005479 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.50%)<br> *(a)* | 4.80% | 01/03/23 | 03/06/23 | 12000000 | &nbsp;&nbsp;&nbsp;&nbsp; 12003793 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.50%)<br> *(a)* | 4.80% | 01/03/23 | 03/16/23 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5502028 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.48%)<br> *(a)* | 4.78% | 01/03/23 | 05/04/23 | 22000000 | &nbsp;&nbsp;&nbsp;&nbsp; 22008351 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.70%)<br> *(a)* | 5.00% | 01/03/23 | 05/22/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1001297 |
|  | 4.08% |  | 07/14/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 994101 |
| **STATE STREET BANK AND TRUST COMPANY** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.62%)<br> *(a)* | 4.92% | 01/03/23 | 04/12/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5002574 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.64%)<br> *(a)* | 4.94% | 01/03/23 | 04/14/23 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10005740 |
| **SUMITOMO MITSUI BANKING CORP (NEW YORK BRANCH)** |  |  |  |  |  |
|  | 3.10% |  | 01/06/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 999763 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.52%)<br> *(a)* | 4.82% | 01/03/23 | 01/13/23 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000747 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.58%)<br> *(a)* | 4.88% | 01/03/23 | 02/03/23 | 41000000 | &nbsp;&nbsp;&nbsp;&nbsp; 41001630 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.48%)<br> *(a)* | 4.78% | 01/03/23 | 02/21/23 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6999637 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.43%)<br> *(a)* | 4.73% | 01/03/23 | 03/02/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000086 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.52%)<br> *(a)* | 4.82% | 01/03/23 | 04/06/23 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2501316 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.65%)<br> *(a)* | 4.95% | 01/03/23 | 04/19/23 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4003899 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.78%)<br> *(a)* | 5.08% | 01/03/23 | 04/24/23 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4005712 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.63%)<br> *(a)* | 4.93% | 01/03/23 | 05/26/23 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7007447 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.40%)<br> *(a)* | 4.70% | 01/03/23 | 07/05/23 | 20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 19998296 |
| **SUMITOMO MITSUI TRUST BANK LTD (NEW YORK BRANCH)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.48%)<br> *(a)* | 4.78% | 01/03/23 | 01/23/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5001140 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.57%)<br> *(a)* | 4.87% | 01/03/23 | 02/07/23 | 18000000 | &nbsp;&nbsp;&nbsp;&nbsp; 18007482 |
|  | 4.78% |  | 02/28/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5002302 |
|  | 4.78% |  | 03/01/23 | 21000000 | &nbsp;&nbsp;&nbsp;&nbsp; 21009564 |
|  | 4.78% |  | 03/03/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5002231 |
|  | 4.80% |  | 03/06/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5002323 |
| **SVENSKA HANDELSBANKEN AB (NEW YORK BRANCH)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.55%)<br> *(a)* | 4.85% | 01/03/23 | 01/26/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000307 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.60%)<br> *(a)* | 4.90% | 01/03/23 | 04/06/23 | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15010102 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.62%)<br> *(a)* | 4.92% | 01/03/23 | 04/19/23 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4003219 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.55%)<br> *(a)* | 4.85% | 01/03/23 | 05/19/23 | 14000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14007862 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.48%)<br> *(a)* | 4.78% | 01/03/23 | 06/01/23 | 21000000 | &nbsp;&nbsp;&nbsp;&nbsp; 21005861 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.60%)<br> *(a)* | 4.90% | 01/03/23 | 06/29/23 | 11000000 | &nbsp;&nbsp;&nbsp;&nbsp; 11014999 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.69%)<br> *(a)* | 4.99% | 01/03/23 | 08/29/23 | 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 25022098 |
| **TORONTO-DOMINION BANK (NEW YORK BRANCH)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.42%)<br> *(a)* | 4.72% | 01/03/23 | 01/04/23 | 21000000 | &nbsp;&nbsp;&nbsp;&nbsp; 21000957 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.41%)<br> *(a)* | 4.71% | 01/03/23 | 01/17/23 | &nbsp;&nbsp; 3900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3900499 |
|  | 3.50% |  | 02/08/23 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5993950 |
|  | 3.65% |  | 02/15/23 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9989931 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.48%)<br> *(a)* | 4.78% | 01/03/23 | 02/21/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000381 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.48%)<br> *(a)* | 4.78% | 01/03/23 | 02/24/23 | &nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9003586 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.49%)<br> *(a)* | 4.79% | 01/03/23 | 02/27/23 | &nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9003842 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.58%)<br> *(a)* | 4.88% | 01/03/23 | 02/27/23 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7004021 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.50%)<br> *(a)* | 4.80% | 01/03/23 | 03/02/23 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200560 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.40%)<br> *(a)* | 4.70% | 01/03/23 | 03/29/23 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7002916 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.40%)<br> *(a)* | 4.70% | 01/03/23 | 04/06/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000810 |

---

*See financial notes*

**10**Schwab Variable Share Price Money Fund \| Annual Report

------

Schwab Variable Share Price Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.64%)<br> *(a)* | 4.94% | 01/03/23 | 05/11/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5006091 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(EFFR + 0.68%)<br> *(a)* | 5.01% | 01/03/23 | 05/15/23 | 11000000 | &nbsp;&nbsp;&nbsp;&nbsp; 11017581 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.66%)<br> *(a)* | 4.96% | 01/03/23 | 06/12/23 | 27000000 | &nbsp;&nbsp;&nbsp;&nbsp; 27041018 |
|  | 5.21% |  | 07/28/23 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6002031 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.71%)<br> *(a)* | 5.01% | 01/03/23 | 08/22/23 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7011840 |
|  | 5.40% |  | 10/13/23 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10001745 |
| **TRUIST BANK** |  |  |  |  |  |
|  | 4.31% |  | 01/03/23 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000003 |
|  | 4.48% |  | 02/02/23 | 70000000 | &nbsp;&nbsp;&nbsp;&nbsp; 70033250 |
| **Total Certificates Of Deposit** <br>**(Cost $1,108,138,375)** | **Total Certificates Of Deposit** <br>**(Cost $1,108,138,375)** | **Total Certificates Of Deposit** <br>**(Cost $1,108,138,375)** | **Total Certificates Of Deposit** <br>**(Cost $1,108,138,375)** | **Total Certificates Of Deposit** <br>**(Cost $1,108,138,375)** | **1108624534** |
| **ASSET-BACKED COMMERCIAL PAPER** 6.0% OF NET ASSETS | **ASSET-BACKED COMMERCIAL PAPER** 6.0% OF NET ASSETS | **ASSET-BACKED COMMERCIAL PAPER** 6.0% OF NET ASSETS | **ASSET-BACKED COMMERCIAL PAPER** 6.0% OF NET ASSETS | **ASSET-BACKED COMMERCIAL PAPER** 6.0% OF NET ASSETS | **ASSET-BACKED COMMERCIAL PAPER** 6.0% OF NET ASSETS |
| **ANTALIS SA** |  |  |  |  |  |
| <br>*(b)(c)* | 4.35% |  | 01/04/23 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2998199 |
| <br>*(b)(c)* | 4.35% |  | 01/05/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 999279 |
| <br>*(b)(c)* | 4.83% |  | 03/03/23 | &nbsp;&nbsp; 7700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7638379 |
| **BARTON CAPITAL SA** <br>*(b)(c)* | 4.71% |  | 03/07/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1982926 |
| **BEDFORD ROW FUNDING CORP** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.40%)<br> *(a)(b)(c)* | 4.70% | 01/03/23 | 03/08/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000970 |
| <br>*(b)(c)* | 3.83% |  | 03/15/23 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9904583 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.54%)<br> *(a)(b)(c)* | 4.84% | 01/03/23 | 03/24/23 | &nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9004605 |
| **BENNINGTON STARK CAPITAL COMPANY LLC** <br>*(b)(c)* | 4.65% |  | 01/23/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1994144 |
| **CAFCO LLC** <br>*(b)(c)* | 4.31% |  | 01/03/23 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2998560 |
| **CHARIOT FUNDING LLC** <br>*(b)(c)* | 5.18% |  | 05/31/23 | 20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 19586813 |
| **CHARTA LLC** |  |  |  |  |  |
| <br>*(b)(c)* | 4.31% |  | 01/03/23 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2998560 |
| <br>*(b)(c)* | 4.31% |  | 01/05/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 999279 |
| <br>*(b)(c)* | 3.51% |  | 02/03/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4978781 |
| <br>*(b)(c)* | 4.88% |  | 03/01/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1984682 |
| <br>*(b)(c)* | 4.86% |  | 03/16/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4951497 |
| **COLLATERALIZED COMMERCIAL PAPER V CO LLC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.54%)<br> *(a)(b)* | 4.84% | 01/03/23 | 01/17/23 | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15003123 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.40%)<br> *(a)(b)* | 4.70% | 01/03/23 | 03/01/23 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10001996 |
| <br>*(b)* | 4.87% |  | 03/09/23 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6938592 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.45%)<br> *(a)(b)* | 4.75% | 01/03/23 | 04/05/23 | 28000000 | &nbsp;&nbsp;&nbsp;&nbsp; 28009414 |
| <br>*(b)* | 4.80% |  | 04/18/23 | 17000000 | &nbsp;&nbsp;&nbsp;&nbsp; 16756536 |
| **CRC FUNDING LLC** <br>*(b)(c)* | 4.31% |  | 01/03/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1999040 |
| **GOTHAM FUNDING CORP** |  |  |  |  |  |
| <br>*(b)(c)* | 4.66% |  | 02/01/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1992016 |
| <br>*(b)(c)* | 4.72% |  | 02/07/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1990478 |
| <br>*(b)(c)* | 4.95% |  | 03/07/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1982703 |

---

*See financial notes*

Schwab Variable Share Price Money Fund \| Annual Report**11**

------

Schwab Variable Share Price Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
| **LEGACY CAPITAL COMPANY LLC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.68%)<br> *(a)(b)(c)* | 4.98% | 01/03/23 | 02/16/23 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6001479 |
| **LIBERTY STREET FUNDING LLC** |  |  |  |  |  |
| <br>*(b)(c)* | 4.61% |  | 02/01/23 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3984039 |
| <br>*(b)(c)* | 4.77% |  | 02/07/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1990490 |
| <br>*(b)(c)* | 4.87% |  | 02/13/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4972344 |
| <br>*(b)(c)* | 4.71% |  | 02/21/23 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3973500 |
| **LMA AMERICAS LLC** <br>*(b)(c)* | 4.66% |  | 01/31/23 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1792995 |
| **MANHATTAN ASSET FUNDING COMPANY LLC** |  |  |  |  |  |
| <br>*(b)(c)* | 4.32% |  | 01/05/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1998559 |
| <br>*(b)(c)* | 4.66% |  | 03/28/23 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2966069 |
| **NIEUW AMSTERDAM RECEIVABLES CORPORATION BV** <br>*(b)(c)* | 4.31% |  | 01/03/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1999035 |
| **OLD LINE FUNDING LLC** |  |  |  |  |  |
| <br>*(b)(c)* | 3.58% |  | 02/07/23 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9952062 |
| <br>*(b)(c)* | 3.84% |  | 03/15/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1980750 |
| **RIDGEFIELD FUNDING COMPANY LLC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.55%)<br> *(a)(b)(c)* | 4.85% | 01/03/23 | 02/01/23 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10003009 |
| <br>*(b)(c)* | 4.77% |  | 03/01/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4961714 |
| **SHEFFIELD RECEIVABLES COMPANY LLC** |  |  |  |  |  |
| <br>*(b)(c)* | 4.81% |  | 02/10/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 994842 |
| <br>*(b)(c)* | 4.82% |  | 02/13/23 | 12000000 | &nbsp;&nbsp;&nbsp;&nbsp; 11933625 |
| <br>*(b)(c)* | 4.81% |  | 02/21/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1986830 |
| <br>*(b)(c)* | 4.78% |  | 02/28/23 | &nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8932275 |
| **STARBIRD FUNDING CORP** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.49%)<br> *(a)(b)(c)* | 4.79% | 01/03/23 | 03/08/23 | 24000000 | &nbsp;&nbsp;&nbsp;&nbsp; 24009972 |
| <br>*(b)(c)* | 5.28% |  | 05/08/23 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3930885 |
| <br>*(b)(c)* | 5.18% |  | 05/17/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1962878 |
| **VERSAILLES COMMERCIAL PAPER LLC** |  |  |  |  |  |
| <br>*(b)(c)* | 4.61% |  | 02/01/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 996010 |
| <br>*(b)(c)* | 4.76% |  | 03/01/23 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2976866 |
| **VICTORY RECEIVABLES CORP** |  |  |  |  |  |
| <br>*(b)(c)* | 4.66% |  | 02/01/23 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3983944 |
| <br>*(b)(c)* | 4.72% |  | 02/07/23 | &nbsp;&nbsp; 5846000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5817963 |
| <br>*(b)(c)* | 4.95% |  | 03/07/23 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6939629 |
| **Total Asset-Backed Commercial Paper** <br>**(Cost $293,781,543)** | **Total Asset-Backed Commercial Paper** <br>**(Cost $293,781,543)** | **Total Asset-Backed Commercial Paper** <br>**(Cost $293,781,543)** | **Total Asset-Backed Commercial Paper** <br>**(Cost $293,781,543)** | **Total Asset-Backed Commercial Paper** <br>**(Cost $293,781,543)** | **293736919** |
| **FINANCIAL COMPANY COMMERCIAL PAPER** 11.4% OF NET ASSETS | **FINANCIAL COMPANY COMMERCIAL PAPER** 11.4% OF NET ASSETS | **FINANCIAL COMPANY COMMERCIAL PAPER** 11.4% OF NET ASSETS | **FINANCIAL COMPANY COMMERCIAL PAPER** 11.4% OF NET ASSETS | **FINANCIAL COMPANY COMMERCIAL PAPER** 11.4% OF NET ASSETS | **FINANCIAL COMPANY COMMERCIAL PAPER** 11.4% OF NET ASSETS |
| **AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.63%)<br> *(a)(c)* | 4.93% | 01/03/23 | 05/08/23 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10008904 |
| **BANK OF MONTREAL** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.54%)<br> *(a)(c)* | 4.84% | 01/03/23 | 06/07/23 | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15011080 |

---

*See financial notes*

**12**Schwab Variable Share Price Money Fund \| Annual Report

------

Schwab Variable Share Price Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
| **BANK OF NOVA SCOTIA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.47%)<br> *(a)(c)* | 4.77% | 01/03/23 | 03/17/23 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3001116 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.72%)<br> *(a)(c)* | 5.02% | 01/03/23 | 07/19/23 | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15027446 |
| **BARCLAYS BANK UK PLC** |  |  |  |  |  |
| <br>*(c)* | 4.33% |  | 01/04/23 | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14990975 |
| <br>*(c)* | 4.32% |  | 01/05/23 | &nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8993499 |
| <br>*(c)* | 4.32% |  | 01/06/23 | 11000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10990728 |
| <br>*(c)* | 4.33% |  | 01/09/23 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3995180 |
| **BAYERISCHE LANDESBANK (NEW YORK BRANCH)** |  |  |  |  |  |
|  | 4.33% |  | 01/03/23 | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14992798 |
|  | 4.33% |  | 01/09/23 | 28000000 | &nbsp;&nbsp;&nbsp;&nbsp; 27966314 |
| <br>*(c)* | 4.40% |  | 02/01/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4979911 |
| **BOFA SECURITIES INC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.46%)<br> *(a)(c)* | 4.76% | 01/03/23 | 02/10/23 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10002497 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.46%)<br> *(a)(c)* | 4.76% | 01/03/23 | 02/23/23 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000882 |
| **CITIGROUP GLOBAL MARKETS INC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.50%)<br> *(a)(c)* | 4.80% | 01/03/23 | 04/11/23 | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15004747 |
| <br>*(c)* | 4.89% |  | 04/21/23 | &nbsp;&nbsp; 3375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3325062 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.75%)<br> *(a)(c)* | 5.05% | 01/03/23 | 05/01/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5006153 |
| <br>*(c)* | 5.23% |  | 05/09/23 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9824464 |
| **FEDERATION DES CAISSES DESJARDINS DU QUEBEC** <br>*(c)* | 5.15% |  | 05/10/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4913795 |
| **LLOYDS BANK PLC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.45%)<br> *(a)* | 4.75% | 01/03/23 | 01/24/23 | 56000000 | &nbsp;&nbsp;&nbsp;&nbsp; 56011509 |
| **MACQUARIE BANK LTD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.37%)<br> *(a)(c)* | 4.67% | 01/03/23 | 01/25/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000333 |
| **MITSUBISHI UFJ TRUST AND BANKING CORP (SINGAPORE BRANCH)** <br>*(c)* | 4.99% |  | 04/03/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 987937 |
| **MIZUHO BANK LTD (SINGAPORE BRANCH)** |  |  |  |  |  |
| <br>*(c)* | 4.76% |  | 02/08/23 | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14926083 |
| <br>*(c)* | 4.80% |  | 02/09/23 | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14924133 |
| <br>*(c)* | 4.80% |  | 02/17/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1987758 |
| <br>*(c)* | 4.82% |  | 02/28/23 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9923583 |
| <br>*(c)* | 4.84% |  | 02/28/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 992358 |
| <br>*(c)* | 4.76% |  | 03/07/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 991389 |
| **NATIONAL AUSTRALIA BANK LTD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.55%)<br> *(a)(c)* | 4.85% | 01/03/23 | 02/01/23 | 12000000 | &nbsp;&nbsp;&nbsp;&nbsp; 12004285 |
| **NATIONAL BANK OF CANADA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.55%)<br> *(a)(c)* | 4.85% | 01/03/23 | 01/19/23 | 13000000 | &nbsp;&nbsp;&nbsp;&nbsp; 13003015 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.45%)<br> *(a)(c)* | 4.75% | 01/03/23 | 02/17/23 | 17000000 | &nbsp;&nbsp;&nbsp;&nbsp; 17004885 |
| <br>*(c)* | 5.21% |  | 06/07/23 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1663480 |
| **SKANDINAVISKA ENSKILDA BANKEN AB** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.51%)<br> *(a)(c)* | 4.81% | 01/03/23 | 03/15/23 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3001199 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.60%)<br> *(a)(c)* | 4.90% | 01/03/23 | 04/06/23 | 12000000 | &nbsp;&nbsp;&nbsp;&nbsp; 12008562 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.72%)<br> *(a)(c)* | 5.02% | 01/03/23 | 06/01/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1001675 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.64%)<br> *(a)(c)* | 4.94% | 01/03/23 | 06/14/23 | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15021455 |

---

*See financial notes*

Schwab Variable Share Price Money Fund \| Annual Report**13**

------

Schwab Variable Share Price Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
| **SUMITOMO MITSUI TRUST BANK LTD (SINGAPORE BRANCH)** |  |  |  |  |  |
| <br>*(c)* | 4.82% |  | 02/21/23 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7948166 |
| <br>*(c)* | 4.84% |  | 03/08/23 | 16000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15864363 |
| **SWEDBANK AB** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.52%)<br> *(a)* | 4.82% | 01/03/23 | 02/10/23 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3001063 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.51%)<br> *(a)* | 4.81% | 01/03/23 | 04/12/23 | 57000000 | &nbsp;&nbsp;&nbsp;&nbsp; 57027753 |
| **UBS AG (LONDON BRANCH)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.58%)<br> *(a)(c)* | 4.88% | 01/03/23 | 01/12/23 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000038 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.61%)<br> *(a)(c)* | 4.91% | 01/03/23 | 01/20/23 | 20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000920 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.50%)<br> *(a)(c)* | 4.80% | 01/03/23 | 02/16/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000132 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.40%)<br> *(a)(c)* | 4.70% | 01/03/23 | 03/13/23 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000033 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.68%)<br> *(a)(c)* | 4.98% | 01/03/23 | 04/20/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5004451 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.68%)<br> *(a)(c)* | 4.98% | 01/03/23 | 05/22/23 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10004258 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.62%)<br> *(a)(c)* | 4.92% | 01/03/23 | 06/14/23 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10003877 |
| **UNITED OVERSEAS BANK LTD** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.46%)<br> *(a)(c)* | 4.76% | 01/03/23 | 02/23/23 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10004183 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.40%)<br> *(a)(c)* | 4.70% | 01/03/23 | 03/29/23 | 32000000 | &nbsp;&nbsp;&nbsp;&nbsp; 32014904 |
| **WESTPAC BANKING CORP** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.48%)<br> *(a)(c)* | 4.78% |  | 01/03/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000093 |
| <br>*(c)* | 5.24% |  | 05/10/23 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9832538 |
| **Total Financial Company Commercial Paper** <br>**(Cost $554,049,484)** | **Total Financial Company Commercial Paper** <br>**(Cost $554,049,484)** | **Total Financial Company Commercial Paper** <br>**(Cost $554,049,484)** | **Total Financial Company Commercial Paper** <br>**(Cost $554,049,484)** | **Total Financial Company Commercial Paper** <br>**(Cost $554,049,484)** | **554195962** |
| **NON-FINANCIAL COMPANY COMMERCIAL PAPER** 1.4% OF NET ASSETS | **NON-FINANCIAL COMPANY COMMERCIAL PAPER** 1.4% OF NET ASSETS | **NON-FINANCIAL COMPANY COMMERCIAL PAPER** 1.4% OF NET ASSETS | **NON-FINANCIAL COMPANY COMMERCIAL PAPER** 1.4% OF NET ASSETS | **NON-FINANCIAL COMPANY COMMERCIAL PAPER** 1.4% OF NET ASSETS | **NON-FINANCIAL COMPANY COMMERCIAL PAPER** 1.4% OF NET ASSETS |
| **TOTALENERGIES CAPITAL CANADA LTD** |  |  |  |  |  |
| *(b)(c)* | 4.35% |  | 01/04/23 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7995188 |
| **TOYOTA CREDIT CANADA INC** |  |  |  |  |  |
|  | 5.18% |  | 05/15/23 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9817760 |
| **TOYOTA FINANCE AUSTRALIA LTD** |  |  |  |  |  |
|  | 5.18% |  | 05/16/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4908610 |
| **TOYOTA MOTOR CREDIT CORP** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.55%)<br> *(a)* | 4.85% | 01/03/23 | 05/16/23 | 45000000 | &nbsp;&nbsp;&nbsp;&nbsp; 45035906 |
| **Total Non-Financial Company Commercial Paper** <br>**(Cost $67,720,584)** | **Total Non-Financial Company Commercial Paper** <br>**(Cost $67,720,584)** | **Total Non-Financial Company Commercial Paper** <br>**(Cost $67,720,584)** | **Total Non-Financial Company Commercial Paper** <br>**(Cost $67,720,584)** | **Total Non-Financial Company Commercial Paper** <br>**(Cost $67,720,584)** | **67757464** |
| **NON-NEGOTIABLE TIME DEPOSITS** 5.0% OF NET ASSETS | **NON-NEGOTIABLE TIME DEPOSITS** 5.0% OF NET ASSETS | **NON-NEGOTIABLE TIME DEPOSITS** 5.0% OF NET ASSETS | **NON-NEGOTIABLE TIME DEPOSITS** 5.0% OF NET ASSETS | **NON-NEGOTIABLE TIME DEPOSITS** 5.0% OF NET ASSETS | **NON-NEGOTIABLE TIME DEPOSITS** 5.0% OF NET ASSETS |
| **ABN AMRO BANK NV** |  |  |  |  |  |
|  | 4.32% |  | 01/03/23 | &nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9000000 |
| **AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD (LONDON BRANCH)** |  |  |  |  |  |
|  | 4.32% |  | 01/04/23 | 32000000 | &nbsp;&nbsp;&nbsp;&nbsp; 32000000 |
|  | 4.32% |  | 01/05/23 | 74000000 | &nbsp;&nbsp;&nbsp;&nbsp; 74000000 |
|  | 4.32% |  | 01/06/23 | 14000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14000000 |
| **BANCO SANTANDER SA (NEW YORK BRANCH)** |  |  |  |  |  |
|  | 4.32% |  | 01/04/23 | 47000000 | &nbsp;&nbsp;&nbsp;&nbsp; 47000000 |

---

*See financial notes*

**14**Schwab Variable Share Price Money Fund \| Annual Report

------

Schwab Variable Share Price Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
| **CREDIT INDUSTRIEL ET COMMERCIAL** |  |  |  |  |  |
|  | 4.34% |  | 01/04/23 | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000000 |
|  | 4.34% |  | 01/05/23 | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15000000 |
| **ROYAL BANK OF CANADA** |  |  |  |  |  |
|  | 4.32% |  | 01/03/23 | 40000000 | &nbsp;&nbsp;&nbsp;&nbsp; 40000000 |
| **SKANDINAVISKA ENSKILDA BANKEN AB (NEW YORK BRANCH)** |  |  |  |  |  |
|  | 4.31% |  | 01/03/23 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| **TORONTO-DOMINION BANK/THE** |  |  |  |  |  |
|  | 4.32% |  | 01/03/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| **Total Non-Negotiable Time Deposits** <br>**(Cost $243,000,000)** | **Total Non-Negotiable Time Deposits** <br>**(Cost $243,000,000)** | **Total Non-Negotiable Time Deposits** <br>**(Cost $243,000,000)** | **Total Non-Negotiable Time Deposits** <br>**(Cost $243,000,000)** | **Total Non-Negotiable Time Deposits** <br>**(Cost $243,000,000)** | **243000000** |
| **VARIABLE RATE DEMAND NOTES** 1.5% OF NET ASSETS | **VARIABLE RATE DEMAND NOTES** 1.5% OF NET ASSETS | **VARIABLE RATE DEMAND NOTES** 1.5% OF NET ASSETS | **VARIABLE RATE DEMAND NOTES** 1.5% OF NET ASSETS | **VARIABLE RATE DEMAND NOTES** 1.5% OF NET ASSETS | **VARIABLE RATE DEMAND NOTES** 1.5% OF NET ASSETS |
| **BRECKENRIDGE TERRACE LLC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HOUSING FACILITIES REVENUE NOTES SERIES 1999B (**LOC**: BANK OF <br> AMERICA NA)<br>*(d)* | 4.46% |  | 01/06/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| **CELLMARK, INC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TAXABLE NOTES SERIES 2018A (**LOC**: SWEDBANK AB)<br> *(d)* | 4.38% |  | 01/06/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| **CONNECTICUT STATE DEVELOPMENT AUTHORITY** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (BRADLEY AIRPORT HOTEL) SERIES 2006B (**LOC**: TD BANK NA)<br> *(d)* | 4.68% |  | 01/06/23 | &nbsp;&nbsp; 3790000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3790000 |
| **GREYSHOE ISSUING TRUST** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TAXABLE VARIABLE RATE DEMAND NOTES SERIES 2022 <br> (**LOC**: FEDERAL HOME LOAN BANKS)<br>*(d)* | 4.38% |  | 01/06/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| **HARTFORD HEALTHCARE CORP.** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TAXABLE BONDS SERIES C (**LOC**: JPMORGAN CHASE BANK NA)<br> *(d)* | 4.38% |  | 01/06/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| **ILLINOIS HOUSING DEVELOPMENT AUTH** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HOUSING BONDS SERIES 2017A2 (**LIQ**: FEDERAL HOME LOAN BANKS)<br> *(d)* | 4.37% |  | 01/06/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| **J MACE MEEKS 2022 INSURANCE TRUST** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TAXABLE VARIABLE RATE DEMAND NOTES SERIES 2022 <br> (**LOC**: FEDERAL HOME LOAN BANKS)<br>*(d)* | 4.38% |  | 01/06/23 | &nbsp;&nbsp; 4970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4970000 |
| **LABCON NORTH AMERICA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TAXABLE BONDS SERIES 2010 (**LOC**: BANK OF THE WEST)<br> *(d)* | 4.35% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 985000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 985000 |
| **NUVEEN CREDIT STRATEGIES INCOME FUND** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TAXABLE VARIABLE RATE DEMAND PREFERRED SHARES SERIES A <br> (**LOC**: SOCIETE GENERALE SA)<br>*(c)(d)* | 4.48% |  | 01/06/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| **NUVEEN FLOATING RATE INCOME FUND** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VARIABLE RATE DEMAND PREFERRED SHARES SERIES A <br> (**LOC**: SUMITOMO MITSUI BANKING CORPORATION)<br>*(c)(d)* | 4.48% |  | 01/06/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| **NUVEEN PREFERRED & INCOME OPPORTUNITIES FUND** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TAXABLE VARIABLE RATE DEMAND PREFERRED SHARES SERIES A <br> (**LOC**: SUMITOMO MITSUI BANKING CORPORATION)<br>*(c)(d)* | 4.48% |  | 01/06/23 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500000 |
| **NUVEEN PREFERRED & INCOME SECURITIES FUND** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TAXABLE VARIABLE RATE DEMAND PREFERRED SHARES SERIES A <br> (**LOC**: BARCLAYS BANK PLC)<br>*(d)* | 4.48% |  | 01/06/23 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 |

---

*See financial notes*

Schwab Variable Share Price Money Fund \| Annual Report**15**

------

Schwab Variable Share Price Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
| **NUVEEN SHORT DURATION CREDIT OPPORTUNITIES FUND** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VARIABLE RATE DEMAND PREFERRED SHARES SERIES A <br> (**LOC**: BARCLAYS BANK PLC)<br>*(c)(d)* | 4.48% |  | 01/06/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| **NUVEEN VARIABLE RATE PREFERRED & INCOME FUND** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TAXABLE VARIABLE RATE DEMAND PREFERRED SHARES SERIES A <br> (**LOC**: TORONTO-DOMINION BANK/THE)<br>*(c)(d)* | 4.49% |  | 01/06/23 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1250000 |
| **PHILIP BRYAN WISE 2022 TRUST IRREVOCABLE** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TAXABLE VARIABLE RATE DEMAND NOTES SERIES 2022 <br> (**LOC**: FEDERAL HOME LOAN BANKS)<br>*(d)* | 4.38% |  | 01/06/23 | &nbsp;&nbsp; 5410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5410000 |
| **SOUTHERN CALIFORNIA METROPOLITAN WATER DISTRICT** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>SUB WATER REFUNDING RB SERIES 2021A (**LIQ**: BANK OF AMERICA <br> NA)<br>*(d)* | 4.39% |  | 01/06/23 | 24000000 | &nbsp;&nbsp;&nbsp;&nbsp; 24000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>TAXABLE WATER REFUNDING RB SERIES 2022C2 (**LIQ**: PNC BANK <br> NATIONAL ASSOCIATION)<br>*(d)* | 4.34% |  | 01/06/23 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
| **TRIBOROUGH BRIDGE & TUNNEL AUTH** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GENERAL REFUNDING RB SERIES 2018E (**LOC**: UBS AG)<br> *(d)* | 4.35% |  | 01/06/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| **WAELZ SUSTAINABLE PRODUCTS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TAXABLE NOTES SERIES 2022 (**LOC**: COMERICA BANK)<br> *(d)* | 4.46% |  | 01/06/23 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| **YAVAPAI CNTY IDA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TAXABLE RB (DRAKE CEMENT) SERIES 2015 (**LOC**: BANK OF NOVA <br> SCOTIA)<br>*(d)* | 4.40% |  | 01/06/23 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| **Total Variable Rate Demand Notes** <br>**(Cost $72,905,000)** | **Total Variable Rate Demand Notes** <br>**(Cost $72,905,000)** | **Total Variable Rate Demand Notes** <br>**(Cost $72,905,000)** | **Total Variable Rate Demand Notes** <br>**(Cost $72,905,000)** | **Total Variable Rate Demand Notes** <br>**(Cost $72,905,000)** | **72905000** |
| **OTHER INSTRUMENTS** 1.1% OF NET ASSETS | **OTHER INSTRUMENTS** 1.1% OF NET ASSETS | **OTHER INSTRUMENTS** 1.1% OF NET ASSETS | **OTHER INSTRUMENTS** 1.1% OF NET ASSETS | **OTHER INSTRUMENTS** 1.1% OF NET ASSETS | **OTHER INSTRUMENTS** 1.1% OF NET ASSETS |
| **BANK OF AMERICA NA** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; <br>(SOFR + 0.50%)<br> *(a)* | 4.80% | 01/03/23 | 01/05/23 | 22000000 | &nbsp;&nbsp;&nbsp;&nbsp; 22000224 |
|  | 5.25% |  | 05/16/23 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5002272 |
|  | 5.35% |  | 06/09/23 | 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 25009325 |
| **Total Other Instruments** <br>**(Cost $52,000,000)** | **Total Other Instruments** <br>**(Cost $52,000,000)** | **Total Other Instruments** <br>**(Cost $52,000,000)** | **Total Other Instruments** <br>**(Cost $52,000,000)** | **Total Other Instruments** <br>**(Cost $52,000,000)** | **52011821** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ISSUER | FOOTNOTES | RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| MATURITY<br> AMOUNT ($)<br>| VALUE ($) |
| **REPURCHASE AGREEMENTS** 48.1% OF NET ASSETS | **REPURCHASE AGREEMENTS** 48.1% OF NET ASSETS | **REPURCHASE AGREEMENTS** 48.1% OF NET ASSETS | **REPURCHASE AGREEMENTS** 48.1% OF NET ASSETS | **REPURCHASE AGREEMENTS** 48.1% OF NET ASSETS | **REPURCHASE AGREEMENTS** 48.1% OF NET ASSETS | **REPURCHASE AGREEMENTS** 48.1% OF NET ASSETS |
| **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 11.4%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 11.4%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 11.4%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 11.4%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 11.4%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 11.4%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 11.4%** |
| **BANCO SANTANDER SA** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.31% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury and U.S. Government Agency <br> Securities valued at $2,060,051, 2.00% - 6.50%, due <br> 04/30/27 - 09/01/57)<br>|  |  |  |  |  |  |
| **BANK OF MONTREAL** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 11/30/22, repurchase date 01/30/23 |  | 4.21% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 10043269 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities valued <br> at $10,373,390, 5.71% - 5.80%, due 05/20/72)<br>|  |  |  |  |  |  |

---

*See financial notes*

**16**Schwab Variable Share Price Money Fund \| Annual Report

------

Schwab Variable Share Price Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ISSUER | FOOTNOTES | RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| MATURITY<br> AMOUNT ($)<br>| VALUE ($) |
| **BARCLAYS BANK PLC** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.30% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 12005733 | &nbsp;&nbsp;&nbsp;&nbsp; 12000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities valued <br> at $12,365,906, 2.50% - 3.00%, due 07/20/51 - 09/20/51)<br>|  |  |  |  |  |  |
| **BOFA SECURITIES INC** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.30% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 96045867 | &nbsp;&nbsp;&nbsp;&nbsp; 96000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities valued <br> at $98,880,001, 2.50%, due 04/01/51)<br>|  |  |  |  |  |  |
| **DAIWA CAPITAL MARKETS AMERICA INC** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.30% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 17008122 | &nbsp;&nbsp;&nbsp;&nbsp; 17000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities valued <br> at $17,680,001, 2.50% - 6.50%, due 09/01/46 - 12/01/52)<br>|  |  |  |  |  |  |
| **FICC - BANK OF NEW YORK** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.31% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 35016761 | &nbsp;&nbsp;&nbsp;&nbsp; 35000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities valued <br> at $36,050,001, 3.00% - 5.00%, due 06/01/51 - 12/01/52)<br>|  |  |  |  |  |  |
| **JP MORGAN SECURITIES LLC** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.30% |  | 01/03/23 | &nbsp;&nbsp; 145069278 | &nbsp;&nbsp;&nbsp; 145000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities valued <br> at $149,350,000, 1.75% - 5.50%, due 04/01/28 - 04/20/62)<br>|  |  |  |  |  |  |
| **MIZUHO SECURITIES USA LLC** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.30% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3001433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury Securities valued at <br> $3,060,029, 3.38%, due 08/15/42)<br>|  |  |  |  |  |  |
| **MUFG SECURITIES AMERICAS INC** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.30% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities valued <br> at $1,050,000, 3.16% - 4.72%, due 11/25/27 - 05/25/47)<br>|  |  |  |  |  |  |
| **NOMURA SECURITIES INTERNATIONAL INC** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.30% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 23010989 | &nbsp;&nbsp;&nbsp;&nbsp; 23000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury and U.S. Government Agency <br> Securities valued at $23,460,479, 0.00% - 4.43%, due <br> 01/05/23 - 08/01/32)<br>|  |  |  |  |  |  |
| **RBC DOMINION SECURITIES INC** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/28/22, repurchase date 01/04/23 |  | 4.30% |  | 01/04/23 | &nbsp;&nbsp;&nbsp;&nbsp; 48040133 | &nbsp;&nbsp;&nbsp;&nbsp; 48000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury and U.S. Government Agency <br> Securities valued at $49,481,183, 1.50% - 6.00%, due <br> 09/01/24 - 10/20/52)<br>|  |  |  |  |  |  |
| **ROYAL BANK OF CANADA** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/15/22, repurchase date 02/02/23 |  | 4.32% |  | 01/06/23 | &nbsp;&nbsp; 157414480 | &nbsp;&nbsp;&nbsp; 157000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury Securities valued at <br> $161,081,703, 0.38%, due 09/30/27)<br>|  |  |  |  |  |  |
| **WELLS FARGO SECURITIES LLC** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.31% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5002394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities valued <br> at $5,202,490, 3.00%, due 05/01/51)<br>|  |  |  |  |  |  |
|  |  |  |  |  |  | **554000000** |

---

*See financial notes*

Schwab Variable Share Price Money Fund \| Annual Report**17**

------

Schwab Variable Share Price Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ISSUER | FOOTNOTES | RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| MATURITY<br> AMOUNT ($)<br>| VALUE ($) |
| **U.S. TREASURY REPURCHASE AGREEMENTS 32.8%** | **U.S. TREASURY REPURCHASE AGREEMENTS 32.8%** | **U.S. TREASURY REPURCHASE AGREEMENTS 32.8%** | **U.S. TREASURY REPURCHASE AGREEMENTS 32.8%** | **U.S. TREASURY REPURCHASE AGREEMENTS 32.8%** | **U.S. TREASURY REPURCHASE AGREEMENTS 32.8%** | **U.S. TREASURY REPURCHASE AGREEMENTS 32.8%** |
| **BANK OF MONTREAL** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/08/22, repurchase date 01/25/23 |  | 4.28% |  | 01/06/23 | &nbsp;&nbsp;&nbsp;&nbsp; 21072403 | &nbsp;&nbsp;&nbsp;&nbsp; 21000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury Securities valued at <br> $21,542,313, 2.88%, due 05/15/32)<br>|  |  |  |  |  |  |
| **BARCLAYS BANK PLC** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.30% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 10082204 | &nbsp;&nbsp;&nbsp;&nbsp; 10077389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury Securities valued at <br> $10,283,919, 1.25%, due 11/30/26)<br>|  |  |  |  |  |  |
| **FEDERAL RESERVE BANK OF NEW YORK** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.30% |  | 01/03/23 | 1530731000 | 1530000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury Securities valued at <br> $1,530,731,026, 0.38% - 2.00%, due 05/31/24 - 08/15/24)<br>|  |  |  |  |  |  |
| **FICC - BANK OF NEW YORK** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 |  | 4.30% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 41019589 | &nbsp;&nbsp;&nbsp;&nbsp; 41000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury Securities valued at <br> $41,820,045, 0.63%, due 07/15/32)<br>|  |  |  |  |  |  |
|  |  |  |  |  |  | **1602077389** |
| **OTHER REPURCHASE AGREEMENTS\*\* 3.9%** | **OTHER REPURCHASE AGREEMENTS\*\* 3.9%** | **OTHER REPURCHASE AGREEMENTS\*\* 3.9%** | **OTHER REPURCHASE AGREEMENTS\*\* 3.9%** | **OTHER REPURCHASE AGREEMENTS\*\* 3.9%** | **OTHER REPURCHASE AGREEMENTS\*\* 3.9%** | **OTHER REPURCHASE AGREEMENTS\*\* 3.9%** |
| **BMO CAPITAL MARKETS CORP** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/28/22, repurchase date 01/04/23 |  | 4.41% |  | 01/04/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4003430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury Securities, common stocks, <br> ETFs, corporate bonds, asset backed securities, American <br> depositary receipts, or non-agency collateralized mortgage <br> obligations valued at $4,134,593, 0.38% - 7.30%, due <br> 12/06/23 - 03/17/52)<br>|  |  |  |  |  |  |
| **BNP PARIBAS SA** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/28/22, repurchase date 01/04/23 |  | 4.42% |  | 01/04/23 | &nbsp;&nbsp;&nbsp;&nbsp; 11009454 | &nbsp;&nbsp;&nbsp;&nbsp; 11000038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Government Agency Securities and <br> common stocks, ETFs, corporate bonds, asset backed <br> securities, American depositary receipts, or non-agency <br> collateralized mortgage obligations valued at $12,043,590, <br> 2.75% - 13.43%, due 07/15/27 - 12/31/00)<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/28/22, repurchase date 01/04/23 |  | 4.47% |  | 01/04/23 | &nbsp;&nbsp;&nbsp;&nbsp; 13011299 | &nbsp;&nbsp;&nbsp;&nbsp; 12999818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by common stocks, ETFs, corporate bonds, <br> asset backed securities, American depositary receipts, or <br> non-agency collateralized mortgage obligations valued at <br> $14,958,862, 0.00% - 19.00%, due 07/15/26 - 12/31/00)<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/07/22, repurchase date 03/07/23 |  | 4.65% |  | 02/03/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5037458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4998124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by common stocks, ETFs, corporate bonds, <br> asset backed securities, American depositary receipts, or <br> non-agency collateralized mortgage obligations valued at <br> $5,817,020, 0.00% - 10.50%, due 06/15/26 - 12/31/00)<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/28/22, repurchase date 03/28/23 |  | 4.76% |  | 02/03/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6029353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5998034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by common stocks, ETFs, corporate bonds, <br> asset backed securities, American depositary receipts, or <br> non-agency collateralized mortgage obligations valued at <br> $7,018,356, 3.15% - 11.18%, due 09/15/23 - 12/31/00)<br>|  |  |  |  |  |  |

---

*See financial notes*

**18**Schwab Variable Share Price Money Fund \| Annual Report

------

Schwab Variable Share Price Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ISSUER | RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| MATURITY<br> AMOUNT ($)<br>| VALUE ($) |
| **BOFA SECURITIES INC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 02/13/23<br> *(a)* | 4.72% | 01/03/23 | 02/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 13059656 | &nbsp;&nbsp;&nbsp;&nbsp; 13000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by common stocks, ETFs, corporate bonds, <br> asset backed securities, American depositary receipts, or <br> non-agency collateralized mortgage obligations valued at <br> $14,950,001, 3.14%, due 12/12/36) <br>(SOFR + 0.42%)<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 02/13/23<br> *(a)* | 4.72% | 01/03/23 | 02/03/23 | &nbsp;&nbsp;&nbsp;&nbsp; 29133078 | &nbsp;&nbsp;&nbsp;&nbsp; 29000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by common stocks, ETFs, corporate bonds, <br> asset backed securities, American depositary receipts, or <br> non-agency collateralized mortgage obligations valued at <br> $33,350,001, 3.00% - 5.10%, due 12/12/36 - 01/25/59) <br>(SOFR + 0.42%)<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/01/22, repurchase date 03/31/23<br> *(a)* | 4.82% | 01/03/23 | 03/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8127462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7989813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by common stocks, ETFs, corporate bonds, <br> asset backed securities, American depositary receipts, or <br> non-agency collateralized mortgage obligations valued at <br> $8,640,000, 0.00%, due 01/01/49 - 12/31/00) <br>(SOFR + 0.52%)<br>|  |  |  |  |  |
| **JP MORGAN SECURITIES LLC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/09/22, repurchase date 01/09/23<br> *(a)* | 4.50% | 01/03/23 | 01/09/23 | &nbsp;&nbsp;&nbsp;&nbsp; 23089125 | &nbsp;&nbsp;&nbsp;&nbsp; 22996977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by common stocks, ETFs, corporate bonds, <br> asset backed securities, American depositary receipts, or <br> non-agency collateralized mortgage obligations valued at <br> $26,516,920, 7.78% - 9.42%, due 06/16/25 - 08/15/39) <br>(SOFR + 0.20%)<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/15/22, repurchase date 06/13/23<br> *(a)* | 4.72% | 01/03/23 | 03/30/23 | &nbsp;&nbsp;&nbsp;&nbsp; 13178967 | &nbsp;&nbsp;&nbsp;&nbsp; 12960618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by common stocks, ETFs, corporate bonds, <br> asset backed securities, American depositary receipts, or <br> non-agency collateralized mortgage obligations valued at <br> $14,979,229, 10.45% - 12.58%, due 04/16/29 - 04/15/30) <br>(SOFR + 0.42%)<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 10/07/22, repurchase date 04/05/23<br> *(a)* | 4.77% | 01/03/23 | 03/30/23 | &nbsp;&nbsp;&nbsp;&nbsp; 26599430 | &nbsp;&nbsp;&nbsp;&nbsp; 26023157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by common stocks, ETFs, corporate bonds, <br> asset backed securities, American depositary receipts, or <br> non-agency collateralized mortgage obligations valued at <br> $30,186,060, 7.39%, due 11/27/28) <br>(SOFR + 0.47%)<br>|  |  |  |  |  |
| **MIZUHO SECURITIES USA LLC** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/30/22, repurchase date 01/03/23 | 4.42% |  | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by common stocks, ETFs, corporate bonds, <br> asset backed securities, American depositary receipts, or <br> non-agency collateralized mortgage obligations valued at <br> $2,160,002, 0.00%, due 12/31/00)<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/13/22, repurchase date 01/13/23 | 4.47% |  | 01/13/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2007698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by common stocks, ETFs, corporate bonds, <br> asset backed securities, American depositary receipts, or <br> non-agency collateralized mortgage obligations valued at <br> $2,160,003, 0.00%, due 12/31/00)<br>|  |  |  |  |  |

---

*See financial notes*

Schwab Variable Share Price Money Fund \| Annual Report**19**

------

Schwab Variable Share Price Money Fund

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ISSUER | FOOTNOTES | RATE | EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| MATURITY<br> AMOUNT ($)<br>| VALUE ($) |
| **RBC CAPITAL MARKETS LLC** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/28/22, repurchase date 01/04/23 |  | 4.42% |  | 01/04/23 | &nbsp;&nbsp;&nbsp;&nbsp; 21018048 | &nbsp;&nbsp;&nbsp;&nbsp; 21000073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by U.S. Treasury Securities, common stocks, <br> ETFs, corporate bonds, asset backed securities, American <br> depositary receipts, or non-agency collateralized mortgage <br> obligations valued at $21,996,213, 1.90% - 6.60%, due <br> 08/15/24 - 06/01/77)<br>|  |  |  |  |  |  |
| **WELLS FARGO SECURITIES LLC** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 11/07/22, repurchase date 05/08/23 |  | 4.86% |  | 04/04/23 | &nbsp;&nbsp;&nbsp;&nbsp; 10199800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9999872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by common stocks, ETFs, corporate bonds, <br> asset backed securities, American depositary receipts, or <br> non-agency collateralized mortgage obligations valued at <br> $11,783,390, 4.13%, due 08/16/27)<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued 12/14/22, repurchase date 06/12/23 |  | 5.16% |  | 04/04/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5079550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4996169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Collateralized by common stocks, ETFs, corporate bonds, <br> asset backed securities, American depositary receipts, or <br> non-agency collateralized mortgage obligations valued at <br> $5,898,351, 1.58% - 7.83%, due 10/15/24 - 06/12/28)<br>|  |  |  |  |  |  |
|  |  |  |  |  |  | **190962740** |
| **Total Repurchase Agreements** <br>**(Cost $2,347,077,389)** | **Total Repurchase Agreements** <br>**(Cost $2,347,077,389)** | **Total Repurchase Agreements** <br>**(Cost $2,347,077,389)** | **Total Repurchase Agreements** <br>**(Cost $2,347,077,389)** | **Total Repurchase Agreements** <br>**(Cost $2,347,077,389)** | **Total Repurchase Agreements** <br>**(Cost $2,347,077,389)** | **2347040129** |
| **Total Investments in Securities** <br>**(Cost $4,738,672,375)** | **Total Investments in Securities** <br>**(Cost $4,738,672,375)** | **Total Investments in Securities** <br>**(Cost $4,738,672,375)** | **Total Investments in Securities** <br>**(Cost $4,738,672,375)** | **Total Investments in Securities** <br>**(Cost $4,738,672,375)** | **Total Investments in Securities** <br>**(Cost $4,738,672,375)** | **4739271829** |

---

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

\* Collateralized via U.S. Government Agency Securities or less frequently by higher rated U.S. Treasury Securities.

\*\* Collateralized via common stocks, ETFs, corporate bonds, asset backed securities, American depositary receipts, or non-agency collateralized mortgage obligations or less frequently by higher rated U.S. Government Agency Securities and/ or U.S. Treasury Securities. Securities without a stated maturity date, such as common stocks, ETFs, American depositary receipts and perpetual bonds, are represented by 12/31/00. 

*(a)* Variable rate security; rate shown is effective rate at period end.

*(b)* Credit-enhanced or liquidity-enhanced.

*(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 $629,968,971 or 12.9% of net assets. 

*(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;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| AUTH — | Authority |
| CNTY — | County |
| EFFR — | Effective Federal Funds Rate is published daily by the Federal Reserve Bank of New York and is based on the interest rate financial institutions charge each other for <br> overnight funds.<br>|
| FICC — | Fixed Income Clearing Corp |
| IDA — | Industrial development agency/authority |
| LIQ — | Liquidity agreement |
| LOC — | Letter of credit |
| 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>|
| SOFR — | Secured Overnight Financing Rate is published daily by the Federal Reserve Bank of New York and is based on the cost of borrowing cash overnight collateralized by <br> U.S. Treasury securities.<br>|
| VRDN — | Variable rate demand note |

---

------

At December 31, 2022, all of the fund's investment securities were classified as Level 2. The breakdown of the fund's investments

into categories is disclosed on the Portfolio Holdings (see financial note 2(a) for additional information).

*See financial notes*

**20**Schwab Variable Share Price Money Fund \| Annual Report

------

Schwab Variable Share Price Money Fund

Statement of Assets and Liabilities

------

As of December 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated (cost $2,391,594,986) |  | $2392231700 |
| Repurchase agreements, at value - unaffiliated (cost $2,347,077,389) |  | &nbsp;&nbsp;&nbsp; 2347040129 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp; 153018403 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38825732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9833049 |
| Prepaid expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86721 |
| **Total assets** |  | **4941035734** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49955472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6218602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5854278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 730238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280 |
| Accrued expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228148 |
| **Total liabilities** |  | **62987018** |
| **Net assets** |  | **$4878048716** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $4877667392 |
| Total distributable earnings | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 381324 |
| **Net assets** |  | **$4878048716** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  | **Net Asset Value (NAV) by Share Class**  |
| **Share Class**  | **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares** <br>**Outstanding** <br>| **=** | **NAV** |
| Ultra Shares | $4878048716 |  | 4876400438 |  | $1.0003 |

---

*See financial notes*

Schwab Variable Share Price Money Fund \| Annual Report**21**

------

Schwab Variable Share Price Money Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2022 through December 31, 2022 | For the period January 1, 2022 through December 31, 2022 | For the period January 1, 2022 through December 31, 2022 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| **Interest received from securities - unaffiliated** |  | **$71006472** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser and administrator fees |  | &nbsp;&nbsp;&nbsp;&nbsp; 6080063 |
| Registration fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146047 |
| Portfolio accounting fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125834 |
| Custodian fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100843 |
| Professional fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42281 |
| Independent trustees' fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31127 |
| Shareholder reports |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13794 |
| Proxy fees<sup>1</sup> <br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5501 |
| Transfer agent fees  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 647 |
| Other expenses | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26242 |
| **Total expenses** |  | **6572379** |
| Expense reduction | – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 753630 |
| **Net expenses** | – | **5818749** |
| **Net investment income** |  | **65187723** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| **Net realized gains on sales of securities - unaffiliated** |  | **59** |
| **Net change in unrealized appreciation (depreciation) on securities - unaffiliated** | + | **666153** |
| **Net realized and unrealized gains** |  | **666212** |
| **Increase in net assets resulting from operations** |  | **$65853935** |

---

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

<sup>1</sup> Proxy fees are non-routine expenses (see financial note 4 for additional information).

*See financial notes*

**22**Schwab Variable Share Price Money Fund \| Annual Report

------

Schwab Variable Share Price Money Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/21-12/31/21 |
| Net investment income |  | $65187723 | $926704 |
| Net realized gains |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 666153 | &nbsp;&nbsp; (147987) |
| **Increase in net assets from operations** |  | **$65853935** | **$778717** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| Ultra Shares |  | ($65187807) | ($926619) |

---

&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** |
|  | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/21-12/31/21 | 1/1/21-12/31/21 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| **Shares Sold** |  |  |  |  |  |
| Ultra Shares |  | 7264457488 | $7265359260 | 2658354756 | $2659273403 |
| **Shares Reinvested** |  |  |  |  |  |
| Ultra Shares |  | &nbsp;&nbsp;&nbsp;&nbsp; 51928344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51938149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 754181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 754443 |
| **Shares Redeemed** |  |  |  |  |  |
| Ultra Shares | + | (5132357237) | &nbsp;&nbsp; (5133058389) | (3379601026) | &nbsp;&nbsp; (3380780910) |
| **Net transactions in fund shares**  |  | **2184028595** | **$2184239020** | **(720492089)** | **($720753064)** |
| **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** |
|  | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/21-12/31/21 | 1/1/21-12/31/21 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 2692371843 | $2693143568 | 3412863932 | $3414044534 |
| Total increase (decrease) | + | 2184028595 | &nbsp;&nbsp;&nbsp; 2184905148 | &nbsp;&nbsp; (720492089) | &nbsp;&nbsp;&nbsp;&nbsp; (720900966) |
| **End of period** |  | **4876400438** | **$4878048716** | **2692371843** | **$2693143568** |

---

*See financial notes*

Schwab Variable Share Price Money Fund \| Annual Report**23**

------

Schwab Variable Share Price Money Fund

Financial Notes

------

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

Schwab Variable Share Price Money Fund is a series of The Charles Schwab Family of Funds (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 funds in the trust as of the end of the period, including the fund discussed in this report, which is highlighted:

---

| | |
|:---|:---|
| **THE CHARLES SCHWAB FAMILY OF FUNDS (ORGANIZED OCTOBER 20, 1989)** | **THE CHARLES SCHWAB FAMILY OF FUNDS (ORGANIZED OCTOBER 20, 1989)** |
| Schwab Government Money Fund | Schwab Retirement Government Money Fund |
| Schwab U.S. Treasury Money Fund | Schwab Municipal Money Fund |
| Schwab Treasury Obligations Money Fund | Schwab AMT Tax-Free Money Fund |
| Schwab Value Advantage Money Fund<sup>®</sup> | Schwab California Municipal Money Fund |
| **Schwab Variable Share Price Money Fund** | Schwab New York Municipal Money Fund |

---

Schwab Variable Share Price Money Fund currently offers one class of shares, Ultra Shares. 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 fund's Board of Trustees (the Board) may authorize the issuance of as many shares as necessary.

The fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, the fund may also keep certain assets in segregated accounts, as required by securities law.

------

<br>**2. Significant Accounting Policies:**

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

**(a) Security Valuation:**

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated authority to a Valuation Designee, the fund's 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 and 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 fund's 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;• **Short-term investments:** Money market 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, discounted cash flow models 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 technique, as appropriate, and examples of inputs may include, but are not limited to, interest rates, market conditions, comparable investments, 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 the 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

**24**Schwab Variable Share Price Money Fund \| Annual Report

------

Schwab Variable Share Price Money Fund

Financial Notes (continued)

------

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

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

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 the 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 fund discloses the fair value of its 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, and whose values are therefore classified as Level 1 prices, include active listed equities, mutual funds and exchange-traded funds.

&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 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 the 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.

As disclosed in the Portfolio Holdings, as of December 31, 2022, all of the fund's investments were classified as Level 2.

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

**Repurchase Agreements:** In a repurchase agreement, a fund buys a security from another party (the counterparty), usually a financial institution, with the agreement that it be sold back in the future. Repurchase agreements subject a fund to counterparty risk, meaning that the fund could lose money if the other party fails to perform under the terms of the agreement. The fund mitigates this risk by ensuring that a fund's repurchase agreements are collateralized by cash and/or U.S. government securities, fixed income securities, equity securities or other types of securities. These risks are magnified to the extent that a repurchase agreement is secured by collateral other than cash and U.S. government securities, such as debt securities, equity securities and high yield securities that are rated below investment grade. All collateral is held by the fund's custodian (or, with multi-party agreements, the agent's bank) and is monitored daily to ensure that its fair value is at least equal to the maturity amount under the agreement. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed or limited and the value of the collateral may decline. Investments in repurchase agreements are also based on a review of the credit quality of the repurchase agreement counterparty.

Schwab Variable Share Price Money Fund \| Annual Report**25**

------

Schwab Variable Share Price Money Fund

Financial Notes (continued)

------

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

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

As of December 31, 2022, the fund had investments in repurchase agreements with a gross value of $2,347,040,129 as disclosed in the Portfolio Holdings and the Statement of Assets and Liabilities. The value of the related collateral disclosed in the Portfolio Holdings exceeded the value of the repurchase agreements at period end.

**Cash Investments:** The fund may invest a portion of its assets in cash. Cash includes cash bank balances in an interest-bearing demand deposit account with maturity on demand by the fund.

**Delayed-Delivery and When-Issued Transactions:** The fund 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 fund's Portfolio Holdings, if any. The fund 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. Effective August 19, 2022, the fund complies with Rule 18f-4 under the 1940 Act, where money market funds are only permitted to invest in a security on a delayed-delivery or when-issued basis, or with a non-standard settlement cycle, and the transaction will be deemed not to involve a senior security, provided that, (i) the fund intends to physically settle the transaction and (ii) the transaction will settle within 35 days of its trade date. Pursuant to Rule 18f-4 portfolio securities are no longer required to be segregated as collateral to cover delayed-delivery or when-issued securities held within the fund.

**(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 the 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).

**(e) Expenses:**

Expenses that are specific to the fund are charged directly to the fund. Expenses that are common to more than one fund in the trusts generally are allocated among those funds in proportion to their average daily net assets.

**(f) Distributions to Shareholders:**

The fund declares distributions from net investment income, if any, every day it is open for business. These distributions, which are substantially equal to the fund's net investment income for that day, are paid out to shareholders once a month. The fund makes 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 fund intends to meet federal income and excise tax requirements for regulated investment companies under subchapter M of the Internal Revenue Code, as amended. Accordingly, the fund distributes substantially all of its net investment income and net realized capital gains, if any, to its shareholders each year. As long as the fund meets the tax requirements, it is not required to pay federal income tax.

**26**Schwab Variable Share Price Money Fund \| Annual Report

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Schwab Variable Share Price Money Fund

Financial Notes (continued)

------

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

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

**(i) Indemnification:**

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

**(j) Regulatory Update:** 

Effective January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information deemed important for retail investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these rule and form amendment changes on the content of the current shareholder report and the newly created annual and semiannual streamlined shareholder reports.

------

<br>**3. Risk Factors:**

**Market Risk.** Financial markets rise and fall in response to a variety of factors, sometimes rapidly and unpredictably. Markets may be impacted by economic, political, regulatory and other conditions, including economic sanctions and other government actions. In addition, the occurrence of global events, such as war, terrorism, environmental disasters, natural disasters and epidemics, may also negatively affect the financial markets. These events could reduce consumer demand or economic output; result in market closures, low or negative interest rates, travel restrictions or quarantines; and significantly adversely impact the economy. Governmental and quasi-governmental authorities and regulators throughout the world have in the past often responded to serious economic disruptions with a variety of significant fiscal and monetary policy changes which could have an unexpected impact on financial markets and the fund's investments. As with any investment whose performance is tied to these markets, the value of an investment in the fund will fluctuate, which means that an investor could lose money over short or long periods.

**Investment Risk.** You could lose money by investing in the fund. Because the share price of the fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

**Interest Rate Risk.** Interest rates rise and fall over time. As with any investment whose yield reflects current interest rates, the fund's yield will change over time. During periods when interest rates are low or there are negative interest rates, the fund's yield (and total return) also could be low or even negative. In addition, the fund may be unable to pay expenses out of fund assets. Also, a change in a central bank's monetary policy or economic conditions may result in a change in interest rates, which could have sudden and unpredictable effects on the markets. A sudden or unpredictable rise or decline in interest rates may cause volatility. Volatility in the market may decrease liquidity in the money market securities markets, making it more difficult for the fund to sell its money market investments at a time when the investment adviser might wish to sell such investments. Decreased market liquidity also may make it more difficult to value some or all of the fund's money market securities holdings.

**Repurchase Agreements Risk.** When the fund enters into a repurchase agreement, the fund is exposed to the risk that the other party (i.e., the counterparty) will not fulfill its contractual obligation. In a repurchase agreement, there exists the risk that, when the fund buys a security from a counterparty that agrees to repurchase the security at an agreed upon price (usually higher) and time, the counterparty will not repurchase the security. These risks are magnified to the extent that a repurchase agreement is secured by collateral other than cash and government securities, such as debt securities, equity securities and high-yield securities that are rated below investment grade (also referred to as junk bonds) (Alternative Collateral). High-yield securities that are used as Alternative Collateral are subject to greater levels of credit and liquidity risk, and are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments. Alternative Collateral may be subject to greater price volatility and may be more volatile or less liquid than other types of collateral, increasing the risk that the fund will be unable to recover fully in the event of a counterparty's default.

Schwab Variable Share Price Money Fund \| Annual Report**27**

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Schwab Variable Share Price Money Fund

Financial Notes (continued)

------

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

**3. Risk Factors (continued):** 

**Credit Risk.** A decline in the credit quality of an issuer, guarantor or liquidity provider of a portfolio investment or a counterparty could cause the fund to lose money or underperform. The fund could lose money if, due to a decline in credit quality, the issuer, guarantor or liquidity provider of a portfolio investment or a counterparty fails to make, or is perceived as being unable or unwilling to make, timely principal or interest payments or otherwise honor its obligations. Even though the fund's investments in repurchase agreements are collateralized at all times, there is some risk to the fund if the other party should default on its obligations and the fund is delayed or prevented from recovering or disposing of the collateral. The credit quality of the fund's portfolio holdings can change rapidly in certain market environments and any downgrade or default on the part of a single portfolio investment could cause the fund's share price or yield to fall.

Certain U.S. government securities that the fund invests in are not backed by the full faith and credit of the U.S. government, which means they are neither issued nor guaranteed by the U.S. Treasury. Although maintained in conservatorship by the Federal Housing Finance Agency (FHFA) since September 2008, the Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) maintain only lines of credit with the U.S. Treasury. The Federal Home Loan Banks maintain limited access to credit lines from the U.S. Treasury. Other securities, such as obligations issued by the Federal Farm Credit Banks Funding Corporation, are supported solely by the credit of the issuer. There can be no assurance that the U.S. government will provide financial support to securities of its agencies and instrumentalities if it is not obligated to do so under law. Also, any government guarantees on securities the fund owns do not extend to the shares of the fund itself.

**Credit and Liquidity Enhancements Risk.** The fund may invest in securities with credit or liquidity enhancements provided by a bank or other financial institution, and the existence and nature of such enhancements may be a significant factor in the investment adviser's decision-making process. Generally, these enhancements are employed by the issuers of the securities to reduce credit risk and provide enhanced or back-up liquidity for a purchaser, such as the fund. Adverse developments affecting these banks and financial institutions could therefore have a negative effect on the value of the fund's holdings. For example, a rating agency downgrade of a credit or liquidity enhancement provider may adversely affect the value of securities held by the fund. Any decline in the value of the securities held by the fund could cause the fund's share price or yield to fall. To the extent that a portion of the fund's underlying investments are enhanced by the same bank or financial institution, these risks may be increased.

**Foreign Investment Risk.** Although the fund may invest only in U.S. dollar-denominated securities, the fund's investments in securities of foreign issuers or securities with credit or liquidity enhancements provided by foreign entities may involve certain risks that are greater than those associated with investments in securities of U.S. issuers or securities with credit or liquidity enhancements provided by U.S. entities. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; the imposition of economic sanctions or other government restrictions; differing accounting, auditing, financial reporting and legal standards and practices; differing securities market structures; and higher transaction costs. These risks may negatively impact the value or liquidity of the fund's investments, and could impair the fund's ability to meet its investment objective or invest in accordance with its investment strategy. In addition, sovereign risk, or the risk that a government may become unwilling or unable to meet its loan obligations or guarantees, could increase the credit risk of financial institutions connected to that particular country.

**Management Risk.** Any actively managed mutual fund is subject to the risk that its investment adviser will select investments or allocate assets in a manner that could cause the fund to underperform or otherwise not meet its investment objective. The fund's investment adviser applies its own investment techniques and risk analyses in making investment decisions for the fund, but there can be no guarantee that they will produce the desired results. The investment adviser's maturity decisions will also affect the fund's yield, and potentially could affect its share price. To the extent that the investment adviser anticipates interest rate trends imprecisely, the fund's yield at times could lag the yields of other money market funds.

**Liquidity Risk.** Liquidity risk exists when particular investments are difficult to purchase, sell or value, especially during stressed market conditions. The market for certain investments may become illiquid due to specific adverse changes in the conditions of a particular issuer or under adverse market or economic conditions independent of the issuer. In addition, limited dealer inventories of certain securities could potentially lead to decreased liquidity. In such cases, the fund, due to limitations on investments in illiquid securities and the difficulty in readily purchasing and selling such securities at favorable times or prices, may decline in value, experience lower returns and/or be unable to achieve its desired level of exposure to a certain issuer or sector. Further, transactions in illiquid securities may entail transaction costs that are higher than those for transactions in liquid securities.

**Redemption Risk.** The fund may experience periods of heavy redemptions that could cause the fund to liquidate its assets at inopportune times or at a loss or depressed value, particularly during periods of declining or illiquid markets. This could cause the fund to be unable to pay redemption proceeds within a short period of time.

**28**Schwab Variable Share Price Money Fund \| Annual Report

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Schwab Variable Share Price Money Fund

Financial Notes (continued)

------

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

**3. Risk Factors (continued):** 

**Variable NAV Risk.** The fund does not maintain a stable NAV per share. The value of the fund's shares will be calculated to four decimal places and will fluctuate with changes in the values of the fund's portfolio securities. You could lose money by investing in the fund.

**Money Market Fund Regulation Risk.** The SEC and other regulatory agencies continue to review the regulation of money market funds. As of the date of this shareholder report, the SEC has proposed amendments to the rules that govern money market funds. These proposed amendments, if implemented, may affect the fund's investment strategies, performance, yield, expenses, operations and continued viability.

**Money Market Fund Risk.** The fund is not designed to offer capital appreciation. In exchange for their emphasis on stability and liquidity, money market investments may offer lower long-term performance than stock or bond investments.

Please refer to the fund's prospectus for a more complete description of the principal risks of investing in the fund.

------

<br>**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 the fund's investment adviser and administrator pursuant to an Investment Advisory and Administration Agreement between the investment adviser and the trust.

For its advisory and administrative services to the fund, the investment adviser is entitled to receive an annual fee, payable monthly, equal to 0.19% of the fund's average daily net assets.

**Contractual Expense Limitation**

The investment adviser and its affiliates have made an additional agreement with the fund, for so long as the investment adviser serves as the investment adviser to the fund, which may only be amended or terminated with the approval of the Board, to limit the total annual class operating expenses charged, excluding interest, taxes, and certain non-routine expenses (expense limitation) to 0.19%.

During the period ended December 31, 2022, the fund waived a total of $753,630 in expenses: $487,832 was waived in accordance with the contractual expense limitation agreement and $265,798 was waived voluntarily.

**Voluntary Yield Waiver/Reimbursement**

The investment adviser and its affiliates may waive and/or reimburse expenses to the extent necessary to maintain a positive net yield for the fund.

Schwab Variable Share Price Money Fund \| Annual Report**29**

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Schwab Variable Share Price Money Fund

Financial Notes (continued)

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

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

**Investments from Affiliates**

Certain funds in the Fund Complex (for definition refer to the Trustees and Officers section) may own shares of other funds in the Fund Complex. The table below reflects the percentage of shares of the fund that are owned by other funds in the Fund Complex as of December 31, 2022:

---

| | |
|:---|:---|
| Schwab Balanced Fund | 0.3% |
| Schwab MarketTrack Balanced Portfolio | 0.4% |
| Schwab MarketTrack Conservative Portfolio | 0.2% |
| Schwab MarketTrack Growth Portfolio | 0.6% |
| Schwab Monthly Income Fund - Flexible Payout | 0.0%\* |
| Schwab Monthly Income Fund - Income Payout | 0.0%\* |
| Schwab Monthly Income Fund - Target Payout | 0.0%\* |
| Schwab Target 2010 Fund | 0.0%\* |
| Schwab Target 2015 Fund | 0.0%\* |
| Schwab Target 2020 Fund | 0.2% |
| Schwab Target 2025 Fund | 0.3% |
| Schwab Target 2030 Fund | 0.3% |
| Schwab Target 2035 Fund | 0.1% |
| Schwab Target 2040 Fund | 0.1% |
| Schwab Target 2045 Fund | 0.0%\* |
| Schwab Target 2050 Fund | 0.0%\* |
| Schwab Target 2010 Index Fund | 0.0%\* |
| Schwab Target 2015 Index Fund | 0.0%\* |
| Schwab Target 2020 Index Fund | 0.1% |
| Schwab Target 2025 Index Fund | 0.2% |
| Schwab Target 2030 Index Fund | 0.2% |
| Schwab Target 2035 Index Fund | 0.1% |
| Schwab Target 2040 Index Fund | 0.0%\* |
| Schwab Target 2045 Index Fund | 0.0%\* |
| Schwab Target 2050 Index Fund | 0.0%\* |
| Schwab Target 2055 Index Fund | 0.0%\* |
| Schwab VIT Balanced Portfolio | 0.1% |
| Schwab VIT Balanced with Growth Portfolio | 0.1% |
| Schwab VIT Growth Portfolio | 0.1% |

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

\* Less than 0.05%

**Interfund Transactions**

The fund may engage in transactions with certain other funds in the Fund 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 is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs. This practice is limited to funds that share the same investment adviser, trustees and/or officers. For the period ended December 31, 2022, the fund's purchases and sales of securities with other funds in the Fund Complex was $0 and $50,973,843, respectively, and includes realized gains of $0.

**Interfund Borrowing and Lending**

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission (SEC), the fund may enter into interfund borrowing and lending transactions with other funds in the Fund 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 fund had no interfund borrowing or lending activity during the period.

**30**Schwab Variable Share Price Money Fund \| Annual Report

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Schwab Variable Share Price Money Fund

Financial Notes (continued)

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

**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 fund did not pay any of these interested persons for their services as trustees, but did pay non-interested persons (independent trustees), as noted on the fund's Statement of Operations. For information regarding the trustees, please refer to the Trustees and Officers table at the end of this report.

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<br>**6. Borrowing from Banks:**

During the period, the fund was a participant with other funds in the Fund Complex in a joint, syndicated, committed $850 million line of credit (the Syndicated Credit Facility), which matured on September 29, 2022. On September 29, 2022, the Syndicated Credit Facility was amended to run for a new 364 day period with the line of credit amount increasing to $1 billion, maturing on September 28, 2023. Under the terms of the Syndicated Credit Facility, in addition to the interest charged on any borrowings by the fund, the fund paid a commitment fee of 0.15% per annum on the fund's proportionate share of the unused portion of the Syndicated Credit Facility.

During the period, the fund was a participant with other funds in the Fund 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 29, 2022. On September 29, 2022, 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 28, 2023. Under the terms of the Uncommitted Credit Facility, the fund pays interest on the amount the fund borrows. There were no borrowings from either line of credit during the period.

The fund also has access to custodian overdraft facilities. The fund may have utilized the overdraft facility and incurred an interest expense, which is disclosed on the fund's Statement of Operations, if any. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.

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<br>**7. Federal Income Taxes:**

As of December 31, 2022, the tax basis cost of the fund's investments and gross unrealized appreciation and depreciation were as follows:

---

| | | | |
|:---|:---|:---|:---|
| TAX COST  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GROSS UNREALIZED <br>APPRECIATION <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GROSS UNREALIZED <br>DEPRECIATION <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED <br>APPRECIATION <br>&nbsp;&nbsp;&nbsp;&nbsp;(DEPRECIATION)<br>|
| $4738672375 | $854744 | ($255290) | $599454 |

---

As of December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION) <br>ON INVESTMENTS <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAPITAL LOSS <br>CARRYFORWARDS AND OTHER LOSSES<br>| TOTAL  |
| $599454 | ($218130) | $381324 |

---

Capital loss carryforwards have no expiration and may be used to offset future realized capital gains for federal income tax purposes. As of December 31, 2022, the fund had capital loss carryforwards of $218,130.

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>| &nbsp;&nbsp; ORDINARY <br>INCOME <br>|
| $65187807 | $926619 |

---

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 on the financial statements. The fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Schwab Variable Share Price Money Fund \| Annual Report**31**

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Schwab Variable Share Price Money Fund

Financial Notes (continued)

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

**7. 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 December 31, 2022, 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 fund, and has determined that no provision for income tax is required in the fund's financial statements. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the fiscal year ended December 31, 2022, the fund did not incur any interest or penalties.

------

<br>**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.

**32**Schwab Variable Share Price Money Fund \| Annual Report

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Schwab Variable Share Price Money Fund

Report of Independent Registered Public Accounting Firm

------

To the Board of Trustees of The Charles Schwab Family of Funds and Shareholders of Schwab Variable Share Price Money Fund

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

We have audited the accompanying statement of assets and liabilities, including the portfolio holdings, of Schwab Variable Share Price Money Fund (the "Fund"), one of the funds constituting The Charles Schwab Family of Funds, as of December 31, 2022, the related statement 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 three years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended in conformity with accounting principles generally accepted in the United States of America. The financial highlights for each of the two years in the period ended December 31, 2019 were audited by other auditors, whose report, dated February 18, 2020, expressed an unqualified opinion on such financial highlights.

***Basis for Opinion***

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's 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 Fund 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 Fund is not required to have, nor were we engaged to perform, an audit of its 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 Fund's 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 December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

**Deloitte & Touche LLP** <br>Denver, Colorado <br>February 16, 2023

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

Schwab Variable Share Price Money Fund \| Annual Report**33**

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Schwab Variable Share Price Money Fund

Other Federal Tax Information (unaudited)

------

For the fiscal year ended December 31, 2022, the fund designates 97.71% of dividend income as business interest income under section 163(j) of the Internal Revenue Code.

**34**Schwab Variable Share Price Money Fund \| Annual Report

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Schwab Variable Share Price Money Fund

Trustees and Officers

------

The tables below give information about the trustees and officers of The Charles Schwab Family of Funds, which includes the fund covered in this report. The "Fund Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust. The Fund Complex includes 105 funds.

The address for all trustees and officers is 211 Main Street, San Francisco, CA 94105. You can find more information about the trustees and officers in the fund's Statement of Additional Information, which is available free by calling 1-877-824-5615.

---

| | | | |
|:---|:---|:---|:---|
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Name, Year of Birth, and <br> Position(s) with the trust <br> (Terms of office, and <br> length of Time Served<sup>1</sup>)<br>| Principal Occupations<br> During the Past Five Years<br>| Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee<br>| Other Directorships |
| **Michael J. Beer**<br> 1961<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios, Schwab <br> Strategic Trust and Laudus Trust <br> since 2022)<br>| Retired. Director, President and Chief Executive Officer <br> (Dec. 2016 – Sept. 2019), Principal Funds (investment management).<br>| 105 | Director (2016 – 2019), <br> Principal Funds, Inc.<br>|
| **Robert W. Burns**<br> 1959<br> Trustee<br> (Trustee of Schwab Strategic Trust <br> since 2009; The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios and <br> Laudus Trust since 2016)<br>| Retired/Private Investor. | 105 |  |
| **Nancy F. Heller**<br> 1956<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios, Schwab <br> Strategic Trust and Laudus Trust <br> since 2018)<br>| Retired. | 105 |  |
| **David L. Mahoney**<br> 1954<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios and <br> Laudus Trust since 2011; Schwab <br> Strategic Trust since 2016)<br>| Private Investor. | 105 | Director <br> (2004 – present), <br> Corcept Therapeutics <br> Incorporated <br> Director (2009 – 2021), <br> Adamas <br> Pharmaceuticals, Inc.<br> Director (2003 – 2019), <br> Symantec Corporation<br>|
| **Jane P. Moncreiff**<br> 1961<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios, Schwab <br> Strategic Trust and Laudus Trust <br> since 2019)<br>| Consultant (2018 – present), Fulham Advisers LLC (management <br> consulting); Chief Investment Officer (2009 – 2017), CareGroup <br> Healthcare System, Inc. (healthcare).<br>| 105 |  |

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Schwab Variable Share Price Money Fund \| Annual Report**35**

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Schwab Variable Share Price Money Fund

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| | | | |
|:---|:---|:---|:---|
| **Independent Trustees (continued)** | **Independent Trustees (continued)** | **Independent Trustees (continued)** | **Independent Trustees (continued)** |
| Name, Year of Birth, and <br> Position(s) with the trust <br> (Terms of office, and <br> length of Time Served<sup>1</sup>)<br>| Principal Occupations<br> During the Past Five Years<br>| Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee<br>| Other Directorships |
| **Kimberly S. Patmore**<br> 1956<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios, Schwab <br> Strategic Trust and Laudus Trust <br> since 2016)<br>| Consultant (2008 – present), Patmore Management Consulting <br> (management consulting).<br>| 105 |  |
| **J. Derek Penn**<br> 1957<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios, Schwab <br> Strategic Trust and Laudus Trust <br> since 2021)<br>| Head of Equity Sales and Trading (2006 – 2018), BNY Mellon (financial <br> services).<br>| 105 |  |

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**36**Schwab Variable Share Price Money Fund \| Annual Report

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Schwab Variable Share Price Money Fund

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

---

| | | | |
|:---|:---|:---|:---|
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| Name, Year of Birth, and <br> Position(s) with the trust <br> (Terms of office, and <br> length of Time Served<sup>1</sup>)<br>| Principal Occupations<br> During the Past Five Years<br>| Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> the Trustee<br>| Other Directorships |
| **Walter W. Bettinger II**<sup>2</sup> 1960<br> Chairman and Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust <br> and Schwab Annuity Portfolios since <br> 2008; Schwab Strategic Trust since <br> 2009; Laudus Trust since 2010)<br>| Co-Chairman of the Board (July 2022 – present), Director and Chief <br> Executive Officer (Oct. 2008 – present) and President <br> (Feb. 2007 – Oct. 2021), The Charles Schwab Corporation; President and <br> Chief Executive Officer (Oct. 2008 – Oct. 2021) and Director <br> (May 2008 – Oct. 2021), Charles Schwab & Co., Inc.; Director <br> (Apr. 2006 – present), Charles Schwab Bank, SSB; Director <br> (Nov. 2017 – present), Charles Schwab Premier Bank, SSB; Director <br> (July 2019 – present), Charles Schwab Trust Bank; Director <br> (May 2008 – present), Chief Executive Officer (Aug. 2017 – present) and <br> President (Aug. 2017 – Nov. 2021), Schwab Holdings, Inc.; Director <br> (Oct. 2020 – present), TD Ameritrade Holding Corporation; Director <br> (July 2016 – Oct. 2021), Charles Schwab Investment Management, Inc.<br>| 105 | Director <br> (2008 – present), The <br> Charles Schwab <br> Corporation <br>|
| **Richard A. Wurster**<sup>2</sup> 1973<br> Trustee<br> (Trustee of The Charles Schwab <br> Family of Funds, Schwab <br> Investments, Schwab Capital Trust, <br> Schwab Annuity Portfolios, Schwab <br> Strategic Trust and Laudus Trust <br> since 2022)<br>| President (Oct. 2021 – present) and Executive Vice President – Schwab <br> Asset Management Solutions (Apr. 2019 – Oct. 2021), The Charles <br> Schwab Corporation; President, Director (Oct. 2021 – present), Executive <br> Vice President – Schwab Asset Management Solutions <br> (July 2019 – Oct. 2021) and Senior Vice President – Advisory <br> (May 2016 – July 2019), Charles Schwab & Co., Inc.; President <br> (Nov. 2021 – present), Schwab Holdings, Inc.; Director <br> (Oct. 2021 – present) and Chief Executive Officer (Nov. 2019 – Jan. 2022), <br> Charles Schwab Investment Management, Inc.; Director, Chief Executive <br> Officer and President (Mar. 2018 – Oct. 2022), Charles Schwab Investment <br> Advisory, Inc.; Chief Executive Officer (July 2016 – Apr. 2018) and <br> President (Mar. 2017 – Apr. 2018), ThomasPartners, Inc.; Chief Executive <br> Officer (July 2016 – Apr. 2018), Windhaven Investment Management, Inc.<br>| 105 |  |

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

---

| | |
|:---|:---|
| **Officers of the Trust** | **Officers of the Trust** |
| Name, Year of Birth, and Position(s) with the trust <br> (Terms of office, and length of Time Served<sup>3</sup>)<br>| Principal Occupations During the Past Five Years |
| **Jonathan de St. Paer**<br> 1973<br> President and Chief Executive Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios, Schwab Strategic Trust and Laudus Trust since <br> 2018)<br>| Director (Apr. 2019 – present), President (Oct. 2018 – present), Chief Operating Officer <br> (Jan. 2021 – present), and Chief Executive Officer (Apr. 2019 – Nov. 2019), Charles Schwab <br> Investment Management, Inc.; Senior Vice President (June 2020 – Mar. 2022) and Chief <br> Operating Officer (Jan. 2021 – Mar. 2022), Charles Schwab Investment Advisory, Inc.; Chief <br> Executive Officer (Apr. 2019 – present), President (Nov. 2018 – present) and Trustee <br> (Apr. 2019 – Dec. 2020), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director <br> (May 2022 – present), Senior Vice President (Apr. 2019 – May 2022) and Senior Vice <br> President – Strategy and Product Development (CSIM) (Jan. 2014 – Mar. 2019), Charles <br> Schwab & Co., Inc.<br>|
| **Mark Fischer**<br> 1970<br> Chief Operating Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios, Schwab Strategic Trust and Laudus Trust since <br> 2013)<br>| Chief Operating Officer (Dec. 2020 – present) and Treasurer and Chief Financial Officer <br> (Jan. 2016 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Chief Financial <br> Officer (Mar. 2020 – present) and Vice President (Oct. 2013 – present), Charles Schwab <br> Investment Management, Inc.<br>|
| **Dana Smith**<br> 1965<br> Treasurer and Chief Financial Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios, Schwab Strategic Trust and Laudus Trust since <br> 2023)<br>| Treasurer and Chief Financial Officer (Jan. 2023 – present) and Assistant Treasurer <br> (Dec. 2015 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Vice President <br> (Mar. 2022 – present) and Director (Oct. 2015 – Mar. 2022), Charles Schwab Investment <br> Management, Inc.<br>|

---

Schwab Variable Share Price Money Fund \| Annual Report**37**

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Schwab Variable Share Price Money Fund

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| | |
|:---|:---|
| **Officers of the Trust (continued)** | **Officers of the Trust (continued)** |
| Name, Year of Birth, and Position(s) with the trust <br> (Terms of office, and length of Time Served<sup>3</sup>)<br>| Principal Occupations During the Past Five Years |
| **Omar Aguilar**<br> 1970<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios, Schwab Strategic Trust and Laudus Trust since <br> 2011)<br>| Chief Executive Officer (Jan. 2022 – present), Chief Investment Officer (Apr. 2011 – present) <br> and Senior Vice President (Apr. 2011 – Dec. 2021), Charles Schwab Investment <br> Management, Inc.; Director, Chief Executive Officer and President (Oct. 2022 – present), <br> Charles Schwab Investment Advisory, Inc.; Vice President and Chief Investment Officer <br> (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs.<br>|
| **Brett Wander**<br> 1961<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios, Schwab Strategic Trust and Laudus Trust since <br> 2011)<br>| Senior Vice President and Chief Investment Officer (Apr. 2011 – present), Charles Schwab <br> Investment Management, Inc.; Vice President and Chief Investment Officer <br> (June 2011 – present), Schwab Funds, Laudus Trust and Schwab ETFs.<br>|
| **William P. McMahon, Jr.**<br> 1972<br> Vice President and Chief Investment Officer<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios, Schwab Strategic Trust and Laudus Trust since <br> 2021)<br>| Senior Vice President and Chief Investment Officer (Jan. 2020 – present), Charles Schwab <br> Investment Management, Inc.; Vice President and Chief Investment Officer <br> (June 2021 – present), Schwab Funds, Laudus Trust and Schwab ETFs; Senior Vice President <br> and Chief Investment Officer – ThomasPartners Strategies (Apr. 2018 – Dec. 2019), Charles <br> Schwab Investment Advisory, Inc.; Senior Vice President and Chief Investment Officer <br> (May 2001 – Apr. 2018), ThomasPartners, Inc.<br>|
| **Catherine MacGregor**<br> 1964<br> Chief Legal Officer and Secretary, Schwab Funds and <br> Schwab ETFs<br> Chief Legal Officer, Vice President and Clerk, Laudus Trust<br> (Officer of The Charles Schwab Family of Funds, Schwab <br> Investments, Schwab Capital Trust, Schwab Annuity <br> Portfolios and Laudus Trust since 2005; Schwab Strategic <br> Trust since 2009)<br>| Chief Legal Officer (Mar. 2022 – present) and Vice President (Sept. 2005 – present), Charles <br> Schwab Investment Management, Inc.; Managing Director (May 2022 – present) and Vice <br> President (July 2005 – May 2022), Charles Schwab & Co., Inc.; Vice President <br> (Dec. 2005 – present) and Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus Trust; <br> Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President <br> (Nov. 2005 – Oct. 2021) and Assistant Secretary (June 2007 – Oct. 2021), Schwab Funds; <br> Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President and Assistant <br> Secretary (Oct. 2009 – Oct. 2021), Schwab ETFs.<br>|

---

<sup>1</sup>

Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed. The retirement policy requires that each independent trustee retire by December 31 of the year in which the Trustee turns 74 or the Trustee's twentieth year of service as an independent trustee on any trust in the Fund Complex, whichever occurs first.

<sup>2</sup>

Mr. Bettinger and Mr. Wurster are Interested Trustees. Mr. Bettinger and Mr. Wurster are Interested Trustees because each owns stock of The Charles Schwab Corporation (CSC), the parent company of Charles Schwab Investment Management, Inc., the investment adviser for the trusts in the Fund Complex, and is an employee of Charles Schwab & Co., Inc. (Schwab), the principal underwriter for The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust.

<sup>3</sup>

The President, Treasurer and Secretary/Clerk hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board.

**38**Schwab Variable Share Price Money Fund \| Annual Report

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Schwab Variable Share Price Money Fund

Glossary

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**144A securities** These securities may be sold only to qualified institutional buyers under Securities Act Rule 144A.

**agency discount notes** Notes issued by federal agencies—known as Government Sponsored Enterprises, or GSEs—at a discount to their value at maturity. An agency discount note is a short-term investment offering a high degree of credit quality.

**American depositary receipt (ADR)** U.S. dollar-denominated receipts issued by U.S. banks or trust companies that represent shares of foreign-based corporations.

**asset-backed commercial paper** A short-term investment that is typically issued by a bank or other financial institution. The notes represent an interest in financial assets such as trade receivables, credit card receivables, auto receivables, etc. and are generally used for the short-term financing needs of companies. Asset-backed commercial paper is subject to credit risk.

**capital gain, capital loss** The difference between the amount paid for an investment and its value at a later time. If the investment has been sold, the capital gain or loss is considered a realized gain or loss. If the investment is still held, the gain or loss is still "on paper" and is considered unrealized.

**collateralized mortgage obligation (CMO)** A type of security that is collateralized by pools of mortgages backed by government agencies or private issuers (non-agency). The streams of principal and interest payments on the mortgages are distributed to the different classes of CMO interests, known as tranches. Each tranche may have different principal balances, coupon rates, prepayment risks, and maturity dates.

**commercial paper** Promissory notes issued by banks, corporations and other entities to finance short-term credit needs. These securities generally are structured on a discounted basis but sometimes may be interest-bearing notes. Commercial paper, which may be unsecured, is subject to credit risk.

**corporate note** An unsecured debt security issued by a corporation that is subject to the credit risk of the issuer.

**credit-enhanced securities** Securities that are backed by the credit of an entity other than the issuer (such as a financial institution). Credit enhancements, which can equal up to 100% of the security's value, are designed to help lower the risk of default on a security and may also make the security more liquid.

**credit quality** The capacity of an issuer to make its interest and principal payments. Federal regulations strictly regulate the credit quality of the securities a money market fund can buy.

**credit ratings** Debt issuers, including corporations, states and municipalities, may arrange with a recognized independent rating organization, such as Standard & Poor's, Fitch, Inc., Moody's Investor Service, and DBRS, to rate their creditworthiness and/or the creditworthiness of their debt issues. For example, an issuer may obtain a long-term rating within the investment grade rating category, which is, from high to low, AAA, AA, A and BBB for Standard & Poor's, Fitch, and DBRS; and Aaa, Aa, A and Baa for Moody's.

**credit risk** The risk that a debt issuer may be unable to pay interest or repay principal to its debt holders.

**dollar-weighted average maturity** See weighted average maturity.

**effective yield** A measurement of a fund's yield that assumes that all interest income is reinvested in additional shares of the fund.

**exchange-traded fund (ETF)** An investment fund that tracks an index, a commodity or a basket of assets, and trades on an exchange.

**expense ratio** The amount that is taken from a mutual fund's assets each year to cover the fund's operating expenses. An expense ratio of 0.50% means that a fund's expenses amount to half of one percent of its average net assets a year.

**face value** The value of a bond, note, mortgage or other security as given on the certificate or instrument. Face value is also referred to as par value or nominal value.

**illiquid securities** Securities are generally considered illiquid if they cannot be disposed of promptly (typically within seven days) and in the ordinary course of business at approximately the amount at which a fund has valued the instruments.

**interest** Payments to holders of debt securities as compensation for loaning a security's principal to the issuer.

**liquidity-enhanced security** The security's structure includes a liquidity arrangement that requires an entity other than the issuer (such as a large financial institution) to provide funds to pay a tender under most circumstances. Liquidity enhancements are often used on variable-rate securities where the portfolio manager has an option to tender the securities for repayment within a specified time period (usually one day or one week) at any time prior to their final maturity.

**maturity** The date a debt security is scheduled to be "retired" and its principal amount repaid. The Maturity of an investment will generally reflect the security's final maturity date unless the security's structure includes a maturity-shortening provision such as an interest rate reset, demand feature or put feature (the "Effective Maturity Date"). For those securities with a maturity-shortening provision, including variable-rate demand securities, the Maturity is determined by using the Effective Maturity Date, as permitted by Rule 2a-7.

**municipal securities** Debt securities issued by a state, its counties, municipalities, authorities and other subdivisions, or the territories and possessions of the United States and the District of Columbia, including their subdivisions, agencies and instrumentalities and corporations. These securities may be issued to obtain money for various public purposes, including the construction of a wide range of public facilities such as airports, bridges, highways, housing, hospitals, mass transportation, public utilities, schools, streets, and water and sewer works.

**net asset value per share (NAV)** The value of one share of a mutual fund. NAV is calculated by taking the fund's total assets, subtracting liabilities, and dividing by the number of shares outstanding. Certain money funds seek to maintain a steady NAV of $1.00.

**outstanding shares, shares outstanding** When speaking of a company or mutual fund, indicates all shares currently held by investors.

**repurchase agreement** (also known as a "repo") The sale of a security combined with a simultaneous agreement to repurchase it at a predetermined date and price.

**restricted securities** Securities that are subject to contractual restrictions on resale. These securities are often purchased in private placement transactions.

**total return** The percentage that an investor would have earned or lost on an investment in the fund assuming dividends and distributions were reinvested.

Schwab Variable Share Price Money Fund \| Annual Report**39**

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Schwab Variable Share Price Money Fund

**variable rate demand obligations (VRDOs)** Securities that have long maturities but which, because of their structure, require them to repay principal plus accrued interest within a specified timeframe (usually one or seven days) upon the demand of the bond holder. Depending on their structure, the repayment may be made by the bond issuer or by a financial institution, such as a highly rated bank.

**weighted average maturity (WAM)** For money market mutual funds as per rule 2a-7, the maturity date or Effective Maturity Date (see definition of maturity) of all the debt securities in its portfolio, or the date the interest rate on those securities is reset, or the date those

securities can be redeemed through demand, calculated as a weighted average. As a rule, the longer a fund's weighted average maturity, the greater its interest rate risk. Money funds are required to maintain a weighted average maturity of no more than 60 days.

**yield** The income paid out by an investment, expressed as a percentage of the investment's market value.

**40**Schwab Variable Share Price Money Fund \| Annual Report

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

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

Notes

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

Notes

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

Notes

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Schwab Variable Share Price Money Fund

Schwab Asset Management

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With a straightforward lineup of core products and solutions for building the foundation of a portfolio, Schwab Asset Management advocates for investors of all sizes with a steadfast focus on lowering costs and reducing unnecessary complexity. The list below shows all currently available Schwab Funds<sup>®</sup>.

**Investors should carefully consider information contained in the prospectus, or if available, the summary prospectus, including investment objectives, risks, charges and expenses before investing. Please call 1-877-824-5615 for a prospectus for any Schwab Fund. Please read the prospectus carefully before you invest. This report must be preceded or accompanied by a current 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/schwabfunds_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/schwabfunds_prospectus or the SEC's website at www.sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Schwab Funds**

**Equity Funds**

Schwab Core Equity Fund

Schwab Dividend Equity Fund

Schwab Large-Cap Growth Fund

Schwab Small-Cap Equity Fund

Schwab Health Care Fund

Schwab International Core Equity Fund

Schwab International Opportunities Fund

Schwab Select Large Cap Growth Fund

Schwab Fundamental US Large Company Index Fund

Schwab Fundamental US Small Company Index Fund

Schwab Fundamental International Large Company Index Fund

Schwab Fundamental International Small Company Index Fund

Schwab Fundamental Emerging Markets Large Company Index Fund

Schwab Fundamental Global Real Estate Index Fund

Schwab Global Real Estate Fund

Schwab S&P 500 Index Fund

Schwab 1000 Index<sup>®</sup> Fund

Schwab Small-Cap Index Fund<sup>®</sup>

Schwab Total Stock Market Index Fund<sup>®</sup>

Schwab U.S. Large-Cap Growth Index Fund

Schwab U.S. Large-Cap Value Index Fund

Schwab U.S. Mid-Cap Index Fund

Schwab International Index Fund<sup>®</sup>

**Asset Allocation Funds**

Schwab Balanced Fund

Schwab MarketTrack Portfolios<sup>®</sup>

Schwab Target Funds

Schwab Target Index Funds

Schwab Monthly Income Funds

**Bond Funds**

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<sup>1</sup>

Schwab California Tax-Free Bond Fund<sup>1</sup>

Schwab Opportunistic Municipal Bond Fund

**Schwab Money Funds**<sup>2</sup>

Schwab provides a broad choice of taxable and tax-exempt money market funds for both retail and institutional client types.

**Investment Adviser**

Charles Schwab Investment Management, Inc., dba Schwab Asset Management

211 Main Street, San Francisco, CA 94105

**Funds**

Schwab Funds

1-877-824-5615© 2023 Charles Schwab & Co., Inc. All rights reserved. <br>Member SIPC<sup>®</sup> <br>Printed on recycled paper.

¹

**State, local, and the Federal Alternative Minimum Tax may apply. Capital gains are not exempt from Federal Taxation.**

²

**You could lose money by investing in the Schwab Money Funds. All Schwab Money Funds with the exception of Schwab Variable Share Price Money Fund seek to preserve the value of your investment at $1.00 per share, but cannot guarantee they will do so. Because the share price of Schwab Variable Share Price Money Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. All Schwab Money Funds with the exception of Schwab Government Money Fund, Schwab Retirement Government Money Fund, Schwab U.S. Treasury Money Fund, Schwab Treasury Obligations Money Fund and Schwab Government Money Market Portfolio may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Schwab Money Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Schwab Money Funds' sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time.**

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g294454img4ec18f3d1.jpg)

MFR95515-06 <br> 00282285

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**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 13(a)(1) of Form N-CSR.

**Item 3: Audit Committee Financial Expert.** 

Registrant's Board of Trustees has determined that Kimberly S. Patmore 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.

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The designation of each of Ms. Patmore 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.** 

(a) Below are the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of Registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements.

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:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (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>2022 | Fiscal Year<br>2021 | Fiscal Year<br>2022 | Fiscal Year<br>2021 | Fiscal Year<br>2022 | Fiscal Year<br>2021 | Fiscal<br>Year<br>2022 | Fiscal<br>Year<br>2021 |
| $343000 | $343000 | $0 | $0 | $31000 | $31000 | $0 | $0 |

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<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 nature of the services includes tax compliance, tax advice and tax planning.

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| | |
|:---|:---|
| **(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.  |

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**(2)** There were no services described in each of paragraphs (b) through (d) above 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.

2022: $3,031,117 2021: $3,088,431

**(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.

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**Item 5: Audit Committee of Listed Registrants.** 

Not applicable.

**Item 6: Schedule of Investments.** 

The schedules of investments are included as part of the report to shareholders filed under Item 1 of this Form.

**Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 8: Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable.

**Item 9: Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable.

**Item 10: Submission of Matters to a Vote of Security Holders.** 

Not applicable.

**Item 11: Controls and Procedures.** 

(a) Based on their evaluation of Registrant's disclosure controls and procedures, as of a date within 90 days
of the filing date, Registrant's Chief Executive Officer, Jonathan de St. Paer and Registrant's Chief 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 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable.

------

**Item 13: Exhibits.** 

---

| | |
|:---|:---|
| (a) (1) | [Registrant's code of ethics (that is the subject of the disclosure required by Item 2(a)) is attached.](d367348dex99codeeth.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | [Separate certifications for Registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the 1940 Act, are attached.](d367348dex99cert.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.](d367348dex99906cert.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>The Charles Schwab Family of Funds</u>

---

| | |
|:---|:---|
|  By: | /s/ Jonathan de St. Paer |
|  | Jonathan de St. Paer<br> Chief Executive Officer |
|  Date: | February 16, 2023 |

---

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/ Jonathan de St. Paer |
|  | Jonathan de St. Paer<br> Chief Executive Officer |
| Date: | February 16, 2023 |

---

---

| | |
|:---|:---|
|  By: | /s/ Dana Smith |
|  | Dana Smith<br> Chief Financial Officer |
|  Date: | February 16, 2023 |

---

## Ex-99.Code

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| | |
|:---|:---|
| **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

---

| | | |
|:---|:---|:---|
| **Title** | **Name** | **Phone Number** |
| Chief Compliance Officer | Michael F. Hogan | 415-667-1987 |
| Chief Legal Officer of Schwab Funds and Schwab ETFs | Catherine MacGregor | 415-667-0650 |
| The Charles Schwab Corporation Ombudsperson | Scott Ferber, Esq, King & Spalding | (202) 626-9550 |

---

**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.

---

| | |
|:---|:---|
| **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 Mutual Fund's Chief Compliance Officer or his/her designee.** | 1 |

---

------

---

| | |
|:---|:---|
| **F.II.1.B.** | **CODE OF BUSINESS CONDUCT AND ETHICS** |

---

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.

---

| | |
|:---|:---|
| **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 Mutual Fund's Chief Compliance Officer or his/her designee.** | 2.0 |

---

------

---

| | |
|:---|:---|
| **F.II.1.B.** | **CODE OF BUSINESS CONDUCT AND ETHICS** |

---

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.

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

---

| | |
|:---|:---|
| **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 Mutual Fund's Chief Compliance Officer or his/her designee.** | 3.0 |

---

------

---

| | |
|:---|:---|
| **F.II.1.B.** | **CODE OF BUSINESS CONDUCT AND ETHICS** |

---

&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

&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.

---

| | |
|:---|:---|
| **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 Mutual Fund's Chief Compliance Officer or his/her designee.** | 4.0 |

---

------

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| | |
|:---|:---|
| **F.II.1.B.** | **CODE OF BUSINESS CONDUCT AND ETHICS** |

---

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

• Read and be familiar with conduct rules outlined in the Code, and periodically review them.

---

| | |
|:---|:---|
| **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 Mutual Fund's Chief Compliance Officer or his/her designee.** | 5.0 |

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| | |
|:---|:---|
| **F.II.1.B.** | **CODE OF BUSINESS CONDUCT AND ETHICS** |

---

• Affirm in writing to the Trustees that you have received, read and understand the Code.

• Annually affirm to the Trustees that you have complied with the requirements of the Code.

• Comply with the conduct standards outlined in this Code in all dealings and actions, including those with
shareholders, the public, and vendors.

• 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.

• 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.

• Raise questions or concerns about conduct issues with your supervisor, the Chief Legal Officer or Chief
Compliance Officer, and seek advice when in doubt.

• Cooperate with management during fact-finding investigations and comply with any confidentiality rules imposed.

B. CHIEF COMPLIANCE OFFICER

• 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.

• 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

• 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

---

| | |
|:---|:---|
| **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 Mutual Fund's Chief Compliance Officer or his/her designee.** | 6.0 |

---

## Ex-99.Cert

**<u>CERTIFICATIONS</u>**

I, Jonathan de St. Paer, certify that:

1. I have reviewed this report on Form N-CSR of The Charles Schwab Family of Funds;

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(s) 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 disclosure controls 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(s) 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.

---

| | |
|:---|:---|
|  Date: February 16, 2023 | /s/ Jonathan de St. Paer |
|  | Jonathan de St. Paer<br> Chief Executive Officer |

---

------

**<u>CERTIFICATIONS</u>**

I, Dana Smith, certify that:

1. I have reviewed this report on Form N-CSR of The Charles Schwab Family of Funds;

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(s) 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 disclosure controls 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(s) 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.

---

| | |
|:---|:---|
|  Date: February 16, 2023 | /s/ Dana Smith |
|  | Dana Smith<br> Chief Financial Officer |

---

## 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 Charles Schwab Family of Funds (the "Funds") on Form N-CSR for the period ended December 31, 2022 ("periodic report"), each of the undersigned, being the Chief Executive Officer and Chief 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.

---

| | | |
|:---|:---|:---|
| /s/ Jonathan de St. Paer | Date: | February 16, 2023 |
| Jonathan de St. Paer |  |  |
| Chief Executive Officer |  |  |
| /s/ Dana Smith | Date: | February 16, 2023 |
| Dana Smith |  |  |
| Chief Financial Officer |  |  |

---

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.